GEFCO delivers solid financial results in H1 2019 and reinforces its digital service offering

12 September 2019

GEFCO, the European leader in automotive logistics and one of the top 10 global players in multimodal supply chain solutions today released its financial results for the first half of the year ended 30 June 2019.

  • H1 2019 revenues reached €2,480.4m, an increase of +3.3% compared to H1 2018 (+ 4.2% on a like-for-like basis), notably driven by a strong performance in Finished Vehicle Logistics and by the momentum of Market Clients sales (clients excluding historical customers PSA and Opel-Vauxhall)
  • Market Clients sales continue to grow steadily with an increase of +10.4% vs. H1 2018 (+11.2% like-for-like)
  • Further significant improvement in profitability with Recurring EBIT increasing by +23.6% compared to H1 2018, to €117.3m
  • Successful integration and strong performance of the BERGÉ-GEFCO joint venture started in January 2019
  • Acquisition of Chronotruck, a company that connects shippers and carriers through an innovative platform, strengthening GEFCO’s digital service offering


Luc Nadal, Chairman of the Management Board of GEFCO, highlights: “We can be proud of the positive financial results achieved in H1 2019. We maintain our leadership position in European automotive logistics and clearly benefit from our global and multimodal capabilities. Our main customer, Groupe PSA, performed relatively well in H1, especially in Europe. Market Clients sales continue to grow, especially in Finished Vehicles Logistics, off-setting a poor performance in our Air & Sea segment. Our recent acquisition of Chronotruck is an important milestone in our digitalization strategy and I am looking forward to new opportunities to serve our customers with agile, innovative and digital solutions. Finally, I am pleased to say that we are on track to execute our long-term strategy despite current lower volumes and the broader structural changes foreseen in the sector globally.”


Group’s revenues increased by +3.3% (+4.2% on a like-for-like basis) in H1 2019

GEFCO recorded revenues of €2,480.4 million for the first six months of 2019, vs. €2,401.5 million for the same period in 2018. Adjusted for foreign exchange and acquisition-led growth, revenues rose by +4.2% (with +0.7% coming from the acquisition of GLT in August 2018 and -1.6% from currency effect).

Revenues from Finished Vehicle Logistics (FVL) segment increased by +9.4% to €1,052.1 million, mainly driven by the strong performance of Market Client sales, especially in Europe.

In H1 2019, commercial development remains strong:

  • GEFCO signed new landmark contracts with Volvo for car deliveries in France and with TESLA to support the ramp up of the delivery of their Model 3 in Europe.
  • The Group extended its relationship with John Deere in Argentina, delivering agricultural machines out of several Brazilian heavy equipment assembly plants.
  • The company has also bolstered its second-hand vehicles services with key players such as WKDA/ GEFCO has deployed its multimodal European network by implementing a regular road service between Spain and Romania and rail-road services between Belgium and Germany to Balkans. In addition, GEFCO has launched vehicle refurbishment services in France and distribution in Slovakia.
  • GEFCO is also supporting Groupe PSA’s new Kenitra plant in Morocco. A total of 47 wagons will transport new vehicles on the railway connecting Tangier to Kenitra, where Groupe PSA will operate its new plant.

Moreover, GEFCO’s FVL segment has benefited from the contribution of the BERGÉ-GEFCO joint venture in Spain and from the positive performance of Groupe PSA in the first six months.

In Overland & Contract Logistics, revenues increased by +3.2% to €1,188.0 million on the back of solid developments in Market Client sales, offsetting a lower performance of Groupe PSA on this segment over the period.

  • Overland & Contract Logistics continues to deliver added value and complex services with the successful launch of in-house sequencing logistics services at Vauxhall Luton (UK) plant for six major automotive suppliers.
  • In addition, GEFCO confirms its position as a key player in the pharmaceutical sector with the renewal of several contracts in Slovakia for road transportation and logistics.

GEFCO’s Air & Sea revenues decreased by 24.8% to €164.9 million. The decline in the Air & Sea segment is mainly due to lower cross-border flows and time critical services coming from Groupe PSA, especially to and from regions such as Latin America and Asia.

  • However, the Air & Sea segment demonstrated its unique know how within its Industrial Project Cargo offering by supporting a new large construction project in Turkmenistan, as well as a renewable energy field in Chigirin (Ukraine) with SCATEC SOLAR.
  • The Air & Sea segment also renewed several important contracts for pharmaceutical customers in Germany and The Netherlands.

Industrial Services revenues increased by +10.1% to €75.5 million thanks to good volumes from Groupe PSA around light assembly services.

Revenues in H1 2019 also showed continued customer diversification within the Group. The share of Market Clients sales reached 47% of Group’s revenues in June 2019 compared to 44% in 2018 on the back of steady growth and the contribution of the BERGÉ-GEFCO joint venture.


Significant improvement in profitability with Recurring EBIT margin reaching 4.7% for H1 2019 compared to 4.0% for H1 2018

In H1 2019, the Group’s Recurring EBIT increased by +23.6% to €117.3m. A strong performance that has been achieved due to:

  • a successful start of a new Opel-Vauxhall contract from 1 January 2019 for a period of four years;
  • a positive contribution of the BERGÉ-GEFCO joint venture;
  • results of several performance improvement initiatives, especially in Overland and Contract Logistics; and,
  • a continued focus on selling complex logistics solutions.
I am very satisfied with the financial performance GEFCO achieved over these first six months, in line with our expectations. The various improvement initiatives that we have implemented continue to pay off, driving our recurring EBIT margins up vs. last year. The sound financial position of the group also allows us to invest in strategic projects through our own cash and existing financing, with enough flexibility to finance our future growth ambitions.

Pavel Ilichev

GEFCO’s Executive Vice-President, Finance & Strategy

H1 2019 key financials(1)

The figures below have been extracted from the condensed interim consolidated financial statements of the Company for the six-month period ended 30 June 2019.

(€ million)

H1 2019

H1 2018






Finished Vehicle Logistics




Overland & Contract Logistics




Air & Sea




Industrial Services




Recurring EBIT(2)




Net debt (under IFRS16)(3)




(1) H1 2019 and H1 2018 financials are accounted for under new IFRS 16 following early implementation of IFRS16 from 1st January 2018.  

(2) Recurring EBIT is measured before non-Recurring operating income and expenses.

(3) As of 30 June 2019, the Group had total net financial debt of €439.7 million after IFRS 16. Excluding IFRS 16 lease liabilities and put options, the net financial debt amounted to €94.2 million.


Key strategic milestones supporting commercial development and continued innovation

In June, GEFCO acquired Chronotruck, a company that connects shippers and carriers through an innovative digital platform. This acquisition supports GEFCO’s strategy of leveraging new technologies to enhance the customer experience and offering fully digitalized services to meet the needs of current and future logistics ecosystems. To date, Chronotruck has already served more than 9,000 customers.

GEFCO’s internal Innovation Factory marks its 1st year anniversary and the Group confirms a tangible impact on nurturing innovative ideas from employees around the world. In addition, its partnership with Techstars, an international renowned accelerator, has helped GEFCO develop several innovative projects with startups that are soon to be deployed.

Press release & financial contacts

GEFCO - Cédrik Gallien - cedrik.gallien@ - +33(0)149 05 23 91
NewCap Investor relations - Emmanuel Huynh - gefco@ - +33 (0)1 44 71 94 99    
NewCap Media relations - Nicolas Merigeau - gefco@ - +33 (0)1 44 71 94 98

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