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GRAMMER AG — Investor Presentation 2021
Apr 28, 2021
186_ip_2021-04-28_a666a9f7-b14e-4c87-9cd0-8f44851e80b1.pdf
Investor Presentation
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ONE GRAMMER
COLLABORATING FOR A SUSTAINABLE FUTURE
Financial Results Q1 2021 Ursensollen, April 28th, 2021
Auto Shanghai 2021
Unveiling interior innovations for premium automobiles
• Showcasing 3D-Glass, sliding console technology and sustainable product solutions
New Joint Venture with FAW Group
Premium commercial vehicle seats for China
- driver seats in a new 60-40 Joint Venture with FAW
- Expansion of local production network for truck seats
It's all about GRAMMER's CV seats
Very strong customer demands in all CV plants globally
COMMERCIAL VEHICLES • Favorable sales momentum globally with a record Q1 in the regions EMEA and China
- Strong AG/CE and Truck market demands
- Renewed internal focus on aftermarket business
Integration of TMD acquisition Continuing to set the course in the AMERICAS region
GRAMMER in line with market - strong performance in APAC
Global market development light vehicles
GRAMMER outperforms markets in EMEA and APAC
Global market development commercial vehicles
Revenue development by regions
Improved markets in EMEA and continuous growth in APAC
APAC [in m. €]
- Favorable sales momentum with significant increase of 47 m € (84.7%) in APAC
- Revenue recovery in EMEA of around 13 m € (4.8%) supported by strong demands in the CV division
- AMERICAS with a single-digit percentage decline in revenue due to weakened demands in the Automotive division
Revenue development by division
Two-leg strategy pays off: strong contribution from Commercial Vehicles business
GROUP: Revenue, EBIT and operating EBIT
Significant recovery of business development in the first quarter of 2021
- Positive trend from HY2 2020 continues
- Revenue recovery of around 49 m € (+11%)
- Favorable product mix; significant fixed cost reduction
- EBIT impacted by:
- -0.6 m € corona protection and response measures
- 2.2 m € positive FX effects
AMERICAS: Revenue, EBIT and operating EBIT
Sales reduction due to global supply shortages in the semiconductor industry
EMEA: Revenue, EBIT and operating EBIT
With high sales in Q1, region continues positive trend from the second half of 2020
- Revenue recovery in EMEA of around 13 m € (4.8%)
- Over-proportionally high growth in commercial vehicles
- EBIT impacted by:
- -0.4 m € corona protection and response measures
- 2.0 m € positive currency effects
APAC: Revenue, EBIT and operating EBIT
Significant growth after relatively low COVID-19 impacted revenue in Q1 2020
Global headcount development
2020 measures implemented in a socially responsible manner have a positive impact on 2021
Global investment development
Regional and project-specific focus continues
Finance: key figures
Solid liquidity position and medium- to long-term financing
- 26% 23% Increased working capital demand due to high order volume
- Equity remains stable compared to December 31, 2020 (22%)
- Improved net financial debt position despite the pandemic crisis
GRAMMER Group
Legal disclaimer
By attending the presentation to which this document relates or by accepting this document and not immediately returning it, you agree to be bound to the following limitations:
This presentation and the topics addressed therein have been compiled for discussion purposes only and are not intended to be a comprehensive summary of all business, financial, legal, practical and other aspects or to cover all issues relating to an investment in Grammer AG. A binding commitment will only result from a definitive and binding agreement.
This presentation does not constitute or form part of, and should not be construed as, an offer to sell or a solicitation of an offer to buy or subscribe for any securities and neither this presentation nor anything contained herein shall act as an inducement to enter into or form the basis of, or be relied on in connection with, any offer or contract or commitment whatsoever.
This presentation does not constitute an offer for sale of any securities in the United States. Neither this presentation nor any copy of it may be taken or transmitted in or into the United States of America, its territories or possessions or distributed, directly and indirectly, in the United States of America, its territories and possessions or to U.S. Persons (as such term is defined in Regulation S under the Securities Act). Any failure to comply with this restriction may constitute a violation of U.S. securities laws. Neither this presentation nor any copy of it may be taken or transmitted in or into Australia, Canada or Japan or distributed, directly and indirectly, in Australia, Canada or Japan. The distribution of this presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions.
This presentation contains estimates, forecasts and expectations. Such estimates, forecasts and expectations are subject to risks and elements of uncertainty that could result in deviation of actual developments from expected developments. The estimates, forecasts and expectations are only valid at the time of publication and there can be no assurance that future results or events will be consistent with any such estimates, forecasts or expectations. Grammer AG does not intend to update any such estimates, forecasts or expectations and assumes no obligation to do so. Grammer AG does not assume any liability for the statements made.
Neither Grammer AG nor any of its respective directors, officers, or employees nor any other person accept – to the extent legally possible – any liability for any loss howsoever arising from any use of this presentation or its contents or otherwise in connection therewith. Please take appropriate advice before applying anything contained in these materials to specific issues or transactions.
This presentation is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any purpose. This presentation or any copy of it may not be distributed to any third party, including the media or the press.
Thank you for your attention. We deliver what matters.
Contact Investor Relations Tanja Bücherl Phone: +49 9621 66 - 2113 E-mail: [email protected]
Outlook 2021
Outlook 2021: Revenue and earnings growth
Growth of revenue to around EUR 1.8 billion (2020: EUR 1.7 billion)* Significant increase of operating EBIT to around EUR 65 million (2020: EUR -11.7 million)*
*This outlook assumes that the global economy and political environment will develop in a stable manner and that there will be no further plant closures due to the COVID 19 pandemic in 2021.
Key figures and Financial Calendar 2021
Key figures
| [IFRS, in € million] | 2020 | 2019 | Q1 - 2021 |
Q1 - 2020 |
Chg. |
|---|---|---|---|---|---|
| Group Revenue | 1,710.7 | 2,038.5 | 503.7 | 454.9 | 48.8 |
| EBITDA | 41.7 | 159.8 | 43.2 | 19.5 | 23.7 |
| EBITDA Margin in % | 2.4 | 7.8 | 8.6 | 4.3 | 4.3%-points |
| EBIT | -46.1 | 74.5 | 22.6 | -2.1 | 24.7 |
| EBIT Margin in % | -2.7 | 3.7 | 4.5 | -0.5 | 5.0%-points |
| Operating EBIT | -11.7 | 77.0 | 21.0 | 0.4 | 20.6 |
| Operating EBIT Margin in % | -0.7 | 3.8 | 4.2 | 0.1 | 4.1%-points |
| Net Profit | -64.7 | 43.5 | 13.3 | -9.8 | 23.1 |
| EPS in € | -5.10 | 3.56 | 0.88 | -0.80 | 1.68 |
| Total Assets | 1,376.4 | 1,474.4 | 1,427.0 | 1,423.1 | 3.9 |
| Equity | 302.2 | 342.2 | 328.2 | 363.4 | -35.2 |
| Equity-Ratio in % | 22.0 | 23,2 | 23.0 | 25.5 | -2.5%-points |
| Net Financial Debt | 287.1 | 285.0 | 311.3 | 332.0 | -20.7 |
| Gearing Ratio in % | 95.0 | 83.3 | 94.9 | 91.4 | 3.5%-points |
| Capex (w/o financial assets) | 83.8 | 132.8 | 9.0 | 19.5 | -10.5 |
| Depreciation | 87.8 | 85.3 | 20.6 | 21.6 | -1.0 |
| Employees (average) | 14,192 | 14,910 | 14,204 | 14,709 | 505 |
Financial Results Q1 2021