Autoneum Holding Ag · SIX:AUTN
Autoneum — Investor Presentation (November 2011)
41 slides from Autoneum's investor presentation, November 2011
Slide 1: Investor Presentation 2011
Investor Presentation 2011 November 2011, Autoneum Holding AG
Slide 2: Agenda Investor Presentation 2011
Agenda Investor Presentation 2011 1. Key investment highlights 2. Autoneum’s positioning 3. Market overview and technology trends 4. Strategy 5. Financials overview, HY1 2011 results, 2011 outlook and mid-term financial targets
Slide 3: Key investment highlights
1. Key investment highlights 2. Autoneum’s positioning 3. Market overview and technology trends 4. Strategy 5. Financials overview, HY1 2011 results, 2011 outlook and mid-term financial targets
Slide 4: Key investment highlights
Key investment highlights 1 Provider of • A global technology leader in integrated solutions for vehicle acoustic and thermal integrated management competences for the global automotive industry solutions • In-depth know-how regarding the combination of acoustic and thermal solutions 2 Technology •
Slide 5: Autoneum's positioning
1. Key investment highlights 2. Autoneum’s positioning 3. Market overview and technology trends 4. Strategy 5. Financials overview, HY1 2011 results, 2011 outlook and mid-term financial targets
Slide 6: Reputation and market position built over decades
Reputation and market position built over decades • Acquisition of • Acquisition of • Acquisition of • Rieter • Rieter • Launch of • Autoneum Unikeller AG, Firth Fimit, Italy Automotive wins Automotive Performance becomes an Switzerland Furnishings, (components for the PACE award opens new Improveme
Slide 7: Business groups 2010
Business groups 2010 Business Groups Europe North America (5) Asia SAMEA (6) Key Financials 2010 (1) Net sales (CHFm) 897 549 77 150 % y-o-y growth 13% 36% 48% 17% (2) Europe North America (5) Asia SAMEA (6) EBITDA (CHFm) 20 58 9 13 % margin 2% 10% 12% 9% Operational Manufacturing (3) (2) facilities
Slide 8: Sales split 2011
Sales split 2011 (1) Body Interior Floor Underbody Engine Bay Interior Trim Trunk Treatment • Inner Dashes • Underbody Shields • Engine Covers • Dampers / Stiffeners • Headliners (only • Trunk Side Trims • Non-woven Carpets • Floor Pans • Hoodliners • Sealants Truck) • Trunk Flooring • Tufted Carpet
Slide 9: Leading market positions
4 Leading market positions (1) Selected product families Europe N. America S. America Tufted Carpets No.2 No.2 NA(2) Inner Dashes No.1 No.1 No.1 Heat Shields No.1 No.3 No.1 Underbody Shields No.1 No.1 NA(2) Engine Bay No.3 No.2 No.1 Dampers / Stiffeners No.2 No.1 No.1 (1) Market positions based on m
Slide 10: Overview of Autoneum's Board of Directors and Group Executive Board
Overview of Autoneum‘s Board of Directors and Group Executive Board 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 Deputy CEO Eur
Slide 11: Market overview and technology trends
1. Key investment highlights 2. Autoneum’s positioning 3. Market overview and technology trends 4. Strategy 5. Financials overview, HY1 2011 results, 2011 outlook and mid-term financial targets
Slide 12: Market trends & technology drivers
Market trends & technology drivers Automotive market trends • Ongoing recovery in established markets from 2008/2009 crisis (EU, North America) • Ongoing significant growth in emerging markets • Automotive market trend to smaller cars – B, C and D segments expected to remain the largest passenger ca
Slide 13: Strategy
1. Key investment highlights 2. Autoneum’s positioning 3. Market overview and technology trends 4. Strategy 5. Financials overview, HY1 2011 results, 2011 outlook and mid-term financial targets
Slide 14: Strategic priorities
Strategic priorities We want to be present and serve major vehicle manufacturers in both established markets and growing markets We want to offer innovative products at competitive cost that leverage our competence in acoustics/thermal management Innovation and cost leadership 1 Continuous • Strong
Slide 15: Continuous performance improvement
1 Continuous performance improvement Strong focus on cost reduction with continuous improvement (“MOVE”) and special projects Running business New business Global cost • Reduction of material usage/material costs • Strict new order acceptance and engineering reduction program • Productivity increase
Slide 16: Optimization of manufacturing footprint
2 Optimization of manufacturing footprint Optimization of manufacturing network worldwide to decrease structural costs Target significantly lower break-even Targets Current achievements • Alignment of manufacturing • Adjustment of manufacturing network in Europe and North facilities to reflect curre
Slide 17: Addressing emerging markets opportunity
3 Addressing emerging markets opportunity Focus on China and India as main drivers of growth in the global automotive industry Size CAGR Autoneum Country Plants / R&D centers Status Top 3 OEMs (2) 2010 (1) 10–13 (1) priority 16.6m 8.5% • Taicang • Launch in 2010, currently ramp-up • Shenyang • Launc
Slide 18: Maintain product and technology leadership
4 Maintain product and technology leadership • Strong and centralized Research and Technology (R&T) Center focused on advanced development to define methods, materials and technologies of the future • Protection of know-how through research centralization in Switzerland • A technological partner of
Slide 19: Rieter Ultra Silent
RIETER ULTRA SILENTTM lightweight – sound absorptive – recyclable • The lightweight fiber technology for underfloor panels and under engine shields • Best-in-class combination of absorption and high stiffness • 100% glass-free PET and fully recyclable • Allows car manufacturers to achieve all future
Slide 20: Theta-Cell and Theta-Fiber thermo-acoustic materials
THETA-CELLTM and THETA-FIBERTM Thermo-acoustic materials for engine encapsulation Customer projects implemented (Theta-Cell) Customer pre-developments underway (Theta-Fiber) Convincing results: • Optimal heat storage reduces fuel consumption and CO2 emissions between 2 and 5 g/km • Noise reduction i
Slide 21: Financials overview
1. Key investment highlights 2. Autoneum’s positioning 3. Market overview and technology trends 4. Strategy 5. Financials overview, HY1 2011 results, 2011 outlook and mid-term financial targets
Slide 22: Historical sales
Historical sales 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 1,678 150
Slide 23: Historical EBITDA, before special charges
Historical EBITDA, before special charges EBITDA, before special charges (2008 – 2010) Comments CHF MM in % of net sales 150 7.5% • 2009 profitability impacted by sharp volume decline due to financial crisis 6.4% 6.5% • EBITDA improvement in 2010 driven by: 120 107 5.5% - Pick-up in automotive produ
Slide 24: Historical capital expenditure and R&D
Historical capital expenditure and R&D 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% 90 85 4.1% awarded businesses or to increase efficiency 72 3.0% 60 56 • Level
Slide 25: Highlights HY1 2011
Highlights HY1 2011 • Sales growth in local currencies by more than 15% • Autoneum grew clearly above vehicle production figures which were up 2% • Strongest growth in Asia and North America • Back to net profit on group level and positive operating results in all regions • Increased operating resul
Slide 26: HY1: Sales development
HY1: Sales development Massive currency effects CHF million 1’200 17.0 5.5 1’000 67.7 -130.9 876.7 -10.1 880.6 54.7 800 BG BG BG BG Currency Deconsoli- Europe North Asia SAMEA effects dation of 600 America IDEA 400 Volume / price +144,9 million CHF 200 0 HY1 2010 HY1 2011 Investor Presentation 2011
Slide 27: HY1: Sales per customer
HY1: Sales per customer Well-diversified customer base CHF million TATA • Well-diversified global Other 2% VW customer portfolio Truck 3% 3% Toyota 10% 5% Daimler • No single customer amounted 5% to more than 13% of sales Honda Nissan & 5% • Leading partner for the major Renault 13% light vehicles a
Slide 28: HY1: Operating result (EBIT)
HY1: Operating result (EBIT) Less depreciation contributed positively CHF million • Operating result (EBIT) 30 improved by 17.0 million CHF to 21.6 million CHF 25 21.6 • This corresponds to an EBIT margin of 2.5% 20 • Higher EBITDA and less 15 depreciation and amortization (-8.1 million CHF vs. prio
Slide 29: HY1: Employee and other operating expenses
HY1: Employee and other operating expenses Further progress in cost reduction CHF million Employee costs (in % of net sales) Other operating expenses (in % of net sales) 300 30.4% 200 28.2% 17.3% 260.8 14.6% 242.7 148.5 200 125.2 100 100 0 0 HY1 2010 HY1 2011 HY1 2010 HY1 2011 Investor Presentation
Slide 30: HY1: Material costs
HY1: Material costs Rising commodity and material costs CHF million • Profitability was highly 1’000 impacted as material costs 50.8% (of net sales) increased from 47.9% in the 47.9% (of net sales) previous year to 50.8% in 800 HY1 2011 • Significant raw material price 600 increases in particular fo
Slide 31: HY1: Net result
HY1: Net result Positive net result CHF million • Net result improved to 1.5 20 million CHF and increased by 32.3 million CHF 10 • Financial result amounted 1.5 to -11.2 million CHF and was 0 substantially improved vs. prior year -10 • Result before taxes amounted to 10.4 million CHF and -20 increas
Slide 32: HY1: Balance sheet
HY1: Balance sheet Solid balance sheet CHF million 30.06.11 31.12.10 • Solid financial basis Total assets 946.3 1,022.4 • No goodwill Non-current assets 400.5 432.1 • Foreign exchange rate impact on total assets Net working capital 99.5 50.8 Net liquidity -165.4 -151.0 • Higher net working capital (
Slide 33: HY1: Net liquidity development
HY1: Net liquidity development Solid financing CHF million 0 -50 -100 -150 -151.0 -20.4 -38.8 55.0 -165.4 -200 -10.2 31.12.10 Free cash flow Dividends to Capital Other/ 30.06.11 1 by Rieter, prior May 13, 2011 minorities increase1 Currencies Investor Presentation 2011 . November 2011 33
Slide 34: HY1: Equity development
HY1: Equity development Equity ratio 31% (incl. subordinated loans) CHF million 350 Subordinated loans -10.2 300 55.0 -26.1 -1.1 25.0 248.1 1.5 250 267.2 200 150 100 50 0 31.12.2010 Net result Capital Dividends Currency Other 30.06.2011 increase to minorities translation Investor Presentation 2011 .
Slide 35: HY1: Net sales by Business Group
HY1: Net sales by Business Group Comparison at HY1 2010 rates CHF million +11.2% HY1 2010: 856.9 512.6 HY1 2011: 989.0 1 460.9 +24.6% +6.1% +44.3% 346.3 76.5 81.2 277.9 49.5 34.3 Business Group Business Group Asia SAMEA (without Japan) South America Asia (without Japan) Automobile production Automob
Slide 36: HY1: Segment information by Business Group
HY1: Segment information by Business Group Result improvement in Europe BG Europe BG North America BG Asia BG SAMEA CHF million HY1 10 HY1 11 HY1 10 HY1 11 HY1 10 HY1 11 HY1 10 HY1 11 Sales 474.9 474.8 281.0 288.6 35.0 45.0 78.5 73.6 Net sales 460.9 461.3 277.9 286.6 34.3 42.9 76.5 71.1 EBITDA 4.1 2
Slide 37: Priorities for HY2
Priorities for HY2 Focus on operational excellence • Strong focus on cost reduction and continuous improvement (MOVE program) • Continuation of measures to maintain flexibility and lower break-even point • Selected expansion to further strengthen position in growing markets, especially in Asia • Mai
Slide 38: Outlook for full year 2011
Outlook for full year 2011 • Autoneum, one of the global technology leaders in acoustic and thermal management solutions for motor vehicles expects sales growth in local currencies for the full year 2011 to exceed the mid-term target of 4 to 5%. • Due to seasonal factors, sales for the second half-y
Slide 39: Mid-term financial targets
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 Asia • Return on Net Assets > Cost of Capital Profitability / • Main improvement driven by operational levera
Slide 40: Contacts and event calendar
Contacts and event calendar Autoneum Holding AG Investors Schlosstalstrasse 43 / P.O. Box Urs Leinhäuser CH-8406 Winterthur CFO and Deputy CEO www.autoneum.com T +41 (0)52 208 82 82 investor@autoneum.com Important dates 2012 Sales figures for the 2011 financial year February 3, 2012 2011 Results pre
Slide 41: 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
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