Bajaj Mobility Ag · SIX:BMAG
Bajaj Mobility — PIERER Mobility — Investor Presentation (June 2020)
44 slides from Bajaj Mobility's investor presentation, June 2020
Slide 1: PIERER Mobility AG Company Presentation
PIERER MOBILITY AG THE LEADING EUROPEAN POWERED TWO-WHEELER COMPANY. COMPANY PRESENTATION June 2020
Slide 2: PIERER Mobility AG: Globalization
PIERER Mobility AG: GLOBALIZATION Husqvarna’ MOTORCYCLES BRANDS
Slide 3: Ready to Race
READY TO RACE PURITY PERFORMANCE 3
Slide 4: Husqvarna Motorcycles
G) Husqvarna COOL RI SIMPLE PROGRESSIVE SWEDISH ROOTS
Slide 5: Vibrant & Inviting Spanish Roots
VIBRANT & INVITING SPANISH ROOTS 5
Slide 6: Husqvarna E-Bicycles
HUSQVARNA E- BICYCL SIMPLE PROGRESSIVE SWEDISH ROOTS
Slide 7: The Leading European Powered Two-Wheeler Group
The Leading European Powered Two-Wheeler Group PTW Design, concept development E-Bicycles Powered Two-Wheeler & digitalization Source: PIERER Mobility AG 7
Slide 8: Highlights Business Year 2019
Highlights Business Year 2019 Continuation of strong growth and market share gains KTM and Bajaj agree on KTM Industries AG – Europe’s new electric vehicle Leading Powered Two Wheeler alliance – Development of a Company – was renamed into common 48 volt electric two- wheeler platform in the power PI
Slide 9: Twenty eight years of successful track record
Twenty eight years of successful track record Sales units Sales units CAGR incl. Bajaj 92-19: 15.3% ~ 400,000 BY 2019: 400 000 Sales units CAGR incl. Bajaj 09-19: 15.9% 280,099 units 350 000 ▪ KTM AG: 213,893 units 280,099 Bajaj: 66,206 units 300 000 261,454 ▪ KTM MC: 250 000 234,449 units 200 000 ▪
Slide 10: Revenue and EBIT performance
The Leading European Powered Two-Wheeler Group Revenue and EBIT performance Revenue CAGR 11-19: ~ 13%*) EBIT CAGR 11-19: ~ 18%*) ▪ Bajaj revenues not included in 1800 200 consolidated Consolidated Revenues (in EURm) 1,462.21) 1,520.1 revenues of 1600 180 PIERER 1400 160 Mobility AG 140 1200 ▪ Income
Slide 11: Development of Employees
Development of Employees Pankl PMAG F&E ▪ 160 apprentices 6 000 *) ▪ 37 years average age ▪ 23% female share 5 000 4,368 Flex-time Model 4 000 ▪ great flexibility of time and place 3 000 Improvement of Employee Benefit Program 2,037 2 000 ▪ Digital Intrapreneurship MBA 1 000 ▪ Young Pioneers College
Slide 12: Investments
Investments Facility Investments since 2009 Product Investments since 2009 ~ EUR 250 million ~ EUR 730*) million EXPANSION OF R&D EXPANSION LOGISTICS CENTER MATTIGHOFEN MUNDERFING MOTORSPORT MOTOHALL MUNDERFING MATTIGHOFEN *) R&D gross expenses 12
Slide 13: Retail Registrations - Relevant Market Environment
Retail Registrations - Relevant Market Environment Motorcycles > 120cc Business year 2019 NORTH AMERICA EUROPE MARKET SHARE 420,000 (12 months rolling) Registrations 614,000 Registrations total (-2.7%) (+8.9%) ▪ Europe: 11.8% 40,900 72,600 Registrations KTM & HQV (-20bps) Registrations (+6.9%) KTM &
Slide 14: Wholesale to Dealer Network & General Importers
Wholesale to Dealer Network & General Importers Business year 2019 BY 2019 280,099 units ▪ 2,956 Dealers (2,165 KTM & 791 Husqvarna) ▪ Europe: ~1,200 Dealers ▪ North America: ~ 650 Dealers ▪ India/Indonesia: ~ 500 KTM Dealers ▪ More than 300 dual brand dealers Source: PIERER Mobility AG 14 Wholesale
Slide 15: Motorcycle Growth Driver – Dealers & Showrooms
Motorcycle Growth Driver– Dealers & Showrooms Strong increase in KTM & Husqvarna dealers since 2016 2,956 2,616 791 Flagship Store 674 Wels/Austria Husqvarna dealers KTM dealers 2 165 1 801 # of dealers As of 2020: + 70 new 2016 2019 GASGAS Dealers Source: PIERER Mobility AG 15 Note: Chart includes
Slide 16: Market and Competitive Environment: Ranking
Market and Competitive Environment 12/2019 (cumulated) Positioning and momentum Brand performance Relative market position and momentum Performance ranking by brand Units ranking by brand 2018 2019 Diff. to PY Change 2018 2019 Diff. to PY Change HONDA 165,947 175,956 10,009 6.03% HONDA 165,947 175,9
Slide 17: Global Production Facilities
Global Production Facilities KTM – Husqvarna – GASGAS Production 2019 ▪ Production Sites Austria − 3 production sites & 7 CKD/CBU Mattighofen (HQ) facilities ~159,000 units − No capacity restriction in Chakan factory/India − Transfer of production of Husqvarna model line 401 to Chakan/ India in Q4/2
Slide 18: Cooperation with BAJAJ – stronger increase than planned
Cooperation with BAJAJ – stronger increase than planned Production volume is expected to increase to over 200,000 units over the next years ▪ Stronger increase of sales volume (units) in India than Unit CAGR 17-22: ~17.1% planned ~200 ▪ Transfer of production of Husqvarna model line 401 to ~160 ~50
Slide 19: Joint-Venture with CFMOTO
Joint-Venture with CFMOTO High-end motorcycle market is growing 20% p.a. Joint venture with long-term Chinese partner CFMOTO ▪ CFMOTO is sole distributor for KTM in China ▪ Sales 2019: ~5,200 units ▪ Twin-cylinder platform will be available for CFMOTO and KTM products ▪ Plant ready in 09/2020 ▪ SOP
Slide 20: Performance and Urban E-Mobility
Performance and Urban E-Mobility Zero emission product strategy HUSQVARNA KTM FREERIDE-E KTM SPORT MINI SPORT MINI GASGAS TRIAL ▪ FREERIDE E-XC ▪ SX-E5 ▪ EE 5 ▪ TXE ▪ 16 kW ▪ 2 kW (5 kW Top ▪ 2 kW (5 kW Top ▪ 15 kW Performance) Performance) ▪ Retail price: ▪ Retail price: EUR ~11,290 (incl. ▪ Retail
Slide 21: Performance and Urban E-Mobility
Performance and Urban E-Mobility Zero emission product strategy HUSQVARNA E-BIKES HUSQVARNA E-SCOOTER KTM Sport E-SCOOTER ▪ EXTREME CROSS 9 ▪ HUSQVARNA E-SCOOTER ▪ 250 W ▪ 4 kW / 10 kW ▪ Retail price: EUR ~5,400 ▪ In Development Market launch Market launch On the market 2021 2021/2022 Source: PIERER
Slide 22: Outlook – Strategic Initiatives 2020/2021
Outlook – Strategic Initiatives 2020/2021 ▪ COVID 19 Crisis – will impact 2020 considerably but as a result of the crisis PIERER Mobility anticipates that the two-wheeler will become increasingly important for private transport ▪ Full Integration of HUSQVARNA E-Bicycle division – Expansion of sales
Slide 23: Financials
om ) Husqvarna Husqvarna E-BICYCLES
Slide 24: Simplified Group structure
The Leading European Powered Two-Wheeler Group simplified Group structure as of 31/05/2020 1) Other shareholdings: PF Beteiligungsverwaltungs GmbH 100%; Acstyria Mobilitätscluster GmbH 12,3%; Platin 1483 GmbH 100% Source: PIERER Mobility AG 1) in Implementation 24
Slide 25: Financials
Financials Consolidated profit & loss figures under IFRS1) ▪ Record sales with 280,099 1 motorcycles; 234,449 KTM and in EURm 2017 2018 2019 ∆ 2018/19 45,650 Husqvarna motorcycles Revenues 1,354.1 1,462.2 1,520.1 +4% 1 ▪ 2019: 54% of revenues in Europe; 26% in North America EBITDA 193.1 211.0 240.8
Slide 26: Impact of full consolidation of PEXCO
Financials Impact of the full consolidation of the E-Bicycles unit PEXCO on the key-figures in EURm 2019 2019 before PEXCO after PEXCO Effect of 1 ▪ Positive first-time consolidation effect from the full acquisition of PROFIT AND LOSS the PEXCO GmbH of € 10.4m is included in EBIT and EBITDA consolid
Slide 27: Consolidated balance sheet and cash flow figures
Financials Consolidated balance sheet and cash flow figures under IFRS including Pankl Group 1 ▪ Due to initial application of IFRS 16 “Leases” 2017 2018 2019 ∆ 2018/19 around EUR 39 million were capitalized within in EURm property, plant and equipment Balance sheet total 1,465.2 1,353.9 1,613.9 +19
Slide 28: Effects of first-time full consolidation
Financials Effects of the first-time full consolidation of Australian distributor and E-Bicycles unit PEXCO in FY 2019 2019 Full consolidation effects 2019 BEFORE AFTER Distributor E-Bicycle in EURm acquisitions TOTAL acquisitions Australia PEXCO Balance sheet total 1,428.0 85.3 100.6 185.9 1,613.9
Slide 29: Free Cash Flow and Net Debt
Financials Free Cash Flow and Net Debt including Pankl Group in EURm 2018 2019 Chg. EBITDA (continued) 211.0 240.8 29.8 EBITDA (discontinued – Pankl) 41.5 0.0 -41.5 Net debt Net debt 1.1.2019 Net debt + / - Interest receipts and payments -14.8 -12.4 2.4 31.12.2018 (incl. IFRS 16) 31.12.2019 - Taxes
Slide 30: Appendix
om ) Husqvarna’ Husqvarna MOTORCYCLES z E-BICYCLES
Slide 31: Market and Competitive Environment
Market and Competitive Environment Overall trends in market size and share Motorcycle registrations and market shares as of 31/12/2019 (12 months rolling) ▪ KTM Industries continues to gain market share in the US. These gains are mainly driven by the addition of Husqvarna to the KTM platform ▪ Despi
Slide 32: Market and Competitive Environment 12/2019
Market and Competitive Environment 12/2019 (cumulated) Overall trends in market size and share Motorcycle registrations and market shares by region 2019 December C Total registrations KTM + Husqvarna registrations KTM + Husqvarna market share ▪ Strong increase in Europe, 2018 2019 Diff. to PY 2018 2
Slide 33: Electric Powered 2-Wheelers: Legal Classification
Electric Powered 2-Wheelers Legal Classification LOW VOLTAGE HIGH VOLTAGE (48 Volt) Category (Technical & Electric Bicycle L1e-B L3e-A1 L3e-A2, L3e-A3 Performance) Moped up to 50cc Motorcycle/Scooter Motorcycle/Scooter up to 125cc Maximum 250 W 2-4 kW 4-11 kW >10 - 35 kW Performance (rated) Maximum
Slide 34: KTM Product Portfolio
KTM Product Portfolio 234,449 Units in 2019* SUPERMOTO / DUAL PURPOSE PERFORMANCE E-MOBILITY MOTOCROSS / ENDURO ADVENTURE / TRAVEL SUPERSPORT NAKED Source: PIERER Mobility AG | *~280,099 total units sold in 2019, thereof 234,449 KTMs 34
Slide 35: HUSQVARNA Product Portfolio
HUSQVARNA Product Portfolio 45,650 Units in 2019* URBAN E-MOBILITY MOTOCROSS / ENDURO BICYCLE / SCOOTER SUPER MOTO EXPLORER NAKED Source: PIERER Mobility AG | *~280,099 total units sold in 2019, thereof 45,650 Husqvarnas 35
Slide 36: GASGAS Product Portfolio
GASGAS Product Portfolio OFFROAD OFFROAD FULL-SIZE E-MOBILITY KIDS/JUNIOR MOTOCROSS TRIAL ENDURO 36
Slide 37: KTM Product Portfolio - Street and E-Mobility
KTM Product Portfolio - STREET and E-MOBILITY ADVENTURE SUPERMOTO Performance NAKED SPORT TRAVEL DUAL-PURPOSE E-MOBILITY 1290 690/790/890 FREERIDE E 4 - 18kW FREERIDE E Light A1 490 FREERIDE E AM 125/250 390 SPORT MINI E ADVENTURE SMC R/SM R SM T / ENDURO R DUKE RC 37
Slide 38: KTM Product Portfolio - Offroad
KTM Product Portfolio - OFFROAD 300 EXC and 350 EXC-F SPECIAL EDITIONS 250 & 450 SX-F SPECIAL EDITIONS 500 EXC-F 500 EXC-F SIX DAYS SPORT MINICYCLES 14 YEARS ENDURO SIX DAYS 450 SX-F 450 EXC-F 450 EXC-F SIX DAYS SPORT MINI-E 85 SX 19/16 MOTOCROSS ENDURO SX-E15 350 SX-F 350 EXC-F 350 EXC-F SIX DAYS 8
Slide 39: HUSQVARNA Product Portfolio - Street & E-Mobility
HUSQVARNA Product Portfolio – STREET & E-MOBILITY SUPERMOTO TRAVEL NAKED URBAN E -MOBILITY DUAL-PURPOSE SUPER MOTO / ENDURO 901 E-SCOOTER E-BICYCLE EXPLORER 701 CLASSIC NAKED 501 501 501 125/250/401 250/401 125/250/401 up to 11kW 39
Slide 40: HUSQVARNA Product Portfolio - Offroad
HUSQVARNA Product Portfolio - OFFROAD FE 501 14 YEARS SPORT E-MINICYCLES FC 450 ROCKSTAR EDITION FE 450 Special Edition TC 85 19/16 SPORT MINICYCLES MOTOCROSS FC 450 FE 350 TE 300i TC 85 17/14 ENDURO 5++k W FC 350 FE 250 TE 250i TC 65 5+kW FC 250 TC 250 TE 150i TC 50 3 5kW TC 125 Electric Freeride T
Slide 41: GASGAS Product Portfolio
GASGAS Product Portfolio OFFROAD OFFROAD FULL-SIZE E-MOBILITY 300 GP 350 4T Supermoto 450 4T 300 250 4T ENDURO 250 KIDS/JUNIOR Enduro 250 4T MOTOCROSS 300 2Ti TRIAL 125 125 2T Trial 250 2Ti Electric TXE 41
Slide 42: Data sources for motorcycles market information
Appendix Data sources for motorcycles market information and intelligence Sources by market Europe Reported countries: AT, BE, CH, DE, DK, ES, FI, FR, IT, NO, SE, UK Data source: National data providers Motorcycles: >120cc & electric, no MX available North America Data source: MIC (US), MMIC (CA) Mo
Slide 43: Disclaimer
Disclaimer This document is for information purposes only and shall not be treated as giving any investment advice and/or recommendation whatsoever. This presentation and any information (written or oral) provided to you does not constitute an offer of securities, nor a solicitation for an offer of
Slide 44: Management team & contact details
Management team & contact details Contact details PIERER Mobility AG PIERER Mobility AG Stefan Pierer Edisonstrasse 1 ▪ CEO ▪ DI 4600 Wels Austria Friedrich Roithner www.pierermobility.com ▪ CFO ▪ Mag. Hubert Trunkenpolz Mag. Michaela Friepess, IR ▪ CMO E-mail: ir@pierermobility.com ▪ Mag. Ing. Phon