Sogefi's profit is on the rise: +54,6% to 15,3 million euro in the first six months of 2011. The stock on the Stock Exchange rises by 1,36% to 2,828 after reaching an intraday high of 2,84 euro for action. Revenues also grew at 30 June: +15,1% to 526,6 million euros thanks to the good performance of all the main types of vehicles in all the most important markets.
The greatest increase was recorded in the United States (+72,8%), thanks to the entry into full operation of the productions started in 2010. Growth remains sustained on the Brazilian, Chinese and Indian markets. The increase in sales also concerned Europe, above all thanks to the recovery of production in the industrial vehicle suspension sector.
At divisional level, the Suspension Components division grew by 24%, while the Filtration division recorded a more limited increase (+6,3%). For the future, development also passes through growth through external lines: Sogefi has signed an agreement to acquire (at a price of 150 million euro) the Mark IV Systémes Moteurs group of car components, one of the leading global producers of air management systems and cooling: the company's activities will be consolidated in the financial statements from the date of completion of the agreement, expected in the third quarter.
In terms of margins, the increase in sales prices and the control of structural cost dynamics made it possible to contain the effect of the increase in raw material costs currently on the market. The operating result improved by 29,3% to 41,4 million euro and in the second quarter it stood at 8% of revenues. Ebitda rose by 16,6 to 52,8 million with a 10% margin on revenues.
Net debt rose to 167,6 million from 166,6 as at 31 March 2011 but is lower than the 182,5 million of last year: the increase in recent months is also due to the distribution of dividends for 14,9 million euro carried out in April 2011. In the last six months the share has risen by 20,98%, with a performance of 44,29% in the last year and a 12-month high reached 2,95 euros in April.
