Gestamp Automocion S.a. · BME:GEST
Gestamp Automocion — 9M 2021 Earnings Presentation
20 slides from Gestamp Automocion's earnings presentation, Oct 28, 2021
Slide 1: 9M 2021 Results Presentation
G-LAB FAMILY FROM THE GESTAMP´S G-LAB PROGRAM 9M 2021 Results Presentation October 28th, 2021
Slide 2: Disclaimer
Disclaimer This presentation has been prepared solely for use at this presentation of our results as of and for the first nine months ended September 30th, 2021. By attending the conference call meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by
Slide 3: Agenda
Agenda Highlights for 9M 2021 Financial Overview Outlook and Remarks © Gestamp 2021 3
Slide 4: Solid 9M 2021 Results Despite Challenging Environment
Solid 9M 2021 Results Despite Challenging Environment Despite a more challenging market environment experienced during Q3, we have delivered a solid set of results for the first nine months of the year Outperformance 11.5 p.p.(1) in 9M 2021, across all regions Profitability 9M 2021 EBITDA margin of
Slide 5: Financial Performance in 9M 2021
Financial Performance in 9M 2021 (In million Euros – excl. TP) 9M 2020 9M 2021 Total Revenue 5,083 5,879 EBITDA 460 701 EBITDA margin (%) 9.1% 11.9% EBIT 18 274 EBIT margin (%) 0.4% 4.7% Net Income -92 101 Capex (excl. IFRS 16) 367 332 Net debt (excl. IFRS 16) 2,348 2,048 Operating Leases (IFRS 16)
Slide 6: Financial Performance in Q3 2021
Financial Performance in Q3 2021 (In million Euros) Q3 2020 Q3 2021 Total Revenue 2,038 1,803 EBITDA 244 203 EBITDA margin (%) 12.0% 11.2% EBIT 105 66 EBIT margin (%) 5.2% 3.6% Net Income 28 18 Capex (excl. IFRS 16) 110 121 Q3 2021 Revenue decreased by 11.5% (-11.6% at constant FX) and EBITDA declin
Slide 7: Automotive Growth 9M 2021 vs. 9M 2020
Automotive Growth 9M 2021 vs. 9M 2020 Gestamp Revenue Growth at Constant FX vs. Market Production Growth in Gestamp Markets Eastern Europe 31.3% 9.3% NAFTA Western Europe 20.9% 13.2% Market Gestamp 9.5% 4.6% Asia Market Gestamp Market Gestamp 11.4% 9.6% Mercosur Market Gestamp 50.9% 28.5% Total in 9
Slide 8: Supply Chain Disruptions Impact on Production Volumes
Supply Chain Disruptions Impact on Production Volumes Evolution of Quarterly Production Volumes Forecast (Million vehicles) Jan-21 Jul-21 Oct-21 -9.9m 84.7 82.0 74.8 -3.5m +0.1m -2.5m -4.1m 22.4 22.7 20.5 20.6 20.6 21.2 20.6 19.9 18.9 18.8 18.7 16.5 +14% +10% +0.3% vs. 2020 production Q1 2021 Q2 202
Slide 9: Continuous Financial Performance Enhancement…
Continuous Financial Performance Enhancement… Revenues (€m) EBITDA (% margin and in €m) Production Volumes -10.2m -54.1m (Mveh) (1) 66.1 55.9 EBITDA (€m) 755 701 -15.5% -7.2% €-694m +0.4 p.p. 6,572 11.9% 5,879 11.5% 9M 2019 9M 2021 9M 2019 9M 2021 • Strong profitability levels with margins close to
Slide 10: … Working towards our Target of Improving Net Income
… Working towards our Target of Improving Net Income Net Financial Expenses (€m) Net Income (€m) €-13m 128 117 104 101 9M 2019 9M 2021 9M 2019 9M 2021 • Net income reaching €101m during the first nine months of 2021 + Improved EBITDA margins (despite current market volatility) + Lower net financial
Slide 11: Agenda
Agenda Key Highlights for 9M 2021 Financial Overview Outlook and Remarks © Gestamp 2021 11
Slide 12: Consolidating Positive Performance Despite Tough Market Conditions
Consolidating Positive Performance Despite Tough Market Conditions Revenues (€m) EBITDA (€m) EBITDA Margin (%) 9M 20 9M 21 Var. (%) 9M 20 9M 21 Var. (%) 9M 19 9M 20 9M 21 2,161 2,455 13.6 % 152 250 64.9 % Western Europe 9.3% 7.0% 10.2% Outperformance: +8.6 p.p. Performance at constant FX: +64.6% 774
Slide 13: Continued Capex Moderation
Continued Capex Moderation Reported Capex Breakdown (excl. IFRS 16) (In €m) Capex as % Capex as % Capex as % of revenue of revenue of revenue 9.0% 7.2% 5.7% 589 -€257m 1.3% 86 367 332 4.0% 260 1.3% 64 1.0% 57 2.6% 130 1.9% 110 3.7% 243 3.4% 173 2.8% 166 9M 2019 9M 2020 9M 2021 Recurrent Growth (1) I
Slide 14: Continued Focus on Free Cash Flow Generation
Continued Focus on Free Cash Flow Generation (In million Euros) Q3 2021 9M 2021 + EBITDA 203 701 +/- ∆ Working Capital 27 (14) - Capex (1) (142) (463) - Taxes (17) (35) +/- Other Non-Cash Items (2) (10) (33) = Operating Free Cash Flow 61 156 - Financial Interests (25) (101) = Free Cash Flow (3) 36 5
Slide 15: Solid Net Debt Reduction and Liquidity to Cover > Next 3-Year Maturities
Solid Net Debt Reduction and Liquidity to Cover > Next 3-Year Maturities Strong Net Debt Reduction (excl. IFRS 16) €-616m Net Debt Reduction over the last two years -23.1% 2,664 2,348 2,048 9M 2019 9M 2020 9M 2021 Net Debt / EBITDA (x) 2.8x 3.4x 2.2x Net debt decline in 9M 2021 Solid Liquidity Posit
Slide 16: Agenda
Agenda Key Highlights for 9M 2021 Financial Overview Outlook and Remarks © Gestamp 2021 16
Slide 17: We Confirm Our Outlook for 2021
We Confirm Our Outlook for 2021 Guidance 2021 Revenues (1) Mid-single digit outperformance to the market EBITDA margin EBITDA margin >12% Capex (2) < 6.5% of revenues Net Debt (2) (3) > €100m reduction vs. FY 2020 Focus on increasing profitability and FCF generation Note: 1) On a constant FX basis,
Slide 18: Further Steps Towards Decarbonization and Digitalization
Further Steps Towards Decarbonization and Digitalization Code.org Agreement signed with ArcelorMittal to use XCarb® green steel certificates in our activities Driving the digitalization of new generations First Tier 1 supplier in the automotive sector Partnership signed with Code.org® to expand acce
Slide 19: Closing Remarks: Key Highlights and Outlook for 2021
Closing Remarks: Key Highlights and Outlook for 2021 Despite a more challenging market environment in Q3, our 9M 2021 performance has been solid, allowing us to reiterate our guidance Production Market Outperformance EBITDA margin of 11.9% driven by actions 11.5 p.p.(1) in 9M 2021 taken in H2 2020 –
Slide 20: Investor Relations
Investor Relations +34 91 275 28 72 investorrelations@gestamp.com www.gestamp.com © Gestamp 2021 © Gestamp 2021 20