Autoneum Holding AG · SIX:AUTN
Autoneum — Investor Presentation (March 2017)
37 slides from Autoneum's investor presentation, March 2017
Slide 1: Investor Presentation
Investor Presentation Winterthur, March 2017
Slide 2: Agenda
Agenda 1. Autoneum at a glance 2. Financial results 2016 3. Outlook
Slide 3: Who we are
Who we are s Investor Presentation. March 2017 3
Slide 4: Key facts & figures: Autoneum at a glance
Key facts & figures Autoneum at a glance Stock listed company Around 50 locations (SIX Swiss Exchange) worldwide Net sales 2016: Represented in more CHF 2’152.6 million than 20 countries EBIT margin 2015: 8.2 %* Over 11’000 employees *Before special effects. Investor Presentation. March 2017 4
Slide 5: Leading in acoustic and thermal management
Leading in acoustic and thermal management Four product lines • Broad range of technologies Interior floor • Innovative materials and processes Engine bay • Customized systems and components • Cost effective and lightweight solutions Body treatment • Total vehicle optimization Underbody • Simulation
Slide 6: Organization: Group Executive Board
Organization Group Executive Board Martin Hirzel CEO 19 years of automotive experience Martin Zwyssig Matthias Holzammer John T. Lenga Andreas Kolf Fausto Bigi CFO Head BG Europe Head BG North America Head BG Asia Head BG SAMEA 13 years of automotive 26 years of automotive 21 years of automotive 22
Slide 7: Global Presence
Business Group Europe Global Presence Belgium ⋅ Genk France ⋅ Aubergenville ⋅ Blainville Great Britain ⋅ Halesowen Spain ⋅ A Rúa ⋅ Heckmondwike ⋅ Valldoreix Czech Republic ⋅ Lachapelle- ⋅ Stoke-on-Trent Autoneum ⋅ Bor aux-Pots Sweden Locations with minority shareholders ⋅ Choceň ⋅ Moissac Italy ⋅ Gö
Slide 8: Strategic Priorities: Pillars of sustained success
Strategic Priorities Pillars of sustained success Focus on acoustic & thermal management Pursue solutions in Grow profitably consolidation automotive and generate free opportunities cash flow High Performance Culture Focus on Practice long-term operational partnerships with excellence Leverage globa
Slide 9: Focus on acoustic and thermal management
Focus on acoustic and thermal management Driving the future of mobility • Investments in advancement of technological expertise: - New Technical Center at BG North America HQ in Novi (MI), USA for component adaptation and pre-development with OEMs - Set-up of “Competence Center New Mobility” in Sunn
Slide 10: Grow profitably: Diversified customer base
Grow profitably Diversified customer base Share in net sales 2016 BG BG SAMEA Asia 4% 10% BG Europe and Corporate BG North America 39% 47% • Supply of virtually all OEMs • BG North America is largest sales worldwide contributor • Higher sales with Honda, Renault, • Net sales share of BG Asia GM, Vol
Slide 11: Focus on global customers
Focus on global customers Investments in growth markets • Foundation of two plants in San Luis Potosí, Mexico to supply US, Japanese and German OEMs • Capacity expansion with doubling of production space at US plant in Aiken (SC) • Enlargement of Chinese production footprint through new facility in
Slide 12: Leverage technological leadership
Leverage technological leadership Innovations for the car of the future • Launch of aerodynamic Ultra-Silent underbody systems for SUVs − Noise-absorbing, aerodynamic, recyclable − Reduction of SUV weight, fuel consumption and emissions • Commissioning of new production line for Ultra- Production li
Slide 13: Practice operational excellence
Practice operational excellence Focus on standardization • Development and implementation of carpet conversion system for various processes • New trainings on work safety aim at: − Enhancing leadership expertise in acting as role model with regard to work safety − Focusing on core types of safe beha
Slide 14: Five years Autoneum: Living a High Performance Culture
Five years Autoneum Living a High Performance Culture 2011 2012 2013 2014 2015 2016 • Start as • Market launch of • Market entry into • New presence in • Footprint • Additional plants independent, Hybrid-Acoustics Mexico, Thailand South Korea expansion by two in growth market stock-listed and Russia
Slide 15: Five years Autoneum: A proven track record of delivery
Five years Autoneum A proven track record of delivery Strategic priorities Achievements Focus on acoustic & thermal manage- • Exit from trunk and trim segment ment solutions in automotive • Three Automotive Acoustic Conferences held • Net sales increase of CHF 470 million, Grow profitably and genera
Slide 16: Agenda
Agenda 1. Autoneum at a glance 2. Financial results 2016 3. Outlook
Slide 17: Highlights 2016
Highlights 2016 Financials Investments Strategy • Sales growth of 6.8% in local • Set-up of plants in growth • Gains in market share with currencies after already strong markets: two in San Luis core products in Europe and preceding year Potosí, Mexico and one in North America Yantai, China • EBIT m
Slide 18: Key figures Overview
Key figures Overview CHF million 2016 2015 Net sales 2'152.6 2'085.9 EBITDA before special effects* 245.0 223.0 in % of net sales 11.4% 10.7% EBIT before special effects* 175.6 158.0 in % of net sales 8.2% 7.6% Net result 133.8 68.7 Free cash flow 101.3 −11.4 Net debt 57.4 106.1 RONA before special
Slide 19: Net sales development
Net sales development Considerable sales growth after strong prior year CHF million 16.2 −3.3 36.6 −21.2 83.2 −51.0 6.3 2'152.6 2'152.6 2'085.9 Organic growth +6.8% Net sales Currency Disposal BG Europe BG North BG Asia BG SAMEA Corporate and Net sales 2015 translation UGN plant America elimination
Slide 20: Half-year comparison of organic sales growth
Half-year comparison of organic sales growth Weaker HY2 is characteristic for automotive industry Organic growth HY1 Organic growth HY2 16.0% 14.9% 14.0% 12.0% 10.8% 10.3% 10.0% 8.9% 8.0% 6.3% 6.0% 4.0% 3.5% 2.9% 2.0% 1.0% 0.0% 2013* 2014* 2015 2016** * Excluding the effect from disposal of the Ital
Slide 21: Net sales development 2011-2016
Net sales development 2011-2016 Continuing organic growth CHF million • Steady organic growth in net sales since 2011 Growth 6.8%* • In 2014, the loss of net Growth Growth 10.6%* sales caused by the 9.9%* disposal of the Italian Growth Growth 13.4% 1.9% subsidiary in the preceding year amounted to C
Slide 22: Operating result (EBIT)
Operating result (EBIT) BG Europe major contributor to EBIT increase CHF million Margin 8.2% Margin Margin Margin 7.0% 8.4% −9.8% 3.4 Margin 13.1% 3.4 −5.8 2.6 14.0 Margin 7.6% 175.6 158.0 Group 2015* BG Europe BG North BG Asia BG SAMEA* Corporate and Group 2016* America* elimination *Before special
Slide 23: Operating result (EBIT) development 2011-2016
Operating result (EBIT) development 2011-2016 EBIT margin again at new record high* CHF million Margin 8.2% • EBIT margin continuously Margin raised since 2011 7.6% Margin • In 2016, EBIT margin before 6.9% special effects hit a new Margin 5.7% record high of 8.2% and exceeded 8% mark for the first
Slide 24: Net result development 2011-2016
Net result development 2011-2016 Net profit well above CHF 100 million before special effects CHF million • In 2014, net result was supported by a first-time recognition of deferred income tax assets for loss carryforwards in the amount of CHF 16.5 million • In 2015, net result was at CHF 100.2 mill
Slide 25: Balance sheet: Solid balance sheet
Balance sheet Solid balance sheet CHF million 31.12.2016 31.12.2015 • Solid balance sheet without goodwill Total assets 1'297.8 1'114.7 • Investments in capacity Non-current assets 648.0 553.6 expansion led to higher Current assets 649.8 561.1 non-current assets Total equity and liabilities 1'297.8
Slide 26: Net debt development 2011-2016
Net debt development 2011-2016 Sharp decrease of net debt CHF million (as of December 31) • In 2015, net debt increased due to settlement with the German Federal Cartel Office in the amount of CHF 31.5 million • In 2016, thanks to the operating income and the gain from disposal of the 156.1 UGN plan
Slide 27: Equity development 2011-2016
Equity development 2011-2016 Equity ratio on sustainable level developing towards 40% CHF million (as of December 31) • Equity ratio is getting close Ratio to the 2020 target of >40% 38.4% • Equity and equity ratio was Ratio Ratio steadily increased since 35.7% 35.7% 2011 Ratio Ratio • In 2016, equi
Slide 28: Free cash flow
Free cash flow High investments for future profitable growth CHF million 2016 2015 • Free cash flow improved by over Cash flows from operating activities 194.1 111.7 CHF 110 million Cash flows from investing activities −92.8 −123.1 compared to 2015 Free cash flow 101.3 −11.4 • 2016 free cash flow Ca
Slide 29: RONA development 2011-2016
RONA development 2011-2016 Substantial economic value created % • RONA before special effects more than twice as 22 high as cost of capital 20 (WACC) 18 • Since 2013, substantial 16 economic value was 14 created 12 18.0% 20.3% 19.6% • RONA has been close to 10 17.7% 2020 target of >20% since 8.5% WA
Slide 30: Agenda
Agenda 1. Autoneum at a glance 2. Financial results 2016 3. Outlook
Slide 31: Growing demand for Autoneum's products
Growing demand for Autoneum’s products Global trends drive acoustic & thermal management Growing automobile Increasing production globalization (mainly Asia) 80-90% of LVs will be made Global CAGR (2016-2019) of on global platforms 3% to reach 100 million LVs* mark by 2019 Demand for lightweight Aco
Slide 32: Key focus areas for profitable growth: Action plan 2017
Key focus areas for profitable growth Action plan 2017 BG Europe BG Asia • Gain market share • Enhance production • Expand Eastern network in China European footprint • Install latest • Pursue vertical technologies integration strategy • Develop people to achieve growth targets BG North America BG S
Slide 33: Guidance
Guidance 2017 Global environment • Rise in global automobile production to around 95 million light vehicles expected (growth rate of 2%)* Sales • Autoneum expects to increase net sales in local currencies by 4% to 5% in line with its mid-term financial targets Profitability • In 2017, Group’s 2016 E
Slide 34: Targets 2020
Targets 2020 Accelerate profitable growth • Net sales of CHF 2’600 million • Emerging markets >20% share in Group’s net sales • EBITDA margin of 12% • Equity ratio >40% • RONA >20% • Target dividend payout of at least 30% of net profit attributable to shareholders of Autoneum Holding Ltd Investor Pr
Slide 35: Contacts and event calendar
Contacts and event calendar Investors and Financial Media Contact Address Analysts Dr Martin Zwyssig Dr Anahid Rickmann Autoneum Holding Ltd CFO Head Corporate Communications Schlosstalstrasse 43 / P.O. Box T +41 52 244 82 82 T +41 52 244 83 88 CH-8406 Winterthur [email protected] media@autoneum
Slide 36: Disclaimer
Disclaimer Autoneum is making great efforts to include accurate and up-to-date information in this document, however we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the information provided in this document and we disclaim any liability whatsoeve
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