Opmobility · EURONEXT:OPM
Opmobility — H1 2024 Earnings Presentation
26 slides from Opmobility's earnings presentation, Jul 23, 2024
Slide 1: H1 2024 Results
H1 2024 RESULTS Laurent FAVRE Chief Executive Officer Félicie BURELLE Managing Director Stéphanie LAVAL July 23, 2024 VP Investor Relations H1 2024 RESULTS2024
Slide 2: Executive Summary
EXECUTIVE SUMMARY Laurent FAVRE, Chief Executive Officer H1 2024 RESULTS2024
Slide 3: Executive summary
Executive summary Solid earnings Outperformance growth +3.8 pts vs. H1 and H2 2023 in a flat market* H1 2024 main achievements Accelerating growth Robust commercial in the USA momentum 1st country including key awards in in Group’s revenue hydrogen and lighting July 23, 2024 H1 2024 RESULTS2024 * So
Slide 4: Solid outperformance in a flat market
Solid outperformance in a flat market +3.8 pts • Automotive production market*: o Flat in H1 2024 (-0.3%) o Following a significant increase in H1 2023 (+12.4% vs. H1 2022) +3.5 pts +4.0 pts • OPmobility outperforms the market both in Q1 and Q2 2024 OPmobility is outperforming the market by +3.8 pts
Slide 5: More-balanced geographical footprint
More-balanced geographical footprint OPmobility’s economic revenue in H1 2024 vs. H1 2023 and performance vs. automotive market ** NORTH EUROPE AMERICA CHINA 50% of revenue 7% of revenue 1st country 30% of revenue in Group’s revenue +10.8% LFL * -0.2% LFL * -10.8% LFL * +9.6 pts** +3.8 pts** -16.9 p
Slide 6: Business and Strategic Highlights
BUSINESS AND STRATEGIC HIGHLIGHTS Laurent FAVRE, Chief Executive Officer Félicie BURELLE, Managing Director H1 2024 RESULTS2024
Slide 7: Exterior Systems: strong performance
Exterior Systems: strong performance Exterior Lighting Business highlights in H1 2024 Business highlights in H1 2024 • Strong growth in the USA driven by volumes’ • Revenue in line with expectations due to lower ramp-up of vehicles launched in 2023 order book before acquisition • Solid order intake
Slide 8: Modules: operating margin improvement
Modules: operating margin improvement Modules Business highlights in H1 2024 Launches • Sales and margin up Major US EV player Cockpit • Better geographical and customer mix Front end modules • New plant operational Skoda Scala in Austin (Texas) since September 2023 Front end modules Mercedes Benz •
Slide 9: Powertrain: consolidating leadership
Powertrain: consolidating leadership C-Power H2-Power Business highlights in H1 2024 Business highlights in H1 2024 • ICE activity in line with H1 2023 • New commercial momentum in hydrogen for the railway mobility • Consolidation of market leader position • Capacities adapted to gradual volumes’ •
Slide 10: New commercial successes in hydrogen
New commercial successes in hydrogen Extending expertise to address collective mobility Key partnership with Chinese rail giant CRRC Supply 76 high-pressure storage systems Partnership on hydrogen mobility solutions Equip Malaysian hydrogen-powered trams through Memorandum Of Understanding D
Slide 11: Sustainability, roll-out of the roadmap
Sustainability, roll-out of the roadmap Our ambition SCOPES 1 & 2 (emissions from operations and energy consumption) NEUTRAL IN 2025* Main achievements REDUCE REPLACE Reduction in energy consumption Use of renewable energy Energy On site, PPA & VPPA: potential > 60% by 2026 Green electricity efficie
Slide 12: H1 2024 Financial Results
H1 2024 financial results Stéphanie LAVAL, VP Investor Relations H1 2024 RESULTS2024
Slide 13: Strong growth in H1 2024 results
Strong growth in H1 2024 results In €m Revenue In €m Operating margin +2.1% 234 +11.8% 5,939 vs. H1 210 vs. H1 5,815 5,584 179 185 2023 2023 4,318 H1 2022 H1 2023 H2 2023 H1 2024 H1 2022 H1 2023 H2 2023 H1 2024 In €m Net result Group share In €m Free Cash Flow Stable 157 +14.6% vs. H1 134 137 * vs.
Slide 14: Revenue up +3.3% LFL in H1 2024
Revenue up +3.3% LFL in H1 2024 In €m +2.3% Exterior Systems: +0.6% (+1.2% LFL*) +3.3%* • Solid performance of Exterior thanks to the high level of orders booked in recent years +23 5,413 • Lighting in line with the Group expectations +119 due to lower order intake pre-acquisition Modules: +7.9% (+8
Slide 15: Strong improvement in operating margin: +12%
Strong improvement in operating margin: +12% Operating margin rate Operating margin at €234m in H1 2024, 5.6% up +12% while revenue up +3.3% in a stable 5.0% 4.7% market in terms of volumes 4.3% 4.5% 4.0% Increase in operating margin rate, +0.6 pt up +0.3 pt at 4.3% -0.2 pt +0.3 pt 2.2% 2.0% E
Slide 16: Stable net result Group share at €100m
Stable net result Group share at €100m OPERATING MARGIN In €m H1 2023 H1 2024 Growth in operating margin, offsetting higher financial expenses and non-recurring costs Operating margin 210 234 NON-RECURRING ITEMS In % of revenue 4.0% 4.3% Up +€11m vs. H1 2023 Including reorganization costs rela
Slide 17: Solid generation of Free Cash Flow
Solid generation of Free Cash Flow In €m FCF €157m FREE CASH FLOW 1,540 109 1,491 FCF up +14.6% vs. H1 2023, excluding the impact 42 of real estate disposals in H1 2023 373 258 FCF of €157m, representing 2.9% of revenue CAPEX Controlled CAPEX increase, excluding real estate disposals Represe
Slide 18: Continuous debt reduction
Continuous debt reduction In €m NET DEBT In €bn 2.3 LIQUIDITY 2.3 1,530 1,540 1,491 Undrawn 1.8 & confirmed 1.9 credit lines 0.5 Available cash 0.5 30 June 2023 31 Dec. 2023 30 June 2024 31 Dec. 2023 30 June 2024 In €m NET DEBT / EBITDA BOND ISSUE PER MATURITY 1.7x 1.7x 630 1.6x 395 o/w €500m bond i
Slide 19: Conclusion
CONCLUSION Laurent FAVRE, Chief Executive Officer H1 2024 RESULTS2024
Slide 20: Outlook
Outlook Automotive production by S&P* In million of vehicles Confirmed 2024 outlook -4.0% -0.3% In a context of a more pronounced market decline 45.5 43.6 42.3 42.2 expected by S&P* in H2 2024, OPmobility confirms its full year guidance: Outperformance of the automotive production* Improvement o
Slide 21: Conclusion
Conclusion • Strong growth in H1 2024 earnings vs. H1 2023 and H2 2023 • Outperformance in a flat market highlighting our leading position and operational excellence • More-balanced geographical footprint and customers diversification to support growth • New commercial successes securing future grow
Slide 22: Questions & Answers
QUESTIONS & ANSWERS 22.07.24 22 H1 2024 RESULTS2024
Slide 23: www.opmobility.com
www.opmobility.com H1 2024 RESULTS2024
Slide 24: Disclaimer
Disclaimer The information contained in this document (the “Information”) has been prepared by OPmobility (the “Company”) solely for informational purposes. The Information is proprietary to the Company. This presentation and its contents may not be reproduced or distributed or published, directly o
Slide 25: Q1 & Q2 Revenue per business
Q1 & Q2 Revenue per business In €m Q1 2023 Q2 2023 H1 2023 Q1 2024 Q2 2024 H1 2024 Exterior Systems 1,333 1,500 2,833 1,383 1,464 2,848 Modules 807 799 1,606 804 919 1,723 Powertrain 682 693 1,375 679 689 1,368 Economic Revenue 2,822 2,933 5,815 2,867 3,072 5,939 Joint Ventures 258 263 521 254 272 5
Slide 26: H1 2024 Cash flow statement
H1 2024 Cash flow statement In €m H1 2023 H1 2024 Operating margin 210 234 EBITDA 463 471 Gross Cash Flow 349 373 In % of revenue 6.6% 6.9% Capex and development -205 -258 In % of revenue -3.9% -4.8% Change in WCR +46 +42 Free Cash Flow 191 157 Dividends -56 -56 Treasury shares -3 -1 IFRS 16 -32 -36