COIL

2023 FIRST HALF SALES

SLOWER FIRST HALF SALES IN 2023

CONTRASTING PERFORMANCE BETWEEN ACTIVITIES

Brussels, 27 July 2023 (17.45) - COIL, world leader in the continuous anodising of aluminium in coil formg, announces sales of €11.8M for the first half of 2023, down 15.4% compared with the first half of 2022, which was boosted by exceptionally high demand. Tolling Sales were impacted by a challenging environment marked by a sharp slowdown in demand, while Package Sales registered solid growth driven by the turnaround in the European project business.

• Sales evolution by quarter and by activity
  
  

(€M)	2023	2022	Variation
Q1	6.41	6.61	- 3.1 %
Q2	5.39	7.34	- 26.6 %
Half-year total	11.80	13.95	- 15.4 %
Of which
Tolling Sales	9.28	11.68	- 20.6 %
Package Sales1	2.52	2.27	+ 11.1 %

• Tolling services: sharp slowdown in demand
  
  

In a difficult market environment, half-year tolling sales were €9.3M, down 20.6% compared with the first half of 2022. This represented 78.7% of total sales, compared with 83.8% the previous year. This decline was due to:
i)      an unfavourable basis of comparison with sales in the first half of 2022 (+18.5%) still boosted by the post-COVID-19 supply shortages,
ii)      metal distributors' conservative expectations of market trends based on a sharply lower LME price of aluminium, leading them to maintain their inventories at minimum levels in the short term, and
iii)      the emergence of a new competitor in the European continuous anodising market.

• Package Sales: recovery in project business
  
  

Half-year sales of Package Offers, in which the Company supplies continuous anodised aluminium directly to the end customer, came to €2.5M, up 11.1% on the previous year. This represented 21.3% of total sales, compared with 16.2% the previous year. This recovery in the Company's direct sales is mainly due to the increase in deliveries for high-end architectural projects in Europe. In addition, the Company has a solid pipeline of projects in Asia, which should translate into new orders by the end of the year.