Thusday February 10, 2022

2021 TURNOVER TOTALS €922.4m

  • Revenue up when comparing like for like
  • Record net cash at €108.3m
  • Confirmation of a significant drop in current operating income for 2021

AKWEL (FR0000053027, AKW, PEA eligible), an automotive and heavy goods vehicle equipment and system manufacturer specializing in fluid management and mechanisms, achieved consolidated revenue of €922.4 million in 2021, down -1, 6%, but up +2.8% like-for-like – for similar figures.

Consolidated turnover (from January 1 to December 31)

In millions of euros – unaudited 2021 2020 Variation Identical variation (1)
1st semester 487.5 387.1 +25.9% +33.7%
3rd trimester 211.4 262.0 -19.3% -17.3%
4and trimester 223.5 288.1 -22.4% -20.6%
Total for 12 months 922.4 937.2 -1.6% +2.8%

(1) Compare comparable figures.


Compared to the second half of 2020, which had seen a clear recovery in activity following the virtual halt in global automotive production in Q2 2020, Q4 2021 is part of a downward trend comparable to the previous year. Production levels in the global automotive industry remained weak amid continued challenges for raw materials and electronic components. Over the whole of the 2021 financial year, characterized both by an upturn in activity following the 2020 crisis and by a significant lack of visibility on the supply, which disrupted the production of its manufacturer customers, AKWEL recorded a growth of 2.8% while comparing like for like figures. Currency fluctuations had a significant annual impact of -€40.3m, with the Turkish lira representing -€30.8m and the US dollar representing -€9.8m.

Products & Functions revenue reached €882.0 million in 2021, with slight growth in Cold (+2.5%), which now represents 24.9% of total revenue, and Mechanisms ( +1.9%). The Depollution product line limited its contraction to -2.9% with aftermarket sales. Tooling revenue amounted to €30.7 million, down -27.3% after two atypical years in 2019 and 2020.


Annual growth trends are relatively similar across geographies, except for Asia and the Middle East where the decline is more pronounced due to larger cuts in production volumes at supplied manufacturers, particularly in Turkey. The geographical breakdown by production area is as follows in 2021:

  • France: €264.8 million (-3.9%)
  • Europe (excluding France) and Africa: €278.1 million (+1.8%)
  • North America: €234.8 million (+0.7%)
  • Asia and the Middle East (including Turkey): €137.7m (-8.3%)
  • South America: €7.0m (+37.3%)


Net cash excluding lease liabilities increased by €10.0m in Q4 to reach €108.3m at the end of the year, an increase of €47.7m over the year, confirming that the group continues generate high free cash flow.


In a context of low visibility and high volatility of manufacturers’ production levels, AKWEL was able to meet the demand of its customers, thanks in particular to deliberately prudent inventory management. Production disruptions and cost increases linked to supply limitations will, as expected, weigh heavily on the group’s current operating income for 2021. This is expected to fall by around 35%, including an additional provision for warranty returns of approximately €7 million, for a level of current operating margin similar to the 2018 and 2019 financial years.

Visibility on the global vehicle market for 2022 remains poor at present, which makes any forecasting exercise difficult. In this context, AKWEL nevertheless anticipates an increase in its turnover and will concentrate its efforts on its industrial model to adapt effectively to these market conditions and better serve its industrial customers. Backed by a solid financial position, the group will also continue to invest in its long-term development by focusing on product developments in its sector, in particular new mobility solutions.

Next press release: 2021 annual results, April 7, 2022, after market close.
An independent family group listed on Euronext Paris, AKWEL is an automotive and HGV equipment manufacturer and systems manufacturer specializing in fluid management and mechanisms, offering leading industrial and technological expertise in the application and processing of materials (plastics, rubber , metal) and mechatronic integration.

Present in 20 countries on all continents, AKWEL employs more than 10,000 people worldwide.

Euronext Paris – Compartment B – ISIN: FR0000053027 – Reuters: AKW.PA – Bloomberg: AKW:FP

  • 2022-02-10_AKWEL_TO-2021_EN

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