Lower volumes due to geopolitical developments and the sharp rise in inflation impacted the result in the 1st half (H1) of 2022. In a slightly declining market, Autoneum increased sales in local currencies by 0.5%. At CHF 888.7 million, sales reached the previous year's level. Despite the challenging environment, an EBIT of CHF 6.4 million (EBIT margin: 0.7%) was achieved.
Sales of Business Group (BG) Europe were most affected by the consequences of the war in Ukraine and recorded the largest decline. Supply chain bottlenecks caused by a shortage of specialty components such as cable harnesses led to frequent production stoppages and cutbacks at vehicle manufacturers in Europe. Sales fell to CHF 315.8 million (prior-year period: CHF 354.8 million). EBIT decreased to CHF 1.0 million (H1/2021: CHF 26.6 million), and the EBIT margin declined from 7.5% to 0.3%.
BG North America was affected by accelerating inflation of costs for raw material, energy and transport as well as a negative one-off effect of CHF 5.6 million arising from a distressed supplier. BG Asia achieved a positive EBIT of CHF 12.7 million despite a decline in sales due exclusively to the Covid-related lockdowns and the resulting production losses in the 2nd quarter in main market China.
The markets of BG SAMEA (South America, Middle East and Africa) were also affected by inflationary costs for raw material, energy and transport, although the prevailing local pricing policy provides for inflation and currency adjustments.
A high demand for sustainable products for electric vehicles confirms that Autoneum Management AG, Winterthur/Switzerland, is well positioned for this growing market of the future.