Autoneum Holding AG · SIX:AUTN
Autoneum — Investor Presentation (March 2014)
35 slides from Autoneum's investor presentation, March 2014
Slide 1: Investor Presentation March 2014
Investor Presentation March 2014
Slide 2: Agenda
Agenda 1. Autoneum at a glance 2. Review of business year 2013 3. Outlook 2014
Slide 3: 1. Autoneum at a glance
1. Autoneum at a glance
Slide 4: Who we are
Who we are Investor Presentation . March 2014 4
Slide 5: Key Facts & Figures
Key Facts & Figures * before one-time expenses Investor Presentation . March 2014 5
Slide 6: Organization Group Executive Board
Organization Group Executive Board Investor Presentation . March 2014 6
Slide 7: 2. Review of business year 2013
2. Review of business year 2013
Slide 8: Highlights 2013
Highlights 2013 Sales Financials Strategy • Increased net sales in all • EBIT margin before OTE* • Majority of financial mid- regions increased to 5.7% term targets achieved • Organic growth outpaced • Net debt more than • Successful adjustment of respective market trend halved within two years capa
Slide 9: Strategic Priorities
Strategic Priorities Consistent implementation led to success Investor Presentation . March 2014 9
Slide 10: Focus on acoustics and thermal management
Focus on acoustics and thermal management Core competencies in worldwide demand • Market leadership expanded with multifunctional and lightweight innovations • Start of series production of Theta-FiberCell based engine encapsulation • Pre-development studies to optimize acoustic and thermal manageme
Slide 11: Grow profitably
Grow profitably 2013 results confirm «Autoneum is right on track» BG SAMEA BG Asia 7%* 6%* BG Europe BG North America 44%* 43%* • Broad global customer portfolio • New orders obtained safeguard maintained growth in Asia and capacity utilization in Europe • Coverage of all vehicle classes by customer
Slide 12: Focus on global customers
Focus on global customers Further investments in growth markets • JV founded with Thai supplier, first customer inquiries received • Additional production capacities through new UGN site in Silao, Mexico • Autoneum plant in Russia certified by customers, production started in autumn • Investment int
Slide 13: Leverage technological leadership
Leverage technological leadership Investigating to anticipate future demands • Autoneum invested around 65 million CHF to conduct research and pre- development • Market success of new technologies in serial production • IFP-R2 production system optimized and IFP-R2 prospectively in use at North Amer
Slide 14: Practice Operational Excellence
Practice Operational Excellence Focus on continuous improvement • Autoneum Production System (APS) further expanded and firmly established • Expansion of vertical integration by additional felt lines at Chinese and South American plants • Successful implementation of new ERP system in Switzerland •
Slide 15: High Performance Culture
High Performance Culture Driving Autoneum’s Values worldwide • Motivating corporate culture is a competitive advantage • Autoneum’s values and principles form the pillars of high-performance culture • Management teams as role models supported by newly launched High- performance leadership training •
Slide 16: Sales 2012 vs. 2013 by region
Sales 2012 vs. 2013 by region Sales growth above market development 1 892.4 901.2 901.6 1 Mio. CHF 800.4 1 Sales 2012 : 1’940.9 + 5.8% Sales 2013 : 2’053.3 1 restated 2 Change in local currencies and adjusted for the sale of the Italian subsidiary 1 144.7 138.4 1 128.3 101.4 Business Group Business
Slide 17: Sales 2013
Sales 2013 Growth thanks to supply of successful models Mio. CHF • Growth thanks to 2012 1’940.9 2013 2’053.3 global presence, restated supply of especially successful vehicle models and gains in BG Europe market share BG Europe 902 BG North America BG North America 901 (46%) 800 (44%) 892 • Stronge
Slide 18: Operating result (EBITDA)
Operating result (EBITDA) EBITDA improved considerably Mio. CHF Margin 9.0% • EBITDA rose considerably by 200 25.9% to 184.3 million CHF Margin 7.5% • Important financial mid-term 160 target achieved with an EBITDA margin of 9.0% 120 • Improved EBITDA mainly due to higher volumes in BG North 184.3 A
Slide 19: Operating result (EBIT)
Operating result (EBIT) Increased EBIT even after OTE Margin Mio. CHF 5.7% • EBIT before OTE improved 120 117.4 from 77.3 to 117.4 million CHF 15.4 • EBIT margin before OTE further 100 Margin -38.2 increased to 5.7% of net sales 4.0% • EBIT even after OTE raised 80 77.3 to 79.2 million CHF 1.7 • All
Slide 20: Net profit
Net profit Higher net profit due to operating performance CHF million 2013 % 2012 % • Profit before taxes restated increased from 54.8 to Net sales 2’053.3 100 1’940.9 100 64.5 million CHF mainly by better operating EBITDA 184.3 9.0 146.4 7.5 performance EBIT before one-time 117.4 5.7 77.3 4.0 expen
Slide 21: Taxes
Taxes Tax rate significantly decreased Income taxes in % of profit before taxes 80 • Tax rate before OTE significantly decreased 70 from 45.9% to 27.5% 60 • Reduction achieved mainly by more evenly 50 distribution of pre-tax profits among 40 81.7% subsidiaries +16.3% 30 45.9% 20 43.9% 27.5% 10 0 201
Slide 22: RONA
RONA Economic value created In % 18 • RONA before OTE remarkably increased 16 from 10.0% to 18.0% 14 -7.7% • RONA even after OTE 12 higher than WACC due 18.0% to higher earnings and 10 an effective capital 8 8.7% management WACC 6 • Cost of capital employed 10.0% 10.3% was more than covered 4 2 0 20
Slide 23: Cash flows
Cash flows Considerable rise in free cash flow CHF million 2013 2012 • Considerable rise in free restated cash flow mainly thanks Net profit 36.2 29.6 to higher profit Depreciation and amortization 66.8 69.1 • Significant reduction of Loss on disposal of subsidiary 24.8 0.0 NWC, especially trade Oth
Slide 24: Balance sheet
Balance sheet Mid-term target of 30% equity ratio achieved CHF million 2013 2012 • Autoneum demonstrates restated solid balance sheet with no Total assets 990.6 951.9 goodwill Non-current assets 440.7 434.4 • Active and disciplined Cash and cash equivalents 117.9 75.3 management of operating NWC hel
Slide 25: Net debt
Net debt Net debt more than halved since 2011 Mio. CHF • Net debt declined to 75.0 200 million CHF (2012: 123.0 million CHF) 160 • Net debt decreased by approx. 80 million CHF and thus more than halved 120 within 2 years • Gearing amounted to 24.8% 80 154.8 123.0 40 75.0 0 2011 2012 2013 Investor Pr
Slide 26: Dividend payout
Dividend payout Doubling of dividend proposed 2013 2012 • Dividend proposal of 1.30 CHF per share (amounting to Net profit in Mio. CHF 36.2 29.6 some 6 million CHF) Attributable to shareholders of • Pay-out ratio is 42% and Autoneum Holding Ltd in Mio. CHF 14.5 12.1 clearly above target of 30% Earni
Slide 27: Summary financial results
Summary financial results 2013 is promising base for 2014 • Majority of financial mid-term targets achieved • Operating margin, net profit and EPS improved • Free Cash flow significantly increased, net debt more than halved within 2 years • Further improved operative performance level is promising b
Slide 28: 3. Outlook 2014
3. Outlook 2014
Slide 29: Major trends in automotive industry
Major trends in automotive industry Impacting Autoneum Growing car demand in Global platform emerging markets sourcing Tightening CO2 and Alternative pass-by noise regulations powertrain concepts Investor Presentation . March 2014 29
Slide 30: Plan of action 2014 (1/2)
Plan of action 2014 (1/2) Driving profitable growth Overarching goal: Defend achieved financial mid-term targets and reach EBITDA margin of 7-8% in Europe Further progress through Operational Excellence • Finalization of plant closure in Dieppe (FR) • Reinforce efforts of continuous improvement Focu
Slide 31: Plan of action 2014 (2/2)
Plan of action 2014 (2/2) Driving profitable growth Standardization of global business processes • ERP: Go-live in North America • Prepare Go-live in France and South America Footprint enhancements • New Autoneum plant in Jeffersonville IN, USA • New UGN plant in Monroe OH, USA • Prepare relocation
Slide 32: Guidance
Guidance Guidance 2014 Global • Global automobile production is likely to grow environment* moderately to around 87 million light vehicles (global growth rate 2.9%) • Devaluation of major currencies will have substantial impact on translation into CHF Sales • Net sales in local currencies and adjust
Slide 33: Confirmation of mid-term financial targets
Confirmation of mid-term financial targets • Annual net sales growth of 4%-5%* • Return on Net Assets > Cost of Capital − EBITDA margin of ≥9% on Group level − Main improvement driven by operational leverage in Europe with target mid-term EBITDA margin of 7-8% in Europe • Average long term capex of
Slide 34: Contacts and event calendar
Contacts and event calendar Investors Investors (as of April 1, 2014) Media Urs Leinhäuser Dr. Martin Zwyssig Dr. Anahid Rickmann CFO and Deputy CEO CFO Head Corporate Communications T +41 (0)52 244 82 82 T +41 (0)52 244 82 82 T +41 (0)52 244 83 88 [email protected] [email protected] media@a
Slide 35: 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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