Autoneum Holding Ag · SIX:AUTN
Autoneum — Investor Presentation (November 2013)
36 slides from Autoneum's investor presentation, November 2013
Slide 1: Investor Presentation
Investor Presentation Urs Leinhäuser, Chief Financial Officer & Deputy CEO, November 2013
Slide 2: Agenda
Agenda Who is Autoneum? / Positioning Highlights of HY1 2013 Industry and strategic priorities Mid term financial targets Outlook FY 2013 Contacts and event calendar
Slide 3: Who is Autoneum? Meet the experts
Who is Autoneum? Meet the experts Autoneum is the global technology leader in acoustic and thermal management solutions for motor vehicles. Competitive strenghts: • Leading provider of integrated solutions for Acoustic and Thermal Management • Product leadership through technology and innovation • L
Slide 4: Autoneum at a glance: Key figures
Autoneum at a glance Key figures Autoneum Group Countries across the globe (incl. Joint Ventures and in over 20 Licencees) about 45 Locations 6 Development Centers 1 Central Research & Technology Center (at headquarters) over 9’500 Employees 1’908 million CHF net sales in 2012 Investor Presentation
Slide 5: Global footprint: Close to our customers
Global footprint Close to our customers Autoneum Great Britain Sweden China Locations with minority Halesowen Göteborg Chongqing shareholders Heckmondwike Shanghai Stoke-on-Trent Russia Shenyang Investments in associates Ryazan Taicang Licensees Belgium Guangzhou Genk Tianjin Germany Fuzhou Canada F
Slide 6: Automotive Tier 1 supplier business model: Rules of the game
Automotive Tier 1 supplier business model «Rules of the game» Sales curve – current model Sales curve – replacement model 6 months 1-2 years 5-7 years Innovation- Pre- project development Released Request for Award Start of Innovation quotation production • Good visibility of mid-term sales developm
Slide 7: What distinguishes Autoneum?
What distinguishes Autoneum? High-performing acoustic and thermal solutions on a global scale Leading acoustics and thermal Product Excellence Global presence with a broad Management customer portfolio • Development, design and • Customized systems and • Broad and balanced testing components custome
Slide 8: Autoneum at a glance: Positioning
Autoneum at a glance Positioning Key figures HY 1 2013 = in Mio CHF 1 Top customers % = share of sales • Net sales 1’0781 4% 4% • EBIT 561 Other 3% 3% 4% Truck 2% - Margin 5.2% 5% 7% • Net Profit 311 5% • Free Cash flow 201 6% 16% • Capex 311 6% • Employees 10’208 6% 11% 8% 10% Investor Presentation
Slide 9: Agenda
Agenda Who is Autoneum? / Positioning Highlights of HY1 2013 Industry and strategic priorities Mid term financial targets Outlook FY 2013 Contacts and event calendar
Slide 10: HY1: Highlights Strategy
HY1: Highlights Strategy • Besides capacity adjustments in Europe, the expansion of the global footprint in growth markets has been fostered: - Set up of JV with Japanese supplier Nittoku in Silao, Mexico - Production in Ryazan plant in Russia scheduled to begin in fall 2013 • Continuous launch of p
Slide 11: HY1: Highlights Financials
HY1: Highlights Financials Organic growth in all regions • Autoneum’s growth in net sales in local currencies (10.8%) clearly exceeded growth global light vehicle production (1.4%) • Net Sales in Swiss francs rose by 11.5% to 1’078 million CHF Operating result and earnings rose significantly • EBIT:
Slide 12: Agenda
Agenda Who is Autoneum? / Positioning Highlights of HY1 2013 Industry and strategic priorities Mid term financial targets Outlook FY 2013 Contacts and event calendar
Slide 13: Growing industry: Market development light vehicle production
Growing industry Market development light vehicle production 59.5 m units in 2009 83.4 m units in 2013 CAGR 86.7 m units in 2014 4.4% 98.6 m units in 2017 * 0%* * * * * * * * * * * Compound annual growth rate (CAGR) 2014 - 2017 Source: IHS October 2013 (excl. truck) Investor Presentation . November
Slide 14: Strategy: Strategic priorities
Strategy Strategic priorities Investor Presentation . November 2013 14
Slide 15: Strategy: Focus on acoustics and thermal management
Strategy Focus on acoustics and thermal management • Leverage on core competencies while phasing out trunk and trim business • Develop more innovations for light-weight solutions • Execute additional pre-development studies to optimize full-vehicle acoustic and thermal management performance • Foste
Slide 16: Strategy: Grow profitably
Strategy Grow profitably • Continue strong focus on performance improvement programs - Execute capacities adaptation in Europe - Streamline overhead structures - Focus on continuous improvement and cost savings as key success factor in automotive industry • Grow in emerging markets - Expand Shenyang
Slide 17: Strategy: Focus on long-term partnerships with global customers
Strategy Focus on long-term partnerships with global customers Autoneum parts in global platforms: Ford Kuga / Escape Honda Civic BMW 3-series • Europe • Europe • Europe • Asia • Turkey • South Africa • North America • Asia • Asia • Russia • North America • South America Investor Presentation . Nove
Slide 18: Strategy: Leverage technological leadership
Strategy Leverage technological leadership Investor Presentation . November 2013 18
Slide 19: Strategy: Practice Operational Excellence
Strategy Practice Operational Excellence • Leverage on group-wide best practice sharing • Roll-out standardized and efficient business processes • Start implementation of new, state-of-the-art ERP system • Further harmonize manufacturing processes through Autoneum Production System (APS) Investor Pr
Slide 20: Agenda
Agenda Who is Autoneum? / Positioning Highlights of HY1 2013 Industry and strategic priorities Mid term financial targets Outlook FY 2013 Contacts and event calendar
Slide 21: Mid-term financial targets
Mid-term financial targets* * (communicated before SIX listing) • Annual growth of 4-5% (excluding currency effects) Net sales − Flat to moderate growth in Western Europe − Moderate growth in North America − Strong growth in BRICS countries • Return on net assets > Cost of Capital Profitability / •
Slide 22: Mid-term financial targets: Net sales growth
Mid-term financial targets • 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 BRICS countries Growth Rate (in LC) 2011 2012 HY1 2013 Achievement Group +15% +13% +11% BG Europe +10% +1% +2% B
Slide 23: Mid-term financial targets: Return on net assets
Mid-term financial targets Profitability / • Return on net assets > Cost of Capital Return on net assets Return on net assets 2011 2012 HY1 2013 Achievement Return on net assets 4% 10% 17% Cost of Capital ̰ 9% ̰ 9% ̰ 9% Value creation ̰ -5% ̰ 1% ̰ 8% Return 22 49 40 + Ø net assets 534 509 481 + Inve
Slide 24: Mid-term financial targets: EBITDA margin
Mid-term financial targets Profitability / • EBITDA margin >9% Return on net − Mid-term EBITDA margin of 7-8% in Europe assets − Double digit EBITDA margin in North America and Asia EBITDA margin 2011 2012 HY1 2013 Achievement Group 6.2% 7.6% 8.4% BG Europe 2.8% 4.1% 4.1% BG North America 9.2% 10.6%
Slide 25: Mid-term financial targets: Europe EBITDA margin
Mid-term financial targets Profitability / • EBITDA margin of 7-8% in Europe Return on net 1.0% 8.0% assets 5.0% 7.0% 4.0% -3.5% 0.5% 1.0% Actual Sales price, Sale of Italy Closure of plant Operating Mid-term Volume, Mid-term inflation France improvements target continuous target improvement Investo
Slide 26: Mid-term financial targets: Capital expenditure
Mid-term financial targets • Average long-term CAPEX of 4-4.5% of net sales Capital expenditure Capital Expenditure 2011 2012 HY1 2013 Achievement CAPEX in % net sales 4.5% 3.9% 2.8% in CHF 75 75 31 Share in % by BG BG Europe 44% 37% 25% + BG North America 36% 38% 45% + BG Asia 14% 10% 12% BG SAMEA
Slide 27: Mid-term financial targets: Net debt / EBITDA
Mid-term financial targets • Continue to maintain Indebtedness − Long-term conservative leverage below 1.5x net debt / EBITDA Net Debt / EBITDA 2011 2012 HY1 2013 Achievement Net Debt / EBITDA 1.5 0.9 0.7 Ratio Net Debt 155 123 118 + EBITDA 104 145 91 + Investor Presentation . November 2013 27
Slide 28: Mid-term financial targets: Equity ratio
Mid-term financial targets • Continue to maintain Indebtedness − 30% equity ratio (i.e. total equity divided by total assets) Equity Ratio 2011 2012 HY1 2013 2) Achievement Equity Ratio 1) 29% 32% 28% Total Assets 996 960 1042 Equity 1) 287 303 292 1) without subordinated shareholders loan 2) incl.
Slide 29: Mid-term financial targets: Dividend payout
Mid-term financial targets • Target payout ratio of up to 30% of net result attributable to Autoneum Dividend shareholders (EPS) payout Payout Ratio 2011 2012 HY1 2013 Achievement Payout Ratio 27% n/a EPS (CHF) -2.13 2.41 4.27 + Investor Presentation . November 2013 29
Slide 30: Agenda
Agenda Who is Autoneum? / Positioning Highlights of HY1 2013 Industry and strategic priorities Mid term financial targets Outlook FY 2013 Contacts and event calendar
Slide 31: Outlook FY 2013 (1)
Outlook FY 2013 (1) • Heterogeneous and low overall growth in global light vehicle production is likely to continue in HY2 • Market research institutes expect the low point in European demand was reached in HY1 • Autoneum sees good opportunities for exceeding the growth in light vehicle produc
Slide 32: Outlook FY 2013 (2)
Outlook FY 2013 (2) • EBIT margin of 5.2% in HY1 should thus be confirmed in HY2 (before one-time expenses) • One-time expenses due to the sale of Autoneum Italy and the closure of Dieppe plant in France will impact consolidated results in HY2 by approx. 40 million CHF • Investments in 2013 will
Slide 33: Agenda
Agenda Who is Autoneum? / Positioning Highlights of HY1 2013 Industry and strategic priorities Mid term financial targets Outlook FY 2013 Contacts and event calendar
Slide 34: Contacts and event calendar
Contacts and event calendar Contact address Investors Media Autoneum Holding AG Urs Leinhäuser Dr. Anahid Rickmann Schlosstalstrasse 43 / P.O. Box CFO and Deputy CEO Head Corporate Communications CH-8406 Winterthur T +41 (0)52 244 82 82 T +41 (0)52 244 83 88 www.autoneum.com investor@autoneum.com me
Slide 35: 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
Slide 36: Autoneum is the global technology leader in acoustic and thermal management
Autoneum is the global technology leader in acoustic and thermal management solutions for motor vehicles. Autoneum is a partner for the major automobile manufacturers around the world. Autoneum provides innovative and cost effective solutions for noise reduction and thermal management to increase ve
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