UNIWHEELS GROUP Q RESULTS

Transcription

1 Dr. Thomas Buchholz, CEO Dr. Karsten Obenaus, CFO UNIWHEELS GROUP Q RESULTS Bad Dürkheim May 10 th,

2 Safe-Harbor-Statement This presentation includes forward-looking statements based on the beliefs of UNIWHEELS AG management. Such statements reflect current views of UNIWHEELS AG with respect to future events and results and are subject to risks and uncertainties. Actual results may vary materially from those projected here, due to factors including changes in general economic and business conditions, changes in currency exchange, the introduction of competing products, lack of market acceptance of new products, services or technologies and changes in business strategy. UHIWHEELS AG does not intend or assume any obligation to update these forward-looking statements. This presentations constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of UNIWHEELS AG or any of the companies that are members of the Group at present or in the future, nor does it form part of such an offer and it should not be understood as such. This presentation does not constitute an offer of sale of securities in the United States of America. Securities may not be offered or sold in the United States of America without registration or exemption from registration in accordance with the U.S. Securities Act of 1933 in its currently valid form. 2

3 AGENDA UNIWHEELS Group Q Results 01 HIGHLIGHTS 02 MARKET & STRATEGY 03 FINANCIALS 04 OUTLOOK 05 APPENDIX 3

4 01 UNIWHEELS Group Q Results 01 HIGHLIGHTS 4

5 01 HIGHLIGHTS Highlights Q1 2016: Performance increases in existing plant system Sales EBITDA Ongoing demand growth and performance increases in the existing plant system allowed for an impressive volume growth in Q1: % to 2.1 million wheels. Revenues up by 4 %, influenced by product mix and aluminium price adjustments. Operational costs under control despite additional staff for new plant. EBITDA grows by 6,8 % to EUR 14.1 million. Margins EBITDA margin improves to 12.9 % from 12.6 % in Q EBIT margin improves to 9.3 % from 9.2 % in Q Board Plant 4 Outlook FY 2016 Executive Board expanded by new COO. Dr. Wolfgang Hiller will be responsible for Operations and Accessory division. 1 st phase fully on track and start of operations in August, machinery is combined to a system. Acceleration of the 2 nd full capacity phase from 2018 to Outlook raised: Wheel sales growth of 8-12%, revenue growth in the upper single-digit range. EBITDA growth of 8-12 %. 5

6 02 UNIWHEELS Group Q Results 02 MARKET & STRATEGY 6

7 02 MARKET & STRATEGY Plant 4: phase 1 on track, phase 2 advanced to 2017 Update Phase 1 on schedule: Painting line installed, casting machines and robot cells in process of installation, transport system connects all modules to a system. 2 nd full capacity phase advanced by one year to early The already world's largest contiguous production site for light-alloy wheels will be extended by another approx. 2 million wheels. Considerations of bringing forward phase 2 AUG Phase 1.2m wheels p.a Phase 2.0m wheels p.a Incremental capacity [wheels m /year] Total Stalowa Wola, Poland 5 smelting furnances 24 casting machines 4 x-ray facilities 2 heat treatment facilities 12 robot cells for machining: 10 deburring plants for finishing 1 painting line Land size: m² Buildings: m² 7

8 02 MARKET & STRATEGY ATS exclusive supplier to DTM racing series Comment From 2017, all DTM touring cars (Audi, BMW, Mercedes) will take the starting line with the new ATS forged wheel. The contract will run for at least three years. Aluminum forged wheels to be made of a high-strength special alloy. UNIWHEELS now a partner to the world's best touring car racing series. We are very proud to be the DTM exclusive supplier. Excellent field of demonstration of the technical expertise of ATS and the entire UNIWHEELS Group. 8

9 02 MARKET & STRATEGY Executive Board expanded: new COO Dr. Hiller Comment Executive Board expanded to three members Dr. Wolfgang Hiller appointed Chief Operating Officer (COO). Start: June 1 st 2016 Responsibilities: Operations and Accessory division Prior responsibility: CEO at Buderus-Guss Masters degree in physics, doctorate in physics and nuclear medicine He will promote the internationalization, the strong growth in the group s production as the new plant in Poland goes online We wish him a successful start! 9

10 02 MARKET & STRATEGY Automotive: ongoing strong demand from OEMs Automotive wheels sold [thousand] Comment +11.9% 1,782 1,592 Q Q Automotive revenues [EUR m] +5.0% Ongoing strong demand increases from OEM customers. Ability to meet this growing demand by performance increases in the existing plant system, especially in German plant. Customer diversification: first wheels delivered to Hyundai Wheel sales growth of +11.9%. Revenues in Q1 influenced by volume growth, product mix (larger wheels, more complex surfaces, but also by price adjustments reflecting lower aluminium price: revenue growth of +5.0% Q Q

11 02 MARKET & STRATEGY Accessory: successful quarter in a stagnating market Accessory wheels sold [thousand] +4.1% Q Q Accesory revenues [EUR m] Comment In a stagnating market, Accessory again achieved a very good quarter in terms of volumes (+4.1%) and revenues (+6.7%). Product mix towards more complex surfaces and higher value brands. Price increase and product mix drive revenues in Q1 2016: +6.7% Anti-dumping investigation regarding China ongoing. +6.7% 74,394 79,808 Q Q

12 03 UNIWHEELS Group Q Results 03 FINANCIALS 12

13 03 FINANCIALS Group P&L: influenced by EUR/PLN and LME, key margins up Consolidated P&L of UNIWHEELS Group in EUR m Q Q %Change Revenue Changes in inventories and work in progress Own work capitalized Total operating performance Other operating income Cost of material Personnel expenses Other operating expenses EBITDA Depreciation, amortization and impairments EBIT Interest income Interest expense Mai 2016 Other finance revenue/costs Profit or loss before tax Income taxes Net profit or loss Key margins Q Q Change pp EBITDA margin 12.9% 12.6% +0.3 EBIT margin 9.3% 9.2% +0.2 Comment Revenues increased by 4%, driven by: Wheels sales increase of 10.7% Product mix with higher value added Price adjustments based on lower prices for aluminium Material Costs drop by -7.1% influenced by LME Personnel costs reflect recruitments for new plant (ramp-up costs): +7.2% Other operating expenses influenced by weaker PLN: +7.0% EBITDA increased by 6.8% to EUR 14.1 m. EBIT up by 6.3% to EUR 10.2 m. Interest expenses more than halved due to capital measures in Other finance revenues: hedge valuation effects Net profit -21.6% influenced by base effect resulting from non-recurring Financial Revenue in Q EBITDA and EBIT margins improved 13

14 03 FINANCIALS P&L: Cost of material influenced by LME aluminium price Cost of material [EUR m] 69,2 66,0% Personnel expenses [EUR m] 16,7-7.1% +7.2% 64,3 59,0% Q Q % of revenues 17,9 15,9% 16,4% Comment Cost of material is influenced by lower LME aluminium prices (our LME prices: -13%), ratio drops to 59%. Lower than for price adjustments assumed LME prices Personnel expenses reflect staff recruitment for new plant (ramp-up costs) also in Q1. Staff cost ratio at 16.4%, strongly due to aluminiuminfluenced revenue development Other operating expenses influenced fx losses (weaker PLN): +7.0% Interest expenses more than halved due to optimised financing structure as well as reduced interest premium for syn loan from 2.53 % to 0.95%. Other Financial Revenue: non-recurring income from fx derivative valuation, amounting EUR 1.2 m. In Q this valuation effect was at EUR 4.8 m. Q Q % of revenues 14

15 03 FINANCIALS P&L: margins improved, net profit influenced by base effect EBITDA [EUR m] +6.8% 13,2 14,1 Comment EBITDA increased by 6.8% to EUR 14.1 m EBIT grows by 6.3 % to EUR 10.2 m Net Profit [EUR m] 12,6% 12,9% Q Q % of revenues 13,4-21,6% 10,5 EBITDA margin improved to 12.6 %, despite increased recruitment for new plant but positively impacted by windfall gains EBIT margin up to 9.3 % Net Profit amounts EUR 10.5 m. It includes a non-recurring income from fx derivative valuation in Other Finance Revenue, amounting EUR 1.2 m. In Q this valuation effect was at EUR 4.8 m. Q Q

16 03 FINANCIALS Solid financing structure Net debt [EUR m] Comment 10, % 16,3 Scheduled repayment of term note of syndicated loan (EUR 1.4m) Lower cash and equivalents due to capex for Plant 4 Net debt at EUR 16.3 m. Equity ratio [%] Dec 31, 2015 Mar 31, PP 61,6 60,9 Equity ratio: 60.9 % - higher equity and higher total assets Reasonable leverage targeted for long-term expansion. Dec 31, 2015 Mar 31,

17 04 UNIWHEELS Group Q Results 04 OUTLOOK 17

18 04 OUTLOOK Outlook FY 2016 raised 2016 should be influenced by ongoing growth in wheel demand from European car manufacturers. We assume an average LME aluminium price of EUR for Assuming phase 1 of plant 4 to go online in summer, allowing us to produce additional wheels this year, now additional performance increases in the existing plants are targeted. We expect: We therefore raised our outlook for Fiscal Year 2016: we target to increase group sales by 8-12% and expect group revenues to grow in the upper single-digit range. Wheel sales increase by 8-12% and revenue growth in the upper single-digit range Stringent cost management but also ramp up costs for plant 4 are expected show its effects. We expect EBITDA to grow at 8-12%. EBITDA growth of 8-12% 18

19 THANK YOU FOR YOUR ATTENTION! We are happy to answer your questions. IR Contact: Oliver Madsen Head of Investor Relations +49 (0) / o.madsen@de.uniwheeels.com 19

20 05 UNIWHEELS Group FY 2015 Results APPENDIX 20

21 05 APPENDIX Key Financial Figures Q

22 05 APPENDIX Balance Sheet Q

23 05 APPENDIX Cash Flows Q

24 05 APPENDIX Q group P&L: substantial improvement at all levels Consolidated P&L of UNIWHEELS Group in EUR m Q Q %Change Revenue Changes in inventories and work in progress Own work capitalized Total operating performance Cost of material Other operating income Personnel expenses Other expenses EBITDA Depreciation, amortization and impairments EBIT Interest income Interest expense Mai 2016 Other finance revenue/costs Profit or loss before tax Income taxes Net profit or loss Comment Revenues up by 22.4%, driven by: Wheels sales increase by 8.4% Higher value added through better product and wheel mix with higher technology requirements. Material Costs in line with revenue growth. Under proportionate increase in personnel costs. EBITDA grows by over 30% to EUR 13.2 m. EBIT up by almost 50% to EUR 9.6 m. Interest expenses reduced by 34% through new financing structure Net profit more than tripled to EUR 13.4 m. It includes non-recurring income from fx-derivative valuation amounting EUR 4.8 m. Key margins Q Q Change pp EBITDA margin 12.6% 11.7% 0.9 EBIT margin 9.2% 7.5% 1.6 Revenue growth and cost management lead to substantially higher EBITDA and EBIT margins. 24

25 05 APPENDIX FY 2015 group P&L: impressive earnings growth in 2015 Consolidated P&L of UNIWHEELS Group in EUR m %Change Q Q %Change Revenue Changes in inventories and work in progress Own work capitalized Total operating performance Cost of material Other operating income Personnel expenses Other operating expenses EBITDA Depreciation, amortization and impairments EBIT Mai 2016 Interest income Interest expense Other finance revenue/costs Profit or loss before tax Income taxes Net profit or loss Key margins Change pp EBITDA margin 13.4% 12.6% +0.7 EBIT margin 10.1% 8.7% +1.4 Comment Revenues increased by 20.4%, driven by: Wheels sales increase of 8.2% Higher value added through better product and wheel mix with more complex surfaces Aluminium price adjustments Material Costs in line with revenue growth. Personnel costs (higher headcount for plant 4) and other operating expenses growing at a lower pace. EBITDA increased by 27.9% to EUR 58.7 m. EBIT up by 38.6% to EUR 43.9 m. Interest expenses more than halved due to capital measures in Net profit up by 78.7% to EUR 40.7 m. EBITDA and EBIT margins show clear improvement. Dividend proposal: EUR 1.65 per share. 25

26 05 APPENDIX Key Financial Figures FY

27 05 APPENDIX Financial Calender