Georg Fischer Financial Analysts Conference 2013 financial year. Yves Serra /

Transcription

1 Georg Fischer Financial Analysts Conference 2013 financial year Yves Serra /

2 GF Corporation A substantial rise in performance Top line at CHF million, up 2% like-for-like Operating result increased 13% to CHF 251 million Free cash flow before acquisitions boosted 76% to CHF 174 million Key strategy implementation steps done Proposed dividend increase to CHF 16 2

3 GF Corporation All three divisions with profitable growth EBIT (in million CHF) Sales growth (like-for-like) % 3% 3% %

4 GF Corporation All three divisions clearly generate value ROIC 16.7% 18.7% 16.1% 15.2% 8.6% WACC 4

5 GF Corporation Steady progress towards a better geographical balance Asia 18% RoW 3% 10% Americas Asia 20% RoW Americas 3% 13% Asia 21% RoW 4% 14% Americas 69% 64% 61% Europe Europe Europe RoW = Rest of world 5

6 GF Corporation Portfolio evolution in line with strategy 46% 32% 35% 37% 42% 40% 22% 23% 23% GF Piping Systems GF Automotive GF Machining Solutions 6

7 GF Piping Systems A strong 2 nd half-year boosts results Sales rose 8% to CHF 1.4 billion (3% organically) Industrial applications picked up Building technology grew in Europe and Asia Utility sales overall stable AIDA cruise liner at Mitsubishi shipyard EBIT up 4% to CHF 141 million 7

8 GF Piping Systems Industrial applications picked up in 2 nd half-year 8

9 GF Piping Systems Acquisition in Turkey enhances presence in growing markets Sales of CHF 100 million 650 employees Plants in Cerkezköy (West) and Sanliurfa (East) Cross-selling in full swing 9

10 GF Automotive Productivity and market share on the rise Sales organically up 1% to CHF million Car market down in Europe but strong in China Market share in truck business further increased CHF 400 million order for DAF EBIT up 32% to CHF 70 million 10

11 GF Automotive Portfolio streamlining completed Iron castings Aluminum + Magnesium pressure die-castings Substitution of forged steel brackets Weight reduction: 15% Swingarm in Magnesium Weight Reduction: 35% 11

12 GF Machining Solutions Profitable growth amid difficult market conditions Sales up 3% to CHF 867 million Customer proximity underpins growth US and European markets show recovery trend China subdued on tighter financing for SMEs EBIT grew 13% to CHF 51 million 12

13 GF Machining Solutions Customer proximity underpins growth 13

14 GF Machining Solutions GF AgieCharmilles renamed GF Machining Solutions EDM Laser Texturing Milling Automation 14

15 Roland Abt, CFO Consolidated financial statements and financing 15

16 GF Corporation Changes in the structure Change from IFRS to Swiss GAAP FER Minor effects on P/L-statement, EBIT CHF 1 million Significant impact on balance sheet Goodwill CHF -194 million Provisions for pension CHF 60 million Equity CHF -262 million Changes in the scope of consolidation 2012 Divestment of aluminum sand casting foundries in Friedrichshafen and Garching (November) 2013 Acquisition of Hakan Plastik in Turkey (July) 16

17 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 % 17

18 GF Corporation Sales by division million CHF Growth % in CHF in LC 1) GF Piping Systems % 2.7 % GF Automotive % 0.5 % GF Machining Solutions % 3.2 % Corporation % 1.9 % 1) Adjusted for changes in scope of consolidation and stated at previous year s foreign exchange rates. 18

19 GF Corporation EBIT and ROS by division million CHF ROS % GF Piping Systems % 10.4 % GF Automotive % 3.4 % GF Machining Solutions % 5.3 % Corporation % 6.0 % 19

20 GF Corporation Currency impact on Sales / EBIT million CHF Sales EBIT EUR USD -4-6 Others Total currency impact GF Piping Systems -2-5 GF Automotive GF Machining Solutions

21 GF Corporation Balance sheet: Assets million CHF 2013 % 2012 % Securities / Cash and cash equiv Trade accounts receivable Inventories Assets held for sale 23 0 Other current assets Current assets Property, plant and equipment Intangible assets Deferred tax assets Other financial assets Non-current assets Assets

22 GF Corporation Balance sheet: Liabilities and equity million CHF 2013 % 2012 % Current liabilities Liabilities held for sale 23 0 Non-current liabilities Liabilities Share capital Share premium Treasury shares -9-5 Retained earnings Non-controlling interests Equity Liabilities and equity

23 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 -5 1 Cash flow from investing activities Free cash flow Free cash flow before acquisitions / divestitures

24 GF Corporation Net debt and Free cash flow million CHF 600 Net debt Free cash flow Free cash flow excl. acquisitions Net debt / EBITDA 19.7x 1.0x 0.8x 1.0x 0.9x

25 GF Corporation Key figures million CHF Sales in % Sales in % (organic growth / LC) Return on Sales (EBIT margin) in % Net profit in % of sales Cash flow from operating activities 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)

26 Yves Serra, CEO Outlook 26

27 GF Corporation Outlook 2014 Upwards trend in demand but not across the board Strong order book at GF Machining Solutions and specially at GF Automotive Portfolio GF Automotive streamlined to iron and aluminum pressure die-casting GF Piping Systems sales to catch up GF Automotive s in 2014 Top and bottom line increases realistic for 2014 (barring unforeseen circumstances) 27

28 GF Corporation 2015 profitability objectives reconfirmed, adapted to Swiss GAAP FER GF Piping Systems GF Automotive GF Machining Solutions GF ROS 11~13% 5~7% 6~8% 8~9% ROIC 17~20% 15~18% 15~18% 16~20% Increase GF Piping Systems share of sales to 40~45% Optimize GF Automotive productivity in Europe / Expand in China Focus GF Machining Solutions on less cyclical segments 28

29 Investments aligned with strategy 29

30 Increase GF Piping Systems share of sales to 40~45% Invest in very large fittings for water transport 22 nd and 23 rd plant in China (for water pipes) Schaffhausen (CHF 15 million) Zhuozhou, Xian, China (CHF 20 million) 30

31 Optimize GF Automotive productivity in Europe / Expand in China Automate to maintain leadership in truck components 50% capacity increase to cope with demand Singen, DE (CHF 65 million) Kunshan, CN (CHF 30 million) 31

32 Focus GF Machining Solutions on less cyclical segments (CHF 50 million R&D outlay per annum) New wire-cutting EDM machine to replace broaching (in aeronautics) A complete solution for new dental braces 32

33 Thank you

34 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. 34 Financial Analysts' Conference / 2012 financial year