Opmobility · EURONEXT:OPM
Opmobility — Plastic Omnium — FY2013 Earnings Presentation
33 slides from Opmobility's earnings presentation, Feb 27, 2014
Slide 1: 2013 Financial Results
LEVALLOIS, FEBRUARY 27, 2014 2013 Financial Results Laurent Burelle Chairman and Chief Executive Officer Paul Henry Lemarié Director, Chief Operating Officer Jean-Michel Szczerba Director, Chief Operating Officer
Slide 2: Contents
2013 Financial Results CONTENTS 2013 Highlights 2013 Annual Results Research and Development 2014 Outlook February 27, 2014 2
Slide 3: 2013 Highlights: High Performance
2013 Financial Results 2013 HIGHLIGHTS HIGH PERFORMANCE Revenue : €5,125m +6.6% Operating margin : 7.7% of revenue +17.8% EBITDA : 11.6% of revenue +18.0% Net profit, Group share : €193m + 11.4% Free Cash Flow : €112m 2.2% of revenue Net debt : €355m - €35m February 27, 2014 3
Slide 4: 2013 Highlights: High Performance
2013 Financial Results 2013 HIGHLIGHTS HIGH PERFORMANCE • Growth in revenue • Good utilization rate of industrial facilities • Reduction of the cost base in Europe • Successful restructuring in the Environment division February 27, 2014 4
Slide 5: Reduction in breakeven in Europe
2013 Financial Results 2013 HIGHLIGHTS HIGH PERFORMANCE • Reduction in breakeven in Europe: • Closure of plants in Eisenach (Germany) and Herentals (Belgium) • Competitiveness plan in France in the Trucks business • PO Environment 2013: €15 million savings in 2014 • Continuous quality improvement an
Slide 6: Increase in capex: +30%
2013 Financial Results 2013 HIGHLIGHTS HIGH PERFORMANCE • Increase in capex: +30% • 5 new plants in China up and running • 6 new plants under construction (5 in China, 1 in Russia) • Start of construction of the - Alphatech R&D center and an office complex in Lyon * • Continued generation of Free C
Slide 7: Further improvement in balance sheet ratios
2013 Financial Results 2013 HIGHLIGHTS HIGH PERFORMANCE • Further improvement in balance sheet ratios • Gearing: 38% • Net debt/EBITDA: 0.6x • Inaugural bond issue of €500 million in May 2013 • Coupon: 2.875% • Maturity: 7 years • Unrated, no covenants February 27, 2014 7
Slide 8: Contents
2013 Financial Results CONTENTS 2013 Highlights 2013 Annual Results Research and Development 2014 Outlook February 27, 2014 8
Slide 9: 2013 Revenue by business
2013 Financial Results 2013 REVENUE By business ∆ At constant scope of in M€ 2012 2013 consolidation and in % exchange rates Automotive 4,343.0 4,655.2 +7.2% +10.0% En % du CA 90% 91% Environment 463.2 469.3 +1.3% +1.9% En % du CA 10% 9% Revenue 4,806.2 5,124.5 +6.6% +9.2% February 27, 2014 9
Slide 10: Outperformance vs automobile production by region
2013 Financial Results OUTPERFORMANCE Up 2.9 million 2013 : 82.6 million vehicles +10% * vehicles 2012 : 79.7 million vehicles 2013 Automobile production: +3.5% ; PO revenue North America PO Rev. Western Europe PO Rev. Asia (excl. China) PO Rev. +8% +10% and Rest of world +3% 20 30 18 +5% 14 -3% -1%
Slide 11: 107 Automotive program launches in 2013
2013 Financial Results 107 AUTOMOTIVE PROGRAM LAUNCHES IN 2013 Eastern Europe 13 launches Western Europe incl: New A3 North America 39 launches Up 11 launches Asia incl: Range Sport incl: Dodge Ram Class A, Class B 34 launches Fiat 500 Incl: Buick Excelle Peugeot 2008 Transit Citroën Picasso Teana C
Slide 12: 2013 Revenue
2013 Financial Results 2013 REVENUE • 7.2% increase in Automotive revenue in 2013, +10% at constant scope of consolidation and exchange rates, vs a 3.5% increase in global automotive production • 63% of Automotive revenue generated outside Western Europe (58% for Plastic Omnium Group) * February 27,
Slide 13: 2013 Automotive Revenue
2013 Financial Results 2013 AUTOMOTIVE REVENUE 2013: €4,655m February 27, 2014 13
Slide 14: Statement of Income
2013 Financial Results STATEMENT OF INCOME ∆ in M€ 2012 2013 in % Revenue 4,806.2 5,124.5 +6.6% Operating Margin 335.1 394.6 +17.8% %CA 7.0% 7.7% Automotive 316.3 369.9 +16.9% %CA 7.3% 7.9% Environment 18.8 24.7 +31.4% %CA 4.1% 5.3% EBITDA 505.0 596.1 +18.0% %CA 10.5% 11.6% Financial income and expe
Slide 15: Financial Structure
2013 Financial Results FINANCIAL STRUCTURE in M€ 2012 2013 Revenue 4,806 5,125 Debt at the beginning of the period -471 -390 Funds from operations 474 537 as % of revenue 9.9% 10.5% Taxes and interest paid -107 -120 Capital expenditure -261 -338 as % of revenue -5.4% -6.6% Change in working capital
Slide 16: Financial Structure
2013 Financial Results FINANCIAL STRUCTURE * Operating margin/shareholders’ equity including goodwill February 27, 2014 16
Slide 17: Continuous improvement of safety indicators
2013 Financial Results CONTINUOUS IMPROVEMENT OF SAFETY INDICATORS A division by 5 in 10 years of Tf2 Change in TF2*, 2003-2013 38.90 40,00 35,00 29.02 28.63 30,00 27.51 25,00 21.29 20,00 18.06 13.70 15,00 10.56 10.13 10,00 8.43 7.70 5,00 0,00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 *
Slide 18: Contents
2013 Financial Results CONTENTS 2013 Highlights 2013 Annual Results Research and Development 2014 Outlook February 27, 2014 18
Slide 19: Research and Development 2013 Investments
2013 Financial Results RESEARCH AND DEVELOPMENT 2013 INVESTMENTS Development Center of Lozorno (Slovakia) • 2 new development centers for exterior body parts opened in 2013: • Slovakia: 110 employees • China: 300 employees Development Center of Anting (China) Optimize the performance of automotive p
Slide 20: Research and Development 2013-2014 Capex
2013 Financial Results RESEARCH AND DEVELOPMENT 2013-2014 CAPEX • 1 new research and development center for fuel tank systems: • Construction of -Alphatech started in early 2013, with opening scheduled for late 2014 • Investment: €65 million, 450 employees Aerial view of the future -Alphatech Rese
Slide 21: R&D Weight Reduction: Light Air bumper
2013 Financial Results RESEARCH AND DEVELOPMENT WEIGHT REDUCTION • New bumper concept “LIGHT AIR” BUMPER CONCEPT • Architecture promoting aerodynamics • Increased use of composite materials: 15% weight reduction (-3.5 kg) -3.5g CO2/km February 27, 2014 21
Slide 22: R&D Weight Reduction: new tailgate generation
2013 Financial Results RESEARCH AND DEVELOPMENT WEIGHT REDUCTION NEW TAILGATE GENERATION • Full range of tailgates • SMC, hybrid, all thermoplastic • Clients: PSA, Jaguar Land Rover, Roewe 30% weight reduction (-3 to -9 kg) • Development of a new generation with a carbon structure • -40%/steel • -10
Slide 23: R&D Weight Reduction: composite materials pilot line
2013 Financial Results RESEARCH AND DEVELOPMENT WEIGHT REDUCTION • Pilot line for high-performance composite materials in the -Sigmatech R&D Center • Development of a range of semi- structural and structural parts: • Floor, • Pillars, • Cross members, etc. First order in 2013 of a carbon part, for
Slide 24: R&D Emissions Reduction: SCR system
2013 Financial Results RESEARCH AND DEVELOPMENT EMISSIONS REDUCTION • Development of the SCR system to reduce emissions of diesel vehicles • 2013: 150,000 tanks • 2015: 500,000 tanks 2 million in 2017 February 27, 2014 24
Slide 25: R&D Emissions Reduction: TSBM technology
2013 Financial Results RESEARCH AND DEVELOPMENT EMISSIONS REDUCTION TSBM technology (integration of components during blow-molding) • Weight reduction, low permeability, noise reduction and design optimization • Increases tank capacity for plug-in hybrid vehicles • 2013: 250,000 tanks 2015: 1 millio
Slide 26: Growth potential through innovation
2013 Financial Results RESEARCH AND DEVELOPMENT • Confirmation of growth potential through innovation Revenue of new product lines 2013: €200m 2017: €800m February 27, 2014 26
Slide 27: R&D Environment: 180-liter bin
2013 Financial Results RESEARCH AND DEVELOPMENT ENVIRONMENT • Development of a new 180-liter bin with thin walls 180-liter bin • Weight reduction of 17% or 1.5 kg with thin walls compared with a conventional bin • Reduced cycle time • Enrichment on the range of underground containers • Modular archi
Slide 28: Contents
2013 Financial Results CONTENTS 2013 Highlights 2013 Annual Results Research and Development 2014 Outlook February 27, 2014 28
Slide 29: Further improvement of the market in 2014
2013 Financial Results FURTHER IMPROVEMENT OF THE MARKET Up 2.8 million 2014: 85.4 million vehicles vehicles 2013: 82.6 millions vehicles 2014 Automobile production: +3% North America Asia (excl. China) Western Europe and Rest of the world +4% 16 25 -0% 14 +1% 14 12 20 12 10 23.0 22.9 In € million I
Slide 30: 98 Automotive program launches in 2014
2013 Financial Results 98 AUTOMOTIVE PROGRAM LAUNCHES IN 2014 Eastern Europe 9 launches incl: Logan North America 10 launches Western Europe Macan Asia incl: X5, X6, X3 19 launches 55 launches Yeti incl: Discovery X1 Full electric incl: F-series Mini Citroën Elysée Golf 308, 5008 Peugeot 301 D-Sedan
Slide 31: 2014 Outlook
2013 Financial Results CONCLUSION 2014 OUTLOOK • Stronger performance • Faster innovation • Continued globalization in the BRICs and other new territories • Affirmation of global and regional leadership Confirmation of benchmark profitability in the sector February 27, 2014 31
Slide 32: Stock Market Information
2013 Financial Results STOCK MARKET INFORMATION Shareholders’ meeting on April 30, 2014 • Proposed dividend of €0.33 per share • Payable on May 9, 2014 • Payout ratio of 25% SHARE PRICE • % interest in BURELLE SA increased from 51.7% at end-2001 to 56.1% at end-2013 via the cancellation of shares Fe
Slide 33: 2013 Financial Results
LEVALLOIS, FEBRUARY 27, 2014 2013 Financial Results Laurent Burelle Chairman and Chief Executive Officer Paul Henry Lemarié Director, Chief Operating Officer Jean-Michel Szczerba Director, Chief Operating Officer