Sogefi reports financial success

Company reports increases in revenue and net income and a decrease in debt

Sogefi reports financial success
The manufacturer's latest appointment comes with a wealth of independent aftermarket experience across a variety of previous positions.

Sogefi’s board of directors have approved the semi-annual financial report of the group.

Sogefi, a company of the CIR Group, is a leading global manufacturer of automotive components in three business segments: air and cooling, filtration and suspensions.

Laurent Hebenstreit, Chief Executive of Sogefi, said: “Sogefi obtained an improvement in its results for the first half despite the car market slowdown in some key countries, which confirms that the turnaround actions aimed at increasing profitability and cash generation have been effective”.

Revenues up 8.4 per cent

In the first half of 2017, the global automotive market reported an increase in production of 2.8 per cent.

After strong growth in the first quarter of the year, the second quarter was in line with the same period of 2016.

In Europe production declined by 1.2 per cent, which was affected significantly by the calendar which had a greater number of working days in the first quarter and a lower number in the second quarter compared to 2016.

All geographical areas contributed to the increase in sales in the first half.

In Europe revenues increased 2.6 per cent, despite dropping in the second quarter mainly because of the decline in car production due to negative calendar factors.

Business continued to develop in North America and above all in Asia: the two regions now account for 27.5 per cent of the group’s sales.

In South America revenues increased by 26.1 per cent, reflecting the recovery of the market.

Sogefi financial report

  • Revenues up by 8.4 per cent
  • EBITDA at € 93.9m
  • Net income at € 20m
  • Net debt reduced to € 280.4m

Outlook for the year

Net financial debt at June 30 2017 stood at € 280.4 million, showing an improvement of € 18.6 million compared to December 31 2016 and of € 45.8 million compared to June 30 2016.

For the global automotive market, the outlook for 2017 shows a positive trend, albeit at a slower pace than in the first half of the year.

Europe is expected to grow in the second half of the year while North America is expected to show a further decline.

The company also expects to improve its profitability on a full year basis despite an increase in the cost of raw materials.

Click ‘more details’ below for more information about Sogefi.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>


The reCAPTCHA verification period has expired. Please reload the page.

Have your say!

0 0

Lost Password

Please enter your username or email address. You will receive a link to create a new password via email.