Compagnie Plastic Omnium : Compagnie Plastic Omnium : 2012 FINANCIAL RESULTS Paris - 28 February 2013 2012 FINANCIAL RESULTS Plastic Omnium reported further increases in revenue and earnings in 2012. · Revenue increased by 14% compared with 2011 to €4.8billion. · Operating margin totaled €335million, representing 7% of revenue for the third year in a row. · Net profit increased by 6% to €181million (3.8% of revenue), after €42million in impairment losses and restructuring costs. · Free cash flow amounted to €168million in 2012 and totaled nearly €700million over four years, enabling Compagnie Plastic Omnium to strengthen its independence. · Capital expenditure rose by 14% to €261million. · Net debt was reduced by €81million to €390million and represented 47% of equity, compared with 64% in 2011. 2012 Results The Board of Directors of Compagnie Plastic Omnium met on 26 February 2013 under the chairmanship of Laurent Burelle to approve the accounts for the year ended 31 December 2012. (in € millions) 2011 2012 Revenue 4,220.4 4,806.2 Operating margin 296.5 335.1 as a % of revenue 7.0% 7.0% Net Profit 171.4 181.5 Net profit-group share 164.7 173.4 EBITDA 461.0 505.4 as a % of revenue 10.9% 10.5% Net debt at 31 December 471.0 389.8 Gearing 64% 47% Automotive Revenue for the Automotive business totaled €4.34billion, an increase of 16.7% as reported and 9.3% like-for-like. By comparison, worldwide automobile production increased by 6.6%. With a development strategy that is focused on maintaining its technological leadership and strengthening its production base in fast-growing countries (with 17 additional plants brought on stream since 2010), Plastic Omnium consolidated its global leadership positions in exterior automotive components and fuel systems. Sales in the Americas, Asia and Eastern Europe increased by around 30% and now account for 63% of automotive revenue. In Western Europe, Plastic Omnium benefited from its ongoing efforts in product quality and innovation. Led by market share gains (with the Mercedes A and B class, and Toyota Yaris) and contracts to equip new models (the Range Rover Evoque and Volkswagen Up!), the Automotive Division increased its revenue in the region by 1.5%, despite a 7.7% decline in automobile production. Along with its sustained sales and the ramp-up of new plants, the Automotive business continued to rein in costs and generated a record-high operating margin of €316.3million (7.3% of revenue) compared with €273.2million in 2011. Environment Revenue from the Environment Division rose by 2% at comparable scope of consolidation and exchange rates (excluding the divestment of the signage businesses in France, Germany and Spain) thanks to the success of its underground containers, its waste reduction service offers (incentive-based invoicing) and the development of sales outside Western Europe. The Division generated operating margin of €18.8million (4.1% of revenue), compared with €23.3million (4.7% of revenue) last year, and substantial free cash flow despite a European business environment impacted by budgetary restrictions. Net profit of €181.5million, representing 3.8% of revenue Anticipating that sales will remain weak in Europe, Plastic Omnium announced in late 2012 that it would adjust its European production base by closing the Eisenach plant in Germany, introducing a competitiveness plan at the Saint-Désirat facility in France, and bringing together its fuel system research and development activities at a center in Compiègne, France. Non-recurring items included €42million in impairment losses and restructuring costs. Net profit amounted to €181.5 million, compared with €171.4million in 2011, while earnings per share increased from €3.44 to €3.64. Free cash flow of €168million, representing 3.5% of revenue Funds from operations totaled €474million (9.9% of revenue) and amply covered €261million in capital expenditure. Amounting to 5.4% of revenue, these capital projects are intended to increase production capacity in growing regions and drive the development of innovative solutions that reduce vehicle weight, harmful emissions and waste. Net debt stood at €390million, representing 47% of equity, compared with 64% at year-end 2011, and 0.8times EBITDA. In second-half 2012, the Company began diversifying its sources of financing, which until then was exclusively bank credit facilities, with the issue of Schuldschein and EuroPP private placement notes. The two issues enabled Plastic Omnium to raise €370million for six years without covenants. Dividend per share of €0.76 At the Annual Meeting of Shareholders on 25April 2013, the Board of Directors will recommend a dividend per share of €0.76, an increase of 10% over the previous year. The dividend will be paid as from 3May 2013, following shareholder approval. Outlook for 2013 Worldwide automobile production is expected to rise by 1-2% in 2013 to 81million vehicles. Plastic Omnium will continue to outpace growth in global automobile production. In 2013, growth in the Automotive business will be driven by the launch of around 100 new programs, of which 20% for innovative equipment (such as tailgates and SCR systems that reduce nitrogen oxide emissions) and 40% in the BRICs. After having acquired all outstanding shares in its bumper operations in India in 2012, Plastic Omnium recently increased its stake in its composite truck component business in China from 60% to 100%. In the Environment business, sales will be supported by an expanded portfolio of products and services. Plastic Omnium will step up its investment program (€1.2 billion from 2013 to 2016) to meet growing demand and strengthen its market share around the world. More detailed financial information is available at www.plasticomnium.com Plastic Omnium : 2012 Financial Results ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Compagnie Plastic Omnium via Thomson Reuters ONE HUG#1681738
Compagnie Plastic Omnium : Compagnie Plastic Omnium : 2012 FINANCIAL RESULTS
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