Rieter Holding AG · SIX:RIEN
Rieter — FY2010 Earnings Presentation
78 slides from Rieter's earnings presentation, Sep 4, 2011
Slide 1: Welcome to our 2011 Financial Analysts' Conference
Welcome to our 2011 Financial Analysts’ Conference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Stoller, Erwin . Executive . . Chairman . . . . . . . . . . . . . . . . . . . .
Slide 2: Disclaimer
Disclaimer These materials do not constitute, or form a part of, an invitation or an offer to purchase, sell, trade or subscribe for any securities, and neither these materials (including any portion hereof) nor any distribution of these materials (including any portion hereof) shall form the basis
Slide 3: 2010 Full Year Results and Separation of Automotive Systems division
2010 Full Year Results and . Separation . . . . . of . .Automotive . . . . . .Systems . . . . division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Stoller, Erwin . Executive . . Chairman . . . . . . . . . . . . . . . . . . . Urs Leinhäuser, Chief Financial Officer
Slide 4: Agenda
Agenda 1. Introduction Erwin Stoller 2. Review of business year 2010 Urs Leinhäuser 3. Separation of Textile Systems and Erwin Stoller/ Automotive Systems Urs Leinhäuser 4. Introducing the focused Automotive Business Erwin Stoller (Autoneum) 5. Introducing the focused Textile business (Rieter) Erwin
Slide 5: Introduction
Introduction • Successful turnaround • Striking increase in volumes and return to profits • Changes in the Group Executive Committee FAK/BMK 2010 March 2011 5
Slide 6: Introduction: Successful Turnaround
Introduction: Successful Turnaround • Breakeven lowered successfully due to restructuring program started in 2008 • Successful launch of new products developed in 2008/2009 • Further strengthening of footprint in growth markets China/India (market position, volumes, plants, employees) FAK/BMK 2010 M
Slide 7: Introduction: Striking increase in volumes and return to profit
Introduction: Striking increase in volumes and return to profit • Volume increase Textile Systems due to the fast recovery of textile machinery and components markets • Automotive Systems volume increased due to high growth in all regions • Volume increase in both divisions transformed into increase
Slide 8: Introduction: Changes in Group Executive Committee
Introduction: Changes in Group Executive Committee • The Board of Directors has appointed Martin Hirzel as the new head of the Rieter Automotive Systems division and as a member of the Group Executive Committee. • He will assume his position as of mid-April succeding Wolfgang Drees, who is resigning
Slide 9: Agenda
Agenda 1. Introduction Erwin Stoller 2. Review of business year 2010 Urs Leinhäuser 3. Separation of Textile Systems and Erwin Stoller/ Automotive Systems Urs Leinhäuser 4. Introducing the focused Automotive Business Erwin Stoller (Autoneum) 5. Introducing the focused Textile business (Rieter) Erwin
Slide 10: Rieter Group: Financial key figures 2010
Rieter Group: Financial key figures 2010 Change FY09 vs. FY10 • Sales: +32% • Orders received: +64% • Operating result: 98.0 million CHF (2009: -186.6 million CHF) • Net result: 41.6 million CHF (2009: -217.5 million CHF) • Net liquidity: -3.5 million CHF (2009: 10.4 million CHF) Sales 2007 vs. 2010
Slide 11: Rieter Group: 2010 orders received
Rieter Group: 2010 orders received million CHF • Striking increase in 2010 64% orders received 3'500 3'170 • Orders received by the 3'000 Rieter Group were 64% higher (68% in local 2'500 currencies) 2'000 1'935 • The trend in order intake 1'500 was dynamic throughout the year 1'000 • Steep rise vs.
Slide 12: Rieter Group: Sales per half-year
Rieter Group: Sales per half-year million CHF 2009: 1’956 2010: 2’586 • 32% increase in sales in 32% 2010 (36% in local 1'500 1'385 currencies) 1'201 • Positive sales development 1'250 during the last four 1'056 semesters 1'000 900 • Sales in HY2 2010 15% 750 higher than in HY1 2010 500 250 0 HY1 HY
Slide 13: Rieter Group: Sales by geographical region
Rieter Group: Sales by geographical region million CHF • With worldwide presence further strengthened in Asia 15% 1'200 1'079 • Double-digit sales growth in all regions 1'000 936 74% • Strongest sales growth in 800 Asia (74%) due primarily to 704 35% Textile Systems 600 584 • Exchange rate trends 43
Slide 14: Rieter Group: EBIT, per half-year
Rieter Group: EBIT, per half-year million CHF 2009: -187 2010: 98 • Continuous improvement of 285 operating result during the 150 last four semesters 100 83 • Operating result was increased by 285 million 50 6.3%1) CHF in 2010 vs. 2009 15 0 • Substantial improvement due largely to good capacity -50
Slide 15: Rieter Group: Net result
Rieter Group: Net result • The 259.1 million CHF million CHF 2009 2010 increase in the net result was due to improved Operating result before operating result interest and taxes (EBIT) -186.6 98.0 • Following two years of losses Rieter posted a net in % of Corporate output -10.1 3.9 profit of 41.6 m
Slide 16: Rieter Group: Net result per half-year
Rieter Group: Net result per half-year million CHF 2009: -218 2010: 42 • Steady improvement of net 260 profit during the last four 100 semesters 57 • Return to profitability 50 achieved in HY 2010 4.3%1) • Marked improvement vs. 0 previous year due to -15 improved operating result -50 • Improvements
Slide 17: Rieter Group: Net working capital
Rieter Group: Net working capital • Net working capital million CHF 2009 2010 increased by 70.3 million CHF Inventories 266.0 328.4 • Increase of inventories by 62.4 million CHF due to Trade receivables 331.5 381.5 volume increase in both divisions Other receivables 99.4 98.0 • Inventory level compa
Slide 18: Rieter Group: Balance sheet
Rieter Group: Balance sheet • Sound balance sheet million CHF 2009 2010 • High amount of cash and Total assets 1’814.1 1’969.1 cash equivalents per year- end (increase of 134.2 Non-current assets 886.5 802.2 million CHF vs. previous year) due to bond issue Net working capital 19.5 89.8 • Financial d
Slide 19: Rieter Group: Free cash flow
Rieter Group: Free cash flow million CHF 2009 2010 • Positive free cash flow achieved in 2010 of 13.6 Net result -217.5 41.6 million CHF • Cash flow improved by Cash flow -93.0 170.3 263.3 million CHF in 2010 Net cash flow -143.3 187.9 vs. 2009 • Net working capital increase Change in net working ca
Slide 20: Textile Systems 2010
Textile Systems 2010 A leading supplier of short-staple fiber machinery and components FAK/BMK 2010 March 2011 20
Slide 21: Textile Systems: Order intake
Textile Systems: Order intake million CHF • Positive dynamic in order 2008: 539 2009: 511 2010: 1’455 intake throughout the year 800 • Most important countries for 739 716 Rieter were China, India and Turkey. 600 -5% 185% • Large volume of demand also from Bangladesh, 417 Brazil, Indonesia, South 40
Slide 22: Textile Systems: Sales
Textile Systems: Sales million CHF • Sales growth was especially 2008: 1’120 2009: 532 2010: 870 strong in HY2, in the year as a whole sales rose by 64% 800 • Highest sales in Asia 665 • Sales development also 600 -53% 64% positively impacted by 545 launch of new machines for 455 Asian markets 400 3
Slide 23: Textile Systems: EBIT
Textile Systems: EBIT million CHF 2008: -50 1) 2009: -74 2010: 78 • Positive operating result achieved in HY2 2010 of 76 million CHF 80 76 55 • Increase in operating result 152 by 152 million CHF vs. 2009 40 -24 was mainly due to 2 – Significant volume 0 increase and higher -16 capacity utilization
Slide 24: Automotive Systems 2010
Automotive Systems 2010 One of the global technology leaders in acoustic and thermal management solutions for motor vehicles FAK/BMK 2010 March 2011 24
Slide 25: Automotive Systems: Sales
Automotive Systems: Sales million CHF • 2010 sales increased by 20% - sales growth in all 2'500 regions -30% 20% 2'022 • Weak US Dollar and Euro 2'000 1'715 vs. CHF had an adverse impact on 2010 sales 1'424 1'500 reported in CHF, growth in local currencies is 25% 1'000 • Only slightly lower 2010 sal
Slide 26: Automotive Systems: EBIT
Automotive Systems: EBIT million CHF • Positive operating result achieved in 2010 of 31 50 31 million CHF 146 136 0 • Increase in 2010 operating result by 136 million CHF vs. -50 2009 was mainly due to -100 –Cost reductions -105 achieved by -150 restructuring program initiated in 2008 -200 –Volume i
Slide 27: Agenda
Agenda 1. Introduction Erwin Stoller 2. Review of business year 2010 Urs Leinhäuser 3. Separation of Textile Systems and Erwin Stoller/ Automotive Systems Urs Leinhäuser 4. Introducing the focused Automotive Business Erwin Stoller (Autoneum) 5. Introducing the focused Textile business (Rieter) Erwin
Slide 28: Starting point for strategy evaluation
Starting point for strategy evaluation • Following the successful joint development under one roof for decades, both divisions are now globally structured, individually sustainable and ready to be positioned as strong and focused standalone entities on the capital markets • Today, both divisions are
Slide 29: What we want to achieve: Transaction Rationale
What we want to achieve Transaction Rationale Increased focus • Split of the group into two pure-play listed entities Enhanced strategic flexibility • Strengthening of individual investment cases by seizing further development potential and growth opportunities Separation as ultimate step of transfo
Slide 30: Separation of Automotive division from Rieter Group: Increased focus
Separation of Automotive division from Rieter Group Increased focus Split of the group into two pure-play entities • Successful joint development under one roof has enabled development of Rieter Textile Systems (in future Rieter) and Rieter Automotive Systems (in future Autoneum) to be positioned as
Slide 31: Separation of Autoneum from Rieter Group: Enhanced strategic flexibility
Separation of Autoneum from Rieter Group Enhanced strategic flexibility Strengthening of individual investment cases by seizing further development potential and growth opportunities • Crystallises the businesses’ inherent values • Rieter – A leading supplier of short-staple fiber spinning machinery
Slide 32: Separation as ultimate step of transformation
Separation of Autoneum from Rieter Group Separation as ultimate step of transformation Consequence of long-run corporate development • Rieter and Autoneum already operated as separate businesses • Separation requires minimal organisational changes and does not cause dis-synergies • Current business
Slide 33: Separation process
Separation process Current Rieter Group structure Structure post separation Shareholders Shareholders Distribution of Autoneum to Rieter shareholders 100% 100% 100% SIX listed SIX listed SIX listed Autoneum Rieter Autoneum Automotive (Textile (Automotive Textile Systems Business) Business) Systems (
Slide 34: Transaction structure and expected timetable
Transaction structure and expected timetable Transaction structure • Distribution of Autoneum to shareholders by way of a special dividend • 1 new Autoneum share for each Rieter share • AGM approval required • Two largest shareholders support the transaction Expected timetable • Rieter Holding’s sha
Slide 35: Role of largest shareholders
Role of largest shareholders Commitment of largest shareholders The two largest shareholders of Rieter Holding, Peter Spuhler and Michael Pieper, support the proposed transaction and have confirmed that they will vote all their Rieter Holding Shares in favor of the Separation at the 2011 AGM • Both
Slide 36: Agenda
Agenda 1. Introduction Erwin Stoller 2. Review of business year 2010 Urs Leinhäuser 3. Separation of Textile Systems and Erwin Stoller/ Automotive Systems Urs Leinhäuser 4. Introducing the focused Automotive Business Erwin Stoller (Autoneum) 5. Introducing the focused Textile business (Rieter) Erwin
Slide 37: Key investment highlights Autoneum
Key investment highlights Autoneum 1 Provider of integrated solutions 2 Technology leadership 3 Broad OEM portfolio and global footprint 4 Leading market positions 5 Attractive market fundamentals 6 Successful restructuring to provide upside FAK/BMK 2010 March 2011 37
Slide 38: Provider of integrated solutions
Provider of integrated solutions Autoneum Combination of core competences Design and measurement expertise Product excellence Best-in-class acoustics Acoustics & thermal management FAK/BMK 2010 March 2011 38
Slide 39: Technology & product leadership
Technology & product leadership Autoneum Product family Recent innovations Key benefits Interior Tufted Carpets Rieter Pure Tuft • Innovative backing resulting in lower Floor weight as compared to Autoneum’s existing carpet generation Interior Inner Hybrid acoustics • Tunable acoustic performance an
Slide 40: Global footprint and diversified customer base
Global footprint and diversified customer base Autoneum Global footprint Top 10 OEMs (light vehicles)(1, 2) 13% 10% 10% 8% 8% 7% 7% 6% 5% 5% Manufacturing facilities Development centers Acoustic centers Others Research & Technology Center (CH) (13% of 2010 sales) Global manufacturing setup with 48
Slide 41: Business groups 2010
Business groups 2010 Autoneum Business Groups Europe North America Asia SAMEA Key Financials 2010 Net sales(1) (CHFm) 897 549 77 150 % y-o-y growth 13% 36% 48% 17% EBITDA (CHFm) 20 58 9 13 % margin 2% 10% 12% 9% Operational Manufacturing 24 10 7 7 facilities (2) Employees(3) 3,732 2,286 895 1,195 To
Slide 42: Strong automotive market recovery
Strong automotive market recovery Autoneum 21.3 Estimated light vehicle production in million units 16.6 70.4 m units in 2007 12.7 16.2 15.1 13.5 7.9 59.5 m units in 2009 12.0 74.1 m units in 2010 Growth rate(1) 3.5 3.3 3.5 3.9 +6.2% China 88.8 m units in 2013 8.5% (1) Eastern Europe (2) Western Eur
Slide 43: Upside from restructuring program
Upside from restructuring program Autoneum Cornerstone of 2008 restructuring program 1 • Move manufacturing capacity from 4 • Significantly lower break-even target Western to Eastern Europe achieved 2 • Optimize manufacturing capacities in 5 • Majority of projects accomplished in North America 2010
Slide 44: Strategic priorities
Strategic priorities Autoneum 1 Continuous • Strong focus on cost reduction with continuous improvement (MOVE) and special projects performance • Further spread Rieter Production System (RPS) as manufacturing standard improvement 2 Optimize • Successfully launch new manufacturing facilities in China
Slide 45: Overview of Autoneum's Board of Directors and Group Executive Board
Overview of Autoneum‘s Board of Directors and Group Executive Board Autoneum Board of Directors Hans-Peter Schwald, Chairman Rainer Schmückle, Michael Pieper, This E. Schneider, Peter Spuhler, Ferdinand Stutz CEO Martin Hirzel CFO and Business Group Business Group Business Group Business Group Deput
Slide 46: Mid-term financial targets
Mid-term financial targets Autoneum • Annual growth of 4% - 5% (excluding currency effects) • Flat to moderate growth in Western Europe Net sales • Moderate growth in North America • Strong growth in Asia • Return on Net Assets > Cost of Capital Profitability / • Main improvement driven by operation
Slide 47: Agenda
Agenda 1. Introduction Erwin Stoller 2. Review of business year 2010 Urs Leinhäuser 3. Separation of Textile Systems and Erwin Stoller/ Automotive Systems Urs Leinhäuser 4. Introducing the focused Automotive Business Erwin Stoller (Autoneum) 5. Introducing the focused Textile business (Rieter) Erwin
Slide 48: Key investment highlights of Rieter
Key investment highlights of Rieter 1 Long-term growth industry 6 Experienced Management team 2 Broadest global and Board of systems supplier Directors Rieter 5 Efficient cycle 3 Leading market management positions 4 Technology and innovation leadership FAK/BMK 2010 March 2011 48
Slide 49: Long-term growth industry
Long-term growth industry Textile business will keep on growing – Rieter participates in the biggest segment of short staple fibers World population and fiber consumption growth 92 57 9 9 13 6 7 2 2 3 3 3 1900 1950 2002 2016 World population (billion) Short staple, including staple filaments Per-cap
Slide 50: Broadest global systems supplier
Broadest global systems supplier Global supplier… …of spinning machinery and components Europe Asia Americas [Pic] [Pic] Legend Sales Service R&D Production …covering preparation and Full-liner… all four spinning technologies From bale… …to yarn Ring conventional (1) Ring compact (2) Preparation Rot
Slide 51: Efficient cycle management
Efficient cycle management Sales 2) 1998 – 2010, million CHF -24% +40% +21% -6% +4% -0% -6% +38% +19% -27% -50% +66% 1'600 1'440 1'400 1'211 1'200 1'052 1'000 957 935 932 898 879 865 749 794 800 567 522 600 400 200 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1) Before restruct
Slide 52: Machine business (SYS) – Market
Machine business (SYS) – Market Strong recovery of shipments in 2010 Shipments in spindle equivalents (in ’000) 16’130 11’822 9’578 182 83 293 439 246 500 North & South Europe & America Africa Asia & Pacific (incl. 2008 2009 2010 Turkey) Source: ITMF - International Textile Machinery Shipment Statis
Slide 53: Component business (PTC) – Market
Component business (PTC) – Market Addressable market based on global machinery installed and its replacement – a sound foundation for PTC`s business with spinning mills Installed base of machinery in spindle equivalents (in million spindles) 220.7 228.4 253.0 22.4 22.5 22.9 30.3 30.4 28.2 North & So
Slide 54: Rieter – Strategic intent
Rieter – Strategic intent Strategic intent Growth strategy • Stay No. 1 in the high segment, become at least No. 2 in the mid segment • Strengthen position in China and India • Close product gaps through innovation and external opportunities Innovation • Improve yarn quality • Increase fiber yield /
Slide 55: Overview of Rieter's Board of Directors and Management
Overview of Rieter‘s Board of Directors and Management Board of Directors Erwin Stoller, Chairman This E. Schneider, Dieter Spälti, Jakob Baer, Michael Pieper, Hans-Peter Schwald, Peter Spuhler Executive Chairman of the Board Erwin Stoller General Counsel Thomas Anwander Spun Yarn Systems (SYS) Prem
Slide 56: Guidance over the cycle
Guidance over the cycle Over the cycle Sales Sales growth of > 5% > 9% over the cycle, EBIT margin peak years > 12% > 6 % over the cycle, Net result peak years > 8% RONA peak years > 14% Capex 4 – 5 % of corporate output Target pay-out ratio of Dividend Policy approx. 30% of net result FAK/BMK 2010
Slide 57: Agenda
Agenda 1. Introduction Erwin Stoller 2. Review of business year 2010 Urs Leinhäuser 3. Separation of Textile Systems and Erwin Stoller/ Automotive Systems Urs Leinhäuser 4. Introducing the focused Automotive Business Erwin Stoller (Autoneum) 5. Introducing the focused Textile business (Rieter) Erwin
Slide 58: Rieter Group: Outlook
Rieter Group: Outlook • As a leading supplier to the textile machinery and automobile industries, Rieter participated successfully in market recovery last year. Order intake and sales rose markedly throughout 2010. Both divisions attained a positive operating income again, and the Group recorded a n
Slide 59: Outlook: Textile and Automotive business
Outlook Textile business (Rieter) Automotive business (Autoneum) Thanks to the gratifying order backlog per Rieter Automotive Systems expects further beginning of year, and good ongoing sales growth in 2011, which will not however demand for textile machinery and profit from the same baseline effect
Slide 60: Next Milestones
Next Milestones AGM invitation and • 22 March 2011 Shareholder Information Brochure 2011 AGM • 13 April 2011 Publication for listing • 2 May 2011 prospectus for Autoneum Shares Cut-off date for • 12 May 2011 (after close of trading on SIX) entitlement to receive Autoneum Shares Rieter Holding Shares
Slide 61: Summary
Summary • Turnaround and lower break-even point achieved • Strategy evaluated on division and group level • Goal: two listed, focused companies and proposal to the Annual General Meeting to split the Rieter Group and to continue to operate the two divisions as separate entities FAK/BMK 2010 March 20
Slide 62: Appendix Group
Appendix Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FAK/BMK 2010 March 2011 62
Slide 63: Rieter Group: Capital expenditures and depreciation by division
Rieter Group: Capital expenditures and depreciation by division million CHF • Capex increased by 36 to 98 million CHF compared to 160 2009 141 7.6% 1) 125 • In both divisions capex were 140 4.9% 1) still carefully scrutinized 120 which is of utmost 98 100 3.9% 1) importance also in an 95 upswing 80
Slide 64: Appendix Textile business
Appendix Textile business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FAK/BMK 2010 March 2011 64
Slide 65: Order intake
Order intake Order intake (2009–2010) Comments • During FY2010, total orders received H1: H2: rose by approx. 970.6 million CHF or 309% 137% 201% to 1’453.1 million CHF million CHF • Growth in local currencies was 208% 800 737.1 716.0 • H1 2010 orders grew over-proportionally 112.0 123.2 with 309% c
Slide 66: Key balance sheet data
Key balance sheet data Comments 31.12.2010 31.12.2010 • Rieter Group pre-separation with net million CHF Rieter Group post separation1) liquidity of -3.5 million CHF as at year- Cash and end 2010 cash equivalents 359.0 375.6 • Internal restructuring prior to Total assets 1’969.1 1’119.3 separation •
Slide 67: New segment information – pro forma for Rieter going forward
New segment information – pro forma for Rieter going forward Rieter SYS PTC Other Total Mio CHF (Textile) 2009 (1) Sales 394.2 128.1 0.0 522.3 Corporate output 355.7 126.1 0.0 481.8 EBITDA -21.2 1.5 -7.4 -27.1 Depreciation and amortization -22.2 -21.7 -0.4 -44.3 EBIT -43.4 -20.2 -7.8 -71.4 Capital e
Slide 68: Appendix Automotive business
Appendix Automotive business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FAK/BMK 2010 March 2011 68
Slide 69: Historical sales Autoneum
Historical sales Autoneum Net sales (2006 – 2010) Comments CHF MM 2,500 • In 2008 through 2009, steep decline of vehicle 2,295 production in Autoneum’s main markets across 2,115 most customers (2) 2,000 1,960 • In H2 2009 and 2010, Autoneum benefited from +21% 149 (2) improving market conditions 45
Slide 70: Significant reduction of break-even level
Significant reduction of break-even level Autoneum Break-even structurally reduced by 21% from 2008 to 2010 Net sales at which EBIT break-even is achieved Comments CHF MM Significant structural break-even adjustment through restructuring 2.000 • Total manufacturing capacity aligned in Europe and Nor
Slide 71: Key historical financials per business groups
Key historical financials per business groups Autoneum Net sales evolution (2008 – 2010) Comments CHF MM 1,960(1) 1,387(1) 1,678(1) • BG Europe and BG North 1,400 America severely impacted by 1,222 1,200 financial crisis 1,000 897 • Initiated restructuring program 794 800 and operational performance
Slide 72: Historical capital expenditure and R&D
Historical capital expenditure and R&D Autoneum Capital expenditure (2008 – 2010) Comments CHF MM in % of net sales • Majority of the investments in property, plant and 4.4% 120 4.5% equipment were made in connection with new 4.3% 4.1% 90 85 awarded businesses or to increase efficiency 72 3.0% 60 56
Slide 73: Historical operating working capital
Historical operating working capital Autoneum Operating working capital (2008 – 2010) Comments CHF MM in % of net sales • Operating working capital requirement was 400 16.0% significantly reduced to 9.4% of net sales despite 14.2% increased sales 350 14.0% 12.4% • Improvements driven by improved inv
Slide 74: Capitalization table Autoneum
Capitalization table Autoneum Capitalization Table Comments As of December 31, 2010 As • Shareholder’s equity will increase by CHF 55 (in CHF million) Actual Adj. (1) (1)adjusted (1) MM, equivalent to the debt amount waived by Rieter Holding prior to the separation Cash pool receivables - Rieter 26
Slide 75: Historical combined income statements
Historical combined income statements Autoneum CHF million 2010 2009 2008 Sales 1,715.4 1,424.3 2,022.1 Sales deductions -37.9 -37.7 -61.9 Net sales 1,677.5 1,386.6 1,960.2 Change in semi-finished and finished goods 6.6 0.0 0.7 Own work capitalized 0.0 0.1 0.5 Corporate output 1,684.1 1,386.7 1,961.
Slide 76: Historical combined balance sheets
Historical combined balance sheets Autoneum December 31, December 31, December 31, CHF million 2010 2009 2008 Assets Tangible fixed assets 388.4 451.1 482.4 Intangible assets 0.0 0.0 0.1 Other non-current assets 39.1 44.1 50.5 Deferred tax assets 4.6 4.1 3.5 Non-current assets 432.1 499.3 536.5 Inve
Slide 77: Historical combined statements of cash flows
Historical combined statements of cash flows Autoneum CHF million 2010 2009 2008 Net result -41.3 -147.2 -326.7 Dividend income 0.0 -3.4 -2.2 Interest income -1.3 -1.9 -5.3 Interest expenses 38.7 35.5 30.4 Income taxes 17.7 6.7 15.0 Depreciation and amortization of tangible and intangible fixed asse
Slide 78: New segment information – historical combined for Autoneum
New segment information – historical combined for Autoneum Autoneum Autoneum BG BG North BG 2009 (1) Mio CHF Europe America BG Asia SAMEA Other Total Net sales 794.2 403.1 52.0 127.6 9.7 1’386.6 EBITDA -46.4 22.7 3.2 4.4 -5.4 -21.5 Depreciation and amortization -55.2 -27.4 -5.2 -3.7 -2.8 -94.3 EBIT