Stadler Rail AG · SIX:SRAIL
Stadler Rail — H1 2021 Earnings Presentation
29 slides from Stadler Rail's earnings presentation, Aug 25, 2021
Slide 1: Half-Year 2021 Results
HALF-YEAR 2021 RESULTS STADLER RAIL Peter Spuhler, Executive Chairman and Group CEO a. i., Raphael Widmer, Group CFO 25 August 2021
Slide 2: Representing Stadler Today
REPRESENTING STADLER TODAY Peter Spuhler Raphael Widmer Executive Chairman and Group CEO a. i. Group CFO Stadler half-year results 2021 | © Stadler | 25 August 2021 2
Slide 3: Agenda
AGENDA 1 Peter Spuhler, Executive Chairman Highlights half-year 2021 and Group CEO a. i. 2 Half-year 2021 financial results Raphael Widmer, Group CFO 3 Peter Spuhler, Executive Chairman Summary and outlook and Group CEO a. i. 4 Q&A Stadler half-year results 2021 | © Stadler | 25 August 2021 3
Slide 4: Highlights Half-Year 2021
HIGHLIGHTS HALF-YEAR 2021 STADLER
Slide 5: Half-Year 2021 Key Figures
HALF-YEAR 2021 KEY FIGURES Order intake Order backlog CHF 3.1bn CHF 17.9bn +0%(1) +11%(2) Net revenues EBIT margin CHF 1.4bn 3.5% +52%(1) +3%-pts(1) Free Cash Flow(3) Net profit CHF -41.1m CHF 26.3m +CHF 267.9m(1) +67%(1) (1) Change year-on-year. (2) Change in relation to 31 December 2020 (3) Define
Slide 6: Order Intake Highlights Half-Year 2021
ORDER INTAKE HIGHLIGHTS HALF-YEAR 2021 RENFE SBB LRVs − Swiss operator SBB ordered a − Following an initial order in 2020, − First passenger train order by the further 60 KISS trains from Stadler HEAG mobilo, Germany, increased Spanish operator for 59 high- by exercising an option from an its TINA f
Slide 7: Market Outlook
MARKET OUTLOOK TOTAL OEM AND TARGETED MARKETS 2020 VIEW Stadler’s strategic markets Global rolling Global rolling stock stock Targeted market 1 2 segments 3 Targeted regions OEM market OEM market 2019(1) market size (€Bn) 54 35 27 2014-19(1) CAGR +1.7% +2.2% +4.7% 2019-24(1) CAGR +3.6% +4.4% +2.3% F
Slide 8: Competitive Landscape: Market Share by Region
COMPETITIVE LANDSCAPE MARKET SHARE BY REGION Home markets Opportunistic markets North America: EUR 2.6 bn Europe: EUR 11.9 bn CIS: EUR 4.2 bn Other 7% 12% HS 17% Bombardier Bombardier 19% Stadler (2%) Other Other 28% Alstom 39% 11% 1% 23% Hitachi Rail 5% 6% Siemens 2% 11% 37% 2% 47% MU 13% Stadler (
Slide 9: Competitive Landscape: Global Market Share by Segment
COMPETITIVE LANDSCAPE GLOBAL MARKET SHARE BY SEGMENT EMU/DMU: EUR 9.8 bn Focus segments Locomotives: EUR 7.2 bn Bombardier Southeast Other 23% Asia TMH 18% 17% 1% Other 38% Stadler (1%) 25% 9% RoW 2% 34% Siemens 0% 5% 1% 29% CIS 15% ICF Sinara 8% 64% 10% North America 9% 17% 5% 23% DLW CRRC 12% 6% E
Slide 10: Competitive Landscape: Market Share Europe by Segment
COMPETITIVE LANDSCAPE MARKET SHARE EUROPE BY SEGMENT Home markets Focus segments LRV: EUR 1.5 bn Locomotives: CHF 1.5 bn Bombardier Other Alstom Other Stadler (2%) 10% 18% 30% Stadler (15%) Newag 4% 41% Siemens 5% 5% 16% Vossloh 6% 10% 7% 14% CZ Loko Skoda 12% 23% CAF Alstom Bombardier EMU/DMU: CHF
Slide 11: Half-Year 2021 Financial Results
HALF-YEAR 2021 FINANCIAL RESULTS
Slide 12: Half-Year Results 2021 Summary
HALF-YEAR RESULTS 2021 SUMMARY CHFm Order intake Order backlog Net revenues +0.1% +11% +52% 3’118 3’122 17’872 1’418 16’106 935 H1-20 H1-21 31.12.2020 30.06.2021 H1-20 H1-21 EBIT Net working capital(1) Capital expenditure(2) +9% +2% +CHF 44m 490 96 98 49 450 3.5% 0.5% 5 H1-20 H1-21 31.12.2020 30.06.
Slide 13: Order Intake
ORDER INTAKE CHFm +0.1% 3’118 3’122 278 -77% Others(1) 3% 2% 2% 4% Eastern Europe 1’201 Western Europe 37% 43% 2’843 +48% 1’918 DACH 58% 51% H1-20 H1-21 H1-20 H1-21 Rolling Stock Service & Components Comments − Order intake in the Rolling Stock segment up 48% year-on-year. Service & Components order
Slide 14: Order Backlog by Reporting Segment
ORDER BACKLOG BY REPORTING SEGMENT CHFbn +16% CAGR 17.9 16.1 15.0 4.3 24% 13.2 4.1 26% 2.8 18% 11.0 2.3 17% 9.3 2.0 18% 0.8 9% 13.6 12.3 12.0 10.9 8.5 9.0 31.12.2016 31.12.2017 31.12.2018 31.12.2019 31.12.2020 30.06.2021 Rolling Stock Service & Components % Share of Service & Components Comments − O
Slide 15: Net Revenues
NET REVENUES CHFm +52% 1’418 3% 180 +23% 15% Others(1) 3% 22% 935 4% Eastern Europe 146 Western Europe 35% 1’238 +57% 60% 789 DACH 58% H1-20 H1-21 H1-20 H1-21 Comments − Catch-up of COVID-related delays drives strong recovery in Rolling Stock revenues of 57% year-on-year − Continuous recovery of the
Slide 16: EBIT
EBIT CHFm 200 +CHF 44m 8% 7.0% 7% 150 6% 5.1% 5% 100 4% 3.5% 151 156 3% 50 2% 49 1% 0.5% 0 5 0% H1-20 H2-20 FY-20 H1-21 EBIT EBIT in % of net revenues Comments − Significant step-up of EBIT-margin as a result of higher volumes with catch-up of delayed vehicle homologations and deliveries, counter me
Slide 17: Net Income
NET INCOME CHFm H1-20 H1-21 Change YOY Earnings before interest and taxes (EBIT) 5.0 48.9 870% Financial result 17.7 (25.9) Share of results from associates 0.6 2.6 Ordinary result 23.4 25.6 9.5% Non-operating result (0.8) (0.3) Profit before income taxes 22.6 25.3 12.1% Income taxes (6.9) 1.0 Profi
Slide 18: Net Cash Position
NET CASH POSITION CHFm 929 937 Cash and cash equivalents -1’003 -1’065 Current financial liabilities -534 Non-current financial liabilities -622 -608 ~ -620 -749 31.12.2020 30.06.2021 05.07.2021 Comments − Net cash position as at 30 June 2021 does not include ~CHF130m milestone payment received from
Slide 19: Net Working Capital
NET WORKING CAPITAL Net working capital(1) (CHFm) 450 490 ~360 301 441 ~310 Trade receivables 862 772 Comp. claims from WIP 201 214 Inventories 179 182 Other current assets -317 -199 Work in progress (net) -248 Trade payables -298 -672 Other current liabilities -478 31.12.2020 30.06.2021 05.07.2021
Slide 20: Capital Expenditure
CAPITAL EXPENDITURE CHFm 288 248 57 35 188 14 96 231 98 213 76 174 20 24 55 11 8 65 76 74 48 2016 2017 2018 2019 H1-2020 2020 H1-2021 Investments in tangible assets Investments in intangible assets Comments − Full-year Capex of approx. CHF 200m expected as capacity investment levels begin to stabili
Slide 21: Outlook: Clear Strategy for Bringing Stadler to the Next Level
OUTLOOK: CLEAR STRATEGY FOR BRINGING STADLER TO THE NEXT LEVEL
Slide 22: Clear Strategy for Bringing Stadler to the Next Level
WE HAVE A CLEAR STRATEGY FOR BRINGING STADLER TO THE NEXT LEVEL Stadler sales 2018 Stadler strategy 2023 Signalling Service & Components Service & Components Rolling Rolling Stock Stock Strategic focus Service & Rolling Stock Signalling Components • Market segments • Growing • Establish own Europe u
Slide 23: FY 2021 Financial Guidance Confirmed
FY 2021 FINANCIAL GUIDANCE CONFIRMED Order intake − Between CHF 4.0bn and 5.0bn Net revenues − Between CHF 3.5bn and 3.8bn EBIT-margin − Above 6 % − Capex of around CHF 200m Capex / FCF − Positive Free Cash Flow Dividend − Payout ratio of c. 60% of net income Our 2021 financial guidance is based on
Slide 24: Mid-Term Financial Guidance Confirmed
MID-TERM FINANCIAL GUIDANCE CONFIRMED EBIT-margin − 8 to 9% from 2023 onwards Dividend − Payout ratio of c. 60% of net income Our mid-term financial guidance is based on the assumption that the effects of the COVID-19 pandemic will soon normalise and at constant currency exchange rates. Stadler half
Slide 25: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION
Slide 26: Comprehensive Portfolio
COMPREHENSIVE PORTFOLIO Market segments and vehicle families Order backlog contributions 30 June 2021 Market Reporting segment Type Vehicle families segment Very High 24% Not a strategic focus Speed Rolling Stock Service & Components High Speed 76% Trains Intercity Market segment Regional / Trains S
Slide 27: Reporting Segments
REPORTING SEGMENTS Rolling Stock CHFm H1-20 H1-21 Change Order intake 1’918 2’843 48% (1) Order backlog 11’996 13’595 13% Net revenues (third party) 789 1’238 57% Additions to fixed assets 58 39 -33% (2) Total staff as FTEs 9’066 9’434 4% Service & Components CHFm H1-20 H1-21 Change Order intake 1’2
Slide 28: Information
INFORMATION Share information Investor contact Listing: SIX Swiss Exchange Daniel Strickler Currency: CHF Investor Relations Officer Ticker symbol: SRAIL Phone: +41 71 626 86 47 ISIN: CH0002178181 E-mail: ir@stadlerrail.com Listing date: 12 April 2019 Financial calendar Media contact 15 March 2022:
Slide 29: Disclaimer
DISCLAIMER IMPORTANT NOTICE This presentation (the "Presentation") has been prepared by Stadler Rail AG ("Stadler" and together with its subsidiaries, "we", "us" or the "Group") and includes forward-looking information and statements concerning the outlook for our business. These statements are base