KUALA LUMPUR, Feb 15 -- AKWEL has posted consolidated turnover of €937.2 million in 2020, limiting the year-on-year drop to -14.9 per cent, or -10.9 per cent, comparing like-for-like figures.(€1 = RM4.896)
According to a statement, after a first half-year highly impacted by the global public health crisis, the recovery that began in September was confirmed in the fourth quarter.
Comparing like-for-like figures, revenues for the quarter were up 13.6 per cent. AKWEL is still outperforming the global automotive market as a whole, which contracted by -0.7 per cent last quarter.
This performance can be explained by market share gains among the Group’s strategic customers and by buoyant Aftermarket activity.
The Group’s financial situation continued to benefit from the rigorous management and investment control policy adopted before the crisis.
AKWEL forecasts free cash flow in excess of €100 million last year, and at December-end, the company had net cash flow of nearly €70 million, excluding lease debts.
AKWEL finished 2020 with a solid financial situation and bolstered market share. However, the Group remains cautious about its outlook for 2021, in a market that remains low-profile, and is determined to maintain the flexibility and efficiency of its production facilities while investing in order to move with market trends, particularly in clean vehicles.
An independent, family-owned group listed on the Euronext Paris Stock Exchange, AKWEL is an automotive and HGV equipment and systems manufacturer, specialising in fluid management and mechanisms.
-- BERNAMA
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