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- TT Electronics Plc Business Report FY ended Dec. 2014
TT Electronics Plc Business Report FY ended Dec. 2014
Financial Overview
|
(in million GBP) |
|
FY ended Dec. 31, 2014 |
FY ended Dec. 31, 2013 |
Rate of Change (%) |
Factors |
Overall |
Revenue |
524.3 |
532.2 |
(1.5) |
1) |
Operating Profit |
(4.3) |
19.0 |
- |
- |
Revenue by Division |
Sensing and Control |
289.3 |
285.2 |
1.4 |
2) |
Components |
98.8 |
100.4 |
(1.6) |
3) |
IMS |
136.2 |
146.6 |
(7.1) |
4) |
Factor
1) Revenue
-In the fiscal year ended December 31, 2014, the Company's revenue decreased by 1.5% from the previous year to GBP 524.3 million. Excluding negative currency effects of GBP 22.6 million, revenue increased by 2% overall. The decrease in revenue was caused by poorer performances in the Components division and Integrated Manufacturing Services, and was partially offset by sales increase in the Sensing and Control division.
2) Sensing and Control
-The Sensing and Control division's revenue increased by 1.4% to GBP 289.3 million in the fiscal year ended December 31, 2014. The Transportation controls business grew due to the increased prevalence of front LED lighting systems. However, decreases in the sales of Transportation sensors partially offset these gains due to adverse product mixing and lowered pricing.
3) Components
-Sales for the Components division in the fiscal year ended December 31, 2014 decreased by 1.6% compared to the previous year to GBP 98.8 million. The division had increased sales in all four business areas: Resistors, Power and Hybrid, Magnetics, and Connectors. Despite increased sales, negative currency impacts offset these gains, causing a decrease in revenue.
4) IMS
-The Integrated Manufacturing Services division's revenue was GBP 136.2 million for the fiscal year ended December 31, 2014, a 7.1% decrease from the previous year. The decrease in sales was due to weaker demand from some of the division's key customers in Europe.
Restructuring
Continuation of Operational Improvement Plan (OIP)
-In 2014, the Company continued the Operational Improvement Plan (OIP) that was launched in June 2013. As part of the OIP, the Company is in the process of relocating specific manufacturing lines from Werne, Germany to Timisoara, Romania. Ten manufacturing lines will be relocated in 2015, and the remainder will be moved in 2016. The OIP is expected to cost approximately GBP 24.0 million and will be completed in the first half of 2017.
Contract
-The Company awarded its first programme for the Diesel Exhaust Fluid (DEF) / AdBlue fluid quality sensor for the latest diesel engine generation of Audi. Full production is expected to commence in Klingenberg facility, Germany in the third quarter of 2015.
Product Development
EPS sensor
-The Company's Sensing and Control division has expanded its series of sensors for electric power steering (EPS) applications. The new Magnetorque Plus combines the Company's non-contacting torque sensor with a multi-turn position sensor in a single compact package. The integrated and fully calibrated design is significant in providing engineers with an integrated solution for measuring torque and steering wheel angle. (From a press release on March 26, 2014)
Capital Expenditure
|
(in million GBP) |
|
FY ended Dec. 31, 2014 |
FY ended Dec. 31, 2013 |
FY ended Dec. 31, 2012 |
Sensing and Control |
23.7 |
21.7 |
18.4 |
Components |
7.8 |
4.5 |
4.8 |
IMS |
4.5 |
3.5 |
1.2 |
Discontinued operations |
- |
- |
0.4 |
Total |
36.0 |
29.7 |
24.8 |
Data
|
Average over 2014 |
Average over 2013 |
Average over 2012 |
Sensing and Control |
2,827 |
2,503 |
2,473 |
Components |
1,596 |
1,615 |
1,728 |
IMS |
1,669 |
1,556 |
1,263 |
Total |
6,092 |
5,674 |
5,464 |
Sales by Segment
|
(in million GBP) |
|
FY ended Dec. 31, 2014 |
FY ended Dec. 31, 2013 |
FY ended Dec. 31, 2012 |
Sensing and Control |
289.3 |
285.2 |
259.6 |
Components |
98.8 |
100.4 |
109.6 |
IMS |
136.2 |
146.6 |
107.7 |
Total |
524.3 |
532.2 |
476.9 |
Sales by Geographic area
|
(in million GBP) |
|
FY ended Dec. 31, 2014 |
FY ended Dec. 31, 2013 |
FY ended Dec. 31, 2012 |
UK |
86.4 |
104.1 |
78.3 |
Rest of Europe |
256.0 |
260.1 |
234.6 |
North America |
101.0 |
94.4 |
95.4 |
Central and South America |
3.4 |
3.9 |
3.2 |
Asia |
74.5 |
68.8 |
62.0 |
Rest of the World |
3.0 |
0.9 |
3.4 |
Total |
524.3 |
532.2 |
476.9 |
>>>Financial Data