While net sales in local currencies grew by 10.6%, net sales in the reporting currency rose by 6.7% to CHF 2,085.9 million despite the strength of the Swiss franc.

The EBITDA margin increased to a new record high of 10.7% before non-recurring expenses. The EBIT margin before non-recurring expenses improved to 7.6% and exceeded the 7% mark for the first time.

Net profit

Net profit decreased on the previous year by CHF 34.1 million to CHF 68.7 million. Despite the further improved operating result, non-recurring expenses associated with the payment to the German Federal Cartel Office and a higher tax burden resulted in the lower net profit.

Whereas benefits from loss carryforwards recognized in 2014 led to a disproportionately low tax ratio of 14.4%, after adjustment for non-recurring expenses in relation to the payment to the German Federal Cartel Office, the tax ratio again attained a sustainable level of 28.8%.

Strong sales growth

With 88.6 million light vehicles produced and a growth rate of only 1.4%, the global automotive industry in 2015 recorded its weakest growth momentum since the automotive crisis of 2009. While automobile production in Europe, North America and Asia grew, production volume in South America decreased due to the economic crisis and the related drop in demand over the previous year.

In this low-impulse market environment, Autoneum was able to increase net sales in local currencies by 10.6% and thus significantly exceeded global market growth thanks to a good order situation and the corresponding utilization of production capacities, the company reports.

Despite the strength of the Swiss franc, net sales in the company currency rose by 6.7% from CHF 1‘954.7 million to CHF 2‘085.9 million. Except Business Group SAMEA (South America, Middle East and Africa), all business groups contributed to this rise in sales.

Operation profit

Autoneum’s ongoing rise in profitability also continued through 2015. EBITDA increased by CHF 21.5 million to CHF 223.0 million before non-recurring expenses. Accordingly, the EBITDA margin of 10.7% surpassed the previous year’s already high level.

EBITDA after non-recurring expenses totalled CHF 191.5 million, compared to CHF 201.6 million in 2014. EBIT before non-recurring expenses improved by CHF 22.8 million to CHF 158.0 million. The EBIT margin of 7.6% surpassed the previous year’s margin by 0.7 percentage points and exceeded the 7% mark for the first time in the company’s history. EBIT after non-recurring expenses amounted to CHF 126.5 million, compared to CHF 135.1 million in 2014.

Investments in expansion

Investments made predominantly to expand global presence, including in the US plants in Jeffersonville, Indiana, and Monroe, Ohio, and in the relocation of a Brazilian plant, amounted to CHF 120.7 million, compared to CHF 101.9 million in 2014.

Operating cash flow decreased by CHF 26.5 million to CHF 111.7 million due to the payment to the German Federal Cartel Office, operational losses at Business Group SAMEA and the higher net working capital at 31 December 2015, the company reports.

Outlook

In 2016, a rise in global automobile production of 3% to approximately 91 million light vehicles is anticipated, according to the manufacturer.

By continuing its existing successful strategy implementation, Autoneum expects to increase net sales in local currencies in line with its mid-term financial targets by 4% to 5%. The Group’s 2015 operating margin should be exceeded in 2016.

www.autoneum.com