Grupo Antolin, a global provider of technological solutions for the interior of the car, has shown that it has a solid, resilient and flexible business that is being able to withstand the greatest crisis experienced by the automotive industry. During these months, the company’s priority has been to protect the health of all employees and ensure business continuity and liquidity, despite strong market disruption.
The COVID-19 crisis caused a historic 65% plunge in global vehicle production in April, when the pandemic led to the closure of virtually all automobile manufacturing plants in the world. In the first half, world vehicle production fell 33%. Consequently, Grupo Antolin’s sales between January and June reached 1,553 million euros, compared to 2,678 million in the same period of the previous year.
The drop in sales and the short time margin to adapt the cost structure caused gross operating profit (ebitda) to reach 52 million euros in the first half, compared to 226 million in the same period of the previous year .
After the strong impact in March and April, Grupo Antolin’s activity has been reactivated in a totally safe way, applying the prevention protocol against COVID-19. Currently, all plants are operational and revenues in July have evolved positively. Analysts foresee a progressive recovery of the market if the evolution of the pandemic allows it. However, they estimate that the 2019 production figures will not return until 2022 or 2023.
In this context of future industry uncertainty, Grupo Antolin will continue to apply its action plan against COVID-19 with two clear priorities:
1.- Protect the health and guarantee the safety of all employees. The company is permanently monitoring the situation of the pandemic and updating its prevention plan following the recommendations of the health authorities.
2.- Preserve liquidity by controlling investments and stocks, as well as monitoring costs in order to face possible changes in demand.
Grupo Antolin has a solid financial position to face new market disruptions with a liquidity of 452 million between cash on hand and undrawn loans, as of September 1. The company has improved its liquidity after receiving new loans in the framework of government financial support plans against COVID-19: 51 million euros in Spain and France, and 20 million pounds in the United Kingdom.
New Innovation Center in China
Despite the crisis caused by the pandemic, Grupo Antolin continues with the transformation of its business and the execution of its strategy. The company has just inaugurated a new Innovation Center in Shanghai (China) that will strengthen its R & D & I and technological development capabilities in the world’s largest automotive market. In this way, the company will adapt better and faster to the needs and requirements of its customers in China, especially in the development of projects focused on the new electric mobility.
To take advantage of this innovative environment and strengthen the relationship with customers, the Innovation Center houses the new Antolin headquarters in China, incorporating all the corporate departments and the engineering and technological development teams. The center has an advanced electronics laboratory and a modern showroom where customers can see the latest technological advances and the most relevant products of the company both physically and using virtual reality devices. In total, more than 100 people work at the company’s new Innovation Center.
“Although the priority is to face the crisis, COVID-19 does not stop us. We want to lead, from within the vehicle, the change that the automobile industry is experiencing, which will accelerate with this crisis. We continue to launch new projects and initiatives -the best example is the new Innovation Center- as part of the transformation that we started some time ago with the aim of consolidating ourselves as a global provider of interior technology solutions. We continue working to add more value to our products by integrating electronics, lighting solutions, decorations and the new technologies that will be incorporated in future cars ”, underlines Ernesto Antolin, president of Grupo Antolin.
In July, Grupo Antolin announced a strategic alliance with the German provider of integrated electronic systems AED Engineering with the aim of improving its capabilities in electronics. This company will reinforce the work of Antolin’s Electronic Systems Business Unit by collaborating in the development of electronics for automotive manufacturers’ projects, as well as in the search for new advanced solutions with which to enrich the product portfolio.
SOURCE: Grupo Antolin
