Grammer Ag · XETR:GMM
Grammer — H1 2018 Earnings Presentation
19 slides from Grammer's earnings presentation, Aug 7, 2018
Slide 1: On the Move – Presentation First Six Months 2018
ON THE MOVE Presentation First Six Months 2018 Amberg, August 7, 2018
Slide 2: Market Development: Car markets & Commercial Vehicles continue to grow
GRAMMER GROUP – MARKET DEVELOPMENT Car markets & Commercial Vehicles continue to grow Passenger Cars – New Registrations January to June 2018 (source vda) Global automotive markets with positive momentum in the first six month New registrations in Germany +3% with SUVs, sports cars and upper-cla
Slide 3: Development 1-6 2018: Solid start in the first six months
GRAMMER GROUP – DEVELOPMENT 1-6 2018 Solid start in the first six month of 2018 Revenues EBIT and operating EBIT [in € million] [in € million and % of revenues] +2% FX adjusted: EBIT-margin Ops. EBIT-margin 3.9% 4.5% 4.8% 4.7% +4.5% 908.0 927.6 44.0 43.3 41.9 35.1 1-6 17 1-6 18 1-6 17 1-6 18 1-6 17
Slide 4: Net profit on high levels
GRAMMER GROUP – DEVELOPMENT 1-6 2018 Net profit on high levels Net Profit IFRS earnings per share [in € million] [in €] +26% +23% 25.2 20.0 2.06 1.67 1-6 17 1-6 18 1-6 17 1-6 18 Net profit in 1-6 2018 at 25.2 € m. Strong EPS development Financial result and tax rate remain on previous year © 2
Slide 5: Equity ratio stable despite IFRS adjustments
GRAMMER GROUP – DEVELOPMENT 1-6 2018 Equity ratio stable despite IFRS 15 adjustments Equity and equity ratio Net financial debt and gearing [in € million and %] [in € million and %] -6% +12% 338.9 319.9 137.2 122.3 31% 43% 30% 36% 06/30/17 06/30/18 06/30/17 06/30/18 Equity at June 30, 2018 lower,
Slide 6: Investments
GRAMMER GROUP – DEVELOPMENT 1-6 2018 Investments Capex and capex ratio Capex 1-6 2018 by divisions [in € million and %] [in %] -19% Commercial 28.5 Vehicles 23.0 27% 20% 3.1% Central Automotive 53% 2.5% Services 1-6 17 1-6 18 Capex with 23.0 € m. continues as planned due to the Main investments
Slide 7: Headcount increase in preparation for higher business volumes
GRAMMER GROUP – DEVELOPMENT 1-6 2018 Headcount increase in preparation for higher business volumes Employees Employees in best-cost / high-cost countries [month-end] [month-end] +947 employees 13,143 12,196 high-cost 30% 29% countries 70% best-cost 71% countries 06/30/17 06/30/18 06/30/17 06/30/18
Slide 8: Automotive: Expected challenging start – Sales & EBIT will improve in H2
AUTOMOTIVE – DEVELOPMENT 1-6 2018 Expected challenging start – Sales & EBIT will further improve in H2 Revenues EBIT and operating EBIT [in € million] [in € million] 661.9 646.7 28.2 25.0 22.4 21.3 1-6 17 1-6 18 1-6 17 1-6 18 1-6 17 1-6 18 IFRS EBIT Operating EBIT Expected lower sales mainly in NA
Slide 9: Automotive: Order intake situation improving
AUTOMOTIVE – DEVELOPMENT 1-6 2018 Order intake situation improving, but still not fully recovered Order intake for new projects Budgeted order intake 2018 Automotive [life-time sales, in € million] [in % ] Breakdown by customer group 1.050 German Premium OEMs 45% 2018e 650 Other OEMs 430 55% German
Slide 10: Commercial Vehicles: Strong performance in a dynamic market
COMMERCIAL VEHICLES – DEVELOPMENT 1-6 2018 Strong performance in a dynamic market environment Revenues EBIT and operating EBIT [in € million] [in € million] 31.2 30.3 308.3 21.6 22.7 267.2 1-6 17 1-6 18 1-6 17 1-6 18 1-6 17 1-6 18 IFRS EBIT Operating EBIT Strong growth due to ongoing dynamic marke
Slide 11: Market Outlook 2018
GRAMMER GROUP – MARKET OUTLOOK 2018 Most regional car & commercial vehicle markets expected to grow Europe USA Brazil China World Worldwide car production Source IHS July 2018 +2% +1% +12% +2% +2% Worldwide truck production Source IHS Jan. 2018 +2% +9% +13% -15% -3% Source John Deere May 2018 +5% +1
Slide 12: Outlook 2018: Outlook confirmed
GRAMMER GROUP – OUTLOOK 2018 Outlook confirmed – Further increases in sales & profitability expected Actual 2017 Outlook 2018 Group sales revenue € 1.79 billion approx. € 1.85 billion GRAMMER Operating EBIT-margin 4.5% around 5% Outlook ROCE 11.5% > prev. year Important note: The outlook for the sec
Slide 13: BCA & Public Tender Offer
GRAMMER GROUP – BCA & PUBLIC TENDER OFFER Executive & Supervisory Board recommend that shareholders accept the offer Bidder: Ningbo Jifeng has published a voluntary public takeover bid for all GRAMMER shares via Jiye Auto Parts GmbH* Ningbo Jifeng is an internationally active supplier of compone
Slide 14: Backup Information
ON THE MOVE Backup Information
Slide 15: Key Figures 1-6 2018
GRAMMER GROUP Key Figures 1-6 2018 [IFRS, in € million] Q2 2018 Q2 2017 Chg. 01-06 2018 01-06 2017 Chg. Group Revenues 473.2 450.0 +5.2% 927.6 908.0 +2.2% EBITDA 33.4 25.0 +33.6% 65.4 59.5 +9.9% EBITDA-Margin 7.1% 5.6% +1.5%-P 7.1% 6.6% -0.5%-P EBIT 21.5 12.6 +70.6% 41.9 35.1 +19.4% EBIT-Margin 4.5%
Slide 16: Share price development
GRAMMER AG Share price development GRAMMER share price in €, December 31, 2015 until June 30, 2018 70 60 50 40 30 20 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Selected Broker Recommendations Top Shareholders Basic Share Data Current Current Broker Date Recomm. TP (
Slide 17: Financial key figures 5-year overview
GRAMMER GROUP Financial key figures 5-year overview [IFRS, in € million] 2017 2016 2015 2014 2013 Group Revenue 1,786.5 1,695.5 1,425.7 1,365.9 1,265.7 EBITDA 116.0 120.2 83.2 93.7 92.3 EBITDA-Margin 6.5% 7.1% 5.8% 6.9% 7.3% EBIT 66.5 73.0 42.7 57.0 58.0 EBIT-Margin 3.7% 4.3% 3.0% 4.2% 4.6% Profit a
Slide 18: Financial Calendar and IR Contact
GRAMMER GROUP Financial Calendar and IR Contact Financial Calendar 2018 Investor Relations Contact Interim Management Ralf Hoppe Statements Q3 / 2018 November 13, 2018 VP Investor Relations, Communications, Marketing & Strategic Product Planning Phone: +49 (0)9621 66 2200 Fax: +49 (0)9621 66 32200 E
Slide 19: 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