SAF-Holland SE · XETR:SFQ
SAF-Holland — Q1 2022 Earnings Presentation
27 slides from SAF-Holland's earnings presentation, May 10, 2022
Slide 1: SAF-HOLLAND SE Q1 2022 Conference Call Presentation
CONFERENCE CALL PRESENTATION SAF-HOLLAND SE Q1 2022 MAY 10, 2022 IX XX Q1 2022 Call Presentation < 1 >
Slide 2: Facts & figures Q1 2022
Facts & figures Q1 2022 Sales EUR 369.7m (Q1 2021: EUR 285.6m) Adj. EBIT margin 6.4% (Q1 2021: 7.7%) Adjusted EBIT EUR 23.5m (Q1 2021: EUR 22.0m) Capex ratio 1.4% (Q1 2021: 1.9%) Capex EUR 5.3m (Q1 2021: EUR 5.3m) Net working capital ratio 15.7% (December 31, 2021: 14.8%) Net working capital EUR 208
Slide 3: EMEA Q1 2022
EMEA Q1 2022 Sales (in EUR million) +23.9% • Q1 2022 sales adjusted for FX effects: +24.5% 208.5 • Very strong trailer OE business despite Russia-Ukraine 168.3 conflict • Strong aftermarket and truck OE business Q1 2021 Q1 2022 Adj. EBIT (in EUR million and % of sales) 9.6 • Margin burdened by high
Slide 4: Americas Q1 2022
Americas Q1 2022 Sales (in EUR million) +40.8% • Q1 2022 sales adjusted for FX effects: +30.7% • Very strong trailer OE with market share gains in air disc brakes 127.0 • Strong truck OE and aftermarket business 90.2 • Truck and bus suspension market share gains in Brazil • Successful launch of fift
Slide 5: APAC Q1 2022
APAC Q1 2022 Sales (in EUR million) +26.3% • Q1 2022 sales adjusted for FX effects: +22.7% • Very strong trailer OE business driven by India and Australia • Strong aftermarket business 34.2 • Much higher export sales from India 27.1 • Successful launch of new trailer products in India Q1 2021 Q1 202
Slide 6: Financials Q1 2022
Financials Q1 2022 Q1 2022 Call Presentation < 6 >
Slide 7: Top line development
Top line development Sales development (by quarter, by region, by customer category) 9.3% in EUR 2021 2022 Change Change thereof thereof EMEA million in % organic currency 34.3% 56.4% Americas Q1 285.6 369.7 84.1 29.4% 26.3% 3.1% APAC Strong performance, especially driven by strong EUR 9 million pos
Slide 8: Margin development and net profit
Margin development and net profit Adjusted Gross Profit (in EUR million and % of sales) Adjusted EBIT (in EUR million and % of sales) Adjusted Net Profit* (in EUR million) 19.6 15.8 7.7 6.4 56.0 58.5 22.0 23.5 14.9 15.1 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 • Adjusted gross profit increase
Slide 9: Operational adjustments
Operational adjustments Q1 2021 Q1 2022 in EUR million Reported Adjustments Adjusted Reported Adjustments Adjusted Sales 285.6 – 285.6 369.7 – 369.7 Gross profit 55.5 0.5 56.0 58.0 0.5 58.5 EBIT 19.5 2.5 22.0 21.0 2.4 23.5 EBIT margin 6.8% 7.7% 5.7% 6.4% Earnings before tax 17.8 2.5 20.3 18.2 2.4 20
Slide 10: EPS development
EPS development Adjusted EPS* (in EUR) Reported EPS* (in EUR) Dividend per share (in EUR) +3.3% +20.8% 0.32 0.33 0.35 0.29 0.24 No dividend Q1 2021 Q1 2022 Q1 2021 Q1 2022 2020 2021 Net profit* 14.6 15.0 11.0 13.0 (in EUR million) Dividend proposal of EUR 0.35 (43% payout ratio) to the AGM on May 19
Slide 11: Net debt and equity
Net debt and equity Net debt (in EUR million) Equity (in EUR million and % of balance sheet total) 36.6 36.8 -165.2 -148.9 363.2 359.2 371.1 390.5 198.0 210.3 Debt Cash Net debt Debt Cash Net debt Dec. 31, 2021 Mar. 31, 2022 Dec. 31, 2021 Mar. 31, 2022 Dec. 31, Mar. 31, • Equity up due to 2021 2022
Slide 12: Net working capital and ROCE
Net working capital and ROCE Net Working Capital (in EUR million and % of LTM sales) ROCE (in %) +390 bps 15.7 14.8 208.7 15.2 184.4 11.3 Dec. 31, 2021 Mar. 31, 2022 Mar. 31, 2021 Mar. 31, 2022 • Inventories up to secure delivery performance • ROCE improved by 390 bps mainly driven by • Trade receiv
Slide 13: Capex and cash flow
Capex and cash flow Capex (in EUR million and % of sales) Operating free cash flow (in EUR million) 0.5 1.9 1.4 -10.0 5.3 5.3 Q1 2021 Q1 2022 Q1 2021 Q1 2022 • Efficiency improvements focused on Germany and • Operating net cash flow of EUR -5.2m mainly driven by USA • Changes in “Other provisions an
Slide 14: Outlook 2022
Outlook 2022 Q1 2022 Call Presentation < 14 >
Slide 15: Update on development of trailer and truck markets in 2022
Update on development of trailer and truck markets in 2022 • EMEA • Trailer production in 2022 expected to remain on a high level despite Trailer Trucks Russia-Ukraine crisis • Truck business impacted by Ukraine war and supply chain disruptions EMEA +8%* -6% • North America • Trailer OE order intake
Slide 16: Guidance 2022
Guidance 2022 Comments • Encouraging strong demand and revenue dynamics March 17, 2022 May 5, 2022 in all 3 regions in Q1 2022 • Expect a gradual recovery of margin profile in the EMEA region over the upcoming quarters Sales EUR 1.15bn to EUR 1.3bn EUR 1.2bn to EUR 1.35bn • Americas on a good way to
Slide 17: Contact and additional information
Contact and additional information Q1 2022 Call Presentation < 17 >
Slide 18: Financial calendar & IR contact
Financial calendar & IR contact Issuer & contact Additional information SAF-HOLLAND SE ISIN DE000SAFH001 Hauptstrasse 26 WKN SAFH00 63856 Bessenbach Deutsche Börse SFQ Listing Frankfurt Stock Exchange Investor Relations Prime Standard Email: [email protected] Tel: +49 6095 301 – 918 / 617 / 117 Finan
Slide 19: Appendix
Appendix Q1 2022 Call Presentation < 19 >
Slide 20: Group P&L unadjusted / adjusted
Group P&L unadjusted / adjusted Total Q1 2022 in % Total Q1 2021 in % in EUR million Q1 2022 Adjustments adjusted* of sales Q1 2021 Adjustments adjusted* of sales Sales 369.7 – 369.7 100.0% 285.6 – 285.6 100.0% Cost of sales -311.7 0.5 -311.2 -84.2% -230.2 0.5 -229.6 -80.4% Gross profit 58.0 0.5 58.
Slide 21: Group: Reconciliation EBIT to adjusted EBIT
Group: Reconciliation EBIT to adjusted EBIT in EUR million Q1 2022 Q1 2021 Change absolute Change in % EBIT 21.0 19.5 1.5 8.0% EBIT margin in % 5.7% 6.8% Additional depreciation and amortisation of property, plant and equipment and intangible 2.3 2.3 – – assets from PPA Valuation effects from call a
Slide 22: EMEA: Reconciliation EBIT to adjusted EBIT
EMEA: Reconciliation EBIT to adjusted EBIT in EUR million Q1 2022 Q1 2021 Change absolute Change in % EBIT 8.9 15.1 -6.2 -41.3% EBIT margin in % 4.3% 9.0% Additional depreciation and amortisation of property, plant and equipment and intangible 1.1 1.2 -0.1 -4.6% assets from PPA Valuation effects fro
Slide 23: Americas: Reconciliation EBIT to adjusted EBIT
Americas: Reconciliation EBIT to adjusted EBIT in EUR million Q1 2022 Q1 2021 Change absolute Change in % EBIT 9.3 4.7 4.6 98.6% EBIT margin in % 7.3% 5.2% Additional depreciation and amortisation of property, plant and equipment and intangible 0.6 0.5 0.0 1.5% assets from PPA Valuation effects from
Slide 24: APAC: Reconciliation EBIT to adjusted EBIT
APAC: Reconciliation EBIT to adjusted EBIT in EUR million Q1 2022 Q1 2021 Change absolute Change in % EBIT 2.8 -0.4 3.2 – EBIT margin in % 8.3% -1.3% Additional depreciation and amortisation of property, plant and equipment and intangible 0.6 0.6 0.0 7.3% assets from PPA Impairment of tangible and i
Slide 25: Adjusted EBITDA margin
Adjusted EBITDA margin Group EMEA 10.9 12.2 8.8 7.0 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Americas APAC 9.8 10.7 12.5 6.2 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2022 Call Presentation < 25 >
Slide 26: Financing structure
Financing structure Maturity profile (in EUR million) 100** Amount Maturity Product EUR m date Loan RMB 9.0 06/2022 20 Promissory note loan old (7 years) 5.0 11/2022 Promissory note loan new (3 years) 141.0 03/2023 Promissory note loan new (3.5 years) 20.0 09/2023 200* Revolving credit facility*** 2
Slide 27: Disclaimer
Disclaimer This presentation has been prepared by SAF-HOLLAND SE (“SAF-HOLLAND”) and comprises written materials concerning SAF-HOLLAND. It is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. It contains summary inform