Financial Overview

(in million euros)

	FY2011	FY2010	Rate of change(%)	Factors
Sales	1,876.03	1,637.32	14.6	1)
EBITDA	209.69	183.88	14.0	-

Factors
1)
By region
-In 2011, the main growth has taken place in the US and China. In the US, the growth is largely due to strong demand combined with the launch of new projects. In China, the growth comes from the development of its operations and the greater presence of the Company in the region.

-The Company will strengthen its presence in the expansion areas for the automotive industry, such as the emerging countries: China, Russia and India.

By division
-In 2011, the greatest growth with respect to 2010 has been recorded in Door Function and Seat Function.

-The significant growth seen for Door Function was due to the growth in certain markets such as China and the US.

-Seat Function increased sales due to the significant increase in demand for one of the models produced in Spain for Daimler and to the obtaining of year-round level of mass production at Jarny factory located in France.

Acquisition

-The Company announced that it has signed an agreement concerning the acquisition of the group CML Innovative Technologies, specializing in lighting systems for the automobile. This operation has been accomplished through the acquisition of all the shares of the company. CML is a company based in Besancon, France. It has 2 research & development centres and 7 plants located in Czech Republic, France, Germany, Romania, United Kingdom and China that employ nearly 1,000 people and will generate a consolidated turnover of more than 110 million euros in 2011. CML develops and supplies interior lighting consoles, ambient lighting, day running lights and LED's solutions for a wide range of applications. CML will be integrated into the organization of Grupo Antolin as a new business unit. (From a press release on October 14, 2011)

Business Partnership

-The Company and Kasai Kogyo Co., Ltd. are going to establish mutual supply arrangements in ten countries and regions. The collaboration with a non-Japanese partner will enhance Kasai's supply capability in the global market, as Nissan Motor Co., Ltd., its major customer, is increasing production in emerging countries. Under the agreement, Kasai will supply its products to the international market by making use of Grupo Antolin's production facilities in China, India, Russia, South America and Africa.  (From an article in the Nikkan Jidosha Shimbun on May 26, 2011)

Contracts

-Major contracts during 2011 are as below;

• Renault "Twizy": Seats (Burgos, Spain), bodywork structures, front and back bumpers, door semi-modules (Porrino, Spain)
• Renault "Zoe": Headliner (France), window regulators and the electronics (Portugal)
• Renault "Fluence Z.E.": Headliner, pillars and sunvisor (Turkey)
• Chevrolet "Volt (US)", Opel "Ampera (EU)": Underbody shields

Awards

Year	Award	Maker	Product / Facility
2011	Excellent Quality in Segment C	Chrysler	Grupo Antolin-Illinois
2010	Annual Excellent Quality Supplier	Changan Ford Mazda Automobile	Grupo Antolin office in Shanghai
2010	‘Enhanced Supply Quality’ awards	Toyota Kirloskar Motors Ltd. (TKML)	Chennai and Ranjangaon plants(India)
2010	2010 WORLD EXCELLENCE AWARD FROM FORD	Ford	International Door Systems (Mexico) and Grupo Antolin-Dapsa (Spain)
2010	MAHINDRA AWARD FOR BEST SUPPLIER	MAHINDRA	Grupo Antolin
2010	“Supplier-A” award (“A-Lieferant”)	VOLKSWAGEN	Grupo Antolin-Logistik Deutschland (GALD JIT plant (Just In Time) in WOLFSBURG-Germany)

R&D Expenditure

(in million euros)

	FY2011	FY2010	FY2009
Expense in projects	46.86	45.66	47.43

 

R&D facilities

-In 2011, work was completed on the pilot plant to house a new laboratory for the characterisation and production of graphene. This is an addition to an existing carbon nanofiber plant in the Company's headquarters in Burgos, Spain. The launch of the first pilot line for this new material took place in late 2011 and the plan is to install a further three lines in 2012.

Capital Expenditure

(in million euros)

	FY2011	FY2010	FY2009
Overall	117.17	85.25	93.27

Investments Outside Spain

<China>
-The Company announced that it signed two memorandums of understanding (MOU) with HuaXiang Group of China to establish two new plastic injection plants in Yizheng, Jiangsu province and in Changchun, Jilin province. The Yizheng plant will produce pillars and door trim panels. Its customers will be Shanghai-VW and SAIC. It is expected, an initial investment of 150 million RMB (approximately 17.6 million euros) with an annual turnover in 2013 over 400 million RMB (approximately 47 million euros). About Changchun factory, with products as centre consoles, door trim panels and pillars, the estimated investment will be 80 million RMB (approximately 9.4 million euros) while the forecast annual turnover might be close to 400 million RMB in 2014 (approximately 47 million euros). This new plant is expected to supply customers including FAW-VW and FAW. (From a press release on April 12, 2011)

-The Company announced that it opened a new plant Chengdu Antolin Huaxiang Auto Interior Trim Co., Ltd. in Chengdu, Sichuan province, China. The plants' main customer is the joint venture created by Volkswagen and FAW to whom it will supply headliners. (From a press release on January 17, 2011)

<Russia>
-The Company opened its first manufacturing facility in Russia in March 2011. The new facility, which is located in St. Petersburg, will start supplying door panels to Hyundai in October 2011. The company also plans to supply headliners to Hyundai, Skoda and Ford from the new plant. In addition, the new factory will provide Renault with window regulators, starting in 2012. (From a press release on March 30, 2011)

<South Africa>
-In February 2011, the Company decided to relocate its plants within South Africa, moving technical and production activity from Port Elizabeth to Uitenhage. Uitenhage has had to be expanded to create a new headliner area and house the production for GM and Volkswagen previously carried out at Port Elizabeth.

<Czech Republic>
-During 2011, the Company opened the second manufacturing plant in Ostrava, which will complement the existing one. The first plant will continue producing components for Hyundai and for Kia, while the second plant will supply the remaining European clients, starting with Volkswagen and GM.

-New plant at Liberec, it offers 10,000 m2 of manufacturing space, dedicated to manufacture products for BMW, Mercedes, Skoda and Volvo.