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  5. Cooper-Standard Holdings Inc. Business Report FY ended Dec. 2016

Cooper-Standard Holdings Inc. Business Report FY ended Dec. 2016

Financial Overview

(in million USD)
FY ended Dec. 31, 2016 FY ended Dec. 31, 2015 Rate of change (%) Factors
Net Sales 3,472.9 3,342.8 3.9 1)
Net Income 140.4 111.8 25.6 -
Sales by Geographic Area
-North America 1,816.5 1,778.6 2.1 2)
-Europe 1,031.5 1,033.6 (0.2) 3)
-Asia Pacific 540.7 435.1 24.3 4)
-South America 84.2 95.4 (11.7) 5)


Factors
1) Net Sales
-The Company’s sales for the fiscal year ended December 31, 2016 increased by 3.9% over the previous year to USD 3,472.9 million. Sales increased by improved sales volume and product mix in the North America and Asia Pacific regions, combined with recent acquisitions and consolidation of a previously unconsolidated joint venture. These gains were partially offset by negative currency exchange effects of USD 56.5 million, decreased sales volumes in South America, customer price reductions, and the divestiture of the Company’s hard coat plastic exterior trim business in 2015.

2) North America sales
-Sales for the Company’s North America segment increased by 2.1% in the fiscal year ended December 31, 2016 to USD 1,816.5 million. Improved sales volumes, product mix and the Company’s recent acquisition contributed to these gains, which were partially offset by unfavorable foreign currency exchange effects of USD 23.8 million and customer price reductions.

3) Europe sales
-Sales in the Europe segment in the fiscal year ended December 31, 2016 totaled USD 1,031.5 million, a decrease of 0.2% from the previous year. Improved sales volumes partially offset the losses caused by customer price reductions and negative currency exchange effects of USD 2.0 million.

4) Asia Pacific sales
-The Company’s Asia Pacific segment had sales of USD 540.7 million in the fiscal year ended December 31, 2016, an increase of 24.3% over the previous year. The gains were caused by improved sales volumes, the Company’s recent acquisition, and consolidation of a previously unconsolidated joint venture. These gains were partially offset by negative currency exchange effects of USD 26.8 million.

5) South America sales
-The South America segment’s sales decreased by 11.7% in the fiscal year ended December 31, 2016 to USD 84.2 million. The decrease in sales was caused by a decrease in sales volume and negative currency exchange effects of USD 3.8 million.

Acquisitions

-The Company announced its agreement to acquire the automotive fuel and brake business of AMI Industries and related companies. The North American business was acquired in this transaction effective August 15, 2016. The acquisition of the China portion of the business is subject to regulatory approval. AMI Industries was established in 2000 to provide tube products to the agriculture, construction, automotive, heavy truck and marine industries. As a natural extension of the tube product line, the company expanded into the fuel and brake business in 2008. Headquartered in Michigan, U.S., AMI operates manufacturing plants in Michigan, Indiana and China. (From a press release on August 15, 2016)

R&D Expenditures

(in million USD)
FY ended Dec. 31, 2016 FY ended Dec. 31, 2015 FY ended Dec. 31, 2014
Overall 117.8 108.8 102.0

R&D Structure

-The Company has 13 technical and design facilities located across the world.

R&D Facilities

-The Company announced the opening of its new India headquarters and technical center in Pune, Maharashtra. Relocated from its previous location in Sahibabad, the 6,000-square-foot facility employs approximately 40 people and designs sealing components and fuel and brake delivery products. (From a press release on August 26, 2016)

Capital Expenditure

(in million USD)
FY ended Dec. 31, 2016 FY ended Dec. 31, 2015 FY ended Dec. 31, 2014
North America 61.3 64.9 68.1
Europe 57.1 46.8 77.0
Asia Pacific 33.8 43.3 21.3
South America 2.1 2.8 11.8
Corporate 10.1 8.5 13.9
Total 164.4 166.3 192.1

Investments outside U.S.


-The Company announced the official opening of two facilities in China: one in Huai'an, and the other in Chongqing. The Chongqing facility is approximately 18,000 square meters and employs 200 people. The facility will manufacture fluid transfer systems (FTS), fuel and brake delivery (FBD) systems and sealing systems for customers such as Ford, Mercedes-Benz and Volvo. In January, the joint venture between the Company and Japan Inoac Corporation officially opened in Huai'an, Jiangsu. The Huai'an facility is dedicated to the manufacture and development of FTS products and establishes a manufacturing hub to help the Company earn a leading position in Chinese and Asian markets. (From a press release on February 2, 2016)