Autoneum Holding AG · SIX:AUTN
Autoneum — FY2023 Earnings Presentation
30 slides from Autoneum's earnings presentation, Mar 13, 2024
Slide 1: 2023 Annual Results Conference
March 13, 2024 2023 Annual Results Conference Autoneum. Mastering sound and heat.
Slide 2: Agenda
Agenda 1. Business year 2023 Eelco Spoelder, CEO 2. Financial results 2023 Bernhard Wiehl, CFO 3. Strategic priorities Eelco Spoelder, CEO 4. Outlook 2024 Eelco Spoelder, CEO 2023 Annual Results . March 13, 2024 2
Slide 3: 2023 Highlights: We delivered on all our promises
2023 Highlights We delivered on all our promises +34.8% CHF 99.2 million Autoneum committed Proposed Innovation Revenue growth EBIT to three key priorities dividend leadership in local currencies excluding one-time effects 1. Significant progress in Dividend of CHF 2.50 Automotive Acoustics Europe p
Slide 4: Expanding position as global market leader
Business development Expanding position as global market leader Global market leader of sustainable acoustic and thermal management solutions for vehicles 25 66 Acquisition of Business Unit Significantly larger Represented 66 production facilities Borgers Automotive Commercial Vehicles than the majo
Slide 5: Successful turnaround with a positive EBIT before one-time effects
Turnaround North America Successful turnaround with a positive EBIT before one-time effects EBIT before one-time effects EBIT Achievements CHF million margin 15 –0.1 1.3% • Inflation compensation through sales price adjustments 10 EBIT • Revenue growth in local currencies by 17.4% margin 11.7 5 year
Slide 6: Borgers acquisition: Successful organizational integration
Borgers acquisition Successful organizational integration Launch of integration process under the slogan 1 "Together we are stronger” First focus on sales and purchase departments to exploit 2 commercial synergies Highly complementary product, 3 technology and customer portfolio 4 Cross-selling init
Slide 7: Well-balanced customer portfolio
Split of revenue 2023 Well-balanced customer portfolio Autoneum’s strength is its diversified customer portfolio. Share of BG Europe increased from 34% to 46%. Increased revenue share with commercial vehicle segment. Share of BG North America decreased from 44% to 39%. 2023 Annual Results . March 13
Slide 8: Important steps toward a sustainable future
Corporate Responsibility Important steps toward a sustainable future Validation of the ambitious science-based emission 168 Implementation of reduction targets 168 eco-efficiency Gold medal in projects on energy, the 2023 EcoVadis waste and water sustainability rating 74% of plants certified accordi
Slide 9: Agenda
Agenda 1. Business year 2023 Eelco Spoelder, CEO 2. Financial results 2023 Bernhard Wiehl, CFO 3. Strategic priorities Eelco Spoelder, CEO 4. Outlook 2024 Eelco Spoelder, CEO 2023 Annual Results . March 13, 2024 9
Slide 10: Key figures Overview
Key figures Overview CHF million 2022 2023 Change Revenue 1804.5 2 302.3 497.8 EBITDA 152.1 289.2 137.1 in % of revenue 8.4% 12.6% EBITDA excl. one-time effects 157.7 226.3 68.7 in % of revenue 8.7% 9.8% EBIT 35.4 106.9 71.5 in % of revenue 2.0% 4.6% EBIT excl. one-time effects 41.0 99.2 58.3 in % o
Slide 11: Positive revenue development supported by inorganic growth
Revenue development Positive revenue development supported by inorganic growth CHF million 81.2 9.1 −20.5 −129.4 Inorganic growth 427.6 +27.6% 26.6 0.2 Organic 57.0 2 431.7 −11.6 growth 57.4 +7.2% 2 302.3 1 804.5 Revenue BG Europe BG North BG Asia BG SAMEA Corporate Inorganic/ Revenue Currency Reven
Slide 12: EBIT excluding one-time effects significantly improved
Operating result (EBIT) development EBIT excluding one-time effects significantly improved CHF million Margin Margin Margin 1.3% 10.9% 15.5% Margin Margin 4.6% 4.3% 7.6 −5.0 −3.1 −15.0 Margin 41.5 4.3% Margin 2.3% 39.9 99.2 106.9 41.0 EBIT excl. BG Europe BG North BG Asia BG SAMEA Corporate and EBIT
Slide 13: One-time effects 2023
Operating result (EBIT) One-time effects 2023 CHF million HY1 2023 HY2 2023 FY 2023 Bargain purchase gain Borgers Automotive 109.1 −6.4 102.7 Acquisition- and integration-related costs −3.9 −1.2 −5.1 Impairment of tangible assets BG North America −52.0 − −52.0 Restructuring and related events BG Eur
Slide 14: Significant increase in net result
Net result Significant increase in net result CHF million 13.2 −10.4 −18.2 −3.2 68.7 61.1 10.9 Net result Δ Δ Δ Δ Δ Net result 2022 EBITDA excl. One-time Depreciation, Financial Income 2023 one-time effects effects, net amortization & result taxes impairment excl. one time effects 2023 Annual Result
Slide 15: Considerable increase in profitability and net profit
Income statement Considerable increase in profitability and net profit • Significant increase in basic earnings CHF million 2022 2023 Change per share due to improved net result attributable to Autoneum shareholders Revenue 1804.5 2 302.3 497.8 • Net result attributable to non- EBITDA 152.1 289.2 13
Slide 16: Boosted free cash flow excluding acquisition effects
Cash flow statement Boosted free cash flow excluding acquisition effects • Improved operating cash flow due to CHF million 2022 2023 Change increased net result, supported by reduction in net working capital of Cash flows from operating activities 94.5 190.3 95.9 CHF 42.7 million Cash flows used in
Slide 17: Substantial improvement of equity ratio and net debt
Balance sheet Substantial improvement of equity ratio and net debt • Increased level of total assets mainly CHF million 31.12.2022 31.12.2023 Change Acquisition* due to the acquisition of Borgers Automotive (blue column) Total assets 1471.9 1 671.2 199.2 371.4 Non-current assets (excl. leased • Sign
Slide 18: Agenda
Agenda 1. Business year 2023 Eelco Spoelder, CEO 2. Financial results 2023 Bernhard Wiehl, CFO 3. Strategic priorities Eelco Spoelder, CEO 4. Outlook 2024 Eelco Spoelder, CEO 2023 Annual Results . March 13, 2024 18
Slide 19: Level Up One 6-8 strategy program: Clear priorities and progress
Level Up One 6-8 strategy program Clear priorities and progress Business Group Strong start with Stronger Targeted Cross-selling North America positive performance compensation initiatives achieved significant contribution compared achieved in all Develop sales improvements in from Day 1 to 2022 due
Slide 20: Sustain the turnaround in 2024
Turnaround North America Sustain the turnaround in 2024 1 Launch our new projects to boost profitability 2 Confirm the transition into continuous improvement mode within all plants Next 3 Continue to fully integrate the former Borgers plants in Norwalk and Duncan steps 4 Actively drive new customer
Slide 21: Accelerate business growth in Asia
Grow Asia Accelerate business growth in Asia Focus and achievements in 2023 Next steps and projects in 2024 • Increased customer roadshows at local • Expanding production capacities in China and India Chinese car manufacturers • From the end of 2024, the new plant in Changchun, China, will ramp up p
Slide 22: Supporting profitable growth through a broader offering
Business unit commercial vehicles Supporting profitable growth through a broader offering New Mobility • Flame shields Engine bay Interior • Engine and gearbox encapsulations • Body-mounted parts Interior trim • Headliners • Side and rear panels • (Heated) floor mats • Consoles • Cockpit trim Under
Slide 23: BEV revenue expected to outperform BEV market share
E-mobility in focus BEV revenue expected to outperform BEV market share Global BEV powertrain forecast* 2022 – 2028 (million units) • Awarded business with BEV is Autoneum revenue share on BEV targeted to increase, with interior floor Global electric market share business being the major driver Glob
Slide 24: Potential with new product developments
New Mobility Potential with new product developments Cabin thermal comfort Battery E-motor electromagnetic shields encapsulations Thermal management launched awarded of vehicle battery Battery housing Di-electric flame Under battery Frunk shields shields awarded in development awarded Available In i
Slide 25: Agenda
Agenda 1. Business year 2023 Eelco Spoelder, CEO 2. Financial results 2023 Bernhard Wiehl, CFO 3. Strategic priorities Eelco Spoelder, CEO 4. Outlook 2024 Eelco Spoelder, CEO 2023 Annual Results . March 13, 2024 25
Slide 26: Flat market trend expected in 2024
Light vehicle production forecast Flat market trend expected in 2024 • 2019 volumes were exceeded in 2023 • Minor overall decline expected by 0.4%* in 2024 Yearly global automobile production • Market with minor decline in Europe and RoW and minor increase in North America and China million units +9
Slide 27: Guidance 2024
Guidance 2024 Revenue Profitability and free cash flow Based on the forecast market development1, The Company expects an EBIT margin of Autoneum anticipates revenue of 4.5% to 5.5% and a free cash flow in the high CHF 2.3 to 2.5 billion for the 2024 financial year. upper double-digit million range f
Slide 28: 2023 Annual Results . March 13, 2024
2023 Annual Results . March 13, 2024 28
Slide 29: Contacts and event calendar
Contacts and event calendar Investors and Financial Analysts Media Contact address Bernhard Weber Claudia Güntert Autoneum Holding Ltd Head Financial Services & IR Head Corporate Communications Schlosstalstrasse 43 / P.O. Box CH - 8406 Winterthur T +41 52 244 82 07 T +41 52 244 83 88 investor@autone
Slide 30: Disclaimer / Legal Note
Disclaimer / Legal Note 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 liabi