Financial Results H1/2013

Transcription

1 Financial Results H1/ August 6,

2 SHW AG pleasing Q2 results Highlights Q2/ Group sales*: 91.8m (+7.3%) Adj. EBITDA*: 11.0m (+17.1%) Adj. EBIT*: 7.7m (+19.4%) Net income from continued operations*: 4.7m (+8.7%) ROCE (LTM): 16.9% Free Cash flow*: +2.2m Successful stabilisation of SAP Product launches proceeded consistently stable and on schedule * Adjustment pursuant IAS Clearly outperforming European car market 1

3 Group Sales ( m) Sales by quarter ( m) % % % H1/ H1/ EBITDA ( m) Q2 Q3 Q4 EBITDA by quarter ( m) % Adjustments EBITDA -31.9% % % 9.9% H1/ H1/ Q2 Q3 Q4 Strong sales and earnings growth in Q2 2

4 Group EBT ( m) EBT by quarter ( m) % % % H1/ H1/ Q2 Q3 Q4 EAT ( m) EAT by quarter ( m) % % % H1/ H1/ Q2 Q3 Q4 3

5 TOP 10 customers Sales by customer ( m) VW Daimler BMW Porsche AUDI Volvo Cars PSA ThyssenKrupp H1/ H1/ Ford Hilite Other SHW well positioned with German OEMs 4

6 Pumps & Engine Components Sales ( m) Sales by quarter ( m) % Powder Metallurgy +1.6% % Truck & Off-Highway Passenger Car H1/ H1/ EBITDA ( m) Q2 Q3 Q4 EBITDA by quarter ( m) % % % % 10.7% H1/ H1/ Q2 Q3 Q4 P&EC back on track 5

7 Brake Discs Sales ( m) Sales by quarter ( m) % Other Composite BD Ready-to-install BD Unprocessed BD +2.1% -8.1% H1/ H1/ EBITDA ( m) Q2 Q3 Q4 EBITDA by quarter ( m) +48.4% % 29.8% % +6.6% H1/ H1/ Continued strong performance Q2 Q3 Q4 6

8 Capex - Depreciation Capex ( m) Capex by quarter ( m) % H1/ H1/ Depreciation ( m) Q2 Q3 Q4 Depreciation by quarter ( m) +9.4% : calculatory depreciation; : book depreciation H1/ H1/ Q2 Q3 Q4 High capex for future growth 7

9 Cash flow 5. ( m) Q2/ Q2/ H1/ H1/ Cash flow from operating activities Cash flow from investing activities Cash flow before financing activities (free cash flow) Other (esp. dividend payment) Change in net cash Turnaround of free cash flow in Q2 8

10 Working Capital influenced by higher receivables Working Capital ( m) , July 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 9

11 Sound financial profile Balance sheet as of 30 June, ( m) Balance sheet as of 31 December, ( m)* 186.6m 180.9m * Adjustment pursuant IAS 19 Current assets (51.3%) Equity (40.3%) Current assets (43.6%) Equity (50.9%) 25.8 Pensions (13.8%) Non-current assets (46.0%) Other long term liabilities (3.2%) Bank debt (11.5%) Other short term liabilities (31.2%) Non-current assets (45.6%) Pensions (14.3%) Other long term liabilities (3.4%) Other short term liabilities (31.4%) Cash (2.7%) 1.3 Cash (10.9%) 19.6 Assets Equity & Liabilites Assets Equity & Liabilites Equity ratio despite special dividende still above 40 percent 10

12 Market environment in Europe remains challenging in Light vehicle production (< 6 t) Europe (m units) Truck production (GVW > 6t) - Western Europe (units) 3.0% , % 445, , , , , m units CAGR VW Group 4,39 4,31 4,58 4,85 4,88 4,92 2,3% PSA Group 1,97 1,93 2,05 2,16 2,19 2,21 2,2% Renault-Nissan 1,91 1,72 1,72 1,94 2,12 2,13 2,3% BMW Group 1,36 1,35 1,36 1,49 1,64 1,73 4,9% Daimler Group 1,33 1,38 1,51 1,54 1,45 1,52 2,8% GM Group 0,94 0,86 0,85 0,90 1,12 1,25 5,8% Ford Group 1,06 1,03 1,02 1,10 1,06 1,03-0,6% units CAGR Mercedes-Benz ,5% MAN Group ,0% PACCAR ,3% IVECO Group ,2% Volvo ,8% Scania ,9% Renault ,0% Source: PwC Autofacts July Source: LMC Automotive Q2/ 11

13 Outlook Target : growing stronger than underlying European market European Union: -3.2% to 15.4 million light vehicles* North America: +5.1% to 16.2 million light vehicles* China: + 9.9% to 18.2 million light vehicles* Numerous new product launches Capex: between 22m - 26m Group sales : 330m - 345m (previously: 325m - 340m) P&EC sales: 240m - 255m (previously: 235m - 250m) BD sales: around 90m (unchanged) Group EBITDA above previous year level of 33.9m *Source: PwC Autofacts July 12

14 Contact Investor Relations Michael Schickling Head of Investor Relations & Corporate Communications SHW AG Wilhelmstrasse Aalen-Wasseralfingen Telephone: +49 (0)

15 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. 14