Johnson Electric has posted 2015 EBITDA down 4% to US$332m, although sales rose 5% to US$2.23bn.

Net profit attributable to shareholders totalled US$173m – down 18%. Underlying net profit, excluding the effect of acquisitions, declined by 15% to US$180m.

In Europe, where passenger car sales volumes reached a six-year high in 2015, Johnson Electric said it saw strong demand for technology in engine and transmission management applications, as well as headlamp and HVAC actuators.

In Asia, Automotive Product Group (APG) performed well in the 3 powertrain cooling fan module segment, despite the recent slowdown in demand growth in China.

And in North America, which prior to the acquisition of Stackpole International, had been APG's smallest market in terms of direct sales, Johnson's actuator systems business unit performed well.

"Johnson Electric's results for the financial year 2015/16 reflected a difficult macro-economic environment, unfavourable foreign exchange rate movements and non-recurring acquisition transaction expenses," said Johnson Electric chairman and chief executive, Patrick Wang.

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"Although net income, as previously projected, declined from last year's record levels, the underlying operating performance of the business remained solid and our financial condition continues to be healthy."

"Despite the rather gloomy macro-economic picture, I do see reasonable grounds to be upbeat about Johnson Electric's own growth trajectory.

"In the short term, we can expect to see the company's revenue and earnings base in the 2016/17 financial year benefit from a full year contribution from Stackpole International and approximately ten months of contribution from AML Systems – and without the level of acquisition-specific transaction expenses incurred in the year under review."