Autoneum Holding AG · SIX:AUTN
Autoneum — Investor Presentation (March 2015)
52 slides from Autoneum's investor presentation, March 2015
Slide 1: Investor Presentation March 2015
Investor Presentation March 2015
Slide 2: Agenda
Agenda 1. Autoneum at a glance 2. Review of the business year 2014 3. Financial results 2014 4. Outlook 2015
Slide 3: Who we are
Who we are Investor Presentation, March 2015 3
Slide 4: Key Facts & Figures: Autoneum at a glance
Key Facts & Figures Autoneum at a glance Stock listed company Around 50 locations (SIX Swiss Exchange) worldwide Net Sales 2014: Represented in more 1’954.7 million CHF than 20 countries EBIT margin 2014: 6.9% Over 10’000 employees Investor Presentation, March 2015 4
Slide 5: Organization: Group Executive Board
Organization Group Executive Board Martin Hirzel CEO 17 years of automotive experience Martin Zwyssig Matthias Holzammer John T. Lenga Uwe Trautmann Volker Eimertenbrink CFO Head BG Europe Head BG North America Head BG Asia Head BG SAMEA 11 years of automotive 24 years of automotive 19 years of auto
Slide 6: Global footprint
Global footprint Close to our customers Autoneum Great Britain Sweden Locations with minority China Halesowen Göteborg Chongqing shareholders Heckmondwike Shanghai Investments in associates Stoke-on-Trent Russia Shenyang Licensees Ryazan Taicang Belgium Genk Guangzhou Germany Tianjin Canada France B
Slide 7: Agenda
Agenda 1. Autoneum at a glance 2. Review of the business year 2014 3. Financial results 2014 4. Outlook 2015
Slide 8: Highlights 2014
Highlights 2014 Sales Financials Strategy • Sales growth of 1.9% in • EBITDA margin hit new • Focus on profitable local currencies record high with 10.3% growth confirmed • Organic growth in three out • EBIT margin increased to • Selective acceptance of of four Business Groups 6.9% orders, successfu
Slide 9: Strategic Priorities
Strategic Priorities Focus on core competencies is key to success Focus on acoustic & thermal management Pursue solutions in Grow profitably consolidation automotive and generate free opportunities cash flow High performance culture Focus on Practice long-term operational partnerships with excellenc
Slide 10: Focus on acoustics and thermal management
Focus on acoustics and thermal management Solutions for future requirements • Predevelopment studies with new innovation Hybrid-Acoustics led to corresponding order from European SUV manufacturer and Korean OEM in Europe • Record in sales of measurement systems which are in use by OEMs and automobil
Slide 11: Grow profitably: Balanced customer base on global scale
Grow profitably Balanced customer base on global scale Share in net sales 2014 BG SAMEA BG Asia 6% 7% BG Europe BG North America 41% 46% • Existing broad global customer • First time higher sales in North portfolio maintained America than in Europe • Customer base comprising all major • Share of BG
Slide 12: Focus on global customers
Focus on global customers Expansion of customer portfolio • Set-up of Autoneum Korea to further develop partnerships with Korean OEMs on global production platforms • New serial orders from two large Chinese OEMs • Supply of British and US customers in GM Supplier Quality Excellence Award 2014 for B
Slide 13: Leverage technological leadership
Leverage technological leadership Innovative technologies secure market leadership • Innovation pipeline is well- Interior Floor Underbody Engine Bay Body Treatment filled with around 35 projects • Product portfolio broadened with multifunctional heatshields made of RIMIC protection against heat a
Slide 14: Practice Operational Excellence
Practice Operational Excellence Long-term success through peak performance • Increase of vertical integration by additional production lines in Europe, China and South America • RUS and felt line at new US plant in Jeffersonville, Indiana, ensure high share of proprietary value creation • Flawless i
Slide 15: High Performance Culture: Assuming social responsibility
High Performance Culture Assuming social responsibility • Launch of internal “Social Engagement Award” as first global CSR activity: financial support of development project “Casa Guatemala Children’s Village” • First Global Employee Satisfaction Survey carried out in 2014: general satisfaction
Slide 16: Agenda
Agenda 1. Autoneum at a glance 2. Review of the business year 2014 3. Financial results 2014 4. Outlook 2015
Slide 17: Net profit multiplied
Net profit Net profit multiplied CHF million 2014 2013 Net sales 1’954.7 2’053.3 Earnings before interest and taxes (EBIT) 135.1 79.2 Financial result -15.0 -14.7 Taxes -17.3 -28.3 Net profit 102.8 36.2 Net profit attributable to AUTN 78.9 14.5 Net profit attributable to NCI 23.9 21.7 Earnings per s
Slide 18: Sales development
Sales development Change in sales including organic growth CHF million 2'053 -84.3 5.3% 1.0% 15.0% 1.2% -0.3% 7.4 2.3 19.2 -51.9 1'955 -2.3 11.0 Organic growth: +1.9% Sales 2013 Effect from Currency BG Europe BG North BG Asia BG SAMEA Corporate Sales 2014 the sale of translation America Italian effe
Slide 19: Operating result (EBIT)
Operating result (EBIT) EBIT margin hit a new record high CHF million • EBIT margin improved to Margin 6.9% 6.9% of net sales Margin 5.7% • All BGs with positive EBIT • Enhancement of capacity utilization at plants in Margin 4.0% Europe due to successfully implemented capacity adjustments 135.1 Marg
Slide 20: EBITDA
EBITDA EBITDA margin exceeded 10% mark CHF million EBITDA 2013 • EBITDA raised by 17.3 to EBITDA 2014 201.6 million CHF Margin 10.3% • EBITDA margin (10.3%) at 201.6 new record high 184.3 • BG Europe exceeded an important financial mid- Margin term target with an 11.3% EBITDA margin of 8.3% 107.2 Ma
Slide 21: Taxes
Taxes Tax rate significantly decreased Income taxes in % of profit before taxes 100 • Tax rate significantly decreased from 43.9% to 14.4% 80 • Reduction mainly due to successful restructuring 60 of subsidiaries which enabled recognition of loss carry-forwards 40 81.7% • Sustainable tax rate at 28-3
Slide 22: Balance sheet
Balance sheet Equity ratio further improved CHF million 2014 2013 • Solid balance sheet without goodwill Total assets 1’099.3 990.6 Non-current assets 536.2 440.7 • Net debt decreased from Cash and cash equivalents 140.9 117.9 75.0 to 53.9 million CHF Net debt 53.9 75.0 • Cash position amounted to S
Slide 23: Net debt
Net debt Continuous reduction of net debt since 2011 CHF million • Net debt declined 200 to 53.9 million CHF (2013: 75.0 million CHF) • Since 2011, net debt 160 decreased by more than 100 million CHF 120 • Gearing amounted to 13.7% 80 154.8 123.0 40 75.0 53.9 0 2011 2012 2013 2014 Investor Presentat
Slide 24: RONA
RONA RONA exceeded 20% mark In % 22 • RONA remarkably increased by 10 percentage 20 points to 20.3% 18 • RONA more than twice as 16 high as WACC 14 • Higher RONA due to 12 improved earnings 10 20.3 8 8.7% WACC 6 10.0 10.3 4 2 0 2012 2013 2014 Investor Presentation, March 2015 24
Slide 25: Cash flows
Cash flows High investments and positive cash flow CHF million 2014 2013 • Higher net profit boosts cash flow Net cash flow from operating activities 138.2 165.7 • Operating net working Net cash flow from investing activities -108.8 -98.6 capital was kept at low Free cash flow 29.5 67.1 prior-year l
Slide 26: Dividend payout
Dividend payout Significant increase of dividend proposed 2014 2013 • Dividend proposal of 4.50 CHF per share Net profit in million CHF 102.8 36.2 • Pay-out ratio is 26.4%, Attributable to shareholders of 78.9 14.5 dividend yield at 2.7% Autoneum Holding Ltd in million CHF Earnings per share (EPS) i
Slide 27: Agenda
Agenda 1. Autoneum at a glance 2. Review of the business year 2014 3. Financial results 2014 4. Outlook 2015
Slide 28: Growing demand for Autoneum's products
Growing demand for Autoneum’s products Global trends drive acoustic & thermal management Growing automobile Increasing production globalization (mainly Asia) 80-90% of LVs will be made Global CAGR of 4% to reach on global platforms 100 million LVs* mark by 2018 Demand for lightweight Acoustic treatm
Slide 29: Key focus areas for growth: Growth strategy by product line
Key focus areas for growth Growth strategy by product line Interior Floor Underbody Engine Bay Product examples: Product examples: Product examples: • Carpets • Underbody Shields • Engine Covers • Inner Dashes • Heatshields • Hoodliners • Floor Insulators • Wheelhouse • Outer Dashes • Gain market sh
Slide 30: Key focus areas for growth: Regional action plans
Key focus areas for growth Regional action plans Transform • Innovation roll-out Expand • Market share gains • Participation in Mexican growth • Roll-out underbody systems Grow Annual sales growth up to 20% by: • New customers Fix • Roll-out underbody & carpet systems • Prepare for next growth phase
Slide 31: Targets 2020
Targets 2020 Accelerate profitable growth • Net sales of 2'600 million CHF • Emerging markets: > 20% share in group’s net sales • EBITDA margin of 12% • Equity ratio > 40% • RONA > 20% • Target dividend payout of at least 30% of net result attributable to Autoneum shareholders Investor Presentation,
Slide 32: Guidance 2015
Guidance 2015 Global • Subdued increase in global automobile production to around environment 90 million light vehicles expected in 2015 (growth rate of 2.4%)* Sales • Net sales growth of 4-5% in local currencies in line with the financial mid-term targets • Appreciation of Swiss franc will lead to
Slide 33: Appendix
Appendix
Slide 34: History: A century-old success story
History A century-old success story Keller pioneers vehicle acoustics for the French and Expansion Italian automobile into new markets markets 1901 1950 1984 2011 2013 Paints and Rieter Acquisitions and Autoneum becomes an varnishes trading acquires organic growth to independent, stock company Unike
Slide 35: High Performance Culture: Turning values into behaviors
High Performance Culture Turning values into behaviors Built on long-term principles: Delight your customers. Enjoy your work. Fight for profits. Autoneum Values: • We perform with PASSION • We act with ACCOUNTABILITY • We profit from INNOVATION • We live a GLOBAL Spirit • We progress through CONTIN
Slide 36: Leading in Acoustic and Thermal Management: Product lines
Leading in Acoustic and Thermal Management 4 Product lines • Broad range of technologies Interior Floor • Innovative materials and processes Engine Bay • Customized systems and components • Cost effective and lightweight solutions Body Treatment • Total vehicle optimization Underbody • Simulation to
Slide 37: Productline Interior Floor
Productline Interior Floor Product portfolio: • Inner dashes • Tufted and non-woven carpets • Floor mats • Floor insulators Needlepunch carpet Customer reference: Investor Presentation, March 2015 37
Slide 38: Productline Engine Bay
Productline Engine Bay Product portfolio: • Hoodliners • Outer dashes • Water box shields, battery insulators • Engine top covers • Oil sump insulators and other engine mounted thermo-acoustic parts Engine top cover Customer reference: Investor Presentation, March 2015 38
Slide 39: Productline Underbody
Productline Underbody Product portfolio: • Under engine shields • Under floor shields • Heatshields • Wheelhouse outer liners • Spare wheel pans Under floor shield Customer reference: Investor Presentation, March 2015 39
Slide 40: Productline Body Treatment
Productline Body Treatment Product portfolio: • Dampers • Stiffeners • Sealants Damping material Customer reference: Investor Presentation, March 2015 40
Slide 41: Simulation Tools
Simulation Tools Product portfolio • Acoustic and Thermal Simulation tools for full system or component optimization • Scientific analysis combined with understanding of operational boundary in the automotive industry • Best in class solutions in concept and development phase and for VA/VE during se
Slide 42: Measurement Systems
Measurement Systems Product Portfolio • Core competencies in acoustic and thermal management applied in specialized measurement systems • Innovative systems/equipment to measure components and material properties • Developed by experts – resulting in de-facto industry standards • Measurement systems
Slide 43: Global Innovation Network
Global Innovation Network R&T and Development Centers Autoneum Company Presentation . March 2015 43
Slide 44: Hybrid-Acoustics – an Interior Floor innovation
Hybrid-Acoustics – an Interior Floor innovation Local tuning of insulation and absorption Lightweight concept Concept delivering using porous acoustic insulation materials either and absorption in available with felt or foam one product – tuned to area- specific requirements Through control of Accor
Slide 45: Di-Light – an Interior Floor innovation
Di-Light – an Interior Floor innovation High performance despite low weight Performance of a Carpet is 20% lighter carpet is not strictly and has 30% better correlated to its durability than weight; Autoneum’s new conventional needle punch carpet development proves carpets that a lighter but more re
Slide 46: Theta-FiberCell – an Engine Bay innovation
Theta-FiberCell - an Engine Bay innovation Structural performance with best acoustics Light weight 100% porous technologies allow product allows high implementation of acoustic perfor- innovative engine mance reducing interior and encapsulation solution for exterior noise. With Theta- CO2 reduction
Slide 47: Nero-Acoustics – a Body Treatment innovation
Nero-Acoustics – a Body Treatment innovation Core competence “acoustic” at low weight Up to 50% weight Significant better saving compared to acoustic conventional performance than dampers – still achieving conventional dampers – 20% weight saving same or better acoustic compared to today’s light per
Slide 48: Autoneum. Mastering sound and heat.
Autoneum. Mastering sound and heat. Investor Presentation, March 2015 48
Slide 49: Contacts and event calendar
Contacts and event calendar Investors Media Contact address Dr. Martin Zwyssig Dr. Anahid Rickmann Autoneum Holding AG CFO Head Corporate Communications Schlosstalstrasse 43 / P.O. Box T +41 (0)52 244 82 82 T +41 (0)52 244 83 88 CH-8406 Winterthur investor@autoneum.com media@autoneum.com www.autoneu
Slide 50: Notes
Notes Investor Presentation, March 2015 50
Slide 51: Notes
Notes Investor Presentation, March 2015 51
Slide 52: 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
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