Balance Sheet TI Fluid Systems plc

Equities

TIFS

GB00BYQB9V88

Auto, Truck & Motorcycle Parts

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02-05	TI Fluid Systems Shareholders Approve Proposed Acquisition by ABC Technologies	MT
12-17	TI Fluid Systems Publishes Scheme of Arrangement for ABC Technologies' Buyout Bid	MT

25df646266.CWxrpxAqWuPBqcmkvdbZjOgzH-OJaWco3B93PMVZKig.ai8C6yMdIoKr44vPx7Ko46RQTJDPDBRPmV5Od_wVeVlTAA7kU040s478og

Published financial data: TI FLUID SYSTEMS PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	3.41B	2.81B	2.96B	3.27B	3.52B
Total Revenues	3.41B	2.81B	2.96B	3.27B	3.52B
Cost of Goods Sold, Total	2.92B	2.49B	2.63B	2.94B	3.06B
Gross Profit	488M	321M	330M	330M	457M
Selling General & Admin Expenses, Total	241M	233M	202M	234M	268M
Other Operating Expenses	-8M	-6.2M	-4.1M	-2.1M	-4.7M
Other Operating Expenses, Total	233M	227M	198M	232M	264M
Operating Income	255M	94.7M	132M	98.5M	193M
Interest Expense, Total	-67.3M	-66.3M	-60.6M	-61.4M	-77.1M
Interest And Investment Income	4.8M	2.2M	2.6M	3.9M	7.6M
Net Interest Expenses	-62.5M	-64.1M	-58M	-57.5M	-69.5M
Income (Loss) On Equity Invest.	300K	-3.5M	-900K	-	-
Currency Exchange Gains (Loss)	500K	27.2M	-6.9M	-700K	-200K
Other Non Operating Income (Expenses)	9.6M	-5.8M	500K	1.6M	-700K
EBT, Excl. Unusual Items	203M	48.5M	66.4M	41.9M	123M
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-	-	-	-	-1.8M
Impairment of Goodwill	-	-184M	-	-217M	-
Gain (Loss) On Sale Of Investments	-	-	-200K	-	-
Gain (Loss) On Sale Of Assets	-1.6M	-500K	-600K	-300K	-200K
Asset Writedown	-	-120M	-	-100M	-
Insurance Settlements	300K	-	300K	100K	100K
Legal Settlements	-	-	-	-	-
Other Unusual Items	-	2.8M	-11.8M	-	-
EBT, Incl. Unusual Items	202M	-254M	54.1M	-276M	121M
Income Tax Expense	57.1M	-1.6M	38.1M	3.3M	37.5M
Earnings From Continuing Operations	145M	-252M	16M	-279M	83.6M
Extraordinary Item & Accounting Change	-	-	-	-	-
Net Income to Company	145M	-252M	16M	-279M	83.6M
Minority Interest	-3M	-1.9M	-1.7M	-100K	-100K
Net Income - (IS)	142M	-254M	14.3M	-279M	83.5M
Net Income to Common Incl Extra Items	142M	-254M	14.3M	-279M	83.5M
Net Income to Common Excl. Extra Items	142M	-254M	14.3M	-279M	83.5M
Per Share Items
Net EPS - Basic	0.27	-0.49	0.03	-0.54	0.16
Basic EPS - Continuing Operations	0.27	-0.49	0.03	-0.54	0.16
Basic Weighted Average Shares Outstanding	520M	520M	519M	513M	516M
Net EPS - Diluted	0.27	-0.49	0.03	-0.54	0.16
Diluted EPS - Continuing Operations	0.27	-0.49	0.03	-0.54	0.16
Diluted Weighted Average Shares Outstanding	520M	520M	525M	513M	518M
Normalized Basic EPS	0.24	0.05	0.08	0.05	0.15
Normalized Diluted EPS	0.24	0.05	0.08	0.05	0.15
Dividend Per Share	0.03	0.07	0.03	0.03	0.07
Payout Ratio	32.91	-	314.69	-4.51	23.71
Supplemental Items
EBITDA	379M	199M	224M	201M	279M
EBITA	272M	97M	134M	100M	194M
EBIT	255M	94.7M	132M	98.5M	193M
EBITDAR	387M	204M	229M	207M	286M
Effective Tax Rate - (Ratio)	28.31	0.63	70.43	-1.2	30.97
Total Current Taxes	65.8M	53M	63.6M	57.4M	69.8M
Total Deferred Taxes	-8.7M	-54.6M	-25.5M	-54.1M	-32.3M
Normalized Net Income	124M	28.41M	39.8M	26.09M	76.78M
Interest on Long-Term Debt	67M	66.3M	71.8M	61.3M	77.1M
Non-Cash Pension Expense	-6M	900K	1.9M	2.7M	3.2M
Supplemental Operating Expense Items
Selling and Marketing Expenses	95M	83.7M	93.9M	112M	110M
General and Administrative Expenses	142M	145M	106M	119M	154M
Research And Development Expense From Footnotes	91.9M	99.6M	67.9M	87.4M	73.8M
Net Rental Expense, Total	7.9M	5.1M	5.4M	6.2M	6.7M
Imputed Operating Lease Interest Expense	3.4M	2.12M	2.11M	2.42M	3.43M
Imputed Operating Lease Depreciation	4.5M	2.98M	3.29M	3.78M	3.27M
Maintenance & Repair Expenses, Total	40.6M	32M	31.8M	34.2M	34.2M
Stock-Based Comp., G&A Exp. (Total)	400K	-	-	-	-
Stock-Based Comp., Other (Total)	1M	900K	6.8M	9.6M	8.6M
Total Stock-Based Compensation	1.4M	900K	6.8M	9.6M	8.6M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	412M	486M	499M	491M	417M
Trading Asset Securities, Total	1.3M	200K	200K	-	-
Total Cash And Short Term Investments	413M	486M	499M	491M	417M
Accounts Receivable, Total	574M	535M	520M	542M	551M
Other Receivables	13.7M	13.7M	11.4M	7.9M	9M
Total Receivables	588M	548M	532M	550M	560M
Inventory	367M	351M	332M	372M	378M
Other Current Assets, Total	18M	1.1M	1.6M	2.8M	3M
Total Current Assets	1.39B	1.39B	1.37B	1.42B	1.36B
Gross Property Plant And Equipment	1.28B	1.23B	1.33B	1.45B	1.53B
Accumulated Depreciation	-400M	-510M	-610M	-805M	-891M
Net Property Plant And Equipment	876M	716M	721M	641M	644M
Long-term Investments	19.2M	14.6M	-	-	-
Goodwill	739M	536M	564M	354M	346M
Other Intangibles, Total	308M	245M	214M	159M	110M
Accounts Receivable Long-Term	21.6M	18.9M	19.2M	20.6M	23.4M
Deferred Tax Assets Long-Term	25.1M	62.4M	70.5M	105M	126M
Deferred Charges Long-Term	135M	103M	106M	91.4M	86.6M
Other Long-Term Assets, Total	-	-	-	-	-
Total Assets	3.51B	3.08B	3.06B	2.79B	2.69B
Liabilities
Accounts Payable, Total	611M	614M	546M	585M	633M
Current Portion of Long-Term Debt	3.7M	7.4M	1.8M	1.9M	1.5M
Current Portion of Leases	28.7M	28.6M	30.1M	28.1M	24.9M
Current Income Taxes Payable	48.7M	40.7M	49.9M	44.5M	55.4M
Other Current Liabilities	43.4M	25.8M	29M	14.2M	15.2M
Total Current Liabilities	736M	717M	657M	674M	730M
Long-Term Debt	1.15B	1.07B	1.1B	1.11B	1.01B
Long-Term Leases	138M	122M	120M	122M	108M
Pension & Other Post Retirement Benefits	154M	161M	128M	104M	104M
Deferred Tax Liability Non Current	128M	104M	95.8M	80.7M	58.7M
Other Non Current Liabilities	17.3M	24.9M	17.2M	15.4M	17.7M
Total Liabilities	2.32B	2.2B	2.12B	2.11B	2.03B
Common Stock, Total	6.8M	6.8M	6.8M	6.8M	6.8M
Additional Paid In Capital	2.2M	2.2M	2.2M	2.2M	2.2M
Retained Earnings	1.26B	988M	996M	723M	766M
Comprehensive Income and Other	-106M	-138M	-61.4M	-55.4M	-110M
Total Common Equity	1.16B	859M	944M	676M	665M
Minority Interest	24.5M	25.2M	400K	500K	600K
Total Equity	1.19B	884M	944M	677M	666M
Total Liabilities And Equity	3.51B	3.08B	3.06B	2.79B	2.69B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	520M	520M	516M	513M	513M
ECS Total Common Shares Outstanding	520M	520M	516M	513M	513M
Book Value / Share	2.24	1.65	1.83	1.32	1.3
Tangible Book Value	118M	78.1M	165M	164M	209M
Tangible Book Value Per Share	0.23	0.15	0.32	0.32	0.41
Total Debt	1.32B	1.23B	1.25B	1.27B	1.14B
Net Debt	906M	742M	751M	774M	728M
Debt Equivalent of Unfunded Proj. Benefit Obligation	115M	123M	85.4M	67.4M	77M
Debt Equivalent Oper. Leases	63.2M	40.8M	43.2M	49.6M	53.6M
Minority Interest, Total (Incl. Fin. Div)	24.5M	25.2M	400K	500K	600K
Equity Method Investments, Total	19.2M	14.6M	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	176M	165M	186M	216M	207M
Inventories - Work In Process, Total	151M	147M	114M	120M	130M
Inventories - Finished Goods, Total	39.9M	39.6M	32.3M	36.8M	41.6M
Land - (BS)	176M	162M	170M	183M	200M
Machinery, Total	820M	793M	876M	970M	1.02B
Full Time Employees	27.3K	25.7K	25.6K	25.6K	27.6K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	142M	-254M	14.3M	-279M	83.5M
Depreciation & Amortization - CF	139M	134M	120M	131M	110M
Amortization of Goodwill and Intangible Assets - (CF)	16.5M	2.3M	2.1M	2M	1.1M
Depreciation & Amortization, Total	155M	136M	122M	133M	112M
Amortization of Deferred Charges, Total - (CF)	71.3M	68.7M	68.1M	73.1M	66.7M
(Gain) Loss From Sale Of Asset	1.6M	-2.9M	600K	4M	200K
(Gain) Loss on Sale of Investments - (CF)	-	-	200K	-	-
Asset Writedown & Restructuring Costs	3.5M	313M	2M	319M	600K
(Income) Loss On Equity Investments - (CF)	200K	4M	900K	-	-
Stock-Based Compensation (CF)	1.4M	900K	6.8M	9.6M	8.6M
Other Operating Activities, Total	-25.7M	-69.7M	13.8M	-52.2M	-24.7M
Change In Accounts Receivable	-400K	38.6M	39.3M	-16.3M	-25.8M
Change In Inventories	-10.8M	-	34.4M	-34M	-11.6M
Change In Accounts Payable	13.9M	24.3M	-83M	27.6M	26.3M
Change in Other Net Operating Assets	-17.3M	-1.3M	-4.2M	-17.1M	700K
Cash from Operations	334M	258M	215M	168M	236M
Capital Expenditure	-119M	-82.1M	-88.2M	-90.8M	-105M
Sale of Property, Plant, and Equipment	600K	13.8M	1.4M	-	1.4M
Cash Acquisitions	-	-	-	-	-16.9M
Sale (Purchase) of Intangible assets	-39.7M	-30.1M	-35.4M	-27.1M	-19M
Investment in Marketable and Equity Securities, Total	-	-	15.5M	-	-
Other Investing Activities, Total	1.5M	3M	3.1M	1.3M	8M
Cash from Investing	-157M	-95.4M	-104M	-117M	-132M
Long-Term Debt Issued, Total	-	214M	600M	-	-
Total Debt Issued	-	214M	600M	-	-
Long-Term Debt Repaid, Total	-81.6M	-244M	-638M	-38.4M	-133M
Total Debt Repaid	-81.6M	-244M	-638M	-38.4M	-133M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-3.5M	-8.3M	-11.4M	-6.3M
Common Dividends Paid	-46.6M	-	-45M	-12.6M	-19.8M
Common & Preferred Stock Dividends Paid	-46.6M	-	-45M	-12.6M	-19.8M
Other Financing Activities, Total	-1M	-18.2M	-30.8M	-	-3.2M
Cash from Financing	-129M	-51.6M	-122M	-62.4M	-162M
Foreign Exchange Rate Adjustments	3.4M	-36.5M	24.3M	3.4M	-16M
Net Change in Cash	51.6M	74.1M	13.3M	-8.1M	-74.3M
Supplemental Items
Cash Interest Paid	63.1M	57.1M	50.6M	56.7M	70.7M
Cash Income Tax Paid (Refund)	79.7M	59.7M	54.1M	58.3M	66.5M
Levered Free Cash Flow	165M	161M	97.24M	80.79M	178M
Unlevered Free Cash Flow	207M	202M	135M	119M	226M
Change In Net Working Capital	20.7M	-49.6M	20.4M	40.3M	-43M
Net Debt Issued / Repaid	-81.6M	-29.9M	-38.4M	-38.4M	-133M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.67	1.8	2.68	2.11	4.41
Return on Total Capital	6.68	2.56	3.82	2.98	6.44
Return On Equity %	12.74	-24.33	1.75	-34.43	12.45
Return on Common Equity	12.74	-25.11	1.59	-34.46	12.45
Margin Analysis
Gross Profit Margin %	14.32	11.42	11.15	10.11	13
SG&A Margin	7.07	8.28	6.84	7.16	7.64
EBITDA Margin %	11.1	7.06	7.57	6.15	7.95
EBITA Margin %	7.96	3.45	4.53	3.07	5.53
EBIT Margin %	7.48	3.36	4.45	3.01	5.5
Income From Continuing Operations Margin %	4.24	-8.96	0.54	-8.54	2.38
Net Income Margin %	4.15	-9.03	0.48	-8.54	2.37
Net Avail. For Common Margin %	4.15	-9.03	0.48	-8.54	2.37
Normalized Net Income Margin	3.63	1.01	1.35	0.8	2.18
Levered Free Cash Flow Margin	4.85	5.71	3.29	2.47	5.07
Unlevered Free Cash Flow Margin	6.08	7.18	4.57	3.65	6.44
Asset Turnover
Asset Turnover	1	0.85	0.96	1.12	1.28
Fixed Assets Turnover	4.31	3.54	4.12	4.8	5.48
Receivables Turnover (Average Receivables)	5.92	5.07	5.6	6.15	6.43
Inventory Turnover (Average Inventory)	8.12	6.94	7.68	8.34	8.15
Short Term Liquidity
Current Ratio	1.88	1.94	2.08	2.1	1.86
Quick Ratio	1.36	1.44	1.57	1.55	1.34
Operating Cash Flow to Current Liabilities	0.45	0.36	0.33	0.25	0.32
Days Sales Outstanding (Average Receivables)	61.68	72.13	65.14	59.32	56.73
Days Outstanding Inventory (Average Inventory)	44.95	52.74	47.5	43.75	44.77
Average Days Payable Outstanding	75.78	90.51	81.2	69.31	72.5
Cash Conversion Cycle (Average Days)	30.85	34.36	31.44	33.76	29.01
Long Term Solvency
Total Debt/Equity	110.92	138.85	132.45	187.01	171.85
Total Debt / Total Capital	52.59	58.13	56.98	65.16	63.22
LT Debt/Equity	108.19	134.78	129.07	182.58	167.89
Long-Term Debt / Total Capital	51.3	56.43	55.53	63.61	61.76
Total Liabilities / Total Assets	66.13	71.31	69.16	75.71	75.28
EBIT / Interest Expense	3.79	1.43	2.17	1.6	2.51