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Share Name | Share Symbol | Market | Type |
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Polymet Mining Corp | TSX:POM | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 2.86 | 2.85 | 2.88 | 0 | 01:00:00 |
Continuation of strong organic growth
Regulatory News:
Plastic Omnium (Paris:POM):
Change at constant scopeand exchange rates 3
2015 2016 Economic revenue1 1.417 1.710 +20.6% +13.4% nine months ChangeChange at constant scopeand exchange rates 3
2015 2016 Economic revenue1 4.363 4.889 12.1% +11.8%Breakdown of economic revenue by business segment
In €M, by segment nine months ChangeChange atconstant scopeand exchangerates 3
2015 2016 Automotive 4.080 4.613 +13.1% +12.6% Environment 283 277 -2.1% +0.1% Economic revenue1 4.363 4.889 +12.1% +11.8% Joint ventures 699 776 +11.0% +14.8% Consolidated revenue2 3.664 4.114 +12.3% +11.2%Over the first nine months of the year 2016, economic revenue1 of Plastic Omnium totaled €4,889.3 million, an increase of +12.1% in reported data, in comparison with the first nine months of the year 2015. Growth was +11.8% at constant scope and exchange rates (-€129.9 million due to currency effects and +€142.3 million due to scope).
On July 29, 2016, Plastic Omnium acquired the Faurecia Automotive Exterior Systems business from Faurecia. This acquisition strengthened the Group's footprint both in industrial terms and in Research and Development, particularly in Germany and Spain, as well as the commercial portfolio of this division with new clients (Audi, Daimler and Ford). With this acquisition, Plastic Omnium confirmed its position as a world leader in the production of bumpers and plastic body parts, with a 15% market share.
In the 3rd quarter of 2016, economic revenue1 of Plastic Omnium totaled €1,709.8 million, an increase of +20.6%, in reported data, in comparison with the 3rd quarter of 2015, and by +13.4%, at constant scope and exchange rates.
Consolidated revenue2 in the 3rd quarter of 2016 came to €1,453.5 million, an increase of 22.2% in comparison with the 3rd quarter of 2015 (+12.6% at constant scope and exchange rates).
For informational purposes, economic revenue in September 2016, following the acquisition of the Faurecia Exterior Systems business, came to €695 million, an increase of 31%.
Breakdown of economic revenue by region
In €M and as a % of revenue,by regionAutomotive and Environment
nine months ChangeChange atconstant scopeand exchangerates 3
2015 2016 Europe 2.292 2.648 +15.6% +12.0% 53% 54% North America 1.232 1.300 +5.5% +5.9% 28% 27% South America 126 131 +3.4% +27.9% 3% 3% Asia, including China 712 811 +13.8% +18.5% 16% 17% Economic revenue1 4.363 4.889 +12.1% +11.8% 100% 100% Joint ventures 699 776 +11.0% +14.8% Consolidated revenue2 3.664 4.114 12.3% +11.2%Automotive Division: very sustained growth over the first nine months of the year
Over the first nine months of the year 2016, revenue1 of Plastic Omnium Automotive was €4,612.5 million. It grew by 13.1% and 12.6%, at constant scope and exchange rates3, in a context of worldwide automotive production that was up by 3.4%, thus representing market outperformance of 9.2 points. This shows the solidity of the order book, with the confirmation of gains in market share, new capacities put into production (Mexico, England), and the success of the portfolio of innovative products.
Business was very sustained in Europe, representing 49% of total automotive revenue1. In a dynamic context of a 3.2% production increase, Plastic Omnium grew by 13.1%, at constant scope and exchange rates.
Business was particularly strong in the 3rd quarter of 2016 in England (+40.7%), particularly owing to the commissioning and production of the Jaguar-Land Rover exterior parts plant of Warrington-Liverpool in June 2016. Moreover, development of SCR for reducing diesel vehicles emissions continued worldwide, with a 37% increase in the first nine months of the year, reaching revenue of €200 million, two-thirds of which was achieved in Europe.
Business in North America grew by 5.9%, at constant scope and exchange rates, over the first nine months of the year, after having suffered, during the 1st quarter of 2016, from scheduled production outages by manufacturers in Mexico, for model changes. In the 3rd quarter of 2016, business in North America grew by 9.3%, at constant scope and exchange rates, representing therefore outperformance of 7.1 points, confirming that this region will be a major growth area for the Group, with the startup of new capacities in Mexico.
Business in Asia, including China, increased by 18.1%, at constant scope and exchange rates. In China, which represents revenue of €417 million, or 9% of total revenue, the increase in business at constant exchange rates, came to +24.5% over the first nine months of the year, for a 11.6% increase in automotive production. The Group benefited from the high investments made over the last three years to develop the industrial footprint and increase market share.
The 25 plants now run by the Group in China (including 13 plants built between 2013 and 2015) are seeing their loading progressively swell with many new orders entering into production.
In the rest of Asia, growth in business increased by +11.9%, carried by South Korea, Japan, and India.
Environmental Division: an enriched product range to relaunch the growth of a refocused division
Over the first nine months of the year 2016, revenue from the Environmental business came to €276.9 million. It was stable, at constant scope and exchange rates, in comparison with the first nine months of 2015.
To concentrate its waste-containerization business, Plastic Omnium Environment disposed of the following during the year:
These three disposals represent annual revenue of approximately €60 million.
A European leader in waste containerization, which is both profitable and generates free cash-flow, the Environmental division created a new growth dynamic, with a product offering that includes intelligent solutions, waste streamlining and carbon footprint reduction of local and regional communities.
Performance evaluation over the period
The process of dynamic consolidation of acquired plants has already begun, and confirms the objective of €70 million in Group contributive synergies by 2019.
Also, pursuant to the decision of the European Commission, the process for the disposal of the French sites and a Spanish site for the bumper business, and of the front-end assembly business in Germany, which represents revenue on the order of €700 million, is ongoing. This revenue has not been recorded in the Group's revenue.
During the first nine months of the year, the Group put two new plants into production (San Jose Chiapa in Mexico and Warrington - Liverpool in the United Kingdom). A 3rd plant will be commissioned in the 4th quarter in Mexico (Leon).
The construction of three new plants has begun (one in Mexico, one in China and one in India), to be commissioned in 2017 and 2018.
Also, the Group is continuing its ongoing effort to optimize its industrial footprint, putting operational excellence and cost control at the core of its strategy. Owing to a lack of incoming orders, the Group had to close its French fuel systems plant in Laval, on July 31, 2016.
In the United States, the front-end module assembly site of Belvedere (Illinois) was also closed. Plastic Omnium also announced, on October 19, 2016, the closing of its exterior body parts production site in Norcross (Georgia), with transfer of production to the Chattanooga (Tennessee) site, opened in August 2015 and to the Anderson site (South Carolina).
Aware of the need to prepare for changes in the automotive industry, Plastic Omnium is positioning itself as a player in vehicle propulsion by hydrogen and fuel cells. In September 2016, Plastic Omnium announced the formation, with the Israeli company ELBIT Systems, of a fuel cell and super-condensor startup called POCellTech. Plastic Omnium's know-how combines very low precious-metal content fuel cell technology with the developments already achieved by ELBIT Systems, and a new range of super-condensors.
At the Mondial de l’Automobile trade fair in Paris, the Group also presented a prototype for high-pressure hydrogen storage, capable of ensuring great autonomy, with a recharge time of three minutes, compared to several hours for electric vehicles.
The Group also announced the construction of an Advanced Center for Research and Innovation in new energies, Δ-Deltatech. Based in Brussels, it will require an investment of €50 million, and will employ 200 engineers, for a projected opening in early 2019.
2016 growth objective confirmed
The Plastic Omnium Group will achieve pro forma economic revenue around €7.5 billion in 2016, thus confirming the strong outperformance of its business compared with expected automotive production, up from 2 to 3%.
In summary, all of the 2016 financial aggregates will show a strong increase.
Calendar
February 23, 2017 – 2016 annual results
April 27, 2017 – Shareholders’ Meeting
Glossary
Appendix – 3rd quarter 2016 revenue
In €M, by segment 3rd quarter ChangeChange atconstant scopeand exchangerates 3
2015 2016 Automotive 1.327 1.620 +22.1% +13.9% Environment 91 90 -0.4% +4.9% Economic revenue1 1.417 1.710 +20.6% +13.4% Joint ventures 228 256 +12.3% +15.7% Consolidated revenue2 1.189 1.454 +22.2% +12.6%In €M and as a % of revenue,by regionAutomotive and Environment
3rd quarter ChangeChange atconstant scopeand exchangerates 3
2015 2016 Europe 733 905 +23.5% +8.3% 52% 53% North America 428 467 +9.3% +9.1% 30% 27% South America 43 55 +27.9% +38.9% 3% 3% Asia, including China 213 282 +32.1% +34.3% 15% 16% Economic revenue1 1.417 1.710 +20.6% +13.4% 100% 100% Joint ventures 228 256 +12.3% +15.7% Consolidated revenue2 1.189 1.454 +22.2% +12.6%Plastic Omnium is the world leader in automotive exterior components and modules, automotive fuel systems, and waste container solutions for local authorities and companies. The Group has 32,000 employees across 132 plants, 22 R&D center s and 30 countries worldwide. Plastic Omnium is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is part of the SBF 120 and CAC Mid 60 indices (ISIN code: FR0000124570).
View source version on businesswire.com: http://www.businesswire.com/news/home/20161019006405/en/
Financial informationTel.: +33 (0)1 40 87 66 78Fax: +33 (0)1 40 87 96 62investor.relations@plasticomnium.com
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