Grupo Antolin-Irausa, S.A. Business Report FY ended Dec. 2018
|(in million EUR)|
|FY ended Dec. 31, 2018||FY ended Dec. 31, 2017||Rate of change (%)||Factors|
|Sales by segment|
|Overheads & Soft Trim||2,060.5||2,128.4||(3.2)||3)|
|Doors & Hard Trim||1,886.5||1,828.3||3.2||4)|
|Cockpits & Consoles||1,125.5||1,107.8||1.6||5)|
1) Net Sales
-The Company’s sales in the fiscal year ended December 31, 2018 was EUR 5,424.6 million, an increase of 0.6% over the previous year. The increase in revenue was primarily attributable to the strong performance of products in the North America and APAC regions (with 7.6% and 20.9% increases respectively, equivalent to EUR 136.7 million and EUR 107.0 6 million) primarily attributable to the Doors and Cockpits & Consoles Business Units.
-Europe was the only geographic market where Revenues declined (by 7.3%, or EUR 216.7 million), principally due to German sales impacted by WLTP and the downsizing of the Rastatt facility linked to Daimler projects, as well as continued UK sales weakness The negative effect of exchange rates with the US Dollar and Mexican peso jointly represented approximately EUR 101.9 million of lower Revenue.
-The Company’s EBITDA in the fiscal year ended December 31, 2018 decreased by 23.6% over the previous year to EUR 355.9 million. The decrease in EBITDA was attributable to sales declines in Europe as well as new facilities and launch costs across Europe and USA that impacted Staff costs and Supplies, and the negative effect of exchange rates (representing approximately EUR 12.9 million of lower EBITDA).
3) Overheads & Soft Trim
-Sales for the Overheads & Soft Trim business unit totaled EUR 2,060.5 million in the fiscal year ended December 31, 2018, an decrease of 3.2% over the previous year. The decrease in net turnover was primarily attributable to the projected closure of the Rastatt facility (serving Daimler) and underperformance in our European facilities located in Germany (Volkswagen) and the UK (JLR), as well as in Michigan (FCA). This decrease was partially offset by increased sales in our facilities located in Austria (BMW and Audi), Czech Republic (VW Group) and Slovakia (German OEMs).
4) Doors & Hard Trim
-In the fiscal year ended December 31, 2018, the Company’s sales in the Doors & Hard Trim business unit increased by 3.2% over the previous year to EUR 1,886.5 million. The increase in net turnover was primarily attributable to the favorable evolution of the market in NAFTA, specifically the launch of the Dodge “Ram” in Shelby and continued 39 success of the Dodge “Journey” in Toluca and to the positive launch of the Chengdu facility (linked to Volvo projects) in China, which compensated the sales declines in our UK facilities linked to JLR models and in France (Renault Group).
5) Cockpits & Consoles
-The Company’s Cockpits and Consoles business unit had sales of EUR 1,125.5 million in the fiscal year ended December 31, 2018, a increase of 1.6% over the previous year. The increase in net turnover was primarily attributable to successful launches in Changshu (JLR, Volvo and Geely models) and Tianjin (Geely) in China and Howell (Ford and GM) in the USA that compensated decreased sales in Redditch (principally JLR models) and Nashville (Cadillac “CTS” and GMC “Acadia”).
-Sales for the Lighting business unit in the fiscal year ended December 31, 2018 totaled EUR 349.1 million, an increase of 7.6% over the previous year. The increase in net turnover was primarily attributable to the increased sales in our facilities located in Bamberg (Geman OEMs) and Guangzhou (Honda and FCA).
-Announced that it has entered into a strategic partnership with Walter Pack to develop the decorative parts business for automotive interiors. As part of this partnership, Grupo Antolin has acquired a 40% stake in the Spanish company that specializes in the design and production of high-quality decorative technical surfaces and parts. The companies will work on integrating Walter Pack’s decorative parts into the components of Grupo Antolin that will be offered with new interior lighting solutions. Grupo Antolin and Walter Pack will collaborate in R&D activities, a key pillar in the future strategy of both companies, and in the search for technological innovations that add value to the interior parts of the vehicle. Walter Pack is based in Igorre (Basque Country). The company supplies components to the main automobile manufacturers, as well as Tier-1 suppliers of the automotive industry. The company employs more than 350 people with sales of over EUR 37 million. (From a press release on December 3, 2018)
-Announced that it bought Haselbeck, a plastic injection mould maker based in Germany in August 2018. With this acquisition, Grupo Antolin will strengthen its technological leadership with a leading company in the mould sector. Haselbeck has more than 100 employees, a production plant in Deggendorf (Germany) and a wide portfolio of clients. Haselbeck has 45 years of experience in supplying high-quality moulds to the plastics processing industry, from the automotive industry to the electronics. The company has a broad and innovative portfolio of products and technological solutions for the design, development and production of moulds. (From a press release on September 12, 2018)
|(in million EUR)|
|FY ended Dec. 31, 2018||FY ended Dec. 31, 2017||FY ended Dec. 31, 2016|
|Expense in projects||123.2||118.9||113.0|
|% of Sales||2.0||2.4||2.2|
-As of December 31, 2018, the Company has 25 technical-commercial offices.
-As of December 31, 2018, the Company has 1,700 employees working in research and development.
-In 2018, the Company has undertaken 429 projects in aggregate covering projects for all of its product portfolio, out of which 112 were new projects. The Company has also provided its products to 80 new car models in 2018 and to 9 out of the 10 best-selling car models in 2018.
-The Company has shown its latest innovative solutions for vehicle interiors at the IZB International Suppliers Fair. These solutions are part of Grupo Antolin’s Smart Integrator strategy designed to address the autonomous, electric, shared, and connected car revolution in the industry. Its Lighting system for decorative parts with integrated functions and capacitive switches converted into a smart surface. It comes in sustainable natural materials such as stone which transform the end-user experience. Multi LED reading lamp with individually adjustable lighting adjusts to the spot size and position as well as the color and intensity needed. Bilayer slush skin for instrument panel covering which provides a 40% weight reduction compared to mass-produced compact materials. (From a press release on October 17, 2018)
-Between January 1, 2014 and December 31, 2018 the Company have filed 214 patents (of which 168 are currently active).
|(in million EUR)|
|FY ended Dec. 31, 2018||FY ended Dec. 31, 2017||FY ended Dec. 31, 2016|
-The Company’s primary investments in property, plant and equipment for the fiscal year ended December 31, 2018 involved the completion of a plant in Shelby and Alabama, U.S. and Tianjing A.A, as well as investments in the expansion of existing facilities, such as Silesia (Poland), Changshu (China), Kentuky (U.S), and Spartanburg (U.S)
-Investments in intangible assets during the fiscal year ended December 31, 2018 were primarily used on development expenses of new projects including Audi “AU516 IP” (Q6 e-Tron), BMW “G05/G07 Luggage”, BMW “F40/44 Panel” (1 Series), Seat “SE 326 IP” (Ateca), BMW “G29”, Chrysler “FCA Panel”, BMW “J29”.
-Announced that it will invest EUR 360 million in 2018, 8% more compared to 2017. The company is also expanding its industrial operations in USA, China and other important markets in order to carry out all the product launches as a key supplier for OEM’s. For the second consecutive year, Grupo Antolin investment exceeded EUR 300 million. The company has launched the largest investment plan in its history: EUR 900 million between 2017 and 2019. The new factory of Grupo Antolin in Shelby (USA) started operations at the beginning of 2018 and the company is building a new factory in Alabama (USA) to supply components for Mercedes and Honda. (From a press release on April 16, 2018)
-Informed that it is going to open new Guangzhou plant, specializing in the lighting business for the Chinese market. The new and modern facility, which replaces the old Guangzhou plant, has the latest technology and improves customer service with a technical-commercial office specialized in the lighting business. The facility employs around 700 people and plans to supply 35 million lighting products to about 250 customers this year. Grupo Antolin will strengthen its lighting business in the Chinese market with the new Guangzhou plant. (From a press release on November 26, 2018)
-Announced the opening of its new factory in Shenyang (China). The company is consolidating its presence in the world's largest car market in order to offer the best service to its customers. The Shenyang factory produces everyday about 4,000 headliners, mainly for BMW, and employs about 200 people. The plant is equipped with the latest technology so that it can offer the highest quality standards to its customer. Grupo Antolin is strengthening its industrial presence in China as part of its plan to invest EUR 900 million between 2017 and 2019. In the first quarter of 2018, Grupo Antolin reached an agreement with Donghuan to establish a joint venture in order to expand its window regulators business in the Chinese market. Grupo Antolin also started production at a new factory located in Chengdu, which supplies door panels to Geely-Volvo. (From a press release on September 4, 2018)
-Announced that it has opened of its new factory in Shelby (Michigan). The new 368,000-square-foot facility houses high-tech manufacturing equipment to produce and sequence door panels and overhead systems for FCA’s Ram truck. The company has invested more than USD 70 million to create the plant with outstanding manufacturing efficiency, product quality, safety and environmental performance. The factory employs more than 800 people. The opening of this new plant in Shelby is another step in the industrial consolidation of Grupo Antolin in this country, one of the world's most important markets for the automotive sector. In 1994, Grupo Antolin founded its first production facility in Chicago and, nowadays, the company has 15 production centers and a workforce of 5,700 people. (From a press release on June 20, 2018)
-Received approval for an expanded Michigan state business grant for its plans to hire an additional 210 workers at its Shelby Township, Michigan auto interiors plant to meet increased demand for a Dodge truck program. Grupo Antolin will receive an additional USD 1.8 million from the state beyond the USD 3.6 million grant it received in 2017. The company is also committing USD 2.5 million more toward its initial investment of USD 61.2 million to lease and expand operations at the 350,000-square-foot Shelby Township plant, which created 430 jobs. (Michigan Economic Development Corp. release on February 27, 2018)