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is disclosed in note 30 on page 99. Significant
relationships with financial institutions are basi-
cally only entered into with counterparties
rated no lower than “A” (according to Standard &
Poor’s). Autoneum maintains business relation-
ships with all significant automotive manufac
turers and, compared to the industry sector,
has a geographically broad, diversified customer
portfolio. Relevant risks of loss are considered
low based on historical data. No customer
accounted for more than 20.0% (2014: 16.8%)
of Autoneum’s sales.
Capital risk
Autoneum Group maintains a healthy balance
sheet with an adequate portion of equity.
Autoneum aspires that the equity ratio shall not
fall below 30% over a longer period. As of
December 31, 2015, the equity ratio equaled
35.7% (2014: 35.7%).
For the next few years, the dividend policy
will depend on a number of factors, such as net
profit and the financial situation of the Group,
the demand for capital and liquidity, the general
business environment as well as legal and
contractual restrictions. Subject to the foregoing,
the Group intends to distribute up to 30%
of its net profit attributable to shareholders of
Autoneum Holding Ltd.
Dividends, if any, are expected to be
declared and paid in Swiss francs.
Liquidity risk
The liquidity risk management of Autoneum
includes the maintenance of sufficient reserves
of cash and time deposits and the availability
of funding through an adequate amount of credit
lines. Due to the dynamic business environment
in which the Group operates, it is the aim of the
Group to ensure the financial stability and to
maintain the necessary flexibility in funding by
generating sufficient free cash flow and holding
a reasonable amount of unused credit lines.
Autoneum maintains a credit agreement for the
medium- and long-term financing with a group
of banks in the amount of CHF 150.0 million
(refer to note 24, p. 92), which expires in Decem-
ber 2019. Furthermore, a bond in the amount of
CHF 125.0 million with maturity as of December 14,
2017, was issued on the SIX Swiss Exchange.
76
Autoneum
Financial Report 2015
Consolidated financial statements