Gestamp Automocion S.a. · BME:GEST
Gestamp Automocion — Q1 2021 Earnings Presentation
19 slides from Gestamp Automocion's earnings presentation, May 6, 2021
Slide 1: Q1 2021 Results Presentation
May 6th, 2021 Q1 2021 Results Presentation G-LAB FAMILY FROM THE GESTAMP´S G-LAB PROGRAM
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 31st, 2021. By attending the conference call meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following
Slide 3: Agenda
Agenda Highlights for Q1 2021 Financial Overview Outlook and Remarks © Gestamp 2021 3
Slide 4: Solid Q1 Results Showing Delivery Towards Our Targets
Solid Q1 Results Showing Delivery Towards Our Targets Capturing Market outperformance of 7.9 p.p. Growth on a weighted basis in Q1 (1) Revenues increased by 11.7% on a constant FX Revenues basis EBITDA EBITDA margin improvement of 2.7 p.p. margin vs. Q1 20 up to 12.3% Focused Net Debt broadly flat v
Slide 5: Financial Performance in Q1 2021
Financial Performance in Q1 2021 (In million Euros) Q1 2020 Q1 2021 Total Revenue 2,011 2,108 EBITDA 193 258 EBITDA margin (%) 9.6% 12.3% EBIT 43 112 EBIT margin (%) 2.1% 5.3% Net Income 14 51 Capex (excl. IFRS 16) 146 110 Net debt (excl. IFRS 16) 2,402 2,050 Operating Leases (IFRS 16) 427 432 Q1 20
Slide 6: Automotive Growth Q1 2021 vs. Q1 2020
Automotive Growth Q1 2021 vs. Q1 2020 Gestamp Revenue Growth at Constant FX vs. Market Production Growth in Gestamp Markets Eastern Europe 22,3% NAFTA Western Europe 1,9% 3,6% Market Gestamp 5,0% -2,6% Asia -3,3% Market Gestamp Market Gestamp 41,8% 35,7% Mercosur Market Gestamp 26,3% Total in Q1 202
Slide 7: Outlook for the Auto Market in the Coming Periods
Outlook for the Auto Market in the Coming Periods Quarterly forecast - Supply Chain Disruptions – Semiconductors Semiconductors: Global Light Vehicle Production forecast IHS releases a volume loss of 1.36 Mveh in Q1 expects a solid recovery during H2 (Mveh): and forecasts 1.1 Mveh in Q2 due to Suppl
Slide 8: Transformation Plan – Execution on Track
Transformation Plan – Execution on Track Q1 2019 Q1 2020 Q1 2021 Execution of the first phase of LABEX €411m €404m €372m our Transformation Plan Less project launches and OPEX €283m €260m €258m greenfields Focusing on industrial and 81.9% operational efficiencies 80.3% LABEX + OPEX / 76.0% Starting
Slide 9: Solid Start to the Year Despite Tough Market Conditions
Solid Start to the Year Despite Tough Market Conditions EBITDA Margin Trend (%) Considerations • Strong EBITDA growth and 12.7% 12.5% 12.3% 11.5% 11.6% 12.0% profitability improvement this Q1 11.4% based on 9.6% − Solid top line performance − The impact of the Transformation Plan − The improved oper
Slide 10: Agenda
Agenda Key Highlights for Q1 2021 Financial Overview Outlook and Remarks © Gestamp 2021 10
Slide 11: Asian Market Leading the Recovery in Q1
Asian Market Leading the Recovery in Q1 Revenues (€m) EBITDA (€m) EBITDA Margin (%) Q1 20 Q1 21 Var. (%) Q1 20 Q1 21 Var. (%) Q1 2020 Q1 2021 895 925 3.4 % 69 100 44.0 % Western Europe 7.7% 10.8% Outperformance: 6.2 p.p. Performance at constant FX: 44.2 % 314 342 9.2 % 44 54 21.9 % Eastern Europe 14
Slide 12: Capex Control Still Within Our Top Priorities
Capex Control Still Within Our Top Priorities Reported Capex Breakdown (excl. IFRS 16) (In €m) Capex as % Capex as % Capex as % of revenue of revenue of revenue 9.9% 7.2% 5.2% 200 1.3% 26 146 4.4% 88 1.2% 25 0.9% 110 19 3.0% 61 1.5% 32 4.3% 86 3.0% 60 2.8% 59 Q1 2019 Q1 2020 Q1 2021 Recurrent Growth
Slide 13: Net Debt Reduction in Q1 2021
Net Debt Reduction in Q1 2021 Net debt (excl. IFRS16) Considerations (In €m) • Solid net debt position as of Q1, slightly lower than year end, despite seasonality Q1 2020 FY 2020 Q1 2021 • Continued improvement of our leverage Net Debt (excl. IFRS 16) 2,402 2,058 2,050 ratio to 2.8x (excl. IFRS 16)
Slide 14: Agenda
Agenda Key Highlights for Q1 2021 Financial Overview Outlook and Remarks © Gestamp 2021 14
Slide 15: We Reiterate Our Outlook for 2021
We Reiterate Our Outlook for 2021 Guidance 2021 Revenues Mid-single digit outperformance to the market EBITDA margin EBITDA margin >12% Capex (1) ~ 7% of revenues Net Debt (1) (2) < €2 bn Focus on increasing profitability and FCF generation Note: On a constant FX basis. Excluding the systemic effect
Slide 16: Keeping our Commitments and Preparing for the Future
Keeping our Commitments and Preparing for the Future Working Towards The Gestamp of The Future Keep our R&D investments and focus on strengthening our EV capabilities 2021 Focus on FCF ATENEA Project execution – Transforming Gestamp with special focus on improving the efficiency Continue worki
Slide 17: Closing Remarks
Closing Remarks • Solid performance vs. Q1 2020 and Q1 2019 at all levels of the P&L, despite tough market Q1 2021 conditions Highlights • We continue to implement our Transformation Plan • Improvement of operational issues in specific plants • Lower rate of launches • Cost base improvement, reachin
Slide 18: Save the Date: Capital Markets Day 2021
Capital Markets Day 2021 SAVE THE DATE We will be hosting a Capital Markets Day on June 15th, 2021 © Gestamp 2021 18
Slide 19: Investor Relations
Investor Relations +34 91 275 28 72 investorrelations@gestamp.com www.gestamp.com © Gestamp 2021 © Gestamp 2021 19