Gestamp Automocion S.a. · BME:GEST
Gestamp Automocion — H1 2019 Earnings Presentation
22 slides from Gestamp Automocion's earnings presentation, Jul 25, 2019
Slide 1: H1 2019 Results Presentation
H1 2019 Results Presentation July 25th, 2019 © Gestamp 2019
Slide 2: Disclaimer
Disclaimer This presentation has been prepared solely for use at this presentation of our results as of and for the quarter ended June 30, 2019. By attending the conference call meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following lim
Slide 3: Agenda
Agenda Key Highlights for Q2 and H1 2019 Financial Overview Closing Remarks © Gestamp 2019 3
Slide 4: Key Highlights for Q2 and H1 2019
Key Highlights for Q2 and H1 2019 • The auto environment has been challenging during Q2 2019, with continued volume declines across the most relevant geographies • In that context, Gestamp has continued to outperform the market with revenues during Q2 2019 increasing by 6.4% (7.8% at constant FX) vs
Slide 5: Gestamp’s Financial Performance in Q2 2019
Gestamp’s Financial Performance in Q2 2019 (In €m) Q2 2018 Q2 2019 Total Revenue 2,203 2,344 EBITDA 254 272 EBITDA margin (%) 11.5% 11.6% EBIT 146 135 EBIT margin (%) 6.6% 5.8% Net Income 69 59 Net debt 2,209 2,486 Operating Leases (IFRS 16) Not applicable 402 Q2 2019 Revenue increased by 7.8% at co
Slide 6: Gestamp’s Financial Performance in H1 2019
Gestamp’s Financial Performance in H1 2019 (In €m) H1 2018 H1 2019 Total Revenue 4,261 4,513 EBITDA 486 521 EBITDA margin (%) 11.4% 11.5% EBIT 275 244 EBIT margin (%) 6.4% 5.4% Net Income 132 100 Net debt 2,209 2,486 Operating Leases (IFRS 16) Not applicable 402 H1 2019 Revenue increased by 7.3% at
Slide 7: Global Auto Market Update
Global Auto Market Update IHS 2019 Global Light Vehicle Production IHS Light Vehicle Production H1 and H2 Evolution IHS Market 2019E Analysis of Production Evolution (Mveh) IHS Global Vehicle Production (Mveh) 102 H1 Evolution 2017-2019 H2 Evolution 2017-2019 2.2% 2.5% 2.2% 99.5 99.5 100 99.1 1.9% 9
Slide 8: Automotive Growth H1 2019 vs. H1 2018
Automotive Growth H1 2019 vs. H1 2018 Gestamp Revenue Growth at Constant FX vs. IHS Market Production Growth in Gestamp’s Footprint Eastern Europe 33.5% NAFTA Western Europe 0.4% Market Gestamp 16.0% -3.6% -8.1% -1.8% Market Gestamp Asia Market Gestamp 2.3% Mercosur -7.7% 22.1% Market Gestamp Total
Slide 9: Financial Performance
Financial Performance EBITDA (1) Net Income Considerations (In €m) (In €m) • EBITDA of €521m in H1 19, a 7.2% +€35m increase or 9.0% at constant FX, -€32m including the impact from IFRS 16 +€18m €521m €486m -€10m • Net Income reached €59m in €132m Q2 19, impacted by €254m €272m €100m €69m €59m ‒ Inc
Slide 10: Solid Base for Future Profitable Growth
Solid Base for Future Profitable Growth • Growth supported by invested capex in existing and new projects Solid base for recovery • Successful execution of new projects as well as implementation of restructuring actions of profitable growth Key Considerations EBITDA margin Evolution • Overall 4.5 p.
Slide 11: Agenda
Agenda Key Highlights for Q2 and H1 2019 Financial Overview Closing Remarks © Gestamp 2019 11
Slide 12: Revenue and EBITDA Summary Overview
Revenue and EBITDA Summary Overview (In €m) 4,513 2,344 Revenue 4,261 2,203 Q2 2018 Q2 2019 H1 2018 H1 2019 Like for like growth: 7.8% Like for like growth: 7.3% (In €m) EBITDA 11.5% 11.6% 11.4% 11.5% margin (%) 521 486 EBITDA 272 254 Q2 2018 Q2 2019 H1 2018 H1 2019 Like for like growth: 1.5% Like f
Slide 13: Western Europe Financial Overview
Western Europe Financial Overview Considerations (In €m) • Q2 Revenue decrease of 0.4% reaching €1,064m − Growth in Iberia as a result of new 2,135 project launches; offset by a 2,061 Revenue 1,069 1,064 − Significant decrease in Germany and the UK (production stoppages linked Brexit) • H1 Revenue o
Slide 14: Eastern Europe Financial Overview
Eastern Europe Financial Overview Considerations (In €m) • Q2 Revenue of €373m resulting in 29.6% growth or 41.9% at constant FX 373 696 − Solid performance in almost all countries but 572 impacted by FX headwinds (mainly Turkey) 288 Revenue − Contribution from new project ramp-ups • H1 Revenue grow
Slide 15: NAFTA Financial Overview
NAFTA Financial Overview Considerations (In €m) • Q2 Revenue growth of 12.3% reaching €480m 940 − Strong above-market growth especially in the 480 758 US as a result of project ramp-ups Revenue • H1 Revenue growth of 24.1% reaching €940m 427 − Similar trends as seen during Q2 Q2 2018 Q2 2019 H1 2018
Slide 16: Mercosur Financial Overview
Mercosur Financial Overview Considerations (In €m) • Q2 Revenue decrease of 1.8%, reaching €156m 296 − Impacted by FX headwinds 159 156 289 − Weak market environment in Argentina Revenue • H1 Revenue of €296m resulting in 2.1% growth − Similar trends as for the quarter Q2 2018 Q2 2019 H1 2018 H1 201
Slide 17: Asia Financial Overview
Asia Financial Overview Considerations (In €m) • Q2 Revenue increase of 3.7% reaching €270m − Continued weaker market dynamics with 521 volume declines in the region, in particular in 270 China and India Revenue 261 507 − Q2 growth outperforming the market mainly as a result of the contribution from
Slide 18: Capital Expenditure Overview H1 2019
Capital Expenditure Overview H1 2019 Capex Breakdown Considerations (In €m) Capex as % Capex as % • Gestamp has continued to make investments 12.9% 9.2% of revenue of revenue to support high-quality projects expected to 550 drive profitable future growth Intangible 56 1.3% 417 • Capex in line with g
Slide 19: Net Financial Debt Position
Net Financial Debt Position Net Financial Debt (x) / EBITDA Considerations €2,233m €2,379m €2,787m €2,486m €2,888m • Leverage increase of 0.1x is in line with historical Q2 seasonality 2.66 2.78 2.49 2.61 2.32 • Net debt increase of €107m during Q2 has been driven by the usual seasonal investment in
Slide 20: Agenda
Agenda Key Highlights for Q2 and H1 2019 Financial Overview Closing Remarks © Gestamp 2019 20
Slide 21: Closing Remarks
Closing Remarks • Q2 2019 has been more challenging than Q1 2019 • H2 2019 global production volumes comparable with easier base of H2 2018 which was to a great extent impacted by WLTP and trade tariffs • During H1 2019 Gestamp has continued to deliver strong revenue growth as a result of the ramp-u
Slide 22: Working for a Safer and Lighter Car
Working for a Safer and Lighter Car www.gestamp.com Investor relations Phone: +34 91 275 28 72 Email: investorrelations@gestamp.com Web: www.gestamp.com © Gestamp 2019 © Gestamp 2019