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  5. Martinrea International Inc. Business Report FY ended Dec. 2014

Martinrea International Inc. Business Report FY ended Dec. 2014

Financial Overview

(in million CAD)
FY ended Dec. 31, 2014 FY ended Dec. 31, 2013 Rate of change (%) Factors
Overall
Net Sales 3,598.6 3,221.9 11.7 1)
Operating income 131.9 105.2 25.3 -
Regional Net Sales
North America 2,851.4 2,523.7 13.0 2)
Europe 687.6 631.2 8.9 3)
Rest of World 59.7 67.0 (10.9) 4)


Factors
1) Net Sales
-The Company's consolidated sales for the year ended December 31, 2014 increased by 11.7% to CAD 3,598.6 million as compared to the year ended December 31, 2013. The total overall increase in sales was driven by increases in the Company's North America and Europe operating segments, partially offset by a year-over-year decrease in sales in the Rest of the World.

2) North American Sales
-Sales for the year ended December 31, 2014 in the Company's North America operating segment increased by 13.0% to CAD 2,851.4 million from the year ended December 31, 2013.

  • An overall increase in North American OEM light vehicle production, including year-over-year increased production volumes on the Ford Escape/Lincoln MKC and GM Equinox/Terrain, two of the Company's largest platforms
  • The launch of new programs during 2013, including GM's full size pick-up trucks and SUVs, BMW X5, Ford Transit and the new Chrysler 200
  • CAD 147.5 million of the impact of foreign exchange on the translation of U.S. denominated production sales

3) European Sales
-Sales for the year ended December 31, 2014 in the Company's Europe operating segment increased by 8.9% to CAD 687.6 million from the year ended December 31, 2013.

  • The ramp up of new incremental aluminum business with Jaguar Land Rover including the sub-frame and shock towers for the new Range Rover Sport
  • CAD 49.5 million benefit from the impact of foreign exchange on the translation of Euro denominated production sales
  • Year-over-year increased production sales in the Company's plant in Slovakia, which continues to ramp up and launch its backlog of business

4) Rest of World Sales
-Sales for the year ended December 31, 2014 in the Company's Rest of the World operating segment decreased by 10.9% to CAD 59.7 million from the year ended December 31, 2013.

  • The decrease can be attributed to a year-over-year decrease in overall OEM light and medium-heavy vehicle production in Brazil
  • Partially offset by an increase in production sales in the Company's new fluids systems plant in China, which began operations in 2013 and continues to ramp up its backlog of business

 

New Plants

-New operating facilities, in particular in Spain, Mexico, China and Riverside, Missouri as these new plants prepare for upcoming new program launches.
-In China, a new aluminum operating facility as the plant prepares for its inaugural new program launch in 2016.

Certification

-All manufacturing facilities have received ISO/TS 16949 Quality System certification where required.
-Troy Engineering is certified to ISO 9001 standard for design.
-The Martinrea Honsel facilities are all ISO/TS 16949 Quality System and ISO 9001 certified for development, production, machining and sales of aluminum products.

Awards

-The Company has received multiple product and plant quality awards in past years, including top supplier quality awards from General Motors, Ford, Nissan, Honda, Jaguar/LandRover, Volvo, Autoliv, CAMI, Saturn, and Delphi.

Contracts

-New programs that recently launched or are set to launch or ramp up over the next while including the BMW X5, Ford Transit, Ford 2.3L aluminum engine block, Chrysler 200 and Ford Edge.

R&D Expenditure

(in million CAD)
FY ended Dec. 31, 2014 FY ended Dec. 31, 2013 FY ended Dec. 31, 2012
Total 29.8 24.6 33.6

 

Product Development

  • Capless refueling systems and the tubing product families of P-CAP (Pilot Conductive Anti-Permeation)
  • E-P-CAP (Elastomeric Pilot Conductive Anti-Permeation)
  • RE-P-CAP (Reinforced E-P-CAP)
  • X-PERM (low cost, high performance 5 layer construction)
  • P-TEC
  • ZLT (Zero Leak Technology) high pressure fittings
  • Infinicote/Martincote: a range of environmentally friendly, low cost, corrosion resistant coating for steel, stainless steel and aluminum, which was nominated for a PACE award
  • AluThinFer: a thermal coating of cylinder linings in aluminum engine blocks

 

Capital Expenditures

(in million CAD)
FY ended Dec. 31, 2014 FY ended Dec. 31, 2013 FY ended Dec. 31, 2012
Overall 203.8 189.1 200.9

 

Data

Number of Employees

  Dec. 2014 Dec. 2013 Dec. 2012
Total 14,000 13,000 12,650

 

Sales (in million CAD)
  FY ended Dec. 31, 2014 FY ended Dec. 31, 2013 FY ended Dec. 31, 2012
Net Sales 3,598.6 3,221.9 2,901.0
Operating Income 131.9 105.2 64.1

 

Sales by Geographic Area

(in million CAD)
  FY ended Dec. 31, 2014 FY ended Dec. 31, 2013 FY ended Dec. 31, 2012
Canada 818.2 775.4 810.1
US 1,384.7 1,148.8 966.5
Mexico 648.4 599.5 521.3
North America total 2,851.4 2,523.7 2,297.8
Germany 567.8 521.4 463.5
Spain 91.5 84.9 78.3
Slovakia 28.2 24.8 5.5
Europe total 687.6 631.2 547.3
Rest of World total 59.7 67.0 55.9
Total 3,598.6 3,221.9 2,901.0

>>>Financial Data