Autoneum Holding Ag · SIX:AUTN
Autoneum — H1 2023 Earnings Presentation
28 slides from Autoneum's earnings presentation, Aug 23, 2023
Slide 1: Half-Year Results 2023
Eelco Spoelder, CEO, and Bernhard Wiehl, CFO Half-Year Results 2023 Autoneum. Mastering sound and heat.
Slide 2: Agenda
Agenda 1. Overview Half-Year 2023 Eelco Spoelder, CEO 2. Financial Results Half-Year 2023 Bernhard Wiehl, CFO 3. Acquisition Borgers Automotive Eelco Spoelder, CEO 4. Outlook Eelco Spoelder, CEO 2
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Slide 4: The global market leader
Business development The global market leader Global market leader of sustainable acoustic and thermal management solutions for vehicles 67 16 600 24 Acquisition of 67 production facilities Represented Expanded technological Employees Borgers Automotive worldwide in 24 countries know-how and product
Slide 5: Highlights
Business development Highlights +10.7 % +20.2% CHF 45.0 million EBIT Strong start in all Borgers Innovation leadership Organic Inorganic excluding regions 4.5% EBIT margin one-time effects for second quarter 2023 Ultra-Silent Tune excluding for sustainable sound + CHF 213.9 million 4.1% Group EBIT o
Slide 6: Strategic key priorities
Clear focus is now mandatory Strategic key priorities Turnaround Profitable European Borgers ONE North America growth performance integration Autoneum Half-Year Results 2023 . August 23, 2023 6
Slide 7: Turnaround North America: Major achievements, break-even point almost reached
Turnaround North America Major achievements, break-even point almost reached Achievements Next steps 0.3* −1.9* • Volume growth of CHF 8.7 million • Advance and complete the Borgers integration in North 5.8* • Operational improvements of America CHF 5.8 million, through −16.0* 8.7* • Optimize operat
Slide 8: Important steps toward a sustainable future
Corporate Responsibility Important steps toward a sustainable future Science Based Targets initiative validated Autoneum’s climate targets 33 plants worldwide are certified in energy management Greenhouse gas emissions reduced by 33% on an absolute basis compared to 2019 214 eco-efficiency projects
Slide 9: Agenda
Agenda 1. Overview Half-Year 2023 Eelco Spoelder, CEO 2. Financial Results Half-Year 2023 Bernhard Wiehl, CFO 3. Acquisition Borgers Automotive Eelco Spoelder, CEO 4. Outlook Eelco Spoelder, CEO 9
Slide 10: Key figures Overview
Key figures Overview HY1 2022 HY1 2023 CHF million Change (unaudited) (audited) Revenue 888.7 1 102.6 213.9 EBITDA 67.5 200.6 133.0 in % of revenue (change in pp) 7.6% 18.2% 10.6 EBITDA excl. one-time effects 73.1 106.7 33.6 in % of revenue (change in pp) 8.2% 9.7% 1.4 EBIT 6.4 84.9 78.5 in % of rev
Slide 11: Organic revenue growth in line with market
Revenue development Organic revenue growth in line with market CHF million 21.7 0.1 Organic 32.8 −3.0 growth 43.6 36.8% 10.7% 8.6% −2.3% 1 102.6 13.8% 888.7 Revenue BG Europe BG North BG Asia BG SAMEA Corporate Organic Revenue HY1 2022 America and growth HY1 2023 elimination in % Half-Year Results 2
Slide 12: Positive revenue development supported by inorganic growth
Revenue development Positive revenue development supported by inorganic growth CHF million 27.9 3.1 −5.9 −60.5 Inorganic growth 154.3 20.2% 21.7 0.1 Organic 32.8 −3.0 growth 43.6 36.8% 10.7% 8.6% −2.3% 1 102.6 13.8% 888.7 Revenue BG Europe BG North BG Asia BG SAMEA Corporate Inorganic/ Currency Reve
Slide 13: EBIT excluding one-time effects significantly improved
Operating result (EBIT) development EBIT excluding one-time effects significantly improved CHF million Margin 10.8% Margin Margin −0.4% +1.1pp 17.5% Margin +3.7pp 0.1 +0.9pp 4.1% Margin 4.4% − −2.3 14.1 +4.1pp Margin 21.0 45.0 1.4% 12.0 EBIT excl. BG Europe BG North BG Asia BG SAMEA Corporate and EB
Slide 14: Considerable increase in profitability and solid net profit
Income statement Considerable increase in profitability and solid net profit • EBIT includes positive one-time effects HY1 2022 HY1 2023 CHF million Change in the total amount of CHF 39.9 million: (unaudited) (audited) • CHF 109.1 million bargain purchase Revenue 888.7 1 102.6 213.9 gain from acquis
Slide 15: Free cash flow impacted by acquisition-related effects
Cash flow statement Free cash flow impacted by acquisition-related effects HY1 2022 HY1 2023 • Operating cash flow impacted by CHF million Change NWC increase of CHF 49.0 million, (unaudited) (audited) of which CHF 27.4 million related to Cash flows from operating activities 54.6 24.2 −30.4 acquisit
Slide 16: Equity ratio influenced by the acquisition of Borgers Automotive
Balance sheet Equity ratio influenced by the acquisition of Borgers Automotive 31.12.2022 30.06.2023 • Higher total assets mainly due to CHF million Change Acquired* acquisition of Borgers Automotive (blue (audited) (audited) column) Total assets 1471.9 1 883.1 411.2 385.0 Non-current assets (excl.
Slide 17: Agenda
Agenda 1. Overview Half-Year 2023 Eelco Spoelder, CEO 2. Financial Results Half-Year 2023 Bernhard Wiehl, CFO 3. Acquisition Borgers Automotive Eelco Spoelder, CEO 4. Outlook Eelco Spoelder, CEO 17
Slide 18: Borgers acquisition: Reasons why it is a good fit
Borgers acquisition Reasons why it is a good fit 1 Strengthens Autoneum’s position as the global market leader 2 Highly complementary product, technology and customer portfolio 3 Longstanding expertise in sustainable and recycled materials 4 Improves position in EV product offering 5 Renegotiated OE
Slide 19: Our products for light and commercial vehicles
Leading in acoustic and thermal management Our products for light and commercial vehicles Exterior Interior Engine bay Interior trim • Trunk trim • Frunk • Load floors • Engine1 and e-motor encapsulations • Parcel shelves • Outer dashes • Floor mats (heated) • Hoodliners • Back seat trim • Engine to
Slide 20: Integration process on track
Integration of Borgers Automotive Integration process on track Focus on Day-1 readiness Advance organizational integration / implement synergy potentials Phase 1 Phase 2 Achievements Initiation of projects and next steps • Organizational integration of Sales and • Make-or-buy initiative to insource
Slide 21: Realization of planned synergies under way
Integration of Borgers Automotive Realization of planned synergies under way Development of synergy phase Synergies and their enablers • Integration costs expected for 2023 with an estimated amount of ~CHF 6 million • Anticipated synergies of CHF 25 – 30 million, fully effective as of 2025, include:
Slide 22: Agenda
Agenda 1. Overview Half-Year 2023 Eelco Spoelder, CEO 2. Financial Results Half-Year 2023 Bernhard Wiehl, CFO 3. Acquisition Borgers Automotive Eelco Spoelder, CEO 4. Outlook Eelco Spoelder, CEO 22
Slide 23: Global growth of 5.7% expected in 2023
Global Light Vehicle Production Forecast Global growth of 5.7% expected in 2023 • Global production volumes are forecasted to grow by 5.7% to 87.02 million units in 2023, mainly driven by Europe and North America • 2019 volumes could finally be exceeded by 2025 • The second half-year of 2023 is expe
Slide 24: Revenue with BEVs expected to outperform BEV market share
E-mobility in focus Revenue with BEVs expected to outperform BEV market share Global BEV powertrain forecast* 2022 – 2028 (million units) • Current order intake with BEV is Autoneum revenue share on BEV targeted to increase, with interior Global electric market share floor business being the major G
Slide 25: Guidance 2023 unchanged
Guidance 2023 unchanged Market Global automotive production is forecast to increase by 5.7%1 in 2023 compared to 2022. Autoneum expects production volumes in the different regions to develop in line with S&P market forecasts. Revenue Based on the forecast market development1 and the renegotiated cus
Slide 26: Autoneum. Mastering sound and heat.
Autoneum. Mastering sound and heat.
Slide 27: Contacts and Event Calendar
Contacts and Event Calendar Investors and Financial Analysts Media Contact Address Bernhard Weber Claudia Güntert Autoneum Holding Ltd Head Financial Services & IR Head Corporate Communications Schlosstalstrasse 43 / P.O. Box CH - 8406 Winterthur T +41 52 244 82 07 T +41 52 244 83 88 investor@autone
Slide 28: Disclaimer / Legal Note
Disclaimer / Legal Note 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 liabi