Annual Report 2024
2 338.7
Revenue in CHF million
–2.9%
Organic revenue change
7.1%
Inorganic revenue change
5.3%
EBIT margin
15 349
Number of employees
Autoneum is the global market and technology leader in sustainable
acoustic and thermal management for vehicles, and partner to
automobile manufacturers around the world. The Company develops
and produces multifunctional, lightweight and environmentally friendly
components for optimum noise and heat protection. Autoneum’s
innovations make vehicles quieter, lighter and more comfortable
and help to reduce fuel consumption and emissions.
Autoneum at a glance
109.7
Free cash flow in CHF million
Autoneum Annual Report 2024 Contents
3
GROUP REPORT
04 Letter to Shareholders
12 New corporate strategy – Interview with Eelco
Spoelder and Pascaline Brégeon
20 2024: Year in Review
42 Corporate Responsibility
56 Corporate Governance
FINANCIAL REPORT
78 Consolidated Financial Statements
133 Financial Statements of Autoneum Holding
146 Remuneration Report
160 Review 2020–2024
162 Important Dates and Contacts
Autoneum Annual Report 2024 Letter to Shareholders
4
Eelco Spoelder
Chief Executive Officer
Hans-Peter Schwald
Chairman of the Board
In the 2024 financial year, Autoneum once again managed to increase its revenue and profitability.
Despite a continued challenging market environment with declining vehicle production and contrary
to the negative news coming from the automotive industry, the financial targets for 2024 were fully
achieved. A high-performance culture broadly anchored within the Group and consistent attention to
detail in all areas and at all levels made this possible.
Other steps that are important to the future of the Company were also taken last year. For example, the
Level Up One 6–8 strategic program, which was introduced in spring 2023 and included various short-
term initiatives to increase efficiency and profitable growth, was completed successfully. This provided
a solid basis on which to define the new long-term Level Up strategy with revised medium-term targets.
With the acquisition of Jiangsu Huanyu Group in China and the opening of new production plants in
Changchun in China and Pune in India, significant progress was made in strengthening Autoneum’s position-
ing in the Asian region.
With CHF 3.2 billion, Autoneum recorded in 2024 the highest level of order intake in its history. The
commercial vehicle business also made a substantial contribution to this outcome. The Company
expanded its global research and development capacities with the establishment of a specialized New
Mobility team and complemented its global innovation network with a new R&T Center in Shanghai
in China. And last but not least, Autoneum once again brought a number of innovations to the market,
demonstrating its technology leadership in the development and manufacturing of products that make
mobility comfortable and sustainable.
Revenue growth in a slightly contracting market
In 2024, the production volume in the global automotive industry declined by 1.1%* year on year, with
Europe recording the strongest decline. Bucking the declining market trend, Autoneum managed to
increase both revenue and profitability compared to the prior year.
At Group level, revenue in local currencies grew by 4.2% in 2024 and thus developed significantly better
than the market. The 2.9% organic decline was more than offset by the 7.1% inorganic growth on account
of the first-time full-year consolidation of Borgers Automotive. Revenue consolidated in Swiss francs
Dear shareholders
Autoneum Annual Report 2024 Letter to Shareholders
5
Significant increase in
revenue and profability
confirms market and
technoloyg leadership
*Source: S&P Global Mobility Light Vehicle Production Market Forecast of February 18, 2025.
Autoneum Annual Report 2024 Letter to Shareholders
6
Financial Highlights
CHF million
2024
2023
Change
Organic
change1
Inorganic
change2
Autoneum Group
Revenue
2 338.7
100.0%
2 302.3
100.0%
1.6%
–2.9%
7.1%
EBITDA
246.7
10.5%
289.2
12.6%
–14.7%
EBITDA excluding one-time effects3
246.7
10.5%
226.3
9.8%
9.0%
EBIT
125.0
5.3%
106.9
4.6%
16.9%
EBIT excluding one-time effects4
125.0
5.3%
99.2
4.3%
26.0%
Net result
70.0
3.0%
61.1
2.7%
14.5%
Return on net assets (RONA)5
7.8%
7.0%
Free cash flow
109.7
47.2
Net debt at December 316
399.2
444.6
Number of employees at December 317
15 349
16 519
–7.1%
BG Europe
Revenue
1 152.4
100.0%
1 073.9
100.0%
7.3%
–3.2%
13.0%
EBIT
57.4
5.0%
3.3
0.3%
EBIT excluding one-time effects8
57.4
5.0%
45.7
4.3%
BG North America
Revenue
884.6
100.0%
895.9
100.0%
–1.3%
–1.7%
3.0%
EBIT
31.9
3.6%
–40.3
–4.5%
EBIT excluding one-time effects9
31.9
3.6%
11.7
1.3%
BG Asia
Revenue
198.3
100.0%
242.8
100.0%
–18.3%
–16.6%
1.3%
EBIT
17.0
8.6%
25.6
10.5%
EBIT excluding one-time effects10
17.0
8.6%
26.5
10.9%
BG SAMEA11
Revenue
121.4
100.0%
109.0
100.0%
11.3%
14.4%
–
EBIT
17.3
14.2%
16.9
15.5%
Share AUTN
Share price at December 31 in CHF
119.60
136.40
–12.3%
Market capitalization at December 31
692.8
790.4
–12.4%
Basic earnings per share in CHF
8.98
9.42
Dividend per share in CHF12
2.80
2.50
1 Change in revenue in local currencies exluding the acquisition of Borgers Automotive, adjusted for hyperinflation.
2 Change in revenue in local currencies due to the acquisition of Borgers Automotive.
3 Prior-year period: EBITDA excluding one-time effects, consisting primarily of a bargain purchase gain from the acquisition of Borgers Automotive and restructuring expenses.
4 Prior-year period: EBIT excluding one-time effects, consisting primarily of a bargain purchase gain from the acquisition of Borgers Automotive, restructuring expenses and impairment
of fixed assets.
5 Net result before interest expenses in relation to average shareholder’s equity plus borrowings.
6 Net debt including lease liabilities at December 31.
7 Full-time equivalents including temporary employees.
8 Prior-year period: EBIT excluding one-time effects from restructuring expenses and impairment of fixed assets.
9 Prior-year period: EBIT excluding one-time effects from impairment of fixed assets.
10 Prior-year period: EBIT excluding one-time effects from restructuring expenses.
11 Including South America, Middle East and Africa.
12 Dividend proposal by the Board of Directors for the financial year 2024 is subject to the approval of the Annual General Meeting.
Autoneum Annual Report 2024 Letter to Shareholders
7
increased by CHF 36.4 million year on year to CHF 2 338.7 million (2023: CHF 2 302.3 million). Adjusted
for negative currency translation effects of CHF 59.8 million, revenue actually climbed to CHF 2 398.5
million.
Significantly improved operating result
On the earnings side, operational improvements, especially those in North America, were again the main
reason for the significant increase. In 2024, EBIT rose by CHF 25.7 million to CHF 125.0 million (2023
excluding special effects: CHF 99.2 million). The EBIT margin improved by 1.0 percentage points to 5.3%
(2023 excluding special effects: 4.3%) and thus was well within the guidance. Autoneum achieved a net
result of CHF 70.0 million (2023: CHF 61.1 million).
Increased profitability has positive impact on free cash flow, net debt and equity ratio
The free cash flow of CHF 109.7 million (2023: CHF 47.2 million) reflects the strong operating performance,
especially when considering investments in tangible assets, which climbed from CHF 57.1 million to CHF
78.9 million in 2024, signaling a return to levels more typical for Autoneum. Thanks to the free cash flow
generated, net debt (including lease liabilities) was reduced further to CHF 399.2 million (December 31,
2023: CHF 444.6 million), corresponding to a net-debt-to-EBITDA ratio of 1.6x. The equity ratio improved
by 4.9 percentage points from 32.1% to 37.0% as of December 31, 2024. The improvement was driven,
on the one hand, by the net result achieved and, on the other, by valuation effects recognized directly in
equity which more than offset the dividend payments. Accordingly, consolidated equity increased by CHF
67.0 million in the reporting period to stand at CHF 604.0 million. Both key figures underscore Autoneum’s
financial health and form a strong basis for the future development of the Group.
Board of Directors proposes dividend of CHF 2.80 per share
In line with the longtime Autoneum dividend policy, the Board of Directors of Autoneum Holding AG
will propose a dividend of CHF 2.80 per share at the Annual General Meeting on April 2, 2025. This
corresponds to 31% of the net result attributable to Autoneum shareholders for the 2024 financial
year.
Business Groups
Revenue in local currencies for Business Group Europe increased by a significant 9.8% compared to the
prior year. Organically, revenue developed slightly better than the market, which contracted by 4.1%*.
This contrasted with inorganic revenue growth of 13.0% that resulted from the first-time full-year con-
solidation of the Borgers Automotive. Overall, revenue consolidated in Swiss francs rose by a significant
CHF 78.5 million to CHF 1 152.4 million (prior year: CHF 1 073.9 million). Through focusing strongly on
price management and making good progress with optimizing production capacity, EBIT was increased
by CHF 11.8 million to CHF 57.4 million (2023 excluding special effects: CHF 45.7 million), corresponding
to an EBIT margin of 5.0% (2023 excluding special effects: 4.3%).
Business Group North America increased its revenue in local currencies by 1.3% compared to the prior
year. This improvement in revenue reflects inorganic growth of 3.0% in connection with the acquisi-
tion of Borgers Automotive in 2023. Organically, revenue declined by 1.7%, while the market shrank
by 1.5%*. As a result of negative currency translation effects, revenue consolidated in Swiss francs
decreased by CHF 11.2 million to CHF 884.6 million (2023: CHF 895.9 million). On a like-for-like basis,
EBIT climbed by an impressive CHF 20.2 million to CHF 31.9 million (2023 excluding special effects:
CHF 11.7 million). This led to a sharp rise in the EBIT margin to 3.6% (2023 excluding special effects:
1.3%). The significant increase in the operating result and margin is primarily due to further operational
improvements and consistent price management.
*Source: S&P Global Mobility Light Vehicle Production Market Forecast of February 18, 2025.
Autoneum Annual Report 2024 Letter to Shareholders
8
Revenue in local currencies for Business Group Asia fell by 15.3% compared to the prior year. In organic
terms, revenue dropped by 16.6%, while the market remained stable at 0.1%* growth. On account of the
acquisition of Borgers Automotive, inorganic revenue growth was 1.3%. Revenue consolidated in Swiss
francs decreased by CHF 44.5 million to CHF 198.3 million (2023: CHF 242.8 million). This decrease
is the result, among other things, of negative currency translation effects of CHF 7.4 million. Market
developments in China continued to be driven by Chinese vehicle manufacturers, while in Asia, Autone-
um mainly supplies western and Japanese vehicle manufacturers, whose production volumes declined
further. Despite the decrease in revenue, the Business Group maintained a robust EBIT margin of 8.6%
(2023 excluding special effects: 10.9%). In absolute figures, Business Group Asia achieved an EBIT of
CHF 17.0 million in 2024 (2023 excluding special effects: CHF 26.5 million). The Level Up strategy focus-
es on growth in Asia and increasing the share of revenue from Chinese vehicle manufacturers. With the
closure of the acquisition of the Jiangsu Huanyu Group on February 28, 2025, Autoneum will expand its
customer portfolio to include major Chinese vehicle manufactures.
Business Group SAMEA (South America, Middle East and Africa) posted revenue growth in local
currencies of 14.4%. This positive revenue development is attributable to inflation-related price adjust-
ments. Net of this effect, the production volumes of Business Group SAMEA developed in line with the
market, which declined by 1.6%* in 2024. Revenue consolidated in Swiss francs climbed by CHF 12.4 mil-
lion to CHF 121.4 million (2023: CHF 109.0 million). Thanks to continuing high operational efficiency
and strong inflation management, Business Group SAMEA achieved an EBIT of CHF 17.3 million (2023:
CHF 16.9 million). The EBIT margin remained high at 14.2% (2023: 15.5%).
A new mission statement
Last year, Autoneum developed a new mission statement in a process that was broad-based and col-
laborative. It addresses current developments and challenges in the automotive industry. Autoneum’s
corporate purpose is to make mobility comfortable and sustainable with future-fit acoustic and thermal
components and shielding technologies. Its vision is to be the global leader for innovative and sustain-
able solutions that bring comfort to every vehicle. All decisions and actions are driven by the mission
to identify opportunities in all dimensions and turn them into reality for the benefit of Autoneum, its
customers and the world we live in. The corporate culture is based on four new core values: accountabil-
ity, curiosity, collaboration and courage.
New Level Up strategy with revised medium-term targets
The new Level Up strategy** targets the expansion of the market leadership and future profitable
growth of Autoneum. It is based on six pillars: “Shape a future-fit product portfolio,” “Innovate to create
customer value,” “Accelerate global growth,” “Foster an employee-centric culture,” “Be the sustainability
benchmark” and “Boost cost competitiveness.” For each of these six pillars, a comprehensive package of
measures has been put in place. Their implementation and effectiveness are reviewed regularly. Under
the new strategy, Autoneum’s medium-term targets have also been revised and two environmental,
social and governance (ESG) objectives have been added. The targets are to increase revenue to CHF 3
billion over the medium term, to achieve an EBIT margin of 6% to 8% over the cycle, to generate free
cash flow of at least 5% of revenue, and to maintain a net-debt-to-EBITDA ratio of no more than 1.5x.
And in the area of ESG, they are to reduce CO2 emissions (from Scope 1 and 2) by 20% and non-hazard-
ous waste by 40% by 2027 compared to the 2019 baseline. In addition, the longtime dividend policy,
under which at least 30% of the net result attributable to Autoneum shareholders is distributed as
dividends, was confirmed.
*Source: S&P Global Mobility Light Vehicle Production Market Forecast of February 18, 2025.
**Level Up strategy: see interview on page 14.
Autoneum Annual Report 2024 Letter to Shareholders
9
Expansion of presence in key growth market of Asia
On November 19, 2024, Autoneum signed an agreement to acquire a 70 percent stake in Jiangsu Huanyu
Group, a leading supplier of acoustic and thermal management solutions for the automotive industry
in China. Besides a comprehensive product portfolio for light and commercial vehicles, Jiangsu Huanyu
Group has broad customer access to major Chinese OEMs such as BYD, BAIC and GAC. The acquisition is
carried out in two phases. The closing of phase 1, the takeover of a majority stake of 70 percent has been
completed on February 28, 2025. As for the acquisition of the remaining 30 percent of the share capital,
the goal of phase 2, Autoneum has a call option, which can be exercised in 2028.
With new plants in Changchun in the Chinese province of Jilin and Pune in western India, Autoneum has
organically further expanded its production capacities in Asia. The new plant in China, which is oper-
ated as a joint venture, is located in one of Asia’s largest automotive hubs. With two production plants
in Behror near New Delhi in the north of India, a joint venture plant in Chennai in the south and a new
production plant in Pune in the west, Autoneum is now present in three of the four major automotive
hubs in the country.
Cementing its leading position in the area of sustainability and its innovation leadership
EcoVadis, a globally recognized sustainability rating agency for companies, awarded Autoneum Holding
Ltd the gold medal again last year. Despite stricter evaluation criteria, Autoneum was able to increase its
score in the overall assessment of the four categories Environment, Labor and Human Rights, Ethics and
Sustainable Procurement, placing it among the top five percent of the rated companies for the second
time in a row.
In line with the strategic goal of paving the way for a more sustainable future for mobility through
environmentally friendly innovations, Autoneum launched its new fully recyclable trunk side trim made
from 100% polyester last year. With this component, Autoneum is putting the rear of the vehicle at the
center of its efforts for a more circular economy in the automotive industry. It complements the growing
portfolio of sustainable monomaterial components made entirely from polyester and is based on the
Pure technology Propylat PET. Indeed, the new side trim demonstrates high functionality as well as an
excellent environmental performance in terms of recycled content, waste-free manufacturing and end-of-
life recyclability.
Autoneum also expanded its sustainable product portfolio for commercial vehicles with new side and
rear panels. Their carrier material similarly consists of Propylat PET, the particularly eco-friendly and
fully recyclable Pure technology made of 100 percent polyester. Autoneum’s components thus offer a
significantly more sustainable alternative to the composite or thermoset resin panels commonly used in
commercial vehicles today, which are difficult to recycle.
Autoneum also supported Renault Group as a key partner in the development of the Renault Emblème, a
demonstration car designed to reduce greenhouse gas emissions by 90 percent over its entire life cycle.
Autoneum’s sustainable Pure technologies were used in numerous interior and exterior components and
contributed significantly to a high recycled content and a substantial reduction in vehicle weight.
Creation of a capital band
The automotive industry is currently experiencing significant upheaval, and thanks to its market and
technology leadership, as well as its solid financial situation, Autoneum is in an excellent position to
influence this transformation and participate in potential future consolidation within the supplier sector.
In light of these developments, the Board of Directors will propose the establishment of a capital band
Autoneum Annual Report 2024 Letter to Shareholders
10
to the Annual General Meeting on April 2, 2025. The Board of Directors will be authorized to issue up
to 2 902 226 fully paid-up registered shares with a nominal value of CHF 0.05 each by 1 April 2030.
Please refer to the invitation to the Annual General Meeting on 2 April 2025, found on page 6, for more
information.
Personnel changes on the Board of Directors
Ferdinand Stutz has informed the Board of Directors that he will not stand for re-election at the Annual
General Meeting on April 2, 2025. He has been a member of the Board of Directors and various commit-
tees since Autoneum became an independent company in 2011. He also acted as the employer’s rep-
resentative on the pension fund commission for the pension fund for senior management at Autoneum
with the Rivora Collective Foundation. With his proven industry and management expertise, Ferdinand
Stutz contributed in a variety of ways to Autoneum’s further development. The Board of Directors thanks
him sincerely for the excellent collaboration and his great commitment and wishes him all the best for
the future.
Yanni von Roy-Jiang has been nominated for election to the Board of Directors. Ms. von Roy-Jiang is a
Chinese national and has been living in Germany for a long time. She holds a degree in Engineering &
Trading from Donghua University, Shanghai, China, and a Master in Business Administration from the
University of Augsburg, Germany. She has held various management positions, including in finance,
purchasing and production and quality. Since 2022, she has been a member of the Management Board
and Chief Operating Officer of the Webasto Group, Germany.
Change to the Group Executive Board
The Board of Directors of Autoneum Holding Ltd named Denis Albert as the new Head of Business Group
North America and member of the Group Executive Board as of January 1, 2025. He is the successor to
Greg Sibley, who retired at the end of January 2025. Denis Albert was Head of Sales Development &
Strategic Project Manager for Post Merger Integration at Autoneum from January 2024. Before joining
Autoneum, he worked for the French automotive supplier Forvia (Faurecia) for over 25 years, where he
held various management positions.
Greg Sibley steered Business Group North America through turbulent times from May 2019 onwards,
making a decisive contribution to the turnaround in this region. The Board of Directors and the Group
Executive Board would like to thank Greg for his great contribution and his tireless commitment and
wish him all the best for his personal future.
11
Autoneum Geschäftsbericht 2024 Letter to Shareholders
Outlook
According to the latest market forecast*, automobile production will show no growth in 2025. Conse-
quently, Autoneum expects revenue of CHF 2.3 to 2.5 billion for the 2025 financial year, which includes
the acquisition of Jiangsu Huanyu Group, effective February 28, 2025.
Based on the expected revenue, for the 2025 financial year Autoneum anticipates an EBIT margin of 5%
to 6% and a free cash flow of around CHF 100 million (excluding the one-off net cash outflow for M&A
transactions).
Acknowledgment
On behalf of the Board of Directors and the Group Executive Board, we would like to thank the approx-
imately 15 400 employees of Autoneum, whose untiring and exemplary dedication has contributed
substantially to our success and who help to make our company what it is. We would also like to thank
our customers and business partners, our shareholders and all those who support us for their assistance,
loyalty and commitment.
Winterthur, March 11, 2025
Hans-Peter Schwald
Eelco Spoelder
Chairman of the Board
Chief Executive Officer
*Source: S&P Global Mobility Light Vehicle Production Market Forecast of February 18, 2025.
Autoneum Geschäftsbericht 2024 Corporate Governance
12
Purpose
Why we exist
We care to make mobility
comfortable and sustainable
Vision
Where we aspire to go
Be the global leader for
innovative and sustainable
solutions bringing
comfort to every vehicle
Mission
What we do
We expand our global market
and technology leadership
mastering vehicle acoustics,
thermal management
and shielding technologies.
We act as one team to turn
opportunities into realities –
for all our stakeholders and
the world we live in.
Autoneum Annual Report 2024 New corporate strategy
12
Autoneum Geschäftsbericht 2024 Corporate Governance
13
Values
How we act
Autoneum Annual Report 2024 New corporate strategy
13
COLLABORATION
> We are team players, working with colleagues,
customers and business partners to achieve
common goals.
> We communicate openly and provide honest feedback.
> We actively share our knowledge and experiences
with each other.
> We value our colleagues by recognizing their
contributions and accomplishments.
CURIOSITY
> We listen to our colleagues and learn
from each other.
> We keep up to date with the trends and
technologies that shape our industry.
> We know our strengths and weaknesses, and
actively seek experiences that help us grow.
> We challenge ourselves by exploring
new ideas and methods to exceed our goals.
COURAGE
> We step outside our comfort zone and
follow new approaches.
> We take initiative and demonstrate
entrepreneurial thinking.
> We embrace change and drive transformation.
> We are resilient and support each other
in difficult situations.
ACCOUNTABILITY
> We act with a clear sense of ownership.
> We take responsibility for our own decisions
and actions.
> We admit mistakes openly and build on
lessons learned.
> We follow through on our commitments
and uphold our standards.
14
Moving to the
next level
Last October, Autoneum presented its new Level Up
strategy, among other things, at the Capital Markets
Day 2024. The name sounds familiar...
Eelco Spoelder: Level Up is the continuation and further
development of the Level Up One 6–8 strategy program.
When I assumed my role as CEO at Autoneum in the
spring of 2023, there were various challenges that needed
Interview with CEO Eelco Spoelder and
Pascaline Brégeon, Head Strategy &
Sustainability, about the new Level Up
strategy and the various initiatives
for sustainable and profitable growth.
to be addressed immediately. Together with the manage-
ment team, we defined at the time six priorities and
corresponding measures and grouped them under the
name “Level Up One 6–8.” This strategy program
was designed to have a quick short-term impact and has
meanwhile been completed successfully.
Pascaline Brégeon: Thanks to the great commitment
of our employees, we have achieved a lot in a short time:
The turnaround in North America has been realized,
production capacities in Europe have been optimized
and operational performance has been further improved.
Furthermore, the organizational integration of Borgers
Automotive has been completed successfully, inflation
compensation and consistent price management have
led to an improvement in margins, and new products for
the electric and commercial vehicle markets are spurring
growth. All in all, it is a solid basis on which we built
the new strategy for the coming years.
What does this new strategy look like – and what
targets have you set?
Pascaline Brégeon: The Level Up strategy is based on six
pillars: “Shape a future-fit product portfolio,” “Innovate
to create customer value,” “Accelerate global growth,”
“Foster a people-centric culture,” “Be the sustainability
benchmark” and “Boost cost competitiveness.” These are
the priorities that we have set and will be implementing
consistently in the coming years.
Eelco Spoelder: Level Up stands for the next level that we
are striving for in all areas. The new strategy will pave
the way for us to achieve our medium-term targets. Sup-
ported by selected strategic initiatives that were defined
for each of the six pillars and by the targeted increase
in market share with existing and new customers, we
expect to increase revenue to CHF 3 billion and to reach
an EBIT margin of 6% to 8% over the cycle.
Level Up stands for the next level that we
are striving for in all areas. The new
strategy will pave the way for us to achieve
our medium-term targets.
Autoneum Annual Report 2024 New corporate strategy
15
Why did you develop not only a new strategy but also
a new mission statement?
Eelco Spoelder: Autoneum has changed and evolved in
many ways in recent years. Thanks to the acquisition
of Borgers Automotive and the successful implementation
of our strategic priorities, we are now in a stronger posi-
tion than before, which allows us to focus on long-term
targets. At the same time, we have seen an increase in the
market share of Chinese vehicle manufacturers, a dynamic
development in the field of electrification and new
mobility, and growing requirements around sustainability.
Pascaline Brégeon: And on top of that come topics such
as digitalization and artificial intelligence, as well as
rising competition for the best talent. Given all this, it
was the right time to stop and ask ourselves: Where do
we stand now? And where do we want to be in the future?
What targets do we have and how do we want to achieve
these in an increasingly complex world? Our answer to all
this has been to redefine not only our strategy, but also
our purpose, our vision, our mission and our values.
Eelco Spoelder und Pascaline Brégeon discuss the new Level Up strategy.
Autoneum Annual Report 2024 New corporate strategy
16
How do you ensure that the employees identify with
the new mission statement and, in doing so, contribute
to the targeted growth?
Pascaline Brégeon: A mission statement cannot simply
be imposed “from above”. For this reason, we involved
around 300 employees from various functions and
regions in its development. In this way, we created the
precondition for ensuring the broadest possible accept-
ance from the outset. For the rollout, a comprehensive
package of communication materials such as videos,
brochures, presentations, posters and giveaways was
prepared to promote a deeper understanding of and
identification with our new purpose, vision, mission and
values. In addition, we held information events and
training sessions at all our locations around the world.
Eelco Spoelder: We believe that committed employees and
a vibrant corporate culture are the basis of our success
– both now and in the future. This is why fostering a
people-centric culture is also one of the six pillars of our
Level Up strategy: People are at the center. We want
to develop our employees and help them realize their full
potential, which includes improving collaboration within
and between global teams. At the same time, we need
to establish a management style that strengthens commit-
ment and embodies our core corporate values.
Strategic priorities
In order to further expand its existing global market and technology leadership in acoustic and thermal management solutions,
Autoneum is consistently implementing the priorities set out in its corporate strategy.
We believe that committed employees
and a vibrant corporate culture are
the basis of our success – both now and
in the future.
Autoneum Annual Report 2024 New corporate strategy
Shape a future-fit
product portfolio
Innovate to create
customer value
Accelerate
global growth
Be the sustainability
benchmark
Foster a people
centric culture
Boost cost
competitiveness
17
Besides the initiatives clearly targeted at driving
growth and profitability, Level Up has also defined
boosting cost competitiveness as a strategic focus.
Why is this so important to you?
Pascaline Brégeon: Cost competitiveness and a lean organ-
ization are crucial for growth and profitability. Reducing
costs and improving efficiency are factors that we can
influence to a large degree ourselves. We can achieve
operational efficiency and excellence through, for
example, implementing best practices and processes for
continuous improvement but also through digitalization,
automation and the use of artificial intelligence.
Eelco Spoelder: We see further potential in optimizing
our investments in fixed assets and operating costs, in
robustly managing our margins and in our global presence,
which allows us to continuously adapt to changing
market conditions. This and other initiatives ensure that
our investments are used to support further growth.
In 2024, the global car production stagnated.
The year was dominated by negative news, especially
in Europe. How did Autoneum still manage to increase
its revenue and margins?
Eelco Spoelder: It was primarily thanks to the consistent
implementation of our strategic initiatives program that
the Company could further increase its revenue and
profitability. Measures to improve the overall efficiency of
the plants along with process optimizations also contrib-
uted to a stronger operating performance worldwide. In
addition, our product portfolio is suitable for both electric
vehicles and cars with combustion engines, which makes
Autoneum less susceptible to fluctuations in the produc-
tion volume of vehicles of both drive types. As far as the
situation in Europe is concerned, volumes here are still
lower than before the COVID crisis, while call-offs, mean-
while, are relatively stable. Automotive suppliers have to
adjust to current levels, and that is what we have done.
Moreover, in this situation we benefit from our global pres-
ence and our broad and well-balanced customer portfolio.
Pascaline Brégeon: The possibility of cross-selling products
based on our unique technologies in all regions and
business areas is another advantage. For example, Propylat
allows us to offer a versatile and completely vertically
integrated recycling technology to all vehicle manufacturers
worldwide. Propylat was originally developed by Borgers
Automotive and was sold mainly in Europe. Thanks to
Autoneum’s well-established global customer network,
we are now able to exploit the potential of this technology
to expand our market share in other regions as well.
On the topic of Asia: How do you intend to generate
the targeted growth in the world’s largest automotive
market?
Eelco Spoelder: The Asian market is the focus of our
activities to accelerate our global growth. With the opening
in 2024 of two new production facilities in Pune in
Western India and Changchun in the Chinese province of
Jilin, we further strengthened our presence and proximity
to customers in two of the world’s largest and fast-
est-growing automotive markets. With the Pune plant,
we are now present in three of the four major automotive
hubs in India. The new plant in China, which is operated
as a joint venture, is also located in one of Asia’s largest
vehicle production centers. It will help to increase
our market share with European, Japanese and Chinese
OEMs and also support the expansion of our commercial
vehicle business in this region.
Pascaline Brégeon: In the summer of 2024, we opened
a new Research & Technology (R&T) Center in Shanghai in
China. The establishment of an R&T team in China allows
us to develop new products quickly and in close collabo-
ration with local customers and so respond to the dynamic
market conditions and the requirements of Chinese
vehicle manufacturers. In addition, the center will support
the further development of sustainable materials and
promote the introduction of Autoneum’s environmentally
friendly products to the Asian market. We are therefore
well positioned for further growth – both organic
and inorganic – in this strategically important region.
In the summer of 2024, we opened a new
Research & Technology (R&T) Center
in Shanghai in China. The establishment
of an R&T team in China allows us to
develop new products quickly and in close
collaboration with local customers.
Autoneum Annual Report 2024 New corporate strategy
18
What is the strategic significance of the acquisition
of Chinese automotive supplier Jiangsu Huanyu?
Eelco Spoelder: The Jiangsu Huanyu Group is a leading
supplier of acoustic and thermal management solutions
for the automotive industry in China. The acquisition
will significantly expand our customer base with several
major Chinese vehicle manufacturers, including BYD,
BAIC and GAC. With an extensive presence in many key
automotive hubs, Jiangsu Huanyu Group is an excellent
strategic complement to Autoneum and brings us
a significant step closer to our medium-term target of
generating 20% of Group revenue in Asia.
Pascaline Brégeon: Until now, major Chinese vehicle
manufacturers like BYD have been largely missing from
our otherwise very broad customer portfolio. Over 60% of
cars sold in China are Chinese brands. Gaining access
to Chinese OEMs is therefore of great strategic importance.
Since Jiangsu Huanyu Group generates over 90% of its
business from Chinese car manufacturers, this acquisition
will considerably strengthen our market position.
Let us turn to another important growth market for
Autoneum. How is the commercial vehicle business
developing?
Eelco Spoelder: The acquisition of Borgers Automotive has
made Autoneum a major player in the commercial vehicle
market. From the outset, we have been committed to main-
taining and further expanding this product segment, which
is also a key element in accelerating our global growth.
Since then, we have further extended our strong customer
base and won numerous new orders, including for interior
trims and sound-absorbing noise shields in Europe and for
washable surface flooring in Europe and China.
Pascaline Brégeon: We have also received the first
business awards for our new sustainable side and rear
wall panels. Their carrier material consists of Propylat
PET and is thus made entirely of polyester, it has a
high content of recycled fibers and is fully recyclable at
the end of its service life. Manufacturers of trucks and
commercial agricultural vehicles therefore also benefit
from our expertise in the development and manufacturing
of environmentally friendly monomaterials, which
represent an important step toward a circular economy.
The automotive industry is facing increasing demands
for production that is as sustainable as possible.
How is Autoneum supporting manufacturers with this?
Pascaline Brégeon: Autoneum has set itself a clear and
ambitious goal: We want to be the sustainability bench-
mark in our industry and strengthen our competence in
sustainable products and production processes to reduce
emissions and achieve circularity. Our close cooperation
with our customers is evident in various projects,
for example in our support of the Renault Group as a
key partner in the development of the Renault Emblème
demonstration vehicle. The car was designed to reduce
greenhouse gas emissions by 90% over its entire life
cycle. Our sustainable Pure technologies were used in
numerous vehicle components and contributed sig-
nificantly to a high recycled content and a substantial
reduction in weight.
We want to be the sustainability bench-
mark in our industry and strengthen
our competence in sustainable products
and production processes to reduce
emissions and achieve circularity.
Autoneum Annual Report 2024 New corporate strategy
19
Eelco Spoelder: Autoneum already offers a comprehensive
product portfolio that supports automobile manufacturers
in achieving their ambitious sustainability targets.
However, requirements are continuing to grow. New up-
coming regulations such as the revised End-of-Life Vehicles
Directive in Europe raise the demand for components that
are fully recyclable and have an excellent environmental
footprint across the entire product life cycle. One way that
we meet this rising demand is with our growing portfolio of
sustainable monomaterial components made entirely
from polyester.
Finally, let us look to the future. Market forecasts for
the coming years are also somewhat restrained.
What makes you confident that Autoneum will achieve
its medium-term target of CHF 3 billion in revenue
presented at the Capital Markets Day 2024?
Eelco Spoelder: Current forecasts suggest that the market
will only see moderate growth of 1% to 2% per year on
average by 2030. Based on our key strengths and our new
Level Up strategy, however, we have identified levers that
will enable us to significantly outgrow the market over the
next few years. Our fundamental strength comes from our
global market and technology leadership and from a broad
and well-balanced customer base. We are the preferred
supplier of many of our customers. The positive feedback
we receive on a regular basis leaves us confident that we
can achieve our medium-term targets as planned.
Pascaline Brégeon: A versatile portfolio of products that
are as functional as they are sustainable enables us to tap
into the aforementioned growth potential that Asia, the
commercial vehicle business and the area of electromo-
bility offer. At the same time, we have a strong innovation
pipeline of future-fit products that meet the ambitious
sustainability targets of automobile manufacturers.
Other growth drivers include initiatives under Level Up to
cross-sell products and technologies and to increase
operational excellence.
Eelco Spoelder: The record level of incoming orders
reached last year is an important milestone in achieving
our medium-term targets. At the same time, it underlines
our customers’ trust in the high quality of our products,
our reliability and financial stability in a dynamic and
consolidating market. – The world is changing, and
we want to take advantage of the opportunities that this
change offers us on the way to realizing our vision:
to be the global leader for innovative and sustainable
solutions that bring comfort to every vehicle.
Thank you for speaking with us,
Mr. Spoelder and Ms. Brégeon
Our fundamental strength comes
from our global market and technology
leadership and from a broad
and well-balanced customer base.
Autoneum Annual Report 2024 New corporate strategy
20
20
Autoneum Annual Report 2024 Year in Review
One of the milestones of the 2024 financial year was
the launch of Autoneum’s new Level Up strategy at the Capital
Markets Day in Czechia. In line with its strategic focus on
profitable growth, especially in Asia, Autoneum opened new
plants in India and China, expanded its global research
and development capacities and announced the acquisition of
a Chinese automotive supplier. In addition, Autoneum took
further important steps to optimize its future-fit and sustainable
product portfolio: Besides establishing a dedicated New
Mobility team, the Company extended its 100 percent polyester
concept to new eco-friendly trim components for light
and commercial vehicles and participated in Renault Emblème,
a flagship decarbonization project. Moreover, several plant
anniversaries, a record order intake, numerous customer
awards and recognitions from external rating agencies testify
to the quality and high standards that Autoneum sets
for its products, services and employees, but also for itself
as an employer.
2024
Year in Review
Autoneum Annual Report 2024 Year in Review
21
22
Autoneum Annual Report 2024 Year in Review
Well positioned
for rising demand
in Asia
In line with the strategic focus on future profitable growth
with a particular emphasis on Asia, Autoneum announced the
opening of two new plants in India and China in 2024. The
new production facilities will further strengthen the Company’s
presence and customer proximity in two of the world’s largest
and fastest-growing automotive markets. The plant in Pune
in Western India was opened on August 28 and enables
Autoneum to tap the third of the country’s four major automo-
tive hubs. The new plant in China, which is operated as a
joint venture, is located in the northern Chinese Jilin province,
one of Asia’s largest vehicle production centers. The site
will help to increase market share with European, Japanese
and Chinese vehicle manufacturers and support the
expansion of the commercial vehicle business in this region.
In 2024, Autoneum also announced the acquisition of
Jiangsu Huanyu Group, a leading supplier for acoustic and
thermal management in China. The transaction was closed on
February 28, 2025.
Autoneum Annual Report 2024 Year in Review
25
The rear of the car
takes center stage in
the circular economy
Autoneum’s fully recyclable trunk side trim is a further
addition to the Company’s growing portfolio of sustainable
monomaterial components that are made from 100 percent
polyester. The textile side trim is based on the Pure technology
Propylat PET and features an excellent environmental
performance thanks to the high content of recycled materials,
waste-free manufacturing as well as complete end-of-life
recyclability. Due to the unique material composition of
Propylat, the environmentally friendly trunk side trims are
also lightweight and sound-absorbing, thereby contributing
to the attenuation of tire and e-motor noise in the rear of
the vehicle. In addition, they are characterized by durability,
geometrical adaptability and an appealing aesthetic.
Autoneum’s sustainable 100 percent polyester concept can
also be extended to other trunk trim parts.
26
Autoneum Annual Report 2024 Year in Review
Customers honor
quality and opera-
tional excellence
Autoneum reported a record order intake in 2024. This is a
testament to the trust customers place in the high quality and
reliability demonstrated by the Company regarding its products
and services. In addition, Autoneum plants worldwide were
again recognized by various leading vehicle manufacturers
for their outstanding performance in 2024. To name but a few
examples: The production facilities in Gravataí, Brazil, and
Oregon, USA, both received the Supplier Quality Excellence
Award from General Motors (GM). GM also awarded Platinum
Supplier Status to our Canadian plants in London and
Tillsonburg. Toyota honored the plant in Córdoba, Argentina,
with the Outstanding Performance Award and also selected
Autoneum’s Chinese joint venture plant in Tianjin as one
of five suppliers in China to receive the Strategic Supplier of
Competitive and Outstanding Performance Award. A great
achievement by all the plants, and a well-deserved reward for
the constant and successful commitment to the highest
quality and customer satisfaction!
Autoneum Annual Report 2024 Year in Review
29
Growing business
with commercial
vehicles
With the establishment of a dedicated Business Unit Commercial
Vehicles at the beginning of 2024, Autoneum has set the course
for further sustainable and profitable growth in this market
segment. In the first twelve months of its existence, the Business
Unit continued to expand the Company’s strong customer base,
winning new business orders, among others, for sound-absorbing
noise shields in Europe and for washable surface flooring
in Europe and China. In addition, Autoneum also received first
customer orders for the new sustainable side and rear wall
panels. Their carrier material consists of Propylat PET and is thus
made of 100 percent polyester, it contains a high proportion
of recycled material and is fully recyclable at the end of its service
life. Manufacturers of trucks as well as agricultural vehicles
thus also benefit from Autoneum’s longstanding experience in the
development and manufacturing of eco-friendly monomaterials
– which is an important step towards a circular economy in this
vehicle segment as well.
30
Autoneum Annual Report 2024 Year in Review
Celebrating decades
of success
In 2024, two Autoneum plants celebrated a milestone anni-
versary. For thirty years, the site in Choceň, Czechia, has been
successfully supplying customers with components such as
hoodliners, underbody shields, engine top covers and carpet
insulators. The joint venture plant in Tianjin, China, was
originally founded in 2004 by the Japanese companies Nittoku,
Chugai, and Hirotani, with Autoneum joining as a partner in
2006. Over the past two decades, the Tianjin plant has
successfully manufactured a great variety of components,
including inner and outer dashes as well as wheelhouse liners
for the interior and exterior of vehicles, hoodliners, side
trims and other felt parts for various automobile manufacturers
in China. Congratulations to the teams in Czechia and China
for consistently delivering exceptional quality in all areas of
Autoneum’s products and services!
32
Autoneum Annual Report 2024 Year in Review
Innovating
for New Mobility
As part of its new Level Up strategy, Autoneum further expanded
its global research and development capacities in 2024
with a particular emphasis on New Mobility. Responding to the
increasing demand for components for electric vehicles,
the Company has formed a dedicated New Mobility team that
specializes in accelerating the development and time to
market of new products and technologies for the rapidly evolving
battery systems and architecture of e-cars; furthermore, the
team serves as a catalyst for innovation projects and partner-
ships. In summer 2024, Autoneum also opened a new Research
& Technology (R&T) Center in Shanghai, China, to further
enhance its competitiveness in this key strategic market. The
establishment of an R&T team in China allows Autoneum to
develop products in a timely manner to respond to the dynamic
market conditions and requirements of Chinese vehicle manu-
facturers. The center will also support the further development
of sustainable materials and promote the introduction of Autone-
um’s environmentally friendly products in Asia.
Autoneum Annual Report 2024 Year in Review
35
An award-winning
employer
Autoneum’s business success is based on the productivity,
innovative strength and passion of its employees around the
world. Fostering a people-centric culture is therefore one
of the six pillars of the new Level Up strategy. A proven way to
test the success of implemented measures, guidelines and
people practices is to participate in standardized certification
programs. In this context, the renowned Top Employers
Institute has recognized Autoneum as Top Employer 2024 in
Switzerland. Companies certified as Top Employers put
their employees at the center of their business activities and
offer them an outstanding working and development environ-
ment. Autoneum’s headquarters in Winterthur underwent
the comprehensive survey as part of the certification program
based on international standards for the first time in 2024
and immediately achieved an excellent result.
36
Autoneum Annual Report 2024 Year in Review
Strategic insights
at the Capital Markets
Day in Czechia
At Autoneum’s Capital Markets Day on October 16, 2024,
Chief Executive Officer Eelco Spoelder and Chief Financial Officer
Bernhard Wiehl presented the new Level Up corporate strategy as
well as the revised medium-term targets. The detailed explanations
of the comprehensive strategic initiatives for the Company’s future
growth were complemented by presentations from selected members
of Autoneum’s Executive Committee and the Research & Technolo-
gy department on ongoing activities in the areas of sustainability
and innovation. The invited investors, financial analysts and media
representatives took the opportunity to discuss questions and
current topics with the Group’s top management in this unique
setting. In addition, they were given valuable insights into the
Company’s production and recycling processes during a tour of the
Czech plants in Bor and Volduchy.
38
Autoneum Annual Report 2024 Year in Review
Gold again
for sustainability
Autoneum Holding Ltd was once again awarded the gold medal in
the EcoVadis sustainability rating for 2024. Despite stricter
evaluation criteria, the automotive supplier was able to further
increase its score in the overall assessment of the four categories
Environment, Labor and Human Rights, Ethics, and Sustainable
Procurement, placing it among the top five percent of the rated
companies for the second time in a row. Compared to the previous
year, Autoneum made significant progress in three categories,
especially in the areas of Ethics and Environment, which
once more resulted in the second-highest recognition level in the
overall assessment. Autoneum is committed to ensuring that
growth and corporate responsibility always go hand in hand in all
business activities. Awards from globally recognized external
rating platforms such as EcoVadis make the Company’s continuous
progress in terms of the quality of its own sustainability manage-
ment systems visible and measurable.
Autoneum Annual Report 2024 Year in Review
41
On the road to net
zero – participation
in flagship project
for decarbonization
Working closely together with customers and other leading
industry representatives enables Autoneum to break new
ground and push the boundaries when it comes to further
optimizing the sustainability of its products and manufacturing
processes. For example, in 2024 Autoneum supported Renault
Group in the development of its low-carbon demonstration
car Renault Emblème. The vehicle is designed to reduce
greenhouse gas emissions by 90 percent over its entire life
cycle. As a key partner in the project, Autoneum further
optimized the environmental performance of its sustainable
Pure technologies, which were used for around thirty fiber-
based components in the interior and exterior of the vehicle.
Leveraging its proven expertise in the development of light-
weight and fully recyclable monomaterials with a high recycled
content as well as in the areas of life cycle analysis and
product innovation, Autoneum was able to reduce the carbon
footprint of its parts significantly. Furthermore, the compo-
nents contributed to a considerable weight reduction of the
Renault Emblème, which had an additional positive impact on
CO2 emissions and the range of the electric car.
42
42
Autoneum Annual Report 2024 Corporate Responsibility
Sustainability
at Autoneum
Autoneum takes its responsibility to the environment, people and
society seriously for the well-being of current and future generations.
As part of its sustainability strategy, the Company continued to
carry out various projects and actions in 2024 to meet company-
wide goals for environmental, social and governance (ESG) topics.
Autoneum shares an annual update on these activities in its Corpo-
rate Responsibility Report, which follows the GRI standards. The
Corporate Responsibility Report 2024 was released at the same time
as Autoneum’s Annual Report 2024.
262
Implementation of 262 eco-efficiency projects
for energy, waste and water
Autoneum Annual Report 2024 Corporate Responsibility
44
Extension of sustainable polyester-based
product portfolio to commercial vehicles
Introduction of new
Level Up strategy
Recognized as a Top Employer 2024
in Switzerland
Collaboration partner for
Renault Emblème
Gold medal in the 2024 EcoVadis
sustainability rating
Launch of fully recyclable
trunk side trim
The new Level Up corporate strategy underlines Autoneum’s dedication to further advance
sustainability throughout the whole value chain.
In 2024, the Company continued to make progress in the strategic areas of planet, people and
governance. To reduce its environmental impact, Autoneum introduced projects across its plants
worldwide to lower emissions, energy consumption and waste, as well as to improve water efficiency.
Additionally, Autoneum developed further innovative products that minimize the use of non-renewable
sources such as sustainable fiber-based side and rear wall panels for commercial vehicles and a full
recyclable trunk side trim made of 100% polyester.
75 community engagement projects
realized worldwide
Autoneum Annual Report 2024 Corporate Responsibility
45
For more information on the Company’s sustainability initiatives and results, see Autoneum’s
Corporate Responsibility Report 2024.
Selected a new supply chain
sustainability platform
E
S
G
Water withdrawal down 17.3%
on the previous year
More than 30 000 tons of recycled PET
used in Autoneum products
Technologies that distinguish themselves
by an excellent sustainability performance
throughout the product life cycle
47
Autoneum Annual Report 2024 Corporate Responsibility
47
The sustainability label Autoneum Pure was launched in 2020 and
designates technologies with an excellent environmental performance
across all four stages of the product life cycle: from material procurement
to production and use to the end of vehicle life.
Thanks to their light weight, high content of recycled materials, sustainable
production process and great end-of-life recyclability, Autoneum Pure tech-
nologies have a significantly better carbon footprint than virgin material and
contribute to reducing energy consumption and CO2 emissions of vehicles.
Components based on Pure technologies feature the following characteristics:
· Partially or entirely made of recycled materials
· Production cut-offs are reclaimed, processed and reused again
· Significantly lighter than comparable standard components
· Recyclable
Ultra-Silent
Prime-Light
Hybrid-Acoustics PET
Di-Light
Propylat PET
Relive-1
IFP-R2
48
48
Autoneum Annual Report 2024 Corporate Responsibility
The sustainability label Autoneum Blue was introduced in 2023 and com-
bines the use of recycled materials with protecting the oceans and social
responsibility. It is a continuation of the LABEL blue by Borgers®, which
was originally launched by Borgers Automotive. Following the acquisition
of the German automotive supplier in April 2023, Autoneum has fully
integrated the label into its sustainable product portfolio.
In order to qualify for the Autoneum Blue label, components
must be based on materials that consist of at least 30%
recycled PET that was collected from coastal areas within a
50-kilometer range of the water. In this way, the products
make an important contribution to preventing plastic pollu-
tion in the oceans.
In addition, the process of collecting the PET bottles must
be socially responsible and comply with human rights, and
traceable procurement of the bottle flakes must be guaran-
teed.
The Autoneum Blue label complements Autoneum’s ongoing activities to con-
tinuously reduce water consumption in all areas of its operations as outlined
in the Company’s sustainability strategy, making it another important step in
Autoneum’s contribution to a more sustainable future of mobility.
In principle, Autoneum Blue components can be based on any Autoneum
technology that contains recycled polyester fibers. The following polyester-based
products are currently available under the Autoneum Blue label:
Wheelhouse
outer liners
Trunk side trim
Needlepunch carpets
Sustainability on the road,
life below water
Markets and
customers
Autoneum Annual Report 2024 Markets and Customers
50
Autoneum is represented
in 25 countries
Light vehicles
Commercial vehicles
Revenue by customer
(in %)
Well-balanced
customer portfolio
16
9
9
8
7
6
6
6
6
5
5
4
2
11
1
2
6
Europe
Asia
North America
SAMEA
Canada
London,
Ontario
Tillsonburg,
Ontario
Mexico
San Luis Potosí
Silao
North America
USA
Aiken, South Carolina
Bloomsburg, Pennsylvania
Duncan, South Carolina
Farmington Hills, Michigan
Jeffersonville, Indiana
Norwalk, Ohio
Oregon, Ohio
Downers Grove, Illinois
Jackson, Tennessee
Monroe, Ohio
Somerset, Kentucky
Valparaiso, Indiana
Autoneum
Locations with minority shareholders
Associated companies and investments
Licensees
Revenue by region
(in %)
5
8
38
49
Autoneum Annual Report 2024 Markets and Customers
51
Europe
Belgium
Genk
Czechia
Bor
Choceň
Hnátnice
Hrádek
Rokycany
Volduchy
France
Aubergenville
Blainville
Lachapelle-
aux-Pots
Moissac
Ons-en-Bray
Germany
Berlin
Bocholt
Ellzee
Holzgerlingen
Munich
Rossdorf-
Gundernhausen
Sindelfingen
Hungary
Komárom
Poland
Katowice
Nowogard
Złotoryja
Portugal
Setúbal
Spain
A Rúa
Madrid
Valldoreix
(Sant Cugat
del Vallès)
Sweden
Gothenburg
Switzerland
Sevelen
Winterthur
(HQ)
United Kingdom
Heckmondwike
Stoke-on-Trent
Telford
SAMEA*
Argentina
Córdoba
Brazil
Gravataí
São Paulo
Taubaté
South Africa
Rosslyn
Durban
Türkiye
Bursa
*South America, Middle East and Africa.
**not including the plants acquired with Jiangsu Huanyu Group as of February 28, 2025
Indonesia
Karawang
Japan
Oguchi
Tokyo
Malaysia
Shah Alam
South Korea
Seoul
Thailand
Laem Chabang
Chonburi
China
Chongqing
Dadong
Pinghu
Shanghai
Taicang
Tiexi
Wuqing
Yantai
Changchun
Guangzhou
Tianjin
Wuqing
Wuhan
Fuzhou
India
Behror
Pune
Chennai
Asia**
Our Product
Portfolio
Autoneum Annual Report 2024 Our Product Portfolio
52
Autoneum Annual Report 2024 Our Product Portfolio
53
Light Vehicles
Exterior
*Components specifically for vehicles with combustion drive
ENGINE BAY
• Frunks
• Engine* and e-motor encapsulations
• Outer dashes
• Outer trunk floor insulators
• Hoodliners
• Engine top covers*
UNDERBODY
• Underbody shields
• Under battery shields
• Wheelhouse outer liners
• Outer tunnel insulators*
• Heatshields*
• Battery electromagnetic shields
• Outer floor insulators
INTERIOR FLOOR
• Inner dashes
• Needlepunch carpets
• Tufted carpets
• Floor insulators
• Inner wheelhouse insulators
• Inner trunk floor insulators
INTERIOR TRIM
• Trunk side trim
• Trunk load floors
• Trunk tailgate trim
• Parcel shelves
• Trunk floor carpets
• Trunk floor trim
• Floor mats
• Backseat trim
Interior
Autoneum Annual Report 2024 Our Product Portfolio
54
Autoneum Annual Report 2024 Our Product Portfolio
55
Commercial
vehicles
Exterior
*Components specifically for vehicles with combustion drive
ENGINE BAY
• E-motor and accessory
encapsulations
• Engine and gearbox encapsulations*
• Noise shields
UNDERBODY
• Under engine shields*
• Heatshields*
INTERIOR FLOOR
• Washable surface flooring
• Carpet systems
• Dampers
INTERIOR TRIM
• Headliners
• Side and rear panels
• (Heated) Floor mats
• Upper storage
• Bunk bed support
Interior
56
Corporate
Governance
The rules and regulations of Corporate Governance are laid out
in numerous Autoneum documents, in particular the Articles of
Association¹, the Organizational Regulations1 and the Board
Committee Regulations¹. The content and structure of this report
conform to the Directive Corporate Governance (DCG) and the
related Guideline published by the SIX Swiss Exchange. Unless
stated otherwise, the data pertains to December 31, 2024. Some
information will be updated regularly on www.autoneum.com/
investor-relations and www.autoneum.com/en/corporate-
responsibility. For some information, readers are referred to the
financial section of this Annual Report. The Remuneration
Report can be found from page 146 onwards.
1www.autoneum.com/de/investor-relations/corporate-governance
56
Autoneum Annual Report 2024 Corporate Governance
Autoneum Annual Report 2024 Corporate Governance
58
1 GROUP STRUCTURE AND SHAREHOLDERS
Group structure
Autoneum Holding Ltd is a company incorporated under Swiss law, with its registered offices in
Winterthur. Its shares are listed on the SIX Swiss Exchange (securities code 12748036, ISIN
CH0127480363, symbol AUTN). Market capitalization as of December 31, 2024 was CHF 692.8 million.
Autoneum Group consists of the four Business Groups Europe, North America, Asia and SAMEA (South
America, Middle East and Africa), the Group Finance department and those corporate functions that
report directly to the CEO. It includes all companies controlled by Autoneum Holding Ltd. Within the
framework of internal regulations, the Business Groups are responsible for the profitability of each
individual company with the exception of those business activities and companies that report directly to
the CEO. Each Business Group has been established for a clearly defined and demarcated specific market
region. Each of these Business Groups conducts its business within the framework of the Organizational
Regulations1 and under the leadership of the Business Group Head, who reports directly to the CEO of
the Autoneum Group. The segment reporting information can be found on pages 99–101.
The Group Finance department and those corporate functions that report directly to the CEO support
the CEO, the Business Group Heads and the Board of Directors in their management and supervisory
functions, and are responsible for the activities outside the Business Groups, such as management of
holding companies and pension funds. Subsidiary companies are founded based on legal, business and
financial considerations. Basically, one person (Head of Legal Unit) is appointed for each company and is
responsible for local financial management as well as for compliance with national laws and regulations
and internal guidelines. Companies with participation of further shareholders are principally managed
as described above, however taking into consideration the respective agreements.
50 companies worldwide belonged to the Autoneum Group as of December 31, 2024. An overview on
subsidiaries comprising the names, domiciles and share capital of the subsidiaries and the voting rights
held by the Autoneum Group can be found on page 139. The management organization of the Autoneum
Group is independent of the legal structure of the Group and the individual companies.
Significant shareholders
As of December 31, 2024 it was known that the following shareholders held 3% or more of all voting
rights in the Company:
· Artemis Beteiligungen I AG, Hergiswil, Switzerland, and Michael Pieper,Hergiswil, Switzerland:
22.66%
· PCS Holding AG, Frauenfeld, Switzland, and Peter Spuhler, Warth-Weiningen, Switzerland: 16.17%
· Martin and Rosmarie Ebner via Anna Holding AG, Wilen, Switzerland: 10.25%
· Martin Haefner, Erlenbach, Switzerland: 3.1%
All notifications of shareholders with 3% or more of all voting rights in the Company have been reported
to the Disclosure Office of the SIX Swiss Exchange in accordance with Art. 120f of the Financial Market
Infrastructure Act (FMIA) and published via its electronic publication platform on www.serag.com/en/
resources/notifications-marketparticipants/significant-shareholders.html#/, where further details can
also be found.
As of December 31, 2024 Autoneum Holding Ltd held 0.82% of the share capital (48 158 shares).
1 www.autoneum.com/investor-relations/corporate-governance
Autoneum Annual Report 2024 Corporate Governance
59
1 until December 31, 2024, as from January 1, 2025, Denis Albert
Group Finance
Bernhard Wiehl
CFO
Business Group
Europe
Daniel Bentele
Business Group
North America
Greg Sibley1
Autoneum Group
Eelco Spoelder
CEO
Autoneum Holding Ltd
Board of Directors
Business Group
Asia
Andreas Kolf
Business Group
SAMEA
Fausto Bigi
ORGANIZATION
As of December 31, 2024
Autoneum Annual Report 2024 Corporate Governance
60
Cross-holdings
The Company has no information about crossholdings of capital or voting shares exceeding the limit of 5%
on both sides.
2 CAPITAL STRUCTURE
Share capital
On December 31, 2024 the share capital of Autoneum Holding Ltd totaled CHF 292 022.65. It was divided
into 5 840 453 fully paid-up registered shares with a par value of CHF 0.05 each. The shares are listed on
the SIX Swiss Exchange (securities code 12748036, ISIN CH0127480363, symbol AUTN).
Capital Band
At the Annual General Meeting of Shareholders, held on April 9, 2024, the capital band created at the An-
nual General Meeting of Shareholders of Mach 23, 2023 with validity until April 9, 2024 has been removed
from the Articles of Association.
Conditional capital upon issuance of convertible and or option bonds or granting
of (listed) shareholder options
The share capital may be increased by issuing up to 700 000 fully paid-up registered shares with a nominal
value of CHF 0.05 each, totaling to a maximum amount of CHF 35 000.00 or 11.99%, through voluntary or
mandatory exercising of conversion and|or option rights granted in connection with the issuance of bonds or
other financial instruments of the Company or one of its group companies on national or international capital
markets, and|or by exercising option rights granted to the shareholders. In the case of the issuance of bonds or
other financial instruments to which conversion and/or option rights are linked, the shareholders’ subscription
rights are excluded. The respective holders of conversion and|or option rights are entitled to subscribe for the
new shares. The conversion and|or option rights conditions are determined by the Board of Directors.
The acquisition of shares through the voluntary or mandatory exercising of conversion and|or option rights as
well as any subsequent transfer of the shares shall be subject to the restrictions set out in §4 of the Articles of
Association1.
The Board of Directors is authorized, when issuing bonds or other financial instruments to which conver-
sion and|or option rights are linked, to limit or withdraw the shareholders’ preferential subscription rights
(1) if such instruments are issued for the purpose of financing or refinancing the acquisition of companies,
parts of companies, shareholdings or investments or (2) if such instruments are issued (i) on national
or international capital markets or (ii) to one or more financial investors. If the preferential subscription
right is restricted or withdrawn by resolution of the Board of Directors, the following shall apply: The instru-
ments shall be issued at the respective market conditions and new shares shall be issued at the conditions
of the respective financial instrument. Conversion rights may be exercisable for up to 10 years and option
rights for up to 7 years from the date of the relevant emission. The issuance of new shares upon voluntary
or mandatory exercise of conversion and|or option rights shall be made at conditions that take into account
the market price of the shares and|or comparable instruments at the time
of issuance of the relevant financial instrument.
Conditional capital upon issuance of shares to employees
The share capital may be increased by a maximum amount of CHF 12 500.00 or 4.28% by issuing up
to 250 000 fully paid-up registered shares with a nominal value of CHF 0.05 each by issuing shares to
employees of the Company and its group companies. The subscription right as well as the preferential
1 www.autoneum.com/investor-relations/corporate-governance
Autoneum Annual Report 2024 Corporate Governance
61
subscription right of the shareholders of the Company are excluded. The issue of shares or subscription
rights thereto to employees are made in accordance with one or more regulations to be issued by the
Board of Directors and taking into account the performance, functions, levels of responsibility and profit-
ability criteria, subject to §24 of the Articles of Association1. Shares or subscription rights thereto may
be issued to employees at a price below the market price.
The acquisition of shares in the context of employee participation and any subsequent transfer of the
shares shall be subject to the restrictions of §4 of the Articles of Association1.
Changes in share capital
At its founding on December 2, 2010 the share capital of Autoneum Holding Ltd. amounted to
CHF 233 618.15 and was divided in 4 672 363 fully paid-in registered shares with a par value of
CHF 0.05 each. With the capital increase out of the capital band, executed in September 2023 (please
also see page 60), an additional 1 168 090 registered shares with a par value of CHF 0.05 have been
created. Please also refer to the media releases dated September 14, 2023, September 27, 2023 and
September 28, 20232. As a consequence, on December 31, 2024 the share capital amounts to
CHF 292 022.65, divided in 5 840 453 fully paid-in registered shares at a par value of CHF 0.05 each.
The General Meeting of March 22, 2011 adopted a contingent share capital of CHF 35 000 (see page 60)
and a contingent share capital of CHF 12 500 (see 60).
Participation and dividend-right certificates
Autoneum Holding Ltd has issued neither participation certificates nor dividend right certificates.
Shares
Autoneum Holding Ltd has issued 5 840 453 fully paid-up registered shares with a nominal value of
CHF 0.05 each. Each registered share is entitled to dividends and entitles the holder to one vote at
General Meetings of Autoneum Holding Ltd shareholders. The Board of Directors maintains a share regis-
ter in which the owners and usufructuaries are registered with name/company name and address with
the following conditions. Only those persons listed in the share register will be recognized as company
shareholders or usufructuaries. Any changes of name or address must be communicated to the Company.
Those who acquire registered shares must make written application for entry in the share register. The
Company can refuse such entry to parties who do not expressly declare that they have acquired and will
hold these registered shares in their own names and for their own account. If persons fail to expressly
declare in their registration applications that they hold the shares for their own account (“nominees”),
the Board of Directors shall enter such persons in the share register with the right to vote, provided
that the nominee has entered into an agreement with the Company concerning his or her status, and
further provided that the nominee is subject to a recognized bank or financial market supervision. After
hearing the registered shareholder or nominee, the Board of Directors may cancel any registration in the
share register made based on incorrect information with retroactive effect as of the date of registration.
The relevant shareholder or nominee must be informed immediately of the cancellation. The Board of
Directors regulates the details and issues the instructions necessary for compliance with the provisions
set forth above. In special cases, the Board of Directors may grant exemptions from the rule concerning
nominees and may delegate its duties.
The Company only recognizes one proxy per share. Voting rights and associated rights may only be exer-
cised in relation to the Company by a shareholder, usufructuary or nominee entered in the share register
as having the right to vote.
1 www.autoneum.com/investor-relations/corporate-governance
2 www.autoneum.com/en/medien/medienmitteilungen/#_tab-ad-hoc-de.
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The registered shares of Autoneum Holding Ltd are issued in the form of securities and registered as
book entry securities (in the sense of the BookEntry Securities Act) at SIX SIS Ltd. Book entry securities
with underlying shares of the Company may not be transferred by way of assignment. Security interests
for these book entry securities cannot be granted by means of assignment. The Company is entitled to
convert at any time and without the approval of shareholders shares issued in the form of uncertificated
securities into individual share certificates or global share certificates. Shareholders are not entitled to
have shares issued in one particular form transformed into another form. Any shareholder is, however,
entitled to request at any time that the Company issues a certificate stating the number of shares regis-
tered in his or her name.
Restrictions on share transfers and nominee registrations
Those persons entered in the shareholders’ register are recognized as voting shareholders. Autoneum
shares can be bought and sold without any restrictions. In accordance with §4 of the Articles of Associ-
ation1, entry in the register of shareholders can be denied in the absence of an explicit declaration that
the shares are held in the applicant’s own name and for the applicant’s own account. There are no other
registration restrictions.
Shares held in a fiduciary capacity are not principally entered in the shareholders’ register. However, as
an exception to this rule, a nominee is entered in the register if the nominee in question has concluded a
nominee agreement with Autoneum and is subject to a recognized bank or financial supervisory author-
ity. The nominee exercises voting rights at the Annual General Meeting of shareholders. At the request
of Autoneum Holding Ltd, the nominee is obliged to disclose the name of the person on whose behalf it
holds shares.
In order to cancel the restrictions of share transfers, the majority of the votes submitted is required
without taking into account abstentions.
Convertible bonds and options
Autoneum Holding Ltd has no convertible bonds or options outstanding.
Board of Directors proposes a dividend of CHF 2.80 per share
Based on the Group’s net result, the Board of Directors proposes at the Annual General Meeting to be
held on April 2, 2025 a dividend of CHF 2.80 per share for the financial year 2024 (for the financial year
2023: CHF 2.50 per share). This distribution would amount to around CHF 16,4 million or around 31% of
the net result attributable to the shareholders of Autoneum Holding Ltd.
1 www.autoneum.com/investor-relations/corporate-governance
Autoneum Annual Report 2024 Corporate Governance
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3 BOARD OF DIRECTORS
The composition, general rights, duties and responsibilities of the Board of Directors of Autoneum
Holding Ltd are pursuant to the Swiss Code of Obligations and the Autoneum Holding Ltd Articles of
Association1, Organizational Regulations1 and Board Committee Regulations1.
Board membership
Pursuant to the Articles of Association1, the Board of Directors of Autoneum Holding Ltd consists of
no fewer than three and no more than nine members. As of December 31, 2024 the Board of Directors
comprised seven members, none of whom performed executive duties. The functions of Chairman of the
Board and CEO are separated in order to ensure a good balance between the Company management and
supervisory bodies.
Independence of non-executive members
The Board of Directors consists of nonexecutive members, and none of the members has exercised any
operational activities for Autoneum in the three financial years preceding the reporting period. The
members of the Board of Directors and the companies represented by them do not have any significant
business relationships with companies of the Autoneum Group (but see page 155).
Permissible activities outside the Autoneum Group
According to §20 of the Articles of Association1, no member of the Board of Directors may assume more
than 15 additional mandates and no more than five of these may be held with listed companies. This re-
striction does not apply to (a) mandates held with companies that control or are controlled by Autoneum
Holding Ltd; (b) mandates assumed by a member of the Board of Directors by order of Autoneum Holding
Ltd or companies under its control; (c) mandates held with companies that do not qualify as companies
within the meaning of Art. 727, para. 1, clause 2 of the Swiss Code of Obligations. The number of man-
dates pursuant to (c) is limited to a total of 20. Mandates held with various legal entities that are under
joint control or controlled by the same beneficial owner count as one mandate. Mandates shall mean
mandates in comparable functions at other companies with an economic purpose.
Election and term of office and principles of the election procedure
The Chairman and the other members of the Board are elected individually by the General Meeting and
for a one-year term of office, running from one Annual General Meeting to the next.
Board members can be reelected. They retire at the Annual General Meeting following their 70th birthday,
unless the Board of Directors has lifted the age limit in individual cases. For Michael Pieper, the Board
of Directors has made this limit void and proposed him to the shareholders for reelection in view of
his outstanding personal commitment and significant shareholding in the Company, which is obviously
supporting the further development of Autoneum.
Nominations for election to the Board of Directors are made with due regard for the balanced composi-
tion of this body, taking industrial and international management experience and specialist knowledge
into account.
Internal organization
The Board of Directors is responsible for the business strategy and the overall management of the
Autoneum Group and Group companies. It exercises a supervisory function over the persons who have
been entrusted with the business management.
1 www.autoneum.com/investor-relations/corporate-governance
Autoneum Annual Report 2024 Corporate Governance
64
The Board of Directors is responsible for all transactions that are not explicitly reserved for the General
Meeting or other bodies according to the law, the Articles of Association1 and the Organizational Regula-
tions1. It prepares the Annual General Meeting and makes the necessary arrangements for implementing
resolutions adopted by the Annual General Meeting. The Board of Directors has the following decision-
-making authority:
· composition of the business portfolio and strategic direction of the Group;
· definition of the Group structure;
· appointment and dismissal of the members of the Group Executive Board;
· definition of the authority and duties of the Chairman and the committees of the Board of Directors as
well as the CEO and CFO of the Autoneum Group and the Business Group Heads;
· organization of accounting, financial control and financial planning;
· approval of strategic and financial planning, the budget and the Annual Report with business review,
financial statements, consolidated financial statements and Remuneration Report;
· principles of financial and investment policy, Corporate Responsibility incl. personnel and social
policy, management and communications;
· signature regulations and allocation of authority of Autoneum Holding Ltd;
· principles of internal audit;
· principles of compliance management systems;
· decisions on investment projects involving expenditure in excess of CHF 10 million;
· issuance of bonds and other significant financial market transactions;
· incorporation, purchase, sale and liquidation of subsidiaries.
The Board of Directors comprises the Chairman, the Vice Chairman and the other members. The
Chairman of the Board of Directors and the members of the Compensation Committee are elected for a
one-year term of office by the Annual General Meeting. Apart from this, the Board of Directors is self-
-constituting. The Board of Directors appoints a secretary who does not need to be a member of the
Board of Directors. The Vice Chairman deputizes for the Chairman in his absence. The Board of Directors
has a quorum if the majority of members are present or if the Board members are able to communicate
with each other by telephone, videoconference, internet or other electronic means. Mot ions of the
Board of Directors are approved by a simple majority of the votes of the members present. In the case
of a tie, the Chairman has the casting vote. The agendas for the Board meetings are drawn up by the
Chairman. Any member of the Board can also propose items for inclusion on the agenda. Board meetings
are generally also attended by the CEO and the CFO, while the other members of the Group Executive
Board attend as necessary regarding business matters concerning them. They give an overview of the
results, outlook and budget of their operating units, and present those projects requiring the approval
of the Board of Directors. Once a year, the Board of Directors reviews its performance, internal working
methods and cooperation with the Group Executive Board. This takes the form of a self-assessment and
includes an assessment of the state of information of Board members with regard to the Group and its
business development.
Should there be a conflict of interest in the course of making decisions on business matters and items on
the agenda, the respective Board member must stand aside prior to discussion of the matter in question
and abstain from voting when passing a resolution.
In 2024, five regular meetings of the Board of Directors took place, lasting between three and a quarter
to five and one-quarter hours. The meetings were held physically. One of these five meetings was held in
a plant abroad, combined with a plant visit. The attendance rate was 100%. In addition, there were four
videoconferences held with a duration of up to one hour. Over the course of 2024, no external consult-
ants were present at meetings of the Board of Directors.
1 www.autoneum.com/investor-relations/corporate-governance
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Committees
Besides the Compensation Committee, the Board of Directors appoints an Audit, a Nomination and a
Strategy and Sustainability Committee from among its members in order to assist it in its duties. The
committees are fundamentally advisory and preparatory bodies and have no decision-making powers;
resolutions are passed by the Board as a whole. Each committee has reference to Board Committee
Regulations1 specifying its tasks and responsibilities. The members of the Compensation Committee are
elected by the Annual General Meeting. The Chairman and members of the other committees are elected
by the Board of Directors. The committees meet regularly to develop recommendations for the Board of
Directors and to prepare minutes of their meetings.
The Audit Committee currently consists of three members of the Board. Its Chairwoman is Liane Hirner;
the other members are Hans-Peter Schwald and Martin Klöti (as of April9, 2024). Until April 9, 2024
Oliver Streuli was member of the Audit committee. In the 2024 financial year, none of the members of
the Audit Committee performed executive duties.
The Chairman is elected for one year. The Audit Committee meets at least twice each financial year. The meet-
ings are usually also attended by the Head of Internal Audit, representatives of the statutory and Group audi-
tor, the CEO and the CFO, and other members of the Group Executive Board and management as appropriate.
The main duties of the Audit Committee are:
· elaborating principles for external and internal audits for submission to the Board of Directors, and
providing information on their implementation;
· assessing the work of the external and internal auditors as well as their mutual cooperation and
reporting to the Board of Directors on compliance with legal and regulatory requirements incl. those in
connection with conflict minerals and child work;
· assessing the reports submitted by the statutory auditors as well as the invoiced costs;
· overall supervision of risk management and acceptance of the Risk Report to the Board of Directors
and the Group Executive Board;
· assessment of the external audit on the non-financial reporting;
· assisting the Board of Directors in nominating the statutory auditors and the Group auditors for
submission to the Annual General Meeting;
· examining the results of internal audits, approving the audit schedule for the following year and nomi-
nating the Head of Internal Audit.
The Audit Committee met for three regular meetings and a videoconference in 2024 of one to four hours.
All committee members also received the written reports from the internal auditors. Except for the
representatives of the statutory and Group auditor, in 2024 no consultants participated in the meetings
of the Audit Committee. All committee members participated in all four meetings.
The Compensation Committee consists of four members. The Chairman of this committee is Norbert
Indlekofer. The other members are Hans-Peter Schwald, Ferdinand Stutz and Oliver Streuli. The com-
mittee meets whenever the need arises, but at least twice a year. It draws up the principles for the
remuneration of members of the Board of Directors, the Group Executive Board and senior management
within the Autoneum Group, in particular bonus programs and share allocation plans (LTI), taking into
consideration the Corporate Responsibility targets of the Group, as well as the Remuneration Report and
the proposals concerning the total maximum remuneration amount for the Board of Directors and Group
Executive Board to be submitted annually by the Board of Directors for approval by the shareholders at
the Annual General Meeting. In addition, the Compensation Committee, together with the Nomination
Committee, is responsible for all topics related to human beings, human rights and people development.
1 www.autoneum.com/investor-relations/corporate-governance
From left to right: Martin Klöti, Norbert Indlekofer, Michael Pieper, Hans-Peter Schwald, Liane Hirner, Ferdinand Stutz, Oliver Streuli.
Board of Directors
Autoneum Annual Report 2024 Corporate Governance
67
Hans-Peter Schwald
Chairman | Swiss national (1959)
First elected to the Board Board member and Chairman since 2011
Educational and professional background lic. iur. HSG, lawyer; from
2017 to 2024 Senior Partner of BianchiSchwald LLC; since July 2024
Senior Partner of Valfor Rechtsanwälte AG. Other activities and vested
interests Please refer to the remuneration report, page 149f Committees
Chairman of the Strategy and Sustainability Committee; Member of the
Audit, the Compensation and the Nomination Committee. Non-executive
Norbert Indlekofer
Vice-Chairman | German national (1958)
First elected to the Board Board member since 2017. Educational and
professional background Dipl. Ing. University of Stuttgart; from 2004
to 2006 Chairman of the Management Board, Transmission and Chassis
Systems of INA-Schaeffler KG, Germany; from 2006 to 2009 Chairman of
the Management Board Transmission and Chassis Systems of INA-Schaef-
fler KG as well as Chairman of the Management Board of LuK Group,
Germany; from 2011 to 2014 Member of the Executive Board Automotive
responsible for the Transmission Systems Business Division and Member
of the Executive Board of Schaeffler Ltd, Germany; from 2014 to 2016
President and CEO Automotive Schaeffler Ltd, Germany. Other activities
and vested interests Please refer to the remuneration report, page 150.
Committees Chairman of the Compensation Committee and of the Nomi-
nation Committee, Member of the Strategy and Sustainability Committee.
Non-executive
Liane Hirner
Board member | Austrian national (1968)
First elected to the Board Board member since 2021. Educational and
professional background MBA in Industrial Management, Accounting
and Taxation from the Karl Franzens University in Graz; from 1993 to
2017 various positions, including Partner and Managing Director at PwC
Vienna; since 2018 member of the Managing Board and CFRO of the
Vienna Insurance Group, Austria. Other activities and vested interests
Please refer to the remuneration report, page 150f. Committees Chair-
woman of the Audit Committee. Non-executive
Martin Klöti
Board member | Swiss national (1973)
First elected to the Board Board member since 2024. Educational and
professional background Federal diploma as Registered Licensed audi-
tor/trusttee; from 1996 to 2002 auditor at Deloitte AG, Zurich; 20 years
with Schweiter Technologies Group, as from 2014 as Group CFO and
Member of the Group Managemen; since 2023 CFO and member of the
Group Management Artemis Holding AG, Hergiswil, Switzerland. Other
activities and vested interests Please refer to the remuneration report,
page 152. Committees Member of the Audit Committee (since April 9,
2024). Non-executive
¹ Ferdinand Stutz does not stand for re-election at the Annual General Meeting of
Shareholders of April 2, 2025.
Michael Pieper
Board member | Swiss national (1946)
First elected to the Board Board member since 2011. Educational
and professional background lic. oec. HSG; owner and CEO of Artemis
Holding Ltd. Other activities and vested interests Please refer to the
remuneration report, page 153. Non-executive
Oliver Streuli
Board member | Swiss national (1988)
First elected to the Board Board member since 2021. Educational and
professional background Masters in Accounting & Finance University
St. Gallen; from 2014 to 2017 Investment Banking at UBS; 2017 to 2019
Stadler Rail; from 2019 to 2023 CEO of PCS Holding Ltd; since 2023 CFO
Rieter Group. Other activities and vested interests Please refer to the
remuneration report, page 154. Committees Member of the Audit Com-
mittee (until April 9, 2024), Member of the Compensation Committee and
of the Nomination Committee, Member of the Strategy and Sustainability
Committee (since April 9, 2024). Non-executive
Ferdinand Stutz¹
Board member | Swiss national (1957)
First elected to the Board Board member since 2011. Educational and
professional background Dipl. Giesserei-Ing. University of Duisburg;
from 1982 to 1989 Operations Manager and Deputy Manager Foundry
for Rieter Ltd; from 1989 to 1995 Department Manager, Co-partner and
Executive Director of Schubert & Salzer, Germany; from 1995 to 1997
Executive Director of Georg Fischer Eisenguss GmbH, Germany; from
1998 to 2009 Member of the Management Board of Georg Fischer Ltd
and CEO of GF Automotive; since 2009 owner and founder of Stutz
Improvement Ltd. Other activities and vested interests Please refer to
the remuneration report, page 154. Committees Member of the Strategy
and Sustainability Committee, the Compensation and the Nomination
Committee. Non-executive
Autoneum Annual Report 2024 Corporate Governance
68
The Nomination Committee consists of four members. The Chairman is Norbert Indlekofer. The other
members are Hans-Peter Schwald, Ferdinand Stutz and Oliver Streuli. The committee meets whenev-
er necessary, but at least twice a year. This committee stipulates the profile of requirements and the
principles for selecting members of the Board of Directors and prepares the election of new members of
the Group Executive Board and their terms of employment. It is also briefed on succession plans for the
Board of Directors, Group Executive Board and senior management and the relevant development plans.
In addition, the Nomination Committee, together with the Compensation Committee, is responsible for
all topics related to human beings, human rights and people development.
In 2024 the members of the Compensation and the Nomination Committee held three regular meetings
of between three and four hours. All committee members attended all meetings. In 2024, no external
consultants were present at the committee meetings.
The Strategy and Sustainability Committee consists of three members: Hans-Peter Schwald is Chair-
man; Norbert Indlekofer, Oliver Streuli (since April9, 2024) and Ferdinand Stutz are the other members.
The Strategy Committee usually meets at least twice a year. The meetings are also attended by the CEO
and the CFO, and other members of the Group Executive Board and management as appropriate.
The main duties of the Strategy and Sustainability Committee are:
· supporting and assisting the Board of Directors in strategic planning, especially in assessing market
changes and developments affecting the Group;
· assessing Autoneum’s short and long-term strategic orientation, in particular with regard to markets,
customers, competitors, products and technologies, as well as
· supporting and assisting in all sustainability topics concerning the planet Earth;
· a.o. in reducing greenhouse gas emissions (climate change), sustainable processes and standards,
sustainable products, responsible waste management and environ mental risks
· support of strategically important projects.
The Strategy and Sustainability Committee met in 2024 for two meetings of one and four hours, re-
spectively and held a workshop of two days. All committee members attended all meetings. In 2024, no
external consultants were present at the committee meetings.
Allocation of authority
The Board of Directors delegates operational business management to the CEO. The members of the
Group Executive Board report to the CEO. The allocation of authority between the Board of Directors and
the CEO is stipulated in the Organizational Regulations1, while details of the tasks reserved for the Board
of Directors can be found on pages 63–64 (“Internal Organization”). The cooperation between the Board
of Directors, the CEO and the Business Groups is stipulated in the Group’s Organizational Regulations1,
which include the following: The CEO draws up the strategic and financial planning and the budget with
the Group Executive Board and submits it to the Board of Directors for approval. He reports regularly on
the course of business as well as on risks and changes in personnel at the management level. In addition
to periodic reporting, he is obliged to inform the Board of Directors immediately about any business
transactions of fundamental importance.
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69
Information and control instruments regarding the Group Executive Board
The Board of Directors receives a written monthly report on the key figures of the Group and the Business
Groups from the Group Executive Board. This provides information on the income statement, the balance
sheet, the cash flow statement as well as on capital expenditure. The figures are compared with the
budget and with the previous year. The Board of Directors is also informed at each regular meeting about
the course of business, important projects and risks, as well as ongoing earnings and liquidity develop-
ment. Furthermore, the Chairman of the Board of Directors has a regular monthly meeting with the CEO
and the CFO with respect to all major issues of corporate policy.
Should the Board of Directors have to rule on major cases according to the Organizational Regulations1,
a written request is submitted prior to the meeting. The projects approved by the Board of Directors are
monitored within the context of a special project controlling.
Once a year, the Board of Directors discusses and decides on the strategic plans drawn up by the Group
Executive Board, the budget and the financial plan. Financial statements for publication are drawn up
twice a year.
The Board of Directors has initiated and implemented a comprehensive internal control system for risk
monitoring in connection with business activities, which covers risk identification, analysis and control as
well as risk reporting. Refer to pages 93‒98 for details on this risk management process and on financial
risk management.
All members of the Board of Directors, the CEO, the CFO and appointed members of the management
receive the internal audit reports. Internal audit conducted seven regular audits in 2024. The results were
discussed in detail with the Business Groups and the companies concerned, and appropriate measures
have been initiated and monitored accordingly.
1 www.autoneum.com/investor-relations/corporate-governance
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Compliance program and code of conduct
The Compliance Program of Autoneum aims at steering compliance with laws and regulations in order
to ensure proper management of the Group and initiate measures for avoidance and early detection of
infringements. Further information on compliance and the Code of Conduct can be found at
www.autoneum.com/company/compliance.
4 GROUP EXECUTIVE BOARD
The Group Executive Board had six members on December 31, 2024: the CEO, the CFO and the four
Business Group Heads. For additional information about the Group Executive Board members please
refer to page 72.
Permissible activities outside the Autoneum Group
According to §20 of the Articles of Association1, no member of the Group Executive Board may assume
more than four additional mandates. No more than two of these may be held with listed companies; they
have to be approved by the Board of Directors prior to acceptance. This restriction does not apply to (a)
mandates held with companies that control or are controlled by Autoneum Holding Ltd; (b) mandates
assumed by a member of the Group Executive Board by order of Autoneum Holding Ltd or companies un-
der its control; (c) mandates held with companies that do not qualify as companies within the meaning
of Art. 727, para. 1, clause 2 of the Swiss Code of Obligations. The number of mandates pursuant to (c) is
limited to a total of 20. Mandates held with various legal entities that are under joint control or con-
trolled by the same beneficial owner count as one mandate. Mandates shall mean mandates in compara-
ble functions in other companies with economic purpose.
Mandates of the Group Executive Board must be approved by the Board of Directors prior to their accept-
ance.
Management contracts
There are no management contracts between Autoneum Holding Ltd and third parties.
5 REMUNERATION, SHAREHOLDINGS AND LOANS
The content and process for determining remuneration and equity participation programs as well as
information on the remuneration, shareholdings and loans of the Board of Directors and the Group
Executive Board can be found in the Remuneration Report from page 146 onwards.
6 SHAREHOLDERS’ PARTICIPATORY RIGHTS
Voting restrictions
Autoneum Holding Ltd imposes no voting restrictions.
Statutory quorum
The General Meeting shall pass resolutions, unless otherwise provided by law or by the Articles of Asso-
ciation1, by majority of the votes submitted without taking into account abstentions.
1 www.autoneum.com/investor-relations/corporate-governance
From left to right: Bernhard Wiehl, Fausto Bigi, Andreas Kolf, Eelco Spoelder, Daniel Bentele, Greg Sibley.
Group Executive Board
Autoneum Annual Report 2024 Corporate Governance
72
Eelco Spoelder Chief Executive Officer (CEO)
Dutch national (1972)
Member of the Group Executive Board since 2023. Educational
and professional background Master of Business Administration,
Duke University, Fuqua School of Business, USA; Master of Science in
Industrial Engineering and Management Science, Eindhoven University
of Technology, Netherlands; from 1996 to 2003 various functions in
Purchasing at Continental AG, Germany (former Philips Car Systems);
from 2004 to 2007 Vice President Infotainment Solutions & Radio
Navigation divisions in the Americas at Continental AG, North America
(former Siemens VDO); from 2008 to 2011 Vice President Business
Unit Instrumentation & Driver HMI and from 2012 to 2016 Executive
Vice President & Head of Business Unit Instrumentation & Driver
HMI at Continental AG, Germany; from 2016 to 2017 Chief Operating
Officer, Executive Vice President & Member of Executive Committee,
responsible for Group Global Operations, Manufacturing, Purchasing,
Total Customer Satisfaction, Quality and IT at Forvia Faurecia, France;
from 2017 to 2023 President Faurecia Seating, Executive Vice President
& Member of Executive Committee at Forvia Faurecia, France; in the
current function since 2023. Other activities and vested interests
Please refer to the remuneration report, page 156.
Bernhard Wiehl Chief Financial Officer (CFO)
German national (1967)
Member of the Group Executive Board since 2019. Education and
professional background Degree in Mechanical Engineering, University
of Applied Sciences, Esslingen, Germany; degree in Industrial Engi-
neering (FH), University of Applied Sciences, Esslingen, Germany; from
1994 to 2000 various functions at TRW Automotive, Germany; from
2000 to 2004 Head of Finance & Controlling, Hella Lighting Systems,
Germany; from 2004 to 2006 Director Program Management and from
2006 to 2007 Vice President Program Management and Controlling
Europe, at Hydraulik-Ring, Germany; from 2007 to 2011 Head Finance
& Controlling and Member of Executive Board, Electronics Division and
from 2011 to 2013 Head Finance & Controlling and Member of Exec-
utive Board, Lighting Division, Hella, Germany; from 2013 to October
2019 Head Finance & Controlling Business Group Europe, Autoneum,
Switzerland; in the current function since 2019. Other activities and
vested interests Please refer to the remuneration report, page 156.
Daniel Bentele Head Business Group Europe
German national (1973)
Member of the Group Executive Board since 2023. Educational and
professional background Diploma in Industrial Engineering, University
of Applied Sciences Aalen, Germany; from 2003 to 2005 Assistant to
the COO and Product Line Manager at BEHR GmbH & Co. Stuttgart,
Germany; from 2005 to 2008 Production Manager at BEHR America
Inc. – Dayton plant; from 2008 to 2009 Project Coordinator BEHR
Korea and from 2009 to 2012 Manager Pusan plant and Deputy General
Manager at BEHR Korea Inc., South Korea; from 2012 to 2014 Manager
Pforzheim plant at MAHLE Behr GmbH, Stuttgart, Germany; from 2014
to 2017 Regional Head South America / CEO at MAHLE Behr Gerencia-
mento Ltda., South America; from 2017 to 2019 Vice President Profit
Center Industrial Applications and CEO at MAHLE Industrial Thermal
Systems GmbH & Co. KG; from 2020 to 2023 Vice President Region Asia
Pacific, Thermal Management at MAHLE Holding, China; 2023 Vice Pres-
ident Strategy & Innovation at Faurecia Seating, France; in the current
function since 2023 Other activities and vested interests Please refer
to the remuneration report, page 156.
Fausto Bigi Head Business Group SAMEA
Brazilian national (1959)
Member of the Group Executive Board since 2016. Educational and
professional background Masters in Business Administration, INSEAD,
France, and Graduation in Mechanical Engineering, Brazil; from 1986
to 1993 Senior Manager at Itautec Informatica, Brazil; from 1993 to
2006 various management functions at Valeo Automotive Systems,
last assignment as Branch Marketing Director Lighting Division, France;
from 2006 to 2008 Purchasing Director South America, Faurecia, Bra-
zil; from 2008 to 2011 Head South America, Rieter, Brazil; from 2011
to 2012 Deputy Head Business Group SAMEA, Autoneum, Brazil; from
2012 to 2016 CEO Correias Mercúrio S.A., Brazil; in the current function
since 2016. Other activities and vested interests Please refer to the
remuneration report, page 156.
Andreas Kolf Head Business Group Asia
German national (1962)
Member of the Group Executive Board since 2016. Educational
and professional background Lawyer; from 1995 to 2001 various
management functions at Tiger Wheels Holding, South Africa; from
2002 to 2004 CEO Federal-Mogul Gorzyce S.A., Poland; from 2004 to
2005 Managing Director, Borbet Thüringen GmbH, Germany; from 2005
to 2006 Global Sales Director, Federal-Mogul GmbH, Germany; from
2006 to 2011 Executive Director Operations, Federal-Mogul India; from
2011 to 2013 Director Operations Federal-Mogul Asia Pacific, China;
from 2013 to 2016 Vice President and Managing Director Federal-Mogul
India; in the current function since 2016. Other activities and vested
interests Please refer to the remuneration report, page 156.
Greg Sibley¹ Head Business Group North America
US national (1964)
Member of the Group Executive Board since 2019. Education and
professional background Bachelor of Science in Mechanical Engineer-
ing, Northwestern University, Chicago (IL), USA, Masters in Business
Administration in Operations Management and Finance, University of
Michigan, Ann Arbor (MI), USA; from 1986 to 1997 various management
functions with US automotive companies; from 1997 to 2004 various
management functions at Emission Control Division with Tenneco, USA;
from 2004 to 2007 Vice President Product Development and Strategic
Sourcing with Trico Products, USA; from 2008 to 2010 Executive Direc-
tor Engineering and from 2011 to 2013 Vice President Engineering and
Manufacturing; 2014 Vice President Operations Europe and 2015 Vice
President and General Manager North America, Clean Air Division at
Tenneco, USA; from 2016 to 2018 President Business Unit Americas at
Eberspaecher, USA; in the current function since 2019. Other activities
and vested interests Please refer to the remuneration report, page 156.
¹ until December 31, 2024, as of January 1, 2025, Denis Albert
Autoneum Annual Report 2024 Corporate Governance
73
Convocation of general meeting, agenda publication, voting proxies
General Meetings of shareholders are called through publication in the Swiss Commercial Gazette by the
Board of Directors at least 20 days prior to the event, with details of the agenda, pursuant to §8 of the
Articles of Association1. Pursuant to §9 of the Articles of Association1, shareholders representing at least
0.5% of the share capital or the votes can request the inclusion on the agenda of an item for discussion,
with details of the relevant motions, by a closing date published by the Company. Shareholders who do
not attend General Meetings personally can arrange to be represented by any representative of choice by
written power of attorney or by the independent voting proxy by issuing written power of attorney and
instructions pursuant to the signed registration form or electronically via the platform at https://autone-
um.shapp.ch. The independent voting proxy is elected annually by the Annual General Meeting. Lic. iur.
Ulrich B. Mayer, Attorney at Law, shall hold office as independent voting proxy until the closure of the
2025 Annual General Meeting.
Entries in the shareholders’ register
In order to ensure an orderly procedure, the Board of Directors fixes the reference date shortly before
the shareholders’ meeting, by which time shareholders need to be entered in the share register in order
to exercise their participation rights at the meeting. This reference date is published in the Swiss Com-
mercial Gazette together with the invitation to the General Meeting.
7 CHANGE-OF-CONTROL AND DEFENSIVE MEASURES
Change-of-control clauses
There are no change-of-control clauses in Autoneum contracts of employment and office. In the event of
a change of control, all shares blocked within the framework of the Executive Bonus Plan are vested.
Obligation to submit an offer
The legal provisions according to Art. 135 of the Financial Market Infrastructure
Act (FMIA) are applicable. This states that a shareholder or a group of shareholders acting in concert
who hold more than 33 1⁄3 percent of all shares must submit a takeover offer to the other shareholders.
8 STATUTORY AUDITORS
Duration of mandate and term of office of the lead auditor
KPMG AG, Zurich, has been the statutory and Group auditor of Autoneum Holding Ltd and the Autoneum
Group since the 2011 financial year. Reto Benz, licensed audit expert, has been lead auditor for the Auto-
neum mandate at KPMG since the 2018 financial year. The term of office of the lead auditor is limited to
seven years.
Audit fees and additional fees
KPMG charged Autoneum approximately CHF 1.3 million for the 2024 financial year for services in con-
nection with auditing the annual financial statements of Group companies, the consolidated Autoneum
Group accounts and the Remuneration Report. For additional services, primarily non-financial assurance
services and tax advisory. KPMG charged approximately CHF 0.6 million. Other auditing firms received
approximately CHF 0.6 million from Autoneum for services related to the audit of the annual financial
statements of Group companies for the 2024 financial year. These auditing firms invoiced approximately
CHF 0.4 million for additional services, primarily tax advisory.
1www.autoneum.com/investor-relations/corporate-governance
Autoneum Annual Report 2024 Corporate Governance
74
Information instruments of the external auditors
The external auditor informs the Audit Committee in writing and verbally at every meeting about rele-
vant auditing activities and other important facts and figures related to the Company. Representatives
of the external and internal auditors attend Audit Committee meetings to explain their activities and
answer questions. Please also refer to the section on the Audit Committee on page 65. The statutory
auditors have access to the minutes of the meetings of the Board of Directors and its Committees. The
Audit Committee of the Board of Directors makes an annual assessment of the performance, fees and
independence of the statutory and Group auditors. It submits a proposal to the Board of Directors
regarding who should be proposed for election as statutory auditors at the General Meeting. In addition,
the Audit Committee reviews the scope of external auditing, the auditing plans and relevant procedures
annually, and discusses auditing results with the external auditors in each case.
9 INFORMATION POLICY
Autoneum maintains regular, open communication with all stakeholders and relevant parties, in par-
ticular with investors, financial analysts and representatives of banks and the media. Communication
takes place through the Annual Report and Semi-Annual Report, the Corporate Responsibility Report,
the Annual General Meeting1 and usually one media conference on the financial results of the previous
financial year and a videoconference on the half-year results.
Shareholders and the capital market are informed by media releases of significant changes and devel-
opments in the Company. Price-sensitive facts are published in accordance with the ad hoc publicity
requirements of SIX Swiss Exchange. In addition, Autoneum maintains communication with investors,
financial analysts and representatives of the media at corresponding events. Should shareholders
and other interested parties wish to automatically receive the media releases, they may register at
www.autoneum.com/media/subscription-media.
Reporting on the 2024 financial year includes the Annual Report, the Corporate Responsibility Report, a
media release and a presentation. A hardcopy of the Annual Report and of the Corporate Responsibility
Report can be ordered by shareholders using the form enclosed with the invitation to the Annual General
Meeting. They are also available for download no later than 20 days prior to the Annual General Meeting
at www.autoneum.com/investor-relations/financial-reports (Annual Report 2024) and www.autoneum.
com/corporate-responsibility/ (Corporate Responsibility Report 2024), respectively. At the Annual Gen-
eral Meeting1, the Board of Directors and the Group Executive Board provide information on the annual
accounts and the course of business and answer shareholders’ questions.
Sources of information
According to §30 of the Articles of Association 2 the Company’s organ of publication is the Swiss Official
Gazette of Commerce. All notices to shareholders shall be validly given by publication in the Swiss Offi-
cial Gazette of Commerce, unless the law mandatorily requires other notification. The Board of Directors
may determine other means of publication.
Autoneum provides extensive information to all interested parties. This is available online via the follow-
ing links:
· Articles of Association Autoneum Holding Ltd: www.autoneum.com/investor-relations/corporate-
governance
· Organizational Regulations: www.autoneum.com/investor-relations/corporategovernance
· Download of Annual Reports incl. Financial Reports: www.autoneum.com/investorrelations/financial-
reports
1 Due to the situation in connection to the coronavirus and the respective ordinances from the Swiss Government, the Annual General Meetings of March 25, 2020
and March 25, 2021 and March 23, 2022 were held under exclusion of physical participation of the shareholders.
Autoneum Annual Report 2024 Corporate Governance
75
· Remuneration Report: www.autoneum.com/investor-relations/corporate-governance
· Order of hard copy of Annual Reports incl. Financial Reports www.autoneum.com/order-publication-2
· Corporate Governance: www.autoneum.com/investor-relations/corporate-governance
· Corporate Responsibility: www.autoneum.com/corporate-responsibility
· Share price: www.autoneum.com/investor-relations/share
· Presentations: www.autoneum.com/investorrelations/financial-reports/#presentation
· Media releases incl. ad-hoc announcements: www.autoneum.com/media/media-releases
· Subscription to media releases: www.autoneum.com/media/subscription-media
· Contact: www.autoneum.com/contact
10 TRADING RESTRICTIONS
The Board of Directors of Autoneum Holding Ltd. has released internal regulations related to trading re-
strictions, where it is differentiated between regular trading restrictions and ad hoc trading restrictions.
Regular trading restrictions are related to the publication of the half-year and full-year figures and are in
place starting on June 10 until the end of business of the day the half-year results are published, and on
December 10 until the end of business of the day the full-year results are published. Addressees are the
members of the Board of Directors and the Group Executive Board and any employee who has access to
the relevant financial figures.
Ad hoc trading restrictions are related to any other price-sensitive fact and are issued by the Chairman
of the Board of Directors, who also decides on the addressees.
11 SIGNIFICANT CHANGES SINCE THE BALANCE SHEET DATE
Ferdinand Stutz, Member of the Board of Directors, does not stand for re-election at the Annual General
Meeting of Shareholders of April 2, 2025.
At the Annual General Meeting of Shareholders of April 2, 2025, the Board of Directors will propose
1.
The election of Yanni von Rory-Jiang as a new member of the Board of Directors
2.
A capital band in order to be able to act more flexible in connection with acquisitions of com-
panies or parts of companies, shareholdings, financing and other strategic transactions.
3.
The deletion of the limitation of the variable remuneration of the Group Executive Board in
relation to the fixed remuneration
For more information, please refer to the Invitation to the Annual General Meeting of Autoneum Holding
AG, also available under https://www.autoneum.com/investor-relations/annual-general-meeting/
1www.autoneum.com/investor-relations/corporate-governance
Autoneum Geschäftsbericht 2023 Corporate Governance
76
Financial
Report
77
78 Consolidated Financial Statements
133 Financial Statements of Autoneum Holding Ltd
146 Remuneration Report / Vergütungsbericht
160 Review 2020–2024
1
78
Autoneum Financial Report 2024 Consolidated Financial Statements
Consolidated income statement
CHF million
Notes
2024
2023
Revenue
(4)
2 338.7
100.0%
2 302.3
100.0%
Material expenses1
–1 005.7
43.0%
–1 036.3
45.0%
Employee expenses
(5)
–716.1
30.6%
–696.7
30.3%
Other expenses
(6)
–408.8
17.5%
–418.6
18.2%
Other income2
(7)
38.6
1.7%
138.5
6.0%
EBITDA
246.7
10.5%
289.2
12.6%
Depreciation, amortization and impairment3
(8)
–121.8
5.2%
–182.4
7.9%
EBIT
125.0
5.3%
106.9
4.6%
Financial income
(9)
4.9
4.4
Financial expenses
(10)
–35.8
–43.8
Share of profit of associated companies
(15)
0.9
1.6
Earnings before taxes
94.9
4.1%
69.0
3.0%
Income taxes
(11)
–24.9
–7.9
Net result
70.0
3.0%
61.1
2.7%
attributable to shareholders of Autoneum Holding Ltd
52.1
48.3
attributable to non-controlling interests
17.8
12.8
Basic earnings per share in CHF
(12)
8.98
9.42
Diluted earnings per share in CHF
(12)
8.97
9.42
1 Material expenses include CHF –0.2 million (2023: CHF –10.6 million) changes in inventories of finished goods and work in progress.
2 Other income includes a bargain purchase gain of CHF 102.7 million in 2023 (refer to note 3, page 99).
3 Depreciation, amortization and impairment include impairment charges on tangible assets in the amount of CHF 56.3 million in 2023.
Consolidated statement of comprehensive income
CHF million
Notes
2024
2023
Net result
70.0
61.1
Currency translation adjustment1
16.1
–55.7
Inflation adjustment
4.8
4.4
Total items that will be reclassified to income statement
20.9
–51.3
Remeasurement of defined benefit pension plans
(24)
3.6
0.9
Changes in fair value of equity investments (FVOCI)
(16)
0.6
3.5
Income taxes
–0.4
0.6
Total items that will not be reclassified to income statement
3.8
4.9
Other comprehensive income
24.7
–46.4
Total comprehensive income
94.7
14.7
attributable to shareholders of Autoneum Holding Ltd
71.4
10.8
attributable to non-controlling interests
23.3
3.9
1 The currency translation adjustment includes CHF 1.3 million (2023: CHF –2.3 million) from associated companies accounted for using the equity method.
The accompanying notes on pages 82–128 are part of the consolidated financial statements.
79
Autoneum Financial Report 2024 Consolidated Financial Statements
Consolidated balance sheet
CHF million
Notes
31.12.2024
31.12.2023
Assets
Tangible assets
(13)
759.3
750.8
Intangible assets
(14)
13.2
16.2
Investments in associated companies
(15)
19.6
18.9
Financial assets
(16)
30.2
30.3
Deferred income tax assets
(11)
58.6
50.7
Employee benefit assets
(24)
14.4
10.2
Other assets
(17)
103.5
95.5
Non-current assets
998.9
972.6
Inventories
(18)
162.4
180.1
Trade receivables
(19)
248.8
273.1
Current income tax receivables
3.4
1.7
Other assets
(17)
103.1
84.9
Financial assets
(16)
7.5
9.4
Cash and cash equivalents
(20)
108.2
149.4
Current assets
633.4
698.6
Assets
1 632.3
1 671.2
Shareholders’ equity and liabilities
Equity attributable to shareholders of Autoneum Holding Ltd
507.2
449.7
Equity attributable to non-controlling interests
(22)
96.8
87.2
Shareholders’ equity
604.0
537.0
Financial liabilities
(23)
368.6
551.8
Deferred income tax liabilities
(11)
26.3
30.2
Employee benefit liabilities
(24)
18.0
16.6
Provisions
(25)
20.0
16.2
Other liabilities
(26)
9.2
11.5
Non-current liabilities
442.1
626.4
Financial liabilities
(23)
150.9
45.3
Current income tax liabilities
32.5
23.2
Provisions
(25)
21.2
33.3
Trade payables
177.9
190.3
Other liabilities
(26)
203.8
215.7
Current liabilities
586.2
507.8
Liabilities
1 028.3
1 134.2
Shareholders’ equity and liabilities
1 632.3
1 671.2
The accompanying notes on pages 82–128 are part of the consolidated financial statements.
80
Autoneum Financial Report 2024 Consolidated Financial Statements
Consolidated statement of changes in equity
CHF million
Attributable to the shareholders of Autoneum Holding Ltd
Attributable
to non-con-
trolling
interests
Total
Share
capital
Treasury
shares
Capital
reserve
Fair value
reserve
Retained
earnings
Currency
transl.
adjustm.
Total
At January 1, 2023
0.2
–4.0
217.5
–5.2
243.1
–112.6
339.1
92.9
432.0
Net result
–
–
–
–
48.3
–
48.3
12.8
61.1
Other comprehensive income
–
–
–
3.5
5.4
–46.4
–37.5
–8.9
–46.4
Total comprehensive income
–
–
–
3.5
53.7
–46.4
10.8
3.9
14.7
Capital increase1
0.1
–
101.0
–
–
–
101.1
–
101.1
Sale of subscription rights
–
–
–
–
0.1
–
0.1
–
0.1
Dividends paid2
–
–
–
–
–
–
–
–9.6
–9.6
Purchase of treasury shares3
–
–3.3
–
–
–
–
–3.3
–
–3.3
Share-based remuneration3
–
2.1
–
–
–0.2
–
1.9
–
1.9
Total transactions with owners
0.1
–1.2
101.0
–
–0.1
–
99.8
–9.6
90.2
At December 31, 2023
0.3
–5.2
318.6
–1.7
296.7
–159.0
449.7
87.2
537.0
Net result
–
–
–
–
52.1
–
52.1
17.8
70.0
Other comprehensive income
–
–
–
0.6
7.7
11.0
19.2
5.5
24.7
Total comprehensive income
–
–
–
0.6
59.8
11.0
71.4
23.3
94.7
Dividends paid2
–
–
–
–
–14.5
–
–14.5
–13.7
–28.2
Purchase of treasury shares3
–
–2.0
–
–
–
–
–2.0
–
–2.0
Share-based remuneration3
–
1.7
–
–
0.9
–
2.6
–
2.6
Total transactions with owners
–
–0.3
–
–
–13.6
–
–13.9
–13.7
–27.6
At December 31, 2024
0.3
–5.4
318.6
–1.1
342.9
–148.0
507.2
96.8
604.0
1 Refer to note 2.2 on page 98.
2 Autoneum Holding Ltd paid a dividend for the 2023 financial year in 2024 of CHF 2.50 per share entitled to dividends, totaling a payout of CHF 14.5 million as approved by the
Annual General Meeting. Autoneum Holding Ltd did not pay a dividend for the 2022 financial year in 2023.
3 Autoneum purchased 17 500 registered shares (2023: 29 600) and transferred 14 962 registered shares (2023: 18 258) in conjunction with share-based remuneration in the period
under review.
The accompanying notes on pages 82–128 are part of the consolidated financial statements.
81
Autoneum Financial Report 2024 Consolidated Financial Statements
Consolidated statement of cash flows
CHF million
Notes
2024
2023
Net result
70.0
61.1
Dividend income
(9)
–1.1
–1.2
Interest income
(9)
–1.9
–1.4
Interest expenses
(10)
20.6
28.2
Income tax expenses
(11)
24.9
7.9
Depreciation, amortization and impairment
(8)
121.8
182.4
Share of profit of associated companies
(15)
–0.9
–1.6
Gain from disposal of tangible assets, net
(6), (7)
–2.8
–2.4
Bargain purchase gain
(3)
–
–102.7
Other non-cash income and expenses
19.6
12.9
Change in net working capital
–6.3
42.7
Change in post-employment benefit assets and liabilities
0.1
1.3
Change in non-current provisions
–
10.5
Change in other non-current assets
–6.1
–2.2
Change in other non-current liabilities
–1.8
2.6
Dividends received
2.4
3.1
Interest received
2.0
1.4
Interest paid
–20.3
–27.8
Income taxes paid
–30.4
–24.4
Cash flows from operating activities
189.8
190.3
Investments in tangible assets
(13)
–78.9
–57.1
Investments in intangible assets
(14)
–1.1
–0.9
Investments in financial assets
–6.5
–0.6
Investments in subsidiary or business, net of cash acquired
(3)
–
–96.0
Proceeds from disposal of tangible assets
5.1
10.1
Proceeds from disposal of financial assets
1.5
1.4
Cash flows used in investing activities
–80.0
–143.1
Proceeds from issue of share capital
(2.2)
–
101.1
Dividends paid to shareholders of Autoneum Holding Ltd
–14.5
–
Dividends paid to non-controlling interests
–13.7
–9.6
Purchase of treasury shares
(21)
–2.0
–3.3
Proceeds from sale of subscription rights
–
0.1
Proceeds from borrowings
(23)
5.0
225.1
Repayment of borrowings
(23)
–128.4
–315.5
Cash flows used in financing activities
–153.6
–2.1
Currency translation adjustment
2.7
–19.4
Change in cash and cash equivalents
–41.2
25.7
Cash and cash equivalents at beginning of the year
149.4
123.6
Cash and cash equivalents at end of the year
(20)
108.2
149.4
The accompanying notes on pages 82–128 are part of the consolidated financial statements.
82
Autoneum Financial Report 2024 Consolidated Financial Statements
Notes to the consolidated
financial statements
1 MATERIAL ACCOUNTING POLICIES
1.1 Basis of preparation
Autoneum Holding Ltd (“the Company”) was incorporated on December 2, 2010 as a Swiss corporation domiciled in
Winterthur. The Company has been listed on the SIX Swiss Exchange (AUTN, ISIN: CH0127480363) since May 13, 2011.
Autoneum Holding Ltd together with its subsidiaries will henceforth be referred to as “Autoneum Group”, “Group” or
“Autoneum”. A list of subsidiaries, associated companies and non-consolidated investments of Autoneum Group can be
found in note 35 on page 128.
The consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRS). The consolidated financial statements are based on historical cost, with the exception of employ-
ee benefit assets and liabilities, which are measured at the fair value of the plan assets less the present value of the
defined benefit obligation, and specific financial instruments, which are measured at fair value. The consolidated
financial statements were authorized for issue by the Board of Directors on March 11, 2025 and are subject to approval
by the Annual General Meeting of shareholders on April 2, 2025.
The consolidated financial statements are published exclusively in English. Due to rounding, numbers presented
throughout this report may not add up precisely to the totals provided. All ratios and variances are calculated using the
underlying amount rather than the presented rounded amount.
1.2 Significant accounting judgments, estimates and assumptions
The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates
and assumptions that affect the application of the Group’s accounting policies and the reported amounts of revenue,
expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty
about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying
amount of assets or liabilities in future periods. Other disclosures relating to the Group’s exposure to risks and uncertain-
ties include the risk management process (refer to note 2, page 93) and the sensitivity analyses of defined benefit plans
(refer to note 24, page 120).
Judgments
In the process of applying the Group’s accounting policies, management has made the following judgment in
connection with the consolidation of entities in which the Group holds less than the majority of voting rights.
Assessing whether Autoneum has control over an entity includes all facts and circumstances that may indicate that the
Group is able to direct the relevant activities and key decisions. Autoneum concludes that it has control over certain
entities in which it holds 50% (refer to note 22, page 117), based on specific rights allocated. Facts and circumstances
indicating that Autoneum controls an entity may change and lead to a reassessment of the management’s conclusion.
In rare circumstances, IFRS 16 requires management judgment in order to determine an appropriate lease term. The
application of IFRS 16 is outlined in note 1.9 on page 86.
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Estimates and assumptions
Key assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the
next financial year include the following:
Impairment losses on tangible assets are assessed based on estimated cash flows, which may vary from actual cash
flows. Important assumptions to consider are useful lives, growth rates, achievable margins, utilization levels and the
discount rates.
Preproduction costs that are capitalized in the balance sheet include mainly employee costs. Testing for impairment
of the capitalized preproduction costs requires management to estimate both the total future consideration and total
future costs of a project.
For defined benefit plans, actuarial valuations which are the basis for the employee benefit assets and liabilities in
the balance sheet are carried out regularly. These calculations are based on statistical and actuarial assumptions. In
particular, the present value of the defined benefit obligation is affected by assumptions such as discount rate, expected
future salary growth and life expectancy. Other assumptions for the valuation are derived from statistical data such
as mortality tables and staff turnover rates. Actuaries are independent from Autoneum. Assumptions may differ signifi-
cantly from actual results. These deviations can ultimately have an effect on the employee benefit assets or liabilities
in future periods (refer to note 24, page 120).
In the course of the ordinary operating activities of Autoneum Group, obligations from guarantee and warranty,
litigation and non-income tax risk, and environmental risk can arise. Provisions for these obligations are measured on
the basis of estimated future cash outflow. The outcome of these business transactions may result in claims against
Autoneum that may be below or above the related provisions. Provisions for litigation and non-income tax risk comprise
complex cases that include material uncertainties. Environmental provisions are recognized for the expected costs
for the cleanup and reconstruction of contaminated sites that are interdependent of many uncertainties, such as
Autoneum’s share of the cost or the applicable approach for determining these costs. The financial impact of these
cases for future periods can only be estimated, because uncertainties relating to amount and date of cash outflow
exist (refer to note 25, page 124).
Assumptions in relation to income taxes include interpretations of the tax regulations in place in the relevant countries.
The adequacy of these interpretations is assessed by the tax authorities. This can result, at a later stage, in changes
in the income tax expenses. To determine whether a deferred income tax asset on tax loss carryforwards may be
recognized requires judgment in assessing whether there will be future taxable profits against which these tax loss
carryforwards can be offset (refer to note 11, page 104).
1.3 Changes in accounting policies
Adopted changes in accounting policies
Except as described below, the accounting policies applied in these consolidated financial statements are the same
as those applied in the consolidated financial statements as of December 31, 2023.
New and revised standards and interpretations effective as of January 1, 2024 have been applied but did not have
any significant impact on the Group’s consolidated financial statements.
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Future changes in accounting policies
The following new and revised standards and interpretations have been issued but are not yet effective. They have not
been applied early in these consolidated financial statements. However, a preliminary assessment has been conducted
by the management and the expected impact of each standard and interpretation is presented in the following table.
Effective date
Planned application by
Autoneum
New standards and interpretations
IFRS 18 Presentation and Disclosure in Financial Statements1
January 1, 2027
January 1, 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures2
January 1, 2027
January 1, 2027
Revisions and amendments of standards and interpretations
Lack of Exchangeability (Amendments to IAS 21)2
January 1, 2025
January 1, 2025
Annual Improvements to IFRS Accounting Standards – Volume 111
January 1, 2026
January 1, 2026
Amendments to the Classification and Measurement of Financial Instruments (Amendments
to IFRS 9 and IFRS 7)1
January 1, 2026
January 1, 2026
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)2
January 1, 2026
January 1, 2026
1 The impact on the consolidated financial statements of Autoneum cannot yet be determined with sufficient reliability.
2 No impact or no significant impact is expected on the consolidated financial statements.
1.4 IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 Presentation of Financial Statements and introduces the following new key requirements:
· Entities are required to classify all income and expenses into five categories in the income statement, namely the op-
erating, investing, financing, discontinued operations and income tax categories. Entities are also required to present
a newly-defined operating profit subtotal. Entities’ net result will not change.
· Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements.
· Enhanced guidance is provided on how to group information in the financial statements.
In addition, all entities are required to use the operating profit subtotal as the starting point of the statement of cash
flows when presenting cash flows from operating activities under the indirect method.
The Group is still in the process of assessing the impact of the new standard, particularly with respect to the structure of
the Group’s income statement, the statement of cash flows and the additional disclosures required for MPMs. The Group
is also assessing the impact on how information is grouped in the financial statements, including for items currently
labelled as “other”.
1.5 Scope and methods of consolidation
The consolidated financial statements of Autoneum Holding Ltd include the Company and its subsidiaries. Subsidiaries
are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
The financial statements of subsidiaries are included in the consolidated financial statements from the date on which
control commences until the date on which control is lost.
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Acquisitions are accounted for using the acquisition method. Intercompany transactions are eliminated. If Autoneum
does not have control over entities but significant influence, which is usually the case if Autoneum holds interests of
between 20% and 50%, these investments are classified as associated companies and accounted for using the equity
method. Interests of less than 20% where Autoneum does not have significant influence are classified as non-consoli-
dated investments and are accounted for at fair value. The subsidiaries, associated companies and non-consolidated
investments are listed in note 35 on page 128.
1.6 Foreign currency translation
Items included in the financial statements of each Group company are measured using the currency of the primary
economic environment in which the company operates (“functional currency”). The consolidated financial statements
are prepared in Swiss francs, which is the functional currency and the reporting currency of Autoneum Holding Ltd.
Transactions in foreign currencies are translated into the functional currency by applying the exchange rates prevailing
on the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions
and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies
are recognized in the income statement. For consolidation purposes, items in the balance sheet of foreign subsidiaries
are translated at year-end exchange rates, while income statement items are translated at average rates for the period.
The resulting currency translation differences are recognized in other comprehensive income and, in the event of a
disposal of a foreign operation, transferred to the income statement as part of the gain or loss from disposal.
1.7 Hyperinflation accounting
The Argentinian and Turkish economies have exceeded 100 inflation points in the last 36 months (Argentina since
2018, Türkiye since 2022), based on consumer price indexes (CPI). Therefore, both economies are considered to be
hyperinflationary, in accordance with the criteria in IAS 29 Financial Reporting in Hyperinflationary Economies. The
standard requires that the financial statements prepared in the currency of a hyperinflationary economy be stated
in terms of the measuring unit current at the reporting date. The financial statements of the Argentinian and Turkish
subsidiaries were restated accordingly before being translated and included in the consolidated financial statements of
the Group.
1.8 Property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation, which is recognized on a
straight-line basis over the estimated useful life of the asset. Historical cost includes expenditures that are directly
attributable to the acquisition of the assets. Useful life is determined according to the expected utilization of each asset.
The relevant ranges are as follows:
Buildings
20–50 years
Machinery and plant equipment
5–15 years
Data processing equipment
4–8 years
Vehicles and furniture
3–10 years
Components of certain assets with different useful lives are depreciated separately. Gains or losses arising from the
disposal of tangible assets are recognized in the income statement. Costs of maintenance and repair are charged to
the income statement as incurred. The residual values and useful lives of tangible assets are reviewed, and adjusted if
appropriate, at each balance sheet date.
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1.9 Leases
The Group leases various buildings, vehicles, machineries and other assets. Lease terms are negotiated on an individual
basis and contain a wide range of different terms and conditions.
Leases are recognized as right-of-use assets as part of tangible assets and corresponding lease liabilities at the com-
mencement date. Each lease payment is allocated between the lease liability and finance cost. The finance cost is
charged to profit or loss. The right-of-use asset is depreciated over the shorter of the asset’s useful life (refer to
note 1.8, page 85) and the lease term on a straight-line basis and charged to profit or loss. Assets and liabilities arising
from a lease are initially measured on a present value basis, using the rate implicit in the lease if this rate could be read-
ily determined. If not, the lessee’s incremental borrowing rate is used, which reflects the refinancing costs of Autoneum.
At the commencement date, right-of-use assets are measured at cost comprising the following:
· the amount of the initial measurement of the lease liability,
· any lease payments made at or before the commencement date, less any lease incentive received,
· any initial direct costs incurred by the lessee, and
· restoration costs.
At the commencement date, lease liabilities are initially measured at the present value of the lease payments. The
following lease payments are included in the net present value:
· fixed payments, less any lease incentives receivable,
· variable lease payments that depend on an index or a rate, initially measured using the index or rate
as at the commencement date,
· amounts expected to be payable by the lessee under residual value guarantees,
· the exercise of a purchase option if the lessee is reasonably certain to exercise that option, and
· payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate
the lease.
The Group recognizes short-term leases and leases for which the underlying asset is of low value as operating expenses
in profit or loss. Short-term leases are leases with a lease term of twelve months or less. Low-value assets are those
not exceeding an amount of CHF 5 000.
Extension and termination options are included in a number of lease agreements across the Group. In determining
the lease term, the management considers all facts and circumstances that create an economic incentive to exercise
an extension option, or not to exercise a termination option. Extension options are only included in the lease term
if the Group is reasonably certain to extend the contract.
1.10 Intangible assets
Intangible assets such as customer relations, technology and trademarks as well as software acquired from third parties
are included in the balance sheet at acquisition cost and are amortized on a straight-line basis. The residual values
and useful lives of intangible assets are reviewed, and adjusted if appropriate, at each balance sheet date. Autoneum
has neither in the current reporting period nor in the prior period intangible assets that have an indefinite useful life
recorded in the balance sheet. Autoneum has no goodwill capitalized in the balance sheet. Useful life is determined
according to the expected utilization of each asset. The relevant ranges are as follows:
Software and other intangible assets
1–8 years
Customer relations
8 years
Technology
7 years
Trademarks
1 year
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1.11 Impairment of assets
Tangible assets, intangible assets and other assets (non-current) are tested for impairment if there are indications
that, due to changed circumstances, their carrying value may no longer be fully recoverable. If such a situation arises,
the recoverable amount is determined. This is the higher of its value in use and its fair value less cost to sell. Value
in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable
amount is below the carrying amount, a corresponding impairment loss is recognized in the income statement. Where
the recoverable amount cannot be determined for an individual asset, it is determined for the cash-generating unit
to which the asset belongs. To determine the value of an asset, estimates of the expected future cash flows from both
usage and disposal are made.
1.12 Capitalized preproduction costs
In order to be able to supply an OEM with serial parts over the production period, Autoneum designs and develops a
serial part based on its existing product technologies that meets the OEM’s specifications and prepares its manufactur-
ing process allowing serial production over the production period, which is usually between five and eight years. The
costs for this process qualify as costs to fulfill a contract and are capitalized as preproduction costs in the line item
other assets. Those costs are capitalized when the costs are directly attributable to a project, which means between
the nomination date and start of production, the costs enhance resources of the entity that will be used in satisfying
performance obligations in the future, and the costs are expected to be recovered. The majority of costs that fulfill
those requirements are employee costs that are allocated to specific projects, either based on actual hours entered by
employees multiplied by an hourly cost rate, or where hourly records are not available, based on estimates made by
controlling staff. The capitalized preproduction costs are amortized in the income statement in the line item material
expenses over the period when revenue from the sale of the serial parts is recognized, which is usually between five
and eight years. Where the carrying amount of the capitalized preproduction costs exceeds the remaining amount
of consideration that Autoneum will receive minus the remaining costs that Autoneum will incur to fulfill the contract,
an impairment loss is recognized immediately.
1.13 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
Initial recognition and measurement of financial assets
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow char-
acteristics and the Group’s business model for managing them. Trade receivables are measured at the transaction price
determined under IFRS 15 (refer to note 1.21 on page 91). The Group initially measures all other financial assets at its
fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. In order for a
financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash
flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is
referred to as the SPPI test and is performed at an instrument level. The Group’s business model for managing financial
assets refers to how it manages its financial assets in order to generate cash flows. The business model determines
whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation
or convention in the marketplace (regular way trades) are recognized on the trade date, i.e., the date that the Group
commits to purchasing or selling the asset.
Subsequent measurement of financial assets
For subsequent measurement, Autoneum classifies its financial assets into three categories:
· Financial assets at amortized cost: The Group measures financial assets at amortized cost if the financial asset is
held within a business model with the objective to hold financial assets in order to collect contractual cash flows,
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and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently
measured using the effective interest method and are subject to impairment. Gains and losses are recognized in
profit or loss when the asset is derecognized, modified or impaired.
· Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecogni-
tion (equity instruments): Upon initial recognition, the Group can elect to classify irrevocably its equity investments
as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32
Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-
-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are
recognized as financial income in the income statement when the right of payment has been established. Equity
instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to
classify irrevocably its listed investments in non-consolidated companies under this category.
· Financial assets at fair value through profit or loss: Financial assets at fair value through profit or loss include finan-
cial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or
financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading
if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as
held for trading. Financial assets with cash flows that are not solely payments of principal and interest are classified
and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value
through profit or loss are carried in the statement of financial position at fair value with net changes in fair value
recognized in the income statement.
Derecognition of financial assets
A financial asset is primarily derecognized when the rights to receive cash flows from the asset have expired or the
Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received
cash flows in full without material delay to a third party under a “pass-through arrangement”.
Impairment of financial assets
The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value
through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with
the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate.
ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses that result from default events that are possible within
the next twelve months (a twelve-month ECL). For those credit exposures for which there has been a significant increase
in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life
of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. The Group
calculates ECLs according to a provision matrix based on days the amounts are past due. Publicly available credit default
probabilities for the individual customer based on their ratings are further used in the assessment.
As Autoneum has not encountered material credit losses in the past, the Group considers a financial asset in default
when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial
asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding
contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset
is written off when there is no reasonable expectation of recovering the contractual cash flows.
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Initial recognition and measurement of financial liabilities
Financial liabilities are classified at initial recognition as financial liabilities at fair value through profit or loss, or as
financial liabilities at amortized cost. All financial liabilities are recognized initially at fair value and, in the case of
financial liabilities at amortized cost, net of directly attributable transaction costs.
The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and
derivative financial instruments.
Subsequent measurement of financial liabilities
The measurement of financial liabilities depends on their classification, as described below:
· Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are
classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also
includes derivative financial instruments entered into by the Group. Gains or losses on liabilities held for trading
are recognized in the income statement.
· The category of financial liabilities at amortized cost is most relevant to the Group. After initial recognition,
interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest
method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through
the effective interest amortization process. Amortized cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral part of the effective interest. The effective
interest amortization is included as finance expenses in the income statement. This category generally applies to
interest-bearing loans and borrowings.
Derecognition of financial liabilities
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the
terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is
recognized in the income statement.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement
of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an
intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.
Derivative financial instruments
The Group uses derivative financial instruments, such as forward currency contracts, to hedge its foreign currency risks.
Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract
is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes
in the fair value of derivatives are taken directly to profit or loss.
1.14 Inventories
Raw materials, consumables and purchased parts are valued at the lower of average cost and net realizable value.
Semi-finished goods and finished goods are valued at the lower of manufacturing cost or net realizable value. Valuation
adjustments are made for obsolete materials and excess stock.
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1.15 Cash and cash equivalents
Cash and cash equivalents include bank accounts and time deposits with original maturities from the date of
acquisition of up to three months.
1.16 Equity
Ordinary shares are classified as equity since the shares are non-redeemable and any dividends are discretionary.
When shares are repurchased, the amount of the consideration paid is recognized as a deduction from equity and
presented as a separate component in equity. When treasury shares are sold or reissued subsequently, the amount
received is recognized as an increase in equity and the resulting surplus or deficit on the transaction is recognized
in retained earnings.
1.17 Provisions
Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events,
it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably
estimated. Provisions are discounted if the impact is significant.
1.18 Income taxes
Income taxes comprise both current and deferred income taxes. Normally, income taxes are recognized in the income
statement, unless they are linked to a position that is recognized directly in equity or in other comprehensive income.
In this case, the income taxes are also recognized directly in equity or in other comprehensive income.
Current income taxes are calculated and accrued on the basis of taxable income for the year. Deferred income taxes on
temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and amounts
determined for local tax purposes are calculated using the liability method. Deferred income taxes are measured at
the tax rate expected to be applied to temporary differences when they reverse, using tax rates enacted or substantially
enacted at the reporting date. Deferred income tax assets and liabilities are offset to the extent that an entity has a
legally enforceable right to offset current income taxes, and the deferred income taxes relate to income taxes levied by
the same taxation authority and relate to the same taxable entity.
Temporary differences resulting from investments in Group companies are not considered if Autoneum is able to control
the timing of the reversal of the temporary differences and if it is probable that these temporary differences will not
reverse in future. The tax impact of losses and deductible temporary differences is capitalized to the extent it appears
probable that such losses and deductible temporary differences will be offset in the future by taxable income.
1.19 Employee benefits
Employee pension plans are operated by certain subsidiaries, depending upon the level of coverage provided by the
government pension facilities in the various countries in which they are present. Some are provided by independent
pension funds. If there is no independent pension fund, the respective obligations are shown in the balance sheet under
employee benefit liabilities. As a rule, pensions are funded by employees’ and employers’ contributions. Pension plans
exist on the basis of both defined contribution and defined benefit.
Pension liabilities arising from defined benefit plans are calculated annually by independent actuaries using the pro-
jected unit credit method. The discount rate used for the calculation is based on interest rates of high-quality corporate
bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity
approximating to the terms of the related pension obligation. Remeasurement gains or losses are recognized in other
comprehensive income. Pension cost relating to services rendered in the reporting period is recognized in the income
statement as current service cost. Pension cost relating to services rendered in previous periods as a result of new
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or amended pension benefits is recognized in the income statement as past service cost. The net interest expenses or
income on the net defined benefit liability or asset for the period is determined by applying the discount rate used
to measure the defined benefit obligation at the beginning of the period to the then net defined benefit liability or asset,
taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions
and benefit payments. The net interest expenses or income is recognized in financial expenses or income. The fair
value of plan assets is deducted from the defined benefit obligations. Any asset resulting from this calculation is only
capitalized up to an amount not exceeding benefits from future contribution reductions or refunds.
In the case of defined contribution plans, the contributions are recognized as expenses in the period in which they
were incurred.
1.20 Share-based payments
Share-based payments to members of the Board of Directors, the Executive Board and senior management are measured
at fair value at the grant date and recognized in the income statement over the vesting period. The fair value is
assessed based on the current market price and taking into account a discount for dividends that will not be collected
by the beneficiary because the transfer of the shares is deferred. For share-based payments that are settled with
equity instruments, a corresponding increase in equity is recognized.
1.21 Revenue recognition
Revenue is measured based on the consideration specified in a contract with a customer. The Group recognizes revenue
when it transfers control over a good or service to a customer.
The main business of Autoneum is to develop and produce multifunctional and lightweight components and systems
for noise and heat protection for its customers, i.e., Original Equipment Manufacturers (OEM). Autoneum and the OEM
agree on a contract upon nomination. The contracts include that Autoneum sells serial parts to the OEM over a production
period of five to eight years. The serial parts are manufactured using a tool, which is either manufactured by Autoneum
or procured by a third-party supplier and which is sold to the OEM, usually before the start of production. As a result,
Autoneum agrees on two different kinds of performance obligations upon nomination: A performance obligation for
each serial part that will be delivered to the OEM during the serial production period and a performance obligation
for the procurement of the tools. Revenue is allocated to the performance obligations based on the selling price that is
agreed with the OEM.
The majority of total revenue (more than 95%) is generated by the sale of the serial parts to the OEM and a minor part
of total revenue (less than 5%) is generated by the sale of the tools to the OEM.
Upon nomination, the OEM and Autoneum agree on a sales price per serial part and agree that Autoneum will produce
and deliver the serial parts to the OEM over its complete serial production period. The OEM and Autoneum agree on
a contract that includes an expected quantity of serial products that will be delivered to the OEM, as the final quantity
of required serial parts depends on the number of cars that the OEM will produce. Revenue from the sale of the serial
parts is recognized at the point in time when control of the parts is transferred to the OEM, which is according to the
delivery terms that are agreed with the OEM. Revenue is recognized based on the applicable sales price at the point in
time the serial parts are transferred to the OEM. Control of the tools is transferred to the OEM at the point in time
when the OEM accepts the tool.
Revenue recognized from contracts with customers is disclosed as revenue in the consolidated financial statements.
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1.22 Financing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualified asset are
capitalized as a part of the acquisition costs of the qualified asset. All other financing costs are recognized directly in
the income statement.
1.23 Government grants
Government grants are assistance by government in the form of transfers of resources in return for compliance with
certain conditions. Government grants related to capital expenditure (investment premiums) are initially recognized
as a liability and subsequently recognized over the useful life of the subsidized tangible asset. If a government grant
is awarded for the purpose of giving immediate financial support to an entity rather than an incentive to undertake
specific expenditures, the grant is recognized in profit or loss of the period in which it becomes receivable and is deducted
on the related expenses.
1.24 Definition of non-GAAP measures
EBIT as a subtotal includes all income and expenses before addition/deduction of financial income, financial expenses,
share of profit of associated companies and income taxes. EBITDA as a subtotal includes EBIT before deduction
of depreciation and impairment of tangible assets as well as amortization and impairment of intangible assets.
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2 RISK MANAGEMENT
Autoneum maintains an internal control system with the objective of ensuring effectiveness and efficiency of
operations, reliability of financial reporting and compliance with applicable laws and regulations. The internal control
system is an important part of the risk management system.
The process of risk management is governed by the regulation “Autoneum Risk Management System”, which was
adopted by the Board of Directors. The regulation defines the main categories of risk, which serve as a basis of the risk
management, and the bodies within the Group that deal with the various risks. In addition, the regulation defines the
procedures for detecting, reporting and managing risk and the criteria for qualitative and quantitative risk assessment.
The regulation defines the following main risk categories: strategic risk, operational risk, financial risk, compliance
risk, capital risk, litigation, legal, environmental, human rights violation and other corporate responsibility risk
(e.g. political, organizational, social and work safety risk).
Besides the financial and capital risk (refer to paragraphs 2.1 and 2.2 respectively), the following risks within the main
risk categories are a focus of Autoneum:
· Strategic risk: This risk results on the one hand from different markets in which Autoneum operates (local aspects,
legal regulations, degree of maturity of markets). On the other hand, it results from the share of the customers in
Autoneum’s revenue, as well as from the technical and regulatory requirements on Autoneum products.
· Operational risk: This risk results from the technical development of orders until end of production, from the need for
cost-efficient production and the possibility of interruptions in production.
Strategic risk resulting from developments in the relevant markets and of the products offered therein is assessed as
part of the strategic planning and financial planning processes. Strategic risk and operational risk are regularly
reviewed at meetings within the Business Groups and with the CEO and the CFO of the Group. These meetings also deal
with other risks impacting actual performance against budget, in order to identify and implement corrective measures.
Risks resulting from divestments or other major projects are monitored at Group level within the framework of
authorities and approvals for the respective project. Quarterly project review reports are prepared for the attention of
the Board of Directors.
Specific risks are addressed by periodic reports in dedicated bodies. Such reports cover environmental and work safety
risk at the various sites, treasury risk and risk from legal actions and compliance.
An aggregate review of all identified risks and of the instruments and measures to address them is performed on a
semi-annual basis by the Risk Council, consisting of representatives of all Business Groups and Corporate functions.
The review results are reported to the Board of Directors and the Group Executive Board.
2.1 Financial risk
As a result of its worldwide activities Autoneum is exposed to various financial risks, such as credit risk, liquidity risk
and market risk (foreign exchange risk, interest rate risk and price risk).
Autoneum’s financial risk management aims to minimize the potential adverse impact of the development of the
financial markets on the Group’s financial performance and to secure its financial stability. This may include the use
of derivative financial instruments to hedge certain risk exposures. Financial risks are identified primarily locally
and evaluated and managed centrally by Group Treasury in close cooperation with the Group’s legal units.
94
Autoneum Financial Report 2024 Consolidated Financial Statements
Credit risk
Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and
financial institutions, as well as from exposures to customers, including outstanding receivables, contract assets and
committed transactions. Credit risk may result in a financial loss if one party in a transaction is unable or unwilling
to meet its obligations. It is Autoneum’s objective to limit the impact of a default. The maximum risk of these positions
corresponds to the book values of financial instruments that are classified as financial assets at amortized cost
(refer to note 29 on page 125).
Credit risk of financial counterparties is monitored centrally by Group Treasury. Significant relationships with banks
and financial institutions are basically only entered into with counterparties which would receive a BBB rating or higher
in the categories of the largest rating agencies like e.g. Fitch. At the date of reporting, management does not expect
significant losses from non-performance by financial institutions where funds are invested or financial transactions are
outstanding.
Autoneum maintains business relationships with all significant automotive manufacturers and has a geographically
broad, diversified customer portfolio. No customer accounted for more than 16.4% (2023: 15.2%) of Autoneum’s revenue.
The Group monitors the creditworthiness of its key customers by using independent ratings (if available) and by taking
into account their financial position, past experience and other factors. The related credit risk is considered low at
the date of reporting. In accordance with IFRS 9, the Group calculates the Expected Credit Loss according to a provision
matrix based on days the amounts are past due. For trade receivables which are not overdue by more than 180 days,
expected credit losses are determined by using publicly available credit default probabilities for the individual customer
based on their ratings. If at this stage information indicating a higher collection risk for individual customers is
available, individual allowances are recognized for the respective balances. The risk of an impairment loss increases
significantly for open trade receivable balances that are overdue for more than 180 days. Unless the open balance is
negligible, an individual assessment is performed to estimate expected credit losses. Individual assessments incorporate
forward-looking information such as macroeconomic forecasts.
The average expected loss rates for trade receivables per aging category as well as for contract assets are as follows:
AVERAGE EXPECTED LOSS RATE FOR TRADE RECEIVABLES PER AGING CATEGORY AS OF DECEMBER 31,
2024
CHF million
Not due
No more than
180 days
overdue
181 days
to one year
overdue
More than
1 year overdue
Total
Expected loss rate (in %)
0.2%
2.2%
48.1%
100.0%
1.6%
Trade receivables (gross)
228.4
20.5
1.3
2.4
252.8
Allowance for impairment
‒0.4
–0.4
–0.6
–2.4
‒4.0
Trade receivables
228.0
20.1
0.6
–
248.8
AVERAGE EXPECTED LOSS RATE FOR TRADE RECEIVABLES PER AGING CATEGORY AS OF DECEMBER 31,
2023
CHF million
Not due
No more than
180 days
overdue
181 days
to one year
overdue
More than
1 year overdue
Total
Expected loss rate (in %)
0.3%
0.7%
53.5%
98.0%
2.1%
Trade receivables (gross)
249.0
23.0
4.1
2.8
279.1
Allowance for impairment
–0.7
–0.2
–2.2
–2.7
–5.9
Trade receivables
248.3
22.8
1.9
0.1
273.1
95
Autoneum Financial Report 2024 Consolidated Financial Statements
AVERAGE EXPECTED LOSS RATE FOR CONTRACT ASSETS AS OF DECEMBER 31
CHF million
Not due 2024
Not due 2023
Expected loss rate (in %)
2.4%
3.9%
Contract assets (gross)
50.1
37.4
Allowance for impairment
–1.2
–1.5
Contract assets
48.9
35.9
Liquidity risk
The objective of liquidity risk management is to ensure that sufficient financial resources are available at any point
in time in order to be able to completely fulfill all payment obligations of the Group when due. As part of an integral
budgeting and forecasting process, Group Treasury centrally monitors the planned liquidity position of the Group.
Group Treasury compares the planned liquidity requirements with the available funds to detect shortages at an early
stage. The liquidity risk management of Autoneum includes the maintenance of sufficient liquidity reserves and the
availability of funding through an adequate amount of committed credit lines.
Beside several smaller bilateral credit facilities with banks, Autoneum maintains a credit agreement for the medium-
and long-term financing requirements with a bank syndicate in the amount of CHF 350.0 million, which expires on
October 29, 2029 (refer to note 23, page 118). Furthermore, a bond in the amount of CHF 100.0 million with a maturity
date of December 8, 2025 has been issued and is listed at the SIX Swiss Exchange (refer to note 23, page 118).
96
Autoneum Financial Report 2024 Consolidated Financial Statements
The following tables show the contractual maturities of Autoneum’s financial liabilities (including interest).
Financial liabilities at December 31, 2024
Carrying
amount
Contractual undiscounted cash flows
CHF million
Less than
1 year
1 to 5
years
More
than 5 years
Total
cash flow
Bonds
100.0
101.1
–
–
101.1
Bank debts
130.2
0.2
130.2
–
130.4
Lease liabilities
277.8
43.1
136.4
183.4
362.8
Other borrowings
5.5
5.0
0.5
–
5.5
Trade payables
177.9
177.9
–
–
177.9
Accrued expenses
113.4
113.4
–
–
113.4
Other payables
16.6
16.2
0.4
–
16.6
Derivative financial instruments
6.0
6.0
–
–
6.0
Total
827.4
462.9
267.4
183.4
913.7
Financial liabilities at December 31, 2023
Carrying
amount
Contractual undiscounted cash flows
CHF million
Less than
1 year
1 to 5
years
More
than 5 years
Total
cash flow
Bonds
99.9
1.1
101.0
–
102.2
Bank debts
221.5
0.5
221.5
–
222.0
Lease liabilities
266.9
38.5
119.3
189.3
347.0
Other borrowings
5.7
5.0
0.7
–
5.7
Trade payables
190.3
190.3
–
–
190.3
Accrued expenses
129.6
129.6
–
–
129.6
Other payables
19.2
18.4
0.7
–
19.2
Derivative financial instruments
3.1
3.1
–
–
3.1
Total
936.1
386.6
443.3
189.3
1 019.1
97
Autoneum Financial Report 2024 Consolidated Financial Statements
Foreign exchange risk
Due to the global nature of its activities, the Group is exposed to foreign exchange risk. Foreign exchange risk arises
from investments in foreign subsidiaries (translation risk) as well as from transactions and financial assets or financial
liabilities that are denominated in a currency other than the functional currency of a legal unit (transaction risk). In
order to hedge transaction risk that cannot be eliminated through offsetting transactions in the same foreign currency
(natural hedging), subsidiaries may use forward contracts, which are usually traded with banks via Group Treasury.
The transaction risk from foreign currencies is monitored continuously.
The subsidiaries’ cash holdings with banks are denominated mostly in the functional currency of the subsidiary. The
majority of the business transacted in Autoneum’s subsidiaries is also in their functional currency.
At the reporting date, the Group held financial instruments which were denominated in currencies other than the
functional currency of the respective Group company as follows:
CHF million
Assets
31.12.2024
Liabilities
31.12.2024
Assets
31.12.2023
Liabilities
31.12.2023
EUR
139.0
101.3
133.0
120.8
USD
44.1
71.9
42.3
58.4
Other
30.6
21.2
44.6
34.4
Total
213.8
194.3
219.8
213.7
The Group is exposed to foreign exchange risk mostly against the euro and the US dollar. The currency-related
sensitivity of the Group against these two currencies is shown in the following table:
CHF million
Reasonable
shift
Impact on
net result
Impact on
equity
December 31, 2024
EUR/CHF
+/–10%
+/–3.8
+/–20.8
USD/CHF
+/–10%
+/–1.0
+/–55.3
December 31, 2023
EUR/CHF
+/–15%
+/–1.0
+/–29.3
USD/CHF
+/–15%
+/–0.5
+/–75.3
The potential impact on net result is mainly due to foreign exchange gains and losses on financial instruments as
well as the translation of the profit or loss of foreign subsidiaries into Swiss francs for consolidation purposes.
The impact on equity additionally includes currency translation adjustments arising from the translation of the
net investment in foreign subsidiaries.
Interest rate risk
The interest rate risk of the Group relates to interest-bearing assets and liabilities. Floating interest rate positions are
subject to cash flow interest risk. Fixed-interest positions are subject to fair value interest risk if measured at fair value.
In general, Autoneum aims to maintain, in consideration of seasonal fluctuations, a balanced relation between fixed
and floating interest-bearing financial liabilities as disclosed in note 23 on page 118. The bond issued at fixed interest
rates is not subject to any interest rate risk, whereas the long-term credit agreement with floating interest rates is subject
to a cash flow interest risk. The Group analyzes the interest rate risk on a net basis. No hedging of the interest rate risk
was performed in the reporting period or in the prior period.
98
Autoneum Financial Report 2024 Consolidated Financial Statements
Based on the interest-bearing assets and liabilities that existed at December 31, 2024 a 100 basis point higher level of
the respective underlying refinancing base rates (e.g. SARON or other alternative reference rates) would lead to a
CHF 2.0 million (2023: CHF 2.7 million) lower net result as well as equity of the Group on an annual basis. A 100 basis
point lower level of those rates would lead to a CHF 2.0 million (2023: CHF 2.7 million) higher net result as well as
equity of the Group on an annual basis.
Price risk
Holding financial assets that are measured at fair value exposes Autoneum to a risk of price fluctuation. Autoneum
holds a significant investment in Nihon Tokushu Toryo Co. Ltd., whose shares are listed on the Tokyo Stock Exchange.
Autoneum is exposed to a price risk according to the fluctuations in the share price. This investment is classified as
a financial asset at fair value through other comprehensive income and changes in the share price do not impact profit
or loss. The amount of financial assets at fair value through profit or loss that Autoneum held is not significant (refer
to note 16, page 112 and note 29, page 125).
2.2 Capital risk
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in
order to provide returns for the shareholders and benefits for other stakeholders, and to maintain an optimally leveraged
capital structure in order to reduce the cost of capital. Autoneum aims to reach a stable investment grade rating as
perceived by bank partners and debt investors.
Autoneum Group therefore targets a healthy balance sheet with an adequate portion of equity. In the mid-term,
Autoneum aims for an equity ratio above 35%. On September 28, 2023 Autoneum Holding Ltd carried out a capital
increase that led to an equity increase of CHF 101.1 million. As of December 31, 2024 the equity ratio equaled 37.0%
(December 31, 2023: 32.1%). For the next few years, the dividend policy will depend on a number of factors, such as
net result and the financial situation of the Group, the demand for capital and liquidity, the general business environment
as well as legal and contractual restrictions. Subject to the foregoing, the Group intends to distribute at least 30% of
its net result attributable to shareholders of Autoneum Holding Ltd. Dividends, if any, are expected to be declared and
paid in Swiss francs.
99
Autoneum Financial Report 2024 Consolidated Financial Statements
3 CHANGE IN SCOPE OF CONSOLIDATION AND SIGNIFICANT TRANSACTIONS
There was no change in scope of consolidation in 2024.
In 2023, Autoneum acquired the automotive business of Borgers as of April 1, including tangible assets and inventories
of the Borgers companies in Germany and 100% of the shares in the subsidiaries in France, Poland, Sweden, Spain, the
Czech Republic, the United Kingdom, the USA and China.
The consideration for this transaction amounted to CHF 122.4 million. The purchase price allocation resulted in
net identifiable assets of CHF 225.1 million and a bargain purchase gain of CHF 102.7 million. The acquisition of
Borgers Automotive resulted in a cash outflow of CHF 96.0 million, net of cash acquired.
In 2023, Autoneum Mexico, S. de R.L. de C.V., Hermosillo, and Autoneum Mexico Servicios, S.A. de C.V., San Luis Potosí,
were merged into Autoneum Mexico Operations, S.A. de C.V., San Luis Potosí.
4 SEGMENT INFORMATION
Segment information is based on Autoneum Group’s internal organization and management structure as well as on the
internal financial reporting to the Group Executive Board and the Board of Directors. The chief operating decision
maker is the CEO. EBIT is used to measure performance, as the management believes that this information is most relevant
in evaluating the results of the respective segments relative to other companies operating in the same industry.
Autoneum is the leading global automobile supplier in acoustic and thermal management for vehicles. Autoneum
develops and produces multifunctional and lightweight components and systems for noise and heat protection and
thereby enhances vehicle comfort.
The reporting is based on the following four reportable segments (Business Groups/BG): BG Europe, BG North America,
BG Asia and BG SAMEA (South America, Middle East and Africa). “Corporate and elimination” include Autoneum Hold-
ing Ltd and the corporate center with its respective legal entities, an operation that produces parts for Autoneum’s
manufacturing lines, investments in associates and inter-segment elimination. Transactions between the Business
Groups are made on the same basis as with independent third parties.
Autoneum Financial Report 2024 Consolidated Financial Statements
100
SEGMENT INFORMATION 2024
CHF million
BG Europe
BG North
America
BG Asia
BG SAMEA
Total
segments
Corporate
and
elimination
Total
Group
Third-party revenue
1 140.6
884.6
188.7
120.1
2 334.0
4.7
2 338.7
Inter-segment revenue
11.8
–
9.6
1.3
22.7
‒22.7
–
Revenue
1 152.4
884.6
198.3
121.4
2 356.7
–18.0
2 338.7
EBITDA
112.3
69.6
35.3
21.4
238.5
8.2
246.7
in % of revenue
9.7%
7.9%
17.8%
17.6%
10.1%
n/a
10.5%
Depreciation, amortization
and impairment
–54.8
–37.7
–18.2
–4.1
–114.9
–6.9
–121.8
EBIT
57.4
31.9
17.0
17.3
123.6
1.4
125.0
in % of revenue
5.0%
3.6%
8.6%
14.2%
5.2%
n/a
5.3%
Assets at December 311
717.4
563.9
193.5
65.0
1 539.9
92.4
1 632.3
Liabilities at December 31
501.4
422.7
95.5
36.4
1 056.0
–27.7
1 028.3
Addition in tangible
and intangible assets
56.7
30.4
16.8
4.0
108.0
0.8
108.8
Employees at December 312
7 757
4 549
1 782
918
15 006
343
15 349
1 Assets in “Corporate and elimination” include investments in associated companies in the amount of CHF 19.6 million, refer to note 15, page 112.
2 Full-time equivalents including temporary employees.
SEGMENT INFORMATION 2023
CHF million
BG Europe
BG North
America
BG Asia
BG SAMEA
Total
segments
Corporate
and
elimination
Total
Group
Third-party revenue
1 060.6
895.9
233.4
107.8
2 297.6
4.7
2 302.3
Inter-segment revenue
13.3
–
9.4
1.2
23.9
–23.9
–
Revenue
1 073.9
895.9
242.8
109.0
2 321.6
–19.3
2 302.3
EBITDA
58.2
54.2
45.5
21.5
179.4
109.8
289.2
in % of revenue
5.4%
6.1%
18.7%
19.8%
7.7%
n/a
12.6%
Depreciation, amortization
and impairment
–54.9
–94.6
–19.9
–4.6
–174.0
–8.4
–182.4
EBIT
3.3
–40.3
25.6
16.9
5.5
101.4
106.9
in % of revenue
0.3%
–4.5%
10.5%
15.5%
0.2%
n/a
4.6%
Assets at December 311
743.4
567.1
205.5
62.9
1 578.9
92.3
1 671.2
Liabilities at December 31
584.1
442.1
106.3
41.5
1 174.0
–39.7
1 134.2
Addition in tangible
and intangible assets
41.8
27.3
7.6
6.2
82.9
2.0
84.9
Employees at December 312
8 330
4 987
1 918
930
16 165
354
16 519
1 Assets in “Corporate and elimination” include investments in associated companies in the amount of CHF 18.9 million, refer to note 15, page 112.
2 Full-time equivalents including temporary employees.
Autoneum Financial Report 2024 Consolidated Financial Statements
101
REVENUE AND NON-CURRENT ASSETS BY COUNTRY
CHF million
Revenue1
2024
Revenue1
2023
Non-current
assets2
31.12.2024
Non-current
assets2
31.12.2023
USA
649.7
644.9
230.1
219.0
Germany
376.1
306.3
71.4
82.1
Mexico
192.3
173.4
43.0
49.5
China
164.9
215.7
66.0
68.1
Great Britain
135.1
123.4
12.3
14.1
Spain
116.5
121.8
39.9
40.6
Sweden
113.1
103.1
1.2
1.5
France
107.7
119.1
26.2
22.1
Belgium
84.6
98.5
4.5
9.7
Switzerland3
1.2
0.7
73.8
66.5
Remaining countries
397.5
395.4
223.7
212.7
Total
2 338.7
2 302.3
792.1
785.9
1 Revenue is disclosed by location of customers.
2 Non-current assets consist of tangible assets, intangible assets and investments in associated companies.
3 Domicile of Autoneum Holding Ltd.
One customer (BMW) accounted for more than 10% of annual revenue in both 2024 (CHF 382.6 million) and 2023
(CHF 350.7 million).
Information on revenue by product group is not available. The major customers generate revenue in all geographic segments.
When Autoneum is nominated by an OEM the contract includes that Autoneum will manufacture a tool which is sold to the
OEM before the start of production and that Autoneum will produce and deliver serial parts to the OEM over the production
period, which is usually between five and eight years. As the OEM’s production volumes are continuously adapted to the
market demand, the number of serial parts that Autoneum will deliver to the OEM can only be estimated. Autoneum expects
that the contracts for which Autoneum was nominated as of December 31, 2024 will generate revenue of CHF 11.5 billion
(December 31, 2023: CHF 10.7 billion) in future years.
Autoneum Financial Report 2024 Consolidated Financial Statements
102
Autoneum started a long-term incentive plan (LTI) for the management in 2012. Part of Autoneum’s net result is
allocated to beneficiaries defined in advance by granting them shares of Autoneum Holding Ltd. The shares become
property of the beneficiaries after a vesting period of 35 months, if the beneficiaries are then still employed by an
Autoneum company. Immediate vesting occurs in case of death or retirement of the beneficiary. In case of employment
termination, shares not yet vested lapse without compensation. Exceptions are possible at the discretion of the
Nomination and Compensation Committee. Vesting occurs every year in April. Employee expenses resulting from share
based compensation in the course of the LTI are recognized over the vesting period. 11 059 shares (2023: 1 089 shares)
were granted in 2024, and CHF 0.6 million expenses (2023: CHF 0.1 million) were recognized in wages and salaries.
Members of the Board of Directors receive part of their remuneration in Autoneum shares. 5 029 shares (2023:
6 806 shares) valued at CHF 153.28 (2023: CHF 129.98) were granted in 2024, and expenses of CHF 0.8 million (2023:
CHF 0.9 million) were recognized in wages and salaries.
Members of the Group Executive Board receive part of their remuneration in Autoneum shares. 13 905 shares
(2023: 11 174 shares) valued at a weighted average share price of CHF 122.49 (2023: CHF 124.19) were granted in 2024,
and expenses of CHF 1.7 million (2023: CHF 1.4 million) were recognized in wages and salaries.
5 EMPLOYEE EXPENSES
CHF million
2024
2023
Wages and salaries
–499.1
–469.1
Social security expenses
–131.9
–120.0
Pension expenses for defined contribution plans
–6.3
–6.1
Pension expenses for defined benefit plans
–4.1
–3.5
Other personnel expenses
–74.6
–98.0
Total
–716.1
–696.7
Autoneum Financial Report 2024 Consolidated Financial Statements
103
6 OTHER EXPENSES
CHF million
2024
2023
Energy
–95.3
–102.5
Repairs and maintenance
–93.8
–104.7
Distribution and marketing expenses
–62.1
–64.9
Operating material
–25.8
–23.4
IT and office expenses
–21.7
–19.5
Audit and consulting expenses
–17.8
–17.5
Insurance and other charges
–17.5
–17.6
Lease expenses
–13.3
–14.6
Outsourced services
–12.6
–13.2
Waste and cleaning
–12.6
–12.3
Security expenses
–3.8
–4.1
Loss from disposal of tangible assets
–1.1
–0.3
Miscellaneous expenses
–31.5
–24.0
Total
–408.8
–418.6
7 OTHER INCOME
CHF million
2024
2023
By-product income
17.7
17.1
Gain from disposal of tangible assets
3.9
2.7
Rental income
1.6
1.4
Bargain purchase gain
–
102.7
Miscellaneous income
15.4
14.7
Total
38.6
138.5
Miscellaneous income mainly comprises various reimbursements among the Group as well as income from release of
unused provisions.
8 DEPRECIATION, AMORTIZATION AND IMPAIRMENT
CHF million
2024
2023
Depreciation of tangible assets
–118.4
–119.9
Impairment of tangible assets
–0.5
–56.3
Reversal of impairment of tangible assets
1.4
–
Amortization of intangible assets
–4.3
–6.1
Total
–121.8
–182.4
9 FINANCIAL INCOME
CHF million
2024
2023
Interest income
1.9
1.4
Dividend income
1.1
1.2
Other financial income
1.8
1.8
Total
4.9
4.4
Autoneum Financial Report 2024 Consolidated Financial Statements
104
10 FINANCIAL EXPENSES
CHF million
2024
2023
Interest expenses
–20.6
–28.2
Net foreign exchange losses
–10.3
–8.7
Net loss on net monetary position from hyperinflationary accounting
–4.9
–6.9
Other financial expenses
–0.1
–0.1
Total
–35.8
–43.8
Interest expenses include CHF 12.1 million (2023: CHF 12.0 million) interest expenses for lease liabilities,
CHF 0.3 million (2023: CHF 0.8 million) amortization of transaction costs and CHF 0.2 million (2023: CHF 0.7 million)
interest expenses for defined benefit plans.
11 INCOME TAXES
CHF million
2024
2023
Current income taxes
–37.7
–31.4
Deferred income taxes
12.7
23.5
Total
–24.9
–7.9
Reconciliation between expected and actual income tax result:
CHF million
2024
2023
Earnings before taxes
94.9
69.0
Average applicable income tax rate
22.6%
22.8%
Expected income tax result
–21.4
–15.7
Non-taxable income and non-deductible expenses1
–3.3
14.8
Current income taxes from prior periods
–11.1
–5.0
Current year losses for which no deferred income tax assets were recognized
–1.3
–4.5
Utilization of previously unrecognized tax loss carryforwards or tax credits
0.7
–
Recognition of previously unrecognized or derecognition of tax loss carryforwards or tax
credits
12.5
9.8
Recognition of previously unrecognized or derecognition of deductible temporary
differences
1.1
–3.6
Non-recoverable withholding taxes
–4.3
–4.4
Income taxes at other income tax rates or taxable base
1.5
0.7
Impact of changes in income tax rates
–0.1
0.6
Other effects
0.9
–0.6
Income tax expenses
–24.9
–7.9
1 In the previous period, non-taxable income is mainly impacted by the bargain purchase gain.
The change in the average applicable income tax rate is mainly due to the different geographic composition of earnings
before taxes.
Autoneum Financial Report 2024 Consolidated Financial Statements
105
Deferred income tax assets and liabilities pertain to the following balance sheet line items:
CHF million
Deferred
income
tax assets
31.12.2024
Deferred
income
tax liabilities
31.12.2024
Deferred
income
tax assets
31.12.2023
Deferred
income
tax liabilities
31.12.2023
Tangible assets
2.8
26.4
3.5
27.0
Intangible assets
1.2
1.2
1.1
1.5
Non-current financial assets
–
1.8
–
2.2
Employee benefit assets
–
1.6
–
1.1
Other non-current assets
4.1
7.6
2.5
7.1
Inventories
2.1
0.6
2.0
0.4
Other current assets
1.3
5.2
1.1
4.7
Employee benefit liabilities
1.2
1.0
1.0
0.9
Provisions
1.6
0.6
0.7
0.3
Other liabilities
7.1
0.3
6.4
0.9
Tax loss carryforwards and tax credits
57.4
–
48.4
–
Inflation adjustment
–
–
–0.2
–
Subtotal
78.7
46.3
66.6
46.2
Offsetting
–20.0
–20.0
–16.0
–16.0
Total
58.6
26.3
50.7
30.2
The increase in the net deferred income tax asset of CHF 11.9 million (2023: increase of CHF 7.8 million) relates to the
deferred income tax income recognized in the consolidated income statement of CHF 12.7 million (2023: CHF 23.5 million),
to the deferred income tax expense recognized in other comprehensive income of CHF 0.4 million (2023: income of
CHF 0.6 million), a positive inflation adjustment of CHF 0.2 million (2023: negative inflation adjustment of CHF 0.4
million), a negative currency translation adjustment of CHF 0.7 million (2023: negative currency translation adjustment
of CHF 0.4 million). Previous year change included net deferred income tax liabilities of CHF 15.4 million assumed at
the acquisition of Borgers Automotive.
No deferred income tax assets are recognized from deductible temporary differences in the amount of
CHF 143.2 million (December 31, 2023: CHF 127.0 million). At the reporting date, tax loss carryforwards of CHF 143.7
million (December 31, 2023: CHF 106.3 million) are recognized for Group companies that incurred losses in 2024 or
2023 (2023 or 2022) supported by taxable temporary differences and expected future profitability.
The table below discloses tax loss carryforwards by their year of expiry:
CHF million
Recognized1
31.12.2024
Non-
recognized2
31.12.2024
Recognized1
31.12.2023
Non-
recognized2
31.12.2023
Less than 3 years
–
2.5
–
3.7
In 3 to 7 years
26.1
20.3
35.4
0.8
Thereafter
164.8
282.3
126.1
318.9
Total
190.9
305.1
161.5
323.4
1 Tax loss carryforwards for which deferred income tax assets are recognized.
2 Tax loss carryforwards for which no deferred income tax assets are recognized.
The tax loss carryforwards for which no deferred income tax assets were recognized originate from countries with a
deferred income tax rate of between 9% and 34% in both the reporting year and the prior year.
Autoneum Financial Report 2024 Consolidated Financial Statements
106
The table below discloses tax credits by their year of expiry:
CHF million
Recognized1
31.12.2024
Non-recog-
nized2
31.12.2024
Recognized1
31.12.2023
Non-recog-
nized2
31.12.2023
Less than 3 years
–
13.8
–
3.5
In 3 to 7 years
–
–
–
12.8
Thereafter
1.7
3.2
1.8
8.6
Total
1.7
17.1
1.8
24.9
1 Tax credits for which deferred income tax assets are recognized.
2 Tax credits for which no deferred income tax assets are recognized.
Global minimum top-up tax
The Organisation for Economic Co-Operation and Development (OECD) has published model rules for Pillar Two based
on the G20 Inclusive Framework on Tax Avoidance and Profit Shifting, which are intended to address the global tax
challenges to ensure companies pay an effective minimum income tax rate of at least 15%. The Group has adopted the
International Tax Reform – Pillar Two Model Rules (amendments to IAS 12) as of December 31, 2023. The amendments
provide for a temporary mandatory exception from deferred income tax accounting for the top-up tax. Any top-up tax
would be accounted for as a current income tax under this amendment.
The Group monitors the global minimum tax rules in the jurisdictions in which it operates on a regular basis. Swit-
zerland enacted Pillar Two legislation by introducing a Qualified Domestic Minimum Top-up Tax (QDMTT) effective as
of January 1, 2024. Based on the Country-by-Country Reporting (CbCR) data from 2023 and 2024, the Company has
performed an analysis applying the Transitional Safe Harbour rules as of December 31, 2024. Based on the Transitional
Safe Harbour analysis and a review of enacted Pillar Two legislation, Autoneum and its subsidiaries would not be liable
for any top-up tax in relation to the current reporting period. On September 4, 2024 Switzerland enacted the Income
Inclusion Rule (IIR) effective as of January 1, 2025, which complements the QDMTT. The IIR imposes a 15% minimum
top-up tax on the profits of foreign subsidiaries of Swiss-based multinational companies. The Group estimates that the
IIR will have no material impact on the consolidated financial statements. The Group is continuing to follow Pillar Two
legislative developments to evaluate the potential future impact of Pillar Two taxation on the consolidated financial
statements.
12 EARNINGS PER SHARE
2024
2023
Net result attributable to shareholders of AUTN
CHF million
52.1
48.3
Average number of shares outstanding
Number of shares
5 806 265
5 120 515
Average number of shares outstanding diluted
Number of shares
5 810 745
5 122 344
Basic earnings per share
CHF
8.98
9.42
Diluted earnings per share
CHF
8.97
9.42
The average number of shares outstanding is calculated based on the number of shares issued less the weighted
average number of treasury shares held. At December 31, 2024, 4 480 shares (December 31, 2023: 1 829 shares) in
relation to the management’s long-term incentive plan (LTI) were excluded from the diluted weighted average number
of ordinary shares calculation because their effect would have been anti-dilutive.
Autoneum Financial Report 2024 Consolidated Financial Statements
107
13 TANGIBLE ASSETS
TANGIBLE ASSETS 2024
CHF million
Land and
buildings
Machinery
and plant
equipment
Data-
processing
equipment
Vehicles
and
furniture
Tangible
assets under
construction
Total
Cost at January 1, 2024
623.1
1 331.6
33.9
55.3
46.3
2 090.1
Addition
19.2
8.5
0.8
9.2
69.8
107.6
Disposal
–15.7
–25.6
–1.2
–5.8
–0.1
–48.5
Modification
0.8
–
–
0.8
–
1.6
Reclassification
2.8
54.0
2.6
1.4
–60.8
–
Inflation adjustment
0.7
12.3
0.4
0.3
–0.1
13.6
Currency translation adjustment
14.9
37.5
1.4
1.1
1.1
56.1
Cost at December 31, 2024
645.8
1 418.3
37.8
62.3
56.2
2 220.5
Accumulated depreciation and
impairment at January 1, 2024
–267.9
‒1 007.5
–27.6
–36.4
–
‒1 339.4
Depreciation
–36.7
–69.3
–2.9
–9.4
–
–118.4
Impairment
–
–0.4
–0.1
–
–
–0.5
Reversal of impairment
1.1
0.4
–
–
–
1.4
Disposal
14.6
24.6
1.2
5.8
–
46.2
Inflation adjustment
–0.3
–11.5
–0.3
–0.2
–
–12.4
Currency translation adjustment
–7.9
‒28.1
–1.2
–0.9
–
‒38.1
Accumulated depreciation and
impairment at December 31, 2024
–297.1
–1 091.7
–31.0
–41.2
–
–1 461.1
Net book value at January 1, 2024
355.2
324.1
6.3
18.8
46.3
750.8
Net book value at December 31, 2024
348.6
326.6
6.9
21.1
56.1
759.3
PROPERTY, PLANT AND EQUIPMENT 2024
CHF million
Land and
buildings
Machinery
and plant
equipment
Data-
processing
equipment
Vehicles
and
furniture
Tangible
assets under
construction
Total
Cost at January 1, 2024
304.4
1 321.6
33.3
33.6
46.3
1 739.1
Addition
0.5
7.4
0.5
0.7
69.8
78.9
Disposal
–1.5
–23.8
–1.2
–1.3
–0.1
–27.9
Reclassification
2.8
54.0
2.6
1.4
–60.8
–
Inflation adjustment
–
12.3
0.4
0.2
–0.1
12.8
Currency translation adjustment
9.1
37.2
1.4
0.9
1.1
49.7
Cost at December 31, 2024
315.3
1 408.7
36.9
35.5
56.2
1 852.6
Accumulated depreciation and
impairment at January 1, 2024
–170.2
‒1 002.2
–27.2
–27.0
–
‒1 226.6
Depreciation
–9.6
–67.2
–2.8
–2.7
–
–82.3
Impairment
–
–0.4
–0.1
–
–
–0.5
Reversal of impairment
–
0.4
–
–
–
0.4
Disposal
0.4
22.8
1.2
1.2
–
25.6
Inflation adjustment
–
–11.5
–0.3
–0.2
–
–12.1
Currency translation adjustment
–6.0
‒28.0
–1.2
–0.8
–
–36.0
Accumulated depreciation and
impairment at December 31, 2024
–185.5
–1 086.0
–30.4
–29.6
–
–1 331.5
Net book value at January 1, 2024
134.2
319.4
6.1
6.6
46.3
512.5
Net book value at December 31, 2024
129.8
322.7
6.5
6.0
56.1
521.0
Autoneum Financial Report 2024 Consolidated Financial Statements
108
RIGHT-OF-USE ASSETS 2024
CHF million
Land and
buildings
Machinery
and plant
equipment
Data-
processing
equipment
Vehicles
and
furniture
Tangible
assets under
construction
Total
Cost at January 1, 2024
318.7
10.0
0.6
21.7
–
351.0
Addition
18.7
1.1
0.3
8.6
–
28.7
Disposal
–14.2
–1.8
–
–4.5
–
–20.6
Modification
0.8
–
–
0.8
–
1.6
Inflation adjustment
0.7
–
–
0.1
–
0.8
Currency translation adjustment
5.8
0.3
–
0.3
–
6.4
Cost at December 31, 2024
330.5
9.7
0.9
26.8
–
367.9
Accumulated depreciation and
impairment at January 1, 2024
–97.8
–5.2
–0.3
–9.4
–
–112.7
Depreciation
–27.0
–2.2
–0.2
–6.7
–
–36.0
Reversal of impairment
1.1
–
–
–
–
1.1
Disposal
14.2
1.8
–
4.5
–
20.6
Inflation adjustment
–0.3
–
–
–
–
–0.3
Currency translation adjustment
–1.9
–0.1
–
–0.1
–
–2.1
Accumulated depreciation and
impairment at December 31, 2024
–111.7
–5.7
–0.5
–11.7
–
–129.6
Net book value at January 1, 2024
221.0
4.7
0.3
12.3
–
238.3
Net book value at December 31, 2024
218.8
3.9
0.4
15.1
–
238.3
TANGIBLE ASSETS 2023
CHF million
Land and
buildings
Machinery
and plant
equipment
Data-
processing
equipment
Vehicles
and
furniture
Tangible
assets under
construction
Total
Cost at January 1, 2023
567.8
1 299.5
34.4
49.0
31.1
1 981.7
Acquisition through business combination1
101.9
116.8
0.1
6.0
9.0
233.7
Addition
17.5
9.8
0.9
7.9
48.0
84.0
Disposal
–16.7
–23.0
–0.8
–5.3
–0.6
–46.3
Modification
–6.3
–2.2
–
0.1
–
–8.5
Reclassification
2.7
32.0
2.2
1.4
–38.3
–
Inflation adjustment
0.4
8.7
0.2
0.4
0.2
9.9
Currency translation adjustment
–44.2
–110.0
–3.1
–4.1
–3.0
–164.5
Cost at December 31, 2023
623.1
1 331.6
33.9
55.3
46.3
2 090.1
Accumulated depreciation and
impairment at January 1, 2023
–259.6
–978.3
–27.5
–35.5
–
–1 300.7
Depreciation
–36.6
–71.5
–3.1
–8.7
–
–119.9
Impairment
–1.5
–54.6
–
–
–0.3
–56.3
Disposal
11.0
22.6
0.8
5.2
0.3
39.9
Inflation adjustment
–0.1
–8.3
–0.2
–0.2
–
–8.9
Currency translation adjustment
18.8
82.5
2.5
2.8
–
106.5
Accumulated depreciation and
impairment at December 31, 2023
–267.9
–1 007.5
–27.6
–36.4
–
–1 339.4
Net book value at January 1, 2023
308.2
321.2
6.9
13.5
31.1
681.0
Net book value at December 31, 2023
355.2
324.1
6.3
18.8
46.3
750.8
1 Refer to note 3 on page 99.
Autoneum Financial Report 2024 Consolidated Financial Statements
109
PROPERTY, PLANT AND EQUIPMENT 2023
CHF million
Land and
buildings
Machinery
and plant
equipment
Data-
processing
equipment
Vehicles
and
furniture
Tangible
assets under
construction
Total
Cost at January 1, 2023
254.3
1 290.4
33.9
32.1
31.1
1 641.7
Acquisition through business combination1
70.8
113.3
–
2.7
9.0
195.9
Addition
0.2
7.4
0.7
0.9
48.0
57.1
Disposal
–1.8
–20.7
–0.7
–1.0
–0.6
–24.8
Reclassification
2.7
32.0
2.2
1.4
–38.3
–
Inflation adjustment
–
8.7
0.2
0.2
0.2
9.2
Currency translation adjustment
–21.8
–109.5
–3.0
–2.7
–3.0
–140.0
Cost at December 31, 2023
304.4
1 321.6
33.3
33.6
46.3
1 739.1
Accumulated depreciation and
impairment at January 1, 2023
–173.9
–972.7
–27.1
–26.9
–
–1 200.6
Depreciation
–9.5
–69.3
–3.0
–3.1
–
–84.9
Impairment
–0.4
–54.6
–
–
–0.3
–55.2
Disposal
1.8
20.4
0.7
1.0
0.3
24.0
Inflation adjustment
–
–8.3
–0.2
–0.2
–
–8.6
Currency translation adjustment
11.8
82.3
2.4
2.2
–
98.7
Accumulated depreciation and
impairment at December 31, 2023
–170.2
–1 002.2
–27.2
–27.0
–
–1 226.6
Net book value at January 1, 2023
80.4
317.7
6.7
5.2
31.1
441.1
Net book value at December 31, 2023
134.2
319.4
6.1
6.6
46.3
512.5
1 Refer to note 3 on page 99.
RIGHT-OF-USE ASSETS 2023
CHF million
Land and
buildings
Machinery
and plant
equipment
Data-
processing
equipment
Vehicles
and
furniture
Tangible
assets under
construction
Total
Cost at January 1, 2023
313.5
9.1
0.5
16.9
–
340.0
Acquisition through business combination1
31.1
3.5
–
3.2
–
37.9
Addition
17.3
2.4
0.2
7.0
–
26.9
Disposal
–14.9
–2.2
–0.1
–4.3
–
–21.5
Modification
–6.3
–2.2
–
0.1
–
–8.5
Inflation adjustment
0.4
–
–
0.2
–
0.6
Currency translation adjustment
–22.4
–0.6
–0.1
–1.4
–
–24.4
Cost at December 31, 2023
318.7
10.0
0.6
21.7
–
351.0
Accumulated depreciation and
impairment at January 1, 2023
–85.7
–5.5
–0.3
–8.6
–
–100.1
Depreciation
–27.1
–2.2
–0.1
–5.6
–
–35.0
Impairment
–1.1
–
–
–
–
–1.1
Disposal
9.3
2.2
0.1
4.3
–
15.9
Inflation adjustment
–0.1
–
–
–0.1
–
–0.2
Currency translation adjustment
7.0
0.2
–
0.6
–
7.8
Accumulated depreciation and
impairment at December 31, 2023
–97.8
–5.2
–0.3
–9.4
–
–112.7
Net book value at January 1, 2023
227.8
3.6
0.2
8.3
–
239.8
Net book value at December 31, 2023
221.0
4.7
0.3
12.3
–
238.3
1 Refer to note 3 on page 99.
Tangible assets of CHF 0.2 million (December 31, 2023: CHF 0.5 million) are pledged as security for financial liabilities.
Autoneum Financial Report 2024 Consolidated Financial Statements
110
Lease accounting has impacted profit or loss and the consolidated statement of cash flows as follows:
CHF million
2024
2023
Lease expenses relating to short-term leases and low-value assets
–13.3
–14.6
Depreciation and impairment for right-of-use assets
–35.0
–36.1
Interest expenses on lease liabilities
–12.1
–12.0
Total recognized in profit or loss
–60.4
–62.7
Lease expenses paid relating to short-term leases and low-value assets
–13.3
–14.6
Interest paid on lease liabilities
–12.1
–12.0
Total recognized in cash flows from operating activities
–25.4
–26.6
Repayment of lease liabilities
–31.5
–30.2
Total recognized in cash flows used in financing activities
–31.5
–30.2
Total cash flows used for leases
–56.9
–56.8
Impairment
Tangible assets are tested for impairment if there are indications, that due to changed circumstances, their carrying
amount may no longer be recoverable. In 2024, no material impairments nor material reversal of impairments
have been identified as a result of this test and the carrying amount of the cash-generating units are recoverable.
In 2023, CHF 52.2 million of the impairment charges on tangible assets were attributable to Business Group
North America, CHF 3.7 million to Business Group Europe and CHF 0.4 million to Corporate.
Autoneum Financial Report 2024 Consolidated Financial Statements
111
14 INTANGIBLE ASSETS
INTANGIBLE ASSETS 2024
CHF million
Software
Customer
relations
Technologies
Trademarks
Other
intangible
assets
Total
Cost at January 1, 2024
25.8
3.5
9.9
2.6
0.7
42.6
Addition
0.1
–
–
–
1.0
1.1
Reclassification
0.4
–
–
–
–0.4
–
Currency translation adjustment
0.5
–
–
–
–
0.5
Cost at December 31, 2024
26.9
3.5
9.9
2.6
1.4
44.3
Accumulated amortization at January 1, 2024
–22.7
–0.3
–1.1
–2.0
–0.3
–26.3
Amortization
–1.8
–0.4
–1.4
–0.7
–
–4.3
Reclassification
–0.3
–
–
–
0.3
–
Currency translation adjustment
–0.5
–
–
–
–
–0.5
Accumulated amortization at December 31, 2024
–25.2
–0.8
–2.5
–2.6
–0.1
–31.1
Net book value at January 1, 2024
3.2
3.2
8.8
0.7
0.4
16.2
Net book value at December 31, 2024
1.7
2.7
7.4
–
1.3
13.2
INTANGIBLE ASSETS 2023
CHF million
Software
Customer
relations
Technologies
Trademarks
Other
intangible
assets
Total
Cost at January 1, 2023
25.0
–
–
–
0.7
25.7
Acquisition through business combination1
1.3
3.5
9.9
2.6
–
17.3
Addition
0.7
–
–
–
0.2
0.9
Reclassification
0.1
–
–
–
–0.1
–
Currency translation adjustment
–1.2
–
–
–
–
–1.3
Cost at December 31, 2023
25.8
3.5
9.9
2.6
0.7
42.6
Accumulated amortization at January 1, 2023
–21.0
–
–
–
–0.3
–21.3
Amortization
–2.8
–0.3
–1.1
–2.0
–
–6.1
Currency translation adjustment
1.0
–
–
–
–
1.1
Accumulated amortization at December 31, 2023
–22.7
–0.3
–1.1
–2.0
–0.3
–26.3
Net book value at January 1, 2023
4.0
–
–
–
0.3
4.4
Net book value at December 31, 2023
3.2
3.2
8.8
0.7
0.4
16.2
1 Refer to note 3 on page 99.
Autoneum Financial Report 2024 Consolidated Financial Statements
112
15 INVESTMENTS IN ASSOCIATED COMPANIES
Investments in associated companies comprise the 30% share in SRN Sound Proof Co., Ltd., Chonburi, Thailand, the
25% share in Wuhan Nittoku Autoneum Sound-Proof Co. Ltd., Wuhan, China, the 25% share in Wuhan Nittoku Autoneum
Auto Parts Co. Ltd., Wuhan, China, and the 25% share in ATN Auto Acoustics Inc., Kamioguchi, Japan. The investments
in associated companies are measured using the equity method. The net book value of investments in associated
companies changed as follows:
CHF million
2024
2023
Net book value at January 1
18.9
21.6
Share of profit of associated companies
0.9
1.6
Dividends received
–1.3
–1.9
Currency translation adjustment
1.1
–2.3
Net book value at December 31
19.6
18.9
16 FINANCIAL ASSETS
CHF million
31.12.2024
31.12.2023
Investments in non-consolidated companies
24.3
23.7
Loans
0.8
0.7
Other financial assets
5.2
6.0
Total non-current portion
30.2
30.3
Marketable securities
6.0
–
Derivative financial instruments
1.4
9.4
Total current portion
7.5
9.4
The increase in investments in non-consolidated companies results from a change in the market value of the investment
in Nihon Tokushu Toryo Co. Ltd. of CHF 0.6 million (2023: increase of CHF 3.5 million), which is recognized in other
comprehensive income.
Derivative financial instruments have been reclassified to current financial assets, whereas they were previously
reported under other current assets. Prior period comparatives have been revised to align with the current year’s
presentation.
Autoneum Financial Report 2024 Consolidated Financial Statements
113
17 OTHER ASSETS
CHF million
31.12.2024
31.12.2023
Capitalized preproduction costs
67.3
63.2
Contract assets
29.0
23.6
Other receivables
7.1
8.8
Total non-current portion
103.5
95.5
Non-income tax receivables
31.2
27.5
Accrued income
25.7
22.7
Contract assets
19.8
12.4
Deferred expenses
7.2
6.1
Advance payments to suppliers
6.9
7.5
Other receivables
12.3
8.7
Total current portion
103.1
84.9
Contract assets result mainly when tools are sold to the OEM and Autoneum is not reimbursed at the same point in
time, but with a predefined part of the price of the serial products that are sold to the OEM over the production period.
The contract assets are transferred to receivables when the right for payment becomes unconditional. This usually
occurs when the Group issues an invoice to the customer, which is expected within the next year for the current portion
and within the next two to eight years for the non-current portion.
Derivative financial instruments have been reclassified from other current assets to current financial assets (refer to
note 16, page 112). Prior period comparatives have been revised to align with the current year’s presentation.
The following table shows the movements in capitalized pre-production costs during the year:
CHF million
2024
2023
Net book value at January 1
63.2
61.7
Capitalization of preproduction costs
19.7
18.7
Amortization of preproduction costs
–16.9
–14.8
Restatement by inflation
0.1
0.1
Currency translation adjustment
1.3
–2.6
Net book value at December 31
67.3
63.2
Autoneum spent CHF 57.9 million (2023: CHF 55.2 million) on research and development in the period under review,
whereof CHF 19.7 million (2023: CHF 18.7 million) were capitalized. The remaining portion was recognized as an
expense in the period when incurred.
18 INVENTORIES
CHF million
31.12.2024
31.12.2023
Raw materials and consumables
43.1
47.5
Purchased parts
1.4
1.6
Finished goods
30.4
28.8
Work in progress
92.4
107.7
Allowance for impairment
–4.9
–5.5
Total
162.4
180.1
Autoneum Financial Report 2024 Consolidated Financial Statements
114
The following table summarizes the movement in the allowance for impairment:
CHF million
2024
2023
Allowance at January 1
–5.5
–4.9
Addition
–0.3
–0.9
Utilization
–
–0.2
Release
1.0
0.1
Currency translation adjustment
–0.2
0.4
Allowance at December 31
–4.9
–5.5
19 TRADE RECEIVABLES
CHF million
31.12.2024
31.12.2023
Trade receivables (gross)
252.8
279.1
Allowance for impairment
–4.0
–5.9
Total
248.8
273.1
The following table summarizes the movement in the allowance for impairment:
CHF million
2024
2023
Allowance at January 1
–5.9
–3.7
Addition
–0.2
–2.9
Utilization
0.3
0.1
Release
2.0
0.3
Currency translation adjustment
–0.2
0.4
Allowance at December 31
–4.0
–5.9
Trade receivables comprise receivables due from customers with the below-mentioned credit rating. The rating system
can be seen as being congruent to the rating categories applied by the largest worldwide known rating agencies like
e.g. Fitch:
CHF million
31.12.2024
31.12.2023
A– or higher
87.1
101.3
BBB– to BBB+
100.5
87.2
BB+ or lower
35.8
55.7
Not rated
25.4
28.9
Total
248.8
273.1
At December 31, 2024 no trade receivables are pledged as security for financial liabilities (December 31, 2023: nil).
20 CASH AND CASH EQUIVALENTS
CHF million
31.12.2024
31.12.2023
Cash at banks
106.2
145.0
Time deposits with original maturities up to 3 months
2.0
4.4
Total
108.2
149.4
Autoneum Financial Report 2024 Consolidated Financial Statements
115
21 SHAREHOLDERS’ EQUITY
On September 28, 2023 Autoneum Holding Ltd carried out a capital increase that led to an increase by 1 168 090 regis-
tered shares based on the previous 4 672 363 registered shares outstanding as at December 31, 2022. The share capital
is fully paid up. At December 31, 2024 the share capital amounts to CHF 292 023 and is composed as follows:
31.12.2024
31.12.2023
Shares outstanding
Number of shares
5 792 295
5 794 833
Treasury shares
Number of shares
48 158
45 620
Total shares issued
Number of shares
5 840 453
5 840 453
Nominal value per share
CHF
0.05
0.05
Share capital
CHF
292 023
292 023
Share capital
The holders of shares are entitled to receive dividends and are entitled to one vote per share at General Meetings of the
Company.
Conditional share capital
For issuing convertible bonds, warranty bonds, and for granting shareholder options, the share capital can be increased
by a maximum of 700 000 fully paid-up registered shares with a par value of CHF 0.05 up to a maximum value
of CHF 35 000. Furthermore, for the issuance of shares to employees of subsidiaries, the share capital can be increased
by a maximum of 250 000 fully paid-up registered shares with a par value of CHF 0.05 up to a maximum value of
CHF 12 500.
Treasury shares
The following transactions with treasury shares were performed during the financial year:
2024
in shares
2024
in CHF
million
2023
in shares
2023
in CHF
million
Treasury shares at January 1
45 620
5.2
34 278
4.0
Purchase of treasury shares
17 500
2.0
29 600
3.3
Transfer of treasury shares
–14 962
–1.7
–18 258
–2.1
Treasury shares at December 31
48 158
5.4
45 620
5.2
In the course of the capital increase on September 28, 2023 Autoneum Holding Ltd did not exercise the subscription
rights to treasury shares. 17 052 subscription rights were sold in the market for CHF 0.1 million.
Capital reserve
The capital reserve at December 31, 2024 originates from the contribution of the Autoneum companies to the Group in
the course of the separation in 2011 (CHF 217.5 million) and the capital increase of Autoneum Holding Ltd on Septem-
ber 28, 2023 (CHF 101.0 million).
Fair value reserve
The fair value reserve contains changes in the fair value of listed non-consolidated investments. The reserve will be
reclassified to retained earnings at disposal.
Retained earnings
Retained earnings include accumulated earnings since the Group was established in December 2010.
Autoneum Financial Report 2024 Consolidated Financial Statements
116
Currency translation adjustment
The currency translation adjustment comprises all foreign exchange differences arising from the translation of the
financial statements of foreign entities included in the consolidated financial statements.
Changes resulting from other comprehensive income
The table below discloses changes resulting from other comprehensive income to each component of equity:
OTHER COMPREHENSIVE INCOME 2024
CHF million
Fair value
reserve
Retained
earnings
Currency
transl.
adjustm.
Total
Attributable to
non-con-
trolling
interests
Total equity
Currency translation adjustment
–
–
11.0
11.0
5.1
16.1
Inflation adjustment
–
4.5
4.5
0.3
4.8
Total items that will be reclassified to income statement
–
4.5
11.0
15.5
5.5
20.9
Remeasurement of defined benefit pension plans
–
3.6
–
3.6
–
3.6
Change in fair value of equity investments (FVOCI)
0.6
–
–
0.6
–
0.6
Income taxes
–
–0.4
–
–0.4
–
–0.4
Total items that will not be reclassified to income
statement
0.6
3.2
–
3.8
–
3.8
Total
0.6
7.7
11.0
19.2
5.5
24.7
OTHER COMPREHENSIVE INCOME 2023
CHF million
Fair value
reserve
Retained
earnings
Currency
transl.
adjustm.
Total
Attributable to
non-con-
trolling
interests
Total equity
Currency translation adjustment
–
–
–46.4
–46.4
–9.3
–55.7
Inflation adjustment
–
3.9
–
3.9
0.5
4.4
Total items that will be reclassified to income statement
–
3.9
–46.4
–42.4
–8.9
–51.3
Remeasurement of defined benefit pension plans
–
0.9
–
0.9
–
0.9
Change in fair value of equity investments (FVOCI)
3.5
–
–
3.5
–
3.5
Income taxes
–
0.6
–
0.6
–
0.6
Total items that will not be reclassified to income
statement
3.5
1.5
–
5.0
–
4.9
Total
3.5
5.4
–46.4
–37.5
–8.9
–46.4
Autoneum Financial Report 2024 Consolidated Financial Statements
117
22 NON-CONTROLLING INTERESTS
The non-controlling interests derive from entities that are controlled by the Group (subsidiaries), but Autoneum does
not have all of the entities’ capital rights. Those subsidiaries are listed in note 35 on page 128. Due to disclosure
restrictions in shareholder agreements, information on significant non-controlling interests is only disclosed on an
aggregated level. The table below sets out the aggregated financial information of the subsidiaries with non-controlling
interests:
CHF million
31.12.2024
31.12.2023
Non-current assets
161.3
153.6
Current assets
185.9
176.5
Non-current liabilities
–43.6
–46.8
Current liabilities
–104.3
–103.6
Net assets
199.4
179.7
attributable to non-controlling interests
96.8
87.2
2024
2023
Revenue
580.0
577.6
Net profit
38.6
28.0
Other comprehensive income
11.1
–18.2
Total comprehensive income
49.6
9.8
attributable to non-controlling interests
23.3
3.9
Cash flows from operating activities
59.1
55.6
Cash flows used in investing activities
–21.2
–11.0
Cash flows used in financing activities
–37.2
–59.9
Change in cash and cash equivalents
0.7
–15.3
Autoneum Financial Report 2024 Consolidated Financial Statements
118
23 FINANCIAL LIABILITIES
CHF million
31.12.2024
31.12.2023
Borrowings
368.6
551.8
Total non-current portion
368.6
551.8
Borrowings
144.8
42.2
Derivative financial instruments
6.0
3.1
Total current portion
150.9
45.3
The movements in the borrowings over the year were as follows:
CHF million
Bonds
Bank
debts
Lease
liabilities
Other
borrowings
Total
Borrowings at January 1, 2024
99.9
221.5
266.9
5.7
594.0
Proceeds
–
5.0
–
–
5.0
Repayment
–
–96.6
–31.5
–0.3
–128.4
Cash flows
–
–91.6
–31.5
–0.3
–123.4
Addition
–
–
28.7
–
28.7
Modification
–
–
1.6
–
1.6
Increase in present value
0.1
0.3
–
–
0.4
Currency translation adjustment
–
–
12.1
–
12.1
Non-cash changes
0.1
0.3
42.4
–
42.8
Borrowings at December 31, 2024
100.0
130.2
277.8
5.5
513.5
Thereof non-current
–
130.2
238.0
0.5
368.6
Thereof current
100.0
–
39.9
5.0
144.8
CHF million
Bonds
Bank
debts
Lease
liabilities
Other
borrowings
Total
Borrowings at January 1, 2023
174.9
185.5
263.0
15.5
638.8
Proceeds
–
225.1
–
–
225.1
Repayment
–75.0
–200.8
–30.2
–9.5
–315.5
Cash flows
–75.0
24.3
–30.2
–9.5
–90.4
Assumed through business combination1
–
12.0
37.9
–
49.9
Addition
–
–
26.9
–
26.9
Modification
–
–
–8.5
–
–8.5
Increase in present value
0.1
0.7
–
–
0.8
Currency translation adjustment
–
–1.0
–22.2
–0.3
–23.5
Non-cash changes
0.1
11.7
34.1
–0.3
45.5
Borrowings at December 31, 2023
99.9
221.5
266.9
5.7
594.0
Thereof non-current
99.9
221.5
229.6
0.7
551.8
Thereof current
–
–
37.2
5.0
42.2
1 Refer to note 3, page 99.
Autoneum Financial Report 2024 Consolidated Financial Statements
119
On December 8, 2017 Autoneum Holding Ltd issued a fixed-rate bond with a nominal value of CHF 100.0 million, which
is listed on the SIX Swiss Exchange (AUT17, ISIN: CH0373476032). The bond carries a coupon rate of 1.125% and has a
term of eight years with a final maturity on December 8, 2025.
On July 4, 2016 Autoneum Holding Ltd issued a fixed-rate bond with a nominal value of CHF 75.0 million, which was
listed on the SIX Swiss Exchange (AUH16, ISIN: CH0326213904). The bond carried a coupon rate of 1.125% and had a
term of seven years, which was repaid at the final maturity date on July 4, 2023.
Autoneum maintains a long-term credit agreement with a banking syndicate in the amount of CHF 350.0 million,
whereof CHF 131.3 million was drawn at year-end (December 31, 2023: CHF 222.8 million). The line of credit may partly
be used as a guarantee facility. On October 26, 2023 the long-term credit agreement was amended, among other
things, with regards to the final maturity date that was extended from October 31, 2027 to October 29, 2028. On No-
vember 6, 2024 the long-term credit agreement was amended with regards to the final maturity date that was extend-
ed from October 29, 2028 to October 29, 2029. The interest rate is based on the SARON rate plus an applicable margin,
which is determined based on the ratio of net debt to EBITDA. An adjusted ratio of net debt to EBITDA represents the
customary financial covenant of that agreement. The covenant is tested on a half-yearly basis on June 30 and December
31. The loan becomes repayable on demand if the ratio exceeds the agreed threshold at any testing date. Autoneum
complied with the covenant in the financial years 2024 and 2023. Accordingly the loan is classified as non-current at
December 31, 2024. Autoneum expects to comply with the covenants within 12 months after the reporting date.
On January 31, 2023 the Group signed an additional bridge facility agreement with UBS and Credit Suisse in the amount
of CHF 150.0 million, initially drawn on March 31, 2023 and with final maturity date on January 31, 2024. At December
31, 2023 the full amount of the bridge facility agreement was repaid.
In addition to the aforementioned bond and the long-term credit agreement, local credit limits and borrowings with
individual customary market conditions exist in several countries.
Borrowings and derivative financial instruments have been combined under financial liabilities. In the prior period,
derivative financial instruments were reported under other current liabilities. Prior period comparatives have been
revised to align with the current year’s presentation.
The borrowings are denominated in the following currencies:
CHF million
31.12.2024
31.12.2023
CHF
257.2
350.5
USD
145.2
137.8
EUR
56.0
58.6
CNY
23.9
23.7
Other
31.2
23.3
Total
513.5
594.0
Autoneum Financial Report 2024 Consolidated Financial Statements
120
24 EMPLOYEE BENEFITS
CHF million
31.12.2024
31.12.2023
Post-employment benefit liabilities
10.4
10.7
Other long-term employee benefits
7.6
5.9
Employee benefit liabilities
18.0
16.6
In the reporting period, total expenses for pensions in the amount of CHF 10.6 million have been recognized as
employee expenses and interest expenses (2023: CHF 10.2 million). Some employees participate in defined contribu-
tion plans whose insurance benefit results solely from the paid contributions and the return on investment on the plan
asset. The other employees participate in defined benefit plans that are based upon direct benefits of
the Autoneum Group.
Defined contribution plans
The expenses for defined contribution plans totaled CHF 6.3 million in the current reporting period (2023: CHF 6.1 million).
Defined benefit plans
Autoneum maintains defined benefit pension plans in Switzerland, the USA, Canada, Great Britain, France and the
Netherlands. The most significant pension plans are those in Switzerland. Those plans sum up to 67.3% (December 31,
2023: 66.7%) of the Group’s defined benefit obligation and 68.8% (December 31, 2023: 68.9%) of the Group’s plan
assets.
The status of the defined benefit plans at year-end was as follows:
CHF million
2024
2023
Switzerland
Fair value of plan assets at December 31
154.9
138.0
Present value of defined benefit obligation at December 31
–143.2
–129.9
Surplus at December 31
11.7
8.0
Other countries
Fair value of plan assets at December 31
70.4
62.1
Present value of defined benefit obligation at December 31
–69.5
–64.9
Asset ceiling1
–8.5
–5.9
Deficit at December 31
–7.6
–8.6
Total surplus/(deficit) at December 31
4.0
–0.6
Recognized in the balance sheet
as employee benefit assets
14.4
10.2
as employee benefit liabilities
10.4
10.7
1 Asset ceiling includes a change in limitation on recognition of fund surplus of CHF –2.7 million (2023: CHF 3.0 million) and a positive currency translation adjustment of CHF 0.1
million (2023: positive currency translation adjustment of CHF 0.3 million).
Autoneum Financial Report 2024 Consolidated Financial Statements
121
Swiss pension plans
Pension plans are governed by the Swiss Federal Law on Occupational Retirement, Survivors’ and Disability Pension
Plans (BVG). The Group’s pension plans are administered by separate legal foundations, which are funded by regular
employee and company contributions. Plan participants are insured against the financial consequences of old age,
disability and death. The most senior governing body of the pension plan is the Board of Trustees. The Board of
Trustees is responsible for the investment of the plan assets. All investment decisions made by the Board of Trustees
need to conform to the guidelines set out in a long-term investment strategy. This strategy is based on legal requirements,
expected future contributions and expected future obligations and is reassessed at least once a year. All governing and
administration bodies have an obligation to act in the interests of the plan participants. The final benefit is contribu
tion-based with certain minimum guarantees. Due to these minimum guarantees, the Swiss plans are treated as defined
benefit plans for the purposes of these IFRS financial statements, although they have many characteristics of defined
contribution plans. Retirement benefits are based on the accumulated savings capital, which can either be drawn as a
lifelong pension or as a lump-sum payment. The pension is calculated by multiplying the balance of the savings capital
with the applicable conversion rate. The plan is exposed to actuarial risks, such as longevity risk (underlying mortality
table BVG 2020), interest rate risk and market (investment) risk. In case of underfunding, the Board of Trustees is
required to take the necessary measures to ensure that full funding can be expected to be restored within a reasonable
period. The measures may include increasing employee and company contributions, lowering the interest rate on
retirement account balances or reducing prospective benefits.
Pension plans in other countries
Autoneum maintains defined benefit plans in Canada, Great Britain, France, the Netherlands and the USA. The pension
plan in Canada is closed to new members. The plan is funded, and the majority of the contributions are paid by the em-
ployer. The pension plan in Great Britain is funded and has been closed to new members. New employees join a defined
contribution plan. The plan in France is unfunded and settled by the employer while the plan in the Netherlands is
funded and has been closed to new members.
In the USA the Group maintains four defined benefit pension plans. Three of those plans are funded and one plan is
unfunded. The defined benefit plans in the USA have been closed to new members. New employees in the USA join
defined contribution plans. In addition, Autoneum participates in one multiemployer defined benefit plan subject to
a collective bargaining agreement between the union and the employer. The rate of contributions is governed by the
collective bargaining agreement and the fund met the minimum funding requirements of Employee Retirement Income
Security Act of 1974 (ERISA). Under the standard withdrawal liability process, an employer is subject to a withdrawal
liability based on its allocation percentage multiplied by the unfunded vested benefit. An employer can be liable for
other entities’ obligations if a mass withdrawal occurs. By providing benefits to certain union-represented employ-
ees, the plan would qualify as a defined benefit plan. However, as sufficient information on the asset base, the pension
portfolio and the allocation of plan assets are not available, Autoneum accounts for it as a defined contribution plan.
The audited financial statements of the plan were prepared on the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America (U.S. GAAP). As of January 1, 2024 the plan
had assets of USD 355.6 million (January 1, 2023: USD 356.2 million) and accrued liabilities (immediate gains method)
of USD 567.2 million (January 1, 2023: USD 575.6 million). In the period under review, Autoneum contributed USD 1.0
million to the plan. In 2023, Autoneum contributed USD 1.0 million (13%) to the plan, whereas the total contributions
of all participating employers together were USD 8.1 million. The expected contributions to the plan for 2025 are USD
1.1 million. Although this plan is in an underfunded status, Autoneum currently has no obligation.
Autoneum Financial Report 2024 Consolidated Financial Statements
122
The movement in the defined benefit obligation for all pension plans over the year was as follows:
CHF million
2024
2023
Defined benefit obligation at January 1
194.8
192.8
Current service cost
4.5
3.7
Past service cost from plan amendments/curtailments
–0.3
–0.2
Interest expenses
4.9
5.9
Remeasurement gains and losses
9.0
8.5
Employee contributions
2.8
2.8
Settlements
–
–0.7
Benefits paid
–5.1
–12.5
Currency translation adjustment
2.2
–5.6
Defined benefit obligation at December 31
212.8
194.8
The movement in the fair value of plan assets for all pension plans over the year was as follows:
CHF million
2024
2023
Fair value of plan assets at January 1
200.1
200.1
Interest income
4.7
5.2
Return on plan assets excluding interest income
15.3
6.3
Employer contributions
5.6
3.9
Employee contributions
2.8
2.8
Settlements
–
–0.7
Benefits paid
–5.1
–12.3
Currency translation adjustment
1.8
–5.3
Fair value of plan assets at December 31
225.3
200.1
The major categories of plan assets were as follows:
CHF million
31.12.2024
31.12.2023
Equity
105.0
101.0
Debt
56.6
45.1
Real estate
47.3
41.6
Cash
6.2
7.1
Other
10.2
5.3
Total
225.3
200.1
All equity and debt instruments are listed on a stock exchange.
The amounts recognized in profit or loss were as follows:
CHF million
2024
2023
Current service cost
–4.5
–3.7
Past service cost from plan amendment/curtailments
0.3
0.2
Net interest expenses
–0.2
–0.7
Pension expenses for defined benefit plans
–4.3
–4.1
Recognized in the income statement
as employee expenses
–4.1
–3.5
as interest expenses
–0.2
–0.7
Autoneum Financial Report 2024 Consolidated Financial Statements
123
The amounts recognized in profit or loss result from plans in the following regions:
CHF million
2024
2023
Expenses from defined benefit plans in Switzerland
–3.4
–2.8
Expenses from defined benefit plans in other countries
–0.9
–1.3
Total
–4.3
–4.1
The expected employer contributions for the Group’s defined benefit pension plans for 2025 amount to CHF 4.4 million.
The expected benefit payments for 2025 are CHF 5.4 million.
The effect from remeasurement of the defined benefit pension plans recognized in other comprehensive income is as follows:
CHF million
2024
2023
Remeasurement gains and losses
from changes in demographic assumptions
3.3
0.1
from changes in financial assumptions
–7.9
–9.7
from experience adjustment
–4.5
1.1
Return on plan assets excluding interest income
15.3
6.3
Asset ceiling
–2.7
3.0
Total
3.6
0.9
The table below discloses the main actuarial assumptions at year-end:
Weighted average of all pension plans
31.12.2024
31.12.2023
Discount rate
in %
2.1
2.5
Expected future salary growth
in %
0.8
1.1
Expected future pension growth
in %
0.7
0.1
Life expectancy for females at age of 65
in years
24.2
24.1
Life expectancy for males at age of 65
in years
22.3
22.2
At December 31, 2024 the weighted average duration of the defined benefit obligation was 13.4 years (December 31,
2023: 14.0 years).
The table below shows the results of the sensitivity analysis. It was analyzed how expected changes in the discount
rate, in future salary and pension growth, and in the life expectancy would impact the defined benefit obligation.
Changes in these parameters would have the following effect on the defined benefit obligation:
CHF million
31.12.2024
31.12.2023
Increase in discount rate by 0.25 percentage points
–6.8
–6.7
Decrease in discount rate by 0.25 percentage points
7.2
7.1
Increase in future salary growth by 0.5 percentage points
1.8
1.8
Decrease in future salary growth by 0.5 percentage points
‒2.1
–2.0
Increase in future pension increase by 0.25 percentage points
3.0
3.0
Decrease in future pension increase by 0.25 percentage points
–2.9
–2.8
Increase in life expectancy by one year
6.4
5.3
Decrease in life expectancy by one year
–6.0
–4.7
Autoneum Financial Report 2024 Consolidated Financial Statements
124
25 PROVISIONS
CHF million
Litigation and
tax risk
Environmental
Restructuring
Other
Total
Provisions at January 1, 2024
2.8
10.0
18.3
18.4
49.5
Addition
1.8
0.3
5.4
8.3
15.7
Utilization
–0.7
–
–6.5
–5.8
–13.2
Release
–0.2
–6.2
–
–5.4
–11.8
Reclassification
–
–
4.4
–4.4
–
Currency translation adjustment
–0.4
0.2
0.6
0.6
1.0
Provisions at December 31, 2024
3.3
4.2
22.1
11.6
41.3
Thereof non-current
0.1
4.0
12.7
3.3
20.0
Thereof current
3.2
0.2
9.4
8.3
21.2
Litigation and non-income tax risk provisions comprise provisions for expected costs resulting from investiga-
tions and proceedings of government agencies, provisions for court cases, such as claims brought by workers
for health or accident-related incidents, and provisions for non-income tax risk. The majority of litigation and
non-income tax risk provisions are expected to be used within the next year.
Environmental provisions contain the estimated costs for the clean-up of contaminated sites due to past industrial
operations. The net decrease of environmental provisions is associated with the sale of a real estate in Germany.
The majority of environmental provisions are expected to be used in two to five years.
Restructuring provisions cover legal and constructive obligations in connection with restructuring measures.
The net increase of restructuring provisions is associated with the adjustment of footprint at several locations to
maintain competitiveness. The majority of non-current restructuring provisions are expected to be used in one to
three years.
Other provisions are made for contracts where the unavoidable costs to fulfill the obligation are greater than the
expected economic benefits, as well as for other constructive or legal liabilities of Group companies. The net de-
crease in other provisions is primarily due to the reclassification of dilapidation provisions in Great Britain and the
partial release of these provisions. The majority of other provisions are expected to be used within the next year.
26 OTHER LIABILITIES
CHF million
31.12.2024
31.12.2023
Advance payments from customers
8.0
10.4
Deferred income
0.8
0.4
Other payables
0.4
0.7
Total non-current portion
9.2
11.5
Accrued expenses
113.4
129.6
Advance payments from customers
31.0
36.4
Non-income tax payables
25.5
17.0
Accrued holidays and overtime
15.1
12.8
Deferred income
2.5
1.5
Other payables
16.2
18.4
Total current portion
203.8
215.7
Autoneum Financial Report 2024 Consolidated Financial Statements
125
Advance payments from customers qualify as contract liabilities and result primarily from the sale of tools to the
OEM that had already been invoiced, but the final acceptance from the OEM is still missing and consequently revenue
is not yet recognized. The current portion of advance payments from customers is usually recognized as revenue
within the next twelve months. No material amount of revenue was recognized in 2024 or in 2023 from performance
obligations that were satisfied in previous periods.
Derivative financial instruments have been reclassified from other current liabilities to current financial liabilities
(refer to note 23, page 118). Prior period comparatives have been revised to align with the current year’s presenta-
tion.
27 OTHER COMMITMENTS
At year-end, open commitments for investments in tangible and intangible assets amounted to CHF 18.6 million
(December 31, 2023: CHF 17.1 million).
28 CONTINGENT LIABILITIES
There are no single matters pending that Autoneum expects to be material in relation to the Group’s business, financial
position or results of operations.
29 FINANCIAL INSTRUMENTS
The following tables summarize all financial instruments classified by categories according to IFRS 9:
CHF million
31.12.2024
31.12.2023
Cash at banks
106.2
145.0
Time deposits with original maturities up to 3 months
2.0
4.4
Trade receivables
248.8
273.1
Other receivables
19.4
17.5
Accrued income
25.7
22.7
Loans
0.8
0.7
Other financial assets
5.2
6.0
Total financial assets at amortized cost
408.1
469.3
Marketable securities1
6.0
–
Derivative financial instruments2
1.4
9.4
Total financial assets at fair value through profit or loss
7.5
9.4
Investments in non-consolidated companies1
24.3
23.7
Total financial assets at fair value through other comprehensive income
24.3
23.7
Total
439.9
502.4
CHF million
31.12.2024
31.12.2023
Borrowings
513.5
594.0
Trade payables
177.9
190.3
Accrued expenses
113.4
129.6
Other payables
16.6
19.2
Total financial liabilities at amortized cost
821.4
933.0
Derivative financial instruments2
6.0
3.1
Total financial liabilities at fair value through profit and loss
6.0
3.1
Total
827.4
936.1
1 Measured at fair values that are based on quoted prices in active markets (level 1).
2 Measured at fair values that are calculated based on observable market data (level 2).
Autoneum Financial Report 2024 Consolidated Financial Statements
126
Borrowings comprise a bond with a total net book value of CHF 100.0 million (December 31, 2023: CHF 99.9 mil
lion) and a total fair value of CHF 99.0 million (December 31, 2023: CHF 98.5 million) based on quoted prices in active
markets. The fair value of the discounted contractual future cash flows is equal to the carrying amount of the variable
interest bank borrowings. Refer to note 23 on page 118 for further information. The book values of other financial
instruments measured at amortized cost correspond to their fair values.
30 RELATED PARTIES
Related parties are members of the Board of Directors and the Executive Board or close members of that person’s
family, pension funds, associated companies as well as companies controlled by significant shareholders. At December
31, 2024 Artemis Beteiligungen I Ltd, Hergiswil, Switzerland, and Michael Pieper, Hergiswil, Switzerland, held 22.66%
of the shares of the Company (at December 31, 2023 Artemis Beteiligungen I Ltd, Hergiswil, Switzerland, and
Michael Pieper, Hergiswil, Switzerland, held 22.64% of the shares of the Company).
The pension fund of an Autoneum Group entity granted a loan to the Company. The loan bears an interest rate of 1.0%
(December 31, 2023: 1.8%) and is due within six days upon cancellation of the agreement by either the lender or the
borrower.
The total remuneration to the Board of Directors and to the Group Executive Board was as follows:
CHF million
2024
2023
Short-term benefits
5.4
5.9
Share-based payments
2.7
2.3
Post-employment benefits
0.2
0.2
Total
8.2
8.4
The compensation of the Board of Directors and of the Group Executive Board is disclosed in the Remuneration Report
on pages 146–157.
Year-end balances with related parties were as follows:
CHF million
31.12.2024
31.12.2023
Current borrowings due to pension funds
5.0
5.0
Bonus accruals for Group Executive Board
2.4
2.5
Total
7.4
7.5
31 NET DEBT
CHF million
31.12.2024
31.12.2023
Cash and cash equivalents
–108.2
–149.4
Marketable securities
–6.0
–
Bonds
100.0
99.9
Bank debts
130.2
221.5
Other borrowings
5.5
5.7
Net debt excl. lease liabilities
121.4
177.8
Lease liabilities
277.8
266.9
Net debt
399.2
444.6
Autoneum Financial Report 2024 Consolidated Financial Statements
127
32 EXCHANGE RATES FOR CURRENCY TRANSLATION
CHF
ISO code
Units
Average
rate
2024
Average
rate
2023
Year-end
rate
2024
Year-end
rate
2023
Argentine peso
ARS
100
0.09
0.10
0.09
0.10
Brazilian real
BRL
1
0.16
0.18
0.15
0.17
Canadian dollar
CAD
1
0.64
0.67
0.63
0.63
Chinese yuan
CNY
100
12.24
12.69
12.38
11.80
Czech koruna
CZK
100
3.79
4.05
3.74
3.75
Euro
EUR
1
0.95
0.97
0.94
0.93
Pound sterling
GBP
1
1.12
1.12
1.14
1.07
Indian rupee
INR
100
1.05
1.09
1.06
1.01
Mexican peso
MXN
100
4.82
5.07
4.43
4.95
Polish złoty
PLN
100
22.10
21.43
22.12
21.34
Russian ruble
RUB
100
0.95
1.07
0.85
0.93
Swedish krona
SEK
100
8.33
8.50
8.21
8.35
Thai baht
THB
100
2.50
2.58
2.65
2.44
Turkish lira
TRY
100
2.56
2.84
2.56
2.84
United States dollar
USD
1
0.88
0.90
0.90
0.84
South African rand
ZAR
100
4.79
4.91
4.82
4.55
33 EVENTS AFTER BALANCE SHEET DATE
Acquisition of Jiangsu Huanyu Group
On February 28, 2025, Autoneum completed the acquisition of 70% of the shares in Jiangsu Huanyu Group (“Jiangsu
Huanyu”), a leading Chinese supplier of acoustic and thermal vehicle components, which represents a strategic
addition to Autoneum’s portfolio. The acquisition will be accounted for as a business combination in accordance with
IFRS 3. The measurement of the acquisition-date fair values of net assets acquired, including goodwill and the non-con-
trolling interest, is ongoing and will be finalized within the IFRS 3 measurement period. The acquisition of Jiangsu
Huanyu will be reported through Business Group Asia.
Information not disclosed as not yet available
At the time the financial statements were authorized for issue, neither the determination of the total purchase
consideration nor the purchase price allocation for the net assets acquired, liabilities assumed and the fair value of
the non-controlling interest for Jiangsu Huanyu have been finalized. The provisionally determined fair values of the as-
sets acquired and liabilities assumed of Jiangsu Huanyu will be disclosed in the semi-annual financial statements as of
June 30, 2025.
Non-controlling interest
The fair value of the non-controlling interest in Jiangsu Huanyu will be determined during the purchase price allocation.
34 PROPOSAL OF THE BOARD OF DIRECTORS
For the year ended December 31, 2024 the Board of Directors proposes to the Annual General Meeting on
April 2, 2025 a dividend of CHF 2.80 per share entitled to dividends. This represents a total distribution up to
CHF 16.4 million. In 2023, a total dividend of CHF 14.5 million (CHF 2.50 per share entitled to dividends) was
distributed to the shareholders of Autoneum Holding Ltd.
Autoneum Financial Report 2024 Consolidated Financial Statements
128
35 SUBSIDIARIES, ASSOCIATED COMPANIES AND NON-CONSOLIDATED INVESTMENTS
Nominal capital
in millions
Subsidiaries
Associated companies
Non-cons. investments
Voting & capital rights
Research & technology
Application developm.
Production & supply
Service & financing
Switzerland
Autoneum Holding Ltd, Winterthur
CHF
0.3
•
100%
•
Autoneum International Ltd, Winterthur
CHF
7.0
•
100%
•
Autoneum Management Ltd, Winterthur
CHF
1.3
•
100%
•
•
Autoneum Switzerland Ltd, Sevelen
CHF
0.3
•
100%
•
•
Argentina
Autoneum Argentina S.A., Córdoba
ARS
22.5
•
100%
•
Belgium
Autoneum Belgium NV, Genk
EUR
8.0
•
100%
•
Brazil
Autoneum Brasil Têxteis Acústicos Ltda., São Paulo
BRL
201.6
•
100%
•
•
Canada
Autoneum Canada Ltd., Tillsonburg
CAD
–
•
100%
•
China
Autoneum (Chongqing) Sound-Proof Parts Co., Ltd., Chongqing
CNY
49.3
•
100%
•
Autoneum (Shenyang) Sound-Proof Parts Co., Ltd., Shenyang
CNY
49.2
•
100%
•
Autoneum (Shanghai) Management Co., Ltd., Shanghai
CNY
13.2
•
100%
•
•
Autoneum (Yantai) Co., Ltd., Yantai
CNY
34.5
•
100%
•
Autoneum (Pinghu) Co., Ltd., Pinghu
CNY
144.9
•
100%
•
Autoneum (Tianjin) Co., Ltd., Tianjin
CNY
38.0
•
100%
•
Autoneum Nittoku (Guangzhou) Automotive Sound-Proof Co., Ltd., Guangzhou
CNY
75.8
•
51%
•
Tianjin Autoneum Nittoku Automotive Sound-Proof Co., Ltd., Tianjin
CNY
47.2
•
51%
•
Wuhan Nittoku Autoneum Sound-Proof Co., Ltd., Wuhan
CNY
89.6
•
25%
•
Wuhan Nittoku Autoneum Auto Parts Co., Ltd., Wuhan
CNY
81.0
•
25%
•
Czech Republic
Autoneum CZ s.r.o., Choceň
CZK
206.2
•
100%
•
Autoneum Pilsen s.r.o., Rokycany1
CZK
623.8
•
100%
•
France
Autoneum Holding France SAS, Lyon
EUR
39.8
•
100%
•
Autoneum France SAS, Aubergenville
EUR
8.0
•
100%
•
•
Borgers France S.A.S., Colmar1
EUR
1.6
•
100%
•
Germany
Autoneum Germany GmbH, Rossdorf
EUR
11.2
•
100%
•
Great Britain
Autoneum Great Britain Ltd., Stoke-on-Trent
GBP
66.0
•
100%
•
Borgers Ltd., Telford1
GBP
6.5
•
100%
•
Hungary
Autoneum Hungary Ltd., Komárom
EUR
–
•
100%
•
India
Autoneum India Pvt. Ltd., New Delhi
INR
571.4
•
100%
•
Autoneum Nittoku Sound Proof Products India Pvt. Ltd., Chennai
INR
220.0
•
51%
•
Indonesia
PT Tuffindo Nittoku Autoneum, Karawang
IDR
162 666.0
•
9%
•
Italy
Porfima Uno S.r.l., Torino
EUR
–
•
100%
•
Japan
Nihon Tokushu Toryo Co. Ltd., Tokyo
JPY
4 753.0
•
13%
•
•
•
•
ATN Auto Acoustics Inc., Kamioguchi
JPY
100.0
•
25%
•
Korea
Autoneum Korea Ltd., Seoul
KRW
264.0
•
100%
•
Mexico
Autoneum Mexico Operations, S.A. de C.V., San Luis Potosí1
MXN
807.0
•
100%
•
UGN de Mexico, S. de R.L. de C.V., Silao
MXN
0.1
•
50%
•
Servicios de Acoustical Solutions, S. de R.L. de C.V., Silao
MXN
0.1
•
50%
•
Poland
Autoneum Poland Sp.z.o.o., Katowice
PLN
20.8
•
100%
•
•
Autoneum PL Sp.z o.o., Złotoryja1
PLN
0.5
•
100%
•
Portugal
Autoneum Portugal Lda., Setúbal
EUR
0.6
•
87%
•
Russia
Autoneum Rus LLC, Ryazan
RUB
0.8
•
100%
South Africa
Autoneum Feltex (Pty) Ltd., Rosslyn
ZAR
–
•
51%
•
Spain
Autoneum Spain S.A.U., Sant Cugat del Vallés
EUR
5.8
•
100%
•
Borgers S.A.U., Madrid1
EUR
2.0
•
100%
•
Sweden
Borgers Nord AB, Gothenburg1
SEK
4.0
•
100%
•
Thailand
SRN Sound Proof Co., Ltd., Chonburi
THB
100.0
•
30%
•
Summit & Autoneum (Thailand) Co., Ltd., Chonburi
THB
16.0
•
51%2
•
Türkiye
Autoneum Erkurt Otomotiv A.S., Bursa
TRY
2.5
•
51%
•
USA
Autoneum America Corporation, Farmington Hills
USD
–
•
100%
•
Autoneum North America, Inc., Farmington Hills
USD
–
•
100%
•
•
UGN Inc., Downers Grove
USD
–
•
50%
•
•
Borgers Ohio lnc., Norwalk1
USD
–
•
100%
•
Borgers USA Corp., Vance1
USD
–
•
100%
•
Borgers US-Holding L.P., Atlanta1
USD
–
•
100%
•
Borgers US-Holding Management lnc., Atlanta1
USD
–
•
100%
•
1 Acquired companies of the automotive business of Borgers in 2023. Refer to Note 3 on page 99.
2 Autoneum has 49% of the capital rights.
Autoneum Financial Report 2024 Consolidated Financial Statements
129
To the General Meeting of Autoneum Holding Ltd, Winterthur
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of Autoneum Holding Ltd and its subsidiaries (the Group),
which comprise the consolidated statement of balance sheet as at December 31, 2024, the consolidated state-
ment of income statement, the consolidated statement of comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consoli-
dated financial statements, including a summary of material accounting policy information.
In our opinion, the consolidated financial statements (pages 78 to 128) give a true and fair view of the consolidat-
ed financial position of the Group as at December 31, 2024, and of its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards
(IFRS) and comply with Swiss law.
Basis for Opinion
We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) and Swiss Stand-
ards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the
“Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements” section of our report. We are in-
dependent of the Group in accordance with the provisions of Swiss law, together with the requirements of the
Swiss audit profession, as well as those of the International Ethics Standards Board for Accountants’ International
Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and
we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
REVENUE RECOGNITION
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the consolidated financial statements of the current period. These matters were addressed in the context of
our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
Statutory Auditors’ Report
Autoneum Financial Report 2024 Consolidated Financial Statements
130
REVENUE RECOGNITION
Key Audit Matter
Total consolidated revenue of the financial year 2024
amounted to CHF 2 338.7 million (2023: CHF 2 302.3
million).
Revenue is a key performance indicator and therefore in
the focus of internal and external stakeholders. The
Group recognizes revenue when it transfers control over
a good or service to its customers.
The majority of the Group’s revenue relates to the sale
of serial parts to Original Equipment Manufacturers
(OEM) over a production period of usually five to eight
years. Revenue from the sale of the serial parts is rec-
ognized at the point in time when control of the parts is
transferred to the OEM in accordance with the agreed
delivery terms.
There is a risk that revenue may be recognized in the
wrong accounting period.
Our response
Our audit included, amongst others, inquiring of man-
agement regarding significant new contracts and their
assessment of existing contracts.
We gained an understanding of the internal controls
and processes with respect to revenue recognition and
performed testing of key controls. This included walk-
throughs and where appropriate testing operating ef-
fectiveness of internal controls.
We took a sample of transactions before and after the
year-end and agreed the details of these transactions
to underlying documentation such as the contractual
terms, to assess that revenue has been recognized in
the appropriate period and in the appropriate amount.
Furthermore, we assessed the Group’s disclosure re-
lating to revenue recognition.
For further information on Revenue Recognition refer to the following:
—
Note 1.21, Revenue Performance
—
Note 4, Segment Information
Autoneum Financial Report 2024 Consolidated Financial Statements
131
Other Information
The Board of Directors is responsible for the other information. The other information comprises the information
included in the annual report, but does not include the consolidated financial statements, the stand-alone financial
statements of the company, the compensation report and our auditor’s reports thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other infor-
mation and, in doing so, consider whether the other information is materially inconsistent with the consolidated fi-
nancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other informa-
tion, we are required to report that fact. We have nothing to report in this regard.
Board of Directors’ Responsibilities for the Consolidated Financial Statements
The Board of Directors is responsible for the preparation of the consolidated financial statements, which give a
true and fair view in accordance with IFRS and the provisions of Swiss law, and for such internal control as the
Board of Directors determines is necessary to enable the preparation of consolidated financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and us-
ing the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to
cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that in-
cludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit con-
ducted in accordance with Swiss law, ISA and SA-CH will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these consoli-
dated financial statements.
As part of an audit in accordance with Swiss law, ISA and SA-CH, we exercise professional judgment and main-
tain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement re-
sulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are ap-
propriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made.
• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material
Autoneum Financial Report 2024 Consolidated Financial Statements
132
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the con-
solidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial informa-
tion of the entities or business units within the Group as a basis for forming an opinion on the consolidated finan-
cial statements. We are responsible for the direction, supervision and review of the audit work performed for pur-
poses of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Board of Directors or its relevant committee regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inter-
nal control that we identify during our audit.
We also provide the Board of Directors or its relevant committee with a statement that we have complied with rele-
vant ethical requirements regarding independence, and communicate with them all relationships and other mat-
ters that may reasonably be thought to bear on our independence, and where applicable, actions taken to elimi-
nate threats or safeguards applied.
From the matters communicated to the Board of Directors or its relevant committee, we determine those matters
that were of most significance in the audit of the consolidated financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report, unless law or regulation pre-
cludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists,
which has been designed for the preparation of the consolidated financial statements according to the instructions
of the Board of Directors.
We recommend that the consolidated financial statements submitted to you be approved.
KPMG AG
Reto Benz
Kathrin Schünke
Licensed Audit Expert
Licensed Audit Expert
Auditor in Charge
Zurich, March 11, 2025
KPMG AG, Badenerstrasse 172, CH-8036 Zurich
© 2025 KPMG AG, a Swiss corporation, is a group company of KPMG Holding LLP, which is a member of the KPMG global organization of independent firms affiliated
with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
133
Income statement of Autoneum Holding Ltd
CHF million
Notes
2024
2023
Income
Dividend income
35.2
49.8
Financial income
(2)
45.0
36.1
License income
5.5
3.2
Total income
85.7
89.2
Expenses
Valuation adjustments on investments and loans
(3)
–27.9
–24.4
Financial expenses
(4)
–8.4
–47.1
Administration expenses
–10.9
–11.1
Taxes
–
–0.2
Total expenses
–47.2
–82.8
Net result
38.5
6.4
CHF million
Notes
31.12.2024
31.12.2023
Assets
Cash and cash equivalents
6.3
4.1
Loans and financial receivables
(6)
144.6
128.0
Accrued income and deferred expenses
(7)
9.0
14.6
Current assets
159.9
146.7
Loans and financial receivables
(6)
262.7
329.5
Investments
(8)
562.3
570.8
Non-current assets
825.0
900.2
Assets
984.9
1 046.9
Liabilities and shareholders’ equity
Borrowings
(9)
128.7
25.1
Deferred income and accrued expenses
(10)
6.6
5.3
Other liabilities
(11)
8.1
7.3
Current liabilities
143.4
37.7
Borrowings
(9)
131.3
322.8
Non-current liabilities
131.3
322.8
Liabilities
274.8
360.5
Share capital
(12)
0.3
0.3
Legal capital reserves
(12)
Reserves from capital contributions
101.2
101.2
Other capital reserves
349.8
349.8
Treasury shares
(12)
–5.4
–5.2
Available earnings
Balance brought forward
225.8
234.0
Net result
38.5
6.4
Shareholders’ equity
710.1
686.4
Liabilities and shareholders’ equity
984.9
1 046.9
Balance sheet of Autoneum Holding Ltd
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
134
Notes to the financial statements
of Autoneum Holding Ltd
1 PRINCIPLES
General
Autoneum Holding Ltd was incorporated on December 2, 2010 as a Swiss corporation domiciled in Winterthur. The
Company does not have any employees.
The financial statements were prepared according to the provisions of the Swiss Law on Accounting and Financial
Reporting (32nd title of the Swiss Code of Obligations). Where not prescribed by law, the significant accounting and
valuation principles applied are described below.
Loans and financial receivables
Loans granted in foreign currencies are translated at the rate at the balance sheet date, whereby unrealized losses
are recorded but unrealized gains are not recognized. In the case where the currency effect of loans is hedged, both
unrealized losses and gains are recognized.
Treasury shares
Treasury shares are recognized at acquisition cost and deducted from shareholders’ equity at the time of acquisition.
In case of a sale, the gain or loss is recognized in the income statement as financial income or financial expenses.
Bonds and bank debts
Borrowings are recognized in the balance sheet at nominal value. The issue costs for the bonds and for finance
agreements are recognized as accrued income and deferred expenses due from third parties and amortized on a
straight-line basis over the maturity period.
Investments
Investments are valued using the single-item approach.
2 FINANCIAL INCOME
CHF million
2024
2023
Interest income
25.6
25.7
Net foreign exchange gains
6.9
–
Other financial income
12.5
10.5
Total
45.0
36.1
3 VALUATION ADJUSTMENTS ON INVESTMENTS AND LOANS
CHF million
2024
2023
Valuation adjustments on subsidiaries
–28.5
–27.9
Valuation adjustments on non-consolidated companies
0.6
3.5
Total
–27.9
–24.4
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
135
4 FINANCIAL EXPENSES
CHF million
2024
2023
Interest expenses
–8.1
–13.6
Net foreign exchange losses
–
–32.7
Other financial expenses
–0.3
–0.8
Total
–8.4
–47.1
5 EXTRAORDINARY EXPENSES
There are no extraordinary expenses in 2024 and 2023.
6 LOANS AND FINANCIAL RECEIVABLES
CHF million
31.12.2024
31.12.2023
Loans due from subsidiaries
94.8
89.0
Cash pool receivables due from subsidiaries
49.8
39.0
Total current portion
144.6
128.0
Loans due from subsidiaries
262.7
329.5
Total non-current portion
262.7
329.5
7 ACCRUED INCOME AND DEFERRED EXPENSES
CHF million
31.12.2024
31.12.2023
Accrued income and deferred expenses due from subsidiaries
6.2
3.5
Accrued income and deferred expenses due from third parties
2.8
11.1
Total
9.0
14.6
8 INVESTMENTS
The subsidiaries, associated companies and non-consolidated investments are listed in note 16 on page 139. They are
owned directly or indirectly by Autoneum Holding Ltd.
Investments in non-consolidated companies of CHF 22.7 million (December 31, 2023: CHF 22.2 million) are valued at
quoted market value on December 31, 2024.
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
136
9 BORROWINGS
CHF million
31.12.2024
31.12.2023
Cash pool liabilities due to subsidiaries
19.7
14.2
Bonds
100.0
–
Loans due to subsidiaries
4.1
5.9
Loans due to related parties
5.0
5.0
Total current portion
128.7
25.1
Bonds
–
100.0
Bank debts
131.3
222.8
Total non-current portion
131.3
322.8
On December 31, 2024 loans due to related parties comprise a loan of CHF 5.0 million (December 31, 2023: CHF 5.0
million) that was granted by the pension fund of an Autoneum Group entity to the Company. The loan bears an interest
rate of 1.0% (December 31, 2023: 1.8%) and is due within six days upon cancellation of the agreement by either the
lender or the borrower.
On December 8, 2017 Autoneum Holding Ltd issued a fixed-rate bond with a nominal value of CHF 100.0 million,
which is listed on the SIX Swiss Exchange (AUT17, ISIN: CH0373476032). The bond carries a coupon rate of 1.125%
and has a term of eight years with a final maturity on December 8, 2025. On December 31, 2024 the market value
of the bond was CHF 99.0 million (December 31, 2023: CHF 98.5 million).
On July 4, 2016 Autoneum Holding Ltd issued a fixed-rate bond with a nominal value of CHF 75.0 million, which was
listed on the SIX Swiss Exchange (AUH16, ISIN: CH0326213904). The bond carried a coupon rate of 1.125% and had a
term of seven years, which was repaid at the final maturity date on July 4, 2023.
Autoneum maintains a long-term credit agreement with a banking syndicate in the amount of CHF 350.0 million,
whereof CHF 131.3 million was drawn at year-end (December 31, 2023: CHF 222.8 million). The line of credit may partly
be used as a guarantee facility. On October 26, 2023 the long-term credit agreement was amended, among other things,
with regards to the final maturity date that was extended from October 31, 2027 to October 29, 2028. On November
6, 2024 the long-term credit agreement was amended with regards to the final maturity date that was extended from
October 29, 2028 to October 29, 2029. The interest rate is based on the SARON rate plus an applicable margin, which is
determined based on the ratio of net debt to EBITDA. An adjusted ratio of net debt to EBITDA represents the customary
financial covenant of that agreement. The covenant is tested on a half-yearly basis on June 30 and December 31. The
loan becomes repayable on demand if the ratio exceeds the agreed threshold at any testing date. Autoneum complied
with the covenant in the financial years 2024 and 2023. Accordingly the loan is classified as non-current at December
31, 2024. Autoneum expects to comply with the covenants within 12 months after the reporting date.
On January 31, 2023 Autoneum Holding Ltd signed an additional bridge facility agreement with UBS and Credit Suisse
in the amount of CHF 150.0 million, initially drawn on March 31, 2023 and with final maturity date on January 31,
2024. At December 31, 2023 the full amount of the bridge facility agreement was repaid.
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
137
10 DEFERRED INCOME AND ACCRUED EXPENSES
CHF million
31.12.2024
31.12.2023
Deferred income and accrued expenses due from third parties
6.6
4.9
Deferred income and accrued expenses due from subsidiaries
–
0.5
Total
6.6
5.3
11 OTHER LIABILITIES
CHF million
31.12.2024
31.12.2023
Other liabilities due to subsidiaries
8.0
7.1
Other liabilities due to third parties
–
0.2
Total
8.1
7.3
12 SHAREHOLDERS’ EQUITY
Share capital
The share capital amounts to CHF 292 022.65. It is divided into 5 840 453 fully paid-up registered shares with a par
value of CHF 0.05 each.
Conditional share capital
For issuing convertible bonds, warranty bonds and for granting shareholder options, the share capital can be
increased by a maximum of 700 000 fully paid-up registered shares with a par value of CHF 0.05 up to a maximum
value of CHF 35 000. Furthermore, for the issuance of shares to employees of subsidiaries, the share capital can
be increased by a maximum of 250 000 fully paid-up registered shares with a par value of CHF 0.05 up to a maximum
value of CHF 12 500.
Legal capital reserves
These reserves include an amount of CHF 101.2 million (December 31, 2023: CHF 101.2 million) whose distribution
as dividends is not subject to income taxes in Switzerland and can be effected free of Swiss withholding tax. The Swiss
Federal Tax Administration (SFTA) has not yet finally confirmed the increase portion (CHF 101.0 million) from
capital contributions as a capital contribution as per Article 5(1bis) Withholding Tax Act. The remaining part of the
legal capital reserve does not benefit from the Swiss capital contribution principle.
Treasury shares
The following transactions with treasury shares were performed during the financial year:
2024
in shares
2024
in CHF
million
2023
in shares
2023
in CHF
million
Treasury shares at January 1
45 620
5.2
34 278
4.0
Purchase of treasury shares
17 500
2.0
29 600
3.3
Sale of treasury shares
–10 644
–1.2
–12 262
–1.4
Transfer of treasury shares
–4 318
–0.5
–5 996
–0.7
Treasury shares at December 31
48 158
5.4
45 620
5.2
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
138
13 GUARANTEES AND COLLATERAL PROVIDED
Autoneum Holding Ltd has guaranteed CHF 17.7 million (December 31, 2023: CHF 17.1 million) to financial
institutions for granting credit facilities to direct and indirect subsidiaries and CHF 32.1 million (December 31, 2023:
CHF 30.2 million) to other third parties for securing transactions they entered into with direct and indirect subsidiaries
and other third parties. No financing commitment was given in favor of a subsidiary in either 2024 or 2023.
14 SHARES ALLOCATED TO THE BOARD OF DIRECTORS
Part of the remuneration of the Board of Directors is paid in shares of Autoneum Holding Ltd. In 2024, 5 029 shares
(2023: 6 806 shares) with a total value of CHF 770 845 (2023: CHF 884 644) were allocated and 4 318 shares
(2023: 5 996 shares) were transferred to the members of the Board of Directors. The remaining shares were withheld
by the Company to account for the beneficiaries’ part of social security contributions and withholding taxes.
15 RELEASE OF HIDDEN RESERVES
The net release of hidden reserves amounted to CHF 18.4 million in 2024 (2023: nil).
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
139
16 SUBSIDIARIES, ASSOCIATED COMPANIES AND INVESTMENTS
Nominal capital
in millions
Subsidiaries
Associated companies
Non-cons. investments
Voting & capital rights
Research & technology
Application developm.
Production & supply
Service & financing
Switzerland
Autoneum Holding Ltd, Winterthur
CHF
0.3
•
100%
•
Autoneum International Ltd, Winterthur
CHF
7.0
•
100%
•
Autoneum Management Ltd, Winterthur
CHF
1.3
•
100%
•
•
Autoneum Switzerland Ltd, Sevelen
CHF
0.3
•
100%
•
•
Argentina
Autoneum Argentina S.A., Córdoba
ARS
22.5
•
100%
•
Belgium
Autoneum Belgium NV, Genk
EUR
8.0
•
100%
•
Brazil
Autoneum Brasil Têxteis Acústicos Ltda., São Paulo
BRL
201.6
•
100%
•
•
Canada
Autoneum Canada Ltd., Tillsonburg
CAD
–
•
100%
•
China
Autoneum (Chongqing) Sound-Proof Parts Co., Ltd., Chongqing
CNY
49.3
•
100%
•
Autoneum (Shenyang) Sound-Proof Parts Co., Ltd., Shenyang
CNY
49.2
•
100%
•
Autoneum (Shanghai) Management Co., Ltd., Shanghai
CNY
13.2
•
100%
•
•
Autoneum (Yantai) Co., Ltd., Yantai
CNY
34.5
•
100%
•
Autoneum (Pinghu) Co., Ltd., Pinghu
CNY
144.9
•
100%
•
Autoneum (Tianjin) Co., Ltd., Tianjin
CNY
38.0
•
100%
•
Autoneum Nittoku (Guangzhou) Automotive Sound-Proof Co., Ltd., Guangzhou
CNY
75.8
•
51%
•
Borgers (Shanghai) Trading Co. Ltd., Shanghai1
CNY
1.0
•
100%
•
Tianjin Autoneum Nittoku Automotive Sound-Proof Co., Ltd., Tianjin
CNY
47.2
•
51%
•
Wuhan Nittoku Autoneum Sound-Proof Co., Ltd., Wuhan
CNY
89.6
•
25%
•
Wuhan Nittoku Autoneum Auto Parts Co., Ltd., Wuhan
CNY
81.0
•
25%
•
Czech Republic
Autoneum CZ s.r.o., Choceň
CZK
206.2
•
100%
•
Autoneum Pilsen s.r.o., Rokycany1
CZK
623.8
•
100%
•
France
Autoneum Holding France SAS, Lyon
EUR
39.8
•
100%
•
Autoneum France SAS, Aubergenville
EUR
8.0
•
100%
•
•
Borgers France S.A.S., Colmar1
EUR
1.6
•
100%
•
Germany
Autoneum Germany GmbH, Rossdorf
EUR
11.2
•
100%
•
Great Britain
Autoneum Great Britain Ltd., Stoke-on-Trent
GBP
66.0
•
100%
•
Borgers Ltd., Telford1
GBP
6.5
•
100%
•
Hungary
Autoneum Hungary Ltd., Komárom
EUR
–
•
100%
•
India
Autoneum India Pvt. Ltd., New Delhi
INR
571.4
•
100%
•
Autoneum Nittoku Sound Proof Products India Pvt. Ltd., Chennai
INR
220.0
•
51%
•
Indonesia
PT Tuffindo Nittoku Autoneum, Karawang
IDR
162 666.0
•
9%
•
Italy
Porfima Uno S.r.l., Torino
EUR
–
•
100%
•
Japan
Nihon Tokushu Toryo Co. Ltd., Tokyo
JPY
4 753.0
•
13%
•
•
•
•
ATN Auto Acoustics Inc., Kamioguchi
JPY
100.0
•
25%
•
Korea
Autoneum Korea Ltd., Seoul
KRW
264.0
•
100%
•
Mexico
Autoneum Mexico Operations, S.A. de C.V., San Luis Potosí
MXN
807.0
•
100%
•
UGN de Mexico, S. de R.L. de C.V., Silao
MXN
0.1
•
50%
•
Servicios de Acoustical Solutions, S. de R.L. de C.V., Silao
MXN
0.1
•
50%
•
Poland
Autoneum Poland Sp.z.o.o., Katowice
PLN
20.8
•
100%
•
•
Autoneum PL Sp.z o.o., Złotoryja1
PLN
0.5
•
100%
•
Portugal
Autoneum Portugal Lda., Setúbal
EUR
0.6
•
87%
•
Russia
Autoneum Rus LLC, Ryazan
RUB
0.8
•
100%
South Africa
Autoneum Feltex (Pty) Ltd., Rosslyn
ZAR
–
•
51%
•
Spain
Autoneum Spain S.A.U., Sant Cugat del Vallés
EUR
5.8
•
100%
•
Borgers S.A.U., Madrid1
EUR
2.0
•
100%
•
Sweden
Borgers Nord AB, Gothenburg1
SEK
4.0
•
100%
•
Thailand
SRN Sound Proof Co., Ltd., Chonburi
THB
100.0
•
30%
•
Summit & Autoneum (Thailand) Co., Ltd., Chonburi
THB
16.0
•
51%2
•
Türkiye
Autoneum Erkurt Otomotiv A.S., Bursa
TRY
2.5
•
51%
•
USA
Autoneum America Corporation, Farmington Hills
USD
–
•
100%
•
Autoneum North America, Inc., Farmington Hills
USD
–
•
100%
•
•
UGN Inc., Downers Grove
USD
–
•
50%
•
•
Borgers Ohio lnc., Norwalk1
USD
–
•
100%
•
Borgers USA Corp., Vance1
USD
–
•
100%
•
Borgers US-Holding L.P., Atlanta1
USD
–
•
100%
•
Borgers US-Holding Management lnc., Atlanta1
USD
–
•
100%
•
1 Acquired companies of the automotive business of Borgers.
2 Autoneum has 49% of the capital rights.
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
140
17 EVENTS AFTER BALANCE SHEET DATE
Acquisition of Jiangsu Huanyu Group
On February 28, 2025, Autoneum completed the acquisition of 70% of the shares in Jiangsu Huanyu Group (“Jiangsu
Huanyu”), a leading Chinese supplier of acoustic and thermal vehicle components, which represents a strategic
addition to Autoneum’s portfolio. The acquisition will be accounted for as a business combination in accordance with
IFRS 3. The measurement of the acquisition-date fair values of net assets acquired, including goodwill and the non-con-
trolling interest, is ongoing and will be finalized within the IFRS 3 measurement period. The acquisition of Jiangsu
Huanyu will be reported through Business Group Asia.
Information not disclosed as not yet available
At the time the financial statements were authorized for issue, neither the determination of the total purchase
consideration nor the purchase price allocation for the net assets acquired, liabilities assumed and the fair value of the
non-controlling interest for Jiangsu Huanyu have been finalized. The provisionally determined fair values of the assets
acquired and liabilities assumed of Jiangsu Huanyu will be disclosed in the semi-annual financial statements as of
June 30, 2025.
Non-controlling interest
The fair value of the non-controlling interest in Jiangsu Huanyu will be determined during the purchase price allocation.
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
141
Dividend proposal for the appropriation of available earnings
CHF
2024
Balance brought forward
225 815 791
Net result
38 470 044
At the disposal of the Annual General Meeting
264 285 835
Proposal
Distribution of a dividend1
16 353 268
Carried forward to new account
247 932 567
Total
264 285 835
1 Shares held by Autoneum Holding Ltd at the time of dividend distribution are not entitled to dividends. The amount distributed will be reduced accordingly at the time of distribution.
The Board of Directors proposes that a dividend of CHF 2.80 be paid per registered share entitled to dividends.
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
142
To the General Meeting of Autoneum Holding Ltd, Winterthur
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Autoneum Holding Ltd (the Company), which comprise the balance
sheet as at December 31, 2024, and the income statement for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies.
In our opinion, the financial statements (pages 133 to 140) comply with Swiss law and the Company’s articles of
incorporation.
Basis for Opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibili-
ties under those provisions and standards are further described in the “Auditor’s Responsibilities for the Audit of the
Financial Statements” section of our report. We are independent of the Company in accordance with the provisions
of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibili-
ties in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
INVESTMENTS AND LOANS DUE FROM SUBSIDIARIES
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of the current period. These matters were addressed in the context of our audit of
the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Statutory Auditors’ Report
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
143
INVESTMENTS AND LOANS DUE FROM SUBSIDIARIES
Key Audit Matter
The financial statements of Autoneum Holding Ltd as
at December 31, 2024 include investments in the
amount of CHF 562.3 million, current loans due from
subsidiaries in the amount of CHF 94.8 million and
non-current loans due from subsidiaries in the
amount of CHF 262.7 million.
The company annually reviews investments and
loans due from subsidiaries for impairment on an
individual basis.
The impairment assessment of investments and
loans due from subsidiaries requires significant
management judgement, in particular in relation to
the forecasted earnings and growth rates as well as
discount rates and is therefore a key area that our
audit was concentrated on.
Our response
Our audit procedures included, amongst others,
evaluating the methodical and mathematical accuracy
of the model used for the impairment test as well as
the appropriateness of manager’s assumptions.
This comprised:
—
Agreeing forecasts used in the impairment tests to
current expectations of management.
—
Challenging the robustness of key assumptions on
a sample basis, based in our understanding of the
commercial prospects of the respective entities.
For further information on investments and loans due from subsidiaries refer to the following:
—
Note 3, Valuation adjustments on investments and loans
—
Note 6, Loans and financial receivables
—
Note 8, Investments
Other Information
The Board of Directors is responsible for the other information. The other information comprises the information
included in the annual report, but does not include the consolidated financial statements, the stand-alone
financial statements of the Company, the remuneration report and our auditor’s reports thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
144
Board of Directors’ Responsibilities for the Financial Statements
The Board of Directors is responsible for the preparation of the financial statements in accordance with the provi-
sions of Swiss law and the Company’s articles of incorporation, and for such internal control as the Board of Di-
rectors determines is necessary to enable the preparation of financial statements that are free from material mis-
statement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going con-
cern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease opera-
tions, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opin-
ion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accord-
ance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or er-
ror, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suffi-
cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement re-
sulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made.
•
Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures
in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future events or condi-
tions may cause the Company to cease to continue as a going concern.
We communicate with the Board of Directors or its relevant committee regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inter-
nal control that we identify during our audit.
Autoneum Financial Report 2024 Financial Statements of Autoneum Holding Ltd
145
We also provide the Board of Directors or its relevant committee with a statement that we have complied with rel-
evant ethical requirements regarding independence and communicate with them all relationships and other mat-
ters that may reasonably be thought to bear on our independence, and where applicable, actions taken to elimi-
nate threats or safeguards applied.
From the matters communicated to the Board of Directors or its relevant committee, we determine those matters
that were of most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report, unless law or regulation precludes public dis-
closure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system ex-
ists, which has been designed for the preparation of the financial statements according to the instructions of the
Board of Directors.
Based on our audit in accordance with Art. 728a para. 1 item 2 CO, we confirm that the proposal of the Board of
Directors complies with Swiss law and the Company’s articles of incorporation. We recommend that the financial
statements submitted to you be approved.
KPMG AG
Reto Benz
Kathrin Schünke
Licensed Audit Expert
Licensed Audit Expert
Auditor in Charge
Zurich, March 11, 2025
KPMG AG, Badenerstrasse 172, CH-8036 Zurich
© 2025 KPMG AG, a Swiss corporation, is a group company of KPMG Holding LLP, which is a member of the KPMG global organization of independent firms affiliated
with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
Autoneum Financial Report 2024 Remuneration Report / Vergütungsbericht
146
Remuneration Report
1 INTRODUCTION
Content and basis of the Remuneration Report
This remuneration report explains the authority and definition of the remuneration of the members of the Board of
Directors and the Group Executive Board, as well as Autoneum’s remuneration system and how it was applied in the
reporting period. Disclosures are made in accordance with the applicable provisions of Swiss law, the Directive on
Information relating to Corporate Governance of the SIX Swiss Exchange and the Swiss Code of Best Practice for Cor-
porate Governance from economiesuisse. The remuneration tables listed under items 4 and 5 have been audited by the
statutory auditors. In addition, this remuneration report will be submitted to the shareholders at the Annual General
Meeting on April 2, 2025 for a consultative vote so that they can express their opinion on the remuneration policy and
remuneration system.
Rules on Remuneration in the Articles of Association
The Articles of Association of Autoneum Holding Ltd contain provisions on the remuneration principles applicable to
the members of the Board of Directors and the Group Executive Board:
· Resolutions and powers of the Annual General Meeting (§12/13);
· Approval of the remuneration of the members of the Board of Directors and the Group Executive Board, as well as an
additional amount for payments to new members of the Group Executive Board appointed by the Board of Directors
after the approval of the remuneration (§14);
· Contracts of office and employment of the members of the Board of Directors and the Group Executive Board (§19);
· Number of permissible mandates (§20);
· Election and duties of the Compensation Committee (§23);
· Principles applicable to the fixed and variable performance-related remuneration and to the allocation of shares to
the members of the Board of Directors and the Group Executive Board (§24);
· Loans, credit facilities and retirement benefits for members of the Group Executive Board (§25).
The full text of the Articles of Association is available online at
https://www.autoneum.com/investor-relations/corporate-governance/#articles-of-association.
The maximum aggregate total compensation of the members of the Board of Directors and the Group Executive Board
as proposed by the Board of Directors is submitted to the shareholders for approval at the Annual General Meeting each
year separately and prospectively for the coming financial year (§14 of the Articles of Association).
2 AUTHORITY AND DEFINITION PROCESS
The basic features of the remuneration policy, the remuneration system and the share-based payment plans are
elaborated by the Compensation Committee, reviewed annually and approved by the Board of Directors. No third-party
consultants have been engaged for the elaboration of the salary policy or the compensation programs.
The Board of Directors fixes annually the remuneration of the members of the Board of Directors and the Group Exec-
utive Board, approves the fixed portion of the remuneration and defines the targets, parameters and other details for
the executive bonus and the long-term incentive plans, based on the suggestions of the Compensation Committee and
within the limits approved by the shareholders. The members of the Board of Directors, whose remuneration is decid-
ed on, also participate in the meeting. The amount of remuneration for the members of the Board of Directors and the
Autoneum Financial Report 2024 Remuneration Report / Vergütungsbericht
147
Group Executive Board is determined at the discretion of the Board of Directors. In doing so, the Board of Directors
takes into consideration function and responsibility, in the case of the Group Executive Board also experience, and
incorporates information which is publicly available or known from their own experience.
3 REMUNERATION SYSTEM
Remuneration of the Board of Directors
The members of the Board of Directors receive a fixed annual remuneration for their entire board activities as well as
an annual lump sum payment for representation expenses. They receive no variable remuneration. The members of the
Board of Directors may opt to obtain all or part of their remuneration in cash or in Autoneum shares. The cash com-
ponent is paid out in December of the related financial year. The shares are allocated in the respective financial year
and blocked for three years. The share price applicable for the conversion of the remuneration into shares is based on
the average closing price of the ten trading days following the dividend payment or the Annual General Meeting, if no
dividend is paid, discounted to reflect a three-year blocking period.
Remuneration of the Group Executive Board
The remuneration structure for the Group’s senior management consists of several components and, within a mar-
ket-based remuneration framework, takes into account the individual performance and the Group’s performance in the
financial year as well as the creation of long-term, sustainable added value. The remuneration of the Group’s senior
management, including the members of the Group Executive Board, consists of a basic salary (fixed remuneration),
a variable, performance-related bonus according to the executive bonus plan and the participation in the long-term
incentive plan (LTI). To ensure a consistent focus on the long-term interests of the shareholders, a part of the variable
remuneration is paid in the form of blocked shares. Due to the three-year blocking period of the allocated shares, this
remuneration is linked to the long-term development of the company value of Autoneum.
Basic salary
The basic salary of the members of the Group Executive Board consists of a fixed annual remuneration. The Board of
Directors may define a portion of the basic salary to be paid in Autoneum shares. The number of shares is calculated
based on the average closing price during the first ten trading days of the respective year. The shares are allocated in
December of the respective year and are blocked for three years.
Bonus
The members of the Group Executive Board may reach a variable, performance-related remuneration of up to 80% of
their basic salary in the form of a bonus, subject to the achievement or exceeding of defined minimum profitability and
liquidity targets of the Group or of the Business Groups, as well as to the achievement of annually agreed individual
targets. Additionally, for sustainability as well as for social and environmental matters, the following ESG target criteria
are applied:
· Scope-11 emissions (direct greenhouse gas emissions from consumption of fossil fuels);
· Scope-21 emissions (indirect greenhouse gas emissions from purchased electricity, excluding renewable electricity);
· Non-hazardous waste (reduce non-hazardous waste);
· Accident Frequency Rate (AFR) (no accidents).
The targets set for the CEO and CFO are composed of the Group net result margin (weighting 52.5%), Group RONA
(22.5%), individual targets (15%) and ESG targets at Group level (10%). For the Heads of the Business Groups, the
targets are composed of the Group net result margin (17.5%), Group RONA (7.5%), EBIT margin of the Business Group
(35%), free cash flow of the Business Group (15%), individual targets (15%) and ESG targets at Business Group level
(10%).
1 According to the definition of the Greenhouse Gas Protocol.
Autoneum Financial Report 2024 Remuneration Report / Vergütungsbericht
148
Minimum and maximum limits are defined for the weighted targets. In general, the achievement of the minimum limit
is a condition for the performance-related bonus, while the maximum bonus is achieved at the maximum limit. How-
ever, for ESG criteria the principle of “the lower, the better” applies. For all targets, the performance-related bonus in-
creases linearly between the two defined limits, with the exception of the Accident Frequency Rate (AFR), where 100%
is achieved if the result is equal to or smaller than the defined lower limit, 50% is achieved if the result is between the
lower and/or equal to the higher limit, and 0% is reached, if the result exceeds the higher limit.
Irrespective of the other targets, a bonus is only paid if the Group net result is positive. At least 40% of the bonus is
paid in Autoneum shares. Each member of the Group Executive Board can opt to receive up to 100% of the bonus in
shares and to receive either restricted shares with a blocking period of three years or an entitlement to shares with a
deferred transfer after a period of three years. The calculated bonus is multiplied by 1.4 and then converted into shares
using the average closing price of the first ten trading days in January of the following year.
Long-term incentive plan (LTI)
The LTI allows the Board of Directors to allocate a part of the Group’s net result to predefined beneficiaries. Bene-
ficiaries are the members of the Group’s senior management including the Group Executive Board. An allocation is
only made if the Group’s net result is positive and exceeds a defined threshold. The total amount of the Group’s net
result dedicated to the LTI is converted into Autoneum shares and the shares are allocated to the beneficiaries at fixed
percentage rates corresponding to the internal function levels. The shares become property of the beneficiaries after a
vesting period of 35 months, if the beneficiaries are then still employed by an Autoneum company. Due to the 35-month
vesting period, the value of the LTI at vesting date is in strong correlation to the performance of the Autoneum share
price. Immediate vesting occurs in case of death or retirement of a beneficiary. In case of employment termination,
shares not yet vested lapse without compensation. Exceptions are possible at the discretion of the Compensation
Committee.
Share options and share purchase plans
There are no share options or share purchase plans.
Permissible activities outside the Autoneum Group
The Board of Directors decides on mandates of members of the Group Executive Board or the Group’s senior man-
agement at other companies. If the mandates are exercised outside the contractual working time, the remunerations
received must not be surrendered to Autoneum.
Autoneum Financial Report 2024 Remuneration Report / Vergütungsbericht
149
4 INFORMATION REGARDING MEMBERS OF THE BOARD OF DIRECTORS
External mandates of the members of the Board of Directors (in accordance with art. 734e CO)
The following table lists all external mandates numerically that the members of the Board of Directors hold in com-
parable functions at other companies with an economic purpose (including companies belonging to the same group).
Mandates without an economic purpose are shown separately at the end.
Board of Directors
Company name
Function
Hans-Peter Schwald
Chairman
1. AVIA Vereinigung unabhängiger Schweizer
Importeure und Anbieter von Energieprodukten,
Genossenschaft
Chairman of the Board
2. Dagda Consulting AG
Chairman of the Board of Directors
3. DSH Holding AG
Member of the Board of Directors
4. PCS Holding AG
Member of the Board of Directors
5. Rehaklinik Tschugg
– Retsch Holding AG
Member of the Board of Directors
– Rehaklinik Tschugg AG
Chairman of the Board of Directors
6. Rieter Holding AG1
Member of the Board of Directors
Member of the Nomination and Compensa-
tion Committee
Member of the Audit Committee
7. Stadler Rail
– Stadler Rail AG1
Vice Chairman of the Board of Directors
Member of the Nomination and Compensa-
tion Committee
Member of the Audit Committee
– Stadler Bussnang AG
Chairman of the Board of Directors
– Stadler Rheintal AG
Chairman of the Board of Directors
– Stadler Rail Management AG
Chairman of the Board of Directors
– Stadler Stahlguss AG
Vice Chairman of the Board of Directors
– Stadler Rail Valencia S.A.U.
Member of the Board of Directors
– Stadler Winterthur AG
Member of the Board of Directors
8. VAMED Schweiz
– Rehaklinik Dussnang AG
Chairman of the Board of Directors
– Rehaklinik Seewis AG
Chairman of the Board of Directors
– Rehaklinik Zihlschlacht AG
Chairman of the Board of Directors
– VAMED Health Project Schweiz AG
Chairman of the Board of Directors
– VAMED Management und Service Schweiz AG
Chairman of the Board of Directors
1 Listed company
Autoneum Financial Report 2024 Remuneration Report / Vergütungsbericht
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Board of Directors
Company name
Function
9. Valfor Attorneys-at-Law Association
Chairperson of the Board
10. ZSC Lions Arena Immobilien AG
Chairman of the Board of Directors
Norbert Indlekofer
Vice Chairman
1. ATESTEO GmbH & Co. KG
Member of the Advisory Board
2. Feintool International Holding AG1
Vice Chairman of the Board of Directors
Chairman of the Remuneration Committee
Liane Hirner
1. Vienna Insurance Group
– Vienna Insurance Group AG1
CFRO
– Compania de Asigurari “DONARIS VIENNA
Vice Chairwoman of the Supervisory Board
INSURANCE GROUP” Societate pe Actiuni
Chairwoman of the Audit Committee
– Donau Versicherung AG Vienna Insurance Group
1st Vice Chairwoman of the Supervisory
Board
Chairwoman of the Audit Committee
Member of the AR Human Resources Com-
mittee
Member of the AR Committee for urgent
matters
– Vienna-Life Lebensversicherung AG
Vice Chairwoman of the Supervisory Board
Vienna Insurance Group
Chairwoman of the Audit Committee
Member of the AR Committee for urgent
matters
Member of the AR Human Resources Com-
mittee
– InterRisk Versicherungs-AG
Chairwoman of the Supervisory Board
Vienna Insurance Group
Chairwoman of the Audit Committee
Chairwoman of the AR Human Resources
Committee
– InterRisk Lebensversicherungs-AG
Chairwoman of the Supervisory Board
Vienna Insurance Group
Chairwoman of the Audit Committee
Chairwoman of the AR Human Resources
Committee
– Private Joint Stock Company
Vice Chairwoman of the Supervisory Board
Insurance Company “USG”
Member of the Audit Committee
Chairwoman of the Risk Committee
Member of the Remuneration Committee
1 Listed company
Autoneum Financial Report 2024 Remuneration Report / Vergütungsbericht
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Board of Directors
Company name
Function
– Private Joint-Stock Company
Vice Chairwoman of the Supervisory Board
Insurance Company “Kniazha Life Vienna
Member of the Audit Committee
Insurance Group”
Chairwoman of the Risk Committee
Member of the Remuneration Committee
– Private Joint-Stock Company
Vice Chairwoman of the Supervisory Board
Ukrainian Insurance Company “Kniazha Vienna
Member of the Audit Committee
Insurance Group”
Chairwoman of the Risk Committee
Member of the Remuneration Committee
– Intersig Vienna Insurance Group Sh.A.
Member of the Supervisory Board
– Sigma Vienna Insurance Group Sh.A.
Member of the Supervisory Board
– Joint Stock Company
Vice Chairwoman of the Supervisory Board
International Insurance Company IRAO
– Asigurarea Romaneasca-
Vice Chairwoman of the Supervisory Board
Asirom Vienna Insurance Group S.A.
Chairwoman of the Audit Committee
Chairwoman of the AR Working Committee
Chairwoman of the AR Working Committee
for Board matters
– BCR Asigurari de Viata
Vice Chairwoman of the Supervisory Board
Vienna Insurance Group S.A.
Chairwoman of the Audit Committee
Chairwoman of the AR Committee for urgent
matters
Chairwoman of the Remuneration Committee
– Omniasig Vienna Insurance Group S.A.
Vice Chairwoman of the Supervisory Board
Chairwoman of the Audit Committee
Chairwoman of the AR Committee for urgent
matters
Chairwoman of the AR Working Committee
for Board matters
Mandates without economic purpose:
– EIOPA Insurance and Reinsurance Stakeholder Group
(IRSG)
Member of the Advisory Board
– Webster Vienna Private University
Member of the Advisory Board
– Kammer der Wirtschaftstreuhänder
Member
– Institut österreichischer Wirtschaftsprüfer (IWP)
Member of the association
– Versicherungsverband Österreich (VVO)
Member
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Board of Directors
Company name
Function
Martin Klöti2
1. Artemis Group
– Artemis Holding AG
Member of the Group Executive Board
– Artemis Beteiligungen I AG
Member of the Board of Directors
– Artemis Beteiligungen III AG
Member of the Board of Directors
– Artemis Beteiligungen V AG
Member of the Board of Directors
– Artemis Deutschland Holding GmbH
General Manager
– Artemis Immobilien AG
Member of the Board of Directors
– Artemis Immobilien Deutschland GmbH
General Manager
– Artemis Real Estate Holding AG
Member of the Management
– Artemis Real Estate International AG
Member of the Board of Directors
– Feintool International Holding AG1
Vice Chairman of the Board of Directors
Chairman of the Audit Committee
Member of the Remuneration Committee
– Franke Holding AG
Member of the Board of Directors
Chairman of the Audit Committee
2. Centinox
– Centinox Asset Management AG
Member of the Board of Directors
– Societa’ Agricola Sant’ Isidoro Srl
Member of the Board of Directors
3. Ciron SA
Member of the Board of Directors
4. KRAFTWERK Group AG
Member of the Board of Directors
Mandates without economic purpose:
– Franke Stiftung
Member of the Foundation Board
– Pensionskasse Franke
Member of the Foundation Board
1 Listed company
2 Board member from 09.04.2024
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Board of Directors
Company name
Function
Michael Pieper
1. Arbonia AG1
Member of the Board of Directors
2. Artemis Group
– Artemis Holding AG
CEO
– Artemis Beteiligungen I AG
Member of the Board of Directors
– Artemis Beteiligungen III AG
Member of the Board of Directors
– Artemis Beteiligungen V AG
Member of the Board of Directors
– Artemis Real Estate Holding AG
Member of the Board of Directors
– Franke Holding AG
Member of the Board of Directors
Member of the Audit Committee
Member of the HR Committee
– Franke Technology and Trademark Ltd.
Member of the Board of Directors
3. Bergos AG
Member of the Board of Directors
4. Centinox
– Centinox Holding AG
Chairman of the Board of Directors
– Centinox B AG
Chairman of the Board of Directors
5. Deutsche Bank, Beirat Süd
Member of the Advisory Board
6. Duravit AG
Member of the Supervisory Board
7. Ettlin Aktiengesellschaft
Vice Chairman of the Supervisory Board
8. Forbo Holding AG1
Vice Chairman of the Board of Directors
Member of the HRN&R Committee
9. Reppisch Werke AG
Member of the Board of Directors
Mandates without economic purpose:
– Franke Stiftung
Member of the Foundation Board
– Stiftung für das Luzerner Sinfonieorchester
Member of the Foundation Board
– Stiftung Schweizer Wirtschaftspolitik
Member of the Foundation Board
1 Listed company
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Board of Directors
Company name
Function
Oliver Streuli
1. Rieter Group
– Rieter Holding AG1
CFO
– Rieter AG (Merger of Maschinenfabrik Rieter AG
with Rieter Management AG)
Member of the Board of Directors
– Tefina Holding-Gesellschaft AG
Chairman of the Board of Directors
– Unikeller Sona AG
Member of the Board of Directors
Ferdinand Stutz
1. Bau AG Andelfingen
Chairman of the Board of Directors
2. Grüner Systemtechnik GmbH & Co.KG
Member of the Advisory Board
3. Osterwalder AG
Member of the Board of Directors
4. René Baer AG
Member of the Board of Directors
5. Römheld & Moelle GmbH
Member of the Advisory Board
6. Stutz Improvement AG
Chairman of the Board of Directors
7. Stutz & Weibel Immobilien AG
Member of the Board of Directors
8. Valeta Group
– Sirag AG
Member of the Board of Directors
– Uniprod AG
Member of the Board of Directors
– Valeta AG
Member of the Board of Directors
– Valeta GmbH
Member of the Advisory Board
1 Listed company
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Shares held by the members of the Board of Directors including related parties (in accordance with art. 734d CO)
The following table provides information on the registered Autoneum shares held by the members of the Board of
Directors as of December 31, 2024 (in comparison to December 31, 2023):
Board of Directors
31.12.2024
31.12.2023
Number of shares
Number of shares
Hans-Peter Schwald, Chairman
69 246
68 000
Norbert Indlekofer, Vice Chairman
3 742
3 252
Liane Hirner
4 185
3 236
Martin Klöti, Board member from 09.04.2024
–
n/a
Michael Pieper
1 323 195
1 322 381
Oliver Streuli
2 413
1 860
Ferdinand Stutz
6 722
6 456
Total
1 409 503
1 405 185
Remuneration of the members of the Board of Directors
The total remuneration paid to the current members of the Board of Directors in the 2024 financial year amounts to
CHF 1 489 062. There has been no remuneration to former members of the Board of Directors.
At the 2023 Annual General Meeting a maximum total remuneration to the Board of Directors of CHF 1.75 million was
awarded for the 2024 financial year, thus the remuneration for 2024 is within the approved limit.
No loans, credit facilities, additional fees, or remuneration not in line with the market have been paid to current and
former members of the Board of Directors or parties related to them. In the 2024 financial year, fees in the amount of
CHF 48 579.10 (2023: CHF 39 670.95) were paid for legal and administrative services to firms for which the Chair-
man of the Board of Directors acts.
The total of all remuneration paid to the members of the Board of Directors is composed as follows:
Board of Directors
2024
Function (including Committees) on 31.12.2024
Fixed remuneration
Other1
Total
CHF
in cash
in shares2
Hans-Peter Schwald
Chairman of the Board of Directors,
member of the Compensation Committee,
member of the Nomination Committee,
member of the Audit Committee,
Chairman of the Strategy & Sustainability Committee
170 758
202 943
21 777
395 478
Norbert Indlekofer
Vice Chairman of the Board of Directors,
Chairman of the Compensation Committee,
Chairman of the Nomination Committee,
member of the Strategy & Sustainability Committee
129 889
107 296
12 909
250 094
Liane Hirner
Board member,
Chairwoman of the Audit Committee
1 476
196 505
–
197 981
Martin Klöti3
Board member,
member of the Audit Committee
107 250
–
5 354
112 604
Michael Pieper
Board member
168
130 901
5 729
136 798
Oliver Streuli
Board member,
member of the Compensation Committee,
member of the Nomination Committee,
member of the Strategy & Sustainability Committee
100 016
90 435
12 790
203 241
Ferdinand Stutz
Board member,
member of the Compensation Committee,
member of the Nomination Committee,
member of the Strategy & Sustainability Committee
140 073
42 765
10 028
192 866
Total
649 630
770 845
68 587
1 489 062
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156
Board of Directors
2023
Function (including Committees) on 31.12.2023
Fixed remuneration
Other1
Total
CHF
in cash
in shares4
Hans-Peter Schwald
Chairman of the Board of Directors,
member of the Compensation Committee,
member of the Nomination Committee,
member of the Audit Committee,
Chairman of the Strategy & Sustainability Committee
–
369 143
22 206
391 349
Norbert Indlekofer5
Vice Chairman of the Board of Directors,
Chairman of the Compensation Committee,
Chairman of the Nomination Committee,
member of the Strategy & Sustainability Committee
116 972
92 936
11 989
221 897
Liane Hirner
Board member,
Chairwoman of the Audit Committee
–
172 613
–
172 613
Michael Pieper
Board member
–
119 062
5 354
124 416
Oliver Streuli
Board member,
member of the Compensation Committee,
member of the Nomination Committee,
member of the Audit Committee
72 500
95 275
11 542
179 317
Ferdinand Stutz
Board member,
member of the Compensation Committee,
member of the Nomination Committee,
member of the Strategy & Sustainability Committee
130 000
35 615
9 217
174 831
Rainer Schmückle6
n/a
50 000
–
–
50 000
Total
369 472
884 644
60 308
1 314 424
1 Other remuneration includes the employer’s portion of social insurance contributions.
2 The fixed remuneration in shares is calculated by the number of shares granted multiplied by the average closing price for the ten days following the 2024 dividend payment (CHF
153.28). The transfer took place after deduction of social security contributions and withholding taxes.
3 Member of the Board of Directors from 09.04.2024.
4 The fixed remuneration in shares is calculated by the number of shares granted multiplied by the average closing price for the ten days following the 2023 Annual General Meeting
(CHF 129.98). The transfer took place after deduction of social security contributions and withholding taxes.
5 Vice Chairman of the Board of Directors from 23.03.2023.
6 Member of the Board of Directors and Vice Chairman until 23.03.2023.
The change in the Board of Directors’ remuneration compared to the previous year is mainly caused by the fact that the
Board of Directors was expanded by one member at the Annual General Meeting 2024 and that the remuneration was
moderatly increased for the first time since 2011.
5 INFORMATION REGARDING MEMBERS OF THE GROUP EXECUTIVE BOARD
External mandates of the members of the Group Executive Board (in accordance with art. 734e CO)
The following table lists all external mandates that the members of the Group Executive Board hold in comparable
functions at other companies with an economic purpose (including companies belonging to the same group):
Group Executive Board
Company name
Function
Eelco Spoelder
–
–
Bernhard Wiehl
–
–
Daniel Bentele
–
–
Fausto Bigi
Mandates without economic purpose:
– Sindipeças (Autoparts Manufacturers Association)
Member
Andreas Kolf
–
–
Greg Sibley
–
–
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157
Shares and rights to shares held by the members of the Group Executive Board including related parties
(in accordance with art. 734d CO)
The following table provides information on the registered Autoneum shares and rights to shares held by the
members of the Group Executive Board as of December 31, 2024 (in comparison to December 31, 2023):
Group Executive Board
31.12.2024
31.12.2024
31.12.2023
31.12.2023
Number of
shares
Number of
rights1
Number of
shares
Number of
rights1
Eelco Spoelder (CEO from 27.03.2023)
4 977
8 122
809
2 104
Bernhard Wiehl
6 874
2 810
4 059
490
Daniel Bentele (Member of the Group Executive Board from 01.07.2023)
743
2 774
–
–
Fausto Bigi
1 742
5 766
1 742
3 565
Andreas Kolf
2 784
1 812
1 656
490
Greg Sibley
2 601
1 936
1 535
490
Total
19 721
23 220
9 801
7 139
¹ For the disclosure of rights, the allocation year is used; the previous year’s presentation has been consistently adjusted accordingly
Remuneration of the members of the Group Executive Board
In the 2024 financial year, the total remuneration paid to the members of the Group Executive Board amounts to CHF
7 010 419, thereof CHF 2 043 156 to the CEO, who receives a part of his basic salary in shares. There has been no remu-
neration to former members of the Group Executive Board. At the 2023 Annual General Meeting a maximum total remu-
neration to the Group Executive Board of CHF 8.5 million was awarded for the 2024 financial year, thus the remuner-
ation for 2024 is within the approved limit. No loans, credit facilities, additional fees or remuneration not in line with
the market have been paid to current and former members of the Group Executive Board or parties related to them.
The total remuneration paid to the members of the Group Executive Board is composed as follows:
Group Executive Board
Fixed remuneration
Variable remuneration
LTI1
Other2
Total
2024
CHF
in cash
in shares3
in cash
in shares4
All members
2 768 784
200 183
927 597
1 503 058
461 718
1 149 079
7 010 419
Thereof
Eelco Spoelder, CEO
720 000
150 106
267 264
561 295
173 984
170 507
2 043 156
2023
CHF
in cash
in shares6
in cash
in shares7
All members
3 182 083
87 582
1 215 035
1 300 126
310 054
1 235 306
7 330 186
Thereof
Eelco Spoelder, CEO5
612 500
87 582
264 600
370 394
126 730
239 255
1 701 062
1 For the 2024 financial year, 2.5% of the Group net profit has been allocated. The rights allocated in April 2025 will vest beginning of March 2028. For the 2023 financial year, 2.5% of
the Group net profit has been allocated.
2 Other remuneration includes remuneration to replace entitlements forfeited from previous employer as a result of joining Autoneum, the employer’s portion of social security contribu-
tions, the employer’s portion of contributions to pension funds and other fringe benefits.
3 The applicable share price during the defined period was CHF 124.88.
4 The part of the bonus opted to be paid out in shares (at least 40%) is multiplied by the factor 1.4 and then converted into shares using the average trading price for the first ten days in
January 2025 (CHF 122.18).
5 CEO from 27.03.2023.
6 The applicable share price during the defined period was CHF 114.84.
7 The part of the bonus opted to be paid out in shares (at least 40%) is multiplied by the factor 1.4 and then converted into shares using the average trading price for the first ten days in
January 2024 (CHF 124.88).
The change in the remuneration of the Group Executive Board members compared to the previous year is mainly based
on the fact that there was an overlap in the compensation of the CEO and Head Business Group Europe in the fiscal year
2023. However, the 2024 bonus payment is higher than in 2023, because the bonus-relevant financial targets for 2024
have been largely achieved.
Autoneum Financial Report 2024 Remuneration Report / Vergütungsbericht
158
To the General Meeting of Autoneum Holding AG, Winterthur
Report on the Audit of the Remuneration Report
Opinion
We have audited the Remuneration Report of Autoneum Holding Ltd (the Company) for the year ended
December 31, 2024. The audit was limited to the information pursuant to Art. 734a-734f of the Swiss Code of Ob-
ligations (CO) in the sections “4 Information regarding members of the Board of Directors” and “5 Information
regarding the Group Executive Board” on pages 149 to 157 of the Remuneration Report.
In our opinion, the information pursuant to Art. 734a-734f CO in the accompanying Remuneration Report complies
with Swiss law and the Company’s articles of incorporation.
Basis for Opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibil-
ities under those provisions and standards are further described in the “Auditor’s Responsibilities for the Audit of
the Remuneration Report” section of our report. We are independent of the Company in accordance with the pro-
visions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical re-
sponsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Information
The Board of Directors is responsible for the other information. The other information comprises the information
included in the annual report, but does not the tables in the sections “4 Information regarding members of the
Board of Directors“and”5 Information regarding the Group Executive Board” in the Remuneration Report, the con-
solidated financial statements, the stand-alone financial statements and our auditor’s reports thereon.
Our opinion on the Remuneration Report does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the Remuneration Report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the audited financial information in
the Remuneration Report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other informa-
tion, we are required to report that fact. We have nothing to report in this regard.
Board of Directors’ Responsibilities for the Remuneration Report
The Board of Directors is responsible for the preparation of a Remuneration Report in accordance with the provi-
sions of Swiss law and the Company’s articles of incorporation, and for such internal control as the Board of Di-
rectors determines is necessary to enable the preparation of a Remuneration Report that is free from material
misstatement, whether due to fraud or error. The Board of Directors is also responsible for designing the remuner-
ation system and defining individual remuneration packages.
Report of the statutory auditor
Autoneum Financial Report 2024 Remuneration Report / Vergütungsbericht
159
Auditor’s Responsibilities for the Audit of the Remuneration Report
Our objectives are to obtain reasonable assurance about whether the information pursuant to Art. 734a-734f CO
is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in ac-
cordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of this Remuneration Report.
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and maintain
professional skepticism throughout the audit. We also:
—
Identify and assess the risks of material misstatement in the Remuneration Report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suffi-
cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement re-
sulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inten-
tional omissions, misrepresentations, or the override of internal control.
—
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.
—
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made.
We communicate with the Board of Directors or its relevant committee regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inter-
nal control that we identify during our audit.
We also provide the Board of Directors or its relevant committee with a statement that we have complied with rel-
evant ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to
eliminate threats or safeguards applied.
KPMG AG
Reto Benz
Kathrin Schünke
Licensed Audit Expert
Licensed Audit Expert
Auditor in Charge
Zurich, March 11, 2025
KPMG AG, Badenerstrasse 172, CH-8036 Zurich
© 2025 KPMG AG, a Swiss corporation, is a group company of KPMG Holding LLP, which is a member of the KPMG global organization of independent firms affiliated with KPMG Inter-
national Limited, a private English company limited by guarantee. All rights reserved.
160
Autoneum Financial Report 2024 Review 2020–2024
Review 2020–2024
CONSOLIDATED INCOME STATEMENT
CHF million
2024
2023
2022
2021
2020
Revenue
2 338.7
2 302.3
1 804.5
1 700.4
1 740.6
BG Europe
1 152.4
1 073.9
616.6
636.9
641.8
BG North America
884.6
895.9
795.1
687.0
753.5
BG Asia
198.3
242.8
273.2
281.0
254.1
BG SAMEA1
121.4
109.0
120.5
94.7
88.4
EBITDA
246.7
289.2
152.1
179.8
148.5
in % of revenue
10.5%
12.6%
8.4%
10.6%
8.5%
EBIT
125.0
106.9
35.4
57.5
27.8
in % of revenue
5.3%
4.6%
2.0%
3.4%
1.6%
Net result
70.0
61.1
10.9
30.1
–10.7
in % of revenue
3.0%
2.7%
0.6%
1.8%
–0.6%
Return on net assets in % (RONA)
7.8%
7.0%
2.8%
4.5%
1.3%
Return on equity in % (ROE)
12.3%
12.6%
2.5%
7.0%
–2.3%
CONSOLIDATED BALANCE SHEET AT DECEMBER 31
Non-current assets
998.9
972.6
866.4
942.1
1 002.0
Current assets
633.4
698.6
605.5
559.9
806.1
Equity attributable to shareholders of AUTN
507.2
449.7
339.1
357.4
309.7
Equity attributable to non-controlling interests
96.8
87.2
92.9
93.8
103.9
Total shareholders’ equity
604.0
537.0
432.0
451.2
413.6
Non-current liabilities
442.1
626.4
542.0
493.9
874.1
Current liabilities
586.2
507.8
497.9
556.9
520.3
Total assets
1 632.3
1 671.2
1 471.9
1 502.0
1 808.1
Net debt2
399.2
444.6
515.2
533.7
563.7
Shareholders’ equity in % of total assets
37.0%
32.1%
29.4%
30.0%
22.9%
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows from operating activities
189.8
190.3
94.5
100.4
149.7
Cash flows used in investing activities
–80.0
–143.1
–37.2
–29.3
–37.2
Cash flows (used in)/from financing activities
–153.6
–2.1
–30.4
–288.7
122.3
Employees at December 313
15 349
16 519
11 622
11 840
12 774
1 Including South America, Middle East and Africa.
2 Net debt including lease liabilities at December 31.
3 Full-time equivalents including temporary employees.
161
Autoneum Financial Report 2024 Review 2020–2024
INFORMATION FOR INVESTORS
CHF million
2024
2023
2022
2021
2020
Number of issued shares at December 31
5 840 453
5 840 453
4 672 363
4 672 363
4 672 363
Share capital of Autoneum Holding Ltd at December 31
0.3
0.3
0.2
0.2
0.2
Net result of Autoneum Holding Ltd
38.5
6.4
35.8
54.9
24.3
Market capitalization at December 31
692.8
790.4
473.1
788.5
749.6
in % of revenue
29.6%
34.3%
26.2%
46.4%
43.1%
in % of equity attr. to shareholders of AUTN
136.6%
175.7%
139.5%
220.6%
242.0%
DATA PER SHARE (AUTN)
CHF
2024
2023
2022
2021
2020
Basic earnings per share
8.98
9.42
–0.47
4.91
–5.45
Dividend per share1
2.80
2.50
–
1.50
–
Shareholders’ equity per share2
87.56
77.61
73.12
76.92
66.77
Share price at December 31
119.60
136.40
102.00
169.70
161.60
Share price development during the year
High
166.60
157.60
202.20
201.00
167.50
Low
98.00
98.80
78.00
133.30
50.00
1 Dividend proposal by the Board of Directors for the financial year 2024 is subject to the approval of the Annual General Meeting.
2 Equity attributable to shareholders of Autoneum Holding Ltd per share outstanding at December 31.
Autoneum Financial Report 2023 Important Dates
162
Important Dates
Annual General Meeting 2025
April 2, 2025
Semi-Annual Report 2025
July 30, 2025
Annual General Meeting 2026
April 28, 2026
Contacts
Investors and Financial Analysts
Bernhard Weber
Head Financial Services & IR
Head Corporate Communications a.i.
T +41 52 244 82 07
investor@autoneum.com
media@inquiry@autoneum.com
Legal notice
Cautionary statement on forward-looking information:
All statements in this Annual Report which do not refer
to historical facts are forecasts for the future that include no
representations or warranties, express or implied, as to the
accuracy or completeness of the information provided in this
Annual Report and any liability whatsoever is disclaimed.
Forward-looking information is based on current expectations,
estimates and projections about factors that may affect
the Group’s future performance. These expectations, estimates
and projections are generally identifiable by statements
containing words such as “expects,” “estimates,” “targets,”
“aim,” “outlook” or similar expressions.
There are numerous risks, uncertainties and other factors,
many of which are beyond Autoneum’s control, that could cause
Autoneum’s actual results to differ materially from the
forward-looking information and statements made in
this Annual Report and that could affect Autoneum’s ability to
achieve its stated targets. The important factors that could
cause such differences include, among others: global economic
conditions, exchange rates, legal provisions, market conditions,
activities by competitors and other factors outside Autoneum’s
control. Although Autoneum believes that its expectations
reflected in any such forward-looking statements are based on
reasonable assumptions, it can give no assurance that those
expectations will be achieved.
For the purposes of this Annual Report, unless the context
otherwise requires, the term “the Company” means Autoneum
Holding AG, and the terms “Autoneum,” “the Group,” “we”
and “our” mean Autoneum Holding AG and its consolidated
subsidiaries.
March 2025
This is a translation of the original and prevailing German text.
© Autoneum Holding AG, Winterthur, Switzerland
Text Autoneum Management AG, Winterthur
Design atelier MUY, Zurich
Publishing system Multimedia Solutions AG, Zurich
Printing Druckmanufaktur, Urdorf
Autoneum Geschäftsbericht 2023 Corporate Governance
163
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