Ad hoc announcement pursuant to Art. 53 LR
Winterthur, January 20, 2023
Production volumes in the automotive industry increased significantly in fiscal year 2022 for the first time since 2020, but did not quite reach the level of 2019. Autoneum’s revenue in local currencies increased by 8.5%. In Swiss francs, Group revenue increased by 6.1% year-on-year to CHF 1 804.5 million. A slight decline was recorded in production volumes. The increase in revenue resulted from inflation-related compensation.
For the first time in two years, global automotive production recorded a significant increase in full-year 2022 with 82.0 million vehicles produced (2021: 77.2 million vehicles) and growth of 6.2 %, driven by the regions Asia and North America, but remained below 2019 levels. Autoneum’s revenue in local currencies increased significantly by 8.5 %, largely due to inflation-related com-pensation. In the regions Europe and Asia, Autoneum’s production volumes developed below market. Compared to the July 2022 estimate, revenue was around CHF 90 million lower than assumed due to volume factors. The strong fluctuations in production volumes due to vehicle manufacturer supply chain issues continued in 2022 and were exacerbated by the war in Ukraine in Europe and by COVID-related lockdowns in Autoneum’s Asian main market China. Consolidated revenue in Swiss francs increased by 6.1 % year-on-year to CHF 1 804.5 million (2021: CHF 1 700.4 million) due to the strong Swiss franc.
Revenue development in the regions
In local currencies, revenue of Business Group Europe increased by 2.7 %, while production volumes of vehicle manufacturers decreased by 1.3 %. The growth in revenue resulted from inflation compensation, while Autoneum’s production volumes were significantly lower compared to the previous year. Business Group North America increased its revenue in local currencies by 11.0 %. The number of vehicles produced increased by 9.7 % year-on-year. Volume development at Autoneum’s North American plants clearly improved compared with 2021 due to the allocation of semiconductors to the vehicle models supplied by Autoneum. Revenue of Business Group Asia declined by 2.7 % in local currencies, and thus was significantly below the market (+7.7 %). Autoneum’s production facilities in its main market China are located in regions that were hit particularly hard by the COVID-related lockdowns. Growth in China was also driven by Chinese vehicle manufacturers, with whom Autoneum generated only little revenue last year.
Business Group SAMEA (South America, Middle East and Africa) achieved hyperinflation-adjusted revenue growth in local currencies of 65.2 % year-on-year. This increase was mainly due to inflation compensation and in terms of volume slightly outperformed the market, which grew by 7.5 %.
Due to significantly lower production volumes in Autoneum’s regions Europe and Asia of around CHF 90 million compared to the half-year estimate and further increases in energy costs in the second half of the year, Autoneum expects the full-year 2022 result to be at the lower end of the guidance published on June 15, 2022.
Autoneum is globally leading in acoustic and thermal management for vehicles. The Company develops and produces multifunctional, lightweight components and systems for interior floor and engine bay as well as the underbody. Customers include almost all automobile manufacturers in Europe, North & South America, Asia and Africa. Autoneum operates 53 production facilities and employs around 11 720 people in 24 countries. The Company with its headquarters in Winterthur, Switzerland, is listed on the SIX Swiss Exchange(ticker symbol AUTN).
Publication of 2022 revenue and year-end financial statements
The 2022 revenue presentation can be found at http://www.autoneum.com/investor-relations/financial-reports. The full year-end financial statements and the Annual Report 2022 will be presented at the Media Conference on March 1, 2023.
All statements in this media release that are not based on historical facts are forward-looking statements that do not offer any guarantee with regard to future performance; they are subject to risks and uncertainties including, but not confined to future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside the Company’s control. The 2022 revenue figures have not yet been audited. The vehicle production figures are based on the latest estimates of S&P Global Mobility.