Spain-based parts maker Ficosa International has reported a sales increase in 2004 of 7.5% to €774 million.
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The company also said that its bottom line increased by more than 8% with respect to the preceding year, up from 12.1 million euros in 2003 to 13.1 million in 2004. The company said the result would have been significantly greater had it not been for the sharp increase in the purchase prices of raw materials, especially steel and plastic, which experienced increases of more than 100% and 40% respectively.
Conversely, the cash flow (operating income plus depreciation) generated over the last financial year amounted to 72 million euros, which was applied, among other items, to fixed assets, to launching new products and technologies worth 37 million euros, and to reducing the net debt by 16 million euros, Ficosa said.
The company also claimed to be focusing on technology and innovation as a supplier to a wide range of European OEMs. Some highlights identified by the company: attaining systems development projects for high-end vehicles (Audi TT and A4, BMW X3, Ferrari 430, VW Touareg, Nissan Pathfinder…), the contract for exclusively designing the concept of the future Volkswagen rearview mirrors, and the marketing of its own technological innovations such as the low-flow rate retractable headlight washer (Ford) or fractal antennas for automobiles (Fiat, PSA).
In 2004, the company successfully negotiated the purchase of the remaining 49% of the joint venture that it operates in Turkey (two production centres).
Ficosa also raised its presence in Poland by building a new plant there, mainly to supply rear vision systems for Eastern European countries and to be a cost optimization platform.
The General Shareholders Meeting held this week resolved to invest in the Chinese market by executing Ficosa’s purchase option on a local rearview mirror manufacturer located in Shanghai.
The company has been present in India since 1998 through a joint venture with the Tata Group. In 2004, Ficosa started up a second production plant there exclusively for exports. It was inaugurated recently by the Spanish Secretary General of Industry, Mr. Joan Trullén.
