Schaeffler Group Mobility for tomorrow Klaus Rosenfeld Chief Executive Officer
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1 Schaeffler Group Mobility for tomorrow Klaus Rosenfeld Chief Executive Officer Capital Markets Day July 20 th, 2016 London
2 Agenda 1 Overview 2 Our Strategy 3 Our Action Plan 4 Our Financial Ambitions 5 Summary 2
3 1 Overview The Schaeffler Executive Team Long-term industry experience Executive Team Key aspects Automotive Prof. Dr. Peter Pleus / Norbert Indlekofer CEOs Automotive Joined Schaeffler in 2001/1989 CEO Functions Technology Klaus Rosenfeld Chief Executive Officer Joined Schaeffler in 2009 Prof. Dr.-Ing. Peter Gutzmer Chief Technology Officer / Deputy CEO Joined Schaeffler in: 2001 Industrial Dr. Stefan Spindler CEO Industrial Joined Schaeffler in 2015 Integrated business model with two divisions, five functions and four regions Executive Board with 8 Board members plus 4 Regional CEOs Matthias Zink replaces Norbert Indlekofer as of January 1 st, 2017 (joined Schaeffler in 1994) Dr. Ulrich Hauck Chief Financial Officer Oliver Jung Chief Operating Officer Corinna Schittenhelm Chief Human Resources Officer Joined Schaeffler in 2015 Joined Schaeffler in 2008 Joined Schaeffler in 2016 Finance Operations + 4 Regional CEOs Human Resources Year-long industry experience and service at Schaeffler 3
4 1 Overview Chronology "Where we are coming from" Our way forward Key achievements 2016 Restructuring and transformation phase finalized Capital Markets Debut Long-term Profitable growth Program "One Schaeffler" finished New "Corporate & Capital structure" implemented Mobility for tomorrow Leadership team completed Vision, Mission, Corporate Values & Brand Promises established "One Schaeffler" "Agenda 4 plus One" "Corporate & Capital structure" One Global Brand "Restructuring" "Transformation" "Profitable Growth" IPO Vision Mission Values Solid starting position with further value creation potential 4
5 1 Overview 10-year look-back Sales and EBIT Development of Sales ) in EUR mn Development of EBIT ) in EUR mn 8,313 9,013 8,905 7,336 9,495 CAGR % 10,694 11,125 11,205 12,124 13,179 13,183 9,840 1,073 1,139 1,040 1,509 1,736 1,469 3) 1, ) 1, ,6763) 274 1,656 1,235 13% 12% 1,523 1, ,008 3,343 Q Q LTM 2) LTM 2) Sales growth (y-o-y) 4.7% 8.4% -1.2% -17.6% 29.4% 12.6% 4.0% 0.7% 8.2% 9.1% 0.0% Adjusted EBIT margin 12.9% 12.6% 11.7% 6.1% 15.9% 16.2% 13.2% 12.8% 12.9% 12.7% 12.6% 1) relates to financials of a different entity (Schaeffler VZ GmbH) 2) LTM = Last twelve month based on Q ) Before one-off effects Adjusted EBIT margin 5
6 1 Overview 10-year look-back Capex and Operating Cash flow Development of Capex ) in EUR mn Development of Operating Cash flow ) in EUR mn ,025 1, , , , , , , ) 1, , ,394 1, Q Q LTM 2) LTM 2) in % of Sales 11.2% 10.2% 11.0% 4.4% 3.8% 7.2% 7.7% 5.1% 7.1% 7.8% 8.3% Adjusted in % of Sales 13.7% 11.3% 12.3% 8.1% 9.4% 10.0% 10.2% 9.2% 10.5% 10.4% 10.6% 1) relates to financials of a different entity (Schaeffler VZ GmbH) 2) LTM = Last twelve month based on Q ) Before one-off effects Adjusted Free Cash flow 6
7 1 Overview Good starting position Further value creation potential "Where we lead" "Where we lag" Best-in-class Automotive business with above average growth and profitability Proven innovation strength and technological competence Superior manufacturing & systems expertise and product development competence One globally aligned organizational structure Long-term focus supported by family business culture Above average results and operating performance compared to peers Industrial business with below average growth and profitability Financial flexibility still limited Delivery performance Complex process structure with improvement potential in particular in indirect areas Strong competition for talents Share price development Further value creation potential 7
8 1 Overview Guidance 2016 confirmed Midterm targets Guidance 2016 Midterm targets Sales growth plus 3-5% FX-adjusted Profitable Growth EBIT margin Free Cash flow 12-13% of Sales before one-off effects ~ 600 EUR mn + Dividend Payout ratio 25-35% 1) + Market assumptions Automotive: Global light vehicle production growth of around 2% Industrial: Low single-digit growth in global industrial production Sustainable Value creation 1) of Net income 8
9 1 Overview The Schaeffler Equity Story 3 main pillars 3 main pillars Key objectives 1 Growth Outperformance in Automotive Best-in-class business with superior growth and margin profile Quality, Technology and Innovation drive outperformance Global light vehicle production continuously outperformed 2 Margin upside in Industrial Margin CORE program launched to revitalize Industrial division Margin upside potential + 3%-points Industrial division contributes 23% of total sales Profitable growth and sustainable Value creation 3 Cash flow Strong Free Cash flow generation Strong operating Cash flow generation Underlying Free Cash flow improved due to reduced interest paid Continuous deleveraging from Operating Cash flow 9
10 2 Our Strategy Strategy "Mobility for tomorrow" 4 focus areas Megatrends Focus areas Environmental trends Climate change Society trends Urbanization Optimized combustion engine Electric mobility Industrial drives Eco-friendly drives "Mobility for tomorrow" Urban mobility Micro-mobility City vehicles Urban rail traffic Economic trends Globalization Interurban mobility Energy chain Technology trends Digitalization Railway Aerospace industry Off-highway applications Wind energy Solar energy Conventional power generation 10
11 2 Our Strategy Product offering "From components to systems" Product spectrum Key aspects Value Added (~65%) ( ~15%) Physical Digital Components + Mechanical systems Mechatronic systems Services Automotive e.g. Finger follower e.g. Double clutches Industrial e.g. E-mobility e.g. Industry 4.0 Non-Bearings 1 2 e.g. Needle bearings e.g. Linear systems 3 e.g. Condition Monitoring Bearings Components and mechanical system business remain core and key to success Move into mechatronic systems driven by 1 E-Mobility and 2 Industry 4.0 initiative Build-up of 3 service business in particular relevant for Industrial division (also with respect to digitalization) One integrated approach Automotive / Industrial 11
12 2 Our Strategy Localization strategy "In the region for the region" Localization ratio 2015 by region Produced outside the region Produced in the region Key aspects Europe 7.0 EUR bn in ) Greater China 1.9 EUR bn in ) High degree of localization in Europe 4% 96% 4% 96% 62% 38% 32% 68% Significant opportunities for further localization outside Europe Greater China, India and Asia/Pacific as key growth areas Americas 2.9 EUR bn in ) Asia/Pacific 1.4 EUR bn in ) 30% 29% 58% 59% Localization as success driver going forward 70% 71% 42% 41% ) Market view 12
13 2 Our Strategy Our key challenge "From good to great" Competitive position vs. Business model 1) Key aspects Stable Degree of stability of the business model "Turn around" Rapidly improve financial performance while retaining current business model "Go big or go home" "From good to great" Be ahead of the curve and make changes earlier than necessary Schaeffler "Re-invent" Schaeffler follows a proven business model with a high degree of stability Schaeffler enjoys in most of its business a strong competitive position (Top 1-3 position) No disruptive change or significant change to the business model expected Obsolete Find a new business model and improve financial performance as soon as possible Change elements of the model to be competitive with some urgency; financial strength allows sequencing Excellence Program "Agenda 4 plus One" Weak Relative competitive position Strong 1) Modified chart from Bain & Company 13
14 3 Our Action Plan "Agenda 4 plus One" 20 Flagship initiatives Agenda 4 plus One Initiatives Sponsor Customer focus Operational excellence QCD Financial flexibility Long-term competitiveness and value creation Customer Excellence E-Mobility Industry 4.0 Automotive Aftermarket Quality for Tomorrow Global Footprint Factory for Tomorrow Global Reporting Shared Services Process Excellence Prof. Pleus / Dr. Spindler Prof. Gutzmer Dr. Spindler Indlekofer Rosenfeld Rosenfeld Jung Dr. Hauck Dr. Hauck Rosenfeld Leadership & Talent management plus One Deleveraging Complexity Reduction Leadership & Corporate Values Talent Management Qualification for Tomorrow New Work Dr. Hauck Rosenfeld Schittenhelm Schittenhelm Schittenhelm Schittenhelm Program CORE Digital Agenda IT Strategy 2020 Global Branding Dr. Spindler Prof. Gutzmer Prof. Gutzmer Rosenfeld 14
15 3 Our Action Plan 1 Automotive "What does E-Mobility mean for Schaeffler?" For illustration purposes Market Development Accelerated scenario 2030 already in % 2% 4% 24% 10% 37% Business characteristics 1 2 Content per vehicle EBIT margin Existing business 1) ~ 100 EUR % New (system) business 98% 97% 85% 72% 53% 3 Value Added ~ 60% Base case scenario Capex needed High Electric Hybrids Combustion engines Phasing of technology development highly uncertain (accelerated vs. base case scenario) Dual strategy with 2 main directions: Pursue further growth from optimizing combustion engines Leveraging superior systems expertise to build and expand E-Mobility business 5 ROCE ~ 20 % Sustainable growth above market Source: IHS and Schaeffler assumptions 1) including Aftermarket business 15
16 3 Our Action Plan 2 Industrial "Is 13% EBIT margin achievable?" EBIT margin Key aspects + 1-2%-pts. - 2%-pts %-pts % 13% 3% 11-13% 1-2% EBIT margin improvement plan assumes stable market conditions 1) with moderate growth 3 main profitability drivers (EBIT margin) remain in place (2018) 2-3% Growth Production cost %-pts %-pts. 10% ~8% 8% 10% 10-11% Overhead cost Execution of Program CORE on track %-pts. +3%-pts. Adjusted 2015 Baseline 2016 New Target 2018 Target 2018 New Target 2020 Project CORE to revitalize Industrial division further strengthened and enforced EBIT margin target of 13% not achievable until 2018 due to further market decline in 2016 Ambition to bring Industrial division back to 13% remains in place, achievable ) Regarding pricing, material prices and FX 16
17 3 Our Action Plan 3 Free Cash flow "How will Schaeffler further deleverage?" Net Debt and Leverage Target 1) in EUR Cash flow profile Schaeffler Group Cumulative 2) I/C Loan Note 1.8 Pro Forma Net Debt bn 2.1x 750 mn Deleveraging from Operating Cash flow Mid-term target < 1.5x 500 mn Deleveraging from Operating Cash flow Long-term target < 1.0x Operating Cash flow 3) 8,300 10,000 - Net Interest paid -2, Capex -4,000-6,000 Free Cash flow 1,500 3,500 - Deleveraging (net) 4) ,250 - Dividends ,750 Δ Net Cash Leverage Target 2020 < 1.0x EBITDA Loan Note Receivable (4% coupon) repaid over time Further upside from working capital optimization Strong Cash flow generation and Debt reduction potential to achieve Investment Grade rating 1) w/o external growth 2) Indicative figures for illustration purposes 3) Before net interest paid 4) w/o equity proceeds 17
18 3 Our Action Plan Digital Agenda 2020 Shaping "Mobility for tomorrow" Digital World Key aspects Digitalization as an opportunity for Schaeffler Digital Agenda 2020 with 5 key building blocks Digital Agenda 2020 Digital technology already in products and production Big data analytics as well as digitally enabled products, services and equipment offer additional opportunities Real World 18
19 4 Our Financial Ambitions Key Strategic Targets One integrated model Key objectives Key drivers Strategic Targets 2020 Core business Profitable growth strategy based on the key success factors "Quality, Technology and Innovation" and balanced business portfolio 20% Industrial Balance business portfolio Strategic targets Continuous growth into system business based on highly profitable component business Balanced regional business mix with increasing sales share of Greater China and Asia/Pacific 80% Automotive 30 % Systems 70 % Components Grow into system business Strategic initiatives Integrated business model using internal synergies and leveraging superior production technology Asia/ Pacific 11% 20% Europe 46% 22% Extend global footprint Greater China Americas 19
20 4 Our Financial Ambitions Schaeffler Target System Financial Ambitions 2020 Financial Target System Financial Ambitions 2020 Financial Targets 1st Tier Financial Targets 2nd Tier Non-Financial Targets Quality Customer Satisfaction NPS Tax rate Capex ratio EBIT margin SVA ROCE Sales growth Leverage ratio HCO Rating Free Cash flow R&D ratio Global Management Share 1) External Guidance Dividend Payout ratio Delivery performance Employee satisfaction Sales Growth 1) EBIT margin 2) Free Cash flow 3) Leverage Ratio 3) Dividend Payout ratio Rating Ø 4 6 % p.a % p.a. ~ 900 EUR mn in 2020 < 1.0 x EBITDA in % of Net income Investment Grade in ) Fx-adjusted 2) Before one-off effects 3) w/o external growth 20
21 5 Summary 8 Key messages "Why invest into Schaeffler" 1 Strong starting position, Guidance 2016 confirmed 2 Proven integrated business model with strong track record and balanced business portfolio 3 Continued execution of long-term growth strategy "Mobility for tomorrow" Excellence Program "Agenda 4 plus One" with 20 key initiatives started to position Schaeffler for long-term competitiveness and value creation Continued optimization of combustion engine and move into E-Mobility offer significant upside potential in Automotive Project CORE on track, EBIT margin target of 13% remains intact but is moved to 2020 Long-term profitable growth and sustainable value creation 7 8 Strong Cash flow generation will allow continued deleveraging from internal sources and to achieve Investment Grade rating Strategic targets aligned, financial ambitions 2020 set 21
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