26.08.2021 Novem Group S.A.  LU2356314745

DGAP-News: Novem Group S.A.: Q1 2021/22 results showed strong revenue recovery from Covid-19 affected quarter last year


DGAP-News: Novem Group S.A. / Key word(s): Quarter Results
Novem Group S.A.: Q1 2021/22 results showed strong revenue recovery from Covid-19 affected quarter last year

26.08.2021 / 09:00
The issuer is solely responsible for the content of this announcement.

Novem Group S.A.: Q1 2021/22 results showed strong revenue recovery from Covid-19 affected quarter last year
- Total Q1 2021/22 revenue of €156.1 million, +81.7% above Q1 2020/21.
- Adj. EBIT of €25.8 million, a turnaround of €26.9 million against last year.
- Current trading conditions limit visibility.
Luxembourg, 26 August 2021 - Novem Group S.A. today published its first results as a stock-listed company, for the first quarter of its financial year 2021/22. For this April-June quarter, the company posted revenue growth of almost 82% year-on-year, an expected, strong recovery against the same period last year, which was affected globally by the Covid-19 pandemic. Novem's Adj. EBIT margin, one of its key performance metrics, also recovered strongly versus prior year, to 16.5%. Looking ahead, currently difficult trading conditions limit visibility.
Q1 2021/22 revenue rebounded strongly
First-quarter total revenue of €156.1 million exceeded the same quarter last year by +81.7%, driven by substantially higher volumes across all relevant platforms. With €143.5 million, revenue Series contributed more than 90% to this total. At constant currencies, growth would have been even higher, at just above 83%. The revenue share of the top-3 customers - Daimler, BMW and Audi - accounted for about 74%, down just over 3 percentage points relative to prior year. Tooling added €12.5 million to total revenue, well above prior year when, due to the pandemic, project work with the OEMs almost came to a halt.
Revenue growth was driven largely by base effects in the Americas (+130.7% year-on-year) and Europe (+106.3% year-on-year). Both regions showed a pronounced rebound compared to the lockdown period last year. Asia, especially China, was already coming out of the first Covid wave in the second calendar quarter of 2021 and therefore did not show the same base effect. The region suffered a moderate decline (-7.3% year-on-year) against last year.
Profitability almost back to pre-pandemic levels
Adj. EBIT came in at €25.8 million for the quarter, from €-1.1 million during the same period last year, which translated to a margin of 16.5%. This rebound to near pre-pandemic levels was largely attributable to the increased revenue base, but also to lower personnel and other operating expenses owing to successful Covid-19 savings measures last year.
Regionally, the Adj. EBIT margin improved strongly and consistently, starting with Europe 15.9%
(-8.8% PY), followed by the Americas 12.4% (-16.1% PY) and Asia 28.9% (26.1% PY). Adj. EBIT in Asia reached almost the same level as last year, despite a lower level of governmental grants than previously.
Free cash flow improved, capex stable
With the recovery of trading conditions, revenue and profitability, FCF also turned positive, to €+10.1 million in Q1 2021/22 from €-13.5 million during the same period last year. While cash flow from investing activities was largely unchanged on prior year, cash flow from operating activities recorded €23.3 million higher.
Capital expenditure was lower at €2.1 million, compared with to €4.6 million last year. Hence the capex ratio dropped to 1.3% (-4.1pp year-on-year). The company's asset base is solid and fully invested, with limited growth investments required in the short term.
Elevated working capital, stronger balance sheet
At a total of €140.9m, working capital recorded 0.9% above last year as of 30 June 2021. The slight increase was due to the net effect of higher trade payables (€+15.0 million), lower trade receivables (€+2.5 million), lower contract assets (€+4.3 million), higher inventories (€-14.1 million) and tooling net (€-8.8 million). Novem deliberately carried substantial excess stock to mitigate the impact of current supply shortages on the commodity markets and continued logistics issues in the automotive industry.

As per 30 June 2021, cash rose by €+2.5 million compared to 31 March 2021 which further bolstered the company's liquidity reserves. Net leverage strongly improved from 1.9x to 1.5x at the end of the reporting quarter. Principal sources of funds were €177.8 million cash (€175.3 million quarter-on-quarter) and €48.5 million non-recourse factoring (€40.1 million quarter-on-quarter).
As stated in the context of the IPO, Novem redeemed its €400.0 million bond in July 2021 through new equity raised from the private placement and the drawdown of a €250.0 million term loan. Following Novem's listing thus reducing the net leverage ratio to 1.4x Adj. EBITDA as of 31 July 2021. As a result, Novem successfully completed its refinancing process as per plan.
The quarterly statement for the first quarter of financial year 2021/22 can be found at the Investor Relations website at Reports & Presentations.
About Novem
German-headquartered Novem is a globally leading supplier of decorative interior trim parts for the premium automotive industry. Across the range of key materials such as genuine wood, aluminum, carbon and premium synthetics, the company offers unrivalled quality, technology and innovation to a growing customer base of 18 automotive OEMs. Founded in Vorbach, Germany, back in 1947, the company has continuously expanded its global footprint in Germany, Italy, Czech Republic, Slovenia, China, USA, Honduras and Mexico. Novem employs about 5,700 people at 12 locations and achieved revenues of more than €600 million in FY 2020/21.
For more information, please visit www.novem.com.

Contact Investor Relations

Lena Reichenberger
Phone: +49 9205 18 1446
E-Mail: [email protected]

Press Contact

Harald Kinzler
Phone: +49 69 5060 37579
E-Mail: [email protected]

26.08.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Novem Group S.A.
19, rue Edmond Reuter
L-5326 Contern
ISIN: LU2356314745
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange
EQS News ID: 1228956

End of News DGAP News Service

1228956  26.08.2021 


Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022e
Umsatzerlöse1 587,48 646,21 711,14 652,19 711,14 0,00 0,00
EBITDA1,2 114,75 134,54 142,03 112,75 103,23 0,00 0,00
EBITDA-Marge3 19,53 20,82 19,97 17,29 14,52 0,00 0,00
EBIT1,4 92,08 117,67 115,07 82,50 72,29 0,00 0,00
EBIT-Marge5 15,67 18,21 16,18 12,65 10,17 0,00 0,00
Jahresüberschuss1 52,61 80,12 2,65 3,96 9,74 0,00 0,00
Netto-Marge6 8,96 12,40 0,37 0,61 1,37 0,00 0,00
Cashflow1,7 104,46 98,18 112,74 104,45 105,51 0,00 0,00
Ergebnis je Aktie8 1,23 1,86 0,06 0,09 0,22 0,29 0,40
Dividende8 0,00 0,00 0,00 0,00 0,00 0,06 0,12
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

Novem Group
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A3CSWZ 7,420 319,28
KGV 2023e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
13,49 30,48 0,44 47,26
16,05 3,03 0,45 5,17
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
0,00 0,06 0,81 25.08.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
18.08.2022 30.11.2022 14.02.2022 30.06.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-20,29% -41,52% -39,67% 0,00%
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Automobilzulieferer , A3CSWZ , NVM , XETR:NVM