Gestamp posts 9M net income of EUR101m

0

Gestamp has recorded 2021 nine-month net income of EUR101m (US$118m), compared to -EUR92n last year.

Revenue rose 19.5% to EUR5.9bn, while EBITDA reached EUR701m.

Net income during 9M, 2021, was driven by lower financial expenses, higher control of foreign exchange variations but impacted by EBITDA margin evolution in a more volatile market environment.

Gestamp noted its results were despite the high volatility in production volumes due to the shortages of semiconductors, which is expected to reduce global output in 2021 by 9m vehicles.

Gestamp said it is committed to delivering on its announced targets for the year of outperforming the market by mid-single digit (at constant FX), achieving an EBITDA margin of >12%, maintaining a moderate capex profile of below 6.5% of sales (excluding IFRS 16) and reducing its Net Debt by >EUR100m versus FY, 2020 (excluding IFRS 16).

In addition, Gestamp remains committed to reducing its carbon footprint and has recently reported the signing of the first agreement in the automotive sector to purchase green steel from ArcelorMittal, in line with its target of reducing its Scope 3 emissions by 22% by 2030 and continued digitalisation initiatives.

“At Gestamp we remain committed to our objectives for 2021 and we have once again demonstrated our ability to grow above the market, even in a challenging and volatile context such as the current one that we are facing,” said Gestamp executive chairman, Francisco Riberas.

“We will continue to focus on preserving profitability, free cash flow generation and further net debt reduction.”

https://www.gestamp.com/Media/Press/Press-Releases/2021/Gestamp-recorded-revenues-of-%E2%82%AC5,879m-during-9M-2021

FOLLOW US ON GOOGLE NEWS

Source

Leave a comment