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Press Release - Release of financial statements 2018 of Prodrive Technologies

In 2018, Prodrive Technologies has realized a growth of net sales to EUR 196 million and a growth of total revenues including capitalized development to EUR 218 million. As a result of a fire at the company’s headquarters in Son in the night of December 1st of 2018, business activities have been temporarily disrupted resulting in a backlog of open orders at the time of annual closing of 2018. Thanks to the extraordinary resilience of employees and the support of customers, suppliers and other stakeholders the company managed to recover business functions and fulfill backlogs in the course of the first half of 2019. Revenues resulting from these deliveries will be reflected in the financial results of 2019.

 

In the annual figures of 2018, Prodrive Technologies has accounted for depreciations and impairments as a result of the fire incident for an amount of EUR 71 million. Experts were not able to determine the cause of the incident because of the intensity of the fire.

 

Despite the unusual incident-related burden, net profit for 2018 increased to EUR 15.9 million. This result was driven by a strong income from ordinary activities supplemented by mutations of balance sheet positions after settlement of incident-related damages. Insurance proceeds will be fully reinvested in the reconstruction and growth of Prodrive Technologies.

 

Prodrive Technologies reflects upon a turbulent year in which the company’s robustness was successfully challenged. Despite the interruptions, Prodrive Technologies expects to realize a revenue growth of 25% for 2019. Prodrive Technologies remains on track in realizing its long term strategy and is confidently looking towards the future.

 

Contact details Prodrive Technologies Communications: Martine Boonaerts - E martine.boonaerts@prodrive-technologies.com T 0031 62 57 28 309

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