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5. Grupo Antolin-Irausa, S.A. Business Report FY ended Dec. 2014

Grupo Antolin-Irausa, S.A. Business Report FY ended Dec. 2014

Figures are prepared in accordance with IFRSs, as adopted by European Union. 2013 figures were restated according to IFRS 10 and 11 (Mandatory Application 1 January 2014).

Dissolution of global business partnership with Kasai Kogyo Co., Ltd.

-The Company and Kasai Kogyo Co., Ltd. have agreed to dissolve their global business partnership. Kasai Kogyo is a supplier of door trims which sells most of its products to Japanese automakers. Meanwhile, the Company produces headliners mainly for European 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. (From an article in the Nikkan Jidosha Shimbun on January 10, 2014)

JV in India
-In September 2014, Kasai Kogyo Co., Ltd. held a board meeting and decided to take 100% ownership in its joint venture (JV) in India, Antolin Kasai TEK Chennai Private Limited. This 50-50 JV was established between Kasai Kogyo and the Company in 2012. Kasai Kogyo decided to buy all the shares currently owned by the Company for EUR 3.65 million (JPY 550 million). With this acquisition, Kasai Kogyo intends to establish a solid business base on its own and increase its production in India, in anticipation of growing demand in the market. The acquisition will be completed by the end of October 2014. (From an article in the Nikkan Jidosha Shimbun on September 29, 2014)

Awards

Figures are prepared in accordance with IFRSs, as adopted by European Union. 2013 figures were restated according to IFRS 10 and 11 (Mandatory Application 1 January 2014).

Product Development

Lighted headliner
-The Company announced that it has developed the lighted headliner. The new headliner was revealed in Paris by the PSA Peugeot Citroen during its innovation presentation event. This product combines an interior lighting system with Swan, a specific fabric developed by the Company that possesses high customization properties. After trimming, the headliner is lasered with a process prepared for various designs and shapes, resulting in a variety of possibilities, such as day and night effects. A multicolor variation (RGB) is also a possibility. (From a press release on April 9, 2014)

Figures are prepared in accordance with IFRSs, as adopted by European Union. 2013 figures were restated according to IFRS 10 and 11 (Mandatory Application 1 January 2014).

Investments in Spain

-The Company created a new company, Grupo Antolin-Valplas, to deal with the large increase in the activity of its customer Ford in Almussafes (Valencia, Spain). The project is expected to achieve a stable production of 200,000 vehicles / year in 2015. Initially, the pillars of the new Ford Mondeo and the new Ford S-Max and Galaxy will be manufactured there, as well as door panels.

Investments outside Spain

-The Company and Dongfeng Visteon Automotive Trim Systems Co., Ltd. announced that they will establish a joint venture to produce interior parts in China. The joint venture will set up a plant in Wuhan, which will employ 180 workers and will start production in January 2015. The new company will supply its products to Renault, PSA Peugeot-Citroen and other automakers. China has been a major growth market for the Company, which currently has 10 factories and 2,300 employees in the country. In 2013, the Company generated 12% of its global revenue in China, which was a significant increase from 1% in 2007. (From news releases issued by multiple sources on December 5, 2014)


-The Company announced that it has opened its second factory in Tangier, Morocco, dedicated to sewing seat covers. This center joins the existing one in which overhead systems and sun visors are produced for some of the main international car manufacturers. The workforce at Tangier has now risen to more than 600 employees. The Company also plans to expand its graphic design center. (From a press release on October 29, 2014)


-The Company announced that it has opened a new manufacturing facility in Kansan City, Missouri, U.S., which will create 118 new jobs over the next two years. The new 148,000 square-foot facility will produce customized headliners for Ford's all new Missouri-made Transit van. In November 2013, Grupo Antolin North America announced its plan to invest more than USD 18 million in a new automotive manufacturing facility to supply to Ford's Kansas City Assembly Plant in Claycomo. The new facility will allow the company to increase production capacity to 3,500-4,000 headliners a day. The Company projects that by 2016, all vehicles manufactured in Missouri will feature headliners produced by the Kansas City facility. (From a press release on May 21, 2014)


-In August, the Company acquired the 25% stake held by a minority shareholder in the Russian company Antolin Autotechnika Nizhny Novgorod, Ltd. which carries out the manufacture of headliners, giving it 100% of the shares.


-Grupo Antolin India acquired 100% of Indian company Machino Auto Comp Ltd, which carries out plastic injection.


-The Company created Grupo Antolin Tlaxcala (Huamantla) in Mexico to provide panels and plastic parts for the future Audi Q5. The new plant will supply the headliners, door panels, pillars and seat panels of the future Audi Q5, which will be built at the new plant in San José de Chiapa, Mexico, for exportation all over the world.