Gestamp recovers in third quarter but loses 92 million until September

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The Gestamp group lost 92 million euros in the first three quarters, compared to the profit of 128 million in the same period last year, although in the third quarter it gained 28 million, the same figure as in 2019.

In the third quarter, Gestamp had a “solid” result by repeating the profit of the same period of 2019 but increased its turnover by 5.3%, reaching 2,038 million euros, according to the company.

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Gross operating profit, Ebitda, grew 10.8% at constant exchange rates compared to the third quarter of 2019, more than turnover, due to “strict cost control and execution of the Transformation Plan announced in July which has increased profitability. “

“Efforts have focused on consolidating the reductions in labor and operating expenses throughout the group,” stated Gestamp, which announced in September the closure of the Matricerías Deusto company and the GTS die engineering company in Bizkaia, which There are 231 employees.

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Gestamp has reduced its investments in the third quarter by 36%, they have remained at 110 million euros (excluding IFRS 16), and has reduced its net debt by 303 million (from 2,348 to 2,652 million)

The results of the first nine months have been affected by the second quarter of 2020 and the impact of Covid-19.

Revenues decreased by 19.5% at constant exchange rates (improvement of the 30.8% decrease in the first half) and Ebitda decreased by 36.8% at constant exchange rates (-58.2% in the first half semester). The EBITDA margin profitability has increased to 9.1% in the first nine months, compared to 7.1% in the first half of 2020.

“Gestamp’s results in the third quarter have been solid, with an increase in Ebitda and strong cash flow generation, despite the fact that market conditions remain difficult. The Group has managed to increase its profitability to levels above 2019 and has reduced its net debt significantly to levels close to the fourth quarter of 2019, “he said. Francisco Riberas, CEO of Gestamp.

Riberas has trusted in the results that Gestamp’s strategy will give thanks to its “excellent technological positioning for electric vehicles”.

These non-results do not modify its intention to close Matricerías Deusto and GTS, both in Zamudio.

Precisely the unions ELA and LAB have accused the management of Gestamp and the Ertzaintza of “preventing” the union activity of workers by “not allowing” the entry of some representatives of the social part to the meeting of the negotiating table with the company called this morning in Bilbao.

As explained in a note, this Thursday the fourth meeting of the negotiating table related to the announced closure of Matricerías Deusto and GTS and the dismissal of its almost 230 employees was scheduled at the Hotel Barceló Nervión in Bilbao.

The unions have indicated that when the social part made up of the delegates of MatricerÃa Deusto and the union advisers of LAB and ELA have gone to enter the meeting, Ertzaintza agents, “invited by Gestamp to the hotel”, and “valià © nding from a list of names “provided by the company”they have not allowed to enter the people of the social part that did not appear in the list, these being delegates or advisers of the unions “.

The people who have been allowed to enter the hotel where the meeting was to be held, “have exposed to the company its bad negotiating faith and the impossibility of holding a meeting within the consultation period, taking into account account of the impossibility of participating of all the people of the social part “.

The trade union representatives have come out to try to get their colleagues to participate in the meeting, which finally did not take place, but the agents, according to the unions, have not allowed it and “have begun to hit the union representation and subsequently the rest of the staff that was concentrated in front of the hotel “.

However, sources from the Security department have pointed out that the incident that appears in relation to the concentration in front of the hotel of about 150 people, who have thrown eggs against the facade of the hotel, is the action of one of them when it has tried break the police cordon. The Ertzaintza has identified that person and has filed two complaints against him for violating the citizen security law.

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