Coil : STRONG GROWTH IN 2021 RESULTS
|
PRESS RELEASEBrussels, 29 April 2022 (17.45) |
|
STRONG GROWTH IN
2021 RESULTS
- Sales:
€25.2 M,
up 10 %
- EBITDA:
€6.3
M,
(24.8%
of sales),
6-fold increase compared to 2020
- Net income:
€2.1
M, i.e.
8.1
% of sales
- Net financial debt: 13 %
of equity at 31
December
2021
- Medium-term carbon neutrality goals
COIL, world leader in aluminium anodising, has
released its annual results for the 2021 financial year.
- Significant events of the
financial year
After a 2020 financial year heavily impacted by
the global crisis linked to the COVID-19 pandemic, COIL recorded a
significant improvement in its performance in 2021.
The aftermath of the health crisis continued to
affect the Company's operations.
Tolling Sales were held back by lengthy delivery
times of anodising quality aluminium from European rolling mills
due to very high demand in other sectors. Export sales of Package
products1 to Asia suffered due to border closures and extended
delivery delays, due to a lack of capacity in the supply chain of
aluminium and very high delivery costs.
In this context, Tolling Sales recovered (+24%
compared to 2020), particularly in the second half of the year with
the continued recovery of demand in the construction and
architectural end markets. Package Sales decreased (-24%) due to a
high comparison base in 2020, which included large orders delivered
in China and could not be compensated by the solid recovery of
sales in Europe in 2021.
This shift in product mix towards Tolling Sales
resulted in a significant improvement in the Company's gross margin
given a much higher margins in Tolling Sales than in Package Sales,
which include metal.
From an industrial point of view, the Company
continued to optimise its variable costs by relying on a
rationalised production capacity. Growth and productivity
improvements thus had a positive impact on the Company's operations
and profitability.
Sales for the 2021 financial year were up 10% on
the previous year, amounting to €25.2M, above the Company's
expectations, but benefited from a favourable basis for comparison:
2020 sales were down by 23% on the previous year and had been
deeply affected by the consequences of the health crisis.
EBITDA increased by €5.3M to €6.3M, i.e. 24.8%
of sales compared to 4.4% in 2020 and 21.0% in 2019. This
favourable trend is explained by i) the increase in gross margin
due to the growth in sales and the shift in product mix towards
subcontracting, leading to a lower weighting of metal in sales, and
ii) the decrease in operating expenses with the reduction in
payroll and non-recurring items related to management remuneration
and bonuses.
After a €0.4M reduction in provisions and
depreciation, operating profit was €2.8M, compared with a loss of
€(2.9)M in 2020 and a profit of €2.1M in 2019.
Net income reached €2.1M, an increase of €5.4M
compared to 2020 and €1.1M compared to 2019. It included financial
expenses of €0.6M.
|
(€M) |
2019 |
2020 |
2021 |
2021 / 2019Variation |
|
Sales |
29.8 |
23.0 |
25.2 |
- 15 % |
|
Tolling Sales |
20.7 |
16.2 |
20.1 |
- 3 % |
|
Package Sales2 |
9.0 |
6.8 |
5.1 |
- 43% |
|
EBITDA |
6.3 |
1.0 |
6.3 |
+ 0 % |
|
% of sales |
21.0% |
4.4% |
24.8% |
+3.8 pts |
|
Operating result |
2.1 |
(2.9) |
2.8 |
+ 32 % |
|
% of sales |
7.1% |
(12.5)% |
11.1% |
+ 4.0 pts |
|
Pre-tax result |
1.1 |
(3.2) |
2.2 |
+ 102 % |
|
Net income |
1.0 |
(3.3) |
2.1 |
+ 107 % |
|
% of sales |
3.3% |
(14.1)% |
8.1% |
+4.9 pts |
Given the increased results, shareholders'
equity at 31 December 2021 was €29.2M, up €2.1M on 31 December
2020. Net financial debt at 31 December 2021 was €3.9M, down €4.7M
on the previous year, and represented 13% of equity, compared to
32% at 31 December 2020 and 28% at 31 December 2019.
- 2022 first-quarter sales
and outlook
Q1 2022 followed the trend observed in 2021.
Sales were €6.6M, up 11.8% compared to the first quarter of 2021.
Package Sales (€1.2M) were down 28.4%, while Tolling Sales
maintained their recovery (€5.4M ; +28.1%).
The company is confident in its prospects,
barring any major new impact from the health crisis and the
geopolitical context. However, the inflationary situation could
weigh on the Company's margins despite the increase in sales prices
at the beginning of the year.
In a context of a transition to new energy
sources and a reduction of fossil fuel consumption, the Company has
been exploring for more than a year ways to accelerate the
long-term purchase of new renewable energy sources at attractive
costs, especially in Germany. Working with a specialised industrial
partner, an action plan, to be implemented in 2022 and 2023, will
enable the Company to make significant savings in the long term and
to improve its energy efficiency, with carbon neutrality goals for
the Bernburg industrial site in Germany.
Despite a complex economic environment, the
Company continues to invest in the profitable development of its
business. With a flexible and efficient industrial organisation, a
growing geographical footprint and a solid financial position, the
Company remains confident in its development prospects by
capitalising on its portfolio of premium, sustainable and
low-carbon products to strengthen its global leadership.
The financial statements were approved by the
Board of Directors on 28 April 2022. They are included in the 2021
consolidated annual accounts available on the Company's financial
website (http://investors.coil.be).
|
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Annual general meeting |
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First half 2022 sales |
|
|
First half 2022 results and half-year financial report |
About COIL
COIL is the world's leading anodiser in the
building and industrial sectors and trades under the ALOXIDE brand
name.
Anodising is an electrochemical process which
develops a natural, protective oxide layer on the surface of
aluminium and can be coloured in a range of UV-proof finishes. It
gives the metal excellent resistance to corrosion and/or reinforces
its functional qualities. Anodising preserves all the natural and
ecological properties of aluminium; it retains its high rigidity
and excellent strength-to-weight ratio, its non-magnetic
properties, its exceptional resistance to corrosion. The metal
remains totally and repeatedly recyclable through simple
re-melting. Anodised aluminium is used in a wide variety of
industries and applications: architecture, design, manufacturing
and the automotive sector. COIL deploys an
industrial model that creates value by leveraging its unique
know-how, its operational excellence, the quality of its
investments and the expertise of its people. COIL has around 120
employees in Belgium and Germany and generated a turnover of €25.2
M in 2021.
Listed on Euronext Growth Paris | Isin:
BE0160342011 | Reuters: ALCOI.PA | Bloomberg: ALCOI: FP
For more information, please visit
www.aloxide.com
Contact
|
COILTim Hutton | Chief Executive Officer
tim.hutton@coil.be | Tel. : +32 (0)11 88 01 88 |
CALYPTUSCyril Combe cyril.combe@calyptus.net |
Tel. : +33 (0)1 53 65 68 68 |
1 The Package business include pre-anodised metal supplied
directly to the end customer.2 Anodising and metal included
- COILpressrelease29april2022_EN
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