Bilbao, 25.2.2019 – CIE Automotive continues to offer record growth levels. For the year 2018 the group reached a net profit of 396.8 million, with an improvement of the normalized net profit of 20% to reach 242.8 million euros and an extraordinary net profit of 154 million.
The revenue for the year amounted to 3,030 million euros, 7% higher than the 2,843 million of the previous year (discounting the exit of Dominion from the perimeter and the discontinued activities), which includes an 11% growth despite the negative impact of the exchange rates and of a global automotive market that has contracted for the first time since 2009.
This important growth has been accompanied by improvements in the normalized operating profits: EBITDA - gross operating profit - of 529 million euros, 12% more than in the same period of 2017, and EBIT - net operating profit - of 399 million euros, 18% higher. It should also be noted that this improvement in EBIT has happened in an important manner in each and every one of the geographical areas in which CIE Automotive has a presence.
According to Jesús María Herrera, CEO of CIE Automotive, "both the complexity of the current macroeconomic and geopolitical context and the slowdown of the sector highlight the magnificent results achieved in 2018. It is at times like these when we focus our efforts on what we are excellent, which is the management of processes, and when our strict financial discipline becomes more important, which has enabled us to grow 11% without increasing our financial leverage. "
It is noteworthy that, among other recent corporate transactions, CIE Automotive exited the shareholding of Dominion during last July, where it had 50.01%, in September 2018 the company announced the acquisition of the roof systems division of INTEVA and in January 2019 sold the biofuels manufacturing division.