PDF Grupo Antolin achieves sales of €4,055 million in 2021

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Press Release

Grupo Antolin achieves sales of €4,055 million in 2021

Burgos, April 26, 2022- Grupo Antolin, global supplier of technological solutions for car interiors, once again demonstrated the strength of its business throughout 2021, a challenging financial year in which the company experienced the chips crisis and a sharp increase in the cost of raw materials.

Sales reached €4,055 million compared to €3,975 million in the previous financial year, which represents a level of growth in line with the market. In total, close to 76 million vehicles were manufactured worldwide, just 2% more than in 2020 when the market suffered the impact of the COVID-19 crisis. In 2021, global vehicle production was heavily impacted by semiconductor shortages, recording low numbers for the second consecutive year. In this light, the company demonstrated its flexibility and operational efficiency in order to accommodate these production stoppages for customers.

In 2021, the EBITDA improved by 4% to €282 million thanks to the optimisation and efficiency measures that were put in place. The company’s cash increased by 10% to

€441million, and net debt decreased to €760 million (–58 million). This coupled with refinancing bank credit and the issuance of the bond -both operations closed last year- ensure that Grupo Antolin is in a solid financial position to cope with the situation the industry is in, while continuing to develop its business strategy.

By region, the performance of Asia-Pacific stands out, where sales improved by 17%

to €593 million, well above the market’s rise, thanks to a growth of 9.5% in China to

€509 million, and of 58% in India to €63 million. Grupo Antolin is expanding its customer base and product portfolio in China with the goal of consolidating itself as a key provider of advanced solutions.

Sales in Europe (€1,994 million, -1%), South America (€59 million, +39%) and Africa (€73 million, +43%) also outperformed the respective markets. In North America, revenue reached €1,336 million compared to €1,368 million in 2020.

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Analysts expect vehicle production growth this year, although the intensity of this growth will depend on both the development of the semiconductor crisis, which is expected to improve in the second part of the financial year, and the impact of the war in Ukraine on the global supply chain. However, it is not expected to reach pre-COVID- 19 levels, with the production of around 90 million cars, until 2023. Grupo Antolin expects a positive evolution of its results in 2022 as it continues to focus on improving business operational efficiency and controlling its treasury.

Advances in business strategy

Despite the complex market situation, 2021 has been a financial year made up of significant advances in the main pillars of the strategy to transform the company’s business: “We continue to build a business model that seeks to have a positive impact on our stakeholders, while advancing the strategy to consolidate ourselves as a provider of innovative and advanced solutions in the interior of the vehicle”, highlights Ernesto Antolin, chairman of Grupo Antolin.

The company ended the last financial year with over 340 projects in progress after achieving over 120 new programs with car makers, of which 40 correspond to the lighting and electronic systems businesses.

New businesses in functional lighting and smart surfaces particularly stand out, such as the first Touch Control Unit project, which will be developed for two Tata models and integrates a sophisticated decor with wide dimensions, ambient lighting, capacitive switches and electronics, all into one single unit. The company has also secured significant interior lighting programs for German-branded vehicles recently released on the market. An example of this is the new ambient lighting in the BMW iX electric SUV, one of the best in the premium segment that incorporates dynamic light for different driving scenarios. For this system, Grupo Antolin has developed state-of-the-art electronics in combination with ISELED technology, based on highly integrated smart LED modules enabling dynamic light.

The company also consolidated its ecosystem of strategic partners last year with the goal of improving its technological capabilities. In 2021, Grupo Antolin embarked on a joint venture with Shanghai NAEN Auto Technology focused on the development of advanced electronic products for customers in China. It also reached an agreement with ZONAIR3D on the development of interior air purification systems for vehicles and became part of Plug and Play, the largest global open innovation platform.

From business responsibility to responsible business – ESG objectives

Another important milestone in 2021 was the approval of the new ESG (environmental, social and corporate governance) objectives, as well as the actions to achieve them, allowing the group to strengthen its sustainable business model and value generation

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for Grupo Antolin’s stakeholders. Profitability and purpose come together to build the mobility of the future, from within products and people, with a focus on three areas of increased value for the company: planet, people and business.

In order to contribute to the decarbonisation of the automotive industry, the company has set a goal for its own operations to be carbon neutral by 2040, with CO2 emissions being reduced by 30% by 2028, as a first step. Meanwhile, the company is working on neutralising emissions across its entire value chain with the aim of doing so by 2050.

The promotion of eco-design through Life Cycle Analysis, the increase in recyclable and natural materials in the solutions provided to the customer, the maximum use of resources, and the decrease in the generation of waste and emissions are the pillars of circular economy actions and objectives under the motto “do more with less”.

Among the social actions highlighted, the company promotes diversity, equity and inclusion with regard to talent, with a focus on promoting women at managerial levels, as well as reducing the number of occupational accidents on a path towards a zero accident policy.

Finally, Grupo Antolin will continue to apply best practices in corporate governance and strict ethical and compliance standards with the utmost respect for human rights, including its supply chain.

About Antolin

Grupo Antolin is one of the world’s largest manufacturers of vehicle components in the world and a global supplier of technological solutions for automotive interiors. The company supplies the world’s leading car manufacturers through 145 factories in 26 countries. Antolin has 25,000 employees and sales of €4,055 million in 2021. Grupo Antolin offers high added value products via four Business Units: Overheads, Cockpits

& Doors, Lighting & HMI, and Electronic Systems.

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