While turnover of automotive components supplier Grupo Antolin (Burgos / Spain; www.grupoantolin.com) fell to EUR 5.2 bn in fiscal 2019, from EUR 5.4 bn in 2018, the company was nevertheless able to raise its operating result in all four segments to EUR 434.9m (EUR 356m in 2018). The strong growth in EBITDA is attributable almost entirely to the impact of accounting under “IFRS 16”. Excluding this effect and with the same group of consolidated companies, Antolin’s operating result would have risen to EUR 362m. Improved results in the US, Germany and the Czech Republic more or less balanced out the weaker China, Mexico and UK markets.

The company’s net earnings in 2019 fell again. No more than EUR 15m was left below the line last year, after the figure declined in 2018 from EUR 258m to EUR 53.8m – although this was connected with the divestiture at that time of its seating business to Lear. Nevertheless, group chairman Ernesto Antolin was basically satisfied with the results in view of the uncertain market environment with Brexit, global trade disputes and declining Chinese car market.

According to the estimates, EBITDA fell again in Q1 2020, by 23% to EUR 77m. Sales amounted to EUR 1.05 bn, which was 17% down on the same period in 2019. In Q1, Antolin reduced its planned expenditures, such as for R&D, by around 20%, and it intends to do the same in the subsequent two quarters. The Spanish supplier has also cancelled the dividend payment.

Its strategy announced at the end of 2019 to develop integrated components for electronics and lighting in autonomous and electric vehicles was continued recently with the founding of the new Electronic Systems business unit. At the heart of the strategy are partnerships with Walter Pack and Hi-Rain as well as the Israeli telematics and electronics specialist Eyesight Technologies, which are targeted at integrated and personalised monitoring and sensing solutions for vehicle interiors.

Turnover of the company’s largest business unit, Overheads (headliner substrates), fell in 2019 to EUR 1.92 bn (EUR 2.06 bn in 2018), but EBITDA rose according to IFRS 16 by 15% to just under EUR 120m. Doors (door panels and trim) was the only business unit to show sales growth – nearly 5% up at EUR 1.98 bn – with EBITDA 8% higher at EUR 221m. Turnover of the Cockpits business unit declined 14% to EUR 974m, although EBITDA here climbed 17% to EUR 105m. The smallest business unit, Lighting, posted slightly lower sales at EUR 334m, while EBITDA improved 13% to EUR 105m.

In March, Antolin started up its efforts to fight Covid-19, including manufacturing masks and medical gowns for hospitals (see Plasteurope.com of 07.04.2020).