SAF-Holland reports lower results in 2019 and announces major restructuring to reboot operations in China
By Jim Gibbins - 1st June 2020
Germany - Global truck and trailer components, The SAF-Holland SE of Bessenbach, Germany, reported group sales in the 2019 financial year of EUR1,284.2m, a slight decrease of 1.3% from EUR1,300.6m in 2018. However, exchange rate gains of EUR25.8m and additional sales from entities acquired since January 2018 totalling EUR41.4m saw sales decrease overall by 6.4% to EUR1,216.9m.
Adjusted EBIT amounted to EUR79.8m in the 2019 financial year, down from EUR89.6m in 2018; an increase of 18% in adjusted selling and administrative expenses of EUR121.3m contributed particularly to this deterioration, stated SAF. The adjusted EBIT margin of 6.2% fell short of the 6.9% recorded in the previous year.
