Half-year results 2010

Transcription

1 Half-year results 2010 Paris, 15 th September 2010 Slide 1 / 30 French Society of Financial Analysts meeting 15 th September General Overview High added value electronic equipment manufacturer Key positioning: on-board systems Electronic / Computerised / Autonomous / Interactive Environment / Safety / Communications A presence in two markets Automotive: 87.5 % of turnover in H Telecommunications: 12.5 % of turnover in H Sustained drive for innovation to satisfy ever more complex requirements An R&D department of more than 550 people R&D: 19.9 million (16.9 % of turnover in H1 2010) of which 1.3 million immobilized (1.1 % of turnover in H1 2010) Other immobilized investments: 2.3 million (1.9 % of turnover in H1 2010) Slide 2 / 30 French Society of Financial Analysts meeting 15 th September

2 General Overview A presence on 4 continents ACTIA Nordics ACTIA Corp. ACTIA Inc. ACTIA NL ACTIA UK ACTIA Muller UK ACTIA VideoBus ACTIA Muller España ARDIA CIPI ACTIA ACTIA Tunisie IME ACTIA ACTIA Polska ATAL ACTIA Italia ACTIA China ACTIA de Mexico ACTIA India ATON ACTIA Muller ACTIA AIXIA ACTIA do Brasil 2,557 employees across 15 countries ACTIA ACTIA Automotive Sodielec Slide 3 / 30 French French Society Society of of Financial Financial Analysts Analysts meeting meeting th th September September General Overview A loyal portfolio of prestige customers Automotive HGV s / buses & coaches Others Manufacturers Entretien SAV Slide 4 / 30 French Society of Financial Analysts meeting 15 th September

3 Contents Half-year results 2010 Business in H and trends for H2 Objectives & Outlook Stock Exchange Slide 5 / 30 French Society of Financial Analysts meeting 15 th September Half-year results 2010 Improving against an as yet difficult background Turnover Operating Profit Net Profit (3.1) (1.0) (3.7) (4.3) Comparison H H in millions Turnover Operating profit Net profit Half-year turnover up by 11.9 % with vigorous growth in the Americas ( 65 %) and Asia ( 31 %) and a consolidated international share of the business of 55.4 % (55.8 % as at 30/06/09) Operating profit up by 2.1 million due to measures taken in 2009 and 2010 Net profit negatively impacted by taxes in profitable overseas companies (situation to date) Slide 6 / 30 French Society of Financial Analysts meeting 15 th September

4 Half-year results 2010 Firm recovery for Automotive Turnover Operating profit 3.1 Net profit Business continues to recover: turnover 12.7 % Clear improvement in operating profit due to 2009 cost optimisation measures: 4.3 million (1,2) (2.1) (0.2) Tax burden increased by 2.9 million linked to the profits in overseas subsidiaries and deferred tax payments not being activated (situation to date) Comparison H H in millions Turnover Operating profit Net profit Slide 7 / 30 French Society of Financial Analysts meeting 15 th September Half-year results 2010 Telecommunications negatively affected by depressed markets Turnover Operating profit (1.7) (3.8) Net profit (1.3) (3.7) Comparison H H in millions Slight recovery for the business of 6.1 %, but affected by delays in taking delivery of ground stations and the associated operational maintenance services and persistent difficulties in the Broadcasting market Operating losses of (3.8) million linked to the operational cycle being highly sensitive to delays within the accounting period (55 to 60 % of sales in H2) No activation of deferred taxes which would affect Net Profit Turnover Operating profit Net profit Slide 8 / 30 French Society of Financial Analysts meeting 15 th September

5 Half-year results 2010 Full effect of cost reduction plan for Automotive (1/2) 13.2 % % 50.6 Increase in materials consumed ( 13.2 %) linked to business recovery, but external costs down ( %) following cost control measures H H H Materials consumed External costs In millions % Change H / H Slide 9 / 30 French Society of Financial Analysts meeting 15 th September Half-year results 2010 Full effect of cost reduction plan for Automotive(2/2) (2/2) In millions % Change H / H Cost of own personnel (full time, short term) Cost of external personnel (subcontractors, part-time) Turnover Payroll costs under control due to increases in headcount in low cost areas and in-sourcing of competencies 11.9 % % ( %) 41.4 ( 10.7 %) H H H H H H Slide 10 / 30 French Society of Financial Analysts meeting 15 th September

6 Half-year results 2010 Optimisation of R & D ARDIA (Tunisia) Out-sourced R&D staff H Headcount R&D reinforced and structured with: ARDIA in Tunisia coming on stream with 160 engineers at end June 2010: optimisation of the profitability of research costs The slight recovery ( 2.2 %) in the portion of R&D reinvoiced to customers against a still difficult background An as yet large proportion of depreciation linked to immobilized innovative projects The best levels of technology Total cost In millions Net cost In millions Net cost = Total cost - Immobilizations (AMIC-TCP) - Re-invoiced costs - Tax credit for research (rate of 30 %) / subsidies Depreciation Slide 11 / 30 French Society of Financial Analysts meeting 15 th September Half-year results 2010 Summary Profit & Loss Statement (In millions) 30/06/10 30/06/09 Turnover EBITDA (1) Operating profit Financing costs Net profit (1.0) (0.9) (4.3) (3.1) (1.5) (3.7) Group share of net profit (4.1) (3.4) (1) EBITDA: net profit for the period corporate tax financing costs other interest and income from the sale of securities provisions for depreciation inclusion of the research tax credit as a subsidy Impact of losses in Telecommunications 2.5 million in taxes linked to the profits made in overseas subsidiaries (situation to date) Slide 12 / 30 French Society of Financial Analysts meeting 15 th September

7 Half-year results 2010 Summary Balance Sheet ASSETS (in millions) 30/06/10 31/12/09 LIABILITIES (in millions) 30/06/10 31/12/09 Long term assets Goodwill Intangible assets Stocks Accounts receivable Cash & equivalent Fixed assets Long term assets Taxes Current assets Other receivables Shareholder funds Provisions Loans Other liabilities Long term liabilities Debt Provisions Current liabilities Accounts payable TOTAL TOTAL Gearing at 126 % as compared to 109 % at end 2009 Medium and long term financing set up in H1 ( 8.7 million) Stocks increased by 6 million due to the impact of supply difficulties for components and the start up of production of new products in H2 Slide 13 / 30 French Society of Financial Analysts meeting 15 th September Half-year results 2010 Summary Cash Flow (In millions) Operations Net profit for the period Of which depreciation & provisions Changes to working capital Net cash flow Investments Of which acquisitions and sale of assets Net cash flow 30/06/10 31/12/09 (4.29) 3.49 (3.91) (0.96) (4.27) (3.97) (2.92) (9.99) (9.59) Financing Issues and loan repayments Interest paid Net cash flow Cash variances Cash at the end of the period 2.34 (1.20) 1.12 (3.68) (23.65) 0.36 (2.88) (3.54) 5.70 (19.97) Well managed cash flow with continued investments in R&D and increased pressure on working capital requirements linked to the recovery and a shortage of components (stocks) Slide 14 / 30 French Society of Financial Analysts meeting 15 th September

8 Contents Half-year results 2010 Business in H and trends for H2 Objectives & Outlook Stock Exchange Slide 15 / 30 French Society of Financial Analysts meeting 15 th September Business in H1 and trends for H2 Electronic diagnostics for manufacturers - Manufacturers: Tenders in Europe limited (in number and scope of application) Success with key stages: PSA: research phase finalised for deployment from 01/07/10 STRATOR (tobacconists): finalisation of development and industrial process Delivery by production batch in H2 Progress with the new manufacturers (4 Chinese and 1 Indian) Two agreements concluded for Q3 Slide 16 / 30 French Society of Financial Analysts meeting 15 th September

9 Business in H1 and trends for H2 Multi-Diag for after sales service networks Deployment for new customers: RENAULT: refreshment of commercial practices EUROMASTER: 100 % of 2010 deliveries achieved Pursuit of deployment in Europe Progress with subscriptions: Development of installed base to be pursued (~ 1,000 devices) Rate of renewal of 47 %, or an increase in sales of 26 % Restart cell up and running New software production process millions 6, Multi-Diag Trucks : promising progress with commercial relationship to be concluded in H H TO tools TO subscriptions Slide 17 / 30 French Society of Financial Analysts meeting 15 th September Business in H1 and trends for H2 Garage equipment - Recovery slower than forecast Export contracts postponed but confirmed for H2 MOT: deployment of rigs for 2 wheelers in H2 (French legislation) Slide 18 / 30 French Society of Financial Analysts meeting 15 th September

10 Business in H1 and trends for H2 On-board systems A multi-speed recovery Marked recovery for HGV s depending on the geographic area (from 25 to 70 %) A new customer in H2 Better sales than predicted for industrial vehicles A new customer in H2 Customer demand becoming firmer Telematic portals: VOLVO CARS: industrial scale production starting (Tunisia) NISSAN Diesel and CNH: finalisation of industrialisation phase Delivery by production batch in H2 Public transport: Innovation for the public transport of the future (2 nd year) Slide 19 / 30 French Society of Financial Analysts meeting 15 th September Business in H1 and trends for H2 On-board systems Audio & Video: Further progress with railways Development in Mexico United States: Strong activity for military vehicles Slide 20 / 30 French Society of Financial Analysts meeting 15 th September

11 Business in H1 and trends for H2 Manufacturing Business forging ahead: Progression in sales to Continental New SKU s in the aeronautics sector 2 new customers in the medical sector to start in H2 Slide 21 / 30 French Society of Financial Analysts meeting 15 th September Business in H1 and trends for H2 Telecommunications - Broadcasting: Strong competition from TDF No business launch for digital radio in Europe - Ground stations: Deliveries postponed during the period resulting in operational maintenance services being delayed until 2011 Preparation of future tenders Slide 22 / 30 French Society of Financial Analysts meeting 15 th September

12 Contents Half-year results 2010 Business in H and trends for H2 Objectives & Outlook Stock Exchange Slide 23 / 30 French Society of Financial Analysts meeting 15 th September Objectives To achieve an increase of between 6 and 8 % of turnover in 2010: Much clearer recovery in sight for the Automotive sector To ensure a return to profit in 2011 for Telecommunications Slide 24 / 30 French Society of Financial Analysts meeting 15 th September

13 Outlook End of the operational deployment of new methodologies Reinforcement of the foundations design and production : Application of aeronautical methods for our research consultancy Application of automotive methods in terms of production Compete at the top level internationally in these areas Reinforce customer confidence Slide 25 / 30 French Society of Financial Analysts meeting 15 th September Outlook Impact of moving to delivery by production batch CUSTOMERS Sector Start date Annual impact STRATOR Hardened tablet PC September million VOLVO CARS Chronomatics September million NISSAN DIESEL Chronomatics September million CNH On-board computer October 2010 TOTAL: 3 million 15 million Slide 26 / 30 French Society of Financial Analysts meeting 15 th September

14 Outlook Launch of the sales offensive Increasing participation in tenders Manufacturers: HGV s: Volvo, Scania Buses & Coaches Specialised vehicles: Terex, CNH, New approaches: Railways manufacturers Fleet management companies (of any sort) Slide 27 / 30 French Society of Financial Analysts meeting 15 th September Contents Half-year results 2010 Business in H and trends for H2 Objectives & Outlook Stock Exchange Slide 28 / 30 French Society of Financial Analysts meeting 15 th September

15 Stock exchange Shareholding 5.8 % 6.8 % 15.3 % 18.0 % % holding % control 49.8 % 55.3 % 29.1 % 19.9 % PECH & CALMELS families SIDMIA SALVEPAR Public Shareholders pact 20,099,941 shares Market capitalisation as at 13/09/10: 32.4 million Share price as at 13/09/10: 1.62 million, 6.6 % since 1 st January 2010 Euronext Paris compartment C ISIN code: FR ATI Slide 29 / 30 French Society of Financial Analysts meeting 15 th September Thanks you for your kind attention Next communication: Q3 TO: 10/11/2010 Contacts: ACTIA GROUP Catherine MALLET 33.(0) catherine.mallet@actia.fr CAP VALUE Gilles BROQUELET - Edouard MIFFRE 33.(0) gbroquelet@capvalue.fr For any other information: ACTIA GROUP 25 Chemin de Pouvourville - BP TOULOUSE Cedex 4 Tel: 33 (0) Fax: 33 (0) Slide 30 / 30 French Society of Financial Analysts meeting 15 th September