Autoneum Holding AG · SIX:AUTN
Autoneum — H1 2019 Earnings Presentation
40 slides from Autoneum's earnings presentation, August 2019
Slide 1: IR Presentation, August 2019
Dr Martin Zwyssig, CFO IR Presentation, August 2019 Autoneum. Mastering sound and heat.
Slide 2: Agenda
Agenda 1. Autoneum at a glance 2. Highlights and financial results Half-Year 2019 3. Outlook Full Year 2019 4. New Mobility trends IR Presentation . August 2019 2
Slide 3: Autoneum in a nutshell
Who we are Autoneum in a nutshell IR Presentation . August 2019 3
Slide 4: At a glance
About Autoneum At a glance Highlights 2018 Stock listed Represented in New measurement system: New plants in China company (SIX 25 countries Carpet Cleanability Analyzer and Hungary Swiss Exchange) Around 13 000 years employees worldwide 55 production facilities Tool and mold Ten electric vehicle wo
Slide 5: Focus on future mobility
Strategic orientation Focus on future mobility Strategic priorities Strategic focus areas 2025 Accelerate Asia Innovate for new mobility Drive digitalization Advance sustainability IR Presentation . August 2019 5
Slide 6: Group Executive Board
Organization Group Executive Board Martin Hirzel Dr Martin Dr Alexandra Greg Sibley Andreas Kolf Fausto Bigi Zwyssig Bendler CEO CFO Head Head BG Head BG Asia Head BG Europe North America BG SAMEA IR Presentation . August 2019 6
Slide 7: Our products
Leading in acoustic and heat management Our products Engine bay Body • Engine encapsulations treatment • Hoodliners and outer • Dampers dashes • Stiffeners • Engine and battery covers Interior floor • Inner dashes Underbody • Floor insulators • Underbody shields • Tufted carpets • Wheelhouse outer l
Slide 8: Present in all automotive markets
Global presence Present in all automotive markets Autoneum Locations with minority shareholders Associated companies and investments Europe Licensees Belgium France Russia Hungary ⋅ Genk ⋅ Aubergenville ⋅ Ryazan ⋅ Komárom ⋅ Blainville Germany ⋅ Lachapelle-aux-Pots Sweden United ⋅ Munich ⋅ Moissac ⋅
Slide 9: Customers
Customers Automobile manufactures around the world Light vehicles Commercial vehicles IR Presentation . August 2019 9
Slide 10: Key financials
Facts and figures 2018 Key financials 2281.5 Revenue by Business Group (in %) Revenue by customer (in %) CHF million Revenue SAMEA 15 2 5.0% 5 2 Asia 2 12 3 11 5 EBIT margin 5 11 Europe North America 6 43 41 74.7 6 6 6 6 6 7 CHF million Net profit IR Presentation . August 2019 10
Slide 11: Proximity to customers
Global cooperation Proximity to customers Research and Regional Acoustic Customer interface / Vehicle Development Center and Development Centers Customer Business manufacturers Units Aubergenville, France Katowice, Poland Rossdorf-Gundernhausen, Germany Europe Sevelen, Switzerland Winterthur, Switze
Slide 12: Acting sustainably
Corporate Responsibility Acting sustainably Responsible conduct is a cornerstone of Autoneum’s corporate culture Setting the Corporate Responsibility benchmark among industry peers Ambitious, group-wide environmental, social and ethical targets Transparent communication through comprehensive Corpora
Slide 13: Ambitious targets in four dimensions
Advance Sustainability Strategy 2025 Ambitious targets in four dimensions • Sustainable innovations • Health & safety • Eco-efficient processes • Fair working conditions • Waste reduction & • Employee development recycling • Employee well-being • Energy management • Diversity & inclusion • Emission
Slide 14: Agenda
Agenda 1. Autoneum at a glance 2. Highlights and financial results Half-Year 2019 3. Outlook Full Year 2019 4. New Mobility trends IR Presentation . August 2019 14
Slide 15: Highlights Half-Year 2019
Organic revenue increase Turnaround in North America Earnings before interest and taxes of 1.9% on track (EBIT) Highlights Half-Year 2019 Significant decline of global New Heads at BG Europe light vehicle production and BG North America Launch of battery undercovers All Business Groups for electric
Slide 16: Turnaround in North America on track
Update on action plan 2019 Turnaround in North America on track North America Asia • Turnaround program with hundreds of cost-saving • Expansion suspended measures running at high speed • Significant cost savings through • Status quo at US plants: overhead reduction - Steep ramp-ups of Corporate • I
Slide 17: Key figures overview
Key figures Overview HY 2019 CHF million HY 2019 HY 2018 (excl. IFRS 16) Revenue 1156.1 1156.1 1159.4 Organic revenue growth in % 1.9% 1.9% 2.2% EBITDA 79.0 59.1 127.2 in % of revenue 6.8% 5.1% 11.0% EBIT 16.4 12.8 86.4 in % of revenue 1.4% 1.1% 7.5% Net result −6.0 −4.3 60.1 Investments in tangible
Slide 18: Organic revenue growth in a declining market
Revenue development Organic revenue growth in a declining market CHF million −25.1 1.1 25.4 −5.8 −18.3 19.3 1 159.4 1 156.1 Organic revenue growth +1.9% Revenue Currency BG Europe BG North BG Asia BG SAMEA Corporate and Revenue HY 2018 translation/ America eliminations HY 2019 hyperinflation effect
Slide 19: Impacted by inefficiencies in US and market decrease
Operating result (EBIT) development Impacted by inefficiencies in US and market decrease CHF million Margin Margin 7.5% 5.3% Margin −18.9 −6.6% −51.5 Margin Margin 6.6% Margin 4.8% 1.4% 86.4 4.5 1.1 −5.3 16.4 EBIT BG Europe BG North BG Asia BG SAMEA Corporate and EBIT HY 2018 America eliminations HY
Slide 20: New standard for lease accounting (IFRS 16)
Income statement New standard for lease accounting (IFRS 16) HY 2019 HY 2019 CHF million IFRS 16 effects (incl. IFRS 16) (excl. IFRS 16) Revenue 1 156.1 1 156.1 Material expenses −575.6 −575.6 Employee expenses −330.1 −330.1 Other expenses −185.1 −19.9 −205.0 Other income 13.7 13.7 EBITDA 79.0 −19.9
Slide 21: Over-proportional income tax burden
Net result Over-proportional income tax burden CHF million −11.3 16.4 5.1 −11.0 −6.0 EBIT Financial result Profit before Income Net result HY 2019 taxes taxes HY 2019 IR Presentation . August 2019 21
Slide 22: Solid equity ratio
Balance sheet Solid equity ratio CHF million 30.06.2019 31.12.2018 Total assets 1 953.2 1 601.3 • Investments in tangible assets reduced by Non-current assets (excl. leased assets) 908.7 878.1 CHF 8.7 million Leased assets 321.8 19.4 compared to HY 2018 Net working capital 138.6 99.6 • Seasonally hi
Slide 23: Reduced earnings and higher NWC impact FCF
Free cash flow (FCF) generation Reduced earnings and higher NWC impact FCF CHF million −48.2 127.2 −40.1 −10.9 79.0 −14.2 −3.7 10.1 −64.6 −54.5 EBITDA EBITDA Change Net Income Other Cash flows Cash flows FCF HY 2018 HY 2019 NWC interests taxes paid operating from used in HY 2019 paid cash flows oper
Slide 24: Net debt increased accordingly
Net debt Net debt increased accordingly CHF million −2.8 −13.9 1.7 −28.7 −54.5 21.0 360.9 283.7 262.7 Net debt Finance Net debt FCF Dividends to Repayment Purchase Currency Net debt 31.12.2018 lease (excl. AUTN/minority of lease of treasury translation (excl. liabilities lease shareholders liabiliti
Slide 25: Agenda
Agenda 1. Autoneum at a glance 2. Highlights and financial results Half-Year 2019 3. Outlook Full Year 2019 4. New Mobility trends IR Presentation . August 2019 25
Slide 26: Market and guidance
Market Decline of global automobile production in 2019* Guidance Revenue 2019 Profitability Further slight organic growth Improvement of operating result of revenue in HY2 in 2nd semester *According to IHS. IR Presentation . August 2019 26
Slide 27: Return to sound profitability level
Mid-term outlook Return to sound profitability level 2019 Year of tidying 2020 Year of transition 2021 Return to sound profitability level IR Presentation . August 2019 27
Slide 28: Autoneum's success factors remain unchanged
Global market leader Autoneum’s success factors remain unchanged Innovation leadership Broad customer portfolio Global presence Healthy balance sheet and committed anchor shareholders IR Presentation . August 2019 28
Slide 29: Agenda
Agenda 1. Autoneum at a glance 2. Highlights and financial results Half-Year 2019 3. Outlook Full Year 2019 4. New Mobility trends IR Presentation . August 2019 29
Slide 30: Impact the automotive industry beyond 2020
New mobility trends Impact the automotive industry beyond 2020 E-mobility Connectivity Autonomous driving Shared mobility IR Presentation . August 2019 30
Slide 31: Megatrends support growth
Innovate for new mobility Megatrends support growth E-mobility Topics Opportunities Components Acoustic components with Missing heat sources thermal properties Carpet Lightweight construction systems Reducing vehicle weight expertise and product portfolio Autonomous driving Expanding underbody Aerod
Slide 32: Selected innovations
Extensive product portfolio Selected innovations Technology Technology Di-Light Hybrid- Acoustics Application Application • Needlepunch carpets • Inner dashes • Floor insulators Advantages Advantages • Strong performance • Insulates and absorbs with low weight noise simultaneously • Made from up to
Slide 33: Selected innovations
Extensive product portfolio Selected innovations Technology Technology Ultra-Silent Theta- FiberCell Application Application • Underfloor shields • Engine encapsulations • Under engine shields • Engine covers Advantages Advantages • Lightest textile • Lightweight underbody technology fiber-foam solu
Slide 34: Needlepunch carpet Tune-It
Product of the season Needlepunch carpet Tune-It Customized acoustic performance Made from up to 100% recycled PET Low weight at high acoustic performance Fully recyclable – closed material loop IR Presentation . August 2019 34
Slide 35: Measurement systems
50 years of cutting-edge technology Measurement systems Autoneum is leading provider of measurement systems for vehicle acoustics Innovative systems for measuring NVH behavior (noise, vibration, harshness) Global industry standard Used by automotive manufacturers, suppliers and laboratories IR Prese
Slide 36: Simulation
Software for component optimization Simulation Programs developed in-house for optimizing vehicle NVH behavior “Best in class” solutions for vehicle development and production Tailored for vehicle manufacturers’ individual requirements IR Presentation . August 2019 36
Slide 37: Contact persons
Contact persons Investors and Financial Analysts Media Contact address Dr Martin Zwyssig Dr Anahid Rickmann Autoneum Holding Ltd CFO Head Corporate Communications & Schlosstalstrasse 43 / P.O. Box Responsibility CH-8406 Winterthur T +41 52 244 82 82 T +41 52 244 83 88 investor@autoneum.com media.inq
Slide 38: Disclaimer
Disclaimer Autoneum is making great efforts to include accurate and up-to-date information in this document, however we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the information provided in this document and we disclaim any liability whatsoeve
Slide 39: Notes
Notes IR Presentation . August 2019 39
Slide 40: and,
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