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CIE Automotive obtains 335.7 million euros net profit on the first nine months of the year

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CIE Automotive obtains 335.7 million euros net profit on the first nine months of the year

24/10/2018

The company registers a 20% improvement on normalized net profit reaching 189.7 million euros and an extraordinary net result of 146.0 million euros.

 

Bilbao, 24.10.2018 – CIE Automotive maintains its excellent performance in the first nine months of the year, reaching a normalized net profit of 189.7 million euros, 20% more than in the same period of the previous year.

 

The Group’s turnover has been 2,292.1 million euros, 125 million more than in September 2017, which means growth at the same exchange rate of more than 11% and a purely organic growth of 10%. In other words, in a convulsive sector environment and in a weakened market that has grown below 1%, CIE has once again demonstrated the strength and resilience of its business model.

 

Regarding the operating margins, in EBITDA - gross operating result -, CIE has achieved 404.2 million euros, 12% more than in the same period of 2017, while EBIT - net operating profit - has increased up to 306.4 million euros, 18% more.

 

The return on net assets reached is already 22%. Regarding the NFD - net financial debt - it has decreased by 44.4 million euros in the last twelve months, improving the DFN / EBITDA ratio from 2.16x to 1.85x.

 

Jesús María Herrera, CEO of CIE Automotive, highlighted: "After Dominion's exit, we focus on our core business, working both on organic growth and on improving operating margins in all geographical areas where we are present; and in inorganic growth, which leads us to tackle projects as ambitious as the recently announced acquisition of Inteva's roof systems division. "

 

We must remember that INTEVA ROOF SYSTEMS is specialized in the design and manufacture of sunroofs for the Automotive sector and is positioned among the global Top-3 sunroof manufacturers. This integration, with approximately $1 billion sales, represents a significant leap in the positioning of CIE among the main Automotive suppliers, hand in hand with a product of complex engineering, high added value and framed in the innovative trends of vehicle comfort.

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