Annual Report 2014
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ANNUAL REPORT 2014 This document is an unofficial translation of the French language reference document of MGI COUTIER. It is for information purposes only. In case of discrepancy with the original document in French, the latter shall prevail. CONTENTS Group profile ..................................................................................................................... 2 Message by the management board chairman ................................................................ 3 Administration, management and control ......................................................................... 4 General overview ............................................................................................................... 5 Management report ........................................................................................................... 7 Report by the supervisory board .................................................................................... 20 Report on internal control procedures, risk management and company governance .... 21 Statutory auditors’ report drawn up under article l.225-235 of the french commercial law ..................................... 25 MGI COUTIER GROUP Consolidated balance sheet ............................................................................................ 26 Consolidated profit and loss account .............................................................................. 28 Other elements of the global profit/loss .......................................................................... 29 Consolidated cash flow table ........................................................................................... 30 Variation of consolidated stockholders’ equity ............................................................... 31 Annex to the consolidated accounts ................................................................................ 32 Statutory auditors’ report on the consolidated accounts ................................................ 52 MGI COUTIER Balance sheet ................................................................................................................ 54 Profit and loss account .................................................................................................... 56 Annex to the parent-company financial statements ......................................................... 57 The company’s financial profit over the past five financial years ................................... 64 Statutory auditors’ report on the annual accounts .......................................................... 65 Special report by the statutory auditors on regulated agreements and undertakings .... 67 Proposed resolutions ...................................................................................................... 72 GROUP PROFILE MGI COUTIER Group is an independent automotive equipment supplier that is active in two broad product families: fluid transfer and mechanisms. Capitalising on a global presence with 40 manufacturing sites across 17 countries spanning 5 continents, MGI COUTIER provides its customers with innovative and reliable solutions at competitive prices thanks to its’ 7,658 employees. MGI COUTIER Group designs, manufactures and sells components, sub-assemblies or complete mechanisms. In order to effectively anticipate and meet its customer requirements, MGI COUTIER is organized around 8 Divisions including 7 Product Divisions: 9 FUEL SYSTEMS 9 ARTICULATED SYSTEMS 9 AUTOTUBE AB 9 AVON AUTOMOTIVE 9 MECHATRONICS 9 POWERTRAIN 9 CLOSING SYSTEMS 9 AFTERMARKET And a Division dedicated to Aftermarket activities. 10 Functional Departments ensure the coherence of strategies, organisations and systems across the entire Group and the optimisation of resources in the operating units. 2 MESSAGE BY THE MANAGEMENT BOARD CHAIRMAN Ladies and Gentlemen, The Group stood out in 2014 by achieving a new turnover record that reinforces our strategy dynamic and our orientation towards globalisation. Our operational profitability is perfectly in line with the indicator given to the market. The unusual and high costs incurred on the SCR systems for Adblue® tanks were controlled. The financial indebtedness of the Group remains very low in spite of AUTOTUBE AB’s acquisition, the important SCR investments and the high R&D expenditure. Moreover, the acquisition of AUTOTUBE AB, in April, fully contributes in our march towards progress and enriches our activity with its perfect synergy of products and technology, its strong customer portfolio and its geographical footprint. From now on, JAGUAR LAND ROVER, VOLVO BUS, VOLVO TRUCKS and SCANIA are part of our ten main customers. We now have a good balance between general, heavy-weight and premium vehicle manufacturers. We are therefore less hampered with the differences in activity cycles between one another. Equally worth noting, the start of production in our new factory in Portugal was successful. The construction of a manufacturing site in Mexico and the launch of two new facilities -one in Morocco and the other in China- will enable us to deliver the sales orders we took in 2014 and 2013. These important orders prove the trust bestowed on us by our customers and confirm that our global interaction is coherent with our main customers’ expectations. I am very confident that our customers’ good will as well as the expertise and full commitment of our teams worldwide will enable us to achieve the turnover target of EUR 800 million in 2015. The internal growth should equally enable us to reach the one billion euros mark in 2018. Any external growth opportunity that goes hand in hand with our strategy would be an asset to accelerate our success story. André COUTIER Chairman of the Management Board 3 ADMINISTRATION, MANAGEMENT AND CONTROL Supervisory Board Mr. Roger COUTIER ............................................. Chairman Mr. Paul DEGUERRY .................................... Vice-Chairman Mr. Nicolas JOB Mr. Bertrand MILLET Mr. Jean-Claude SEVE COUTIER JUNIOR represented by Mrs. Geneviève COUTIER Management Board Mr. André COUTIER ............................................. Chairman Mr. Benoît COUTIER Mr. Christophe COUTIER Mr. Mathieu COUTIER Mr. Nicolas COUTIER Mr. Jean-Louis THOMASSET......................... Vice-Chairman Mr. Jean-François VILLANEAU Management Team Statutory Auditors Mr. Philippe BILLEROT Permanent auditors : Mr. Frédéric DAGAULT 9 ORFIS BAKER TILLY Mrs. Valérie MALNOY Mr. Maxime DELORME 149, boulevard Stalingrad – 69100 VILLEURBANNE Mr. Dominique GALUS Appointed at the OGM held on June 22, 2012 Mr. Alain GIROUX 9 MAZARS SA Mr. Philippe JEAN Mr. Bruno POUGET Mr. David LETELLIER P.A.E. Les Glaisins – 13, avenue du Pré Félin Mr. Pär LINDGREN 74940 ANNECY-LE-VIEUX Mr. Philippe MAO Appointed at the OGM held on June 22, 2012 Mr. Frédéric MARIER Alternate auditors : Mr. Christophe REVY 9 Mr. Olivier BRISAC Mr. Lee RICHARDS 149, boulevard de Stalingrad – 69100 VILLEURBANNE Mr. Roger SANCHEZ Appointed at the OGM held on June 22, 2012 9 Mr. Olivier BIETRIX 131, boulevard de Stalingrad – 69100 VILLEURBANNE Appointed at the OGM held on June 22, 2012 Information Manager Mr. André COUTIER - Tel. : 04.50.56.98.98 4 Leader in its fields of expertise, GENERAL OVERVIEW MGI COUTIER Group supports its customers in providing products tailored to their market requirements (more reliable, more environmentally-friendly and better driving experiences). The alternative to major equipment suppliers Fluid Management TURNOVER (12 MONTHS) CORE PRODUCT VON Air ducts The focus on complete systems and the control of its A 42 % Coolant hoses AUTOMOTIVE environment enable MGI COUTIER to deliver: Fuel lines and sensors Fuel lines FUEL 11 % Depolution systems SYSTEMS Brake booster lines 9 The best Technological choice hinging upon the Fuel lines creativity of its teams and their product specialisation. AUTOTUBE AB 10 % Coolant lines Oil lines 9 The best professional choice thanks to the mastery Air ducts Air intake manifolds of numerous materials and processes POWERTRAIN 8 % Air cleaners Cam covers and oil separation 9 The best Industrial choice, whether global or low Washer systems MECATRONICS 7 % cost. Eco-fluids Additivation As a specialist in fluid transfers and mechanisms, the Mechanisms Aftermarket Service parts CLOSING ARTICULATED SYSTEMS SYSTEMS TURNOVER TURNOVER 4 % Fluid Managment 9 % 8 % Miscellaneous CORE PRODUCT Air Intake Coolant TURNOVER Latches & Strikers Hinges Pedalboxes Handle 1 % Fuels Additives Oil Vapours Windscreen Fluid Although MGI COUTIER’s turnover was essentially Franco-British up to early 1997, the Group is now highly international. Air Regulation T° Air Vacuum 2014, december the 31th turnover breakdown by customers Mechanisms Latches & Strikers Handles 36% French OEMs 36% Hinges Pedalboxes PSA 20% 46% RENAULT 16% 18% International OEMs 46% FORD 19% VOLVO TRUCKS 4% Group is organized in seven Product Divisions and an GM 5% VOLVO CARS 3% FIAT-CHRYSLER 5% Others inter. OEMs 5% AFTERMARKET DIVISION. This Division is dedicated TATA JLR 5% entirely to after-market sales activities for manufacturers or independent markets. This organisation was established Others customers 18% in 1998. 5 9 A “2S2D” and 100% LEAN working approach (Simple, Solid, Dependable, Do-able) applied on a daily basis to achieve smooth operations, continuous SWEDEN UK progress and customer satisfaction. GERMANY FRANCE CZECH REPUBLIC ROMANIA SPAIN 9 Excellence in Quality. In 2014, with 3 PPM, the Group UNITED