AUTINS GROUP PLC Driving towards a greener future
Annual Report
and Accounts
2022
Contents
3
43 82
Strategic report
Strategic Report
Introduction | 4 |
At a glance | 8 |
Technology and innovation | 10 |
Our markets | 13 |
Chairman's statement | 15 |
Chief Executive Officer's review | 17 |
Business model and strategy | 20 |
Adding Value Responsibly | 23 |
Strategy in action | 24 |
Responsible business | 27 |
Our commitment to ESG | 27 |
Our Stakeholders | 33 |
Financial review
Key performance indicators ('KPIs') | 50 |
Principal risks and uncertainties | 52 |
Statement of Directors' responsibilities | 63 |
65
Governance
Board of Directors and senior management | 66 |
Corporate governance statement | 70 |
Directors' report | 76 |
Director's remuneration report | 83 |
Audit Committee report | 85 |
Financial
Statements
Independent auditor's report Consolidated income statement
Consolidated statement of comprehensive income Consolidated statement of financial position Parent company statement of financial position Consolidated statement of changes in equity Parent company statement of changes in equity Consolidated statement of cashflows
Notes to the financial statements
Directors, secretary, registered office and advisors
87
96
96
97
99
100
101
102
105
139
Autins Group PLC Annual Report 2022 | 3 |
Our purpose
Solving your acoustic and thermal challenges
Autins is a specialist in solving acoustic and thermal problems.
Historically, we focused on the automotive industry but we are now diversifying into other industries such as commercial vehicles, flooring, office pods and building applications. We have a unique product offering, due to the breadth of our materials, products and manufacturing processes and a highly responsive technical support service, which is valued by customers.
Financial overview for 2022
Revenue | Net debt1 |
£18.9 MILLION | £2.0 MILLION |
-19.5% | FY21: £2.7 million |
FY21: £23.4 million | |
EBITDA | Gross profit |
-£1.2 MILLION | £4.2 MILLION |
FY21: £1.1 million profit | (22.4%) |
-33.1% | |
FY21: £6.3 million (27.0%) | |
Cash from Operations | Operating loss |
-£0.5 MILLION | -£3.0 MILLION |
FY21: £1.0 million inflow | FY21: -£0.7 million |
Earnings per share
-6.34p
FY21: -2.74p loss
Final dividend
Nil
FY21: Nil
1 Cash less bank overdrafts, invoice discounting and hire purchase finance, excluding IFRS16 lease liabilities.
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OperationalHeadlinestyleHighlights
HeadlineOperationalstyleHighlights continued
Revenues decreased by
19.5%
Gross profit decreased by
33.1%
Group EBITDA reduced in line with sales to a loss of
£1.2
Flooring sales were | Net Debt1 was reduced to |
27.4% | £2.0 MILLION |
to £18.9 million. This reflected ongoing supply chain issues in the automotive industry primarily related to global semi-conductor shortages
2021 | 8.9% |
2022 | -19.5% |
Neptune sales remained
to £4.2 million (FY21: £6.3 million).
Gross margin reduced to 22.4% (FY21: 27.0%) The onset of the Ukraine war and global economic factors affected energy and other material prices, with labour rates also impacted. Operational and productivity improvements partially offset this.
2021
MILLION
(FY21: £1.1 million profit)
2021£1.1m
2022 -£1.2m
Cashflow from Operating
lower at £3.4 million for the year (FY21: £4.7 million). This reduction was caused by the exclusion of initial launch stock sales that benefitted FY21 and a softening of construction markets.
2021
2022
(FY21: £2.7 million) following a placing of new shares in December 2021 that raised £3.0m (gross) and which offset cash absorption during the year.
2021
2022
stable at
£7.1 MILLION
(FY21: £7.1 million) despite pandemic supply chain disruption, resulting from contract wins and growth into European markets.
2021
2022
2022
activities was an outflow of
-£0.5 MILLION
(FY21 inflow of £1.0 million) primarily reflecting the trading loss, being partially offset by R&D tax credit claims, with neutral working capital movement.
2021
2022
Germany sales were
£6.6 MILLION
(FY21 £7.6 million) and EBITDA was £0.3 million
(FY21 £0.9 million) as Germany continued to generate positive EBITDA and operating cash despite also seeing a downturn in sales.
2021
2022
Post Period Review
The Group has taken and secured significant profit and cashflow improvement actions since the reporting date. These include contractual improvements which improve customer pricing, materials purchasing, further headcount restructuring and other cost downs. In isolation, the cumulative impact of these improvements would be to reduce the annualised run rate of net losses by in excess of £2.5m (although there are other factors which may impact on the Group's overall performance in the current year, perhaps materially so). Nonetheless, FY23 Q1 actual performance shows an unaudited EBITDA of £0.1m positive, being a marked improvement over FY22.
The Board are pleased to report that further support from both of the Group's lenders, in the form of further payment deferments until at least July 2023, and covenant waivers until March 2024 have been confirmed.
1 Cash less bank overdrafts, invoice discounting and hire purchase finance, excluding IFRS16 lease liabilities.
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Who we are
What We Do
We Design
We use our acoustic and thermal expertise and experience to research, test and develop bespoke solutions and products for our customers. Innovative design is the starting point for how we differentiate ourselves.
We Manufacture
We have a wide range of advanced manufacturing and conversion processes which deliver truly world-class quality products and services, including the unique and patented Neptune nonwoven material manufactured in our Tamworth facility.
We Support
We recognise that our products exist to solve customer problems. We are focused on providing support to our customers throughout their programme life cycles to ensure those problems remain solved.
Our Specialist Solutions
Acoustic
Our range of nonwoven products are low weight and designed specifically to provide excellent acoustic absorption making them suitable for various areas in the automotive sector, office acoustics, and in building applications.
Thermal
A number of our materials provide thermal insulation, whether to protect passengers from the heat of an engine or to provide thermal control such as extending battery life in electric engines. Our patented Neptune product has low thermal conductivity ideal for applications in automotive and commercial vehicles and when combined with reflective foils is also suitable for the construction and the HVAC sector.
Where we operate
UK
Tamworth
Materials' manufacturing, assembly
and conversion operation
Rugby
Group headquarters, Group technical centre (laboratory and test site), new product introduction centre, assembly and conversion operation
Northampton
Joint venture with Indica Industries (India), materials manufacturing and assembly
Sweden
Gothenburg
New product introduction
centre, materials
manufacturing, assembly
and conversion
operation
Germany
3
Countries
5
Operating locations
160
174 | Automotive |
Employees | 97 |
Customers |
Other markets
16
Customers
Dusseldorf
New product introduction
centre, assembly and conversion operation
Customer locations
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Disclaimer
Autins Group plc published this content on 15 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2023 11:46:08 UTC.
