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Annual Report &Accounts2020 ANNUAL REPORT & ACCOUNTS2020 Financial highlights 2020 results demonstrated the Management reporting measures Statutory reporting measures resilience of our business with strong Adjusted EBIT and Adjusted Revenue Free Cash Flow generation. €2,815m 2019: €3,411m Revenue 17.5% lower (-15.9% at constant currency or +20bps above global light vehicle Read more production decrease) Please see page 57 for definitions Adjusted EBIT Operating Loss of the non-IFRS measures. €173m €176m 2019: €340m 2019: €259m Operating Profit Adjusted EBIT margin of 6.2% (2019: 10.0%) Operating margin of (6.3)% (2019: 7.6%) Adjusted Net Income Loss for the year €14m €252m 2019: €150m 2019: €145m Profit Adjusted Basic EPS € cents Basic EPS € cents 2.6c (48.9)c 2019: 28.9c 2019: 27.2c Adjusted Free Cash Flow Dividend per share € cents €148m 6.74c 2019: €180m 2019: 3.02c Overview Corporate governance Financial statements IFC Financial highlights 66 Chairman’s introduction to 113 Independent auditors’ report to the 01 Our purpose in a changing world Corporate Governance members of TI Fluid Systems plc 68 Board of Directors 122 Consolidated Income Statement Strategic report 70 Corporate Governance report 123 Consolidated Statement of 08 Chairman’s statement 76 Nomination Committee report Comprehensive Income 12 Chief Executive Officer’s statement 78 Audit & Risk Committee report 124 Consolidated Balance Sheet 16 A history of supporting a 83 Directors’ Remuneration report 125 Consolidated Statement of Changes changing world 83 Statement by the Chair of the in Equity 18 Our key strengths Remuneration Committee 126 Consolidated Statement of 22 Our markets 86 Directors’ remuneration policy Cash Flows 30 Our innovative products 96 Implementation of 127 Notes to the Group 32 Our business model remuneration policy Financial Statements 36 Our strategy 99 Annual report on remuneration 185 Company Balance Sheet 38 Key performance indicators 108 Directors’ report 186 Company Statement of Changes 39 Sustainability report 111 Statement of Directors’ in Equity 50 Chief Financial Officer’s report responsibilities 187 Company Statement of Cash Flows 58 Principal risks and uncertainties 188 Notes to the Company 62 Compliance statements Financial Statements 62 Going concern statement 197 Group Financial Record 62 Viability statement 63 Section 172(1) statement Shareholder information 65 Non-financial 199 Shareholder information information statement Overview OUR PRODUCTS report Strategic AND SERVICES governance Corporate MAKE THE WORLD A statements Financial BETTER PLACE information Shareholder Our purpose – right for a changing world As a global market leader in automotive fluid systems, our purpose is to partner with our OEM customers to develop technology and deliver innovative products which enable our customers to make greener vehicles that help keep our environment clean and make our world a better place to live. 01 TI Fluid Systems plc Annual Report and Accounts 2020 Our purpose in a changing world INNOVATIVE Award-winning product innovations and technologies aligned with automotive industry megatrends of emissions reduction and fuel efficiency for all vehicle propulsion systems. 02 TI Fluid Systems plc Annual Report and Accounts 2020 Overview Strategic report Strategic Corporate governance Corporate Long-term trusted supplier of high quality, performance-critical fluid storage, carrying and delivery systems, including thermal management systems. Financial statements Financial PRODUCTS Shareholder information Shareholder Read more Page 30 03 TI Fluid Systems plc Annual Report and Accounts 2020 Our purpose in a changing world continued Resilient business model, strategy and experienced management team drives long-term sustainable shareholder value. SUSTAINABLE 04 TI Fluid Systems plc Annual Report and Accounts 2020 Overview Strategic report Strategic Corporate governance Corporate Financial statements Financial TECHNOLOGIES Shareholder information Shareholder Award-winning technologies and products aligned with automotive megatrends, including new product offerings for hybrid and battery electric vehicle applications. Read more Page 20 05 TI Fluid Systems plc Annual Report and Accounts 2020 Our purpose in a changing world continued LONG-TERM Electrification trends offer attractive long-term growth opportunities. 06 TI Fluid Systems plc Annual Report and Accounts 2020 Overview Strategic report Strategic Corporate governance Corporate Providing our OEM customers product and system technology solutions for the growing needs of reduced emissions and fuel efficiency and transition to electrified vehicles. Financial statements Financial SOLUTIONS Shareholder information Shareholder Read more Page 29 07 TI Fluid Systems plc Annual Report and Accounts 2020 Chairman’s statement SECURING OUR LONG-TERM SUCCESS. OUR AGILE RESPONSE TO COVID-19 HAS HELPED SUSTAIN OUR BUSINESS. “ Throughout the challenges and disruptions in 2020, the Board and executive team made it a priority to protect our employees, support our customers and secure the long-term future of the business by remaining committed to our core purpose and business strategy.” Manfred Wennemer Chairman 08 TI Fluid Systems plc Annual Report and Accounts 2020 Dear Shareholder, Environmental and Social performance will also be a part Overview The Board is committed to the highest standards of compliance, of the wider management team’s strategic objectives for 2021 corporate governance and financial integrity which, together and beyond. ESG targets will also be included as a performance with the Group’s strategy, are the foundations for long-term element of our Long-Term Incentive Plan for Executive Directors sustainable growth and continued business success. and Senior Management. The 2018 UK Corporate Governance Code (the ‘Code’) states that companies do not exist in isolation, and the truth of Of course, we will continue to pursue and progress our strategy this statement has been demonstrated by the way that our to develop and supply products to support hybrid and battery people, customers, suppliers and communities have worked electric vehicles. We are very pleased to have been awarded together to meet the challenges of the COVID-19 pandemic the Green Economy Mark by the London Stock Exchange which report Strategic and successfully sustain our business through a very difficult recognises that our products support the production of cleaner year. It is now more clear than ever that companies must foster and greener vehicles. sound relationships with a wide range of stakeholders in order to be successful. Financial resilience In 2020, the Group performed well overall and delivered strong COVID-19 response sales and performance despite the disruption and uncertainty As the COVID-19 pandemic emerged in early 2020, our caused by the COVID-19 pandemic. Throughout the year, the management team was able to respond in an agile manner executive team implemented a number of cash management to the fast-changing business conditions. TI was one of the measures to protect the business and provide job security for first global suppliers to mandate working from home and to our employees. These measures included close coordination governance Corporate implement global travel restrictions. In response to regional with customers and suppliers to ensure efficient manufacturing outbreaks, we temporarily closed our plants to protect our scheduling in light of fluctuating demands, capital cost workers starting in Asia Pacific and then moving to Europe and management, plant restructurings, furloughs, temporary North America. However, after several weeks of shutdown, salary reductions for management and Board members and we were able to efficiently re-open our plants in a safe manner refinancing our long-term debt. by implementing detailed health and safety protocols, such as regular temperature checks and health screening, requiring In light of exceptional performance during the closing months protective face coverings, social distancing, enhanced cleaning of 2020, the Group was able to repay UK furlough payments and maintenance procedures, and modified work proximities received from the UK government and retroactively reinstated statements Financial and altered shift patterns. We believe that taking decisive pay levels for all employees who took part in pay and salary action to develop and put these enhanced workplace and reductions during 2020. We wish to thank our entire global manufacturing procedures into practice at all of our facilities organisation for their shared sacrifice, commitment, excellent around the world greatly limited the impact of COVID-19 performance, and support through one of the most severe infection across our workforce and enabled all of the Group’s market declines this industry has historically faced. production facilities to safely re-open in order to support production for our OEM customers. More information on our financial position can be viewed in the Chief Financial Officer’s report on pages 50-57. In particular, I am proud of our collaboration with Ford Motor Company and 3M to produce air flex tube assemblies for Workforce engagement information Shareholder powered air-purifying respiratory systems (‘PAPR’) which In light of the COVID-19 crisis, management significantly were urgently needed to enable front line healthcare workers increased communication and engagement at all levels of the to respond to the COVID-19 outbreak. The TI team supported organisation. In addition to more frequent all-employee updates,
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