Cie Automotive India Ltd · NSE:CIEINDIA
Cie Automotive India — Mahindra CIE Automotive — Q2 and H1 CY2021 Earnings Presentation
42 slides from Cie Automotive India's earnings presentation, Jul 21, 2021
Slide 1: Cover letter to stock exchanges
mah Indra CI E Mahindra CIE Automotive Limited Suite F9D, Grand Hyatt Plaza (Lobby Level), Off Western, Express Highway, Santacruz (E), Mumbai- 400 055, India Tel: +91 22 62411031 Fax: +91 22 62411030 www.mahindracie.com mcie.investors@cie-ind ia.com SEC/2021/075 21 st July, 2021 RSF. T.imited Natio
Slide 2: Q2 & Half Year CY2021 Results
Q2 & Half Year CY2021 Results 21 JULY 2021 I MUMBAI
Slide 3: Disclaimer
Mahindra CIE Disclaimer Mahindra CIE Automotive Limited, herein referred to as MCAL provides a wide array of presentations and reports, with the contributions of various professionals. These presentations and reports are for informational purposes and private circulation only and do not constitute a
Slide 4: Index
Index 1 OVERVIEW 2 Q2 CY2021 RESULTS 3 H1 CY2021 RESULTS 4 BALANCE SHEET, CASHFLOW AND OTHER DETAILS 5 MARKET UPDATE 6 SEBI RESULTS 3
Slide 5: Overview
1 OVERVIEW CIE Automotive
Slide 6: Overview: Legal Structure (as on June 2021)
OVERVIEW LEGAL STRUCTURE (AS ON 30 JUNE 2021) MVML (M&M Subsidiary) and CIE through it’s subsidiaries 60.76% Promoter Group 11.44% 100% 100% 100% 100% 100% BF Precision Bill Forge de Aurangabad CIE Galfor Stokes Group Private Mexico S de Electricals S.A. Limited* Limited RL de CV Limited 100% 100% 9
Slide 7: Q2 CY2021 Results
2 Q1 CY2021 RESULTS CIE Automotive
Slide 8: MCIE India Q2 CY2021 Results
MCIE INDIA Q2 CY2021 RESULTS FINANCIAL UPDATE MARKET UPDATE (INR MIO) APR-JUN 2021 CHANGE APR-JUN 2020 JAN-MAR 2021 APR-JUN 2021 APR-JUN 2021 v/s v/s SALES 8,734 246% 2,523 10,488 APR-JUN 2020 JAN-MAR 2021 <6T 408.2% -29.5% EBITDA* 1,213 475% -324 1,621 MHCV 1025.2% -22.5% EBITDA% 13.9% -12.8% 15.5%
Slide 9: MCIE Europe Q2 CY2021 Results
MCIE EUROPE Q2 CY2021 RESULTS FINANCIAL UPDATE MARKET UPDATE (INR MIO) APR-JUN 2021 CHANGE APR-JUN 2020 JAN-MAR 2021 APR-JUN 2021 APR-JUN 2021 SALES 10,670 132% 4,590 10,375 v/s v/s APR-JUN 2020 JAN-MAR 2021 EBITDA* 1,501 425% -461 1,441 <6T 89.2% -11.9% MHCV* 70.4% -6.2% EBITDA% 14.1% -10.1% 13.9%
Slide 10: MCIE Consolidated Q2 CY2021 Results
MCIE CONSOLIDATED Q2 CY2021 RESULTS FINANCIAL UPDATE (INR MIO) APR-JUN 2021 CHANGE APR-JUN 2020 JAN-MAR 2021 SALES 19,404 173% 7,113 20,863 EBITDA* 2,714 446% -785 3,062 EBITDA% 14.0% -11.0% 14.7% EBIT* 1,828 240% -1,303 2,179 EBIT% 9.4% -18.3% 10.4% EBT* 1,698 215% -1,470 2,037 EBT% 8.7% -20.7% 9.8
Slide 11: H1 CY2021 Results
3 H1 CY2021 RESULTS CIE Automotive
Slide 12: MCIE India H1 CY2021 Results
MCIE INDIA H1 CY2021 RESULTS FINANCIAL UPDATE MARKET UPDATE (INR MIO) JAN-JUN 2021 CHANGE JAN-JUN 2020 JAN-JUN 2021 v/s SALES 19,222 93% 9,963 JAN-JUN 2020 <6T 83.3% EBITDA* 2,834 338% 647 MHCV 130.9% EBITDA% 14.7% 6.5% Tractors 78.0% Two Wheelers 62.2% EBIT* 1,941 2,197% -93 Source: <6T is from IHS
Slide 13: MCIE Europe H1 CY2021 Results
MCIE EUROPE H1 CY2021 RESULTS FINANCIAL UPDATE MARKET UPDATE (INR MIO) JAN-JUN 2021 CHANGE JAN-JUN 2020 JAN-JUN 2021 SALES 21,045 60% 13,184 v/s JAN-JUN 2020 EBITDA* 2,942 570% 439 <6T 29.3% MHCV* 38.2% EBITDA% 14.0% 3.3% EBIT* 2,066 1,438% -154 Source: IHS Global EBIT% 9.8% -1.2% * MHCV data is bas
Slide 14: MCIE Consolidated H1 CY2021 Results
MCIE CONSOLIDATED H1 CY2021 RESULTS FINANCIAL UPDATE (INR MIO) JAN-JUN 2021 CHANGE JAN-JUN 2020 SALES 40,267 74% 23,147 EBITDA* 5,776 432% 1,086 EBITDA% 14.3% 4.7% EBIT* 4,008 1,722% -247 EBIT% 10.0% -1.1% EBT* 3,735 726% -596 EBT% 9.3% -2.6% (*) EBITDA: Net Operating Income + Depreciation , EBIT: N
Slide 15: Balance Sheet, Cashflow and Other Details
4 BALANCE SHEET, CASHFLOW AND OTHER DETAILS
Slide 16: Consolidated Balance Sheet as on Jun 2021
MCIE CONSOLIDATED BALANCE SHEET AS ON 30 JUN 2021 Million Rupees 30 JUN 2021 31 DEC 2020 Fixed Assets 67,563 67,597 Net Working Capital 511 -349 Total Net Assets 68,073 67,248 Equity 50,296 49,207 Net Financial Debt (*) 11,023 12,755 Others (Net) (#) 6,754 5,286 Total Equity and Liabilities 68,073 6
Slide 17: Consolidated Cash Flow and NFD as on Jun 2021
MCIE CONSOLIDATED - CASH FLOW AND NFD AS ON 30 JUN2021 (Mn INR) MCIE EBITDA 5,776 Financial (273) Maintenance CAPEX (936) Tax Payment (535) OPERATING CASH FLOW 4,033 % EBITDA 70% Growing Capex (1,448) Working Capital Variation (860) Others 7 FINANCIAL CASH FLOW 1,732 BEGINNING NFD 12,755 ENDING NFD
Slide 18: Other Details
OTHER DETAILS OTHER OPERATING REVENUE, OTHER INCOME AND EXCHANGE RATES For Q2 CY2021 For H1 CY2021 (INR Mio) INDIA EUROPE CONSOLIDATED INDIA EUROPE CONSOLIDATED Other Operating Revenue 610 411 1,021 1,266 786 2,052 Other Income 74 41 115 171 138 309 EXCHANGE RATES PERIOD INR/ EURO Average for Q2 CY2
Slide 19: Market Update
5 MARKET UPDATE CIE Automotive
Slide 20: India Market: Key Segments Update - Quarterly
INDIA MARKET: KEY SEGMENTS UPDATE - QUARTERLY MARKET PRODUCTION NUMBERS <6T Vehicles** MHCV Tractors Two Wheelers PERIOD Million Units Δ% Units Δ% Units Δ% Units Δ% H1 CY2021 2.05 83.3 104,988 130.9 543,902 78.0 9,131,498 62.2 Q2 CY2021 0.85 408.2 45,830 1025.2 248,601 121.1 3,482,294 178.6 Q1 CY202
Slide 21: Market Outlook - India
MARKET OUTLOOK - INDIA • Passenger Vehicles ₋ Light Vehicles (less than 6 Tons – European Classification) Short Term: IHS forecasts production growth at a 28.4% between CY2020-CY 2021 Long term: IHS forecasts production growth at a CAGR of 7.1% over a period of 2021-2026 • MHCVs: Short Term: IHS* fo
Slide 22: Europe Market: Key Segments Update - Quarterly
EUROPE MARKET: KEY SEGMENTS UPDATE - QUARTERLY MARKET PRODUCTION NUMBERS <6T Vehicles MHCV PERIOD Million Units Δ% Units Δ% H1 CY2021 8.79 29.4 261,107* 38.2 Q2 CY2021 4.11 89.2 126,368 70.4 Q1 CY2021 4.67 1.2 134,739 17.4 Source: IHS Global Δ % - means comparison of Quarter volumes of this financia
Slide 23: Market Outlook - Europe
MARKET OUTLOOK - EUROPE • EU – Light Vehicles: ‒ IHS Global has forecasted that the Light Vehicle production will grow in CY21 by 9.2% as compared to CY20 ‒ and will grow at CAGR of 3.2% between CY21 to CY26. • EU – MHCV’s: ‒ IHS Global has forecasted* that the Europe MHCV production will grow in CY
Slide 24: SEBI Results
6 SEBI RESULTS CIE Automotive
Slide 25: Standalone - Statement of Profit & Loss
MCIE STANDALAONE - STATEMENT OF PROFIT & LOSS STATEMENT OF STANDALONE AND CONSOLIDATED UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 JUNE, 2021 Rs. in Million Standalone Quarter Ended Six Months Ended Year Ended Particulars 30 June, 2021 31 March, 2021 30 June, 2020 30 June, 2021 30 June
Slide 26: Standalone - Statement of Profit & Loss (Cont'd)
MCIE STANDALAONE - STATEMENT OF PROFIT & LOSS (CONT’D) Rs. in Million Standalone Quarter Ended Six M onths Ended Year Ended Particulars 30 June, 2021 31 M arch, 2021 30 June, 2020 30 June, 2021 30 June, 2020 31 December, 2020 Un Audited Un Audited Un Audited Un Audited Un Audited Audited V Profit/(L
Slide 27: Standalone H1CY21 Balance Sheet
MCIE STANDALONE H1CY21 BALANCE SHEET Rs. in M illion STANDALONE Particulars 30 June, 2021 31 December, 2020 Unaudited Audited I ASSETS 1 NON-CURRENT ASSETS (a) Property, Plant and Equipment 11,180.48 11,021.12 (b) Capital Work-in-Progress 784.81 688.32 (c ) Goodwill 10,167.05 10,167.05 (d) Other Int
Slide 28: Standalone H1CY21 Balance Sheet - Cont'd
MCIE STANDALONE H1CY21 BALANCE SHEET – CONT’D Rs. in M illion STANDALONE Particulars 30 June, 2021 31 December, 2020 Unaudited Audited II EQUITY AND LIABILITIES 1 EQUITY (a) Equity Share Capital 3,790.32 3,790.11 (b) Other Equity 35,348.13 35,660.00 39,138.45 39,450.11 LIABILITIES 2 NON-CURRENT LIAB
Slide 29: Standalone - Cash Flow
MCIE STANDALONE – CASH FLOW Rs. in Million 30 June, 2021 30 June, 2020 Particulars Unaudited Unaudited I Cash flows from operating activities Profit before tax 1,505.18 (177.42) Adjustments for: Finance costs recognised in profit or loss 53.28 44.86 Interest income recognised in profit or loss (23.5
Slide 30: Standalone - Cash Flow (Cont'd)
MCIE STANDALONE – CASH FLOW (CONT’D) Rs. in Million 30 June, 2021 30 June, 2020 Particulars Unaudited Unaudited Net cash inflow from operating activities (732.18) 2,117.16 II Cash flows from investing activities Purchase of Property, Plant and Equipment (1,057.86) (646.75) (Purchase)/Sale of current
Slide 31: Consolidated Statement of Profit & Loss
MCIE CONSOLIDATED STATEMENT OF PROFIT & LOSS Rs. in Million Consolidated Quarter Ended Six M onths Ended Year Ended Particulars 30 June, 2021 31 M arch, 2021 30 June, 2020 30 June, 2021 30 June, 2020 31 December, 2020 Un Audited Un Audited Un Audited Un Audited Un Audited Audited I Revenue from oper
Slide 32: Consolidated Statement of Profit & Loss - Cont'd
MCIE CONSOLIDATED STATEMENT OF PROFIT & LOSS - CONT’D Rs. in Million Consolidated Quarter Ended Six M onths Ended Year Ended Particulars 30 June, 2021 31 M arch, 2021 30 June, 2020 30 June, 2021 30 June, 2020 31 December, 2020 Un Audited Un Audited Un Audited Un Audited Un Audited Audited VII Profit
Slide 33: Consolidated H1CY21 Balance Sheet
MCIE CONSOLIDATED H1CY21 BALANCE SHEET Balance sheet as at 30 June, 2021 Rs. in Million CONSOLIDATION Particulars 30 June, 2021 31 December, 2020 Unaudited Audited I ASSETS 1 NON-CURRENT ASSETS (a) Property, Plant and Equipment 30,047.64 29,709.49 (b) Goodwill 37,238.83 37,553.94 (c) Other Intangibl
Slide 34: Consolidated H1CY21 Balance Sheet - Cont'd
MCIE CONSOLIDATED H1CY21 BALANCE SHEET – CONT’D Balance sheet as at 30 June, 2021 Rs. in M illion CONSOLIDATION Particulars 30 June, 2021 31 December, 2020 Unaudited Audited II EQUITY AND LIABILITIES 1 EQUITY (a) Equity Share Capital 3,790.32 3,790.11 (b) Other Equity (i) Share premium 15,290.09 15,
Slide 35: Consolidated - Cash Flow
MCIE CONSOLIDATED – CASH FLOW Rs. in Million Particulars 30 June, 2021 30 June, 2020 Unaudited Unaudited I Cash flows from operating activities Profit before tax 3,734.02 (595.81) Adjustments for: Finance costs recognised in profit or loss 272.64 349.83 Interest income recognised in profit or loss (
Slide 36: Consolidated - Cash Flow (Cont'd)
MCIE CONSOLIDATED – CASH FLOW (CONT’D) Rs. in Million Particulars 30 June, 2021 30 June, 2020 Unaudited Unaudited Net cash inflow from operating activities 3,852.02 2,315.54 II Cash flows from investing activities (Purchase)/Sale of current investments 1,364.76 (1,156.06) Net gain on sale of Investm
Slide 37: Consolidated - Segment Result
MCIE CONSOLIDATED – SEGMENT RESULT Rs. in Million CONSOLIDATED Quarter Ended Six Months Ended Year Ended 30 June, 2021 31 M arch, 2021 30 June, 2020 30 June, 2021 30 June, 2020 31 December, 2020 Particulars Un Audited Un Audited Un Audited Un Audited Un Audited Audited 1 Segment Revenue a) India 9,4
Slide 38: Consolidated - Segment Assets & Liabilities
MCIE CONSOLIDATED – SEGMENT ASSETS & LIABILITIES Rs. in Million CONSOLIDATED Quarter Ended Six Months Ended Year Ended 30 June, 2021 31 M arch, 2021 30 June, 2020 30 June, 2021 30 June, 2020 31 December, 2020 Particulars Un Audited Un Audited Un Audited Un Audited Un Audited Audited 3 Segment Assets
Slide 39: Notes
NOTES Notes: 1 The statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practic es and polic ies to the extent applic able. 2 The above results have been
Slide 40: Notes Cont'd
NOTES CONT’D … 4 Considering the surge of COVID 19 cases in India during April and May, 2021, certain states imposed lockdown restrictions, which have impacted the operations and sales of the Group in India marginally. In preparation of these financial results, the Company has taken into account bot
Slide 41: Notes Cont'd - Annexure A Subsidiaries and Associates
NOTES CONT’D … Annexure A - Subsidiaries forming part of the M ahindra CIE Automotive Limited (M CIE) Group and its Associate Companies S. No. Name of the entity Relationship % of Holding Country of Incorporation 30 June, 2021 1 Stokes Group Limited (SGL) Subsidiary of M CIE 100% UK 2 Stokes Forging
Slide 42: Thank You
Mahindra CIlE Thank You mahindracie.com > CIE Automotive G
Mahindra CIE Automotive — Q2 and H1 CY2021 Earnings Presentation on 6ix