{"id":30485,"date":"2022-03-08T08:58:34","date_gmt":"2022-03-08T07:58:34","guid":{"rendered":"https:\/\/php8.plastv.de\/?p=30485"},"modified":"2022-03-07T14:17:37","modified_gmt":"2022-03-07T13:17:37","slug":"full-year-results-2021","status":"publish","type":"post","link":"https:\/\/plas.tv\/?p=30485","title":{"rendered":"Full-year results 2021"},"content":{"rendered":"
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<\/span><\/span>
Increased flexibility to absorb the impact of the global semiconductor shortage<\/span><\/strong><\/span>
–<\/span> Economic<\/span> revenue<\/span>1<\/span>: \u20ac8.0 billion, +4.6% on a like<\/span>–<\/span>for<\/span>–<\/span>like<\/span>2<\/span> basis<\/span><\/span>
–<\/span> Operating margin<\/span>3<\/span>:<\/span> \u20ac<\/span>303 million, or 4.2% of<\/span> consolidated<\/span> revenue<\/span>4<\/span>,<\/span> of which<\/span> 5.2% for Plastic Omnium<\/span> Industries<\/span><\/span>
–<\/span> Free cash flow<\/span>5<\/span>:<\/span> \u20ac<\/span>251 million<\/span> versus<\/span> FY 2021<\/span> guidance of<\/span> ><\/span> \u20ac<\/span>220 million<\/span><\/span>
–<\/span> Net<\/span> result<\/span> g<\/span>roup share:<\/span> \u20ac<\/span>126 million<\/span><\/span>
–<\/span> Enhanced liquidity:<\/span><\/span> \u20ac<\/span><\/span>2<\/span><\/span>,<\/span><\/span>670 million<\/span><\/span><\/span>
–<\/span> Proposed dividend of \u20ac0.28,<\/span> payout of 32%<\/span><\/span><\/span>
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Record order book<\/span> provid<\/span>es<\/span> strong visibility<\/span><\/span><\/strong>
–<\/span> Acceleration in fast<\/span>–<\/span>growing segments<\/span><\/span>
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Strengthened position in<\/span> both<\/span> China and electrification<\/span><\/span><\/strong>
–<\/span> Outperformance in China (4.1 points) with a 10.7% increase in<\/span> revenue<\/span> driven by battery electric vehicles<\/span><\/span>
–<\/span> La<\/span>unch of<\/span> new<\/span> division<\/span> in hydrogen<\/span> with of a<\/span> comprehensive<\/span> offer<\/span> and<\/span> fully operational<\/span> production<\/span> capacities<\/span><\/span>
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Enhanced<\/span> cost<\/span>–<\/span>management<\/span> and<\/span> priority<\/span> on<\/span> cash flow<\/span><\/span><\/strong>
–<\/span> Increased cost flexibility to counter the impact<\/span> from<\/span> production stoppages<\/span><\/span>
–<\/span> Strict<\/span> monitoring<\/span> of investments and operational inventories while maintaining the Group’s capacity for<\/span> innovation<\/span><\/span>
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2022 Outlook<\/span><\/span><\/strong>
–<\/span> O<\/span>utperformance relative to global automotive production<\/span> (<\/span>based on<\/span> IHS projection<\/span> for FY 2022 of<\/span> –<\/span>5%)<\/span><\/span>
–<\/span> O<\/span>perating margin<\/span>3<\/span> between<\/span> 5<\/span>–<\/span>6% of<\/span> revenue<\/span><\/span>
–<\/span> F<\/span>ree cash flow<\/span>5<\/span> in excess<\/span> of \u20ac260 million<\/span><\/span>
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\u201c<\/span>In the context of the unprecedented<\/span> challenges<\/span> that our industry<\/span> is<\/span> facing, we<\/span> achieved our objectives<\/span> for<\/span> the<\/span> year. This performance reflects<\/span> the<\/span> high<\/span>ly<\/span> effective measures that we took to increase flexibility and<\/span> reduce costs<\/span>,<\/span> the active mobilisation of our teams,<\/span> and significant\u00a0 commercial outperformance, particularly<\/span> in Asia and in electrification. We<\/span> have<\/span> also continued to invest in hydrogen, enabl<\/span>ing<\/span> us to<\/span> establish<\/span> the<\/span> Group<\/span>\u2019<\/span>s<\/span> position<\/span> across<\/span> all mobility sectors.<\/span><\/span>
2021 also marked a<\/span> crucial milestone<\/span> in the Group<\/span>\u2019s journey<\/span> with the<\/span> rollout<\/span> of an ambitious carbon<\/span> neutrality roadmap that we are now deploying site by site.<\/span> Whilst the short<\/span>–<\/span>term<\/span> situation<\/span> continues to<\/span> present<\/span> its<\/span> challeng<\/span>es<\/span>, our long<\/span>–<\/span>term ambitions remain<\/span> steadfast<\/span>, and<\/span> we are<\/span> well<\/span>–<\/span>positi<\/span>o<\/span>ned<\/span> to continue to<\/span> gain market share and<\/span> seize<\/span> new<\/span> opport<\/span>unit<\/span>ies in<\/span> growth<\/span> areas<\/span>.<\/span>\u201d<\/span> <\/span><\/em><\/p>\n

L<\/span>aurent Favre, Chief Executive Officer of<\/span> Compagnie<\/span> Plastic Omnium SE<\/span><\/span><\/span><\/span><\/em>
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Plastic Omnium’s financial performance in 2021 reflects a stark contrast between the first and second semesters, reflecting market conditions and in particular, the shortages of electronic components.<\/span>
In the first half of 2021, Plastic Omnium reported a sharp rebound in earnings as the market recovered from COVID-related plant shutdowns in the prior year, this despite the first signs of disruptions caused by semiconductor shortages.<\/span>
In the second half of 2021, the market faced an acceleration in semiconductor shortages with a loss of production of 5.5 million vehicles worldwide. Against this backdrop, the Group recorded a decline in revenue and operating margin3 compared to H2 2020. This decline has been contained thanks to reinforced measures to improve flexibility and optimise costs.<\/span><\/span><\/span><\/p>\n

Economic<\/span> revenue<\/span> of \u20ac<\/span>8,017 million, up 4.6% on a like<\/span>–<\/span>for<\/span>–<\/span>like<\/span> basis<\/span><\/span> <\/span><\/strong><\/p>\n

In 2021, semiconductor shortage<\/span>s<\/span> reduced global automotive production by 9.6 million vehicles compared<\/span> to<\/span> the initial<\/span> IHS<\/span> forecast at the<\/span> start<\/span> of the year.<\/span> Global production<\/span> output came<\/span> to<\/span> 74.1 million vehicles<\/span> in<\/span>
2021<\/span> versus<\/span> 71.5 million in 2020<\/span>,<\/span> a year that saw t<\/span>he<\/span> onset<\/span> of the<\/span> pandemic<\/span>.<\/span><\/span> In this context, the Group’s<\/span> economic<\/span> revenue<\/span>1<\/span> (including the share of<\/span> revenue<\/span> of joint ventures,<\/span> notably in<\/span> China) amounted to \u20ac8,017 million, up by 3.7%, and 4.6% at constant scope and exchange rates<\/span>\u00a0compared<\/span> to 2020<\/span>,<\/span> includ<\/span>ing<\/span> a negative cu<\/span>rrency impact of \u20ac66 million.<\/span><\/span>
Plastic<\/span> Omnium<\/span> business<\/span> activities<\/span> significantly<\/span> outperformed<\/span> automotive<\/span> production<\/span> in<\/span> Europe<\/span> (<\/span>outperform<\/span>ance of<\/span> 5.3 points), North America (<\/span>outperform<\/span>ance of<\/span> 2.9 points), China (<\/span>outperform<\/span>ance of<\/span> 4.1 points) and Asia<\/span>,<\/span> excluding China (<\/span>outperform<\/span>ance of<\/span> 10.3 points)<\/span>.<\/span><\/span>
The<\/span> Group\u2019s<\/span> geographic<\/span>al<\/span> mix led to a<\/span> 1<\/span>–<\/span>point<\/span> outperformance at Group level, driven by<\/span> both the<\/span> Industries<\/span> (+0.9 point<\/span>) and Modules<\/span> (+1.2 point<\/span>)<\/span> business segments<\/span>.<\/span><\/span>
Plastic Omnium’s 2021<\/span> consolidated<\/span> revenue<\/span>4<\/span> amounted to<\/span> \u20ac<\/span>7,233 million, up by 3.3% at constant scope<\/span> and exchange rates<\/span>.<\/span><\/span><\/p>\n

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Plastic Omnium<\/span> continues to strengthen its position in<\/span> markets with<\/span> high<\/span>–<\/span>growth<\/span> potential<\/span><\/span><\/strong>
The<\/span> fast<\/span>–<\/span>growing<\/span> electric<\/span> vehicle<\/span> segment<\/span> accounted<\/span> for<\/span> 8%<\/span> of<\/span> the<\/span> Group’s<\/span> economic<\/span> revenue<\/span> (<\/span>o<\/span>utperforming the total market by 2 points<\/span>)<\/span> in 2021 compared with 5% in 2020. Excluding<\/span> the fuel<\/span> systems<\/span> market, the<\/span> Group\u2019s<\/span> share reache<\/span>d<\/span> 12% (outperformance of 6 points<\/span>)<\/span> versus<\/span> 7% in 2020, demonstrating<\/span> strong momentum<\/span> in market share gains.<\/span> Performance was<\/span> driven by the success of Plastic Omniu<\/span>m’s<\/span> attractive<\/span> range<\/span> of<\/span> automotive<\/span> parts that help reduce the weight and fuel consumption of electric vehicles,<\/span> as well as by its range of modules that optimize production processes<\/span>.<\/span><\/span>
China, the world’s largest automotive market, accounts for a growing share of the Group’s economic<\/span> revenue<\/span>. In 2021, revenue in China rose 10.7%<\/span> at constant scope and exchange rates<\/span>2<\/span> to \u20ac939 million,<\/span> representing an outperformance of 4.1 points. The count<\/span>ry now accounts for 12% of Plastic Omnium’s <\/span>economic revenue<\/span>1<\/span>, versus 11% in 2020 and 9% in 2019. This growth was driven by the reinforced<\/span> leadership positions of the Industries business and by the ramp<\/span>–<\/span>up of<\/span> M<\/span>odules, particularly in the electric<\/span> vehicle s<\/span>egment.<\/span><\/span><\/div>\n<\/div>\n
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In Europe,<\/span> Plastic Omnium’s revenue amounted to<\/span> \u20ac<\/span>4,210 million, up 0.5%<\/span> at constant scope and exchange <\/span><\/span>rates<\/span>,<\/span> while automotive production declined by 4<\/span>.<\/span>8%. The<\/span> 5.3<\/span> point outperformance was driven primarily by<\/span> the success of the modular offering in Germany and growth in Plastic Omnium Industries<\/span> revenue<\/span> in France.<\/span><\/span>
In North America,<\/span> Plastic Omnium’s revenue amounted to<\/span> \u20ac<\/span>2,048 million, up 2.9%<\/span> at constant scope and<\/span> exchange rates<\/span>2<\/span> thanks to the ramp<\/span>–<\/span>up of the plants launched since 2018<\/span> and<\/span> this,<\/span> despite<\/span> a<\/span> stable<\/span> automotive production<\/span> output<\/span>.<\/span><\/span>
In Asia excluding China,<\/span> Plastic Omnium’s revenue amounted to<\/span> \u20ac<\/span>571 million,<\/span> a climb of<\/span> 17.9%<\/span> at constant<\/span> scope and exchange<\/span> rates<\/span> in a market that grew by 7.5%. The business benefited from good growth<\/span> dynamics in Japan, India, Thailand and Malaysia.<\/span><\/span>
In the fourth quarter of 2021, global automotive production declined by 10.3% compared with the same<\/span> period in 2020, with a stron<\/span>g impact in Europe and, to a lesser extent, North America.<\/span> Given the Group<\/span>\u2019s<\/span> geographic mix,<\/span> Plastic Omnium recorded<\/span> e<\/span>conomic revenue<\/span>1<\/span> of<\/span> \u20ac<\/span>2,087 million<\/span> in<\/span> the fourth quarter<\/span>, down<\/span> 13.1% and 14.3%<\/span> at constant scope and exchange rates<\/span>.<\/span><\/span>
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Resilien<\/span>t<\/span> financial performance<\/span><\/span><\/strong>
In 2021, the consolidated gross margin<\/span> amounted to<\/span> \u20ac<\/span>830 million<\/span> versus<\/span> \u20ac<\/span>642 million in 2020<\/span>,<\/span> r<\/span>epresenting<\/span> 11.5% of consolidated<\/span> revenue<\/span> versus<\/span> 9.1% in 2020.<\/span><\/span> Market volatility in 2021 and<\/span> the<\/span> slowdown of the<\/span> rebound<\/span> post<\/span>–<\/span>Covid<\/span> due to<\/span> global semiconductor shortage<\/span>s<\/span>
have led to<\/span> erratic<\/span> interruptions<\/span> in production<\/span> and<\/span> plant<\/span> closures lasting several weeks. At the same time,<\/span> raw material and transportation costs rose in several countries. The impact of these exogenous factors is<\/span> est<\/span>imated<\/span> to be<\/span> \u20ac160<\/span> m<\/span>illion<\/span> on the level of operating margin<\/span>, with production stoppages representing<\/span> by<\/span> far<\/span> the<\/span> major<\/span> part of these costs<\/span>.<\/span><\/span>
In addition to<\/span> aforementioned<\/span> flexibility<\/span> improvement<\/span> measures, the OMEGA transformation plan, initiated<\/span> in 2020,<\/span> enabled the Group to limit the financial impact of production losses<\/span>. The<\/span> two key initiatives, indirect<\/span> purchasing and design<\/span> and<\/span> development<\/span>, contributed as planned to<\/span> \u20ac100<\/span> million<\/span> in<\/span> run<\/span>–<\/span>rate<\/span> savings<\/span> in<\/span> 2021<\/span>.<\/span><\/span>
At the same time, the Greer plant in the Uni<\/span>ted States<\/span><\/span> generated<\/span><\/span><\/span> positive<\/span><\/span> operating margin and<\/span><\/span><\/span> net income<\/span><\/span><\/span> in 2021 thanks to a rigorous action plan and<\/span><\/span> a<\/span><\/span> sustained ramp<\/span><\/span>–<\/span><\/span>up.<\/span><\/span><\/span><\/span>
In 2021,<\/span> EBITDA<\/span>6<\/span> was \u20ac771<\/span> m<\/span>illion<\/span> (10.7% of consolidated revenue<\/span>4<\/span>) compared to \u20ac648<\/span> m<\/span>illion<\/span> (9.2% of<\/span> consolidated revenue<\/span>4<\/span>) in 2020.<\/span> The Industries business<\/span> achieved<\/span> an<\/span> EBITDA<\/span>6<\/span> margin<\/span> of 12.9% compared<\/span> to 11% in 2020.<\/span> In the second half of the year, EBITDA<\/span> amounted to \u20ac310<\/span> m<\/span>illion<\/span> (9.0% of revenue)<\/span> compared to \u20ac477<\/span> m<\/span>illion<\/span> in the second half of 2020 (11.6% of revenue) and \u20ac461<\/span> m<\/span>illion<\/span> in the first<\/span> half<\/span> of 2021 (12.2% of revenue<\/span>).<\/span><\/span> In 2021, the<\/span> Group’s operating<\/span> margin<\/span>3<\/span> amounted to<\/span> \u20ac<\/span>303 million and represented 4.2% of consolidated<\/span>
revenu<\/span>e<\/span>4<\/span>,<\/span> of which<\/span> \u20ac<\/span>271 million for Plastic Omnium Industries (5.2% of<\/span> revenue<\/span>) and \u20ac32 million for Plastic<\/span> Omnium Modules (1.6% of<\/span> revenue<\/span>)<\/span>.<\/span> The Modules business provides<\/span> design, development, assembly and<\/span> logistics for front<\/span>–<\/span>end modules and requires relatively lower investm<\/span>ent and<\/span><\/span><\/span> p<\/span><\/span>erformance<\/span><\/span> should<\/span><\/span> be<\/span><\/span> assessed<\/span><\/span> in<\/span><\/span> light of this<\/span><\/span> context<\/span><\/span>.<\/span><\/span><\/span>
In the<\/span> second<\/span> half of the year, given the sharp acceleration in the shortage of semiconductors, the Group’s<\/span> operating<\/span> margin<\/span>3<\/span> amounted to<\/span> \u20ac<\/span>69 million, representing 2.0% of revenue (2.5% for Plastic Omnium<\/span> Industries and 0.7% for Plastic Omnium Modules), compared to<\/span> \u20ac<\/span>234 million<\/span> or<\/span> 5.7% of<\/span> revenue<\/span> in the<\/span> second<\/span> half of 2020.<\/span><\/span><\/div>\n<\/div>\n
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Net<\/span> result group<\/span> share<\/span> of<\/span> \u20ac<\/span>126 million<\/span><\/span><\/strong>
The Group recorded<\/span> non<\/span>–<\/span>recurring expenses<\/span> of \u20ac56 million in 2021 compared to \u20ac334 million in 2020. The<\/span> sharp reduction<\/span> is due to<\/span> the absence of<\/span> any<\/span> significant impairment of assets<\/span> in 2021<\/span>. In<\/span> 2020<\/span>,<\/span> the fall in<\/span> volumes<\/span> attributable<\/span> to the pandemic and the slow recovery<\/span> in<\/span> global automotive production<\/span> resulted in<\/span> higher asset impairment charges<\/span>.<\/span><\/span>
Net financial expense<\/span>s<\/span> amounted to \u20ac5<\/span>1 million in 2021 (0.7% of revenue) compared to<\/span> expense<\/span>s<\/span> of<\/span> \u20ac69<\/span> million in 2020<\/span> as a<\/span> result of a lower average cost of debt<\/span>.<\/span> In 2021, the Group recorded a t<\/span>ax<\/span> expense<\/span> of<\/span> \u20ac60 million compared to<\/span> a<\/span> tax<\/span> benefit<\/span> of \u20ac31 million in 2020<\/span>,<\/span> related to deferred<\/span> tax effects.<\/span><\/span> As a result,<\/span> net<\/span> result g<\/span>roup shar <\/span>totalled<\/span> \u20ac126 million in 2021, compared to a loss of \u20ac251 million in 2020,<\/span> related to<\/span> asset impairment<\/span>s<\/span> of \u20ac255<\/span> million. In the<\/span> second<\/span> semestrer<\/span> of 2021, in<\/span> the<\/span> context of<\/span> deteriorating market conditions,<\/span> net result group share<\/span> amounted to<\/span> –<\/span>\u20ac16 million,<\/span> with losses<\/span> reduced<\/span> by<\/span> flexibility and cost optimization actions.<\/span><\/span>
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Free cash flow<\/span> of \u20ac251 million compared to \u20ac34 million in 2020<\/span><\/strong><\/span>
In a volatile market with low visibility in the second half of 2021, the Company has been particularly<\/span> prudent<\/span> in its capital expenditure and working capital management.<\/span><\/span> Investments<\/span> were<\/span> limited to \u20ac294 million, or 4.1% of consolidated revenue<\/span> (compared with \u20ac374 million, or<\/span>
5.3% in 2020),<\/span> translating into<\/span> a<\/span> reduction<\/span> of \u20ac80 million or 21.4%<\/span> against 2020<\/span>. With manufacturing<\/span> capacity now in place to<\/span> support<\/span> future growth, Plastic Omnium is prioritizing investments in innovation, new<\/span>–<\/span>generation<\/span> radars, modules for electric vehicles and hydrogen, one of the Company’s future growth drivers.<\/span><\/span>
W<\/span>orking capital<\/span> amount<\/span>ed<\/span> to<\/span> –<\/span>\u20ac<\/span>498 million at the end of 2021, compared to<\/span> –<\/span>\u20ac<\/span>539 million<\/span> i<\/span>n 2020. Th<\/span>e<\/span> modest<\/span> deterioration<\/span> of<\/span> \u20ac<\/span>41 million<\/span> needs to be appreciated in a context unprecedented<\/span> supply<\/span>–<\/span>chain<\/span> pressures<\/span> where<\/span> erractic interruptions to production schedules has made<\/span> inventory management particularly<\/span> complex.<\/span><\/span>
Thanks to this prudent approach,<\/span> operating cash flow<\/span> came to<\/span> \u20ac616 million<\/span> (versus \u20ac453 million in 2020)<\/span> and<\/span> free cash flow<\/span>5<\/span> \u20ac251 million, or 3.5% of consolidated revenue<\/span>4<\/span>, versus \u20ac34 million in 2020 (0.5%). After<\/span> generating \u20ac151 million in free cash flow<\/span> in the first<\/span> semester,<\/span> the Company<\/span> generated \u20ac100 million in<\/span> free cash fl<\/span>ow<\/span>\u00a0in the second half<\/span> of 2021<\/span>.<\/span><\/span><\/div>\n<\/div>\n
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A solid financial structure to support<\/span> future<\/span> growth<\/span><\/span><\/strong>
As of December 31, 2021,<\/span> net debt<\/span> tota<\/span>l<\/span>led<\/span> \u20ac854 million,<\/span> close to that of 2020 at<\/span> \u20ac807<\/span> and<\/span> considerably<\/span> lower when<\/span> excluding investments in EKPO.<\/span><\/span>In 2021,<\/span> Compagnie<\/span> Plastic Omnium SE<\/span> paid<\/span> \u20ac87 million in dividends<\/span> based on<\/span> its 2020 results (dividend of<\/span> \u20ac0.49 per share, stable compared to 2019).<\/span><\/span>T<\/span>he Group’s<\/span> gearing ratio equates to<\/span> 41% and<\/span> net debt\/EBITDA<\/span>6<\/span> to<\/span> 1.1<\/span>x<\/span> leaving Plastic Omnium significant<\/span> financial leeway to<\/span> support future growth.<\/span><\/span>As of December 31, 2021, the Group had<\/span> \u20ac<\/span>2.7 billion<\/span> of liquidity<\/span>, including<\/span> \u20ac<\/span>0.8 billion in available cash and<\/span>
\u20ac<\/span>1.9 billion<\/span> of<\/span> confirmed<\/span>,<\/span> undrawn credit<\/span> facilities<\/span>, with a<\/span>n<\/span> average<\/span> maturity of 3.9 years and<\/span> no<\/span> covenant<\/span>s<\/span>.<\/span><\/span><\/div>\n
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D<\/span>ividend<\/span> of<\/span> \u20ac0.28<\/span> per share, pay<\/span>–<\/span>out of 32%<\/span><\/span><\/strong>
The Board of Directors will propose<\/span> a dividend of \u20ac0.28 per share<\/span> at the<\/span> Shareholders<\/span>\u2019<\/span> General Meeting o<\/span>n<\/span> April 21, 2022,<\/span><\/span>
The dividend will be paid on May 2, 2022, after approval by the<\/span> Shareholders<\/span>\u2019<\/span> General Meeting.<\/span><\/span>
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S<\/span>trengthen<\/span>ed<\/span> potential for growth and value creation<\/span> in 2021<\/span><\/span><\/strong>
–<\/span> Operational excellence: high level of activity in China<\/span><\/span>
In 2021, Plastic Omnium<\/span> completed<\/span> 165 production launches, including 58 in China (35% of total launches)<\/span>,<\/span> where momentum remains<\/span> strong<\/span>.<\/span> Battery<\/span>–<\/span>electric vehicles now account for 21% of launches compared to<\/span> 18% in 2020, reflecting Plastic Omnium’s outperformance in this booming segment<\/span>.<\/span><\/span>
At the same time, in 2021, Plastic Omnium increased the content per vehicle with certain customers,<\/span> particularly in regions with high development potential, both in electric vehicles and in ICE technologies in<\/span> China (Geely), in Asia excluding China ( Mitsubishi) and North America (GM, Honda).<\/span><\/span>
–<\/span> Creation of New Energies to<\/span> capitalize<\/span> o<\/span>n<\/span> the boom in<\/span> hydrogen<\/span><\/span>
On January 1, 2022, Plastic Omnium launched<\/span> it\u2019s<\/span> New Energies<\/span> division after regrouping existing hydrogen<\/span> activities from its<\/span> Clean Energy Systems’<\/span> division and thus<\/span> enabling the<\/span> Group<\/span> to expand its development<\/span> across<\/span> all<\/span> mobility<\/span> modes, including cars, trucks, buses, trains and aircraft.<\/span><\/span>
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With a promising order book (85 customers for 100 international projects),<\/span> the New Energies<\/span> activity<\/span> realized<\/span> significant progress in 2021 in its inductrial ramp<\/span>–<\/span>up<\/span> with the creation of a<\/span> full<\/span>–<\/span>sco<\/span>pe<\/span> offer (high<\/span>–<\/span>pressure<\/span> tanks, fuel cells and integrated systems) and the<\/span> set<\/span>–<\/span>up<\/span> of<\/span> a unique<\/span> production capacity (10,000 high<\/span>–<\/span>pressure tanks per year in Belgium and 10,000 fuel cells per year in Germany with EKPO, a joint venture with<\/span> ElringKlinger).<\/span><\/span>
Supported by 300 employees (including 200 engineers with 2 R&D centres in Europe and China), New<\/span> Energies has also accelerated its commercial development: in addition to orders from integrators of hydrogen<\/span> equipment for light commercial vehicles, the busin<\/span>ess has been chosen by Hyundai, one of the world’s leading<\/span> hydrogen players, to manufacture 33,000 hydrogen tanks per year in South Korea for a new automotive<\/span> project (production<\/span> starting<\/span> from 2023). In early 202<\/span>2,<\/span> New Energies<\/span> is<\/span> the<\/span> preferred<\/span> partner to<\/span> Airbus, via<\/span>
EKPO, to develop fuel cells for aviation.<\/span><\/span>
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3 strategic partnerships<\/span> have also been established<\/span> with<\/span>:<\/span><\/span>
–<\/span> Alstom<\/span>,<\/span> to produce<\/span> high<\/span>–<\/span>end<\/span> hydrogen storage systems for<\/span> the rail industry<\/span> from 2022<\/span> onwards<\/span>;<\/span><\/span>
–<\/span> McPhy<\/span>,<\/span> to optimise hydrogen refuelling<\/span> performance and establish a wider commercial offer<\/span>;<\/span><\/span>
–<\/span> AVL<\/span>,<\/span> (an Austrian group<\/span> speciali<\/span>z<\/span>ing<\/span> in powertrain<\/span> engineering<\/span> and electrification) to accelerate the<\/span> market launch<\/span> of high<\/span>–<\/span>powered integrated hydrogen systems<\/span>.<\/span><\/span>
–<\/span> Connected cars: strategic partnership to<\/span> create a revolutionary radar<\/span><\/span>
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In 2021, Intelligent Exterior Systems signed a partnership with Greenerwave, a start<\/span>–<\/span>up specialising in the<\/span> control of electromagnetic waves. This agreement<\/span> covers<\/span> the development of a 4D imaging radar, a real<\/span> technological<\/span> breakthrough in the field of autonomous vehicles. Th<\/span>is<\/span> unique<\/span> technology makes it possible to<\/span> use the entire body of a vehicle as an active surface and to achieve accuracy comparable to that of Lidars<\/span>,<\/span> but without the limitations (light, weather, etc.) tha<\/span>t are<\/span> otherwise<\/span> associated with them. The new architecture<\/span> of this radar makes it easy to integrate into vehicles and simplifies maintenance<\/span>.<\/span><\/span>
–<\/span> Sustainable development: an ambitious carbon neutrality plan<\/span><\/span>
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<\/div>\n
On December 8, 2021, Plastic Omnium detailed its<\/span> c<\/span>arbon<\/span>–<\/span>neutrality<\/span> roadmap with objectives<\/span> qualified<\/span> by<\/span> the Science<\/span>–<\/span>Based Target initiative (SBTi) as<\/span> being<\/span> aligned with a 1.5\u00b0C trajectory<\/span>. The Company commits to<\/span> achieving carbon neutrality for scopes 1 and 2 in 2025, a 30% reduction in<\/span><\/span>CO<\/span><\/span>2<\/span><\/span>emissions for scope 3 in<\/span><\/span>2030, and finally, carbon neutrality for all three scopes in 2050<\/span><\/span>.<\/span><\/span>
The success of this programme<\/span> relies<\/span> on the following levers<\/span>:<\/span><\/span>
–<\/span> A<\/span> 12% reduction in<\/span> energy consumption<\/span> across all sites<\/span> by 2025<\/span>, supported in partnership by<\/span> Schneider<\/span> Electric<\/span>;<\/span><\/span>
–<\/span><\/span>Extensive<\/span><\/span>sourcing of renewable electricity through solar panels and wind turbines installed on<\/span><\/span>–<\/span><\/span>site (more<\/span><\/span>than 20 sites equipped by the end of 2022), as well as through long<\/span><\/span>–<\/span><\/span>term contracts (Power Purchase<\/span><\/span>Agreements, PPA) in Europe an<\/span><\/span>d North America.<\/span><\/span>By 2025, the Group will use almost exclusively<\/span><\/span>renewable electricity<\/span><\/span>;<\/span><\/span>
–<\/span> The use of carbon footprint as a criterion for supplier selection. The Group plans to set up training and a<\/span> best practice exchange platform with all its suppliers<\/span>;<\/span><\/span>
–<\/span> The development of<\/span> a<\/span> circular economy, by increasing the<\/span> proportion of recycled material in our products,<\/span> including painted parts, and by developing eco<\/span>–<\/span>design to<\/span> prepare for<\/span> products end of life cycle<\/span>;<\/span><\/span>
–<\/span> Continued innovation in<\/span> terms of<\/span> product weight and<\/span> aerodynamics to reduce impact during<\/span> vehicle<\/span> utilisation<\/span>;<\/span><\/span>
–<\/span> Gaining market share in electric mobility (battery and hydrogen) where Scope 3 usage is reduced<\/span>.<\/span><\/span>
<\/span><\/div>\n
<\/div>\n
2022<\/span> O<\/span>utlook<\/span><\/span><\/strong>
Plastic Omnium has set its 2022 targets based on IHS<\/span>‘<\/span> global automotive production forecast of 81 million<\/span> vehicles (<\/span>passenger<\/span> vehicles <<\/span> 3.5 T + light commercial vehicles),<\/span> discounted by<\/span> 5%*.<\/span><\/span>This<\/span> pre<\/span>caution<\/span>ary assumption<\/span> takes into consideration<\/span> the short<\/span>–<\/span>term challenges of the market (reduced<\/span> visibility, inflation and<\/span> tension<\/span>s<\/span> in<\/span> labour market<\/span>s<\/span>)<\/span> for<\/span> which the Group<\/span> will continue to<\/span> respond with agility<\/span>.<\/span><\/span>I<\/span>n the longer term, the Group’s ambition is to actively participate in the<\/span> automotive industry<\/span>\u2019s<\/span> transformation.<\/span> I<\/span>n this regard, Plastic Omnium<\/span> will continue<\/span> to<\/span> deploy<\/span> production facilities<\/span> in growth areas and<\/span> pursue<\/span> innovation to maintain<\/span> its<\/span> leadership<\/span> positions<\/span> and increase content per vehicle.<\/span><\/span><\/div>\n<\/div>\n
<\/div>\n
\n
Plastic Omnium’s<\/span> sets it\u2019s<\/span> 2022 targets as follows:<\/span><\/span>
–<\/span> Economic r<\/span>evenue<\/span>1<\/span> o<\/span>utperformance relative to global automotive production<\/span> growth<\/span><\/span>
–<\/span> Operating margin<\/span>3<\/span> of between 5<\/span>–<\/span>6% of revenue<\/span><\/span>
–<\/span> Free cash flow<\/span>5<\/span> in excess<\/span> of \u20ac260 million<\/span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In the context of the unprecedented challenges that our industry is facing, we achieved our objectives for…<\/p>\n","protected":false},"author":2,"featured_media":8344,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,16],"tags":[],"series":[],"class_list":["post-30485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-plas-tv-meldungen-auf-der-startseite-unterhalb-slider","category-plast-tv-textmeldungen"],"_links":{"self":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/30485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30485"}],"version-history":[{"count":1,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/30485\/revisions"}],"predecessor-version":[{"id":30486,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/30485\/revisions\/30486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/media\/8344"}],"wp:attachment":[{"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30485"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fseries&post=30485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}