Grammer Ag · XETR:GMM
Grammer — Non-Deal Roadshow (March 2011)
31 slides from Grammer's roadshow presentation, March 2011
Slide 1: Grammer Group Investor Road Show March & April 2011
GRAMMER GROUP Investor Road Show March & April 2011
Slide 2: Agenda
AGENDA 1. GRAMMER GROUP – CORPORATE PROFILE & HIGHLIGHTS 2010 2. MOVING FORWARD – STRATEGIC HIGHLIGHTS 3. OUTLOOK 2011 Copyright 2011 GRAMMER AG - Roadshow Presentation March / April 2011 Page 2
Slide 3: Agenda
AGENDA 1. GRAMMER GROUP – CORPORATE PROFILE & HIGHLIGHTS 2010 2. MOVING FORWARD – STRATEGIC HIGHLIGHTS 3. OUTLOOK 2011 Copyright 2011 GRAMMER AG - Roadshow Presentation March / April 2011 Page 3
Slide 4: Grammer Group – Corporate Profile
GRAMMER GROUP – CORPORATE PROFILE Trendsetter in offroad-seating and automotive interior components Division Automotive Division Seating Systems Development, Production and Distribution of Suspended seats for offroad commercial premium interior components (head rests, arm vehicles (agricultural, con
Slide 5: Grammer – Investment Case Summary
GRAMMER – INVESTMENT CASE SUMMARY Market and technology leader for innovative seating systems Higher Growth Leading position as premium automotive interior supplier Higher Profitability Global player in suspended driver and passenger seating High growth potential with specific product strategy Highe
Slide 6: Grammer Group – Highlights 2010
GRAMMER GROUP – HIGHLIGHTS 2010 Group Revenues +28% and return to profit zone in € million 2010 2009 Change Group Revenue 929.7 727.4 +27.8% EBITDA 59.2 2.6 n.a. EBIT 32.9 -23.9 n.a. Result after Taxes 16.3 -28.2 n.a. Earning per Share (in €) 1.60 -2.77 n.a. Equity 173.1 151.0 +14.6% Equity- Ratio 3
Slide 7: Grammer Divisions – Competitive Advantages
GRAMMER DIVISIONS – COMPETITIVE ADVANTAGES Trendsetter in innovation, design, quality and ergonomics Division Automotive Division Seating Systems Leading supplier of premium interior Market leader and trendsetter in all core components with focus on middle, upper and markets premium segment St
Slide 8: Grammer Divisions – Technologies
GRAMMER DIVISIONS – TECHNOLOGIES Technology leader and operative excellence in all processes Division Automotive Division Seating Systems Core Competences: Cut & sew, foaming, Core Competences: Suspension surface, laminating, injection molding technology, metal forming, foaming Broad Finishing
Slide 9: Grammer Divisions – Revenues Breakdown
GRAMMER DIVISIONS – REVENUES BREAKDOWN Broad product mix in both divisions Division Automotive Division Seating Systems Revenue by product segment [in %] Revenue by product segment [in %] Arm Rest Truck + 22% Bus 32% Head Center Rest Offroad Console Rail 8% 46% 53% 20% Others R&D / 7% Others 12% Cop
Slide 10: Grammer Divisions – Highlights 2010
GRAMMER DIVISIONS – HIGHLIGHTS 2010 Positive revenue and profit development in both divisions Division Automotive Division Seating Systems Key Figures 2010: Key Figures 2010: Revenue: 610.2 € million Revenue: 341.9 € million % of Group revenues: 64 % % of Group revenues: 36% EBITDA: 35.8 € million E
Slide 11: Agenda
AGENDA 1. GRAMMER GROUP – CORPORATE PROFILE & HIGHLIGHTS 2010 2. MOVING FORWARD – STRATEGIC HIGHLIGHTS 3. OUTLOOK 2011 Copyright 2011 GRAMMER AG - Roadshow Presentation March / April 2011 Page 11
Slide 12: Grammer Divisions – Market Shares Offroad
GRAMMER DIVISIONS – MARKET SHARES OFFROAD Market leader in its core markets with high growth potential in targeted regions GRAMMER Market Share in % Offroad NAFTA Offroad Europe 30% 80% Today Trend Today Trend Offroad South America Offroad Asia 15% 80% Today Trend Today Trend Copyright 2011 GRAMMER
Slide 13: Grammer Divisions – Market Shares Truck
GRAMMER DIVISIONS – MARKET SHARES TRUCK Market leader in its core markets with high growth potential in targeted regions GRAMMER Market Share in % Truck NAFTA Truck Europe 15% 25% Today Trend Today Trend Truck South America Truck Mid East 50% 65% Today Trend Today Trend Copyright 2011 GRAMMER AG - R
Slide 14: Product Strategy
GRAMMER PRODUCT STRATEGY GRAMMER products for different market and customer requirements Offroad Truck Head Rests Consoles High-End Low-Spec Copyright 2011 GRAMMER AG - Roadshow Presentation March / April 2011 Page 14
Slide 15: Regional Strategy: Europe
REGIONAL STRATEGY: EUROPE Highlights of Development until 2015 Market Development* Strategy Automotive Strategy Seating Light Vehicles Production New product technology for Serial launch of new truck active head rest systems seat generation MSG 115 2015: 22.6 million units Modular components to Deve
Slide 16: Regional Strategy: America
REGIONAL STRATEGY: AMERICA Highlights of Development until 2015 Market Development* Strategy Automotive Strategy Seating Light Vehicles Production Intensify activities with GM, Increase of market shares in Ford and Chrysler globally in the USA based on serial 2015: 21.5 million units the segments ac
Slide 17: Regional Strategy: Asia
REGIONAL STRATEGY: ASIA Highlights of Development until 2015 Market Development* Strategy Automotive Strategy Seating Light Vehicles Production Benefiting from global Product customization to platform strategies of fulfill requirements of Asian 2015: 45.9 million units European car makers markets ba
Slide 18: Grammer Group – Development until 2015
GRAMMER GROUP – DEVELOPMENT UNTIL 2015 Asia & America with higher weight. Strengthening of Seating segment Revenue by Region Revenue by Division [in %] [in %] Europe Automotive 65% 55% 64% 55% 21% America 25% Seating 35% 45% 15% 20% Systems Asia 2010 2015e 2010 2015e Copyright 2011 GRAMMER AG - Road
Slide 19: Additional Strategic Growth Potentials
ADDITIONAL STRATEGIC GROWTH POTENTIALS Concrete fields of activities for further non-organic growth Product-Enrichment Regional Expansion Technology Expansion Integration of electronic Further growth with Optimization of value chain components in our products partnerships in JV’s in China by targete
Slide 20: Grammer Group – Financial Strategy
GRAMMER GROUP – FINANCIAL STRATEGY Objectives of our financial strategy: Secure an independent corporate financing with sufficient leeway for further organic and non-organic growth Diversification of funding sources Re-alignment of 2013 maturity dates of banking facility and debenture bond R
Slide 21: Agenda
AGENDA 1. GRAMMER GROUP – CORPORATE PROFILE & HIGHLIGHTS 2010 2. MOVING FORWARD – STRATEGIC HIGHLIGHTS 3. OUTLOOK 2011 Copyright 2011 GRAMMER AG - Roadshow Presentation March / April 2011 Page 21
Slide 22: Outlook 2011 and Grammer Group Objectives
OUTLOOK 2011 AND GRAMMER GROUP OBJECTIVES The effects on the global economy as a result of the natural disaster in Japan can not be evaluated yet and could pose potential risks to the business performance of GRAMMER. Outlook 2011 Subject to a further stabilization of global economy and moderate deve
Slide 23: Grammer – Investment Case Summary
GRAMMER – INVESTMENT CASE SUMMARY Market and technology leader for innovative seating systems Higher Growth Leading position as premium automotive interior supplier Higher Profitability Global player in suspended driver and passenger seating High growth potential with specific product strategy Highe
Slide 24: Back-up
NG GRAMMER
Slide 25: Financial Calendar and IR Contact
FINANCIAL CALENDAR AND IR CONTACT Financial Calendar 2011 Annual Report 2010: March 30, 2011 Analyst and Press Conference: March 30, 2011 Interim Report 1st Quarter 2011: May 11, 2011 Annual General Meeting 2011: May 26, 2011 Interim Report 2nd Quarter 2011: August 10, 2011 Interim Repor
Slide 26: Grammer AG Executive Board
GRAMMER AG EXECUTIVE BOARD Hartmut Müller CEO of GRAMMER AG since August 2010 Valeo’s General Manager for North and Eastern Europe, Climate Control before joining GRAMMER Over 20 years experience in the automotive sector Degree in mechanical engineering from University of applied sciences in
Slide 27: Grammer Group - Five-Year-Overview [IFRS]
GRAMMER GROUP - FIVE-YEAR-OVERVIEW [IFRS] All data in EUR millions Revenue 2010 2009 2008 2007 2006 Group revenue 929.7 727.4 1,007.0 998.1 881.0 Automotive revenue 610.2 495.5 637.6 657.7 574.8 Seating Systems revenue 341.9 247.1 390.0 363.3 311.5 Income statement EBIT 32.9 -23.9 32.0 32.1 38.9 Pro
Slide 28: Share - Basic Data and Key Figures
GRAMMER SHARE - BASIC DATA AND KEY FIGURES GRAMMER Share 2010 GRAMMER Shareholder Structure in % Share price Dec. 31 (in EUR, Xetra) 18.30 EQMC, UK 10.00% Annual high [in EUR] 19.49 Wynnefield Capital, USA 4.05% Annual low [in EUR] 5.45 Axxion S.A., Luxembourg 2.58% Daily trading volume [in shares]
Slide 29: Grammer Divisions – Customer Structure
GRAMMER DIVISIONS – CUSTOMER STRUCTURE Broad customer base in both divisions Division Automotive Division Seating Systems Top 10 Customers 2010: Top 10 Customers 2010: VW 32% John Deere 10% BMW 22% Daimler Truck 9% Daimler 11% VW Truck 7% GM 10% Agco/Fendt 6% Audi 7% Case New Hol
Slide 30: Grammer Divisions – Competitors
GRAMMER DIVISIONS – COMPETITORS Automotive 1st Tiers, Isringhausen and Sears Seating are major competitors Division Automotive Division Seating Systems Johnson Controls Offroad: Lear Corp. Sears Seating KAB Seating Magna Milsco Faurecia Cobo SiTech Truck: Fehrer Isringhausen
Slide 31: Disclaimer
DISCLAIMER This presentation has been prepared by Grammer AG solely for investor road shows in March/April 2011. It has not been independently verified. It does not constitute an offer, invitation or recommendation to purchase or subscribe for any shares or other securities issued by Grammer AG. Nor