Grupo Antolin improved its Q1 gross operating profit (EBITDA) by 26.2% in the first quarter, to EUR96.4m (US$117m).
Sales during the same period were EUR1.08bn, compared to EUR1.05bn in the first quarter of 2020.
The supplier maintains recovery in global vehicle sales, as well as efficiency and cost containment measures to deal with the crisis, enabled growth in results and the EBITDA margin to be 9%, compared to 7.3% in the first quarter of 2020, when the crisis started.
By region, the company experienced a significant recovery in Asia, with a revenue growth of 78.8% (EUR130m), as well as in Europe, with an improvement of 5.9% (EUR570m). Africa’s sales also increased by 30%. Nafta fell by 16.4%, to EUR344m and Mercosur’s revenue dropped by 20.7% (EUR13m).
Despite the weakness of some markets this quarter, Grupo Antolin says it is optimistic about the evolution of car sales this year, as the vaccination process favours an overall recovery in global economic activity. The company expects a substantial improvement in its 2021 performance with strong revenue and operating margin growth.
Antolin reached an agreement in May with its lenders to modify the syndicated loan facility and extend its maturity for three years until 2026.
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Commitment to China:
Antolin’s sales in China experienced growth of 113%, up to EUR110m. The country accounted for 10.3% of the company’s business in the first quarter, up from 4.9% a year earlier. To harness the growth potential of the market, the company is focused on expanding its customer and product base with a focus on developing new projects with more advanced electronics content and lighting solutions.
In March, Antolin created a joint venture (JV) with Shanghai Naen Auto Technology, an electronics supplier.
At the recent Shanghai Motor Show in April, Antolin premiered the smart cockpit prototype, Inspire, which has disruptive technologies in three key areas of the company’s strategy: lighting & HMI, active surfaces and electronics.