Annual Report
& Accounts 2021
Management reporting measures
Revenue
€2,957m
2020: €2,815m
Revenue 4.9% higher (+5.6% at constant
currency or +220bps above global light vehicle
production decrease)
Adjusted EBIT
€213m
2020: €173m
Adjusted EBIT margin of 7.2% (2020: 6.2%)
Adjusted Net Income
€58m
2020: €14m
Adjusted Basic EPS (€ cents)
11. 2c
2020: 2.6c
Adjusted Free Cash Flow
€117m
2020: €148m
Statutory reporting measures
Operating Profit
€127m
2020: €176m Operating Loss
Operating margin of 4.3% (2020: (6.3%))
Profit for the year
€16m
2020: €252m Loss
Basic EPS (€ cents)
2.8c
2020: (48.9)c
Dividend per share
3.39c
2020: 6.74c
Financial highlights
2021 results again demonstrated the
operational strength of our business
in a volatile year with EBIT margin
growth and Free Cash Flow generation
returning to pre-COVID-19 levels
Please see page 56 for definitions
of the non-IFRS measures.
Overview
2021 highlights and
What we do and Our purpose
Strategic report
04 Chair’s statement
08 Chief Executive
Officer’s statement
12 Our history
14 Our market and products
26 Our strategy
28 Key performance indicators
30 Our business model
32 Section 172 and
stakeholder engagement
36 Our approach to sustainability
48 Chief Financial Officer’s statement
57 Principal risks and uncertainties
61 Compliance statements
61 Going concern statement
61 Viability statement
63 Non-financial
information statement
64 Task Force on Climate-related
Financial Disclosures (TCFD)
Corporate governance
70 Governance at a glance
73 Governance structure
74 Chairman’s introduction
to governance
76 Board of Directors
84 Nomination Committee report
86 Audit & Risk Committee report
92 Directors’ Remuneration report
92 Statement by the Chair of the
Remuneration Committee
104 Annual report
on remuneration
115 ESG Steering Committee report
116 Directors’ report and Statement
of Directors’ responsibilities
119 Statement of Directors’
responsibilities in respect of the
financial statements
Financial statements
124 Independent auditors’ report to the
members of TI Fluid Systems plc
130 Consolidated Income Statement
131 Consolidated Statement of
Comprehensive Income
132 Consolidated Balance Sheet
133 Consolidated Statement of
Changes in Equity
134 Consolidated Statement of
Cash Flows
135 Notes to the Group
Financial Statements
195 Company Balance Sheet
196 Company Statement of Changes
in Equity
197 Notes to the Company
Financial Statements
206 Group Financial Record
Shareholder information
208 Shareholder information
2021 highlights