IR PRESENTATION Results and 2016 Outlook March 30, 2016

Transcription

1 IR PRESENTATION 2015 Results and 2016 Outlook March 30, 2016

2 COMPANY PROFILE At the forefront of the market Leading in the formation of steel, stainless steel, and aluminum for sophisticated metal components and subsystems for vehicle comfort and safety DEEP DRAWING SEQUENCE SEAT COMPONENTS INSTRUMENT PANEL CARRIERS 2

3 COMPANY PROFILE A complete value chain Integrated teams develop product and process innovation LARGE SCALE PRODUCTION In tool design In joining and assembly technology For high precision and speed For the production of units by the millions TOOL DESIGN DEVELOPMENT 3

4 COMPANY PROFILE Focused on three product areas Growth vigorously pursued in all three areas Revenue 2015 (in %) High share of structural components: Better-thanaverage unit prices due to large volume parts Mechanical components for electrical and electronic applications 20 Structural components and subsystems for vehicle bodies/chassis % = EUR million 35 Safety components for airbags, seats, and steering 4

5 COMPANY PROFILE A comprehensive product range Mechanical components for electrical/electronic applications E-ENGINE HOUSINGS Safety components for airbag, seats, and steering STEERING ROD ADJUSTMENT MECHANISMS Structural components for vehicle body and chassis CROSS-MEMBERS ABS AND ESP HOUSINGS SEAT ADJUSTMENTS, SEAT STRUCTURES AIR SUSPENSION SYSTEM COMPONENTS COMPONENTS FOR POWER DRIVES AIRBAG COMPONENTS HEAT SHIELDS 5

6 COMPANY PROFILE Strong international orientation Rising share of international business Revenue 2015 (in %) Less than one-third of revenue is generated in Germany Germany 39 China 4 100% = EUR million 19 Share of exports from German location Mexico Canada Czech Republic 6

7 COMPANY PROFILE Balanced customer structure Exceptionally positioned in the international automotive industry Revenue 2015 (in %) Broad diversification of revenue ensures independence from individual customers 19 (*) % = EUR million Other customers from the automotive industry, including ( * ) 7

8 COMPANY PROFILE Extensive expertise in lightweight construction Manufacturers must meet ever growing emission requirements one way is by reducing the vehicle s weight We positioned ourselves early on in the lightweight segment with innovative product and process solutions Cost-efficient lightweight construction Costs Purpose Lightweight Construction (costs are irrelevant) "Eco-Friendly Lightweight Construction" Cost-Efficient Lightweight Construction PWO s expertise: Minimizing material costs while keeping production costs stable Our special expertise lies in cost-efficient lightweight construction Degree of lightweight construction Weight Manufacturing costs Material costs Production costs Engineer costs 8

9 COMPANY PROFILE Extensive expertise in lightweight construction Lightweight materials, improve geometry Use of lightweight steel designs as substitution Magnesium Cast Concept Lightweight construction by changing the material thickness PWO Innovation PWO Innovation 2.6mm 3.2mm 9

10 COMPANY PROFILE Global delivery capabilities PWO production and assembly locations PWO locations Located in countries with high production of premium vehicles First assembly location opened in Shenyang in 2015 Cooperation partners Located in countries where premium segment market volume is too low Further expansion via additional assembly locations Additional locations require only limited investment PWO production locations Cooperation partners PWO assembly location Potential additional assembly locations 10

11 FISCAL YEAR 2015 Strong growth in new business A record level of new business volume EUR 600 million lifetime volume including tools New orders secure the development planned for all locations New business PWO Group (Lifetime volume, EUR million) Series orders Tool orders New business PWO Group by location (in % of 2015 lifetime volume incl. tools) China 13 Germany Mexico % = EUR 600 million 53 Czech Republic 16 Canada: Orders expected in 2015 to come in early

12 FISCAL YEAR 2015 Global platforms gain in importance Supplier of choice for instrument panel cross carriers made of lightweight steel Superior market position Major order acquired with a lifetime volume of more than EUR 100 million Lightweight expertise and global presence essential for winning orders Future production expected to take place at all five PWO locations Tremendous market success with instrument panel carriers lifetime: 7 years Vol. >EUR 25 million lifetime: 9 years Vol. >EUR 20 million lifetime: 10 years Vol. >EUR 50 million Lifetime from SOP lifetime: 10 years Vol. >EUR 20 million lifetime: 9 years Vol. >EUR 100 million lifetime: 6/7 years Vol. EUR ~90 million 12

13 FISCAL YEAR 2015 Selected figures from the income statement Encouraging growth in revenue and total output EBIT before currency effects visibly higher than in prior year Increase significantly higher than previous year s one-time charge of EUR 4.0 million for personnel reductions Success of steps taken to improve earnings is becoming evident (in EUR millions) Revenue Total output EBIT before currency effects EBIT margin (before currency effects, %) EBIT including currency effects Net income for the period Earnings per share (EUR)

14 FISCAL YEAR 2015 Diverging development of locations Germany Revenue flat year-on-year; profitability increased Revenues (in EUR million) 400 Total Rest of Europe Continued high growth accompanied by a double-digit EBIT margin NAFTA Area Solid revenue growth and positive earnings contribution; substantial progress made in Mexico Asia Ongoing expansion; Suzhou currently below plan; Shenyang fully on schedule and within cost budget Germany Germany 2014 Rest of Europe Rest of Europe NAFTA Area Asia Group EBIT before currency effects (in EUR million) Total 21.0 NAFTA Area Asia Group EUR 4.0 million expenses for personnel reductions 14

15 FISCAL YEAR 2015 Selected figures from the balance sheet Improved balance sheet ratios Increase in total assets limited Rise in assets mainly due to investments in property, plant and equipment; funds tied up in receivables reduced Interest rate environment is having a positive impact on the valuation of pension provisions Net debt still at a high level; dynamic leverage ratio marginally lower (in EUR millions) Non-current assets Current assets Equity Non-current liabilities Current liabilities Total assets Net debt Equity ratio (%) Dynamic leverage ratio (years)

16 FISCAL YEAR 2015 Selected figures from the cash flow statement Free cash flow nearing breakeven Cash flow from operating activities significantly stronger Investments lower overall; German and Czech locations are still the focus (in EUR mi) Cash flow from operating activities Cash flow from investing activities Interest paid and received Free cash flow Investments (EUR million) incl. lease financing Total: Asia NAFTA Area Rest of Europe Germany Consolidation effect 2014: EUR -0.1 million 16

17 FISCAL YEAR 2015 Dividend history 2015 Dividend proposal Dividend per share development (EUR) Continuation of shareholderfriendly dividend policy Dividend increase based on solid business performance Attractive yield of 4.3 percent based on year-end closing share price ) 1) Proposal to the 93 rd Annual General Meeting 17

18 FISCAL YEAR 2015 Shareholder structure Consult Invest Local family who has been a long-term investor in PWO since the late 1990s Delta Lloyd Shareholder since 2008/2009; holding reduced significantly for the first time in 2015 Shareholder structure based on million shares as of March 1, 2016 Consult Invest Beteiligungsberatungs-GmbH, Böblingen 46.62% Free float 53.38% thereof Delta Lloyd, Amsterdam 7.97% Sparkasse Offenburg 6.08% Sparkasse Offenburg A long-term investment of a local business partner Other institutional and private investors with interests of less than 3% Sources: WpHG notifications; own analyses 18

19 OUTLOOK Growth and results Forecast for 2016 Revenue: EBIT: EUR~410 million EUR 20 million New business: Similar volume to 2015 depending on amount of investment necessary Germany Slight decline in revenue and total output EBIT visibly below prior year s level Rest of Europe Moderate rise in revenue and total output EBIT margin to remain in the double digits NAFTA Minor changes in revenue and total output, significantly higher EBIT expected overall compared to FY 2015 Stable EBIT contribution from Canadian location Plan for Mexico takes into account risk of lower call orders from major customer; therefore, slightly negative EBIT expected Asia Roughly 50% increase in revenue Total output to rise by almost one third EBIT: Break-even expected Growth driver: Marked rise in tool revenue in Suzhou and ramp-up of new assembly plant in Shenyang 19

20 OUTLOOK Investments and cash flow Forecast for 2016 Investment volume: EUR ~ 35 million Positive free cash flow Slight rise in equity ratio Dynamic leverage ratio to decline moderately 3-year investment outlook: EUR 100 million Despite today s extremely high level of new business, investment not to exceed longterm average The focus in 2016 Germany: Completion of new office building, modernization of presses, and substantial project-related investment Czech Republic: Expansion of press facilities; new press to be brought into operations NAFTA Area project-related investment China: Expansion of Shenyang location Investments (in EUR millions) incl. lease financing Total: ~ Asia NAFTA Area Rest of Europe Germany e Consolidation effect 2014: EUR -0.1 million 20

21 PWO s business model Leading market position Global presence Highly innovative products and processes Consistent improvement in locations profitability 21

22 Disclaimer This presentation contains forward-looking statements that are based on current assumptions, expectations, estimates, forecasts, and other information currently available to the PWO Management Board, and on assumptions, expectations, estimates, forecasts, and budgets that are derived from these. The forward-looking statements should not be understood as guarantees of future developments and results that are mentioned therein. Various known and unknown risks and uncertainties, as well as other factors, may result in actual developments and results diverging significantly from estimates that are mentioned here explicitly or are contained implicitly. These factors include those that PWO has described in published reports, and which are available on the PWO website at Irrespective of statutory regulations, PWO accepts no obligation to update such forward-looking statements and to adjust them to future events or developments. The figures in this presentation are usually presented in EUR million. Differences may occur between the individual amounts and the sum of these amounts due to rounding. Such differences are not of a significant nature. 22