nike air max 90 grün Automotive Systems Division Pro Forma Old Structure
Sales up 10.7% Sales up 3.5% before consolidation and exchange rate changes Adjusted EBIT up 9.4%The Electronic Brake Safety Systems business unit sold 15.7 million electronic brake systems during the 2007 fiscal year. The North American market continued to develop satisfactorily. With 2.9 million ESC units we achieved a growth in sales volumes of 45.1% compared to 2006. Sales of wheel speed sensors were up 8.5% to some 64 million units.
at the Hydraulic Brake Systems business unit also rose, largely due to increased new business and higher unit sales figures. We lifted sales volumes of brake boosters by 9.1% to 13.4 million units. Brake calipers saw a rise of 1.8% to 34.5 million units.
The Chassis Powertrain business unit achieved marked increases in sales volumes for diesel control units, oil sensors, and electronic air springs.
Sales volume in the Electric Drives business unit declined in the year under review.
The Body Security business unit achieved gains in volume overall, with the most significant growth being reported by the seat controllers product group.
Sales up 10.7%; Sales up 3.5% before consolidation and exchange rate changes
Sales of the Automotive Systems division rose to 6,636.7 million, up 10.7% compared with 2006 (5,994.4 million). The automotive electronics business acquired from Motorola contributed 1,090.7 million to sales. Before changes in the scope of consolidation and exchange rate effects, sales increased by 3.5%.
The year on year growth in sales is mainly attributable to higher volumes for ESC systems, brake boosters, brake calipers, as well as for diesel engine and oil sensors.
EBITDA up 19.5%
The Automotive Systems division improved its EBITDA compared to the previous year by 162.2 million, or 19.5%, to 996.0 million (2006: 833.8 million). EBITDA amounted to 15.0% of sales (2006: 13.9%).
Earnings improve 25.6%; Adjusted EBIT up 9.4%
The Automotive Systems division improved its EBIT by 25.6% to 668.3 million (2006: 532.2 million) and achieved a return on sales of 10.1% (2006: 8.9%) and a ROCE of 16.3% (2006: 13.8%). The automotive electronics business acquired from Motorola contributed 3.1 million to EBIT. This figure includes integration and restructuring expenses. Before changes in the scope of consolidation and special effects, EBIT rose by 59.4 million or 9.4% to 689.9 million (2006: 630.5 million). The adjusted return on sales amounted to 11.4% (2006: 10.5%).
Special effects in 2007
The continuing integration of Motorola’s automotive electronics business resulted in expenses in the year under review of 25.9 million and restructuring expenses of 8.1 million including expenses associated with the negotiations concluded in the first quarter of 2007 for the redundancy plan for the Angers plant in France.
To optimize the organization of production facilities in Germany and improve the cost structure of the Electric Drives business unit, the Haldensleben site was closed with effect from the end of the year except for a few minor winding up activities. The Haldensleben operations were relocated to Berlin. This led to restructuring expenses in 2007 in the amount of 5.8 million.
Effective January 1, 2008, Continental Teves Japan Inc. sold significant parts of its plant including the related buildings and machinery at the Hiroshima location in Japan, to Nisshinbo Industries Inc. for the symbolic amount of 1 yen in order to avoid the cost of a plant closure. In accordance with IFRSs, the carrying amount of the plant must be written down to its expected selling price. This led to an impairment loss of 3.6 million.
The transfer of production capacity from the Ebbw Vale plant in the UK to the Zvolen plant in Slovakia, which commenced in 2006, resulted in restructuring expenses in 2007 of 1.4 million.
Special effects in 2007 resulted in a loss 50.0 million for the Automotive Systems division.
Special effects in 2006
In 2006 we transferred production capacity from the Ebbw Vale, UK, plant to our plant in Zvolen, Slovakia, in order to improve the cost structure in the Foundation Brakes unit. This led to restructuring expenses in the previous year in the amount of 28.0 million.
Provisions of 9.9 million were released after legal claims brought by former employees relating to the closure of the Automotive Systems division’s Gretz plant in France were dismissed in 2006. as of 2007. This facility was obtained as part of the acquisition of the automotive electronics business from Motorola. The related lease agreement does not expire until the end of 2025. At the end of 2006, it was estimated that the ongoing leasing costs would not be fully covered by subleasing the building. This is because of likely deductions as well as lost rent for the portions of the building that cannot be leased, as well as lost surcharges for lessee installations amortized over the rental agreement. Provisions amounting to 11.5 million were set up accordingly. Furthermore, impairment losses were recognized in the amount of 1.9 million.
Integration expenses amounting to 10.5 million arose in 2006 in conjunction with the automotive electronics business acquired from Motorola, primarily for employee incentives and for the use of Motorola, Inc., IT systems.
As part of the long term production strategy of the Automotive Systems division, all plants are subject to continuous review for productive and technical efficiency and their cost structure. plants in Elma, New York, and Seguin, Texas, production could not be maintained at these plants. This led to restructuring expenses totaling 56.3 million, including impairment losses amounting to 10.7 million.