View
2
Download
0
Category
Preview:
Citation preview
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
1
Strategy update
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
2
CEO Agenda
Operational
performance
• Special focus on supply chain management optimisation to reduce logistic costs,
inventory of purchased components by implementation of state-of-the-art
production tools
• Implementation of lean management principles to increase productivity
significantly
Further Growth by
Product Innovation
• Generate further growth with new CO2-reducing product innovations (e.g.
variable transmission oil pumps and map controlled oil-/vacuum pumps)
• Reorganisation of the product development process and enhancing the project
management with focus on time to market and design to costs
• Brake Discs: development of further vehicle segments for composite brake discs
• Customers: expand customer portfolio in both business segments
Internationalisation
• Allocate adequate resources for the globalisation projects (will be integrated in
budget process)
• Define clear targets and responsibilities for the North American and Chinese
projects
• Build up competitive supplier base
Internationalisation will be financed by productivity gains
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
3
Globalisation targets
Sales target in five years from now
(€m) 2012 2013e 2018e Growth 12-13e CAGR 12-18e**
NAFTA / Latin America 5 5 100
Asia-Pacific - - 100
Europe 320 347-357 420
Total 325 352-362 620 9.7%* 11.3%**
* Based on mid point of 2013 guidance
** CAGR 13e-18e 11.7%
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
4
CFO Agenda
SAP
• SAP stabilisation concluded
• SAP optimisation, review and simplification of process flows in all departments
and modules
Controlling
• Enhancement of production controlling in the following areas:
Implementation of shop floor KPIs
Execution and monitoring of productivity roadmaps in all departments
Execution of monthly business reviews with plant management teams
Working Capital
Management
• Close monitoring of receivables and overdues
• Increase of consignment stocks for suppliers
• Re-work of the stock range controlling and planning
Internationalisation
• Support in implementing the internationalisation strategy
• Break down of strategic product and market objectives into individual measures
and activities
• Support in implementing and monitoring the objectives
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
5
Financials
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
6
SHW AG – pleasing Q3 results
Clearly outperforming European car market
• Group sales: € 92.6m (+12.7%)
• Adj. EBITDA: € 11.1m (+27.1%)
• Adj. EBIT: € 7.4m (+32.4%)
• Net income from continued operations: € 4.9m (+38.0%)
• ROCE (LTM): 16.4%
• Free Cash flow: € +1.2m
• Optimisation of SAP started
• Product launches proceeded consistently stable and on schedule
Highlights Q3/2013
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
7
Group
Sales by quarter (€m)
Q4
72.3
Q3
92.6 82.1
Q2
91.8 85.6
Q1
84.6 85.4
12.7% 7.3% -1.0%
2013
2012
6.3%
9M/2013
269.0
9M/2012
253.1
Sales (€m)
Further growth acceleration in Q3
27.1% 17.1%
-31.9%
Q4
6.2
Q3
11.1
8.7
Q2
11.0
9.4
Q1
6.5
9.6 2013
2012
EBITDA (€m) EBITDA by quarter (€m)
3.3%
9M/2012 9M/2013
10.6%
27.7 28.6
10.9%
1.4 0.0 EBITDA
Adjustments
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
8
Group
14.7 14.7
EAT by quarter (€m)
+8.7%
-58.1%
Q4
1.9
Q3
4.9
3.5
Q2
4.7 4.4
Q1
1.9
4.5
38.0%
2013
2012
-7.0%
9M/2013
11.5
9M/2012
12.4
EAT (€m)
+10.0% -59.4%
Q4
3.0
Q3
6.9
5.1
Q2
6.6 6.0
Q1
2.5
6.3
36.4%
2013
2012
-7.4%
9M/2013
16.0
9M/2012
17.3
EBT (€m) EBT by quarter (€m)
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
9
TOP 10 customers
1.9 2.2
Sales by customer (€m)
SHW well positioned with German OEMs
52.6
Hilite 4.8
5.2
ThyssenKrupp 9.5
8.4
PSA 7.3
Other 54.1
8.9
Volvo Cars 12.4
10.2
Ford 5.4
9.0
Porsche 16.0
12.8
BMW 28.9
30.9
Daimler 44.7
35.7
VW 67.1
67.2
AUDI 14.8
16.2
9M/2013
9M/2012
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
10
Pumps & Engine Components
Sales by quarter (€m)
16.5% +9.2% +1.6%
Q4
52.8
Q3
69.9
60.0
Q2
68.6 62.8
Q1
63.3 62.3
2013
2012
Sales (€m)
P&EC back on track
23.8% +6.3%
-35.2%
Q4
3.7
Q3
9.5
7.7
Q2
8.8 8.3
Q1
5.3
8.2
2013
2012
EBITDA (€m) EBITDA by quarter (€m)
+9.0%
9M/2013
201.8
159.3
21.0 20.3
9M/2012
185.1
141.6
21.7 21.8
Passenger Car
Truck & Off-Highway
Powder Metallurgy
Other
-2.3%
9M/2013
23.6
11.7%
9M/2012
24.1
13.0%
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
11
Brake Discs
Sales by quarter (€m)
2.6% +2.1% -8.1%
Q4
19.5
Q3
22.7 22.1
Q2
23.2 22.7
Q1
21.2 23.1
Sales (€m)
Brake Discs remain on the road to success
58.4%
+48.4%
+6.6%
Q4
2.5
Q3
2.0
1.2
Q2
2.6
1.7
Q1
1.5 1.4
EBITDA (€m) EBITDA by quarter (€m)
-1.2%
9M/2013
67.2
16.7
34.9
11.6 4.0
9M/2012
68.0
19.7
8.8 3.1
36.3 Unprocessed BD
Ready-to-install BD
Composite BD
Other
2013
2012
2013
2012 37.9%
9M/2013
6.1
9.0%
9M/2012
4.4
6.5%
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
12
Capex - Depreciation
14.7 14.7
14.7
Q3
3.7
Q2
9.2
3.3
Q1
8.1
4.6
9.3
Q4
9.6
2013
2012
Capex* (€m)
High capex for future growth
3.7
Q4
1.0
Q3
3.2
Q2
3.4 3.0
Q1
3.0 2.8
Depreciation (€m) Depreciation by quarter (€m)
2013
2012
+12.1%
9M/2013
10.2
9M/2012
9.1
11.5
130.1%
9M/2013 9M/2012
26.5
2012: calculatory depreciation;
2013: book depreciation
* Additions to tangible
and intangible assets
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
13
Cash flow
5.
Again positive free cash flow despite high investments in Q3
(€m) Q3/2013 Q3/2012 9M/2013 9M/2012
Cash flow from operating activities 7.5 -1.2 7.8 3.8
Cash flow from investing activities -6.4 -3.7 -23.6 -11.5
Cash flow before financing activities
(free cash flow) 1.2 -4.9 -15.8 -7.7
Other (esp. dividend payment) 0.0 -0.4 -22.9 -6.3
Change in net cash 1.1 -5.2 -38.6 -14.0
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
14
Working Capital influenced by higher receivables & inventories
Working Capital (% of sales)
Medium-term
target 11%
11.9% 12.4%
14.3%
11.9%
13.6%
11.7%
16.1%
13.3%
16.9%
15.5% 15.9%
Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
15
Sound financial profile
Balance sheet as of 30 September, 2013 (€m) Balance sheet as of 31 December, 2012 (€m)*
Other short term
liabilities
(34.0%)
Pensions
(12.7%)
Current
assets
(50.5%)
Non-current
assets
(48.5%)
Equity
(39.7%)
37.9
202.1m
Equity & Liabilites
68.6
21.0
6.6
25.7
80.1
Assets
2.0
98.0
102.1
Equity ratio still around 40 percent
Cash
(1.0%)
Other short term
liabilities
(31.4%)
Pensions
(14.3%)
Current
assets
(43.6%)
Non-current
assets
(45.6%)
Equity
(50.9%)
37.9
180.9m
Equity & Liabilites
56.8
6.2
25.8
92.0
Assets
19.6
82.4
78.8
Other long
term liabilities
(3.4%)
Cash
(10.9%)
Other long term liabilities
(3.3%)
Bank debt
(10.4%)
* Adjustment pursuant IAS 19
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
16
3.3%
2017
18.8
2016
18.3
2015
17.5
2014
16.3
2013
15.8
2012
15.9
5.1%
2017
476,162
2016
440,135
2015
398,439
2014
358,239
2013
368,915
2012
371,980
Source: PwC Autofacts – October 2013 Source: LMC Automotive – Q3/2013
Market environment in Europe slowly brightening
Light vehicle production (< 6 t) – Europe (m units) Truck production (GVW > 6t) - Western Europe (units)
m units 2012 2013 2014 2015 2016 2017 CAGR
VW Group 4.43 4.41 4.61 4.93 4.97 4.99 2.4%
PSA Group 1.98 1.97 2.09 2.12 2.20 2.28 2.9%
Renault-Nissan 1.91 1.81 1.83 2.00 2.17 2.16 2.5%
BMW Group 1.36 1.41 1.37 1.46 1.58 1.67 4.2%
Daimler Group 1.35 1.45 1.52 1.54 1.53 1.62 3.8%
Ford Group 1.06 1.06 1.07 1.11 1.10 1.07 0.0%
GM Group 0.94 0.87 0.87 0.93 1.17 1.27 6.2%
units 2012 2013 2014 2015 2016 2017 CAGR
Mercedes-Benz 91.416 87.832 85.031 92.673 101.031 107,905 3.4%
MAN Group 63,155 59,155 57,193 62,767 68,734 73,386 3.0%
PACCAR 46,806 48,189 47,717 54,366 60,490 66,100 7.1%
IVECO Group 43,238 43,057 41,451 47,873 54,900 60,479 6.9%
Volvo 47,254 46,752 44,423 49,375 54,304 58,955 4.5%
Scania 42,744 47,572 45,732 49,875 54,000 57,934 6.3%
Renault 32,577 31,104 31,337 35,013 39,157 43,000 5.7%
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
17
Outlook 2013
• Target 2013: growing stronger than underlying European market
European Union: -0.9% to 15.8 million light vehicles*
North America: +5.0% to 16.2 million light vehicles*
China: +10.7% to 18.5 million light vehicles*
• Numerous new product launches in H2, especially two variable oil-/vacuum pumps for
new 3-cylinder engines of two renowned European OEMs
• Capex cash-effective: between € 26m - € 28m
• Group sales: € 352m - € 362m (previously: € 330m - € 345m)
P&EC sales: € 264m - € 272m (previously: € 240m - € 255m)
BD sales: € 88m - € 90m (previously: around € 90m)
• Group EBITDA: : € 35m - € 38m (previous year level: € 33.9m)
*Source: PwC Autofacts – October 2013
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
18
Further sales growth in 2014 expected
Sales split - Pumps Passenger Cars*
Gearbox oil pumps and oil-/vacuum pumps as well as composite brake discs major growth drivers
Sales split - Brake Discs*
Pri
ce
pe
r u
nit
2014 2013 2012 2011
Other
Unprocessed discs
Ready-to-install discs
Composite discs
17.6%
16.7% 13.9%
12.6%
56.8%
56.1% 52.2%
51.7%
22.4% 23.7% 28.7%
31.9%
3.2% 3.5% 5.3% 3.8%
*Column height represents sales development
2014 2013 2012 2011
Variable oil pumps Gear box oil pumps
Fixed displacement pumps
Other
Oil-/vacuum pumps
34.6%
35.6%
13.9%
12.6%
22.0% 18.2%
34.4% 25.7%
22.6% 25.1%
11.5% 10.9%
11.8% 17.1% 20.1% 26.3%
34.0% 31.5%
9.0%
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
19
Contact Investor Relations
Michael Schickling
Head of Investor Relations & Corporate Communications
SHW AG
Wilhelmstrasse 67
73433 Aalen-Wasseralfingen
Telephone: +49 (0) 7361 502-462
E-Mail: michael.schickling@shw.de
0/77/160
171/195/223
203/217/235
128/128/128
179/179/179
217/217/217
255/153/0
255/204/0
20
Disclaimer
This document, which has been issued by SHW AG (the “Company” or “SHW”), does not constitute an offer to sell, or the solicitation of an offer to subscribe for or
buy, any shares in the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or
investment decision in relation thereto.
The contents of this presentation are may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part,
for any purpose. Neither the Company nor any other party is under any duty to update or inform you of any changes to such information. In particular, it should be
noted that financial information relating to the Company contained in this document has not been audited and in some cases is based on management information
and estimates.
This material is given in conjunction with an oral presentation and should not be taken out of context.
Certain market data and financial and other figures (including percentages) in this document were rounded in accordance with commercial principles. Figures
rounded may not in all cases add up to the stated totals or the statements made in the underlying sources. For the calculation of percentages used in the text, the
actual figures, rather than the commercially rounded figures, were used. Accordingly, in some cases, the percentages provided in the text may deviate from
percentages based on rounded figures.
Certain statements in this presentation are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and
assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward‐looking statements. These risks,
uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. The Company does not
undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as
otherwise required by applicable laws and regulations. You should not place undue reliance on forward-looking statements, which speak as only of the date of this
presentation. Statements contained in this presentation regarding past trends or events should not be taken as a representation that such trends or events will
continue in the future.
Recommended