Voestalpine Ag · VIE:VOE
Voestalpine — Debt Investor Presentation (June 2017)
31 slides from Voestalpine's debt investor presentation, June 2017
Slide 1: Business Year 2016/17 Debt Investor Relations
BUSINESS YEAR 2016/17 DEBT INVESTOR RELATIONS JUNE 2017 voestalpine AG www.voestalpine.com
Slide 2: voestalpine Group Overview
voestalpine GROUP OVERVIEW » voestalpine is a leading technology and capital goods group with combined material and processing expertise » It is holding global top positions in its business units » The group focuses on most demanding product and system solutions based on steel and other metals in te
Slide 3: Global Footprint
voestalpine GROUP GLOBAL FOOTPRINT Revenue by regions (Business year 2016/17) One Group – 500 sites – 50 countries – 5 continents European Union 70% NAFTA 11% Asia 9% Rest of world 7% South America 3% Revenue by industries (Business year 2016/17) Automotive 34% Railway systems 12% Aerospace 3% MOBIL
Slide 4: Strategic Principles of voestalpine
voestalpine GROUP STRATEGIC PRINCIPLES OF VOESTALPINE » Steel as sole material base, additional use of alternative materials in 2020-Targets processing activities Mobility » Portfolio expansion only in core businesses or in core-business-related areas ~50% » Downstream activities as drivers of furth
Slide 5: Company Structure and Market Position
voestalpine GROUP COMPANY STRUCTURE AND MARKET POSITION voestalpine Group (Revenue in BY 2016/17) 33% 23% 23% 21% Steel High Performance Metals Metal Engineering Metal Forming Division Division Division Division Worldwide quality leadership Global leadership Global leadership Global leadership Globa
Slide 6: Management Board
voestalpine GROUP MANAGEMENT BOARD Wolfgang Eder Chairman of the Board (CEO) Joined voestalpine in 1978, member of the Board since 1995 Robert Ottel Member of the Board, Chief Financial Officer (CFO) Joined voestalpine in 1997, member of the Board since 2004 Herbert Eibensteiner All members of the M
Slide 7: Shareholder Structure
voestalpine GROUP SHAREHOLDER STRUCTURE Ownership structure according to regions (Figures as of March 31, 2017) Major individual shareholders (as of March 31, 2017) Raiffeisenlandesbank Oberösterreich Invest GmbH < 15 % & Co KG voestalpine employee shareholding scheme 14.8 % Oberbank AG 7.6 % voesta
Slide 8: Solid Earnings in a Cyclical Business
voestalpine GROUP SOLID EARNINGS IN A CYCLICAL BUSINESS EBIT margin (%) by divisions EBIT margin (%) voestalpine AG vs. European competitors 30 30 Lower volatility in earnings and higher profitability than 20 20 Steel-Peer competitors! 10 10 0 0 -10 -10 -20 -20 (excluding material one-off effects) (
Slide 9: Business Development BY 2016/17 – Summary
voestalpine GROUP BUSINESS DEVELOPMENT BY 2016/17 – SUMMARY » Europe with accelerated economic growth in the course of BY 2016/17 » Strong impulses in voestalpine-relevant market segments in China » US growth rate weakening in H2 2016/17 » Recession in Brazil slowing down, however doubts on a broade
Slide 10: Quarterly Figures BY 2016/17 – Reported
voestalpine GROUP QUARTERLY FIGURES BY 2016/17 – REPORTED 1st quarter 2nd quarter 3rd quarter 4th quarter Business Year Business Year Delta 2016/17 2016/17 2016/17 2016/17 2016/17 2015/16 in % Sales 2,772 2,635 2,693 3,193 11,295 11,069 2.0 EBITDA 334 371 356 480 1,541 1,583 -2.7 EBITDA-margin 12.0%
Slide 11: Quarterly Figures BY 2016/17 – Clean
voestalpine GROUP QUARTERLY FIGURES BY 2016/17 – CLEAN 1st quarter 2nd quarter 3rd quarter 4th quarter Business Year Business Year Delta 2016/17 2016/17 2016/17 2016/17 2016/17 2015/16 in % Sales 2,772 2,635 2,693 3,193 11,295 11,069 2.0 EBITDA 334 371 356 480 1,541 1,446 6.6 EBITDA-% 12.0% 14.1% 13
Slide 12: Investments and Cash Flow Development
voestalpine GROUP INVESTMENTS AND CASH FLOW DEVELOPMENT PEAK-CAPEX 1,311 1,178 CAPEX (INCL. (8.9%) 1,011 ACQUISITIONS) 936 852 DEPRECIATION 575 FREE CASH FLOW 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Start global rollout of new automotive technologies Start additive ma
Slide 13: Steel Division Business Segments and Products
STEEL DIVISION BUSINESS SEGMENTS AND PRODUCTS Sheet Heavy Plate Steel & Service Center Hot Briquetted Iron (HBI) Foundry European TOP player Global TOP player European TOP player GlobalTOP player Global LEADERSHIP Highest quality sheet for High-quality heavy plate Individual preprocessing Pr
Slide 14: Steel Division Business Development BY 2016/17
STEEL DIVISION BUSINESS DEVELOPMENT BY 2016/17 » Steel industry with significant volatility in 2016/17 Q1 Q2 Q3 Q4 BY BY Delta » Highly fluctuating raw material prices, in particular coking coal €m 16/17 16/17 16/17 16/17 16/17 15/16 in % » Soaring Chinese exports causing increasing protectionism an
Slide 15: High Performance Metals Division Business Segments and Products
HIGH PERFORMANCE METALS DIVISION (former Special Steel Division) BUSINESS SEGMENTS AND PRODUCTS Nickel High Speed alloys Steel 2% Tool Steel 1% 8% Stainless High Performance Metals High Performance Metals Special Forgings Steel 89% Production Distribution & Value Added Service Global LEADERSHIP Glob
Slide 16: High Performance Metals Division Business Development BY 2016/17
HIGH PERFORMANCE METALS DIVISION (former Special Steel Division) BUSINESS DEVELOPMENT BY 2016/17 » Continuous growth in innovation & service network paving way Q1 Q2 Q3 Q4 BY BY Delta for earnings extension €m 16/17 16/17 16/17 16/17 16/17 15/16 in % » Improving business environment in the course of
Slide 17: Metal Engineering Division Business Segments and Products
METAL ENGINEERING DIVISION BUSINESS SEMGENTS AND PRODUCTS Rail Technology Turnout Technology Wire Seamless Tubes Welding Technology European TOP player Global LEADERSHIP European TOP player Global TOP player Global TOP player Innovative rail “Plug and Play” turnout High tech drawn wire for H
Slide 18: Metal Engineering Division Business Development BY 2016/17
METAL ENGINEERING DIVISION BUSINESS DEVELOPMENT BY 2016/17 » Business year comparison influenced by positive one-offs Q1 Q2 Q3 Q4 BY BY Delta 2015/16 from consolidation changes €m 16/17 16/17 16/17 16/17 16/17 15/16 in % » Divergence in main customer segments in H2 2016/17 Sales 680 652 662 690 2,68
Slide 19: Metal Forming Division Business Segments and Products
METAL FORMING DIVISION BUSINESS SEGMENTS AND PRODUCTS Tubes & Sections Automotive Components Precision Strip Material Handling Global LEADERSHIP European TOP player Technology & market LEADERSHIP EuropeanTOP player Innovative and high-quality Innovative and high-quality Cold rolled stainless s
Slide 20: Metal Forming Division Business Development BY 2016/17
METAL FORMING DIVISION BUSINESS DEVELOPMENT BY 2016/17 » Upward trend in Automotive Components business prolonged Q1 Q2 Q3 Q4 BY BY Delta » Car registrations in Europe & China unchanged growing in Q4 2016/17, €m 16/17 16/17 16/17 16/17 16/17 15/16 in % softening sales figures in the US » European ca
Slide 21: Outlook
voestalpine GROUP OUTLOOK » Worldwide growth gaining momentum, but political threats rising » Impact of US economic policy on global trade flows hard to predict » Growth driven by Asia – foremost China, enhanced support from Europe » After long-lasting recession in Brazil & Russia first cautious sig
Slide 22: Key Financials BY 2016/17
KEY FINANCIALS BY 2016/17 voestalpine AG 22 | June, 2017 | Debt Investor Relations
Slide 23: Financial Overview (I)
voestalpine GROUP FINANCIAL OVERVIEW (I) REPORTED FIGURES CLEAN FIGURES BY 2015/16 BY 2016/17 BY 2015/16 BY 2016/17 2015/04/01 2016/04/01 Delta 2015/04/01 2016/04/01 Delta -2016/03/31 -2017/03/31 (%) -2016/03/31 -2017/03/31 (%) Sales 11,069 11,295 2.0 11,069 11,295 2.0 EBITDA 1,583 1,541 -2.7 1,446
Slide 24: Financial Overview (II)
voestalpine GROUP FINANCIAL OVERVIEW (II) BY 2015/16 BY 2016/17 Delta 2015/04/01 2016/04/01 in % -2016/03/31 -2017/03/31 *) Fixed asset and CAPEX* 1,311 1,011 -22.9 acquisitions Depreciation 695 717 3.2 Net Financial Debt 3,080 3,221 4.6 Gearing 54.5% 53.2% In millions of euros voestalpine AG 24 | J
Slide 25: Development Gearing Ratio
voestalpine GROUP DEVELOPEMENT GEARING RATIO 6,060 5,652 5,262 5,075 5,115 4,691 4,836 4,289 4,263 4,262 3,572 3,762 83% 88% 3,221 3,037 2,978 3,080 2,882 2,713 71% 2,547 2,586 2,259 2,421 1,786 2,125 58% 58% 54% 55% 53% 1,853 47% 45% 46% 34% 32% 831 635 684 526 377 18% 15% 2002/03 2003/04 2004/05 2
Slide 26: Development Net Debt / EBITDA
voestalpine GROUP DEVELOPEMENT NET DEBT / EBITDA 3,762 4,0 3,572 3,5 3,221 3,037 3,080 3,0 2,713 2,978 3,0 2,586 2,259 2,421 2,5 1,9 2,2 2,1 1,837 1,710 2,0 1,9 1,9 2,0 1,7 1,8 1,583 1,541 1,6 1,530 1,6 1,359 1,606 1,374 1,302 1,431 1,5 1,079 1,004 1,1 888 831 1,0 635 684 517 558 0,8 526 377 0,5 0,3
Slide 27: Development FFO and EBIT
voestalpine GROUP DEVELOPEMENT FFO and EBIT 1,398 1,239 1,249 1,195 1,166 1,176 1,168 1,153 1,119 1,097 1,011 989 985 994 886 889 846 854 823 788 744 724 734 704 553 444 432 352 244 210 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 20
Slide 28: Financing Portfolio
voestalpine GROUP FINANCING PORTFOLIO The financing strategy of voestalpine focuses on a Instrument Volume €m Maturity well balanced financial structure using a broad Schuldscheindarlehen 732 various range of financing instruments! Senior Bonds 1,321 2018 & 2021 9% 14% Syndicated Loan 300 2020 Commi
Slide 29: Liquidity and Redemption Schedule
voestalpine GROUP LIQUIDITY AND REDEMPTION SCHEDULE LIQUIDITY REDEMPTION 1,627 710 Committed lines 414 Financial assets 907 948 669 636 503 Cash 587 90 Liquidity 2017/18 2018/19 2019/20 2020/21 2021/22 further Figures in millions of euros as of 2017/03/31 voestalpine AG 29 | June, 2017 | Debt Invest
Slide 30: Debt Investor Relations
DEBT INVESTOR RELATIONS Günther Pastl Daniel Huber T. +43/50304/15-3830 T. +43/50304/15-2928 [email protected] [email protected] voestalpine AG www.voestalpine.com
Slide 31: Disclaimer
voestalpine GROUP DISCLAIMER These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form the basis of, or be relied on