Celebrating 100 years of innovation

Annual Report & Accounts 2022

Contents Highlights

Overview

Our purpose framework

01

Our business at a glance

02

100 years of innovation

04

Strategic report

Chair's statement

08

Chief Executive Officer's statement

12

Q&A with our CEO

13

Our strengths

16

Our products

18

Our markets

20

Business model

28

Our Take the Turn strategy

30

KPIs - financial and non-financial

32

Section 172 and stakeholder engagement

36

Sustainability

40

Principal risks and uncertainties

42

Taskforce on Climate-Related Financial

52

Disclosures (TCFD)

Chief Financial Officer's report

58

Compliance statements

62

Non-financial information statement

64

Governance report

Corporate Governance at a glance

68

Chair's Corporate Governance statement

70

Board of Directors

72

Corporate Governance report

75

Nomination Committee report

80

Audit & Risk Committee report

83

Statement by the Chair of the Remuneration

90

Committee

Implementation of the remuneration policy

93

Annual report on remuneration

96

ESG Steering Committee report

106

Directors' report

108

Statement of Directors' responsibilities in

111

respect of the financial statements

Financial statements

Independent auditors' report to the members of

114

TI Fluid Systems plc

Consolidated Income Statement

122

Consolidated Statement of

123

Comprehensive Income

Consolidated Balance Sheet

124

Consolidated Statement of Changes in Equity

125

Consolidated Statement of Cash Flows

126

Notes to the Group Financial Statements

127

Company Balance Sheet

184

Company Statement of Changes in Equity

185

Notes to the Company Financial Statements

186

Group Financial Record

194

Shareholder information

196

2022 highlights

Management reporting measures

Revenue

Adjusted EBIT

€3,268m

€180m

2021: €2,957m

2021: €213m

Revenue 10.5% higher (+5.2% at

Adjusted EBIT margin of 5.5%

constant currency or 150bps below

(2021: 7.2%)

global light vehicle production

increase)

Adjusted Net Income

Adjusted Basic EPS (€ cents)

€44m

8.5c

2021: €58m

2021: 11.2c

Adjusted Free Cash Flow

€78m

2021: €117m

Statutory reporting measures

Operating loss

Loss for the year

€(217)m

€(279)m

2021: €127m Operating Profit

2021: €16m Profit

Basic EPS (€ cents)

Dividend per share

(54.4)c

2.54c

2021: 2.8c

2021: 3.39c

Overview

Strategic

Governance

Financial

Our purpose framework

Our purpose

Our purpose is to help make vehicles cleaner and greener to protect our environment and make our world a better place to live.

In pursuit of our purpose, we work together with our many OEM customers and suppliers around the globe to design, develop, manufacture and deliver a wide range of award-winning,industry-leading automotive fluid systems, operating in a sustainable manner out of 98 manufacturing locations in 28 countries.

Our vision

We are committed to enabling a sustainable future and improving the environmental and social well-being of the communities we operate in.

Our culture

We embrace innovation, learning, inclusivity, and teamwork to promote a positive culture that enables us to achieve our strategic goals.

Our values

Customers

  • Ensure that our customers are the focus of our business
  • Build a foundation for positive, mutual success

Communities

  • Be a responsible member of our communities
  • Support local engagement in charitable and other activities that benefit our communities

Innovation and improvement

  • Stay ahead of business challenges
  • Develop new methods and skills that improve our business
  • Maintain and strengthen continuous improvement culture in all areas of our business

Compliance

  • Comply with all laws that are applicable to our business, operations, workforce and products
  • Demonstrate the highest levels of integrity by embracing our Code of Business Conduct

Employees

  • Hire, develop and retain talented people
  • Provide a safe, respectful and inclusive working environment
  • Foster teamwork through communication

Environment

  • Encourage the prevention of pollution and the conservation of resources

TI Fluid Systems plc | Annual Report & Accounts 2022

01

Our business at a glance

Who we are

We are the industry leader in automotive fluid technology.

What we do

We design and manufacture award- winning, industry-leading automotive fluid systems in a sustainable manner for OEMs across the globe.

Where we are

We currently have 98 manufacturing locations in 28 countries, providing us with global reach and scale.

25,600

€3,268m

98

People

Group Revenue

Manufacturing Locations

Revenue by Region %

37%

34%

27%

2%

Europe and Africa

Asia Pacific

North America

Latin America

Our Take the Turn strategy

Technology

Transformation

Talent

Increase the market share of our advanced

Operate our business in a sustainable manner

Develop, promote and retain our workforce

technology and safety critical products,

in an inclusive environment

including new thermal management products

Read more on pages 30-31

for EVs

Read more on pages 30-31

Read more on pages 30-31

02 TI Fluid Systems plc | Annual Report & Accounts 2022

Overview

Strategic

Governance

Financial

North America

6,800

People

€896m

Revenue

Revenue

Denotes the collective figure for all TI Fluid companies in a given region or country

People

Denotes the number of people employed on a direct and indirect (contract) basis by TI Fluid companies in a given region or country

As at 31 December 2022

Europe and Africa

10,200

People

€1,207m

Revenue

Latin America

800

People

€51m

Revenue

Asia Pacific

7,800

People

€1,114m

Revenue

TI Fluid Systems plc | Annual Report & Accounts 2022

03

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

TI Fluid Systems plc published this content on 11 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 April 2023 06:46:02 UTC.