2021 brings good prospects and more visibility to CIE Automotive

CIE Automotive presented today its results for the first quarter of 2021 during the General Shareholders' Meeting, which was held by telematic means given the mobility restrictions in place

CIE Automotive presented today its results for the first quarter of 2021 during the General Shareholders’ Meeting, which was held by telematic means given the mobility restrictions in place.

Turnover in this period was 873.8 million euro, 6% more than in 2020 and 8% more than in 2019, despite the strong negative impact of exchange rates and the fact that the volume of vehicles produced is still significantly lower than before the pandemic.

Its EBITDA – gross operating profit – was 157.2 million, and its EBIT – net operating profit – was 116.3 million, both growing by 12% compared to the same period last year. These figures imply outstanding operating margins of 18% and 13.3% on sales respectively and represent record performances in the group’s current perimeter, which are already 200 points above pre-Covid levels,

Net profit reached 78.2 million, the highest quarterly profit in the company’s history and 7% higher than in the first quarter of 2020.

According to Jesús María Herrera, CEO of CIE Automotive, “We feel like winners in this post-Covid scenario of market share consolidation for suppliers in the sector, where we are reinforcing our unique positioning every day thanks to our focus on electrification, comfort, presence in Asia and ESG commitment”.

And he concluded, “Hence the cautious optimism that pushes us to be more ambitious and commit to new challenges, revising upwards the initial 2021 objectives, among which the high cash generation that allows us to recover normal levels of indebtedness”.

In this context, the company has announced a Capital Markets Day to be held on 28 June 2021, during which it will unveil CIE Automotive’s challenges, opportunities and strategic lines of action.

SOURCE: CIE Automotive