ENGINE SYSTEMS BUSINESS UNIT
The following tables show the key results and economic indicators of the Engine Systems business unit for the year 2013 and the three previous years. Please note that the acquired assets of Systemes Moteurs group are fully consolidated starting August 2011.
KEY ECONOMIC DATA
| (in millions of Euro) | 2010 | 2011 | 2012 | 2013 | Change '13 vs '12 |
|---|---|---|---|---|---|
| Sales revenues | 465.1 | 612.9 | 792.6 | 818.6 | 3.3% |
| EBITDA | 39.2 | 52.0 | 74.7 | 78.9 | 5.6% |
| % on sales revenues | 8.4% | 8.5% | 9.4% | 9.6% | |
| Operating result | 35.8 | 42.7 | 56.6 | 71.1 | 25.7% |
| % on sales revenues | 7.7% | 7.0% | 7.1% | 8.7% | |
| EBIT | 19.4 | 24.4 | 39.0 | 45.7 | 17.2% |
| % on sales revenues | 4.2% | 4.0% | 4.9% | 5.6% | |
| Net result | 12.1 | 14.7 | 28.8 | 28.9 | -0.1% |
| % on sales revenues | 2.6% | 2.4% | 3.6% | 3.5% |
KEY FINANCIAL DATA
| (in millions of Euro) | 2010 | 2011 (*) | 2012 | 2013 | Change '13 vs '12 |
|---|---|---|---|---|---|
| Shareholders' equity | 111.7 | 187.0 | 203.7 | 197.1 | -3.1% |
| Net financial surplus (indebtedness) |
2.3 | 3.7 | 34.0 | 58.4 | 71.9% |
OTHER INDICATORS
| 2010 | 2011 | 2012 | 2013 | Change '13 vs '12 | |
|---|---|---|---|---|---|
| Number of employees | 3,170 | 4,136 | 4,090 | 4,047 | - 1.1% |
In 2013, the Engine Systems business unit realised sales revenues for Euro 818.6 million, 3.3% up from 2012 (+7.4% on a constant currency basis). Revenues for the fourth quarter alone were nearly Euro 200 million (+4.7%). During the period under consideration, the business unit benefited from business growth in non-European markets – in the USA, China and India for the most part – and from the positive performance of the aftermarket segment.
The business unit's consolidated operating result stands at Euro 71.1 million (25.7% up from 2012) with an impact on revenues that is 1.5 percentage points to 8.7% better than the 7.1% recorded the previous year.
EBITDA and EBIT also improved, namely to Euro 78.9 million (Euro 74.7 million in 2012) and Euro 45.7 million (Euro 39 million in 2012), respectively, with impact on revenues rising from 9.4% to 9.6% for EBITDA and from 4.9% to 5.6% for EBIT. Pre-restructuring EBITDA was Euro 94.5 million, 9.2% up from the previous year,
accounting for 11.5% of revenues (10.9% in 2012).
Consolidated net result remained stable compared to 2012 at Euro 28.9 million. As of December 31, 2013 the business unit's shareholders' equity amounted to Euro 197.1 million compared to Euro 203.7 million at the end of 2012, whereas net financial position recorded a surplus of Euro 58.4 million versus Euro 34 million as of December 31, 2012.
The business unit workforce at the end of 2013 was 4,047 units, basically in line with the 4,090 units at the end of 2012.
SUSPENSION COMPONENTS BUSINESS UNIT
The following tables show the key results and economic indicators of the Suspension Components business unit for the year 2013 and the three previous years.
KEY ECONOMIC DATA
| (in millions of Euro) | 2010 | 2011 | 2012 | 2013 | Change '13 vs '12 |
|---|---|---|---|---|---|
| Sales revenues | 461.6 | 547.7 | 528.6 | 518.6 | - 1.9% |
| EBITDA | 52.1 | 68.3 | 56.9 | 58.8 | 3.5% |
| % on sales revenues | 11.3% | 12.5% | 10.8% | 11.3% | |
| Operating result | 35.9 | 49.1 | 41.3 | 44.6 | 7.9% |
| % on sales revenues | 7.8% | 9.0% | 7.8% | 8.6% | |
| EBIT | 27.5 | 44.1 | 32.3 | 35.7 | 10.4% |
| % on sales revenues | 6.0% | 8.1% | 6.1% | 6.9% | |
| Net result | 13.7 | 20.8 | 12.3 | 12.3 | 0.0% |
| % on sales revenues | 3.0% | 3.8% | 2.3% | 2.4% |
KEY FINANCIAL DATA
| (in millions of Euro) | 2010 | 2011 | 2012 | 2013 | Change '13 vs '12 |
|---|---|---|---|---|---|
| Shareholders' equity | 139.1 | 137.2 | 142.2 | 121.2 | -14.8% |
| Net financial surplus (indebtedness) |
(46.9) | (48.4) | (45.2) | (57.7) | -27.8% |
OTHER INDICATORS
| 2010 | 2011 | 2012 | 2013 | Change '13 vs '12 | |
|---|---|---|---|---|---|
| Number of employees | 2,347 | 2,508 | 2,571 | 2,714 | 5.6% |
The Suspension Components business unit ended 2013 with sales revenues of Euro 518.6 million (Euro 528.6 million in 2012), recording a drop of 1.9% (+2.6% on a constant currency basis).
The improved product mix drove operating result to Euro 44.6 million, up 7.9%, and its impact on revenues increased from 7.8% to 8.6%.
EBITDA and EBIT also improved to Euro 58.8 million (Euro 56.9 million in 2012) and Euro 35.7 million (Euro 32.3 million in 2012), respectively, namely due to the impact of revenues rising from 10.8% to 11.3% for EBITDA and from 6.1% to 6.9% for EBIT.
Net result remained stable compared to 2012 at Euro 12.3 million.
The business unit's shareholders' equity as of December 31, 2013 amounted to Euro 121.2 million (versus 142.2 million at the end of 2012), whereas net financial position recorded an indebtedness of Euro 57.7 million versus 45.2 million at the end of 2012.
The business unit workforce at the end of 2013 has increased to 2,714 units from the 2,571 units as of December 31, 2012.