Autins : Annual Report & Accounts 2021

Oursolutions are driven by you

ANNUAL REPORT AND ACCOUNTS 2021

Solving your acoustic and thermal challenges

OUR PURPOSE

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.

Contents

Strategic report

Operational Highlights	3
At a glance	4
Technology and innovation	6
Our markets	10
Chairman's statement	14
Chief Executive Officer's review	18
Adding Value Responsibly	20
Business model	21
Strategy	22
Strategy in action	24
Responsible business	26
Our commitment to ESG	26
Our Stakeholders	32
Financial review	38
Key performance indicators ('KPIs')	46
Principal risks and uncertainties	50
Statement of Directors' responsibilities	59

Governance

Board of Directors and senior management	60
Corporate governance statement	66
Directors' report	72
Director's remuneration report	76
Audit Committee report	78

Financial statements

Independent auditor's report	80
Consolidated income statement	88
Consolidated statement of comprehensive income	89
Consolidated statement of financial position	90
Parent company statement of financial position	91
Consolidated statement of changes in equity	92
Parent company statement of changes in equity	93
Consolidated statement of cashflows	94
Notes to the financial statements	96
Directors, secretary, registered office and advisors	125

Revenue	Net debt2
£23.4m	£ £2.7m
+8.9%	FY20: £1.9 m
FY20: £21.5m

EBITDA1

£ £1.1m

FY20: £1.1 m

Cash from Operations

£1.0m

FY20: £1.5 m

Financial overview

Adjusted gross profit	Earnings per share
£6.3m1	-2.74p
(27.0%)	FY20: -4.35p
+5.4%
FY20: £6.0 m1 (28.0%)
Operating loss	Final dividend
-£0.7m	Nil
FY20: -£1.3 m
	FY20: Nil

1 Adjusted gross profit calculated for FY20 excludes a £0.2 million exceptional inventory impairment. Also in FY20 a further £0.3 million of exceptional restructuring costs are excluded from EBITDA. There are no such exceptional costs in FY21.. See note 5 for reconciliation.

2 Cash less bank overdrafts, invoice discounting and hire purchase finance, excluding IFRS16 lease liabilities.

Autins Group PLC Annual Report 2021

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Revenues increased by

8.9%

to £23.4 million. This reflected a marginal automotive recovery, but mainly growth of £1.7 million in non-automotive revenues, primarily in our flooring applications.

Neptune sales increased

64%

to £7.1 million (FY20: £4.3 million) despite pandemic supply chain disruption.

Flooring sales grew

161%

to £4.7 million (FY20: £1.8 million).

Operational

Hıghlights

Operational efficiency

improvements and Neptune manufacturing yield gains achieved to strengthen margins against disrupted supply chain volume reductions and related cost increases.

Operating cash inflow was

£1.0m

(FY20 inflow of £1.5 million) despite £0.5 million additional inventory, primarily reflecting a strategic buffer investment for critical Far East supplies.

OPERATIONAL HIGHLIGHTS

Gross profit increased by

5.4%

to £6.3 million (FY20: £6.0 million). Gross

margin reduced to 27.0% (FY20: 28.0%).

Consistent EBITDA of

£1.1m

achieved, despite considerable pandemic and semiconductor disruption impact on revenues.

£1.0m

of debt was repaid from the operating cash inflow.

Further strong performance seen in

Germany; sales grew by

69%

to £7.6 million (FY20 £4.5 million) and EBITDA increased to £0.9 million (FY20 £0.4 million).

In December0m2 21, the Company raised

£3.

via the placing of 15 million new ordinary shares at a price of 20 pence per share with new and existing investors.

Autins Group PLC Annual Report 2021

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