Opmobility · EURONEXT:OPM
Opmobility — Plastic Omnium — FY2012 Earnings Presentation
24 slides from Opmobility's earnings presentation, Feb 28, 2013
Slide 1: 2012 Financial Results
LEVALLOIS, 28 FEBRUARY 2013 2012 Financial Results Laurent Burelle Chairman and Chief Executive Officer Paul Henry Lemarié Director, Chief Operating Officer Jean-Michel Szczerba Director, Chief Operating Officer
Slide 2: Agenda
2012 Financial Results AGENDA 2012 Overview 2012 Financial Results Outlook 28 February 2013 2
Slide 3: Overview: Financial Performance – Revenue and Operating Margin
2012 Financial Results 2012 OVERVIEW FINANCIAL PERFORMANCE REVENUE • Worldwide car production up 6.6 % in 2012: 5000 +14% historic high of 79.7 million vehicles 4000 4,806 4,220 • PO outperformed the market with a revenue 3000 increase of 14% In €m 3,250 2000 • Growth across all regions 1000 0 • Fur
Slide 4: Overview: Capital Expenditure and Free Cash Flow
2012 Financial Results 2012 OVERVIEW FINANCIAL PERFORMANCE CAPITAL EXPENDITURE AND PROJECTS 300 In €m and as % of revenue 261 228 • Funds from operations ~ 10% of revenue 5.4% 200 5.4% 138 • Capital expenditure and R&D capitalized 100 4.2% are maintained at 5.4% of revenue in 2012 0 2010 2011 2012 •
Slide 5: Overview: Net Debt / Equity and Net Debt / EBITDA
2012 Financial Results 2012 OVERVIEW FINANCIAL PERFORMANCE NET DEBT / EQUITY 800 830 600 87% 739 • €150 million in debt reduction since 618 64% 31 December 2010, after: In €m 538 47% 400 471 390 • €62 million in acquisitions 200 • €56 million in dividends 0 • €12 million in treasury shares 2010 2011
Slide 6: Overview: Globalization – Plants in the World
2012 Financial Results 2012 OVERVIEW GLOBALIZATION Plastic Omnium Automotive plants in the world • 17 more plants in 2012 vs. 2010, including 12 in developing regions (BRICs, Eastern Europe, 94 Morocco) 85 77 26 • Two-thirds of the production base outside 5 Western Europe in 2012 16 12 • Manufacturi
Slide 7: Overview: Globalization – Automotive Revenue
2012 Financial Results 2012 OVERVIEW GLOBALIZATION Automotive Revenue Western 2010 Western 2012 • Automotive revenue growth: €1.6 billion Europe Europe in 2012, vs. 2010: 44% 37% Rest of Rest of • Up €1.2 billion outside Western Europe the world the world • Up €0.4 billion in Western Europe • 63% of
Slide 8: Overview: Innovation
2012 Financial Results 2012 OVERVIEW INNOVATION Share of new products in the launches • Commercial success of innovative solutions 100 98 • Composite automotive components: 80 • Tailgates, 2012 revenue: €100 million, x 2 in 2016 60 59 • 2 new plants (UK, Spain) 40 • NOx reduction systems (SCR) : 20
Slide 9: Overview: Plastic Omnium Environment
2012 Financial Results 2012 OVERVIEW PLASTIC OMNIUM ENVIRONMENT 500 472 • Focusing on waste containers + 4.4% 463 • Sale of the road signage operations in France and Revenue in €m + 3.6% + 2.0% Germany in March 2012 • Development of sales outside Western Europe: • Contracts in Rio de Janeiro, Malays
Slide 10: Agenda
2012 Financial Results AGENDA 2012 Overview 2012 Financial Results Outlook 28 February 2013 10
Slide 11: Revenue by Business
2012 Financial Results 2012 REVENUE By business In €m 2011 2012 Change Plastic Omnium Automotive 3,720.1 4,343.0 +16.7% As % of revenue 88% 90% Plastic Omnium Environment 500.3 463.2 - 7.4% As % of revenue 12% 10% Consolidated revenue 4,220.4 4,806.2 +13.9%* (*) Up 8.5% at constant scope of consolid
Slide 12: Revenue: Worldwide Production vs PO Revenue by Region
2012 Financial Results up 5 millions of 2012 REVENUE 2012: 79.7 millions of vehicles vehicles Worldwide automotive production : +6.6% PO Automotive revenue : +16.7% 2011: 74.8 millions of vehicles Rev. PO Rev. PO Asia (excl.China) Rev. PO North America +31% Western Europe +2% +27% and Rest of the wo
Slide 13: Revenue by Region and Carmaker
2012 Financial Results 2012 REVENUE By region • Stronger contribution from the following South America Africa France regions: Asia 5% 15% • North America: 27%, vs. 24% in 2011 (Ford-Milan) 16% • Asia: 16%, vs. 14% in 2011 (4 new factories) North 27% 27% Western Europe • Eastern Europe: 10%, vs. 9% i
Slide 14: Statement of Income
2012 Financial Results STATEMENT OF INCOME In M€ 2011 2012 Change Revenue 4,220.4 4,806.2 +13.9% Operating margin 296.5 335.1 +13.0% As a % of revenue 7.0% 7.0% Automotive 273.2 316.3 +15.8% As a % of revenue 7.3% 7.3% Environment 23.3 18.8 -19.2% As a % of revenue 4.7% 4.1% Interest expense, net -4
Slide 15: Statement of Income: Costs and Headcount
2012 Financial Results STATEMENT OF INCOME Production costs and overheads • Tight cost control 40 30 • Adjustment of the production base As % of revenue 32.9 30.2 28.6 20 • Eisenach (Germany) 10 • Saint-Désirat and Laval (France) 0 2010 2011 2012 Cost: €31 million Headcount by region 2010 2012 • G
Slide 16: Balance Sheet: Debt and Cash Flow
2012 Financial Results BALANCE SHEET In €m 2011 2012 Debt at the beginning of the period -538 -471 Funds from operations +421 +474 Taxes and interest paid -93 -107 Capital expenditure -228 -261 Change in working capital requirement +53 +62 Free cash flow +153 +168 Dividends/Treasury stock -44 -38 Ch
Slide 17: Balance Sheet: EBITDA, Equity, Debt, ROCE
2012 Financial Results BALANCE SHEET EBITDA EQUITY DEBT 800 800 800 600 600 830 739 600 In €m In €m 400 505 400 In €m 461 400 471 200 200 390 200 0 0 0 2011 2012 2011 2012 2011 2012 DEBT/EBITDA ROCE NET-DEBT-TO-EQUITY 27 % 1 64% As points 50% As % 1,0 24 % As % 0,5 0,8 47% 0 20,0% 0% 2011 2012 2011
Slide 18: Agenda
2012 Financial Results AGENDA 2012 Overview 2012 Financial Results Outlook 28 February 2013 18
Slide 19: Outlook: 2013 Worldwide Automotive Production
2012 Financial Results OUTLOOK 2013: 81.0 millions of vehicles 2013 Worldwide Automotive Production +1.6% 2012: 79.7 millions of vehicles North America Western Europe Asia (excl.China) and Rest of the world +3.2% 15.9 -5.6% -1.7% 15.4 12.6 23.6 11.9 23.2 In millions In millions In millions South Ame
Slide 20: Outlook: Another Year of Growth in 2013
2012 Financial Results OUTLOOK ANOTHER YEAR OF GROWTH IN 2013 A global production base of 114 plants in 2013 NORTH AMERICA EUROPE • 7 new plants under construction: ASIA 16 61 30 • 6 in China, 1 in Russia SOUTH AFRICA AMERICA • An automotive production base of 2 101 plants at end-2013 5 • Co
Slide 21: Outlook: New Automotive Programs
2012 Financial Results OUTLOOK ANOTHER YEAR OF GROWTH IN 2013 New automotive programs 110 107 98 • Increase in the number of launches in 2013: 107 90 • Of which 34 in China 70 • Of which 17 new product programs 50 2012 Launches 2013 Launches Stepped-up investment 28 February 2013 21
Slide 22: Outlook: Stepped-up Investment
2012 Financial Results OUTLOOK STEPPED-UP INVESTMENT Global market shares evolution Market shares Plastic Omnium 2012 2016 • Strengthened leadership positions in 10% 13% our 2 automotive businesses • €1.2 billion in self-financed investments from 2013 to 2016 • Of which €800 million in capital expen
Slide 23: Outlook: Fundamentals to Remain in Place
2012 Financial Results OUTLOOK FUNDAMENTALS TO REMAIN IN PLACE • PO to outperform markets • Global automobile production to grow 4.7% on average between 2012 and 2016 • Percentage of plastic used in automobiles to rise • Gains in market share Evolution of plastic used in automotive • Self-financed g
Slide 24: Plastic Omnium Share
2012 Financial Results PLASTIC OMNIUM SHARE DIVIDEND PER SHARE 0.76 0.69 Annual Meeting on 25 April 2013 In € 0.47* • Recommended dividend: €0.76 per 0,0 2010 2011 2012 share (after new dividend tax of 3%) (*) Adjusted for the three-for-one share split of 10 May 2011 • Payable on 3 May 2013 • Payout