Autoneum Holding Ag · SIX:AUTN
Autoneum — H1 2020 Earnings Presentation
20 slides from Autoneum's earnings presentation, Jul 28, 2020
Slide 1: Half-Year Results 2020
Matthias Holzammer, CEO, and Bernhard Wiehl, CFO Half-Year Results 2020 Autoneum. Mastering sound and heat.
Slide 2: Agenda
Agenda 1. Overview Half-Year 2020 Matthias Holzammer, CEO 2. Financial Results Half-Year 2020 Bernhard Wiehl, CFO 3. Outlook Matthias Holzammer, CEO 2
Slide 3: aUloneuU)
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Slide 4: Half-Year 2020 highlights
31.2 –33.2% CHF million Significant decline of global Earnings before interest, taxes, light vehicle production Turnaround in North America depreciation and amortization on track (EBITDA) –32.7% Half-Year Organic revenue decrease 2020 Free cash flow improved considerably by CHF 40.6 million 730.6 CH
Slide 5: Massive impact on automobile production and revenue
Coronavirus pandemic Massive impact on automobile production and revenue LV production in million units ‒32.7%* Autoneum revenue in CHF million ‒33.2% 1 156.1 45.1 ‒9.0%* ‒55.0%* 730.6 ‒22.2% ‒44.5% 30.1 561.2 594.9 22.9 22.1 485.3 17.8 12.3 245.3 Q1 Q1 Q2 Q2 HY1 HY1 Q1 Q1 Q2 Q2 HY2 HY2 2019 2020 20
Slide 6: Significant improvements achieved
Turnaround in North America (NA) Significant improvements achieved • Management team of BG North America further strengthened • Further headcount reduction in plants and BG overhead by around 480 FTE • Scrap rate reduced from 3.7% in HY1 2019 to 2.5% in HY1 2020 • Waste intensity improved by 50% due
Slide 7: Agenda
Agenda 1. Overview Half-Year 2020 Matthias Holzammer, CEO 2. Financial Results Half-Year 2020 Bernhard Wiehl, CFO 3. Outlook Matthias Holzammer, CEO 7
Slide 8: Key figures
Key figures Overview CHF million HY1 2019 HY1 2020 Change Revenue 1 156.1 730.6 −425.5 Organic revenue growth in % (change in pp) 1.9% −32.7% −34.6 EBITDA 79.0 31.2 −47.8 in % of revenue (change in pp) 6.8% 4.3% −2.6 EBIT 16.4 −31.8 −48.3 in % of revenue (change in pp) 1.4% −4.4% −5.8 Net result −6.
Slide 9: Crisis-related revenue slump in all Business Groups
Revenue development Crisis-related revenue slump in all Business Groups CHF million −179.1 −175.9 1 156.1 4.9 −11.7 −16.0 − −47.6 −11.7 730.6 Organic revenue decline: −32.7% Revenue BG Europe BG North BG Asia BG SAMEA Corporate and Currency Revenue HY1 2019 America eliminations translation/ HY1 2020
Slide 10: Corona overcompensates NA turnaround achievements
Operating result (EBIT) development Corona overcompensates NA turnaround achievements CHF million Margin 1.4% 16.4 −29.5 Margin Margin 4.5% 5.0% −31.8 Margin −10.0 −1.7% −1.2 −5.1 Margin −2.3 −13.8% Margin −4.4% EBIT BG Europe BG North BG Asia BG SAMEA Corporate and EBIT HY1 2019 America elimination
Slide 11: Net result burdened by uncovered fixed costs
Income statement Net result burdened by uncovered fixed costs • Revenue in Swiss francs CHF million HY1 2019 HY1 2020 Change decreased by −36.8% Revenue 1 156.1 730.6 −425.5 • Financial result deteriorated EBITDA 79.0 31.2 −47.8 mainly due to negative EBIT 16.4 −31.8 −48.3 currency effects Financial
Slide 12: Long-term financing secured on a sustainable basis
Balance sheet Long-term financing secured on a sustainable basis • Investments in tangible assets CHF million 31.12.2019 30.06.2020 Change reduced by CHF 48.1 million Total assets 1 839.1 1 781.9 −57.3 compared to HY1 2019 Non-current assets (excl. leased assets) 858.0 763.4 −94.6 • Seasonally highe
Slide 13: Substantially reduced investments in tangible assets
Cash flow Substantially reduced investments in tangible assets • Operating cash flow only CHF million HY1 2019 HY1 2020 Change slightly below prior-year level due to strict management of Cash flows from operating activities 10.1 0.9 −9.2 net working capital Cash flows used in investing activities −6
Slide 14: Net debt increased accordingly
Net debt Net debt increased accordingly CHF million −1.6 −4.3 −5.1 −12.9 −13.9 372.8 335.0 Net debt FCF Dividends Repayment Purchase of Currency Net debt (excl. to minority of lease treasury translation (excl. lease shareholders liabilities shares effect lease liabilities) liabilities) 31.12.2019 30
Slide 15: Agenda
Agenda 1. Overview Half-Year 2020 Matthias Holzammer, CEO 2. Financial Results Half-Year 2020 Bernhard Wiehl, CFO 3. Outlook Matthias Holzammer, CEO 15
Slide 16: 2019 production levels not to be reached before 2024
Global light vehicle production forecast 2019 production levels not to be reached before 2024 LV production in million units _11.1% • Significant market drop of –21.9% for full year 2020 ‒21.9% forecasted 89.0 88.1 90.8 84.6 • 2021 production volume 79.1 expected to be –11.1% below 69.5 2019 level b
Slide 17: Outlook
Business performance heavily influenced by pandemic evolution Outlook Market • Significant decline of global automobile production in 2020.* • Although customers' production volumes should increase again in the second half of 2020, latest forecasts indicate that they will remain clearly below the le
Slide 18: Autoneum. Mastering sound and heat.
Autoneum. Mastering sound and heat.
Slide 19: Contacts and Event Calendar
Contacts and Event Calendar Investors and Financial Analysts Media Contact Address Bernhard Weber Dr Anahid Rickmann Autoneum Holding Ltd Head Financial Services & IR Head Corporate Communications & Schlosstalstrasse 43 / P.O. Box Responsibility CH - 8406 Winterthur T +41 52 244 82 07 T +41 52 244 8
Slide 20: 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