Aroq Ficosa Profile 2005 Ed3 Corp Sample

8/13/2019 Aroq Ficosa Profile 2005 Ed3 Corp Sample

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2004 All content copyright Arog Ltd. All rights reserved.

Ficosa International SA

2005 company profile edition 2


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2005 company profile edition 2

November 2005

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Page iii

Table of contents

Multi-user licence edition............................................................................................ iiCopyright statement ..................................................................................................ii

Table of contents ........................................................................................................ iiiList of tables................................................................................................................ ivjust-auto.coms research portfolio ............................................................................. v

Incredible ROI for your budget single and multi-user licences.............................. vjust-auto.com membership ........................................................................................ viChapter 1: Company Dossier...................................................................................... 1Chapter 2: Worldwide Locations ................................................................................ 4Chapter 3: Financial Analysis..................................................................................... 6

Chapter 4: Competitor Analysis .................................................................................7Chapter 5: Key Events................................................................................................. 8Chapter 6: SWOT Analysis........................................................................................ 11

Strengths................................................................................................................ 11Weakness .............................................................................................................. 11Opportunities.......................................................................................................... 12Threats ................................................................................................................... 12

Chapter 7: Customers................................................................................................13Chapter 8: Products................................................................................................... 14Chapter 9: Product Development ............................................................................. 15Chapter 10: Prospects ...............................................................................................17Online sources of information..................................................................................18

Free email newsletters ........................................................................................... 18Other research reports ........................................................................................... 18Global news and feature articles............................................................................ 18Search the web ...................................................................................................... 18

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Page iv

List of tables

Table 1: Key companies of Ficosa International, globally, across operatingdivisions ................................................................................................................... 4

Table 2: Key financial performance of Ficosa, 2000-2004....................................... 6

Table 3: Automotive products of Ficosa International ............................................ 14



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Chapter 1 Company Dossier Page 1

Chapter 1: Company Dossier

Company name


Business activity

Headquartered at Barcelona in Spain, Ficosa International SA is one of the leading

manufacturers of automotive mirrors globally. The company also supplies a wide range

of products such as parking brakes, gearshifts, air ducts, sunvisors and automotive

security systems. The company has four operating divisions namely: Rear-View

Systems, Command & Control Systems, Plastics & Electrical Systems and Security &

Locking Systems. The company has widespread presence in Europe, Latin America,

Asia and NAFTA regions, and produces more than xxmillion rear-view mirrors annually.

In the fiscal ended December 2004, Ficosa posted a turnover of xxx.xx million, an

increase of x.x% over 2003.

Stock symbol

Ficosa International SA is a private company and therefore its shares are not listed on

any stock exchange.

Key executives

Jos M Pujol Artigas, Chairman

Jos M Tarrag Fabo, Vice-Chairman

Jos M Tarrag Pujol, Executive Vice-Chairman

Javier Pujol Artigas, CEOJosep M Serra Permanyer, Financial Director

Joan Caellas Permanyer, Procurement Director

Victor Solano, Corporate Human Resources Director:

Jordi Casas Gomila, Command and Control Systems Managing Division

Enric Vilamaj Fontanet, Rear-View Mirrors Managing Division



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Chapter 2 Worldwide Locations Page 4

Chapter 2: Worldwide Locations

Ficosa International SA is headquartered at Barcelona, Spain and employed

approximately x,xxxpeople across 18 countries, as of December 2004. The following

table illustrates the global presence of the company across its various operating

divisions.

Table 1: Key companies of Ficosa International, globally, across operating divisions

Country Company

Command & Control Systems Division

Spain Fico Cables SA (Saint Guim); Fico Co Cables SA (Rub); FicoCables SA (Barcelona); Fico Cables SA (El Burgo De Osma); Fico

Co Triad SAFrance Maurice Lecoy Ficosa International SAItaly Ficosa International SrlBrazil Ficosa Do Brasil LtdaIndia Tata Ficosa Automotive Systems Pvt LvdPortugal Fico Co Cables Lda

Argentina Ficosa Argentina SAMexico Ficosa North America SA De CVUSA Ficosa North America CorporationKorea Daeshin Machinery IndCo Co Ltd

Rear-View Systems Division

Spain Fico Co Mirrors SA (Mollet Del Valls); Fico Co Mirrors SA (Nalda);

Fico Co Mirrors SA (Soria)Germany Wilke FicosaItaly Fico Mirrors Italia (Morcone); Fico Mirrors Italia (Venaria Reale)France Fico Mirrors France-Dieuze; Fico CIPA SA RLPoland Fico Mirrors PolskaTurkey Fico Mirrors Trkiye

Argentina Ficosa Argentina SAMexico Ficosa North America SA De CV (Salinas, Victoria)Brazil Ficosa Do Brasil LtdaUSA Ficosa North America Corporation

Plastics and Electrical Systems Division

Spain Fico Transpar SA (Soria); Fico Transpar SA (Rub); Fico ITM SA(Rub); Fico ITM SA (Sant Guim De Freixenet)England Ficosa International LtdFrance Seric FicosaSlovenia SEP doo FicosaUSA Ficosa North America CorporationBrazil Ficosa International Ltd

Argentina Ficosa Argentina SA



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Chapter 3 Financial Analysis Page 6

Chapter 3: Financial Analysis

In fiscal 2004, Ficosa International SA posted revenues of xxx.xxmillion, an increase

of x.x% over 2003. The companys cash flow (operating income plus depreciation) stood

at xxmillion. Ficosa had investments of xx.xxmillion for the year ended December

2004.

Table 2: Key financial performance of Ficosa, 2000-2004

(In millions of , unless other wise stated)

2000 2001 2002 2003 2004

Turnover xxx.xx xxx.xx xxx.xx xxx.xx xxx.xxProfit before tax N A N A xx.x xx.xInvestments xx.xx xx.xx xx.xx xx.xx x.x

Number of employees x,xxx x,xxx x,xxx x,xxx x,xxxFiscal ended December 31stSource: Ficosa International



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Chapter 4 Competitor Analysis Page 7

Chapter 4: Competitor Analysis

Ficosa Internationals key products are mirrors for passenger cars, and industrial &

commercial vehicles. Worldwide competitors include Magna Donnelly (business division

of the Canada-based automotive components manufacturer Magna), Japan-based

Ichikoh and Murakami Kaimeido, US-based Gentex and Germany-based Schefenacker

AG. Ficosas Rear-View Mirror Division, which ranks among the top three suppliers

globally, produces nearly xxmillion units yearly and has presence in Europe, North &

Latin America and Asia. The company is strongly growing vis--vis the mirror markets in

Africa and the Near East. In Africa, Ficosas Rear-View Mirror Systems Division

commanded a market share of 20.6% and in the Near East, it held xx.x%, as of 2004.

Ficosas Command & Control Systems operating division faces intense competition

across its products worldwide. Prime competitors worldwide of the division include US-

based Dura Automotive Systems Inc and Teleflex Incorporated, Germany-based Kuester

& Co GmbH, and Italy-based Sila Holdings Industriale, among several others. Electronic

and technological content is expected to account for over xx% of the vehicle cost by

2010. Keeping with this trend, customers are seeking higher functionality,

communication abilities, performance, energy efficiency and affordability in vehicles.

Ficosas chief competitor, Dura Automotive, is interested in providing increased

mechatronics, which have both mechanical and electronic benefits. Further, with steel

prices soaring very high and affecting several companies, Dura is considering replacing

heavy and conventional metals like steel with lighter metals like aluminium. This is also

due to rising environmental concerns. Increasing steel prices have substantially

squeezed the profit margins of companies like Tower Automotive, as the automakers are

unwilling to share the burden of these increases.



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Chapter 5 Key Events Page 8

Chapter 5: Key Events

Ficosa Internationals history began in the year 1949, when Mr Jos M Tarrag and Mr

Jos M Pujol established the company Pujol y Tarrag, to produce spare parts for

control cable. In the 1950s and 1960s, Ficosa began supplying to vehicle manufacturers

such as Seat (Fiat), Citron, Barreiros and Fasa (Renault). The company also

established new product lines such as windshield washers and steel cables, for which

new companies were established.

In the 1970s, the company added large players such as Ford, Peugeot, Nissan, and

Mercedes Benz to its list of customers, as the automotive majors set up manufacturing

operations in Spain. Ficosa established its first factory outside Spain in Porto, Portugal

to manufacture control cables. In 1974, the holding company Serco Co SA was

established, which was renamed a couple of years later as Ficosa SA.

In 1983, Ficosa commenced supply of components to General Motors (GM) in Spain.

The company, Ficosa SA, was renamed Ficosa International SA in 1987. Towards the

end of the decade, Ficosa expanded to other European (chiefly Western Europe)

countries such as Germany, the UK, Italy and France. In France, Ficosa acquired

Maurice Lecoy in 1989, and two years later, established Fico Co Cipa SARL, to supply

mirrors to the French automotive market. In addition, in 1991, the company founded Fico

Co Triad for R&D and manufacture of automobile gearshift systems. The next year,

Ficosa International Lda was established in Portugal and a second plant in the country

was inaugurated at Tondela. Ficosas first company in the American continent, Ficosa

North America SA de CV, was established in Mexico in 1993. In 1996, a development

and engineering centre, Ficosa North America Corporation, was established to cater to

the North American market in the US.

Ficosa marked its entry into the South American market with the establishment of Ficosa

Argentina and Ficosa do Brasil in 1997. The company also expanded into India with the

Tata Ficosa Automotive Components Company. In 1999, Ficosa acquired a company

manufacturing mirrors for industrial vehicles and buses in Germany known as

Metallwarenfabrik Wilke. In 2000, the company purchased the Mirror Division of Magneti

Marelli (part of the Spanish automotive major, Fiat) that was present in Spain, France,



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Chapter 6 SWOT Analysis Page 11

Chapter 6: SWOT Analysis

Strengths

The Rear-View Mirror Systems Division of Ficosa ranks among the top three suppliers in

the world. The division is unsurpassed in the global market, manufacturing xx million

units annually, covering major markets including Europe, Asia, NAFTA and Latin

American markets. The Rear-View Mirror Systems Division also holds strong positions

both in Africa and the Near East with market shares of xx.x% and xx.x%, respectively

(as of October 2004). The companys robust focus on R&D is also a key factor that

facilitates its sustainability as one among the leading automotive suppliers in the world.

As of June 2005, Ficosa held xxxpatents, of which xxpatents were filed in 2004.

A3, Ficosas joint venture with Fractus, is the only company that is authorised to make

use of fractal technology for automotive applications. A3 is therefore in a very strong

position as the sole designer and developer of high-performance miniature automotive

antennas. Furthermore A3 licensed its fractal technology to Nippon Antenna for the

development and manufacture of fractal aerials for Nippon Antennas customers Mazda

and Nissan.

Weakness

Ficosa depends on a very small number of customers for majority of its revenues. For

instance, in 2002, the company accounted for approximately xx% of its revenues from

just four customers namely: Volkswagen, PSA, the Fiat Group and the Ford Group.

Moreover, the top customers of the company predominantly derive a large portion of

their sales from Europe alone. In 2004, PSA depended on Western Europe for nearly

xx% of its sales, while the Fiat Group depends on Europe for nearly xx% of its sales, of

which Italy alone accounts for somexx

%. This exacerbates the region specific risks forFicosa. Further, the fortunes of companies such as Fiat and Ford Europe have been on

the decline for some years.



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Chapter 7 Customers Page 13

Chapter 7: Customers

Ficosa International SA serves automotive OEMs across xx countries in the world.

Ficosa maintains factories across the world near the production centres of its customers.The company supplies automotive components to almost every leading OEM worldwide.

The key customers of Ficosa include Volkswagen, GM, Ford, Renault, Audi, Saturn,

Mercury, SEAT, Nissan, Jaguar, Lincoln, Skoda, Peugeot, Mercedes-Benz, Saab,

Toyota, Citron, Chrysler, BMW, Porsche, Daewoo, Mitsubishi Motors, Alfa Romeo,

Ferrari, Iveco, Honda, Scania, Volvo and Fiat, among others.

In 2002, the company accounted for approximately xx% of its revenues from just four

customers namely: Volkswagen, PSA, the Fiat Group and the Ford Group.

Recent key customer contracts for Ficosa include the following:

In June 2004, Ficosa announced that it was to supply five lines of automotive

products to the French Group Renault. The products were intended for Renaults

new Logan model manufactured by Dacia, the Romanian arm of Renault. The

products to be supplied included exterior and interior rear-view mirrors, parking

brakes, pedal box and the like.

In October 2004, Ficosa entered into an agreement with Audi for developing the rear-

view mirrors of Audis new TT model. The top-end TT model sports car is set to enter

the market in the spring of 2006. With the agreement with Audi, Ficosa consolidated

its presence across all the brands of the Volkswagen Group (Volkswagen, Skoda,

SEAT, Bentley and Audi).

Some of the other major projects attained by Ficosa during 2004 include system

development projects for luxury vehicles such as BMW X3, Audi A4 and TT, VW

Touareg, Ferrari 430 and Nissan Pathfinder, a contract with Volkswagen for designing

future rear-view mirrors.



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Chapter 8 Products Page 14

Chapter 8: Products

Ficosa International SA supplies various automotive components for passenger cars,

commercial and industrial vehicles and motorcycles. However, the companys key

product area is mirrors. The following table illustrates the companys products across its

operating divisions for Automobiles (passenger cars) and Industrial & Commercial

Vehicles.

Table 3: Automotive products of Ficosa International

Operating Division Automobiles Industrial & CommercialVehicles

Rear-View Systems Internal & external mirrors,painted plastic components

Mirrors for trucks, buses(including the Wilke brand),Painted plastic components

Command & ControlSystems

Parking brakes, drive cables,gearshifts, mechanisms fordoors & seats

Gearshifts, drive cables,parking brakes

Plastics & ElectricalSystems

Windshield and headlamp,tanks/reservoirs, Air ducts,electric pumps, Sun visors,washers

Windshield and headlamp,tanks/reservoirs, Air ducts,electric pumps, Sun visors,washers

Security & Locking

Systems

Anti-theft systems, locking

systems and keys, door andtailgate handles

Source: Ficosa International

http://www.ficosa.com/eng/camiones/c_12.htmhttp://www.ficosa.com/eng/camiones/c_12.htm


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Chapter 9 Product Development Page 15

Chapter 9: Product Development

On an average, Ficosa spends x% of its yearly turnover on R&D activities. The company

has technological centres in Europe and the US, which it considers to be the

cornerstone of its R&D activities. Recently, Ficosa inaugurated its new research centre,

Pujol y Tarrag, in Barcelona (Spain). The centre, which came up at an investment of

xxmillion, was constructed to deal with R&D chiefly for new car systems. As of June

2005, Ficosa held 675 patents, of which 56 patents were filed in 2004.

Some of the key recent product development events at Ficosa International recently are

listed below:

The Command and Control Systems Division of the company sees X-By-Wire

technologies as the future. The company considers R&D activities in the field of X-

By-Wire systems a key strategic area. Ficosas current portfolio of By-Wire system

products includes new generations of Electronic Parking Brakes, Throttle By-Wire

and Shift By-Wire. The company has planned an entire series of By-Wire systems to

be developed within a short time frame.

The Rear-View Systems Division of the company is focusing on both the passive and

active safety components in terms of R&D activities. Ficosa claims that it was the

first company to offer a vehicle rear-view mirror featuring a compact digital camera

with an integrated processor for blind spot detection. The technology is placed under

the category called Intelligent Integrated Safety Systems (eSafety). The company is

now able to work on the vehicles axes of vision, both rear and front due to

accumulated know-how. The rear-view mirror technologies of Ficosa include

electrical power fold, sensors, blin-k, light and electrochromic.

A3, the joint venture between Ficosa and Fractus, has been able to develop high-

performance automotive miniature antennas by making use of fractal technologys

space-filling capabilities. A3s automotive antennas can be integrated with existing

automotive components like rear-view mirror, which eliminates the need for

conspicuously visible external antennas. The products developed under the A3s line

of business are categorised under the product platform, MultiWave Antenna, which



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Chapter 10 Prospects Page 17

Chapter 10: Prospects

Between 1996 and 2003, Ficosas turnover grew at a CAGR of approximately xx%. In

November 2004, Ficosa announced that it expected to reach a turnover of 800 million

in fiscal 2004. However, in fiscal 2004 the company was able to post sales of 774

million, a x.x% growth over 2003. The growth in the companys turnover over the years

was largely aided by international expansion and concentration on R&D. Ficosas joint

venture with Shanghai Benyuan, a leading automotive rear-view mirror manufacturer in

China will enable the company to leverage the attractive Chinese market.

On the product front, Ficosa has enhanced its portfolio with its blind spot detector and

A3 fractal antennas. In April 2005, the A3 car aerial was presented with the prestigious

PACE (Premier Automotive Suppliers Contributions to Excellence) award in the US. A3

was the first and only Spanish company, as of April 2005, to receive the award. The

companys extensive push into the area of product development, particularly by its Rear

-View Systems Division, is earning recognition from key customers such as Volkswagen.

With the October 2004 agreement with Audi, Ficosa consolidated its presence across all

the brands of the Volkswagen Group comprising of Volkswagen, Skoda, SEAT, Bentley,

and Audi. In addition, A3s modern information technology system (fractal antennas) has

been selected for incorporation across some new Fiat and PSA models that are coming

into the market in the year 2006. A3 plans to manufacture over half a million fractal

antennas in 2007, which is in stark comparison with the overall turnover of xx,xxxunits

recorded in 2004 and reflects the companys perceived faith in the products future

success.

Overall, Ficosa is equipped for strong growth in the coming years, strengthening its

presence in Asia and Eastern Europe and developing innovative products, with a

expected turnover of xbillion by 2008.

Principal customers of Ficosa such as the Fiat Group and the Ford Group have been

experiencing slow down in sales for some years now. Moreover, its key customers, PSA

and Fiat, depend largely on Europe for their sales. This is a matter of concern for a

component supplier, such as Ficosa, as the CAGR of auto production (from 2005-2007)

is expected to decline by x.x% in Western Europe.



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