Samvardhana Motherson Reflectec Business Report up until FY ended Mar. 2015

Financial Overview

(in million EUR)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 Rate of Change (%) Factors
Sales 1,276 1,119 14.0 1)
EBITDA 125 107 16.8 -

1) Sales
-The Company's sales for the fiscal year ended March 31, 2015 grew by 14.0% over the previous year to EUR 1,276 million. All geographical markets experienced a significant increase in sales during the fiscal year.

Market Share

-In the fiscal year ended March 31, 2015, the Company produced more than 40 million exterior mirror units. As of March 2015, the Company has a global market share of 22% and a 53% market share in India for rear view mirrors for passenger cars.

-Market share of exterior mirrors by region (FY ended Mar. 31, 2014)
Region Market Share (%)
North America 21
South America 5
Europe 42
China 12
Asia-Pacific (excluding China) 24
Global 22


Recent Development

-During the fiscal year ended March 31, 2014, the Company received new orders worth EUR 1.56 billion over the life of the respective projects.

Recent Development outside Germany

-The Company started production of plastic reflectors in a new clean room facility in Australia in 2012. These plastic reflectors are up to 50% lighter than conventional glass reflectors, and can be formed into a wide variety of shapes and designs. The Company's facility in Australia also produces decorative automotive surfaces which are used to enhance the stylistic aspects of a vehicle.


-In May 2013, the Company cut 90 jobs at its plant in Lonsdale, Australia, as it started to shift its production to Thailand. Despite a grant from the Australian government for the Lonsdale plant, the Company eliminated the jobs due to the strength of the country's currency and increasing manufacturing costs.


-Due to the acquisition of new high volume orders during the fiscal year ended March 31, 2014 for its plants in China, the Company expects to double its production volumes in China and significantly increase its market share in the region by 2018.


-The Company announced that its subsidiary, SMR Brasil, received the 2014 Ford South America Supplier of the Year Award. Since its establishment in 2011, SMR Brasil has managed several production ramp-ups of supply programs for Fiat, Ford, Hyundai, Toyota and Volkswagen. The subsidiary now produces approximately 1 million exterior mirrors per year. (From a press release issued in September 2014)

-In February 2013, the Company's Australian subsidiary, SMR Automotive Australia, was awarded the Toyota Regional Contribution Award in recognition of its contribution to Toyota Australia. Currently, the Company supplies Toyota with rear-view mirrors and door handles for both the Camry and Aurion models. (From a press release on February 21, 2013)

-In April 2012, SMR Automotive Australia received the President's Award from Toyota Motor Corporation Australia for Supplier of the Year. SMR also won the President's Award in the category of Industry Contribution. (From a press release on April 24, 2012)<

R&D Structure

-The Company has more than 300 experienced engineers in 10 engineering centers in North America, Europe, Asia and Australia.

Product Development

-In 2012, the Company's new technology center in Bangalore, India started development of software for driver assistant systems and other supporting devices.

-The camera-based blind spot monitoring system developed by the Company enabled Volvo to win the Safety and Technology Award in November 2007 in the U.K. Volvo implemented the system on its models that were introduced that year.


-As of March 2014, the Company has 609 granted patents, 149 pending patents and 19 registered utility models.

Capital Expenditure

(in million EUR)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Overall 56 38 42


Investments outside Germany

-During the fiscal year ended March 31, 2015, the Company completed the following activities:

  • Expanded production capacity at its facility in Marysville, Michigan, U.S. to support new orders from existing customers. The Company is planning to further expand the facility later in 2015.
  • Began commercial production in a new facility in Langfang, China.
  • Began commercial production in a new facility in Chongqing, China to support the growth of local Chinese customers

-In the fiscal year ended March 31, 2015, the Company began the following investment projects:

  • Development of a new production line for glass and a new facility for the production of side turn indicators in India. Both products are to be used for in-house production requirements.
  • Expansion of actuator manufacturing capacity in France for in-house requirements.

-Major investments started in the fiscal year ended March 31, 2014 to expand production capacity:

  • The Company started developing a new plant at Chongqing, China to support the sales growth of global customers in China. Production is expected to begin in early 2015.
  • The Company started setting up a new glass line and side turn indicator assembly line in India and Thailand respectively.
  • The Company also began to expand its actuator manufacturing capabilities in France to satisfy its in-house needs.

-In 2013, the Company announced the official opening of a new production plant for automotive mirrors in Langfang, Hebei Province, China. After 15 months of construction, the new plant in Langfang will service supplies to all customers in northern China. Equipped with molding machines, a paint facility with auto spray robots, and the Auto Process Control System, the plant created 90 new jobs. (From a press release on August 22, 2013)

-The Company started operations at its new plant in Yancheng in 2013. The Yancheng plant replaced one of the Company's existing, smaller assembly plants in the region. Compared to the existing plant, the Yancheng facility features increased production capacity and higher vertical integration.

-In 2013, the Company announced that it is expanding its location in Marysville, Michigan, called SMR Automotive Systems USA Inc. The company will invest USD 40 million in a 30,000-square-foot expansion that is expected to result in the creation of approximately 350 jobs over the next three years. Plans for the Marysville expansion include the addition of a new paint line, additional office space, and new molding equipment. With this investment, the Company will almost double its rear view mirror production capacity for the North American automotive industry. The investment is supported by the state and local incentive packages. (From a press release on May 23, 2013)


Number of Employees

  Mar. 2015 Mar. 2014 Mar. 2013
Total 8,600 8,000 7,000



(in million EUR)
  FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013 FY ended Mar. 31, 2012 FY ended Mar. 31, 2011
Sales 1,276 1,119 993 860 755
EBITDA 125 107 64 43 53


Sales by Geographic Region

  FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Europe N/A 47 46
Asia Pacific 34 32
Americas 19 22
Total 100 100

-Based on the Samvardhana Motherson Automotive Systems Group BV annual report, the Company generated EUR 1,238.3 million in revenue from external customers in the fiscal year ended March 31, 2015. The Company earned EUR 396.6 million from the Asia Pacific region, EUR 565.2 million from Europe, and EUR 276.5 million from the Americas.