Investor Presentation

Transcription

1 Georg Fischer Corporation Investor Presentation 24 March 2015

2 GF Corporation GF keeps its earnings growth path GF Piping Systems 39% CHF million GF Automotive 37% CHF million GF Machining Solutions 24% CHF 905 million Total sales 2014: CHF million 2

3 GF Corporation Sales and EBIT development last 5 years million CHF 3'638 3'720 3'766 3'795 Sales 3' EBIT

4 GF Corporation GF Piping Systems became the largest Division of GF 35% 37% 39% 42% 40% 37% 23% 23% 24% GF Piping Systems GF Automotive GF Machining Solutions 4

5 GF Corporation Steady progress towards a better balanced geographical footprint Asia 20% RoW 3% 13% Americas Asia 21% RoW 4% 14% Americas Asia 21% RoW 6% 14% Americas 64% 61% 59% Europe Europe Europe RoW = Rest of World 5

6 GF Corporation All three divisions generate significant value anew ROIC 21.8% 17.9% 17.1% 16.9% 8.2% WACC 6

7 GF Piping Systems CHF million sales employees 53 companies worldwide

8 GF Piping Systems Business Overview Utility Industry 34% 38% 28% Building Technology Industry Market Trend: Position: World #1 Major competitors: Simona, Aliaxis, Spears Utility Market Trend: Position: World #1 Major competitors: Aliaxis, Wavin, Sekisui Building Technology Market Trend: Position: Switzerland #1, Leading in selected markets Major competitors: Aliaxis, Uponor, Geberit, Rehau 8

9 GF Piping Systems Sales and EBIT development last 5 years million CHF 1'176 1'174 1'299 1'402 1'476 Sales 23% (16%) EBIT 41% (48%)

10 GF Piping Systems Geographical diversification Sales 2014 (2013) Asia 25% (27%) 13% (8%) Rest of the world 22% (23%) Americas 40% (42%) Europe 10

11 GF Piping Systems Turnaround achieved at GF Hakan in 2 nd half-year Major order in Sri Lanka for 150 km of water pipes 11

12 GF Automotive CHF million sales employees 10 plants worldwide

13 GF Automotive Business Overview Iron casting 62% 38% Light metal casting Iron casting Light metal casting Market Trend: Market Trend: Position: Europe #1 Major competitors: Hitachi Metals, Fagor Ederlan, Componenta, SLR, Walter Hundhausen Position: Europe Top 3 Major competitors: Nemak, Ryobi, Martinrea, Kolbenschmidt, KSM Castings, Handtmann 13

14 GF Automotive Sales and EBIT development last 5 years million CHF Sales 1'552 1'664 1'579 1'498 1' EBIT

15 GF Automotive Business Overview Passenger Cars 6% 66% Trucks 29% Industrial applications 15

16 GF Automotive Acquisition of Meco Eckel strengthens light-metal positioning GF Meco Eckel Parts Design + Supply 16

17 GF Machining Solutions CHF 905 million sales employees 41 companies worldwide

18 GF Machining Solutions Business Overview EDM 35% 29% Milling 8% 28% Automation / Tooling Customer Services EDM Milling Automation / Tooling Customer Services Market Trend: Market Trend: Market Trend: Market Trend: Position: World #1 Major competitors: Sodick, Fanuc, Mitsubishi, Makino Position: HSM Top 5 Major competitors: Makino, Hermle, DMG, Röders, Mori Seiki Position: World #1 Major competitors: Erowa, Hirschmann, F-Tool, Zimmer & Kreim, Fastems Position: Captive market 18

19 GF Machining Solutions Sales and EBIT development last 5 years million CHF Sales EBIT

20 GF Machining Solutions Geographical diversification Sales 2014 (2013) Asia 30% (30%) 5% (4%) Rest of the world 18% (18%) Americas 47% (48%) Europe 20

21 GF Machining Solutions Major orders obtained by the newly acquired Liechti AG LIECHTI (Blades) MIKRON (Blisks) LIECHTI (Blades) USD 30 million order in October

22 Consolidated financial statements and financing 22

23 GF Corporation Income statement million CHF Sales % Gross value added % Personnel expenses % EBITDA % Depreciation, amortization % EBIT % Financial result % Share of results of associates Extraordinary result Non-operating result Income taxes % Net profit % thereof own interests % thereof non-controlling interests % 23

24 GF Corporation Sales by division million CHF Growth % in CHF in LC 1) GF Piping Systems % 3.0 % GF Automotive % -0.8 % GF Machining Solutions % 2.3 % Corporation % 1.4 % Sales 1st Semester % 3.6 % Sales 2nd Semester % -0.7 % 1) Adjusted for changes in scope of consolidation and stated at previous year s foreign exchange rates. 24

25 GF Corporation EBIT and profitability million CHF EBIT margin % ROIC % GF Piping Systems % 17.1 % GF Automotive % 21.8 % GF Machining Solutions % 16.9 % Corporation % 17.9 % EBIT 1st Semester % 17.2 % EBIT 2nd Semester % 18.6 % 25

26 GF Corporation Currency impact on Sales / EBIT million CHF Sales EBIT 2014 EUR USD Others Total currency impact GF Piping Systems GF Automotive GF Machining Solutions

27 GF Corporation Free cash flow million CHF EBITDA Changes in net working capital Income taxes / interest paid Other changes Cash flow from operating activities Additions to property, plant and equipment Cash flow from acquisitions / divestitures Other additions / disposals, net 14-5 Cash flow from investing activities Free cash flow Free cash flow before acquisitions / divestitures

28 GF Corporation Net debt and Free cash flow million CHF Net debt Free cash flow Free cash flow excl. acquisitions Net debt / EBITDA 1.0x 0.8x 1.0x 0.9x 0.9x

29 GF Corporation Key figures million CHF Sales in % Sales in % (organic growth / LC) Return on Sales (EBIT margin) in % Net profit in % of sales ROIC in % Return on Equity in % Equity ratio in % Earnings per share in CHF Dividend (proposed) per share in CHF Number of employees (incl. trainees)

30 Outlook 30

31 GF Corporation Forex effect 2015 Transaction Exposure Situation end of January: CHF / EUR = 1.05 CHF / USD = 0.93 Euro USD Income Cost Income Cost 2.0 Bill Bill. 31

32 GF Corporation Forex effect 2015 Net Impact Immediate measures in Switzerland Increase in working time Sourcing Cost cutting Effect on Income Statement Sales - 8 % EBIT margin impact - 30 to - 50 bps Effect on Equity Impact on equity CHF 85 million Equity ratio unchanged at 37% 32

33 GF Corporation Outlook 2015 Efficiency measures and hedging compensate a major part of the Swiss Franc appreciation Capacity and volume steeply increased in China at GF Automotive A high order backlog at GF Machining Solutions Novelties and new product launches at all Divisions Profitability level 2015 to increase anew ROS in the 8% range ROIC between 16 and 20% 33

34 Novelties to boost revenues and margins 34

35 GF Piping Systems Innovative services launched at GF Piping Systems «Intelligent» fittings 35

36 GF Automotive GF Automotive enters the electric car component business Battery Housing Audi e-tron 36

37 GF Machining Solutions Complete integration of machining automation lines by GF Machining Solutions 37

38 Thank you Questions & Answers 38

39 Disclaimer This document is for presentation purposes only and should not be construed as an offer, invitation or solicitation to subscribe for, purchase or sell any investment. Neither it nor anything it contains shall form the basis of any contract whatsoever. Opinions expressed herein reflect the current judgement of the management of Georg Fischer. The presentation contains forward-looking statements that involve risks and uncertainties. The actual results of Georg Fischer may differ materially from those anticipated in these forwardlooking statements and forecasts as a result of a number of factors. The management of Georg Fischer does not accept any liability whatsoever with respect to the use of this presentation. 39