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4
Autoneum Annual Report 2015
Letter to shareholders
High capacity
utilization, material
efficiency and
operational excellence
contributed to the
once again improved
results.
to CHF 120.7 million (2014: CHF 101.9 million).
Operating cash flow decreased by CHF 26.5
million to CHF 111.7 million (2014: CHF 138.2
million) due to the payment to the German
Federal Cartel Office, operational losses
at Business Group SAMEA and the higher net
working capital at December 31, 2015.
The lower net profit also took effect on the total
return on net assets (RONA), which at 17.7%
before non-recurring expenses stood below the
previous year’s level, but again significantly
exceeded the cost of capital. The equity ratio of
35.7% was unchanged compared to the prior
year. The decisive cause of net debt rising to
CHF 105.4 million (2014: CHF 53.9 million)
was a payment of CHF 31.5 million to the
German Federal Cartel Office in June 2015.
Earnings per share before non-recurring expenses
were at CHF 15.92 (2014: CHF 17.03), and cash
and cash equivalents on December 31, 2015, to-
taled CHF 78.7 million (2014: CHF 140.9 million).
Dividend payout at prior year’s level proposed
Despite the lower year-on-year net profit, the
Board of Directors will propose to the Annual
General Meeting on March 30, 2016, the
payment of an unchanged dividend of CHF 4.50
per share.
Business Groups
Net sales of Business Group Europe went up in
2015 by 13.1% in local currencies due to
numerous production ramp-ups and thus signi-
ficantly surpassed the already dynamic market
growth in this region. Due to pronounced
currency effects, net sales in Swiss francs only
grew by 3.7% to CHF 833.2 million (2014:
CHF 803.3 million). Crucial to the rise in EBIT
of Business Group Europe from CHF 31.7
million to CHF 44.7 million was strong capacity
utilization due to high-volume customer
orders for models of European and Korean OEMs
and gains in productivity through material
efficiency, which among other things included
lower scrap rates in production. The EBIT
0.7 percentage points and exceeded the 7%
mark for the first time in company history. High
capacity utilization in Europe, material efficiency
in North America and Asia as well as the
increased productivity thanks to operational
excellence contributed to the once again
improved results. EBIT after non-recurring
expenses amounted to CHF 126.5 million
(2014: CHF 135.1 million).
Investments in expansion of global presence
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%. Invest-
ments 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