Autoneum Holding AG · SIX:AUTN
Autoneum — Investor Presentation (January 2014)
30 slides from Autoneum's investor presentation, Jan 16, 2014
Slide 1: Investor Presentation
Investor Presentation Urs Leinhäuser, Chief Financial Officer & Deputy CEO, January 2014
Slide 2: Agenda
Agenda Who is Autoneum? / Positioning Highlights of HY1 2013 Industry and strategic priorities Mid term financial targets Sales 2013 and financial outlook FY 2013 Contacts and event calendar
Slide 3: Who is Autoneum? Meet the experts
Who is Autoneum? Meet the experts Autoneum is the global technology leader in acoustic and thermal management solutions for motor vehicles. Competitive strenghts: • Leading provider of integrated solutions for Acoustic and Thermal Management • Product leadership through technology and innovation • L
Slide 4: Key Facts & Figures: Autoneum at a glance
Key Facts & Figures Autoneum at a glance Stock listed company About 45 locations (SIX Swiss Exchange) worldwide Net Sales 2012: Represented in more 1’907.7 million CHF than 20 countries Operating result before Some 9’500 employees interest and taxes (EBIT) Investor Relation, January 16, 2014 4
Slide 5: Organization: Group Executive Board
Organization Group Executive Board Martin Hirzel CEO 16 years of automotive experience Urs Leinhäuser Matthias Holzammer Richard Derr Uwe Trautmann Volker Eimertenbrink CFO & Deputy CEO Head BG Europe Head BG North America Head BG Asia Head BG SAMEA 15 years of automotive 23 years of automotive 29 y
Slide 6: Automotive Tier 1 supplier business model «Rules of the game»
Automotive Tier 1 supplier business model «Rules of the game» Sales curve – current model Sales curve – replacement model 6 months 1-2 years 5-7 years Innovation- Pre- project development Released Request for Award Start of Innovation quotation production • Good visibility of mid-term sales developm
Slide 7: Autoneum at a glance: Top customers
Autoneum at a glance Top customers % = share of sales 4% 4% Other 3% 3% 4% Truck 2% 7% 5% 5% 6% 16% 6% 6% 11% 8% 10% Investor Relation, January 16, 2014 7
Slide 8: Agenda
Agenda Who is Autoneum? / Positioning Highlights of HY1 2013 Industry and strategic priorities Mid term financial targets Sales 2013 and financial outlook FY 2013 Contacts and event calendar
Slide 9: HY1: Highlights Strategy
HY1: Highlights Strategy • Besides capacity adjustments in Europe, the expansion of the global footprint in growth markets has been fostered: - Set up of JV with Japanese supplier Nittoku in Silao, Mexico - Production in Ryazan plant in Russia scheduled to begin in fall 2013 • Continuous launch of p
Slide 10: HY1: Highlights Financials
HY1: Highlights Financials Organic growth in all regions • Autoneum’s growth in net sales in local currencies (10.8%) clearly exceeded growth global light vehicle production (1.4%) • Net Sales in Swiss francs rose by 11.5% to 1’078 million CHF Operating result and earnings rose significantly • EBIT:
Slide 11: Agenda
Agenda Who is Autoneum? / Positioning Highlights of HY1 2013 Industry and strategic priorities Mid term financial targets Sales 2013 and financial outlook FY 2013 Contacts and event calendar
Slide 12: Growing industry: Market development light vehicle production
Growing industry Market development light vehicle production 59.5 m units in 2009 83.4 m units in 2013 CAGR 86.7 m units in 2014 4.4% 98.6 m units in 2017 * 0%* * * * * * * * * * * Compound annual growth rate (CAGR) 2014 - 2017 Source: IHS October 2013 (excl. truck) Investor Relation, January 16, 20
Slide 13: Strategy: Strategic priorities
Strategy Strategic priorities Investor Relation, January 16, 2014 13
Slide 14: Agenda
Agenda Who is Autoneum? / Positioning Highlights of HY1 2013 Industry and strategic priorities Mid term financial targets Sales 2013 and financial outlook FY 2013 Contacts and event calendar
Slide 15: Mid-term financial targets
Mid-term financial targets* * (communicated before SIX listing) • Annual growth of 4-5% (excluding currency effects) Net sales − Flat to moderate growth in Western Europe − Moderate growth in North America − Strong growth in BRICS countries • Return on net assets > Cost of Capital Profitability / •
Slide 16: Mid-term financial targets: Net sales growth
Mid-term financial targets • Annual growth of 4-5% (excluding currency effects) − Flat to moderate growth in Western Europe Net sales − Moderate growth in North America − Strong growth in BRICS countries Growth Rate (in LC) 2011 2012 HY1 2013 Achievement Group +15% +13% +11% BG Europe +10% +1% +2% B
Slide 17: Mid-term financial targets: Return on net assets
Mid-term financial targets Profitability / • Return on net assets > Cost of Capital Return on net assets Return on net assets 2011 2012 HY1 2013 Achievement Return on net assets 4% 10% 17% Cost of Capital ̰ 9% ̰ 9% ̰ 9% Value creation ̰ -5% ̰ 1% ̰ 8% Return 22 49 40 + Ø net assets 534 509 481 + Inve
Slide 18: Mid-term financial targets: EBITDA margin
Mid-term financial targets Profitability / • EBITDA margin >9% Return on net − Mid-term EBITDA margin of 7-8% in Europe assets − Double digit EBITDA margin in North America and Asia EBITDA margin 2011 2012 HY1 2013 Achievement Group 6.2% 7.6% 8.4% BG Europe 2.8% 4.1% 4.1% BG North America 9.2% 10.6%
Slide 19: Mid-term financial targets: EBITDA margin Europe
Mid-term financial targets Profitability / • EBITDA margin of 7-8% in Europe Return on net 1.0% 8.0% assets 5.0% 7.0% 4.0% -3.5% 0.5% 1.0% Actual Sales price, Sale of Italy Closure of plant Operating Mid-term Volume, Mid-term inflation France improvements target continuous target improvement Investo
Slide 20: Mid-term financial targets: Capital expenditure
Mid-term financial targets • Average long-term CAPEX of 4-4.5% of net sales Capital expenditure Capital Expenditure 2011 2012 HY1 2013 Achievement CAPEX in % net sales 4.5% 3.9% 2.8% in CHF 75 75 31 Share in % by BG BG Europe 44% 37% 25% + BG North America 36% 38% 45% + BG Asia 14% 10% 12% BG SAMEA
Slide 21: Mid-term financial targets: Net debt / EBITDA
Mid-term financial targets • Continue to maintain Indebtedness − Long-term conservative leverage below 1.5x net debt / EBITDA Net Debt / EBITDA 2011 2012 HY1 2013 Achievement Net Debt / EBITDA 1.5 0.9 0.7 Ratio Net Debt 155 123 118 + EBITDA 104 145 91 + Investor Relation, January 16, 2014 21
Slide 22: Mid-term financial targets: Equity ratio
Mid-term financial targets • Continue to maintain Indebtedness − 30% equity ratio (i.e. total equity divided by total assets) Equity Ratio 2011 2012 HY1 2013 2) Achievement Equity Ratio 1) 29% 32% 28% Total Assets 996 960 1042 Equity 1) 287 303 292 1) without subordinated shareholders loan 2) incl.
Slide 23: Mid-term financial targets: Dividend payout
Mid-term financial targets • Target payout ratio of up to 30% of net result attributable to Autoneum Dividend shareholders (EPS) payout Payout Ratio 2011 2012 HY1 2013 Achievement Payout Ratio 27% n/a EPS (CHF) -2.13 2.41 4.27 + Investor Relation, January 16, 2014 23
Slide 24: Agenda
Agenda Who is Autoneum? / Positioning Highlights of HY1 2013 Industry and strategic priorities Mid term financial targets Sales 2013 and financial outlook FY 2013 Contacts and event calendar
Slide 25: Sales and full year outlook 2013: Highlights
1 Sales and full year outlook 2013 Highlights • Sales in local currencies and adjusted for divestments increased substantially by 9.9% and once again significantly outpaced the 3.1% growth in global light vehicle production • Sales in Swiss Francs improved by 5.8% to 2’053.3 million CHF • Sales incr
Slide 26: Outlook for 2013 results
Outlook for 2013 results • Higher than expected sales volumes in HY2, the ongoing implementation of operational improvements and overall stable raw material prices had a positive impact on the operating margin in HY2 2013 • Net profit for 2013 is expected to be higher than for 2012 in spite of the k
Slide 27: Agenda
Agenda Who is Autoneum? / Positioning Highlights of HY1 2013 Industry and strategic priorities Mid term financial targets Sales 2013 and financial outlook FY 2013 Contacts and event calendar
Slide 28: Contacts and event calendar
Contacts and event calendar Contact address Investors Autoneum Holding AG Urs Leinhäuser Schlosstalstrasse 43 / P.O. Box CFO and Deputy CEO CH-8406 Winterthur T +41 (0)52 244 82 82 www.autoneum.com investor@autoneum.com Important dates 2014 2013 Results Media Conference March 19, 2014 Annual General
Slide 29: 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
Slide 30: Autoneum is the global technology leader in acoustic and thermal management
Autoneum is the global technology leader in acoustic and thermal management solutions for motor vehicles. Autoneum is a partner for the major automobile manufacturers around the world. Autoneum provides innovative and cost effective solutions for noise reduction and thermal management to increase ve