TI Fluid Systems plc (LON:TIFS) today announced results for the 12 months ended 31 December 2018
TI Fluid Systems plc, a leading global manufacturer of automotive fluid storage, carrying and delivery systems for light vehicles announces its 2018 results.
• Successfully executing our hybrid electric vehicle (“HEV”) and electric vehicle (“EV”) strategy creating organic growth opportunities.
o Significant EV awards and expected additional orders for the design, engineering and supply of thermal products with two leading high volume European Original Equipment Manufacturers (“OEMs”)
o Lifetime revenue opportunity of approximately €700 million (customer planning volumes)
o Strategic progress in advancing share position of the HEV pressurised fuel tank market and continuing to win thermal awards on available key EV platforms with Korean and Chinese OEMs
• Strong financial results in 2018
• Revenue growth of 2.0% year over year (at constant currency) or 3.1% above global light vehicle production growth volumes
• Solid Adjusted EBIT of €373.5 million and margin of 10.8%
• Profit for the year growth of €24.9 million to €140.1 million
• Adjusted Net Income growth of €19.2 million or 14.1% to €155.2 million with Adjusted Basic EPS of 29.9 euro cents
• Significant Adjusted Free Cash Flow of €146.2 million
• Final dividend proposal of 5.94 euro cents per share, making 8.96 euro cents for the full year
• Refinanced borrowing facilities repaying 8.75% senior unsecured notes using cash and additional term loan reducing interest expense by ~ €10 million per annum
William L. Kozyra, Chief Executive Officer and President, commented:
“2018 was a great year for TI Fluid Systems. Despite a slight softening in global light vehicle production growth, we achieved strong organic growth, solid profit margins and free cash flow generation. The excellent progress delivered in executing our HEV and EV strategy in 2018, as well as our approach of continued and disciplined organic growth has positioned the Group well for 2019 and beyond.
We continue to work on new design and engineering thermal management and pressurised tank opportunities with our existing customers as the electric market continues to progress. We are confident that our business model will continue to deliver consistent, strong financial performance along with attractive returns.”
TI Fluid Systems plc is holding a presentation to analysts and investors at 09:00am UK time on 20 March 2019 at the offices of FTI Consulting, 200 Aldersgate Street, London EC1A 4HD.
Analysts wishing to attend should contact FTI Consulting to register. Analysts unable to attend in person may listen to the presentation live by using the details below. Questions will only be taken at the event.