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continued to impair automobile demand there,
thus resulting in correspondingly low production
volumes. While net sales of Business Group
SAMEA in local currencies increased by 17.1%,
above all due to inflation-related price rises,
net sales in Swiss francs stabilized at a low level
at CHF 93.5 million (2015: CHF 94.3 million).
Thanks to successful restructuring measures, the
operating loss before special effects was reduced
on the previous year. EBIT before special
effects improved from CHF –12.5 million to
CHF –9.1 million; the EBIT margin rose by
3.5 percentage points. EBIT after special effects
in connection with the impairment loss due to
the intended adaptation of the South American
production capacity came to CHF –13.4 million.
Outlook
For 2017, Autoneum anticipates net sales
growth in local currencies of 4% to 5% in line
with its mid-term financial targets. This growth
looks set to vary by region. While Business
Group Europe is likely to exceed the mid-term
target, net sales of Business Group North
America should remain at the previous year's
level due to softening demand. In line with the
strategy, double-digit net sales growth at the
high level of 2016 is expected for Business
Group Asia also in 2017, thus being well above
the market. The continuation of the restructuring
measures in South America should lead to a
further improvement in earnings of Business
Group SAMEA. Despite the challenging market
environment, Autoneum expects to maintain
the EBIT margin achieved in 2016.
In 2017, Autoneum
expects to increase
net sales in local curren-
cies by 4% to 5% and
to maintain the
EBIT margin achieved
in 2016.
Thank you
On behalf of the Board of Directors and the
Group Executive Board, we would like to
thank the shareholders for their confidence
in Autoneum and our customers, suppliers
and business partners for the good and trustful
cooperation. We would particularly like to
thank more than 11000 employees worldwide
for their high level of commitment and loyalty,
without which Autoneum’s success would
not be possible.
Winterthur, March 1, 2017
Hans-Peter Schwald
Martin Hirzel
Chairman of the Board
Chief Executive Officer
9
Autoneum Annual Report 2016
Letter to Shareholders