Autoneum (AUTN) H2 2020 earnings summary

Executive summary

• Organic revenue fell 18.7%, in line with the market; EBIT margin was 1.6% despite the sharp volume decline.

• Net result was CHF -10.7 million; free cash flow reached CHF 112.5 million and net debt fell CHF 63.3 million.

• North America’s turnaround progressed, with CHF 64.0 million in savings and a CHF 29.2 million comparable EBIT improvement.

Financial highlights

• Revenue was CHF 1,740.6 million, down CHF 556.7 million from 2019; organic decline was 18.7%.

• EBITDA was CHF 148.5 million vs. CHF 164.0 million; EBIT before one-time effects was CHF 27.8 million vs. CHF 35.0 million.

• EBIT was CHF 27.8 million vs. CHF -32.9 million in 2019, which included fixed-asset impairment effects.

• Net result was CHF -10.7 million vs. CHF -77.7 million; basic EPS was CHF -5.45 vs. CHF -20.82.

Outlook and guidance

• 2021 revenue is expected to develop in line with the market; global vehicle production is forecast to rise but remain below 2019 levels.

• 2021 EBIT margin guidance is 4–5%, with free cash flow in the higher double-digit million range.

• H1 2021 performance is expected to remain volatile due to the pandemic; revenue may be slightly below H2 2020.