Bajaj Mobility Ag · SIX:BMAG
Bajaj Mobility — PIERER Mobility — Non-Deal Roadshow (March 2022)
41 slides from Bajaj Mobility's roadshow presentation, March 2022
Slide 1: PIERER Mobility AG - The Leading European Powered Two-Wheeler Company
PIERER MOBILITY AG THE LEADING EUROPEAN POWERED TWO-WHEELER COMPANY COMPANY PRESENTATION I BUSINESS YEAR 2021 I ROADSHOW MARCH 2022
Slide 2: Disclaimer
D I SC LAI M ER This document is for information purposes only and shall not be treated as giving any investment advice and/or recommendation whatsoever. This presentation and any information (written or oral) provided to you does not constitute an offer of securities, nor a solicitation for an offe
Slide 3: The PIERER Mobility DNA
TH E PI ER ER M O B I LI TY D N A 3 0 Y E A R S O F T R A C K R E C O R D A N D I N N O VAT I O N CONTINUED GROWTH PIONEER IN ~16% sales unit CAGR since 1992 resulting in EUR 2,042 million revenue ELECTRIFICATION in 2021 OF POWERED TWO-WHEELERS PREMIUM BRANDS E-MOBILITY SALES strong brands secure su
Slide 4: The Pillars of Success
TH E 4 PI LLAR S O F SU C C ESS GLOBALISATION INNOVATION GLOBALIZATION INNOVATION BRANDS PEOPLE 4
Slide 5: The Leading European Powered Two-Wheeler Group
T H E L E AD I N G E U R O P E AN P O W E R E D T W O - WH E E L E R G R O U P 3 P I L L A R S O F VA L U E C R E AT I O N MOTORCYCLES DESIGN, CONCEPT DEVELOPMENT & (E-)BICYCLES DIGITALIZATION Source: PIERER Mobility AG 5
Slide 6: Twenty-Nine Years of Successful Track Record - Revenue
TW EN TY- N I N E YEAR S O F SU C C ESSFU L TR AC K R EC O R D REVENUE SALES MOTORCYCLES & E-BICYCLES EURm CAGR 92-21: 16.9% 2,042 ▪ Record growth in 2021 2000 CAGR 09-21: 13.3% ▪ BY 2021 Revenue of EURm 2,042 (+ ~33%), 1800 1,530 thereof already EURm 181 e-mobility sales 1600 (e-motorcycles/e-bicyc
Slide 7: Twenty-Nine Years of Successful Track Record - Unit Sales
TW EN TY- N I N E YEAR S O F SU C C ESSFU L TR AC K R EC O R D POW ERED TW O-WHEELERS (PTW ) UNIT SALES 409 797 400 000 Sales units CAGR incl. Bajaj 92-21: ~15.7% ▪ 409,797 PTWs sold in the Business 350 000 Sales units CAGR incl. Bajaj 09-21: ~16.8% Year 2021 Units KTM 326 471 300 000 Units HQV ▪ Fu
Slide 8: Motorcycle Wholesales
M O TO R C YC LE W H O LESALES – 2 0 21 DELIVERIES TO MOTORCYC LE DEALER NET W ORK & GENERAL IMPORT ER S UNITS SOLD 2021 Source: PIERER Mobility AG Wholesale (B2B): Sale to Dealer Network reflected in P&L Regions reflect Profit Centers 8
Slide 9: Motorcycle Market Insights
M O TO R C YC LE M AR K E T I N SI G H TS 2021 – GLOBAL MARKET DEVELOPMENT ▪ EUROPEAN MARKET REACHES PRE- CRISIS LEVEL OF 2008/2009 ▪ GROW ING MOTORCYCLE DEMAND IN US MARKET MAIN MOTORCYCLE MARKETS (>120CC) ▪ EUROPE ~750,000 UNITS (+8%) ▪ NORTH AMERICA ~500,000 UNITS (+10%) ▪ AUSTRALIA & NEW ZEALAND
Slide 10: Our Brands Provide Customers the Power of Choice
O U R B R AN D S PR O VI D E C U STO M ER S TH E PO W ER O F C H O I C E P I E R E R M O B I L I T Y C O V E R S T H E E N T I R E VA L U E C H A I N O F P T W E N T H U S I A S T S PURITY | PERFORMANCE READY TO RACE ADVENTURE | EXTREME SMART | PROGRESSIVE DYNAMIC | PURE DESIGN DARING | CAPABLE VIBR
Slide 11: Strong (E-)Bicycle Product Portfolio
STR O N G ( E) - B I CYC LE PR O D U C T PO R TFO LI O Source: PIERER Mobility AG 11
Slide 12: The Electric Powered Two-Wheeler Vision
THE ELECTR I C PO W ER ED TW O - W HEELER VI SI ON BECOME THE GLOBAL LEADER OF ELECTRIC POWERED TWO -WHEELERS IN THE POWER RANGE 250W TO 15KW Source: PIERER Mobility AG 12
Slide 13: The Electric PTW Opportunity
TH E ELEC TR I C PTW O PPO R TU N I TY REVENUES OF PIERER MOBILITY AND MARKET OPPORTUNITY E - Mobility Sales (mEUR) Global E-Bicycle Market Potential Sales CAGR E-Bikes 2020–2025: >35 % EUROPE Market volume 2021: tbd ~4,500,000 units EST. MARKET BY 2025: ~6,000,000 UNITS 500 NORTH 181 AMERICA 117 24
Slide 14: Existing E-Motorcycle Product Line-Up
EXI STI N G E - M O TO R C YC LE PR O D U C T LI N E - U P PERFORMANCE E-MOBILITY BALANCE BIKES SPORT MINI GASGAS TRIAL KTM FREERIDE E available for all brands available for all brands ▪ HUSQVARNA EE 5, KTM ▪ FREERIDE E-XC SX-E 5, GASGAS MC-E 5 ▪ TXE ▪ REPLICA STACYC 12/16 ▪ 18 kW ▪ 2 kW (5 kW Top ▪
Slide 15: E-Motorcycles Under Development
E - M O TO R C Y C L E S U N D E R D E V E L O P M E N T PERFORMANCE AND URBAN E-MOBILITY E10 E-PILEN E-DUKE Freeride E LV ▪ 500 W nominal power ▪ 10 kW nominal power ▪ 10 kW nominal power ▪ 9 kW nominal power ▪ 340 Wh battery capacity ▪ 5.5 kWh battery capacity ▪ 5.5 kWh battery capacity ▪ 5.5 kWh
Slide 16: (E-)Bicycles
( E) - B IC YCLES GASGAS E-BIKES HUSQVARNA E-BIKES R RAYMON BIKES FELT BIKES ▪ ENDURO CROSS 11.0 ▪ GRAN URBAN 6 ▪ TourRay E 6.0 ▪ AR FRD | Ultimate | Red eTap AXS ▪ 250 W ▪ 250 W ▪ 250 W ▪ UHC Ultimate frame w/TeXtreme carbon ▪ Retail price: EUR ~2,500-10,000 ▪ Retail price: ▪ Retail price: ▪ ZIPP 4
Slide 17: Investments in Electric Mobility
I N VESTM EN TS I N ELEC TR I C M O B I LI TY E - M O B I L I T Y- D E V E L O P M E N T AN D DESIGN CENTER ( A N I F, A U S T R I A ) ▪ E-Mobility Center & KISKA design studio ▪ ~20,000 m² floor space ▪ 400 employees ▪ E-drivetrain & E-products 25 MIO. € INVESTMENT IN 2021 Source: PIERER Mobility A
Slide 18: Cooperation with Bajaj
C O O PER ATI O N W I TH KEY MILESTONE: ~1,000,000 UNITS P R O D U C E D I N I N D I A S I N C E 2 0 11 ▪ Development of a common 48-volt electric two-wheeler platform for planned serial production in India in 2022 ▪ Ongoing production of Husqvarna model line 125cc to 401cc ▪ Ongoing production of K
Slide 19: Joint Venture with CFMOTO
J O I N T VEN TU R E W I TH THE HIGH-END CHINESE MOTORCYCLE M AR K E T G R E W B Y ~ 5 0 % I N 2 0 2 1 V S . 2 0 2 0 ▪ Sales 2021: 10,308 units (vs. 2020: 7,343 units) ▪ Sales projection for 2022: ~25,000 units ▪ CFMOTO is sole distributor for KTM in China ▪ Production capacity of around 50k motorcy
Slide 20: Business Growth Driver - Dealers & Showrooms
B U SI N ESS G R O W TH D R I VER – D EALER S & SH O W R O O M S MORE THAN 4,200 MOTORCYCLE DEALERS & 1,340 BICYCLE DEALERS 4,230 MOTORCYCLE DEALERS 1,343 BICYCLE DEALERS ▪ more than 350 dual brand dealers ▪ 1,059 independent bicycle dealers ▪ Europe: ~1,570 Dealers ▪ 284 motorcycle dealers ▪ North
Slide 21: Financials: Consolidated Profit & Loss
FI N AN C I ALS C O N S O L I D AT E D P R O F I T & L O S S F I G U R E S U N D E R I F R S 1 ▪ Sales of 409,797 motorcycles and e-bicycles (+25.5%) in EURm 2019 2020 2021 ∆ 2020/21 ▪ Despite ongoing challenges in the supply chains, another record year Revenues 1,520.1 1,530.4 2,041.7 +33.4% 1 with
Slide 22: Financials: Business Segments under IFRS
FI N AN C I ALS BUSINESS SEGMENTS UNDER IFRS 2021 MOTOR- 1 ▪ Motorcycle business segment in 2021 higher by around € 462 million in EURm GROUP CYCLES E-BICYCLES OTHERS than in 2020 (+33%) ▪ E-Bicycles segment revenues increased by around 45% Revenues 2,041.7 1,876.4 162.7 2.6 1 (+ € 50 million) ▪ Sal
Slide 23: Financials: Consolidated Balance Sheet and Cash Flow
FI N AN C I ALS C O N S O L I D AT E D B A L A N C E S H E E T A N D C A S H F L O W F I G U R E S U N D E R I F R S in EURm 2019 2020 2021 ∆ 2020/21 1 ▪ Increase in liquidity ▪ Increase in inventories (mainly work in progress) Balance sheet total 1,613.9 1,686.0 2,033.7 +20.6% 1 Equity 618.6 654.1
Slide 24: Free Cash Flow and Net Debt Analysis
FI N AN C I ALS F R E E C A S H F L O W A N D N E T D E B T A N A LY S I S FREE CASH FLOW - in EURm 2020 2021 ∆ 2020/21 EBITDA 233.5 332.2 98.7 Net debt Net debt 12/31/2020 12/31/2021 (+) Interest receipts and (-) payments -12.6 -9.1 3.5 (-) Taxes -4.1 -31.0 -26.9 (+) Non cash expenses and (-) incom
Slide 25: Sustainability Highlights
SU STAI N AB I LI TY H I G H LI G H TS 2 0 21 KEY FIGURES 131 M€ 18.4% 2.3 M€ 8.4 INVESTED IN 61.14 G/KM UNIT SALES INVESTED IN LOST TIME FLEET ELECTRIFIED FURTHER PRODUCT FREQUENCY E M I S S I O N S 1) TWO- E D U C AT I O N DEVELOPMENT I N J U R Y R AT E 3 ) W H E E L E R S 2) OF EMPLOYEES COM PLIA
Slide 26: Reporting Guidelines and ESG Ratings
R EPO R TI N G G U I D ELI N ES AND E S G R ATI N G S ▪ Reporting Guidelines 2021 − Sustainability Reporting in accordance with “GRI Standards”: “Core” option and Directive 2014/95/EU (in Austria “NaDiVeG”) − External assurance (conformity with the International Standard on Assurance Engagements ISA
Slide 27: Sustainability Activities
SU STAI N AB I LI TY AC TI VI TI ES MAIN TOPICS AND CURRENT MEASURES 2021 ▪ COVID-19: Measures to protect employees (among other things ongoing testing and vaccination option), vaccination bonus of EUR 750 as a one-time voluntary benefit for all employees ▪ Supplier survey on social and environmenta
Slide 28: Financial Guidance
FI N AN C I AL G U I D AN C E 2 0 22 FINANCIAL OUTLOOK GUIDANCE KEY FIGURES KEY FIGURES 2022 2021 2020 Revenues in EURm/ Revenue Growth 6 - 10% 2,041.7 1,530.4 in % EBIT margin 8 - 10% 9.5% 7.0% EBITDA margin 15 - 17 % 16.3% 15.3% Source: PIERER Mobility AG BY 2022 guidance announced on January 31,
Slide 29: Management Team & Contact Details
M AN AG EM EN T TE AM & C O N TAC T D ETAI LS PIERER MOBILITY AG C O N TA C T D E TA I L S Stefan Pierer PIERER Mobility AG CEO Edisonstrasse 1 4600 Wels Friedrich Roithner Austria CFO www.pierermobility.com Hubert Trunkenpolz Member of the Executive Board Michaela Friepess, IR & Sustainability E-Ma
Slide 30: Appendix
PIERER [ituunacan APPENDIX
Slide 31: Joint Venture with Maxcom in Bulgaria
J O I N T VEN TU R E W I TH M AXC O M I N B U LG AR I A SECOND HALF YEAR 2021 ▪ Both partners hold a 50% interest ▪ Investment volume 40 m€ ▪ Our goal: expansion of the bicycle and E-Bike production capacity in Europe ▪ Production facility on an area of 130,000 m² ▪ Annual production capacity around
Slide 32: Global Motorcycle Production Facilities
G LO B AL M O TO R C YC LE PR O D U C TI O N FAC I LI TI ES BUSINESS YEAR 2021 SPAIN Girona AUSTRIA Mattighofen (HQ) PRODUCTION SITES ~2,500 UNITS ~179,000 UNITS ▪ 4 production sites ▪ 4 CKD/CBU facilities CKD/CBU PRODUCTION CHINA Hangzhou ▪ 125/200/250/390/790 DUKE ~10,000 UNITS COLOMBIA ▪ RC 125/2
Slide 33: Development of Employees
D EVELO PM EN T O F EM PLO YEES AS OF 31.12.2021 K E Y FA C T S ▪ 5,249 employees, incl. around 200 apprentices ▪ Increase by 663 staff in 2021 (compared to 4,586) ▪ High-quality approach in Apprentice Training – Investment of 2.5 m€ in our training workshop ▪ 36 years average age, ~24% female share
Slide 34: Registrations 2021
R EG I STR ATI O N S 1 2 /2021 TOTAL REGISTRATIONS KTM AG REGISTRATIONS KTM AG MARKET SHARE 2020 2021 Diff. to PY 2020 2021 Diff. to PY 2020 2021 DE 161,926 146,666 -9.4% 26,581 21,611 -18.7% 16.4% 14.7% FR 127,489 142,176 11.5% 11,587 12,794 10.4% 9.1% 9.0% IT 94,370 118,353 25.4% 9,408 10,687 13.6
Slide 35: KTM Product Portfolio
K TM PR O D U C T PO R TFO LI O 249290 UNITS IN 2021 35
Slide 36: Husqvarna Motorcycle Product Portfolio
H U SQ VAR N A M O TO R C YC LE PR O D U C T PO R TFO LI O 60,801 UNITS IN 2021 36
Slide 37: GASGAS Motorcycle Product Portfolio
G ASG AS M O TO R C YC LE PR O D U C T PO R TFO LI O 22,790 UNITS IN 2021 37
Slide 38: PIERER E-Bikes Product Portfolio
PI ER ER E - B I K ES PR O D U C T PO R TFO LI O 79,916 UNITS E-BICYCLES & 25,837 NON-ELECT RIC BICYCLES IN 2021 38
Slide 39: Electric Powered Two-Wheelers: Legal Classification
ELEC TR I C PO W ER ED TW O - W H E E L E R S L E G A L C L A S S I F I C AT I O N LOW VOLTAGE (48 Volt) HIGH VOLTAGE Category Electric L1eA L1eC* L1e-B L3e-A1 L3e-A2, L3e-A3 (Technical & Bicycle S-Pedelec S-Pedelec Moped up to 50cc Motorcycle/Scooter Motorcycle/Scooter Performance) up to 125cc Max.
Slide 40: Safety & Digital Innovation at the Core for Sustainable Two-Wheel Transportation
SAFE TY & D I G I TAL I N N O VATI O N AT TH E C O R E FO R SUSTAI N AB LE TW O - W H EEL TR ANSPORTATI ON SAFETY TECHNOLOGY ▪ Technology will remain a dominant differentiating factor for the foreseeable future ▪ As for cars, the drivetrain Trend and Connectivity in traffic Electronic assistance Ada
Slide 41: Data Sources for Motorcycles Market Information and Intelligence
APPEN D I X D ATA S O U R C E S F O R M O T O R C Y C L E S M A R K E T I N F O R M AT I O N A N D I N T E L L I G E N C E Sources by market Europe Reported countries: DE, FR, IT, ES, UK, SE, BE, NL, AT, CH, FI, NO, BALTIC Data source: National data providers Motorcycles: >120cc & electric, no MX av