2022 sales exceed €1.2 billion for NORMA 12 May 2023

NORMA Group’s final figures for the financial year 2022 showed the company generated group sales of €1.243 billion, corresponding to a 13.8% increase over the previous year. Organic sales growth was 7.1%, driven by a consistent pricing policy implemented by the group to cushion the impact of inflation. 

Positive currency effects from the strong US dollar made a significant contribution to growth, and all three business regions also made positive contributions. That said, earnings and margin were impacted by higher costs for energy intensive raw materials, including steel and plastic resins, higher logistics costs and special costs incurred in connection with the introduction of a globally standardised ERP system. 

The Americas region was the fastest growing business region for NORMA Group with sales reaching €574.2 million – a total contribution of 46% to group sales. Business with standard joining products developed positively overall, posting an increase of 25.8% compared to the same period in 2021. As a result of the significant increase in production figures for light and heavy vehicles in the Americas, coupled with higher prices, the automotive sector also provided positive growth momentum. 

In the EMEA region, sales increased by 5.8% to €489.2 million in 2022. The automotive joining technology business recovered in the second half of the year following what, at times, were considerable disruptions to the European automotive industry, as a result of the Russian invasion of Ukraine. NORMA Group’s business in this area grew by 9.5% over the year. The main driver of this growth was higher selling prices, which NORMA Group used to compensate for inflation related price hikes for raw materials and intermediate products. In the area of standardised joining technology for distributors and wholesalers, sales were down in FY 2022, falling by 4.3%. The sluggish business was due in part to capacity bottlenecks at some production sites, which were countered with efficiency measures and an increased level of interdisciplinary cooperation.

As for the Asia-Pacific region, NORMA Group grew by 3.9% with sales of €179.6 million. Restrained development in this region was primarily due to the weak automotive business in China as a consequence of the prolonged Covid-19 lockdowns in that country. In the area of standard joining solutions, the region grew by 6.6%.

As to the forecast for the financial year of 2023, NORMA Group anticipates medium, single-digit organic group sales growth, with the management board expecting an adjusted EBIT margin of around 8% for the year. The targeted figure for net operating cash flow is around €70 million.

New head for NORMA 

The NORMA Group supervisory board has appointed Guido Grandi (pictured right) as the future chairman of the management board and CEO of NORMA Group, effective 1st June 2023. He’ll take over from current acting interim CEO, Miguel Ángel López Borrego, who, in turn, will resume his position as a member of the supervisory board.

Günter Hauptmann, chairman of the supervisory board, said: “We are delighted to gain a distinguished leader in Guido Grandi. With his extensive experience in the transformation of companies, he is the right candidate to position NORMA Group for sustainable, profitable growth in all business areas.”

Guido Grandi has many years of management experience in Germany and the US. Most recently, he was CEO of WKW, where he was, among other things, responsible for the realignment of the company into divisions, comprehensive refinancing and the acquisition of new business. He is a German citizen and graduate mechanical engineer with focus on aerospace engineering and MBA. He began his career as a development engineer at Ford Werke AG and has profound experience in supply chain management. 

CEO-designate Guido Grandi noted: “NORMA Group’s mission critical joining components and efficient water management products, as well as its development expertise, are highly valued by customers worldwide. I am very much looking forward to the task of optimally aligning the company with the dynamic requirements of customers and markets.”

For interim CEO Miguel Ángel López Borrego, Günter Hauptmann expressed thanks on behalf of the supervisory board, for recent achievements, ensuring continuity in management, and initiating important improvement measures on which Mr Grandi will continue to build. 

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