Gestamp Automocion S.a. · BME:GEST
Gestamp Automocion — Q1 2017 Earnings Presentation
23 slides from Gestamp Automocion's earnings presentation, May 9, 2017
Slide 1: Presentation of Q1 2017 Results
Presentation of Q1 2017 Results May 9th, 2017 © Gestamp 2017
Slide 2: Disclaimer
Disclaimer This presentation has been prepared solely for use at this presentation of our results as of and for the quarter ended March 31, 2017. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This
Slide 3: Agenda
Agenda Key Highlights for Q1 2017 Financial Overview Outlook for 2017 © Gestamp 2017 3
Slide 4: Key Highlights of Q1 2017
Key Highlights of Q1 2017 • On April 7th, Gestamp successfully completed its Initial Public Offering on the Madrid, Barcelona, Bilbao and Valencia stock exchanges • Gestamp has continued to build on its long standing growth trend during the first quarter of 2017 vs. Q1 2016 and continues to outperfo
Slide 5: Gestamp’s Strong Financial Performance in Q1 2017
Gestamp’s Strong Financial Performance in Q1 2017 (In € MM) Q1 2016 Q1 2017 %Δ (1) Total Revenue 1,806 2,096 +16.1% (1) EBITDA 192 222 +15.4% EBITDA margin (%) 10.7% 10.6% -6bps EBIT 99 120 +20.5% EBIT margin (%) 5.5% 5.7% +21bps Net Income 41 55 +33.2% Net debt 1,629 1,980 (1) Revenue at constant F
Slide 6: Global Auto Market Update
Global Auto Market Update • Global light vehicle production grew by 5.8% during Q1 2017 (vs. Q1 2016) with all regions in which Gestamp is present growing at above 3% growth rates − Growth mainly driven by strong production in South America (+19.0%), Eastern Europe (11.1%) and Asia (+5.3%) • The OEM
Slide 7: Automotive Growth Q1 2017 vs. Q1 2016
Automotive Growth Q1 2017 vs. Q1 2016 Gestamp Revenue Growth vs. Market Production Growth in Gestamp’s Footprint Eastern Europe NAFTA 28.8% Western Europe 10.8% 7.9% 3.4% 16.5% Market Gestamp 3.5% Market Gestamp Market Gestamp Asia 6.7% 5.0% Mercosur 51.1% Market Gestamp Total in Our Footprint 19.1%
Slide 8: Project and Expansion Overview
Project and Expansion Overview • Relevant additions to our global footprint: • Entry into Japan with our hot stamping technology, announcing the start of construction of our first plant • Gestamp’s first hot stamping facility in Pune (India) • Acquisition of a plant in Romania, adding the country to
Slide 9: Strong Financial Performance
Strong Financial Performance EBITDA Net Income Considerations + €30m + €14m • EBITDA experienced a €30m increase vs. Q1 2016, representing a 17.9% growth (excluding FX effect) €222m €55m €41m €192m • Strong Net Income growth with a 33.2% increase vs. Q1 2016 Q1 2016 Q1 2017 Q1 2016 Q1 2017 EBITDA Ma
Slide 10: Agenda
Agenda Key Highlights for Q1 2017 Financial Overview Outlook for 2017 © Gestamp 2017 10
Slide 11: Revenue and EBITDA Summary Overview
Revenue and EBITDA Summary Overview Considerations (In € MM) • Revenue growth of 16.1% or 16.8% at 2,096 constant FX reaching € 2,096 million 1,806 − Growth across all regions, especially Mercosur, Eastern Europe and Western Revenue Europe − Higher tooling revenue than in Q1 2016 Q1 2016 Q1 2017 • S
Slide 12: Western Europe Financial Overview
Western Europe Financial Overview Considerations (In € MM) • Revenue grew by 16.5% or 18.7% on a constant FX basis 1,100 945 − Higher volume in Spain and Germany and ramp up of new PSA programs in France Revenue − Higher tooling revenues • EBITDA grew by 22.6% or 25.2% on a Q1 2016 Q1 2017 constant
Slide 13: Eastern Europe Financial Overview
Eastern Europe Financial Overview Considerations (In € MM) • Revenue grew by 28.8% or 33.0% on a constant FX basis 224 − Strong activity in all countries in 174 particular in Poland, as a result of ramp Revenue up of new Crafter project, and in Turkey − Incorporation of company acquired in Romania i
Slide 14: NAFTA Financial Overview
NAFTA Financial Overview Considerations (In € MM) • Revenue grew by 7.9% − Solid growth of Mexican plants as a result 393 of ramp ups (VW Tiguan, Audi Q5, and Jeep Compass) Revenue 364 − Higher volumes of existing programs − Higher tooling sales Q1 2016 Q1 2017 Growth at constant FX: 7.9% • EBITDA g
Slide 15: Mercosur Financial Overview
Mercosur Financial Overview Considerations (In € MM) • Revenue grew by 51.1% or 31.6% on a constant FX basis (tailwind from Brazilian Real) 117 − Increase of production in both countries, Revenue 77 especially in Brazil − Strong volume growth across customers Q1 2016 Q1 2017 • EBITDA grew by 77.7% o
Slide 16: Asia Financial Overview
Asia Financial Overview Considerations (In € MM) • Revenue grew by 6.7% or 6.1% on a constant FX basis 263 − Volume increases in South Korea and in China Revenue 246 − Ramp up of new programs such as in Shenyang with BMW and Daimler Q1 2016 Q1 2017 • EBITDA grew by 3.7% Growth at constant FX: 6.1% −
Slide 17: Capital Expenditure Overview Q1 2017
Capital Expenditure Overview Q1 2017 Capex Breakdown Considerations (In € MM) • Full year capex targets unchanged • Investments within Budget and according to expectations Total % of revenues 10.7% 225 • Capital expenditure during first quarter has been more (3) Intangible Capex 16 0.8% than the qua
Slide 18: Net Financial Debt and Liquidity Position
Net Financial Debt and Liquidity Position Net Financial Debt Liquidity Position (In € MM) 2016A Q1 2017 (In € MM) 2016A Q1 2017 Interest-bearing loans and borrowings 1,967.6 2,303.8 Cash and cash equivalents 430 433 Financial leasing 33.6 33.0 Revolving credit facility 280 280 Borrowings from group
Slide 19: Agenda
Agenda Key Highlights for Q1 2017 Financial Overview Outlook for 2017 © Gestamp 2017 19
Slide 20: Outlook for 2017
Outlook for 2017 Guidance 2017 (1) Revenues Revenue growth of 7-9% EBITDA EBITDA growth 9-11% Capex Capex to remain c.9% of revenues < 2.0x Leverage Net debt / EBITDA Dividend Pay-out ratio: c.30% of Net Income FY 2017 Guidance on Track to Achieve Midterm Targets (1) At constant FX © Gestamp 2017 20
Slide 21: Closing Remarks
Closing Remarks • Overall Q1 2017 was a positive quarter with healthy growth and we continue to outperform the market by more than 3x • Growth has been driven by good performance of existing programs as well as the start of production and ramp up of new projects in which we have been investing • Suc
Slide 22: Financial Calendar
Financial Calendar May 9th, 2017 • Results, Q1 2017 results announcement July 25th, 2017 • Results, Q2 2017 results presentation October 26th, • Results, Q3 2017 results presentation 2017 © Gestamp 2017 22
Slide 23: www.gestamp.com
www.gestamp.com © Gestamp 2017 Investor relations Phone: +34 91 275 28 72 Email: investorrelations@gestamp.com Web: www.gestamp.com © Gestamp 2017