from OPMobility (EPA:OPM)
Présentation des Résultats annuels 2023 (EN)
Executive summary
2023 in-line with our operational strategic priorities
Historical businessesConsolidating from strength to strength the ambition in Hydrogen and accelerating industrial development |
Significant improvement Additional initiatives in first year of Lighting to carbon neutrality roadmap |
Executive summary
For the first time, revenue exceeds €10bn
Up +38% since 2018, of which 2/3 is organic growth…
…while automotive production is down -4%
11.4
Outperforming the market by +3.7pts
Strong growth outperforming the market mainly
driven by IES and
Modules Performance in-line Market growth mainly Excellent performance with the market driven by EV vehicles vs. market production despite the headwind and local players. mostly driven of the UAW strike JV YFPO in-line by South Korea
with market; and India
Modules and CES underperformed
Plastic Omnium well-positioned to address market evolution
Automotive production market * | Plastic Omnium product portfolio |
Robust order intake reflecting customers’ trust
Strengthening our geographical footprint and powertrain diversification
Diversifying our customer base
In-line with market evolution
2023 | Next steps |
164 flawless launches in 2023 across all divisions
Evolution of segment information
Aligned with the strategic roadmap and the product portfolio
2022 2023
Unique offer of fully integrated exterior solutions
Increase our content per vehicle through cross-divisions synergies
Plastic Omnium is offering a unique technological offer:
fully integrated exterior systems through the combination of
Intelligent Exterior Systems, Lighting andModules
First awards | Next steps |
Success of the first year for Lighting
Strong order intake and significant reduction in cost base
Next steps for Lighting
Key priorities to improve growth and profitability
Operational priorities 2024-2025 | Medium-term outlook 2026 and beyond |
Moving forward with priorities for Modules
Improving profitability through operational excellence
Complete range of energy management systems
For all types of powertrains: ICE, hybrid, battery and hydrogen electric vehicles
Clean Energy Systems strongly consolidates its leadership and develops electrification
Our strengths in Hydrogen mobility
Hydrogen capacities ramping up
Next launches of activity
SOUTH KOREA FRANCE CHINA
Strong economic revenue growth of +20.3%
Material improvement in quality of operating margin
Significant impact of Lighting turnaround whilst pursuing ramp-up in New Energies
2022 | 2023 |
Operating margin at 3.8%
As per new operating segments
EXTERIOR SYSTEMS
OPERATING MARGIN RATE
Stable net result Group share at €163m
In a context of high interest rates
In €m FY 2022 FY 2023 | ||
Operating margin | 364 | 395 |
In % of revenue | 4.3% | 3.8% |
Other operating expenses | -64 | -64 |
Financial result | -62 | -105 |
Income tax | -60 | -63 |
Net result Group share | 168 | 163 |
In % of revenue | 2.0% | 1.6% |
OPERATING MARGIN
• Increase in operating margin partially offsetting the rise in financial expenses in an environment of high interest rates
NON-RECURRING ITEMS
• Amounted to - €64m, stable against 2022, including restructuring and currency effects
FINANCIAL RESULT
• Impacted by the increase in interest rates
• Financial costs representing 1% of total revenue
Solid Free Cash Flow generation and debt reduction
Improvement in working capital and carefully monitored CAPEX
Continued debt reduction while pursuing growth
Solid financial structure
Our commitment to carbon neutrality
Continued to roll out its plan to achieve its objectives
2023 milestones achieved in carbon neutrality
Strong improvement in ESG ratings
Demonstrating the Group's growing awareness of climate issues
2022 2023
A- | A | Highest score recognizing our ambitious roadmap and carbon neutrality objectives |
80/100 | 80/100 | Platinum status and among top 1% of companies assessed |
C | C+ | Among leaders in its industry |
A | A | Leads most industry peers on significant ESG risks and opportunities |
On track to meet our sustainability targets
Continuous return to shareholder
A solid track record of dividend distribution
|
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Outlook
Conclusion
Group’s strategy remaining a key pillar for its long-term growth
Revenue per business
In €m 2022 2023 Change LFL* change | ||||
Exterior Systems | 4,210 | 5,579 | +32.5% | +16.6% |
Modules | 2,580 | 3,112 | +20.6% | +18.2% |
Powertrain | 2,687 | 2,707 | +0.8% | +3.7% |
Economic Revenue | 9,477 | 11,399 | +20.3% | +13.4% |
Joint Ventures | 939 | 1,084 | +15.5% | +13.1% |
Exterior Systems | 3,507 | 4,860 | +38.6% | +17.3% |
Modules | 2,347 | 2,751 | +17.2% | +18.6% |
Powertrain | 2,684 | 2,703 | +0.7% | +3.6% |
Consolidated Revenue | 8,538 | 10,314 | +20.8% | +13.4% |
Cash flow statement
In €m 2022 2023 | ||
Operating margin 364 | 395 | |
EBITDA | 864 | 900 |
Gross Cash Flow | 666 | 649 |
In % of revenue | 7.8% | 6.3% |
Capex and development | -351 | -482 |
In % of revenue | -4.1% | -4.7% |
Change in WCR | -72 | +61 |
Free Cash Flow | 243 | 227 |
Dividends | -52 | -60 |
Treasury shares | -16 | 3 |
IFRS 16 | -40 | -91 |
Acquisition impacts & others | -950 | 55 |
Net debt (end of the period) | 1,669 | 1,540 |
Disclaimer
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This presentation contains certain projections and forward-looking statements. These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union. These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Company believes these statements to be based on reasonable assumptions. These forward-looking statements are subject to various risks and uncertainties, including matters not yet known to the Company or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives setout will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, the geopolitical environment (including the ongoing Russo-Ukrainian military conflict), overall trends in general economic activity and in the Company’s markets in particular, regulatory and prudential changes, and the success of the Company’s strategic, operating and financial initiatives.
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