Grammer Ag · XETR:GMM
Grammer — H1 2020 Earnings Presentation
20 slides from Grammer's earnings presentation, Aug 13, 2020
Slide 1: Financial Results H1 2020
Financial Results H1 2020 Ursensollen, August 13, 2020 © GRAMMER AG 2020
Slide 2: COVID-19 Pandemic: Current State @ GRAMMER
COVID-19-PANDEMIC CURRENT STATE @ GRAMMER The protection of our employees through extensive hygiene measures was (and remains) a priority for us right from the start of the Coronavirus outbreak Short-time working in Germany and comparable measures in all other countries have been promptly implemente
Slide 3: Business Development H1 2020 Summary
BUSINESS DEVELOPMENT H1 2020 SUMMARY Group revenue declined by 30% to EUR 736 million in the first half of 2020 Market declines heavily accelerated by COVID-19 effects; most severe impact in Europe and North America First positive market signals in the second quarter: China close to pre-crisis level
Slide 4: Market Development Light Vehicles
MARKET DEVELOPMENT LIGHT VEHICLES GRAMMER IN LINE WITH MARKET TREND IN ALL REGIONS – STRONG PERFORMANCE IN APAC IN Q2 AMERICAS EMEA APAC [in %] [in %] [in %] Market Market Market Market Market Market +9% -11% -10% -14% -18% -25% -30% -29% -56% -73% -72% -64% Q1 2020 Q2 2020 Q1 2020 Q2 2020 Q1 2020 Q
Slide 5: Market Development Commercial Vehicles
MARKET DEVELOPMENT COMMERCIAL VEHICLES GRAMMER OUTPERFORMS GLOBALLY AMERICAS EMEA APAC [in %] [in %] [in %] Market Market Market Market Market Market +9% -18% -20% -14% -13% -25% -17% -40% -37% -27% -58% -72% Q1 2020 Q2 2020 Q1 2020 Q2 2020 Q1 2020 Q2 2020 Market: July’20 LMC Production [for Truck o
Slide 6: Revenue by Region
REVENUE BY REGION DECLINES IN ALL REGIONS WITH IMPROVEMENTS IN APAC AMERICAS EMEA APAC [in m. €] [in m. €] [in m. €] 19% 25% 56% Closure of production sites in the Americas and EMEA region from -30.9% mid March up to mid June* Economic development in EMEA -39.3% 595.2 reached lowest level in April 4
Slide 7: Revenue by Segments
REVENUE BY SEGMENTS BOTH SEGMENTS AFFECTED BY COVID-19 AUTOMOTIVE COMMERCIAL VEHICLES SHARE OF GROUP REVENUE [in m. €] [in m. €] [in %] -33.0% Commercial Vehicles 31% Automotive 745.0 H1 69% 2019 499.1 -22.8% 332.2 256.6 Commercial Vehicles 34% H1 H1 H1 H1 H1 Automotive 2019 2020 2019 2020 2020 66%
Slide 8: Financials H1 2020
FINANCIALS H1 2020 REVENUE AND EBIT AFFECTED BY COVID-19 REVENUE EBIT OPERATING EBIT [in m. €] [in m. €] [in m. €] 4.8% -7.2% 4.8% -6.2% 1,052 735.8 50.1 50.2 -53.0 -45.7 H1 H1 H1 H1 H1 H1 2019 2020 2019 2020 2019 2020 EBIT affected by 30% volume decline in H1 with a significant impact of -46% in Q2
Slide 9: Automotive
GRAMMER AUTOMOTIVE REVENUE DECLINE DUE TO CUSTOMER PRODUCTION STOPS REVENUE EBIT OPERATING EBIT [in m. €] [in m. €] [in m. €] 3.8% -12.6% 3.6% -11.6% 745.0 499.1 66% 28.4 27.1 -57.9 -62.9 H1 H1 H1 H1 H1 H1 2019 2020 2019 2020 2019 2020 EBIT affected by 32% volume decline in H1 - strong volume declin
Slide 10: Commercial Vehicles
GRAMMER COMMERCIAL VEHICLES OPERATING EBIT MARGIN AT 5.7% REVENUE EBIT OPERATING EBIT [in m. €] [in m. €] [in m. €] 9.8% 5.0% 9.7% 5.7% 332.2 32.5 32.3 256.6 14.5 12.8 66% H1 H1 H1 H1 H1 H1 2019 2020 2019 2020 2019 2020 Decline in revenue of 23% in H1; significant impact on revenues in Q2 of 30% and
Slide 11: Investments and Employees
INVESTMENTS AND EMPLOYEES LOWER CAPEX SPENT AND REDUCED NUMBER OF EMPLOYEES INVESTMENTS EMPLOYEES EMPLOYEES [in m. €] [reporting date, without temps] [number, average, without temps] 14,946 14,995 14,465 14,023 56.0 31.8 H1 H1 30/06/19 30/06/20 H1 H1 2019 2020 2019 2020 Investments focused on key pr
Slide 12: Financial Position
FINANCIAL POSITION SECURED LIQUIDITY NET FINANCIAL DEBT GEARING EQUITY [in m. €] [in %] [in m. €] 23% 21% 392.5 331.7 292.5 252.6 66% 134 76 H1 H1 H1 H1 H1 H1 2019 2020 2019 2020 2019 2020 Well-balanced medium- / long-term maturity profile and a diversified mix of financing instruments Hybrid loan f
Slide 13: Securing the Group's Medium- to Long-Term Financing
GRAMMER GROUP SECURING THE GROUP’S MEDIUM-TO LONG-TERM FINANCING Increase of the existing syndicated loan by EUR 235 million with a new Tranche C In addition to GRAMMER’s core banks, KfW is also participating as a direct lender under the KfW Corona Special Program #855 Dividend will be suspended dur
Slide 14: Highlights of the Annual General Meeting
GRAMMER GROUP HIGHLIGHTS OF THE ANNUAL GENERAL MEETING Virtual Annual General Meeting of GRAMMER AG on July 8, 2020 GRAMMERs Annual Shareholder Meeting elects new Supervisory Board: Alfred Weber taking over as Chairman of the Supervisory Board New authorized capital (2020) approved to improve equity
Slide 15: Customer Highlights
GRAMMER GROUP CUSTOMER HIGHLIGHTS GRAMMER is the new Strategic Seating GRAMMER’s MSG 90.6 Supplier of the Global Forklift Platforms Truck Seat enjoying for Hyster-Yale Group, Inc. huge success in China Copyright 2020 GRAMMER AG - Presentation Interim Financial Report August 13, 2020 Page 15
Slide 16: Outlook
GRAMMER GROUP OUTLOOK GUIDANCE SUSPENDED DUE TO UNCERTAINTIES RESULTING FROM COVID-19 The Executive Board had already communicated that prior expectations on the development of the fiscal year 2020 are not valid anymore due to the global COVID-19 pandemic. As the impact of this pandemic on the globa
Slide 17: Legal Disclaimer
GRAMMER GROUP LEGAL DISCLAIMER By attending the presentation to which this document relates or by accepting this document and not immediately returning it, you agree to be bound to the following limitations: This presentation and the topics addressed therein have been compiled for discussion purpose
Slide 18: Back-up Information
Back-up Information © GRAMMER AG 2020
Slide 19: Back-up H1 2020: Share Price and Share Data
GRAMMER GROUP BACK-UP H1 2020 GRAMMER share price in €, December 31, 2015 until June 30, 2020 60 40 20 0 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Selected Broker Recommendations Top Shareholders Basic Share D
Slide 20: Development H1 2020
GRAMMER GROUP DEVELOPMENT H1 2020 [IFRS, in € million] H1 - 2020 H1 - 2019 Q2 - 2020 Q2 - 2019 Chg. Group Revenue 735.8 1,051.5 280.9 517.4 -45.7 % EBITDA -10.4 91.3 -29.9 47.1 -163.5 % EBITDA Margin in % -1.4 8.7 -10.6 9.1 -19.7 %-points EBIT -53.0 50.2 -50.9 26.2 294.5 % EBIT Margin in % -7.2 4.8