Samvardhana Motherson International Limited · NSE:MOTHERSON
Samvardhana Motherson International — Q4 FY2021-22 Earnings Presentation
34 slides from Samvardhana Motherson International's earnings presentation, May 26, 2022
Slide 1: Exchange filing cover letter: audited results for Q4 FY2022
Samvardhana Motherson International Limited (formerly Motherson Sumi Systems Limited) Head Office: C-14 A & B, Sector 1, Noida – 201301 Distt. Gautam Budh Nagar, U.P. India Tel: +91-120-6752100, 6752278, Fax: +91-120-2521866, 2521966, Website: www.motherson.com May 26, 2022 National Stock Exchange o
Slide 2: Filing letter signature page
The Board Meeting of the Company commenced at 1500 Hours (IST) and concluded at 1800 Hours (IST). The above is for your information and records. Thanking you, Yours truly, For Samvardhana Motherson International Limited (Formerly Motherson Sumi Systems Limited) ALOK Digitally signed by ALOK GOEL GOE
Slide 3: Financial Performance Q4 FY 2021-22
Proud to be part of. Samvardhana Motherson International Limited (Formerly Motherson Sumi Systems Ltd.) Financial Performance Q4 FY 2021-22
Slide 4: Motherson Sumi Systems renamed as Samvardhana Motherson International Limited
Motherson Sumi Systems Limited (MSSL) renamed as Samvardhana Motherson International Limited (SAMIL)
Slide 5: Key Highlights
• Key Highlights • Results Q4FY21 vs Q3 FY22 vs Q4 FY22 • Results 12M FY21 vs 12M FY22 • Annexure • Reorganisation recap • Proforma financials We had announced the group reorganisation on July 02, 2020, which , inter alia included, demerger of domestic wiring harness ( DWH ) business to new company
Slide 6: Supply chain constraints kept production erratic, though demand remains strong
Supply chain constraints kept production erratic, though demand remains strong Key Vehicle Markets (Production Figures) Europe (Light Vehicles) China (Light Vehicles) North America (Light Vehicles) India (Light Vehicles) -18% YoY / -4% QoQ +6% YoY / -19% QoQ -2% YoY / +8% QoQ -2% YoY / +11% QoQ 7.69
Slide 7: Sharp increases in commodity, energy and manpower costs
Sharp increases in commodity, energy and manpower costs. Key Indicators Energy prices1 – Europe Copper prices2 Freight costs3 Europe Inflation4 Natural Gas in USD/MMBTU (in USD/Metric Tonne) (Container price index) 1.5 (in %) 7.4 42.4 10,337 38.0 1.5 1.1 9,692 9,385 5 9,041 22.8 3.4 0.4 8,851 0.7 1.
Slide 8: Q4 performance reflects the very tough operating environment
Q4 performance reflects the very tough operating environment. Revenues. EBITDA. PAT (Concern Share). +0% YoY / +6% QoQ -27% YoY / +10% QoQ -77% YoY / +31% QoQ 16,836 16,911 10.5% 15,933 7.6% 7.3% 543 1,762 168 1,166 1,287 93 122 Q4 FY21 Q3 FY22 Q4 FY22 Q4 FY21 Q3 FY22 Q4 FY22 Q4 FY21 Q3 FY22 Q4 FY22
Slide 9: Performance of key businesses in Q4
Performance of key businesses in Q4. Revenue. Standalone (Rs in Crores) SMRP BV (In Million Euros) PKC (In Million Euros) 1,611 € 1,361 € 1,311 € 1,327 € 314 € 326 1,311 € 293 1,259 €0 Q4 FY21 Q3 FY22 Q4 FY22 Q4 FY21 Q3FY22 Q4 FY22 Q4 FY21 Q3 FY22 Q4 FY22 EBITDA. Standalone* (Rs in Crores) SMRP BV (
Slide 10: Continue to focus on diversification strategy
1 Continue to focus on diversification strategy Product wise. Polymer & 48% Module s Revenues are well diversified across products and Wiring Harness 28% verticals Vision Systems 20% Share of Share of PAT revenues from from Indian only EV operations at programs has >55% for FY22. increased to >4% fo
Slide 11: Capex spends remain aligned to market uncertainty
2 Capex spends remain aligned to market uncertainty. (Rs in Crores) 5,532 5,395 5,015 4,808 EBITDA to capex at ~2x consistently 2,685 creates room to 2,596 manage current 2,194 1,932 uncertainties and pursue growth opportunities FY19 FY20 FY21 FY22* EBITDA Capex Notes: EBITDA = Profit / (loss) befor
Slide 12: Quarterly leverage levels remain under control
3 Quarterly leverage levels remain under control. Working capital higher by ~Rs 2,000 crores YoY due to higher inventory amidst uncertain QoQ environment reduction in 14,00 0 overall debt on 2.0 controlled capex 1.9 1.8 1.9 2. 0 12,00 0 spends 1.7 1.6 10,00 0 1,422 1.4 1,356 1,292 1. 5 1,440 1,369 8
Slide 13: Results Q4FY21 vs Q3 FY22 vs Q4 FY22
• Key Highlights • Results Q4FY21 vs Q3 FY22 vs Q4 FY22 • Results 12M FY21 vs 12M FY22 • Annexure • Reorganisation recap • Proforma financials
Slide 14: SAMIL Consolidated: Q4FY21 vs Q3FY22 vs Q4FY22
SAMIL Consolidated : Q4FY21 vs Q3FY22 vs Q4FY22. (Rs in Crores) Revenues. EBITDA#. 16,836 15,933 16,911 10.5% 7.3% 7.6% 1,762 1,166 1,287 Q4 FY21 Q3 FY22 Q4 FY22 Q4 FY21 Q3 FY22 Q4 FY22 PBT#. PAT* (Concern Share). One-time (before exceptional items and share of associates) impact on a net basis of 8
Slide 15: SAMIL Standalone: Q4FY21 vs Q3FY22 vs Q4FY22
SAMIL Standalone : Q4FY21 vs Q3FY22 vs Q4FY22. (Rs in Crores) Revenues. EBITDA#. 1,611 1,259 1,311 18.2% 14.3% 10.7% 293 180 140 Q4 FY21 Q3 FY22 Q4 FY22 Q4 FY21 Q3 FY22 Q4 FY22 PBT#. PAT*. Includes (before exceptional items) dividend income and impact of one-time items 488 397 264 124 86 75 56 224 Q
Slide 16: SMRPBV (In Euro Terms): Q4FY21 vs Q3FY22 vs Q4FY22
SMRPBV (In Euro Terms) : Q4FY21 vs Q3FY22 vs Q4FY22. (In Million Euros) Revenues. EBITDA. 1% € 1,361 € 1,311 € 1,327 9.9% 7.3% 5.7% € 135 € 96 € 75 Q4 FY21 Q3 FY22 Q4 FY22 Q4 FY21 Q3 FY22 Q4 FY22 PBT. PAT* (Concern Share). Includes one- (before exceptional items and share of associates) time reversa
Slide 17: SMP & SMR (In Euro Terms): Q4FY21 vs Q3FY22 vs Q4FY22
SMP & SMR (In Euro Terms) : Q4FY21 vs Q3FY22 vs Q4FY22. (In Million Euros) SMP Revenues. SMP EBITDA. Impact from high energy prices € 991 € 976 € 967 and other inflationary costs 8.7% 7.0% 4.7% € 86 € 69 € 45 Q4 FY21 Q3 FY22 Q4 FY22 Q4 FY21 Q3 FY22 Q4 FY22 SMR Revenues. SMR EBITDA. Impact from high
Slide 18: SMRPBV - Order wins remain robust with a rising share of EVs
SMRPBV - Order wins (pending SOP) remain robust with a rising share of EVs. € 15.6 bn € 16.1 bn Share of EVs in closing € 4.7 bn order book* at 27% as EV product actions intensify. (€ 4.2 bn) Order Book as on SOP New Orders Order Book as on 31.03.2021 FY22 FY22 31.03.2022 * Order book is lifetime sa
Slide 19: PKC (In Euro Terms): Q4FY21 vs Q3FY22 vs Q4FY22
PKC (In Euro Terms) : Q4FY21 vs Q3FY22 vs Q4FY22. (In Million Euros) Revenues. QoQ uptick in EBITDA. € 326 revenues from Uptick in € 314 € 293 recovery in profitability from North America stabilization of and China 7.9% new programs launches 5.7% € 25 3.0% € 18 €9 Q4 FY21 Q3 FY22 Q4 FY22 Q4 FY21 Q3
Slide 20: Strong showing from new businesses merged with SAMIL
250 9.1% 10. 0% 200 8. 0% 150 6. 0% Strong showing from new businesses merged with SAMIL* 3 100 50 4. 0% 2. 0% 0 0. 0% Revenue FY 20 FYEBITDA 21 Q2FY21 Q1FY22 Q2FY22 All amounts in INR Crores Proforma Basis 3,738 EBITDA % Margin 2,800 2,651 13.2% 13.0% Aggregate 13.3% 11.6% 11.5% 10.5% 9.1% 500 14.
Slide 21: Debt Status
Debt Status. A. Net Debt. Net Debt. Rs. In Crores Mar-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 8,739 Gross 7,627 7,768 Debt 11,770 11,278 10,745 10,445 11,060 13,457 12,761 6,897 1,483 6,206 6,158 - 1,446 Cash & 4,873 5,086 5,938 4,287 3,433 4,718 4,993 - - Bank 4,807 - (Rs. in Crores) Net - 6,8
Slide 22: Reference Rates and Notes
Reference Rates and Notes. Copper Rates. Notes. 1. This presentation has been prepared from the audited financial results for the Average Q4 2020-21 Q3 2021-22 Q4 2021-22 quarter ended on 31st March 2022. Explanatory notes have been added with additional information LME Copper (USD / MT ) 8,479 9,69
Slide 23: Results 12M FY21 vs 12M FY22
• Key Highlights • Results Q4FY21 vs Q3 FY22 vs Q4 FY22 • Results 12M FY21 vs 12M FY22 • Annexure • Reorganisation recap • Proforma financials
Slide 24: SAMIL Consolidated: 12M FY21 vs 12M FY22
SAMIL Consolidated : 12M FY21 vs 12M FY22. (Rs in Crores) Revenues. 62,832 EBITDA. 56,951 7.7% 7.9% 4,516 4,808 FY 21 FY 22 FY 21 FY 22 PBT. PAT* (Concern Share). One-time (before exceptional items and share of associates) impact on a net basis of 1,456 ~Rs 95 1,151 crores 712 605 510 FY 21 FY 22 FY
Slide 25: SAMIL Standalone: 12M FY21 vs 12M FY22
SAMIL Standalone : 12M FY21 vs 12M FY22. (Rs in Crores) Revenues. EBITDA. 5,297 3,635 13.4% 13.3% 712 483 FY 21 FY 22 FY 21 FY 22 PBT. PAT*. One-time (before exceptional items) impact on of ~Rs 36 crores 968 836 455 -312% 0% 194 800 - 263 513 FY 21 FY 22 FY 21 FY 22 Dividend income 194 Note: Prior p
Slide 26: SMRPBV (In Euro Terms): 12M FY21 vs 12M FY22
SMRPBV (In Euro Terms) : 12M FY21 vs 12M FY22. (In Million Euros) Revenues. EBITDA. € 4,806 € 4,988 8. 0% 7. 0% 7.0% 6.9% 6. 0% 5. 0% 4. 0% 3. 0% € 338 € 342 2. 0% -1% 1. 0% 0. 0% - 1.0% - 2.0% FY 21 FY 22 FY 21 FY 22 PBT. PAT*. (before exceptional items and share of associates) Includes one- time r
Slide 27: SMP & SMR (In Euro Terms): 12M FY21 vs 12M FY22
SMP & SMR (In Euro Terms) : 12M FY21 vs 12M FY22. (In Million Euros) SMP Revenues. SMP EBITDA. € 3,520 € 3,687 6.3% 5.9% € 233 € 207 FY 21 FY 22 FY 21 FY 22 SMR Revenues. SMR EBITDA. €1,286 €1,301 11.0% 16. 0% 9.2% 15. 0% 14. 0% 13. 0% € 141 12. 0% 11. 0% € 120 10. 0% 9. 0% 8. 0% 7. 0% 6. 0% 5. 0% 4
Slide 28: PKC (In Euro Terms): 12M FY21 vs 12M FY22
PKC (In Euro Terms) : 12M FY21 vs 12M FY22. (In Million Euros) Revenues. EBITDA. € 1,225 € 1,037 6.5% 286% 4.2% € 67 € 51 FY 21 FY 22 FY 21 FY 22 PBT. PAT (Concern Share). (before exceptional expense) € 19 € 17 100% 141% €0 -€ 7 FY 21 FY 22 FY 21 FY 22 26 26
Slide 29: Motherson Sumi Wiring India Ltd (MSWIL): 12M FY21 vs 12M FY22
Motherson Sumi Wiring India Ltd (MSWIL): 12M FY21 vs 12M FY22. (Rs in Crores) Revenues. EBITDA. 760 555 5,635 760 3,938 577 (21) 9M FY2020-21 FY 2021-22 9M FY 2020-21 FY 2021-22 Reported adjustment Adjusted After PBT. One-time (before exceptional expense) PAT. expense 458 411 (net of tax) of 338 Rs
Slide 30: Annexure
• Key Highlights • Results Q4FY21 vs Q3 FY22 vs Q4 FY22 • Results 12M FY21 vs 12M FY22 • Annexure • Reorganisation recap • Proforma financials
Slide 31: Motherson 2.0 – Journey has started
Motherson 2.0 – Journey has started. Key Objectives 01 Simplification 02 Alignment of 03 Creation of Enhanced of the Group the interests of strong platforms value for structure all stakeholders for growth shareholders Samvardhana Motherson Sumi Motherson 33.4% Wiring India Ltd. International Ltd. (M
Slide 32: Group Re-organisation Resultant Holding Structure and Financial Implications
Group Re-organisation Resultant Holding Structure and Financial Implications Public SWS Sehgal Family Public SWS Sehgal Family 31.9% 17.7% 50.4% 38.3% 25.3% 3.0% Samvardhana Motherson International 33.4% Motherson Sumi Wiring India Limited. Limited (SAMIL)* (MSWIL) Listed Company Listed Company 100.
Slide 33: Financials Summary – SAMIL Proforma
Financials Summary – SAMIL Proforma (Rs in Crores) Financials FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 FY22 Revenue from operation 58,225 16,408 14,415 16,435 17,161 64,420 EBITDA 4,688 1,367 1,082 1,232 1,222 4,903 EBITDA Margin (%) 8.1% 8.3% 7.5% 7.5% 7.1% 7.6% EBIT 1,662 589 318 472 485 1,864 EBIT Ma
Slide 34: Thank you
Thank you. Safe harbor The contents of this presentation are for informational purposes only and for the reader’s personal non-commercial use. The contents are intended, but not guaranteed, to be correct, complete, or absolutely accurate. This presentation also contains forward-looking statements ba
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