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5. Webasto SE Business Report FY ended Dec. 2019

Webasto SE Business Report FY ended Dec. 2019

Recent Years

Financial Overview

-In the fiscal year ended December 31, 2019, the Company’s net sales totaled EUR 3,749 million, an increase of 9.2% over the previous year. The increase in sales was primarily due to the acquisition of the joint venture, Webasto Donghee. Excluding the changes in the Company’s scope of consolidation, the Company’s sales remained relatively level compared to the previous year.

-The Company’s EBIT for the fiscal year ended December 31, 2019 totaled EUR 107 million, a decrease of 47.0% in earnings from the previous year. The decrease in earnings was caused by new investments in technologies and project launches, added integration costs for the acquisition of the Webasto Donghee joint venture and lower earning margins due to current automotive trends as well as trade disputes.

-The Company’s roof systems product group comprised EUR 3.1 billion or 84% of the Company’s total sales in the fiscal year ended December 31, 2019. The heating and cooling product group accounted for EUR 575 million, or 15%, and batteries and charging solutions accounted for EUR 43 million, or 1% of total sales.

Acquisitions

-The Company has bought the shares of its long-standing South Korean joint venture partner, Webasto Donghee. Webasto Donghee, headquartered in Ulsan, South Korea, focuses on the production and sales of panorama roofs, specifically for Korean customers. With the transaction, it will become part of the Company’s worldwide development and production network. The takeover of shares is the largest acquisition in the Company’s history. (From a press release on April 10, 2019)

Restructuring

-The Company announced its new organizational structure for strengthening future direction. Since the beginning of 2019, the group of companies has been structured into three globally active business units:

• Roof & Components: Development and production of sunroofs, panorama and convertible roofs
• Energy & Components: Development and production of battery systems, charging solutions and electric and fuel-operated heating systems.
• Customized Solutions: Offers solutions and services, based on the Company’s product range, for end customers, trade partners and manufacturers of special vehicle.

Following the introduction of the new organizational structure at the beginning of 2019, an important focus will be on expanded standardization. The number of control units in vehicles is going to increase exponentially over the coming years. The Company is bringing its mechanical and electronics know-how closer together in order to become a company with a focus on mechatronics by 2025. (From a press release on May 21, 2019)

Recent Developments

-The Company plans to add approximately 230 employees to its workforce in 2020, with a focus in the fields of battery systems and charging solutions.

Contracts

-The Company has more than EUR 22 billion worth of orders backlogged through 2029. Of these orders, new technologies comprise approximately 11% of the order volume.

-The Company produces softtop roofs for the Volkswagen T-Roc convertible. It also produces retractable hardtop roofs for the Chevrolet Corvette.

Awards

-Awards the Company has recently received include the following:
<Europe>

• BMW Supplier Innovation Award 2018 under the Efficient Dynamics category for the roof concept of the BMW i8 Roadster
• General Motors Supplier Quality Excellence Award 2017 for the Company’s plant in Venaria, Italy
• Jaguar Land Rover Quality Award 2017 for the Company’s plant in Hengersberg, Germany
• KGK Knutsson Supplier Award 2017 for the Company’s plant in Sweden

<Americas>

• Ford Best of Show Award 2019 at SEMA for Outstanding Achievement in Design for the Mustang Lithium
• Ford World Excellence Award 2019
• FCA Innovation Supplier of the Year 2018 for the Company’s Webasto Convertibles subsidiary
• General Motors Supplier Quality Excellence Award 2017 for the Company’s plant in Plymouth, Michigan, U.S.

<Asia>

• Great Wall Motors Sincere Partner Award for the Company's plant in Baoding, China
• SAIC-VW Excellence Cooperation Performance Award 2019
• Changan Auto Supplier of the Year 2017 award for the Company’s facility in Chongqing, China.
• SAIC-GM 2017 Best Technology Supplier award
• Dongfeng Liuzhou Motor Excellent Supplier of 2017 award
• FAW-VW 2017 Excellent Development Supplier award
• Changan-Ford Annual Top Supplier Award 2017 for the Company’s plant in Chongqing, China
• GAC-Fiat 2017 Excellent Delivery Supplier award for the Company’s plant in Wuhan, China
• Guangqi Honda Excellent Supplier 2017 award for the Company’s plant in Guangzhou, China
• FAW-VW Excellent Partners 2017 award for the Company’s plant in Changchun, China

 
-The Company’s investment in research and development in the fiscal year ended December 31, 2019 was EUR 318 million, an increase of 17.3% over the previous year. The Company’s focal areas in research and development include electromobility, advanced engineering systems and technologies for automotive roofs, and mechatronics.

R&D Facilities

ｰThe Company will invest USD 40 million for a new facility in Auburn Hills, Michigan where it can expand its engineering and testing functions and consolidate existing staff, while creating 55 new jobs. Its facility in Rochester Hills serves as its North American regional headquarters and testing center, where it leads technical development for customers in the U.S. and for some customers globally. “We’re starting a new chapter for our Webasto Family by moving our HQ to Auburn Hills,” said Webasto Roof Systems President and CEO Andre Schoenekaes. “The consolidation of our Michigan locations will create a successful environment of collaboration and business processes.” Webasto Roof Systems Inc. is a Tier 1 global supplier of roof systems, including sunroofs, panorama roofs and convertible roofs, to automotive OEMs. (From Michigan Economic Development Corp. release on May 29, 2019)

Product Development

Webasto Live networked charging station
ｰThe Company launched intelligent Webasto Live, a networked wall-mounted charging station for electric cars. The eSIM solution from G+D Mobile Security ensures secure management of the associated digital services, while POST Luxembourg provides global mobile connectivity for the charging station. The charging process with Webasto Live can be controlled via app or charging portal due to its connectivity. Its connectivity also allows remote operation and system updating via online updates. In addition to LAN and WLAN interfaces, connection to the internet is also possible via a 4G modem. (From a press release on December 18, 2019)

Technologies shown at 2019 SEMA exhibition
-The Company exhibited elements of a new modular battery system, thermal management and charging solutions in Ford’s booth at the 2019 SEMA Show in Las Vegas. The Webasto CV standard battery system is designed for scalability and configuration flexibility. Each battery pack has 35 kWh of energy. Up to 10 packs can be combined to provide a total of 350 kWh. With 400V and 800V versions available, the system can be easily configured via the vehicle interface box. The Company used the Mustang Lithium concept to showcase its capabilities in designing custom energy storage solutions and supplying off-the-shelf standard battery packs. Through active and passive cooling, electric fluid heating and heat pump configurations, the Company’s thermal management system keeps batteries at optimum operating temperature. The Company also featured its TurboDX Level-2 charging station. The charging unit connected to the Mustang Lithium is compatible with both plug-in hybrid and battery electric vehicles, and perfect for home, business and multi-unit dwelling applications. The Company also offered the TurboCord portable vehicle charger. (From a press release on November 20, 2019)

ThermoConnect heater control app
-The Company launched its multifunctional ThermoConnect app. The app is now capable of controlling multiple heaters. Owners who use multiple Company heaters are able to control all of their devices through a single app. ThermoConnect controls both the Thermo Top Evo parking heater as well as the Air Top 2000 STC and Air Top Evo 40/55 air heaters. With the new Alexa skill, it will also be possible to control Company parking heaters using voice commands starting in the first quarter of 2020. If the parking heater has been installed by the automobile manufacturer and is controlled from a panel in the car or via radio remote control, the user can add an adapter cable control the heater through the app. This cable is connected to the receiver fitted at the factory. This applies to vehicles from almost all automakers. In addition, the ThermoConnect control unit fitted to the vehicle in a position that is not visible. This unit already contains a SIM card. With ThermoConnect, the parking heater can be operated using a smartphone, tablet computer or PC, irrespective of the distance. (From a press release on November 12, 2019)

Ford Mustang Lithium high performance battery electric concept vehicle
-On November 5, Ford and the Company revealed the Mustang Lithium, an ultra-high-performance battery electric Mustang fastback prototype. The Mustang Lithium generates more than 1,000 lb-ft of torque and more than 900 hp that is instantaneously available. The Mustang Lithium concept is not only a prototype to showcase electrification, but also a testbed for battery and thermal management technologies that the Company and Ford are creating for the growing e-mobility segment. The Mustang Lithium uses a Phi-Power dual-core electric motor and dual power inverters, all powered by an 800-volt Company battery system with EVDrive Technology that can discharge a megawatt of electrical energy. The Mustang Lithium features a manual transmission and uses a Calimer-version of the Getrag MT82 6-speed transmission with billet internals to manage the 1,000 lb-ft of torque. Ford Performance half shafts and Super 8.8 Torsen differential help supply power to the road via lightweight Forgeline wheels with Michelin Pilot Sport 4S tires. (Ford press release on November 5, 2019)

Thermal Management System for electric vehicles
-The Company will premiere its Thermal Management System for electric vehicles. In the Thermal Management System, the Company introduces new technology, new components and new units in one fully integrated system. The system’s approach is based on the use of waste heat recovery principles to supplement cabin heating and heat pump operation. The system is able to increase the vehicle’s electric range by approximately 25%. The system comprises the proven High-Voltage Heater HVH 100 with a constant efficiency of 95%. The Cronus Smart system functions as the central unit controlling all system components. The Company serves the comprehensive demands of the electromobility market with the CV Standard Battery. For the first time, the CV Standard Battery can be seen in full operation, installed in a bus from I SEE Electric Busses GmbH, which is operating in Brussels. The Company will also present the Webasto Pure charging solution at Busworld, which is suitable for all electric and hybrid vehicles with Type 2 connectors, offering scalable charging power of 3.7 to 22kW. It will also present the modular rooftop air conditioning system Cool Top 220 RT-C for midibuses and the control unit Thermal Management Control Plus. (From a press release on October 17, 2019)

Technologies shown at eMove360° exhibition
-The Company will present its e-mobility solutions at this year's eMove360° in Munich, Germany. The high-voltage heater (HVH) enables comfortable temperatures in the cabin and pre-heats the battery to an optimal temperature. Thanks to efficient coating heating technology, the HVH converts stored electrical energy into heat with almost no loss and an efficiency of more than 95%. The HVH models are designed for on-board power supply voltages ranging from 250 V to 870 V and are available in 5 kW, 7 kW and 10 kW power levels. The Webasto Standard Battery System is individually configurable, extremely cost-efficient and suitable for various vehicle segments. The intelligent wall charging station Webasto Live enables flexible networking over the mobile network and can be controlled via the Webasto LiveApp. The Webasto Pure charging station is compatible with all electric cars with type 2 plugs, with a charging power of 11 kW or 22 kW. (From a press release on October 15, 2019)

Technologies shown at IAA 2019
-The Company will debut its roof sensor module at IAA 2019, to integrate sensors and associated features into the roof systems of autonomous vehicles in an aesthetic way. Sensor positioning and functionality in all weather conditions is essential in tracking the environment. As the highest point of the vehicle, the car roof offers the most optimum conditions. Thanks to its decade long expertise, the Company is able to implement transparent and openable roof systems with integrated sensors and high rigidity at the same time. The Company will also present standard battery systems including a vehicle interface box, roof systems, electric heaters as well as charging solutions. The Company will demonstrate voice control through Alexa, fuel operated heaters, switchable glazing and ambient lighting at IAA 2019. (From a press release on September 10, 2019)

Technologies shown at Caravan Salon exhibition
-The Company will present its solutions for the current and future challenges of the caravan and RV industry at the Caravan Salon. In addition to the Webasto Pure charging station and the High-Voltage Heater (HVH), the Company will show the Webasto CV Standard Battery System for the first time. It will also display the innovative underfloor solutions with the new Heat Air gas heater, the Cool Top Trail rooftop air conditioning system and its extensive refrigerator portfolio. The Webasto Pure charging station is suitable for all electric vehicles and plug-in hybrids with Type 2 connectors and offers a scalable charging power of 3.7 to 22 kW. With the innovative air heater Heat Air, the Company completes its portfolio of weight and space saving underfloor solutions. The Cool Top Trail roof air conditioning series are characterized by their flat and compact design. The Company’s portfolio of compressor refrigerators are highlighted by their compact size and installation. (From a press release on August 31, 2019)

Technologies shown at Power2Drive exhibition
-The Company will present its solutions for electromobility at Power2Drive in Munich. The smart charger Webasto Live allows flexible and future-oriented networking via mobile network or Bluetooth and is thus controllable via Webasto LiveApp. Network interfaces, such as LAN and WLAN, allow the connection of several chargers, thereby enabling dynamic load management. The basic Webasto Pure charger is compatible with any electric car with a type 2 plug. It is available with a charging capacity of 11 or 22 kW. The Company also offers a high-performance heating system for hybrid and electric vehicles in the form of the High-Voltage Heater (HVH). The HVH adjusts the temperature to comfortable levels in the cabin and is also able to properly condition the battery, thereby ensuring that its capacity is fully realized. (From a press release on May 15, 2019)

Technologies shown at 2019 Shanghai Auto Show
-The Company presented its innovative solutions for the megatrends of mobility at the Shanghai Auto Show. The Company presented its high voltage Standard Battery System that features a modular design. In addition, the corresponding Vehicle Interface Box (VIB) was developed as an interface between the battery system and the vehicle for user-defined system configurations and programming. The High-Voltage Heater (HVH) serves as a high-performance heating system for hybrid and electric vehicles. The HVH enables comfortable interior environment temperatures and manages necessary conditioning of the battery, thereby ensuring optimal performance. (From a press release on April 17, 2019)

 
-In the fiscal year ended December 31, 2019, the Company’s capital expenditure increased by 63.3% to EUR 405 million. The effect from the acquisition of the Webasto Donghee joint venture in 2019 accounted for approximately EUR 127 million of the increase in capital expenditure. The Company focused its capital expenditure on expansion into new business areas, as well as increased production capacity in China, South Korea and the Americas.

Investments in Germany

-The Company announced that it started the production of batteries for electric vehicles in Germany. The manufacturing of battery packs for a European bus maker has already commenced at the Company’s Schierling plant. From the beginning of 2020, the Company will manufacture self-developed standard battery systems for commercial vehicles there. For this purpose, the Company has invested EUR 11 million in a multi-product line. A further EUR 18 million flowed into the establishment of a prototype construction and validation center at its Hengersberg facility. The Hengersberg site will also manufacture aluminum boxes for battery systems which are subsequently sent to the production location at Schierling. The cells for the Webasto standard battery are sourced from Samsung SDI, a partner in the field of battery systems since 2018. (From a press release on September 30, 2019)

Investments Outside Germany

<China>
-The Company inaugurated its new roof plant and battery center in Jiaxing (Zhejiang Province) close to Shanghai. Since last fall, the Company has been manufacturing electric heaters and charging stations - in addition to roofs - at its new site in Wuhan. With some 36,000 square meters of constructed area, the new plant has a production capacity of 1.5 million roofs a year. The new battery center provides capabilities for testing, prototyping and producing battery systems. Over an area of 9,600 square meters the center is equipped to test the performance of cells, modules and entire battery packs under extreme temperatures and strong movements. The overall production and testing area in Jiaxing totals some 44,000 square meters. The number of employees at this site is expected to rise from currently around 200 to 460 in 2020. (From a press release on January 13, 2020)

-The Company announced the inauguration of its new plant in Wuhan, China. The Company has invested EUR 50 million in this plant, which is currently its largest production site worldwide, spanning 41,000 square meters. The plant produces sunroofs, panorama roofs, electric heating systems and charging stations for electric vehicles. The plant is capable of producing approximately two million roof systems per year. In addition, more than 1.2 million electric heating systems and 600,000 charging stations can be manufactured yearly. (From a press release on September 7, 2019)

<Mexico>
-The Company inaugurated its third plant in Mexico and second plant in Irapuato. With an investment of USD 28 million, the plant will generate more than 460 jobs and help expand production capacity in Mexico. The new 35,000-square-meter Webasto Roof System division plant is three times larger than the first one opened by the Company in 2008, in the same Castro del Rio Industrial Park. The first plant produced car roofs for several OEMs in Mexico and Brazil, as well as components for its own plants in the U.S. Construction of the new plant in Irapuato began in March 2018 and was completed in July 2019 after 15 months. The staff of 460 employees is expected to expand to 580 in the future. In addition to expanding production capacity in sunroofs and panoramic roofs, the new plant also offers space to advance specific regional developments for its customers. (From a press release on August 20, 2019)