Opmobility · EURONEXT:OPM
Opmobility — Compagnie Plastic Omnium — FY2015 Earnings Presentation
35 slides from Opmobility's earnings presentation, Feb 25, 2016
Slide 1: 2015 Annual Results
2015 Annual Results Levallois, February 25th, 2016
Slide 2: Contents
CONTENTS 2015 Highlights 2015 Annual Results Outlook
Slide 3: 2015 Highlights
2015 Highlights
Slide 4: A new record year (1/2)
A new record year (1/2) 4 Economic sales Consolidated sales +14% 6.0 6 5.3 6 +13% 5.0 4.4 4 4 2 2 In bn€ In bn€ 0 0 2014 2015 2014 2015 Operating margin Net profit, group share +20% 470 +15% 258 393 225 400 9.4% In m€ and % of sales 200 5.2% 8.8% 5.1% 200 In m€ 0 0 2014 2015 2014 2015 CONFIDENTIAL C
Slide 5: A new record year (2/2)
A new record year (2/2) 5 EBITDA Capex 691 610 +13% 400 323 600 326 13.8% In m€ and % of sales In m€ and % of sales 400 13.7% 7.3% 6.4% 200 200 0 0 2014 2015 2014 2015 Free Cash Flow Net debt +143% 202 390 200 400 -31% 4.0% 268 In m€ and % of sales 83 200 1.9% In m€ 0 0 2014 2015 2014 2015 CONFIDENT
Slide 6: Outperformance vs auto production
Outperformance vs auto production 6 Auto production: +1.5% 2015: 85.9 million of vehicles 2014: 84.6 million of vehicles Outperformance: +5.8pts PO Auto sales: +7.3% at constant exchange rate CONFIDENTIAL Source: IHS January 2016 COMPAGNIE PLASTIC OMNIUM
Slide 7: 132 successful launches during 2015
132 successful launches during 2015 7 52 launches 13 Europe launches o/w : North Am. o/w : 63 launches Asia o/w : 4 South Am. launches o/w : 21 launches in innovative products CONFIDENTIAL COMPAGNIE PLASTIC OMNIUM
Slide 8: 9 new plants launched in 2015
9 new plants launched in 2015 8 China, Wuhan Jiangxia China, Hangzhou China, Changsha Russia, St-Petersburg SOP January 2015 SOP March 2015 SOP May 2015 SOP September 2015 Bumpers Bumpers Bumpers Fuel Systems for SGM for CA-Ford for SVW, GAC-Fiat for Nissan, Ford & Toyota 2015 Front-end modules Fron
Slide 9: Operational performance driven by tight cost control, industrial excellence and high loading
Operational performance driven by tight cost control, 9 industrial excellence and high loading Operating margin +20% 470 393 9.4% In m€ and % of sales 8.8% 2014 2015 Production & overhead costs Plant loading Tf2 30.4% -0.8pt +1pt -24 % 29.6% 83% 84% 5.15 3.91 In % of sales In % 0 0 2014 2015 2014 20
Slide 10: Record year in order intake
Record year in order intake 10 Split of the 2015 order intake by product line and by region Order book New products 21% Bumpers 47% 100% 97% Fuel secured systems secured 32% Strong visibility Asia on our activities 19% Americas Europe 49% 32% 2016 2017 CONFIDENTIAL COMPAGNIE PLASTIC OMNIUM
Slide 11: Confirmed success of new product lines
Confirmed success of new product lines 11 2015 Awards of new product lines TAILGATE Tailgates and spoilers: 10 new programs for 6 different carmakers INWIN Hybrid car: 2 orders for pressurized fuel tanks SCR systems SCR: 6 new programs for 6 different carmakers CONFIDENTIAL COMPAGNIE PLASTIC O
Slide 12: New Environment products and services
New Environment products and services 12 New semi-underground New undergrounds Paris Trilib containers containers Products (bring points) Access control & Onboard management Washing services management system Services CONFIDENTIAL COMPAGNIE PLASTIC OMNIUM
Slide 13: 2015 Annual Results
2015 Annual Results
Slide 14: 2015 sales by business
2015 sales by business 14 ∆ ∆ at constant In €m 2014 % sales 2015 % sales in % perimeter & exchange rate Automotive 4,840 92% 5,597 94% +15.6% +7.3% Environment 410 8% 386 6% -6.0% -1.6% Economic sales 5,251 100% 5,982 100% +13.9% +6.6% Joint-ventures 814 973 +19.5% +15.6% Consolidated sales 4,437 1
Slide 15: Outperformance per region vs auto production
Outperformance per region vs auto production 15 PO sales* North America PO sales* Europe & Africa +12.1% Asia (excl.China) PO sales* +1.2% +6.3% +4.6% -1.2% +2.6% 22.4 21.7 21.4 21.5 16.0 16.4 In million In million In million 0 0 0 2014 2015 2014 2015 2014 2015 South America PO sales* China PO sales
Slide 16: 2015 economic sales & industrial footprint by region
2015 economic sales & industrial footprint by region 16 EUROPE & AFRICA 60 Plants 52% of sales NORTH AMERICA €3bn 17 Plants sales €1bn ASIA sales 28% of sales 38 Plants €2bn 17% of sales sales SOUTH AMERICA 5 Plants 3% of sales Increasing worldwide global footprint necessity to be global with the
Slide 17: 2015 Auto economic sales by customer
2015 Auto economic sales by customer 17 2% Others 19% French 31% German PSA: 12% VW Group: 17% Renault: 7% (VW, Audi, Porsche & Skoda) BMW: 9% Daimler: 4% Opel: 1% 20% Asian JLR-Tata: 5% HMC: 5% Nissan: 3% 28% American Toyota: 2% GM: 16% Volvo-Geely: 1% Ford: 6% Others: 4% FCA: 6% CONFIDENTIAL COMPA
Slide 18: 2015 Profitability by division
2015 Profitability by division 18 ∆ In €m 2014 % sales 2015 % sales in % Consolidated sales 4,437 100% 5,010 100% +12.9% Automotive 4,048 91% 4,624 92% +14.2% Environment 389 9% 386 8% -0.9% EBITDA 610 13.7% 691 13.8% +13.4% Automotive 567 14.0% 653 14.1% +15.3% Environment 43 11.1% 38 9.9% -11.8% O
Slide 19: 2015 Profit & Loss account
2015 Profit & Loss account 19 ∆ in €m 2014 2015 in % Consolidated sales 4,437 5,010 +12.9% Operating margin 393 470 +19.6% In % of sales 8.8% 9.4% Other operating expenses -35 -75 Financial expenses -64 -56 In % of sales -1.4% -1.1% Income Tax -64 -75 Net Result 229 263 +14.5% In % of sales 5.2% 5.2
Slide 20: 2015 Cash Flow statement
2015 Cash Flow statement 20 in €m 2014 2015 Sales 4,437 5,010 Net Debt (beginning of the period) -410 -390 Net Operating Cash Flow 555 606 in % of sales 12.5% 12.1% Taxes & Net Financial Interest paid -129 -115 Capex and R&D capitalized -326 -323 in % of sales 7.3% 6,4% Change in WCR -17 34 Free Cas
Slide 21: 2015 Key Financial metrics
2015 Key Financial metrics 21 EBITDA Net Debt Net Debt / EBITDA 400 600 691 390 In €m and % of sales 610 13.8% 400 268 In €m 13.7% 200 0.6 200 0.4 0 0 0 2014 2015 2014 2015 2014 2015 Shareholders’ Equity Gearing ROCE 40 1,301 1000 30 36% 1,083 29.9% 26.7% As % As % In €m 20 500 21% 10 0 0 2014 2015
Slide 22: Compagnie Plastic Omnium
CONFIDENTIAL COMPAGNIE PLASTIC OMNIUM
Slide 23: Our Growth Drivers
Our Growth Drivers 23 Gain in market shares New capacities Innovation CONFIDENTIAL COMPAGNIE PLASTIC OMNIUM
Slide 24: Gain in market shares: +4 pts (at constant perimeter)
Gain in market shares : +4 pts (at constant perimeter) 24 Bumpers 11% 15% 89% 85% Excluding the acquisition of Faurecia Auto Exterior 2015 2019 Fuel systems 21% 25% 79% 75% PO market share CONFIDENTIAL COMPAGNIE PLASTIC OMNIUM
Slide 25: New capacities under construction in growing markets
New capacities under construction in growing markets 25 Mexico UK, Mexico, San Jose Chiapa Warrington San Luis Potosi Front-end modules Bumpers Bumpers for Audi for JLR for GM 2016 2017 2018 Mexico China, India, Leon Chongqing Hansalpur Fuel systems Fuel systems Fuel systems for Daimler for HMC for
Slide 26: Innovation: focus on SCR
Innovation: focus on SCR 26 SCR 2015 2016 2019 Orders or development PO Volumes ~600k > 1M ~2,7M with 13 carmakers PO market share 15% 33% 2019 Plastic Omnium target raised to 2.7 million (vs 2.3 previously) Strong mid-term outlook with orders for different segments of vehicles in different regions
Slide 27: Outperformance
Our target: continue to outperform the market 27 Outperformance Gain in market shares New capacities Innovation CONFIDENTIAL COMPAGNIE PLASTIC OMNIUM
Slide 28: 2016 Auto Production: +3%
2016 Auto Production: +3% 28 North America Europe & Africa Asia (excl.China) +2.6% +1.9% +4.3% 2016: 88.6 million 21.4 21.8 22.4 23.0 of vehicles 16.4 17.1 2015: 85.9 million In million In million In million of vehicles 0 0 0 2015 2016 2015 2016 2015 2016 South America China Auto Prod +6.0% +2.7 M 2
Slide 29: 155 new launches in 2016 to sustain the growth
155 new launches in 2016 to sustain the growth 29 48 launches 22 Europe launches o/w : North Am. o/w : 74 launches Asia o/w : 11 launches South Am. & Africa o/w : 37 launches in innovative products CONFIDENTIAL COMPAGNIE PLASTIC OMNIUM
Slide 30: 2016 Financial Outlook
2016 Financial Outlook 30 SUSTAIN : an outperformance of the automotive production a high level of operating performance (at constant perimeter) Closing of the acquisition of Faurecia Auto Exterior expected in H2 2016 CONFIDENTIAL COMPAGNIE PLASTIC OMNIUM
Slide 31: Faurecia Auto Exterior: a strategic acquisition
Faurecia Auto Exterior: a strategic acquisition 31 • December 14th, 2015: signature of the Memorandum of Understanding for an €2 billion 7,700 enterprise value of €665m Sales Employees • As planned, procedures of information of employee representatives are ongoing MOP 22 Plants • Once this process f
Slide 32: Acquisition of the European leader on its market
Acquisition of the European leader on its market 32 Acquisition of the European Leader for bumpers and a key global player with a strong presence in Germany CONFIDENTIAL COMPAGNIE PLASTIC OMNIUM
Slide 33: Dividend of €0.41 per share
Dividend 33 Proposed dividend of €0.41 per share Payout: 24% (+11%) • Agenda • Shareholders’meeting on April 28th, 2016 • Payable on May 12th, 2016 CONFIDENTIAL COMPAGNIE PLASTIC OMNIUM
Slide 34: Glossary
Glossary 34 1) Economic sales corresponds to sales including the share from joint ventures in proportion to the Group's shareholding (BPO, HBPO and YFPO for Plastic Omnium Automotive). It reflects the Group's operational and managerial position. 2) In accordance with IFRS 10, 11 and 12, consolidated
Slide 35: 2015 Annual Results
2015 Annual Results Levallois, February 25th, 2016
Compagnie Plastic Omnium — FY2015 Earnings Presentation on 6ix