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  5. Gentherm Incorporated (Formerly Amerigon) Business Report FY ended Dec. 2014

Gentherm Incorporated (Formerly Amerigon) Business Report FY ended Dec. 2014

Financial Overview

(in million USD)
FY ended Dec. 31, 2014 FY ended Dec. 31, 2013 Rate of change (%) Factors
Overall
Net Sales 811.3 662.1 22.5 1)
Operating Income 98.4 50.4 95.2 -
Automotive Segment
Net Sales 787.1 662.1 18.9 2)
Operating Income 144.6 91.3 58.4 -


Factors
1) Net Sales
-In the fiscal year ended December 31, 2014, the Company's sales increased by 22.5% over the previous year to USD 811.3 million, driven by increased sales and revenue from both its Automotive and Industrial segment. These increases were aided by a positive foreign currency translation effect.

2) Automotive Sales
-The Company's Automotive segment had sales of USD 787.1 million in the fiscal year ended December 31, 2014, an increase of 18.9% over the previous year. Revenue from climate controlled seats and seat heaters increased due to new program launches, strong sales of vehicles in the luxury segment and strong sales of certain redesigned vehicles, most notably those using GM's K2XX platform.

R&D Expenditure

(in million USD)
FY ended Dec. 31, 2014 FY ended Dec. 31, 2013 FY ended Dec. 31, 2012
Overall 57.5 49.9 41.0

 

R&D Facilities

-The Company has an advance materials research facility in Azusa, California, U.S. and an electronics design research facility in Shanghai, China. Additionally, research and development activities are conducted at the Company's European headquarters in Odelzhausen, Germany, and at the Company's global headquarters in Northville, Michigan, U.S.

R&D Activities

-The Company is currently involved in a project with the US Department of Energy (DOE) to prepare for the commercialization of a thermoelectric generator (TEG) system. A TEG system is used to recover waste heat and convert it into electricity. This project is a follow-up to a previous project occurring from 2005 to 2011 whose goal was to demonstrate a viable TEG system for vehicles. Other groups involved in the development team include BMW of North America, Ford Motor Company, Tenneco Inc., the National Renewable Energy lab, and the California Institute of Technology. The project costs USD 14.2 million and is performed on a 45% cost share basis with the DOE.

Patents

-As of December 31, 2014 the Company has 403 issued patents.

Capital Expenditure

(in million USD)
FY ended Dec. 31, 2014 FY ended Dec. 31, 2013 FY ended Dec. 31, 2012
Total 38.9 35.9 26.8


-Capital expenditures in the fiscal year ended December 31, 2014 were used primarily for the expansion of production capacity and replacement of existing equipment.

Investment outside U.S.

<Vietnam>
-The Company announced that it intends to expand its production capacity in Asia by opening a new manufacturing facility in Vietnam. The new facility will be approximately 220,000 square feet in size and is tentatively scheduled to open in the fourth quarter of 2015. The facility will be dedicated to the production of seat comfort and industrial products, and is expected to provide jobs for up to 1,500 people. (From a press release on December 23, 2014)

<Macedonia>
-The Company announced that it intends to expand its production capacity in Europe by opening a new manufacturing facility in Macedonia. Upon completion of the first phase of development in the fourth quarter of the 2015, the facility would have a size of approximately 65,000 square feet. The new facility will produce both seat comfort and industrial products. After a three year build-up to full employment, the plant is expected to provide jobs for up to 1,000 people. (From a press release on December 16, 2014)

Data

Number of Employees

  Dec. 2014 Dec. 2013 Dec. 2012
Total 8,607 7,403 6,387

 

Sales by Business Segment

 (in million USD)
  FY ended Dec. 31, 2014 FY ended Dec. 31, 2013 FY ended Dec. 31, 2012
Automotive 787.1 662.1 555.0
Industrial 24.2 - -
Total 811.3 662.1 555.0

 

Sales by Geographic Area

 (in million USD)
  FY ended Dec. 31, 2014 FY ended Dec. 31, 2013 FY ended Dec. 31, 2012
United States 361.7 292.1 233.7
Germany 90.2 84.0 67.1
South Korea 89.5 58.3 42.9
China 69.9 70.7 55.7
Japan 47.5 39.8 35.3
Czech Republic 25.7 17.2 15.4
United Kingdom 24.7 18.9 13.2
Canada 20.3 14.3 17.6
Mexico 19.6 15.7 15.0
Other 62.1 51.1 59.2
Total 811.3 662.1 555.0

 

Sales to Top Customer

 (%)
  FY ended Dec. 31, 2014 FY ended Dec. 31, 2013 FY ended Dec. 31, 2012
Johnson Controls 24 27 22
Lear 21 18 18
Bosch 9 10 10

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