Full year 2014 financial results : strong growth maintained

• Turnover up by 7,4% to 451,8 M€
• EBITDA up by 23% to 91,8 M€
• Gross profit up by 33% to 57,6 M€
• Net profit- Group share up by 31% to 45,3 M€

On March 16, 2015, the Board of the Montupet Group has closed the accounts up to December 31, 2014. The review of the consolidated accounts has been completed by the financial auditors and their certification report is being prepared for release.

(1) : 2013 figures, as published, have been restated accordingly to IAS 8 (Correction of Prior Period Accounting Errors). The correction relates to the accounting treatment of the Research Tax Credit, with a positive impact of 0,9M€ on 2013 operating profit and a negative impact of 1,3 M€ on 2013 net result. 2013 published and restated financial statments are attached to this release.

Commenting on these results, Stéphane Magnan, Montupet ceo said:

 “2014 has set yet another record in profitability, giving further strength to our ambition for development of the business based on a combination of increased activity and growth in profits.

Our strategy remains unchanged and continues to focus on the development of our ‘low cost' production sites, on increased productivity at our historic plants, and on an increased market share through the addition of new customers to our portfolio.

Thanks to our three key points of competitive advantage, which are recognised by our customers – technological leadership, company management and significant capacity for investment – we are very confident looking forward to 2015.

Further strong growth in profitability

The Montupet Group finished 2014 with turnover of 451,8M€, up by 7,4%, i.e twice that of the worldwide automotive market. The year saw strong growth in profit, coming to a historically high level with operating profit up by 30%. Despite seasonal effects which affected volumes in August and December, operating profit still reached almost 11% in the second half.

Investment was particularly high in 2014 (56,7M€ as compared with 43,1M€ in 2013) both to add capacity for new programmes (GM, Volvo, Ford, BMW, Porsche) and to modernise existing plant, making it more productive and adapting it to the latest OEM's technical requirements. The increase in investment has led to an increase of 3M€ in amortisation.

Gross cashflow is up by 25% compared with 2013 at 80,5 M€.

Net debt came to 78,6 M€ (80,9M€ in 2013) for shareholders' equity of 234,6 M€ (195 M€ in 2013), giving gearing of 33% compared with 41% in 2013.

Solid order book and good visibility on the forecast

The Group has an order book with excellent visibility, further reinforced with orders won in 2014. This allows us to predict further growth in volumes and profitability for Montupet in the years to come, with immediate effect in 2015.

Furthermore, the US dollar, Mexican peso and UK pound exchange rates, low oil prices, interest rates and absence of inflation, are all elements of a macroeconomic environment favourable to the Group, helping to reinforce productivity and to create ideal conditions for further growth in profit.

Aside from the market for cylinder heads, the Group's core activity, new market demands have arisen for complex cast aluminium parts for the vehicles of the future (turbo compressor housings, turbines and intercoolers, suspension parts). Montupet, already producing this sort of component, is in a position to gain a significant share of this new market thanks to its technological leadership.

Dividend of 1 € per share

The board will propose the payment of a dividend of 1€ per share at the next Shareholder's Meeting. 

Next press release : First quarter 2015 turnover, May 12, 2015 after the close of the markets.