Financial Overview

(in million EUR)

	FY ended Dec. 31, 2013	FY ended Dec. 31, 2012	Rate of change (%)	Factors
Sales	2,128	2,087	2.0	-Asia and NAFTA propelled the Group's growth with significant sales increases , whilst sales were down in Europe and Mercosur. (Sales in Asia-Pacific area grew by 25%, in USA by 10% year-on-year.) -By function, Lighting grew by 11.4% year-on-year.
EBITDA	238	224	6.3	-Profit increased with the diversification in products, clients and geographical areas.

Dissolution of global business partnership

-In January 2014, the Company and Kasai Kogyo Co., Ltd. have agreed to dissolve their global business partnership. The Company produces headliners mainly for European automakers. Kasai Kogyo is a supplier of door trims which sells most of its products to Japanese automakers. The two companies therefore believed that they could establish a complementary partnership, which would generate substantial benefits to increase orders by utilizing each other's plants. They tried to set up joint ventures in order to supply parts mainly to Nissan and Renault more efficiently. However, they found the gaps in their business styles and concluded that it would be difficult to establish the business model that can quickly meet their customers' requirements.

Joint Venture

-In February 2013, the Company and CIE Automotive, S.A. have created a new joint venture in Valasske Mezirici, the Czech Republic, called "Antolin-CIE Czech Republic s.r.o." with the main purpose of manufacturing and selling metallic structures and sub-assemblies for car seats. Antolin-CIE Czech Republic has been created with a working capital of EUR one million, of which Grupo Antolin Irausa will subscribe for 70% and CIE Automotive for the remaining 30%.

Awards

-Major awards given in FY ended Dec. 31, 2013

Customer	Factory awarded	Items
Ford	Turnov plant in Czech Republic	Ford Q1
Volvo	Turnov plant in Czech Republic	Quality Excellence Award
Ford	Saint Petersburg plant, in Russia	Ford Q1
Volkswagen	Pune plant in India	Volkswagen Formel-Q

Outlook for FY ending Dec. 31, 2014

-Sales is expected to increase by around 3% year-on-year.

R&D Expenditure

(in million EUR)

	FY ended Dec. 31, 2013	FY ended Dec. 31, 2012	FY ended Dec. 31, 2011
Expense in projects	56.1	52.7	46.9
% of Sales	2.6	2.5	2.5

 

R&D Activities

-Its development focuses on new material and weight reduction, and collaborates with manufacturers.
-The Company plans to increase resources by more than 10% towards 2014.

Product Development

Lightened headliner
-Lighting is integrated in the headliner with LEDs to improve design and customization. The first lighted headliner was in monocolor, but now multicolor and Starlight (starry sky) are in product line. The new headliner is adopted to Peugeot "2008".

Seat fastening system
-This new system enables effortlessly removing and anchoring seats back into place by simply dropping them onto any point along their rails.

Capital Expenditure

(in million EUR)

	FY ended Dec. 31, 2013	FY ended Dec. 31, 2012	FY ended Dec. 31, 2011
Overall	120.4	121.0	117.2

New production locations built in 2013

Manufacturing subsidiaries	Investment ratio	Location	Products	Customers
GA-Valplas	Grupo Antolin 100%	Valencia, Spain	Plastic parts (pillars and doors)	Ford
Dongguan Antolin Huaxiang Auto Parts Co., Ltd.	Ningbo Antolin Huaxiang (JV of which Grupo Antolin owns 50%)	Dongguan, China	Plastic parts	-
GA-Missouri	Grupo Antolin 100%	Kansas City, USA	Assembly of headliners	Ford, GM
Antolin CIE	Grupo Antolin 70% CIE Automotive 30%	Valasske Mezinici, Czech republic	Seat components	-
Antolin Avtotechnika Nizhny Novgorod, Ltd.	Grupo Antolin 75% Avtotechnika 25%	Nizhny Novgorod, Russia	Window regulators and headliners	VW, Ford, Skoda, GM, GAZ, Renault

Outlook for FY ending Dec. 31, 2014

-Investment plan for 2014 is EUR 138 millions, which includes new plants opening, and hiring more than 600 employees worldwide.