Posted 2/25/2019 10:54:35 PM
The turnover of the company reached 3,030 million
MADRID, Feb. 25 (EUROPA PRESS) –
CIE Automotive obtained a net profit of 396.8 million euros in 2018, 84% higher than the figure for 2017, according to the company on Monday, which has attributed its highest profits to extraordinary 154 million euros derived from its output in July of the Dominion shareholding.
The group has highlighted that it achieved a normalized net profit of 242.8 million euros in 2018, 20% more than in 2017.
The CEO of the company, Jesús María Herrera, pointed out that the complexity of the current macroeconomic and geopolitical context and the slowdown in the sector put the results obtained by the company in 2018 into value.
“It is at times like these when we focus our efforts on what we are excellent at, such as process management, and when our strict financial discipline becomes more relevant, which has allowed us to grow 11% without increasing our levels of indebtedness” , has pointed.
Likewise, he recalled that CIE Automotive left the shareholding of Dominion in July of last year, where it held a 50.01% stake; In September, it announced the acquisition of Inteva’s ceiling systems division and that in January of this year it sold the biofuels manufacturing division.
CIE Automotive debuted on the Ibex 35 in June 2018, after its shareholders’ meeting approved the extraordinary distribution and also in kind of securities of its subsidiary Global Dominion Access, as part of its objective that both companies operate independently.
The turnover of the company reached 3,030 million euros last year, representing an increase of 7% compared to 2017, discounting the exit from the Dominion perimeter and the discontinued activities, which includes an 11% growth despite of the negative impact of the exchange rates and of a global automotive market that contracted last year for the first time since 2009.
On the other hand, the gross operating profit (Ebitda) amounted to 529 million euros, 12% more than in the previous year.
At the end of the year, the company had a net financial debt of 948.2 million euros, 0.15% less compared to the previous year, and a workforce of 23,723 employees, 1.6% more.
REAFFIRMS ITS STRATEGIC PLAN FOR 2020
After presenting its results for 2018, CIE Automotive has reaffirmed itself in the fulfillment of its strategic objectives for 2020. The forecast of the company considers that the net profit of the automotive division, which was 242.8 million last year, was put in 300 million euros for that year, according to the latest update of the strategic plan for the period 2016-2020.
In addition, it plans to record sales three times higher than the market, as well as its Ebitda and an operating profit to grow 18% and 14%, respectively.
The Spanish firm also foresees more than 60 million additional net results for 2020 and 400 million more dividends for the delivery of Dominion shares and for more results.