At around 89.4 million vehicles, the number of vehicles produced worldwide was 1.1 per cent below the previous year (around 90.5 million vehicles) and, in a long-term comparison, still well below the pre-crisis years with the peak of 95.1 million vehicles in 2017. This development reflects the economic environment, which is still not very lively globally, and the consequent sluggish demand for new vehicles in many regions. Nevertheless, Autoneum was able to record revenue growth of 4.2 per cent in local currencies.
Autoneum’s consolidated revenue for 2024 increased by CHF 36.4 million (~$40.18 million) to CHF 2,338.7 million (~$2.58 billion).
Excluding currency translation effects, revenue grew by 4.2 per cent to CHF 2,398.5 million ($2.65 billion), driven by the first-time consolidation of Borgers Automotive.
Despite global vehicle production declining 1.1 per cent, organic revenue fell by 2.9 per cent.
The first-time consolidation of the months of January to March by Borgers Automotive, which was acquired by Autoneum with effect from April 1, 2023, contributed to this with inorganic revenue growth of 7.1 per cent. Organically, on the other hand, revenue declined by –2.9 per cent and developed slightly below the market. Revenue consolidated in Swiss francs reached CHF 2,338.7 million (~$2581.46 million), and thus was up CHF 36.4 million (~$40.17 million) or 1.6 per cent on the previous year {2023: CHF 2,302.3 million (~$2541.28 million)}. Excluding negative translational exchange rate effects in the amount of CHF 59.8 million (~$66.01 million) due to the strong Swiss franc, revenue in local currencies increased to CHF 2,398.5 million (~$2,647.46 million), thus comfortably reaching the guidance of CHF 2.3 billion (~$2.54 billion) to CHF 2.5 billion (~$2.76 billion), the company said in a press release.
Based on the preliminary figures, Autoneum expects an EBIT margin of over 5 per cent and free cash flow of just over CHF 100 million (~$110.38 million) for the 2024 financial year. Together with the group revenue of CHF 2,338.7 million (~$2581.46 million) described above, the guidance from March 2024 and the lower end of the guidance for the EBIT margin (5.0 per cent to 5.5 per cent), which was raised to 5 per cent in July 2024, will thus be fully achieved.
Fibre2Fashion News Desk (RR)
