Thanks to a favorable model mix, Autoneum significantly increased its revenue in a declining market in 2018. Although fewer vehicles were manufactured worldwide than in the prior year, Group revenue adjusted for currency and divestment effects increased by 3.7%. In Swiss francs, it rose by 3.4% to CHF 2 281.5 million.
For the first time since the economic crisis in 2009, global automobile production declined compared to the prior year: With just under 95 million light vehicles produced, the market shrank by –1.0% compared to 2017. In this market environment, Autoneum increased its revenue adjusted for currency and divestment effects by 3.7% thanks to a favorable model mix. Revenue consolidated in Swiss francs rose by 3.4% from CHF 2 205.4 million to CHF 2 281.5 million in 2018.
Revenue growth in Europe, Asia and SAMEA region outperformed market significantly
Apart from Business Group North America, all Business Groups clearly exceeded the market in the corresponding region and recorded substantial revenue growth in 2018. Business Group Europe’s revenue climbed by 7.7% in local currencies thanks to high-volume customer orders. In North America, lower production volumes from automobile manufacturers led to an associated reduction in call-offs at Autoneum and a decline in revenue at Business Group North America of –3.4%, adjusted for currency effects. Business Group Asia’s revenue increased by 6.6% despite the decline in automobile production in China. With organic growth of 24.4%, Business Group SAMEA continued its growth course. Higher production quantities, especially in Brazil, as well as the continued high-volume export business in Turkey and South Africa were the main reasons for this above-average increase rate.
North America operations impact Group earnings
Due to operational challenges in US plants and associated costs, Business Group North America recorded a loss in 2018 which impacted the Group’s profitability.
Publication of 2018 revenue and year-end financial statements
The 2018 revenue presentation can be found at www.autoneum.com/investor-relations/financial-reports. The year-end financial statements and the Annual Report 2018 will be published at the Media Conference on March 6, 2019 in Winterthur, Switzerland.