Grammer Ag · XETR:GMM
Grammer — Q3 2017 Earnings Presentation
19 slides from Grammer's earnings presentation, Nov 13, 2017
Slide 1: Presentation First Nine Months 2017
Presentation First Nine Months 2017 Amberg, November 13, 2017
Slide 2: Highlights 1-9 2017
GRAMMER GROUP – HIGHLIGHTS 1-9 2017 Ongoing operational improvements. Proxy fight has negative impacts on earnings Major developments in the first nine months 2017 Successful AGM proxy-fight against minority shareholder Cascade New strategic partnership with Chinese automotive supplier Ningbo Jifeng
Slide 3: Development 1-9 2017: Revenues and operating EBIT
GRAMMER GROUP – DEVELOPMENT 1-9 2017 Group revenues and operating EBIT with ongoing improvement Revenues EBIT and operating EBIT [in € million] [in € million and % of revenues] +6% EBIT-margin Ops. EBIT-margin 3.9% 3.4% 3.8% 4.4% 1,339 1,265 58.6 49.5 47.5 45.8 1-9 16 1-9 17 1-9 16 1-9 17 1-9 16 1-9
Slide 4: EBIT bridge 1-9 2017
GRAMMER GROUP – DEVELOPMENT 1-9 2017 EBIT bridge 1-9 2017 EBIT bridge 1-9 2017 OPS EBIT [in € million] +23% 58.6 49.5 45.8 47.5 1 2 3 4 5 1-9 16 FX Proxy Uncovered Higher Cost 1-9 17 1-9 16 1-9 17 IFRS EBIT impacts fight R&D cost volume structure IFRS EBIT Ops EBIT Ops EBIT 1. Negative impact vs. pr
Slide 5: Net profit and earnings per share
GRAMMER GROUP – DEVELOPMENT 1-9 2017 Net profit on par with prev. year. EPS slightly diluted due to capital increase Net profit Basic earnings per share [in € million] [in €] +1% -6% 25.5 25.7 2.26 2.13 1-9 16 1-9 17 1-9 16 1-9 17 Net profit on par with previous year EPS slightly lower than previous
Slide 6: Equity and net financial debt
GRAMMER GROUP – DEVELOPMENT 1-9 2017 Higher equity and lower debt due to convertible bond placement in February Equity and equity-ratio Net financial debt and gearing [in € million and %] [in € million and %] +35% -4% 336.7 249.4 162.9 156.5 65% 31% 24% 46% 09/30/16 09/30/17 09/30/16 09/30/17 Equity
Slide 7: Capex and capex ratio
GRAMMER GROUP – DEVELOPMENT 1-9 2017 Investments continue to focus on expansion and optimization measures Capex and capex-ratio Capex 1-9 2017 by divisions [in € million and %] [in %] +18% 40.2 34.1 Commercial 17% Vehicles 3.0% 2.7% 7% Central Automotive 76% Services 1-9 16 1-9 17 As planned, capex
Slide 8: Employees and headcount development
GRAMMER GROUP – DEVELOPMENT 1-9 2017 Increase in headcount in-line with ongoing business growth Employees Employees in low-cost / high-cost countries [month-end] [month-end] +5% 12,759 12,196 high-cost 30% 29% countries 70% low-cost 71% countries 09/30/16 09/30/17 09/30/16 09/30/17 Headcount develop
Slide 9: Automotive – Order intake situation 2017
AUTOMOTIVE – ORDER INTAKE SITUATION 2017 Lower order intake due to reluctance of main customers to award new business Q1-Q3 2017 Automotive order intake for new projects Full-year Automotive order intake for new projects [life-time* revenues in € million] [life-time revenues* in € million] Order int
Slide 10: Automotive – Development 1-9 2017
AUTOMOTIVE – DEVELOPMENT 1-9 2017 Improvement of operating performance, but neg. impact of uncovered project costs Revenues EBIT and operating EBIT [in € million] [in € million and % of revenues] +4% EBIT-margin Ops. EBIT-margin 3.0% 3.0% 3.0% 3.4% 941.1 973.9 33.1 28.4 28.8 28.5 1-9 16 1-9 17 1-9 1
Slide 11: Commercial Vehicles – Development 1-9 2017
COMMERCIAL VEHICLES – DEVELOPMENT 1-9 2017 Partial recovery of key markets and cost optimization drive EBIT improvement Revenues EBIT and operating EBIT [in € million] [in € million and % of revenues] +10% EBIT-margin Ops. EBIT-margin 7.9% 8.2% 7.2% 8.6% 397.8 360.6 32.7 34.3 28.4 26.1 1-9 16 1-9 17
Slide 12: Market Outlook 2017
GRAMMER GROUP – MARKET OUTLOOK 2017 Car & Truck markets with solid growth. Brazil and Agriculture recovering in 2017 Car production – Actual 2016 & Forecast 2017 Truck production – Actual 2016 & Forecast 2017 [in % yoy] [Trucks >6t, in % yoy] Actual Forecast Trend Actual Forecast Trend vs. prev. vs.
Slide 13: Outlook 2017
GRAMMER GROUP – OUTLOOK 2017 EBIT outlook adjusted to reflect cost impacts of lower level of orders GRAMMER Group – Outlook: At Group level GRAMMER forecasts an increase in revenue of around 5% over the previous year in 2017. The reticence of some premium manufacturers to place new orders with GRAMM
Slide 14: Backup Information
Backup Information GRAMMER
Slide 15: Key Figures 1-9 and Q3 2017
GRAMMER GROUP Key Figures 1-9 and Q3 2017 [IFRS, in € million] Q3 2017 Q3 2016 Chg. 1-9 2017 1-9 2016 Chg. Group Revenues 430.9 404.7 +6.5% 1,338.9 1,265.3 +5.8% EBITDA 23.2 25.4 -8.7% 82.7 85.2 -2.9% EBITDA-Margin 5.4% 6.3% -0.9%-P 6.2% 6.7% -0.5%-P EBIT 10.7 13.1 -18.3% 45.8 49.5 -7.5% EBIT-Margin
Slide 16: GRAMMER AG – Share Price Development
GRAMMER AG – SHARE PRICE DEVELOPMENT Key Figures 1-9 and Q3 2017 GRAMMER share price in € December 31, 2015 until October 30, 2017 60 50 40 30 20 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Selected Broker Recommendations Top Shareholders Basic Share Data Current Current Broker Date Reco
Slide 17: Financial Key Figures: 5-year development
GRAMMER GROUP – FINANCIAL KEY FIGURES 5-year development [IFRS, in € million] 2016 2014 2013 2012 2015 Group Revenue 1,695.5 1,425.7 1,365.9 1,265.7 1,133.0 EBITDA 120.2 83.2 93.7 92.3 78.1 EBITDA-Margin 7.1% 5.8% 6.9% 7.3% 6.9% EBIT 73.0 42.7 57.0 58.0 49.0 EBIT-Margin 4.3% 3.0% 4.2% 4.6% 4.3% Prof
Slide 18: Financial Calendar and IR Contact
GRAMMER GROUP Financial Calendar and IR Contact Financial Calendar 2018 Investor Relations Contact FY 2017 Analyst Conference March 21, 2018 Ralf Hoppe VP Investor Relations, Communications, Marketing & Strategic Product Planning Interim Management Statements Q1 / 2018 May 14, 2018 Phone: +49 (0)962
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