Autoneum Holding Ag · SIX:AUTN
Autoneum — H1 2013 Earnings Presentation
24 slides from Autoneum's earnings presentation, Jul 23, 2013
Slide 1: Half-Year Results 2013
Half-Year Results 2013 Urs Leinhäuser, Chief Financial Officer & Deputy CEO
Slide 2: Autoneum: 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
Slide 3: Agenda
Agenda 1. Introduction and Highlights of HY1 2013 2. Financial Results HY1 2013 3. Outlook Full-Year 2013 and Conclusion 3
Slide 4: HY1: Outpacing market growth, capacity adjustments in Europe
HY1: Outpacing market growth Capacity adjustments in Europe “Autoneum clearly exceeded global vehicle production with considerably higher net sales and again significantly increased earnings in the first half of 2013. Additionally, the sale of Autoneum Italy was a key step to capacity adjustments in
Slide 5: HY1: Capacity adjustments in Europe (1) Sale of Autoneum Italy
HY1: Capacity adjustments in Europe (1) Sale of Autoneum Italy • Sale of Autoneum Italy on July 22, 2013 • Sale due to market-induced structural drop in demand in the European automotive market, in particular in the Italian automotive industry • The concentration of its European production network e
Slide 6: HY1: Capacity adjustments in Europe (2) Sale of Autoneum Italy
HY1 Capacity adjustments in Europe (2) Sale of Autoneum Italy • The former subsidiary will also operate as a licensee of Autoneum in the Italian market in the future • Autoneum Italy: - 730 employees - Headquarters in Leinì and plants in Desio, Pignataro, Santhià and Vicolungo - Sales volume FY 2012
Slide 7: Highlights Financials
HY1: Highlights Financials Organic growth in all regions • Autoneum’s growth in net sales in local currencies (10.8%) clearly exceeded 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: 55.9 m
Slide 8: 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 9: Agenda
Agenda 1. Introduction and Highlights of HY1 2013 2. Financial Results HY1 2013 3. Outlook Full-Year 2013 and Conclusion 9
Slide 10: HY1: Key figures
HY1: Key figures Continuous progress in financial key figures Mio. CHF Net sales EBIT Net profit Operating cash flows 1’200 60 56 40 60 1’078 51 967 31 881 30 33 800 40 36 30 20 22 400 20 12 0 10 -12 2 0 0 0 -30 HY1 HY1 HY1 HY1 HY1 HY1 HY1 HY1 HY1 HY1 HY1 HY1 2011 2012 2013 2011 2012 2013 2011 2012
Slide 11: Automobile production vs. net sales
HY1: Automobile production vs. net sales Growth in net sales higher than in vehicle production Mio. CHF 73.7 Sales HY1 2012: 966.8 66.1 60.1 Sales HY1 2013: 1’078.0 50.0 462.2 382.6 471.2 487.0 Business Group Business Group SAMEA Asia (without Japan) Business Group +20.9%1 North America +16.9%1 Sout
Slide 12: HY1: Net sales
HY1: Net sales Growth due to gains in market share Mio. CHF • Net sales rose by 11.5% 11.5% to 1’078.0 million CHF 1'200 1’078.0 • Large content per car for 1'000 966.8 high volume models in 880.6 North America and Asia 800 had a positive impact on growth of net sales 600 • Growth due to gains in ma
Slide 13: HY1: Net sales by business group
HY1: Net sales BG NA and Asia: rising share in turnover Mio. CHF • BG North America’s and Sales HY1 2012: 966.8 BG Asia’s share in Sales HY1 2013: 1’078.0 Autoneum’s turnover rising BG SAMEA BG Asia 7% • Progress towards share 6% (7%) parity in turnover of BG (5%) BG Europe Europe and BG NA • BG Eur
Slide 14: HY1: Operating result (EBIT)
HY1: Operating result (EBIT) All Business Groups with positive EBIT Mio. CHF Margin • EBIT margin improved to 5.2% 5.2% of net sales 60 Margin 3.7% 55.9 • All BGs recorded a positive 2.2 Margin 6.2 and improved EBIT 2.5% • Successful implementation 40 36.1 of operating improvements 0.1 5.1 • Counter
Slide 15: HY1: Net profit
HY1: Net profit Net profit and EPS increased strongly CHF million HY1 2013 HY1 2012 • The improved financial result also contributed to Net sales 1'078.0 966.8 the increase in profit EBITDA 90.9 70.3 before taxes from 25.5 to Operating result before 47.4 million CHF interest and taxes (EBIT) 55.9 36
Slide 16: HY1: Balance sheet
HY1: Balance sheet Sound balance sheet CHF million 30.06.13 31.12.12 • Sound and stable balance sheet Total assets 1042.1 952.0 • No goodwill Non-current assets 438.7 434.5 • Non-current assets Net working capital 56.2 45.2 increased as a result of Cash and cash equivalents 76.2 75.3 currency change
Slide 17: HY1: Cash flow
HY1: Cash flow Higher free cash flow CHF million HY1 2013 HY1 2012 • Strong improvement in cash flows from operating Net profit 31.3 12.2 activities due to increased Depreciation / amortization 32.5 32.8 net result +/- Change in net working capital -11.9 -7.6 • Low rise in net working capital, inspi
Slide 18: HY1: RONA
HY1: RONA Significant improvement in value creation 18 • RONA more than tripled 16.6% from HY1 2011 to 16.6% 15 in HY1 2013 • RONA improvement in 12 particular due to enhanced operating result and 9.1% disciplined capital 9 8.7% management WACC 6 • RONA outstripped WACC 5.0% significantly in HY1 201
Slide 19: Agenda
Agenda 1. Introduction and Highlights of HY1 2013 2. Financial Results HY1 2013 3. Outlook Full-Year 2013 and Conclusion 19
Slide 20: Outlook Full-Year 2013 (1)
HY1: Outlook Full-Year 2013 (1) • Heterogeneous and low overall growth in global light vehicle production is likely to continue in HY2 • Market research institutes expect the low point in European demand was reached in HY1 • Autoneum sees good opportunities for exceeding the growth in light vehicle
Slide 21: Outlook Full-Year 2013 (2)
HY1: Outlook Full-Year 2013 (2) • EBIT margin of 5.2% in HY1 should thus be confirmed in HY2 (before one-time expenses) • One-time expenses due to the sale of Autoneum Italy and the potential closure of Dieppe plant in France will impact consolidated results in HY2 by approx. 40 million CHF • Invest
Slide 22: HY1: Conclusion
HY1: Conclusion • Important key step toward adjusting capacity in Europe implemented while focusing on core competences in acoustic and thermal management • Remarkable increase in sales, which once more clearly exceeded that of global light vehicle production • Earnings and cash flow considerably im
Slide 23: Contacts and event calendar
Contacts and event calendar Contact address Investors Media Autoneum Holding AG Urs Leinhäuser Dr. Anahid Rickmann Schlosstalstrasse 43 / P.O. Box CFO and Deputy CEO Head Corporate Communications CH-8406 Winterthur T +41 (0)52 244 82 82 T +41 (0)52 244 83 88 www.autoneum.com investor@autoneum.com me
Slide 24: 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