ENGINE SYSTEMS BUSINESS UNIT
The following tables show the key results and economic indicators of the Engine Systems business unit for the year 2014 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) | 2011 | 2012 | 2013 | 2014 | Change '14 vs '13 |
|---|---|---|---|---|---|
| Sales revenues | 612.9 | 792.6 | 818.6 | 844.9 | 3.2% |
| EBITDA pre-restructuring | 60.4 | 86.5 | 94.5 | 82.8 | -12.3% |
| % on sales revenues | 9.9% | 10.9% | 11.5% | 9.8% | |
| EBITDA | 52.0 | 74.7 | 78.9 | 75.5 | -4.2% |
| % on sales revenues | 8.5% | 9.4% | 9.6% | 8.9% | |
| EBIT pre-restructuring | 36.2 | 54.0 | 61.6 | 49.4 | -19.7% |
| % on sales revenues | 5.9% | 6.8% | 7.5% | 5.9% | |
| EBIT | 24.4 | 39.0 | 45.7 | 42.1 | -7.8% |
| % on sales revenues | 4.0% | 4.9% | 5.6% | 5.0% |
KEY FINANCIAL DATA
| (in millions of Euro) | 2011 | 2012 | 2013 | 2014 | Change '14 vs '13 |
|---|---|---|---|---|---|
| Net Assets | 187.0 | 203.7 | 197.1 | 207.3 | 5.2% |
| Net financial surplus (indebtedness) |
3.7 | 34.0 | 58.4 | 70.0 | 19.8% |
OTHER INDICATORS
| 2011 | 2012 | 2013 | 2014 | Change '14 vs '13 | |
|---|---|---|---|---|---|
| Number of employees | 4,136 | 4,090 | 4,047 | 4,013 | -0.8% |
In 2014, the Engine Systems business unit realised Sales revenues for Euro 844.9 million, 3.2% up from 2013 (+6.3% exchange rates being equal). 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 EBITDA for 2014 amounts to Euro 75.5 million, down 4.2% from 2013. Pre-restructuring EBITDA amounts to Euro 82.8 million (Euro 94.5 million in 2013; -12.3%), and its impact on revenues fell from 11.5% in 2013 to 9.8%. This drop is mainly traced back to falling volumes in South American markets, as well as to restructuring under way in 2014 and the resulting – temporary – productive inefficiency, especially in the third quarter.
EBIT was Euro 42.1 million (vs. Euro 45.4 million in 2013; -7.8%); it was Euro 49.4 million net of restructuring costs (Euro 61.6 million in 2013; -19.7%), and its impact on revenues fell to 5.9% from 7.5% in 2013.
As of December 31, 2014, the business unit's Net Assets amounted to Euro 207,3 million compared to Euro 197.1 million at the end of 2013, whereas Net financial position recorded a surplus of Euro 70 million versus Euro 58.4 million as of December 31, 2013.
The business unit’s number of employees at the end of 2014 has decreased to 4,013 units from the 4,047 units at the end of 2013.
SUSPENSION COMPONENTS BUSINESS UNIT
The following tables show the key results and economic indicators of the Suspension Components business unit for the year 2014 and the three previous years.
KEY ECONOMIC DATA
| (in millions of Euro) | 2011 | 2012 | 2013 | 2014 | Change '14 vs '13 |
|---|---|---|---|---|---|
| Sales revenues | 547.7 | 528.6 | 518.6 | 506.6 | -2.3% |
| EBITDA pre-restructuring | 68.6 | 57.3 | 60.1 | 52.5 | -12.5% |
| % on sales revenues | 12.5% | 10.8% | 11.6% | 10.4% | |
| EBITDA | 68.3 | 56.9 | 58.8 | 41.4 | -29.7% |
| % on sales revenues | 12.5% | 10.8% | 11.3% | 8.2% | |
| EBIT pre-restructuring | 44.4 | 32.7 | 38.0 | 30.7 | -19.2% |
| % on sales revenues | 8.1% | 6.2% | 7.3% | 6.1% | |
| EBIT | 44.1 | 32.3 | 35.7 | 18.2 | -49.0% |
| % on sales revenues | 8.1% | 6.1% | 6.9% | 3.6% |
KEY FINANCIAL DATA
| (in millions of Euro) | 2011 | 2012 | 2013 | 2014 | Change '14 vs '13 |
|---|---|---|---|---|---|
| Net Assets | 137.2 | 142.2 | 121.2 | 106.8 | -11.8% |
| Net financial surplus (indebtedness) |
(48.4) | (45.2) | (57.7) | (64.7) | -12.0% |
OTHER INDICATORS
| 2011 | 2012 | 2013 | 2014 | Change '14 vs '13 | |
|---|---|---|---|---|---|
| Number of employees | 2,508 | 2,571 | 2,714 | 2,582 | -4.9% |
The Suspension Components business unit ended 2014 with Sales revenues of Euro 506.6 million (Euro 518.6 million in 2013), down 2.3% over 2013 (however, sales revenues would have been up +2.1% exchange rates being equal).
The business unit's EBITDA for 2014 amounts to Euro 41.4 million (Euro 58.8 million in 2013; -29.7%), affected as it was by sharp declining volumes and currency depreciation experienced in South American markets. Excluding restructuring effects, EBITDA amounts to Euro 52.5 million (Euro 60.1 million in 2013; -12.5%), and its impact on revenues fell from 11.6% in 2013 to 10.4%.
EBIT was Euro 18.2 million (vs. Euro 35.7 million in 2013; -49%); it was Euro 30.7 million net of restructuring costs (Euro 38 million in 2013; -19.2%), and its impact on revenues fell to 6.1% from 7.3% in 2013.
The business unit's Net Assets as of December 31, 2014 amounted to Euro 106.8 million (versus Euro 121.2 million at the end of 2013), whereas Net financial position recorded an indebtedness of Euro 64.7 million versus 57.7 million at the end of 2013.
The business unit’s number of employees at the end of 2014 has decreased to 2,582 units from the 2,714 units as of December 31, 2013.