COIL: IMPROVED RESULTS FOR THE FIRST HALF OF 2024
PRESS RELEASE
Brussels, 31 October 2024 (17.45) |
World leader in aluminium anodising |
IMPROVED RESULTS FOR THE FIRST HALF OF
2024
- Sales and license revenues: €13.1M
(+11.3%)
- EBITDA: €2.0M (compared to €0M), with a margin of
15.5%
- Operating income: €0.7M, an improvement of
+€1.4M
- Net income: €0.5M, with a margin of 3.4%
- Net financial debt reduced to 15.5% of equity at June
30, 2024
- COIL demonstrates its ability to develop its business
model and enhance profitability despite uncertain economic
conditions
COIL, world leader in aluminium anodising,
has released its results for the first half of the 2024 financial
year.
Implementation of a strategic agreement in
China
In February 2024, COIL signed a collaboration
and licensing agreement with a Chinese company to leverage its
advanced technology in the People's Republic of China and Eastern
Asia. The agreement includes the establishment of a new factory in
Fuzhou, Jiangxi province, equipped with a state-of-the-art
continuous anodising line for the architectural market.
COIL will provide technical expertise and
engineering support for the construction of the production line,
while the Chinese company will be responsible for all purchases
related to the construction of this line. In addition, COIL has
granted an exclusive and permanent license to the Chinese company
for the use of its technology and brands in China, Southeast Asia,
and Northeast Asia. In return, COIL will receive upfront and
milestone payments, as well as royalties on future sales. Initial
upfront payments (€2.0M) were received during the first half of the
year, and COIL will also take a 5% stake in the Chinese
company.
This strategic agreement in China represents a
key lever for COIL's development, creating long-term value while
opening up new opportunities in the Asian market.
Solid growth despite challenging market
conditions
Despite a global economic slowdown and declining
demand in key markets, COIL recorded an 11.3% increase in business
revenues in the first half of 2024. This performance was driven by
a positive trend in tolling sales and the initial royalties from
the collaboration and licensing agreement in China.
Tolling activities (83% of first-half 2024
sales) picked up in the second quarter, boosted by a major order
for a rolling mill, which offset the sluggish start to the year
still impacted by the slowdown in 2023. Over the half-year, tolling
sales were nearly stable at €9.2M. After a long period of
destocking in the distribution chain, these sales are expected to
continue to recover against a backdrop of rising aluminium prices,
prompting distributors to restock.
Packaged sales, including metal (17% of
first-half 2024 sales), were €1.9M, down 23.0% due to the slowdown
in demand in the European market.
Licensing revenues from the collaboration
agreement in China have already generated €2.0M in royalties during
the half-year, with further payments of €2.0M expected in the
coming months. This agreement is therefore expected to generate a
total of €4.0M in non-recurring revenues over the 2024 and 2025
financial years.
The financial statements for the half-year show
a clear improvement compared to the first half of 2023. The Company
succeeded in mitigating the impact of the low level of tolling
activities by focusing production on a limited number of lines,
both at its Landen site in Belgium and its Bernburg site in
Germany. Growth in revenues, driven by the initial royalties in
China and a more favourable revenue mix, also had a significant
effect on the Company's profitability.
EBITDA came to €2.0M, a significant improvement
compared to the nearly breakeven level in the first half of 2023.
This change was mainly driven by an increase in gross margin and a
reduction in operating expenses.
After a €0.1M reduction in provisions and
depreciation, operating income stood at €0.7M, up €1.4M
year-on-year, representing an operating margin of 5.7%.
Taking into account net financial expenses of
€0.1M and taxes of €0.2M, net income reached €0.5M, compared with a
loss of (€0.1)M. It's worth noting that the results for the first
half of 2023 were positively impacted by €1.5M in non-recurring
items.
Overall, despite a highly uncertain economic
climate, COIL has demonstrated its ability to develop its business
model and enhance profitability.
- Simplified income
statement
|
(€M) |
2024 H1
(6 months) |
2023 H1
(6 months) |
Change |
2023
(12 months) |
|
Sales and license revenues |
13.1 |
11.8 |
+11.3% |
21.8 |
|
Tolling sales |
9.2 |
9.3 |
-0.9% |
17.4 |
|
Package
sales1 |
1.9 |
2.5 |
-23.0% |
4.4 |
|
Licensing & Royalties |
2.0 |
- |
n.a. |
- |
|
EBITDA |
2.0 |
0.0 |
+€2.0m |
0.6 |
|
% of sales and revenues |
15.5% |
0.1% |
|
2.6% |
|
Recurring operating profit |
0.7 |
(1.4) |
+€2.2m |
(2.1) |
|
% of sales and revenues |
5.7% |
(11.9)% |
|
(9.8)% |
|
Operating profit |
0.7 |
(0.7) |
+€1.4m |
(2.7) |
|
% of sales and revenues |
5.7% |
(5.6)% |
|
(12.3)% |
|
Income before tax |
0.6 |
(0.1) |
+€0.7m |
(2.2) |
|
Net income |
0.5 |
(0.1) |
+€0.6m |
(2.2) |
|
% of sales and revenues |
3.4% |
(0.9)% |
|
(10.2)% |
After taking into account profit for the
half-year, shareholders' equity at 30 June 2024 was €21.8M, up
€0.5M compared to 31 December 2023. Net financial debt at 30 June
2024 was €3.4M, down €1.8M from the end of 2023, representing 15.5%
of equity, compared to 24.3% at 31 December 2023.
Sales for the third quarter of 2024 totaled
€5.2M, down slightly by 0.8% year-on-year. This reflects an
increase in tolling sales to €4.4M (+3.4%), while packaged sales
came to €0.9M (-17.6%). No royalties were received in China during
this quarter.
For the first nine months of the year, sales and
license revenues came to €18.4M, up 7.6% compared with the same
period in 2023. Tolling sales increased by +0.5% to €13.6M, while
packaged sales fell by -21.4% to €2.8M. License revenues from the
strategic agreement in China amounted to €2.0M over the period.
The Company aims to replicate its success in
continuous anodising in the Asian market, where demand for anodised
aluminium remains strong, by leveraging a competitive and
value-creating business model. In Europe, the Company remains
cautious in view of macroeconomic challenges and volatile demand.
With its flexible industrial resources, the company is ready to
quickly react to any sustained market upturn.
By leveraging its technological and commercial
assets and diversifying its positions in mature and emerging
markets, the Company is confident in its development prospects,
capitalising on its broad portfolio of premium, sustainable
products with a smaller carbon footprint to boost its business
potential and seize future opportunities.
The financial statements were approved by the
Board of Directors on 30 October 2024. They are included in the
half-yearly financial report for 2024 available on the Company's
financial website. (http://investors.coil.be).
2024 annual sales figures will be published on 4
February 2025 after the close of trading.
About COIL
COIL is the world's leading anodiser in the
building and industrial sectors and trades under the ALOXIDE brand
name.
Anodising is an electrochemical process
(electrolysis) which develops a natural, protective oxide layer on
the surface of aluminium and can be coloured in a range of UV-proof
finishes. It gives the metal excellent resistance to corrosion
and/or reinforces its functional qualities. Anodising preserves all
the natural and ecological properties of aluminium; it retains its
high rigidity and excellent strength-to-weight ratio, its
non-magnetic properties, its exceptional resistance to corrosion.
The metal remains totally and repeatedly recyclable through simple
re-melting. Anodised aluminium is used in a wide variety of
industries and applications: architecture, design, manufacturing,
and the automotive sector.
COIL deploys an industrial model that creates
value by leveraging its unique know-how, its operational
excellence, the quality of its investments and the expertise of its
people. COIL has around 110 employees in Belgium and Germany and
has recently broadened its business model with the signing of
license agreement accelerating the diffusion of its technology in
Asia. The Company generated a turnover of €21,8 million in
2023.
Listed on Euronext Growth Paris | Isin:
BE0160342011 | Reuters: ALCOI.PA | Bloomberg: ALCOI: FP
For more information, please visit
www.aloxide.com
Contact
COIL
Tim Hutton | Chief Executive Officer
tim.hutton@coil.be | Tel.: +32 (0)11 88 01 88 |
CALYPTUS
Cyril Combe
cyril.combe@calyptus.net | Tel.: +33 (0)1 53 65 68 68 |
1 Anodising and metal included.
- COILpressrelease31oct2024_EN
COIL (EU:ALCOI)
過去 株価チャート
から 10 2024 まで 11 2024
COIL (EU:ALCOI)
過去 株価チャート
から 11 2023 まで 11 2024
