Grupo Antolin reached sales of €1,054 million in the first quarter of 2020
Grupo Antolin, one of the largest manufacturers of vehicle interiors in the world, achieved sales amounting to €1,054 million in the first quarter of 2020, compared to €1,270 million in the same period the year before.
Sales declined due to the global COVID-19 pandemic, which caused world vehicle production to drop 35% in March and 23% in the first quarter. Despite this sharp decline, the company's sales outperformed worldwide automotive production thanks to the wide diversification of its project portfolio around the world.
Ebitda reached €77 million compared to €100 million in the same period the year before. The results have been strongly impacted by the drop in sales in China, since February, and in the rest of the countries since mid-March; as well as by the short time frame in which to adapt the company's cost structure to the unexpected drop in revenue because of the COVID-19 crisis.
Since the beginning of the pandemic, Grupo Antolin has put in place an action plan with three clear priorities:
1.- To protect the health and to ensure the safety of all employees. The company implemented a contingency plan against COVID-19 throughout the organisation meeting the recommendations of the health authorities.
2.- To ensure business continuity and liquidity. Grupo Antolin has applied financial measures, such as reducing investments, controlling stocks, and temporarily lowering executive salaries. Dividend payments in 2020 have also been cancelled by shareholders. From an operational point of view, production was temporarily suspended at most plants and centres in the world following carmakers’ plant shutdowns.
Grupo Antolin has a solid financial position to face this situation with cash of €460 million and €150 million of credit lines and non-recourse factoring, on 30 April. Furthermore, Antolin’s syndicated lenders have renewed their support for the company by making the loan conditions more flexible.
3.- To be prepared to safely restart activity, depending on the respective health situation of each country and the decision of the customers. A prevention protocol against COVID-19 has been approved to guarantee this safe restart.
In China there has been a gradual return to normal activity in all of Grupo Antolin's plants since March. European and NAFTA factories have progressively been resuming production since the beginning of May. Currently, 92% of European plants and 57% of NAFTA facilities are operational, albeit at low rates, below 30%.
Sales by Business Unit and Territories
Doors Business Unit reached sales of €443 million and Overheads achieved €415. Cockpits & Consoles achieved €128 million and the sales for the Lighting Business Unit amounted to €67 million.
By territory, sales in Europe reached €534 million; and in the NAFTA region, €419 million. Sales in Asia amounted to €71 million, and in Mercosur, €16 million.
New members of the Advisory Board
Grupo Antolin continues to reinforce its good governance in its solid commitment to having the highest standards of corporate governance. For this reason, its Advisory Board has been renewed with the appointment of Macarena Cassinello and Juan de Antonio as new members.
Grupo Antolin joins two independent professionals of recognized prestige to its Advisory Board, which will enrich the debate and the role of this body in supporting the Board of Directors in the running of the business and making strategic decisions at a crucial moment such as the one that the company and the industry go through facing the challenges and trends of the new mobility.
Macarena Cassinello is a Director at Siemens-Gamesa. She was Vice President of Quality at Iveco between 2014 and 2019 and Member of the Board of Directors of Iveco España. Juan de Antonio, for his part, is the founder and CEO of Cabify, the Spanish mobility and carsharing company with operations in Spain and Latin America.
Created in 2018 to reinforce the good governance of Grupo Antolin, the Advisory Board, of an advisory nature, participates in all the meetings and activities of the Board of Directors with access to all information about the company. Its members are also part of and chair the three delegate committees of Grupo Antolin. The new members complete the profile of the rest of the members of the Advisory Board: Carmen Gómez de Barreda; Ramón Sotomayor, and Bernardo José Villazán.
Cassinello and De Antonio replace José Manuel Temiño, former CEO of the company, and Emilio Ontiveros.