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 |
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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.