Q RESULTS. Milano April 24th, 2018

Transcription

1 Q RESULTS Milan April 24th, 2018 Laurent HEBENSTREIT - Chief Executive Officer Yann ALBRAND - Chief Financial Officer Stefan Canu - Investr Relatins

2 Q Highlights Revenues at cnstant exchange rates up by 2.8% at 421.1m, utperfrming the market EBITDA at 53.1m up 5.1% at cnstant exchange, i.e. 12.6% n sales EBIT at 25.6m up 7.5% at cnstant exchange, i.e. 6.1% n sales Net result at 12.0m (vs 10.5m in Q1 17) Free cash flw at + 9.3m (vs 6.9m in Q1 17) Net debt at millin, dwn 9.7 millin vs December and 37.1 millin vs March DEBT/EBITDA Rati Imprved t 1.26 Q1 results at current exchange rate reflect a strnger Eur Q1 results are presented accrding t IFRS 15 2 I

3 3 Business Units Suspensins Filtratin Air & Cling MAIN PRODUCTS Stabilizer Bars Cil Springs Oil Filters Engine Air Filters Fuel Filters Cabin Air Filters Maniflds Clant Pumps Clant Outlet Husings 1.672M 607M 566M 504M 2017 Sales 36% 34% 30% 3 I

4 Well balanced clients mix 1Q 17 1Q 18 5% 10% Grwth with Premium Car OEMs At cnstant exchange rates 4 I

5 Revenues by Business Unit Q Q reprted change cnstant exchange rates m Air&Cling % 3.1% Filtratin % 3.3% Suspensins % 7.2% Intercmpany eliminatins Ttal % 2.8% 5 I

6 Revenues by Gegraphical Area At cnstant exchange rate, all regins utperfrm the market Q Q reprted change cnstant exchange rates reference market prductin weight based n Q m Eurpe % 0.1% 1.1% 63.7% Nrth America % 0.4% 2.7% 17.0% Suth America % 16.3% 11.9% 10.5% Asia % 8.5% 0.9% 9.4% Intercmpany eliminatins Ttal % 2.8% 0.7% 100.0% Surce: Sgefi and IHS data 6 I

7 Prfitability Increase m / % sales 12.3% +0.3 pint 12.6% EBITDA EBIT Q Q % +0.3 pint 6.1% Q Q pint 2.4% 2.9% 2018 margin imprvement mstly driven by: Cntributin margin impacted by 3m f adverse steel impact Lwer restructuring csts Neutral nn-rdinary and write-ffs Net incme was 12.0 millin ( 10.5 millin in Q1 2017) after 5.8 millin f tax expense in Q vs 7.3 millin in Q NET INCOME Q Q I

8 P&L Highlights - Prfitability increase m Q % Q % YY TOTAL NET SALES % EBITDA % % +0.3 pint EBIT % % +0.3 pint Financial expense (incme) % % PRE-TAX INCOME (LOSS) % % -0.6% Incme Tax % % Minrity Interest % % NET INCOME (LOSS) % % +0.5 pint 8 I

9 FCF Highlights - Free Cash Flw generatin m Q Q OPERATING CASH FLOW Other Nn rdinary items Taxes (3.3) (1.9) Interests (5.4) (5.8) FREE CASH FLOW (NET) NET DEBT After 10.6m f tangible CAPEX vs 8.7m in Q (+22%) Interests includes fair value f interest rate swaps FCF represents 2.2% f sales Dwn 37.1 millin vs March and 9.8 millin vs December Factring at 112.3m end march Q vs 107.7m end march I

10 Prfitability imprvement plan 5 perfrmance drivers t increase peratinal efficiency 1 PURCHASING 2 SHOPFLOOR 3 PROGRAM 4 MANAGEMENT Plyvalence and Cst reductin thrugh technical mdificatins Pluriannual price and prductivity negtiatins Lw Cst Cuntry surcing Inventry and Scrap reductin Direct labr prductivity Higher autmatizatin Shrter reactin times t deviatins Indirect labr prductivity increase Lean rganizatins Price increases fr technical mdificatins Systematic price increases fr vlume fluctuatins Develpment and tling cash payment 5 INDIRECT COSTS REDUCTION Plycmpetence Prcess redesign COMPETITIVE FOOTPRINT Industrial excellence Plant cmpetitivity plan 10 I

11 Gegraphical Expansin and cst cmpetitive ftprint NAFTA Mexic EMEA Suspensins Mrcc Rmania EMEA prject India China ASIA Filtratin Air & Cling 11 I

12 Prfitability Levers Update n Shpflr 2. Shpflr 11 Grup Industrial KPIs identified t drive perfrmance level Further imprvement in Q vs Q KPI Q Vs. Q Safety Accident Frequency Rate - 39 % Quality Custmer Claim Rate - 32 % Custmer Line Return - 58 % Supplier Return -8 % Scrap f Ttal Prduct Sales -8 % Delivery Custmer Miss Deliveries - 65 % Supplier Miss Deliveries - 29 % Peple Direct Absenteeism Rate + 8 % Prductivity Direct Wrker Efficiency + 4 % Yield Rate f Equipment + 15 % Inventry Days f Prductin Inventry -11 % 12 I

13 Mexic and Mrcc prjects are cntributing t the grwth 5. Cmpetitive Ftprint Mexic Mrcc Filtratin Suspensins Air & Cling Start f prductin in 2016 mainly in Filtratin and Air & Cling 2018 grwth mainly related t Suspensins Filtratin Filter prductin line installed and injectin presses installatin in prgress Start f prductin Q I

14 At Tp Level in term f R&D Investments Ttal R&D Investment Italy Eurpe N 14 N 292 Wrld N 1407 Surce: Il Sle 24 re, "The 2017 Eu Industrial R&D Investment Screbard" 14 I

15 Renault-Nissan Cntract Fr New BEV Battery Pack Cling Manifld The cmpany has develped, in cperatin with the car manufacturer, its first ever manifld which efficiently distributes clant liquid t the battery pack. The cntract begins in 2021 This new cmpnent regulates battery temperature thereby increasing efficiency and life duratin. Battery thermal management is essential fr the perfrmance ptimizatin f Battery Electric Vehicles, a fast grwing market The cntracts cnfirms Sgefi s ability t successfully develp high technlgy fr Battery Electric Vehicles in clse cperatin with vehicle manufacturers Research and Develpment Technical credibility frm the cncept phase t mass prductin, were amng the key success factrs 15 I

16 2018 OUTLOOK Despite the weak perfrmance f the glbal autmtive market in the first quarter f 2018, the Grup cnfirms the expectatin t mderately utperfrm the market at cnstant exchange rates and t achieve a higher result 16 I

17 CONTACTS Yann Albrand, Grup CFO Stefan Canu, Investr Relatins SOGEFI Via Civassin, 1/a Milan Italia Tel: Fax: Mail: 17 I

18 DISCLAIMER This dcument has been prepared by SOGEFI S.p.A. fr infrmatin purpses nly and fr use in presentatins f the Grup s results and strategies. Fr further details n the SOGEFI Grup. reference shuld be made t publicly available infrmatin. including the Annual Reprt. the Semi-Annual and Quarterly Reprts. Statements cntained in this dcument. particularly the nes regarding any SOGEFI Grup pssible r assumed future perfrmance are r may be frward lking statements and in this respect they invlve sme risks and uncertainties. Any reference t past perfrmance f the SOGEFI Grup shall nt be taken as an indicatin f future perfrmance. This dcument des nt cnstitute an ffer r invitatin t purchase r subscribe fr any shares and n part f it shall frm the basis f r be relied upn in cnnectin with any cntract r cmmitment whatsever. 18 I

19 APPENDIX

20 IFRS 15 - Revenue frm cntracts with custmers (effective Jan. 1st 2018) Finished prducts: n change Tling ( 35m in 2017): bked n a linear basis ver 48 mnths after Start f Prductin (at custmer validatin befre) Tling sld thrugh surcharges n piece price ( 7m in 2017): additinal price n tp f every part sld (as befre) Cst f tling bked as tangible assets (in cst f sales befre ) and D&A (amrtized ver 48 mnths ) Prttypes ( 11m in 2017 ): same as standard tling (bked in revenue upn delivery befre ) Sales cmmissins ( 15m in 2017) deducted frm sales (in variable csts befre) N cash impact 20 I

21 IFRS 15 Q and FY 2017 m / % sales Unaudited figures, subject t changes 21 I

22 Q vs Q m / % sales m Q IFRS 15 % Q % % TOTAL NET SALES % EBITDA % % 21.3% EBIT % % 73.1% NET INCOME (LOSS) (1.8) -0.4% % - FREE CASH FLOW (NET) % % Q417 are unaudited figures, subject t changes 22 I

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