Autoneum Holding Ag · SIX:AUTN
Autoneum — Investor Presentation (April 2023)
59 slides from Autoneum's investor presentation, April 2023
Slide 1: IR Presentation, April 2023
Bernhard Wiehl, CFO IR Presentation, April 2023 Autoneum. Mastering sound and heat.
Slide 2: Agenda
Agenda 1. About Autoneum 2. Results Full-Year 2022 3. Acquisition of Borgers Automotive 4. Outlook 5. Technology trends 6. Corporate Responsibility IR-Presentation 2023-04
Slide 3: About Autoneum: At a glance
About Autoneum At a glance 2022 in review 24 Stock-listed company Represented in 24 Commitment to ambitious science- Receipt of numerous (SIX Swiss Exchange) countries based emission reduction targets customer awards 16100 67 employees 67 production facilities Sustainability in focus: Proven concept
Slide 4: Key financials
Facts and figures 2022 Key financials 1804.5 CHF million Revenue 2.0% EBIT margin 10.9 CHF million Net profit Share of BG North America increased from 40% to 44% Well-balanced customer portfolio Share of BG Europe decreased from 38% to 34% IR-Presentation 2023-04
Slide 5: Group Executive Board
Organization Group Executive Board Eelco Spoelder Bernhard Wiehl Dr Alexandra Greg Sibley Andreas Kolf Fausto Bigi Bendler CEO CFO Head Head Head Head BG Europe BG North America BG Asia BG SAMEA IR-Presentation 2023-04
Slide 6: Our six strategic priorities
Company Strategy Our six strategic priorities Generate profit & cash for growth Advance technological leadership Be the preferred partner Execute operational excellence of our customers Focus on sustainable acoustic & thermal management solutions Innovate for new mobility IR-Presentation 2023-04
Slide 7: Further expansion of market and innovation leadership
Company Strategy Further expansion of market and innovation leadership Six strategic priorities Strategic focus areas 2025 Grow Asia Innovate for New Mobility Drive Digitalization Advance Sustainability IR-Presentation 2023-04
Slide 8: Main levers for growth
Strategic focus areas Main levers for growth Grow Asia to 20% of revenue • China single largest automobile market worldwide • Well-established footprint of Business Group Asia across the region • Unexploited potential for new business in main market China Innovate for new mobility • Accelerating shi
Slide 9: Our products
Leading in acoustic and thermal management Our products Exterior Engine Bay • Frunk • Engine* and E-Motor Encapsulations • Outer Dashes • Outer Trunk Floor Insulators • Hoodliners • Engine Top Covers* Interior Interior Floor Underbody • Inner Dashes • Under Floor and Under • Needlepunch Carpets Engi
Slide 10: Interior floor with highest share of Group revenue
2022 revenue split by product line Interior floor with highest share of Group revenue Interior floor Underbody Engine bay Body treatment Other • Non-woven carpets • Underbody shields • Engine and body • Dampers/stiffeners • Interior trim parts • Tufted carpets • Floor pans mounted parts • Other acou
Slide 11: Active in all automotive markets
Global presence Active in all automotive markets Europe Autoneum Locations with minority shareholders Associated companies and investments Belgium France Hungary Sweden Licensees ⋅ Genk ⋅ Aubergenville ⋅ Komárom ⋅ Gothenburg ⋅ Blainville Czech Republic ⋅ Lachapelle-aux-Pots Poland Switzerland ⋅ Bor
Slide 12: Customers
Customers Most car manufacturers worldwide Light vehicles Commercial vehicles IR-Presentation 2023-04
Slide 13: Proximity to customers
Global cooperation Proximity to customers Research and Technology Center / Regional acoustic Customer interface / and Development Centers Customer Business Units Vehicle manufacturers Global Product Management Aubergenville, France Katowice, Poland Gundernhausen, Germany Winterthur, Switzerland Seve
Slide 14: Agenda
Agenda 1. About Autoneum 2. Results Full-Year 2022 3. Acquisition of Borgers Automotive 4. Outlook 5. Technology trends 6. Corporate Responsibility IR-Presentation 2023-04
Slide 15: 2022: Year in review
2022: Year in review Financials Market Strategy • In 2022, revenue increased by 6.1% from • Global automotive production volumes* grew • Acquisition of competitor Borgers CHF 1.7 to CHF 1.8 billion, driven by by 6.7% • High level of customer awards with BEVs inflation compensation Europe: –0.7% •
Slide 16: Key figures overview
Key figures Overview CHF million 2021 2022 Change Revenue 1 700.4 1 804.5 104.1 EBITDA 179.8 152.1 –27.7 in % of revenue (change in pp) 10.6% 8.4% –2.1 EBIT 57.5 35.4 –22.2 in % of revenue (change in pp) 3.4% 2.0% –1.4 Net result 30.1 10.9 –19.2 Investments in tangible assets 34.1 39.7 5.5 Free cash
Slide 17: Increase in revenue due to inflation compensation
Revenue development Increase in revenue due to inflation compensation CHF million +65.2% +11.0% −2.7% 61.7 −2.7 −39.8 +2.7% 75.6 −7.7 16.9 1 804.5 1 700.4 Organic revenue growth: +8.5% Revenue BG Europe BG North BG Asia BG SAMEA Corporate Currency Revenue 2021 America and translation/ 2022 eliminati
Slide 18: Profitability impacted by inflationary environment
Key challenge inflation Profitability impacted by inflationary environment Inflation 2022 in % of revenue by Breakdown of total inflation 2022 by Business Group cost element BG Europe 11% BG North America 4% BG Asia 3% BG SAMEA 18%* Raw materials > 90% compensated in 2022 Energy > 80% compensated in
Slide 19: Lower EBIT contributions from BG Europe and BG Asia
EBIT development Lower EBIT contributions from BG Europe and BG Asia CHF million Margin Margin 3.4% 0.9% Margin −4.5% Margin Margin 2.0% −26.5 11.5% Margin 2.1 16.6% 5.7 57.5 −7.8 4.3 35.4 EBIT BG Europe BG North BG Asia BG SAMEA Corporate and EBIT 2021 America eliminations 2022 IR-Presentation 2023
Slide 20: Positive net result despite difficult conditions
Net result Positive net result despite difficult conditions CHF million 30.1 −27.7 −2.5 5.5 5.5 10.9 Net result Δ EBITDA Δ Depreciation, Δ Financial Δ Income Net result 2021 amortization & result taxes 2022 impairment IR-Presentation 2023-04
Slide 21: Net debt and equity ratio at stable level
Balance sheet Net debt and equity ratio at stable level • Negative currency translation effect on CHF million 31.12.2021 31.12.2022 Change total assets of CHF 31.4 million Total assets 1 502.0 1 471.9 –30.0 • Net working capital level increased mainly due to ongoing stop-and-go Non-current assets (e
Slide 22: Solid FCF despite decrease in volumes and inflation
Cash flow statement Solid FCF despite decrease in volumes and inflation • Decrease in EBITDA was the main CHF million 2021 2022 Change factor for the reduced cash flow from operating activities EBITDA 179.8 152.1 –27.7 • Positive effects resulted from a Cash flows from operating activities 100.4 94.
Slide 23: Agenda
Agenda 1. About Autoneum 2. Results Full-Year 2022 3. Acquisition of Borgers Automotive 4. Outlook 5. Technology trends 6. Corporate Responsibility IR-Presentation 2023-04
Slide 24: Aligned with strategic priorities
Acquisition of Borgers Automotive Aligned with strategic priorities Borgers acquisition builds on Autoneum’s communicated strategic priorities • Borgers’ wheelhouse outer liner and trunk product lines as well as their truck business optimally complement Autoneum’s product and technology portfolio •
Slide 25: Autoneum expands global market and technical leadership
Acquisition of Borgers Automotive Autoneum expands global market and technical leadership Global leader of acoustic and thermal Manufacturer of acoustically effective management solutions for vehicles, components for motor vehicles, represented in 24 countries with operating in 8 countries with Glob
Slide 26: Compelling transaction to deliver long-term shareholder value
Acquisition of Borgers Automotive Compelling transaction to deliver long-term shareholder value Strengthens Autoneum’s position as the global market leader in acoustic and thermal management 1 solutions Highly complementary product, technology and customer portfolios with additional upside 2 from st
Slide 27: The perfect complement
Acquisition of Borgers Automotive The perfect complement Product line Autoneum Borgers Combined Interior Underbody shields Wheelhouse outer liners Trunk trim Engine bay Truck Seat back trims Legend: weak strong IR-Presentation 2023-04
Slide 28: Minimal overlap in products and technologies
Acquisition of Borgers Automotive Minimal overlap in products and technologies • Overlap in product portfolio estimated at ~25% of Borgers’ revenue, Autoneum’s global presence and customer base will unlock further growth potential in Borgers’ product portfolio • Customers will benefit from a stronge
Slide 29: Borgers products and materials enhance ESG-focused offering
Acquisition of Borgers Automotive Borgers products and materials enhance ESG-focused offering Selected ESG-focused Borgers products Blue label wheelhouse outer liners Exterior Luggage compartment • World’s first textile wheelhouse outer liner • Components made of Propylat and LowMass made from ocean
Slide 30: Agenda
Agenda 1. About Autoneum 2. Results Full-Year 2022 3. Acquisition of Borgers Automotive 4. Outlook 5. Technology trends 6. Corporate Responsibility IR-Presentation 2023-04
Slide 31: Moderate global growth of 3.3% expected in 2023
Light vehicle production forecast Moderate global growth of 3.3%* expected in 2023 • Global production volumes are forecast to grow by 3.3%* in 2023 Yearly global automobile production • Market growth driven by Europe and North million units America 91.0 • 2019 volumes could be exceeded by 2025 89.0
Slide 32: Action plan 2023 per region
Action plan 2023 per region Focus on profitability, break-even at BG North America & Borgers integration Europe Asia • Continue to address inflation in all cost • Increase profitability and categories cash flow in a volatile customer • Manage post-merger integration of market environment Borgers acq
Slide 33: Guidance 2023
Guidance 2023 Market Global automotive production is forecast to increase by 3.3%1 in 2023 compared to 2022. Autoneum anticipates production volumes in the different regions to develop in line with S&P market forecasts. Revenue Based on the forecast market development1 and a successful closing of th
Slide 34: Revenue with BEVs to outperform BEV market share
E-mobility in focus Revenue with BEVs to outperform BEV market share Global EV powertrain forecast* 2022 – 2028 (million units) Current order intake with BEVs is Autoneum revenue share on BEV targeted to increase significantly by Global electric market share 2025, with Interior business being the
Slide 35: Global growth until 2025 mainly driven by China
Light vehicle production by region Global growth until 2025 mainly driven by China 89.0 m units in Actuals 2019 82.4 m units in Actuals 2022 (-7.4% ) vs. 2019 85.1 m units in Actuals 2023 (+3.3% ) vs. 2022 91.0 m units in Forecast 2025 (+7.0% ) vs. 2023 +10.7% +7.1% -26.2% 29.2 +9.2% +6.8% 26.2 26.4
Slide 36: Medium-term financial targets
Medium-term financial targets Revenue development in line with market EBITDA margin of 13% Free cash flow 6% of revenue Equity ratio >35% Dividend payout of at least 30% of net profit attributable to shareholders of Autoneum Holding Ltd IR-Presentation 2023-04
Slide 37: Agenda
Agenda 1. About Autoneum 2. Results Full-Year 2022 3. Acquisition of Borgers Automotive 4. Outlook 5. Technology trends 6. Corporate Responsibility IR-Presentation 2023-04
Slide 38: Expected production volumes by drive type
E-mobility in focus Expected production volumes by drive type million units 120 100 95.2 96.6 97.2 • Accelerating shift to electric vehicles: 92.1 93.3 89.0 91.0 By 2030, more than 40% of light 88.2 85.0 vehicles produced globally are 82.0 80 77.2 expected to be BEVs. 74.6 Revenue with traditional
Slide 39: Traditional product portfolio position for BEVs
Product strategy Traditional product portfolio position for BEVs Products ICEs Hybrids BEVs Carpets Floor insulators Inner dashes Underbody systems Wheelhouse outer liners (WOL) Trunk (Trunk Side Trim) Heatshields Engine bay Rear insulation IR-Presentation 2023-04
Slide 40: New mobility trends
Innovate for New Mobility C-A-S-E-S – megatrends supporting growth Topics Opportunities Components Acoustic components with thermal Inner dashes, carpet systems Missing heat source (engine) Connectivity properties Lightweight construction expertise and Reducing vehicle weight product portfolio Auton
Slide 41: Product innovations for electric vehicles
Product innovations for electric vehicles Development roadmap Under investigation New specific BEV products Cabin thermal comfort Battery E-motor electromagnetic encapsulations Thermal management shields – launched – awarded of vehicle battery Traditional portfolio suitable for BEVs Frunk – awarded
Slide 42: Key takeaways
E-mobility and future growth potential Key takeaways Electrification and sustainability are the key driving forces for future development. Autoneum has developed and successfully launched five new products for BEVs applying and optimizing existing technologies for new requirements of electric vehicl
Slide 43: Selected innovations
Extensive product portfolio Selected innovations Technology Technology Hybrid-Acoustics PET Ultra-Silent Application Application • E-motor encapsulations • Frunk for electric vehicles • Underbody systems Advantages Advantages • Contains up to 50% recycled fibers • 50% lighter than plastic solutions
Slide 44: Selected innovations
Extensive product portfolio Selected innovations Process Technology Alternative Backcoating Flexi-Loft (ABC) Application Application • Needlepunch carpets • Inner dashes • Carpets Advantages Advantages • Use of thermoplastic adhesive • Unique fiber blend increases instead of latex sustainability geo
Slide 45: Selected innovations: recyclable carpet systems
Extensive product portfolio Selected innovations Fully recyclable carpet systems made of 100% polyester Multilayer carpet system Surface layer made of recycled PET Shredding of Mechanical opening carpet cut-offs of the fibers backing Shredded production under layer cut-offs Fiber spinning Backing an
Slide 46: Measurement systems
50 years of cutting-edge technology Measurement systems Autoneum is leading provider of measure- ment systems for vehicle acoustics Innovative systems for measuring NVH (noise, vibration, harshness) behavior Global industry standard Used by automotive manufacturers, suppliers and laboratories IR-Pre
Slide 47: Simulation
Software for component optimization Simulation Acoustic Garage – first online configurator around noise protection in vehicles (acoustics.autoneum.com) Programs developed in-house for optimizing vehicle NVH behavior “Best in class” solutions for vehicle development and production Tailored for vehicl
Slide 48: Agenda
Agenda 1. About Autoneum 2. Results Full-Year 2022 3. Acquisition of Borgers Automotive 4. Outlook 5. Technology trends 6. Corporate Responsibility IR-Presentation 2023-04
Slide 49: Challenges and opportunities
Sustainability in focus Challenges and opportunities Growing requirements from society, market and customers: • Global fight against climate change and environmental pollution • Targeted net zero emissions by 2050 (Paris Climate Agreement) • Reduction of Scope 1, 2 and 3 emissions • OEM sustainabili
Slide 50: Key achievements in 2022
Advance Sustainability Strategy Key achievements in 2022 214 eco-efficiency projects: With its Advance Sustainability Strategy 2025, Autoneum has Waste reduction defined an ambitious set of environmental, social and ethical Energy consumption targets. Water usage Launch of the Autoneum 67 community
Slide 51: Ambitious targets in four dimensions
Advance Sustainability Strategy Ambitious targets in four dimensions • Health & safety • Sustainable innovations • Fair working conditions • Eco-efficient processes • Employee development • Waste reduction & recycling • Employee well-being • Energy management • Diversity & Inclusion • Emission reduc
Slide 52: Vision 2027: Sustainable products & production processes
Advance Sustainability Strategy Vision 2027: Sustainable products & production processes Continuous focus on Sustainable innovations Material waste reduction & increase of recycling capacities Reduction of emissions, energy and water consumption Building a culture of environmental sustainability IR-
Slide 53: CO2 emissions, waste and water
Impact and key levers for improvement CO2 emissions, waste and water Sources of CO2 emissions according to Greenhouse Gas Protocol Scope 1 ~ 5% Direct emissions from company-owned and Revised environmental operational targets 2027 controlled resources Levers: steam loss, thermal insulation Reduce Sc
Slide 54: Sustainability label for products
Autoneum Pure. Sustainability label for products Technologies with an excellent environmental performance throughout the entire product life cycle. Partially or entirely made of recycled materials Production cut-offs are reclaimed, processed and reused again Significantly lighter than comparable sta
Slide 55: Sustainability champions
Autoneum Pure. Sustainability champions Ultra-Silent Relive-1 • Carpet yarns consisting of up to • Made of 100% PET with up to 70% 97% recycled PET recycled fibers • More robust and dirt-repellent than • 50% lighter than equivalent plastic standard carpets parts • PET cut-offs can be fully reclaimed
Slide 56: Sustainability champions
Autoneum Pure. Sustainability champions Di-Light • Made of up to 97% recycled PET • 20% lighter than conventional needlepunch carpets • Mono-material and fully recyclable • Use: non-woven carpets Mono-Liner • Made of 100% PET with up to 70% recycled fibers • Up to 50% lighter than corresponding plas
Slide 57: Contacts and Event Calendar
Contacts and Event Calendar Investors and Financial Analysts Media Contact Address Bernhard Weber Claudia Güntert Autoneum Holding Ltd Head Financial Services & IR Head Corporate Communications Schlosstalstrasse 43 / P.O. Box T +41 52 244 82 07 T +41 52 244 83 88 CH - 8406 Winterthur investor@autone
Slide 58: 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 whatsoev
Slide 59: Autoneum. Mastering sound and heat.
Autoneum. Mastering sound and heat.
Autoneum Holding — Investor Presentation (April 2023) on 6ix