Performance By Business Division


FILTRATION BUSINESS UNIT


The following tables show the key results and economic indicators of the Filtration business unit for the year 2016 and the three previous years.

KEY ECONOMIC DATA

(in millions of Euro) 2013 2014 2015 2016 Change '16 vs '15
Sales revenues 468.6 473.7 529.7 535.1 1.0%
EBIT 22.3 28.4 30.9 25.1 -18.8%
% of sales revenues 4.8% 6.0% 5.8% 4.7%  


KEY FINANCIAL DATA

(in millions of Euro) 2013 2014 2015 2016 Change '16 vs '15
Net Assets 94.5 97.5 119.7 84.4 -29.5%
Net financial surplus (indebtedness) 12.1 13.5 11.1 (14.9) -234.2%

OTHER INDICATORS

  2013 2014 2015 2016 Change '16 vs '15
Number of empoyees 2,794 2,751 2,629 2,735 4.0%


In 2016, the sales revenues of the Filtration business unit amounted to Euro 535.1 million, slightly up over 2015 (+1% and +6.7% at constant exchange rates). Excluding South America, the growth stood at 3%. During the period under consideration, the business unit benefited from business growth in China and India, which compensated for the sluggish performance of South American markets.

EBIT amounts to Euro 25.1 million compared to Euro 30.9 million in 2015. It should be noted that in 2016 EBIT includes asset writedowns of Euro 6.3 million (Euro 0.1 million in 2015) and non-ordinary expenses of Euro 6.5 million mainly deriving from South America (compared to an income of Euro 1 million in 2015). Net of which, EBIT would have increased by 26.3% to Euro 37.9 million, and its ratio to sales would have risen to 7.1% from the 5.7% recorded in 2015.

As at 31 December 2016, Net assets amounted to Euro 84.4 million compared to Euro 119.7 million at the end of 2015, whereas net financial indebtedness amounted to Euro 14.9 million (Euro 11.1 million in cash as at 31 December 2015).

The business unit workforce at the end of 2016 increased to 2,735 units from 2,629 units at the end of 2015

 

SUSPENSION BUSINESS UNIT


The following tables show the key results and economic indicators of the Suspensions business unit for the year 2016 and the three previous years.


KEY ECONOMIC DATA

(in millions of Euro) 2013 2014 2015 2016 Change '16 vs '15
Sales revenues 518.6 506.6 558.0 562.8 0.9%
EBIT 35.7 18.2 35.4 35.6 0.5%
% on sales revenues 6.9% 3.6% 6.3% 6.3%  


KEY FINANCIAL DATA

(in millions of Euro) 2013 2014 2015 2016 Change '16 vs '15
Net Assets 121.2 106.8 108.6 125.3 15.4%
Net financial surplus (indebtedness) (57.7) (64.7) (60.1) (61.4) -2.1%


OTHERS INDICATORS

  2013 2014 2015 2016 Change '16 vs '15
Number of employees 2,714 2,582 2,663 2,625 -1.4%


In 2016, the revenues of the Suspensions business unit amounted to Euro 562.8 million, slightly up over 2015 (+0.9% and +6.2% at constant exchange rates). Excluding South America, growth ratio was 2.7%.
During the period under consideration, the business unit expanded its business in China and Europe, which compensated the decline in South American markets.

EBIT amounts to Euro 35.6 million, basically in line with the 2015 figure. It should be noted that 2016 EBIT includes asset writedowns of Euro 2.7 million (Euro 0.2 million in 2015) and non-ordinary expenses of Euro 2.8 million recorded for the most part in Europe (compared to an income of Euro 1.5 million in 2015). Net of which, EBIT would have increased by 20.5% to Euro 41.1 million, and its ratio to sales would have risen to 7.3% from the 6.1% recorded in 2015.

Net assets as at 31 December 2016 amounted to Euro 125.3 million (compared to Euro 108.6 million at the end of 2015), whereas net financial position recorded an indebtedness of Euro 61.4 million compared to 60.1 million at the end of 2015.

The business unit workforce at the end of 2016 decreased to 2,625 units from 2,663 units as at 31 December 2015.

 

 

AIR&COOLING BUSINESS UNIT


The following tables show the key results and economic indicators of the Air&Cooling business unit for the year 2016 and the three previous years.

KEY ECONOMIC DATA

(in millions of Euro) 2013 2014 2015 2016 Change '16 vs '15
Sales revenues 351.8 374.3 415.3 480.2 15.6%
EBIT 7.7 14.2 (1.2) 23.3 -2038.1%
% on sales revenues 2.2% 3.8% -0.3% 4.8%  


KEY FINANCIAL DATA

(in millions of Euro) 2013 2014 2015 2016 Change '16 vs '15
Net Assets 104.8 112.6 103.7 121.6 17.2%
Net financial surplus (indebtedness) 46.4 56.5 34.6 51.5 48.8%


OTHER INDICATORS

  2013 2014 2015 2016 Change '16 vs '15
Number of employees 1,253 1,263 1,350 1,381 2.3%


In 2016, the revenues of the Air&Cooling business unit grew by 15.6% (+18.4% at constant exchange rates) to Euro 480.2 million compared to 2015. During the period under consideration, the business unit benefited from the positive performance in non-European markets, North America and China for the most part.

EBIT amounts to Euro 23.3 million (compared to a negative Euro 1.2 million in 2015) as it benefited from lower non-ordinary expenses (Euro 1 million in 2016 compared to Euro 13.8 million in 2015) and profitability gains achieved by measures aimed at reducing direct and indirect costs.

Net assets as at 31 December 2016 amounted to Euro 121.6 million (compared to Euro 103.7 million at the end of 2015), whereas net financial position recorded a surplus of Euro 51.5 million compared to Euro 34.6 million at the end of 2015.

The business unit workforce at the end of 2016 increased to 1,381 units from 1,350 units as at 31 December 2015.