Gates Industrial Corp plc

Listed Company

GTESCIK 0001718512NYSELarge AcceleratedGeneral Industrial Machinery & EquipmentX0FY ends Dec 31

Period

FY 2025

Revenue

$3.44B

Net Income

$251.40M

Total Assets

$7.15B

Equity

$3.33B

Shares Out

253.86M

Op. Cash Flow

$478.10M

Business

Gates Industrial Corp plc is a global manufacturer of engineered power transmission and fluid power solutions for a broad range of end markets. It offers products including elastomer drive belts (synchronous and asynchronous), metal drive components, kits, hoses, couplings, fittings, tubing, hydraulic assemblies and thermal and emissions management components. The company operates through two reporting segments: Power Transmission and Fluid Power. Gates sells under the Gates brand and through select customer brands across replacement and OEM channels in over 130 countries and four commercial regions.

Summary from filing dated 2025-02-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	3,443	3,408	3,570	3,554	3,474
Cost of sales	2,072	2,050	2,211	2,304	2,135
Gross profit	1,372	1,359	1,359	1,251	1,339
Selling, general and administrative expenses	876	877	885	854	853
Transaction-related expenses	500,000	3	2	2	4
Asset impairments	4	0	100,000	1	600,000
Restructuring expenses	26	7	12	10	7
Other operating expenses	0	0	200,000	200,000	−9
Operating income from continuing operations	465	472	460	384	484
Interest expense	126	156	163	139	—
Loss on deconsolidation of Russian Subsidiary	0	13	0	0	—
Other (income) expenses	−800,000	−24	12	−13	900,000
Income from continuing operations before taxes	340	328	285	258	350
Income tax expense	63	108	28	15	18
Net income from continuing operations	277	221	257	243	331
Loss on disposal of discontinued operations, net of tax, respectively, of $0, $0 and $0	800,000	600,000	600,000	400,000	0
Net income	276	220	256	243	331
Less: non-controlling interests	25	25	24	22	34
Net income attributable to shareholders	251	195	233	221	297
Earnings per share from continuing operations (in usd per share)	0.98	0.75	0.86	0.78	1.02
Earnings per share from discontinued operations (in usd per share)	0	0	0	0	0
Earnings per share (in usd per share)	0.98	0.75	0.86	0.78	1.02
Earnings per share from continuing operations (in usd per share)	0.96	0.74	0.84	0.77	1
Earnings per share from discontinued operations (in usd per share)	0	0	0	0	0
Earnings per share (in usd per share)	0.96	0.74	0.84	0.77	1

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	812	682	721	578	658
Trade accounts receivable, net	744	723	768	809	708
Inventories	700	676	647	656	683
Taxes receivable	43	29	30	13	19
Prepaid expenses and other assets	182	197	235	221	211
Total current assets	2,482	2,306	2,401	2,277	2,279
Property, plant and equipment, net	609	580	630	638	670
Goodwill	2,035	1,909	2,039	1,981	2,063
Pension surplus	8	6	9	10	76
Intangible assets, net	1,192	1,249	1,386	1,490	1,642
Right-of-use assets	137	139	120	132	124
Taxes receivable	5	21	19	15	16
Deferred income taxes	640	554	622	600	639
Other non-current assets	43	24	29	48	24
Total assets	7,151	6,786	7,255	7,192	7,533
Debt, current portion	36	39	37	37	38
Trade accounts payable	434	408	458	470	507
Taxes payable	27	23	37	24	34
Accrued expenses and other current liabilities	239	251	249	223	277
Total current liabilities	735	722	779	752	856
Debt, less current portion	2,196	2,312	2,415	2,426	2,527
Postretirement benefit obligations	69	78	84	76	106
Lease liabilities	125	127	111	122	116
Taxes payable	62	82	79	80	104
Deferred income taxes	49	57	119	192	284
Other non-current liabilities	226	69	123	100	59
Total liabilities	3,462	3,446	3,711	3,748	4,052
Commitments and contingencies (Note 22)	—	—	—	—	—
Shares, par value of $0.01 each - authorized shares: 3,000,000,000; outstanding shares: 253,543,540 (December 28, 2024: authorized shares: 3,000,000,000; outstanding shares: 255,203,987)	3	3	3	3	3
Additional paid-in capital	2,633	2,619	2,584	2,542	2,484
Accumulated other comprehensive loss	−917	−1,077	−829	−918	−825
Treasury shares	38	0	—	—	—
Retained earnings	1,653	1,480	1,462	1,483	1,438
Total shareholders equity	3,334	3,024	3,220	3,110	3,100
Non-controlling interests	355	317	324	334	382
Total equity	3,689	3,340	3,544	3,444	3,481
Total liabilities and equity	7,151	6,786	7,255	7,192	7,533

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	214	217	218	217	223
Foreign exchange and other non-cash financing (income) expense	−25	−44	−25	6	33
Share-based compensation expense	27	29	27	44	25
Decrease in postretirement benefit obligations, net	−17	−9	−10	−16	−15
Deferred income taxes	−26	−12	−66	−80	−94
Asset impairments	4	0	100,000	3	2
Disposal of property, plant and equipment	300,000	−7	0	0	—
Other operating activities	4	−100,000	5	7	4
Accounts receivable	18	8	46	−129	−22
Inventories	14	−64	25	3	−192
Accounts payable	4	−28	−18	−16	100
Prepaid expenses and other assets	30	37	22	50	−41
Taxes payable	−19	−900,000	−15	−24	39
Other liabilities	−27	21	15	−41	−8
Net cash provided by operating activities	478	380	481	266	382
Purchases of property, plant and equipment	−73	−83	−61	−78	−78
Purchases of intangible assets	−41	−24	−10	−9	−9
Purchases of investments	0	−11	0	0	—
Proceeds from sale of investments	0	5	0	0	—
Cash paid under company-owned life insurance policies	−12	−5	−18	−12	−11
Cash received under company-owned life insurance policies	5	15	7	6	2
Proceeds from the sale of property, plant and equipment	2	12	1	0	0
Cash deconsolidated from previously controlled subsidiary	0	−13	—	—	—
Other investing activities	−800,000	0	0	2	10
Net cash used in investing activities	−119	−104	−82	−91	−86
Issuance of shares	10	15	19	16	5
Repurchase of shares	−119	−176	−252	−176	−11
Proceeds from long-term debt	0	1,840	100	645	0
Payments of long-term debt	−123	−1,948	−120	−677	−91
Debt issuance costs paid	0	−22	−1	−23	−12
Employee taxes paid from shares withheld	−21	−5	−3	—	—
Dividends paid to non-controlling interests	−7	−13	−18	−29	−27
Other financing activities	9	22	17	−9	−13
Net cash used in financing activities	−251	−287	−258	−253	−149
Effect of exchange rate changes on cash and cash equivalents and restricted cash	22	−28	2	−2	−11
Net increase (decrease) in cash and cash equivalents and restricted cash	130	−39	143	−80	137
Interest paid	121	133	155	119	121
Income taxes paid	112	122	111	118	83
Accrued capital expenditures	3	1	600,000	2	1

Filings

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