Investor Presentation • Aug 13, 2020
Investor Presentation
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13 AUGUST 2020
Chairman of the Management Board (CEO)
VP Group Treasury
| WESTERN & EASTERN EUROPE |
NORTH AMERICA |
CHINA | SOUTH AMERICA |
INDIA | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | |
| -45% to -50% | -35% to -40% | -50% | -40% | -25% | -30% | -20% | -15% | -45% | -45% |
Start of Cash-is-King program in April; already significant improvement in cash collection, further reduction of inventories in the remainder of the year
Operating free cash flow at € 11.2 mn (H1 2019: € 4.8 mn)
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts. * Operating Free Cash Flow = Net cash flow from operating activities less Net cash flow from investing activities (purchase of PP&E and intangible assets less proceeds from sales of PP&E); Operating free cash flow for Q1 2018 to Q4 2019 retrospectively adjusted according to the new definition
| WESTERN & EASTERN EUROPE |
NORTH AMERICA |
CHINA | SOUTH AMERICA |
INDIA | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | |||||
| New* | -35% to -40% |
-20% | New* | -40% to -50% |
-40% to -50% |
New* | -20% | -25% | New* | -35% | -15% | New* | -40% | -40% |
| Old** | -35% to -40% |
-20% | Old** | -40% to -50% |
-40% to -50% |
Old** | -30% | -40% | Old** | -30% | -35% | Old** | -25% | -30% |
| FY 2019 | FY 2020* | |
|---|---|---|
| Sales | € 1,284 mn | Decline by 20 to 30 per cent |
| Adj. EBIT margin | 6.2 per cent |
Between 3 and 5 per cent |
| CAPEX | 4.1 per cent of sales | Around 2.5 per cent of sales (previously around 3 per cent of sales) |
* The forecast takes into account the foreseeable adverse effects on our business due to the coronavirus at the time of preparation (August 13, 2020). However, the economic effects on SAF-HOLLAND cannot currently be adequately determined or reliably quantified in full. The forecast is therefore subject to a high degree of uncertainty.
• Cash-is-King program on track
| DATE | EVENT |
|---|---|
| 09.09.2020 | Hauck & Aufhäuser Virtual Roadshow |
| 21.09.2020 | Berenberg / Goldman Sachs Virtual German Corporate Conference |
| 14.10.2020 | Jefferies European Mid-Cap Industrial Forum |
| 10.11.2020 | CIC Market Solutions Forum |
| 18.11.2020 | Quarterly Statement Q1-Q3 2020 |
25.11.2020 SAF-HOLLAND Virtual Investor & Analyst Day
Michael Schickling T: +49 (0) 6095 301 617 E: [email protected]
Alexander Pöschl T: +49 (0) 6095 301 117 E: [email protected]
Klaus Breitenbach T: + 49 (0) 6095 301 565 E: [email protected]
| TEUR | Q1-Q2/2020 | Total Adjustments |
Q1-Q2/2020 adjusted* |
in % of sales |
Q1-Q2/2019 | Total Adjustments |
Q1-Q2/2019 adjusted* |
in % of sales |
|---|---|---|---|---|---|---|---|---|
| Sales | 476,253 | – | 476,253 | 100.0% | 695,466 | – | 695,466 | 100.0% |
| Cost of sales | -398,550 | 6,524 | -392,026 | -82.3% | -576,741 | 4,887 | -571,854 | -82.2% |
| Gross profit | 77,703 | 6,524 | 84,227 | 17.7% | 118,725 | 4,887 | 123,612 | 17.8% |
| Other income | 803 | -18 | 785 | 0.2% | 715 | – | 715 | 0.1% |
| Other expenses | – | – | – | 0.0% | – | – | – | 0.0% |
| Impairment of goodwill | – | – | – | 0.0% | – | – | – | 0.0% |
| Selling expenses | -28,758 | 4,040 | -24,718 | -5.1% | -36,787 | 3,684 | -33,103 | -4.8% |
| Administrative expenses | -32,914 | 3,501 | -29,413 | -6.2% | -36,132 | 4,456 | -31,676 | -4.6% |
| Research and development costs | -8,157 | 177 | -7,980 | -1.7% | -10,728 | 172 | -10,556 | -1.5% |
| Operating profit | 8,677 | 14,224 | 22,901 | 4.8% | 35,793 | 13,199 | 48,992 | 7.0% |
| Share of net profit of investments accounted for using the equity method |
754 | – | 754 | 0.2% | 951 | – | 951 | 0.1% |
| EBIT | 9,431 | 14,224 | 23,655 | 5.0% | 36,744 | 13,199 | 49,943 | 7.2% |
| Depreciation & Amortization | 22,996 | -4,856 | 18,140 | 3.8% | 20,862 | -4,695 | 16,167 | 2.3% |
| EBITDA | 32,427 | 9,368 | 41,795 | 8.8% | 57,606 | 8,504 | 66,110 | 9.5% |
| Finance income | 1,214 | – | 1,214 | 0.3% | 701 | – | 701 | 0.1% |
| Finance expenses | -7,327 | – | -7,327 | -1.5% | -5,826 | – | -5,826 | -0.8% |
| Finance result | -6,113 | – | -6,113 | -1.3% | -5,125 | – | -5,125 | -0.7% |
| Result before taxes | 3,318 | 14,224 | 17,542 | 3.7% | 31,619 | 13,199 | 44,818 | 6.4% |
| Income taxes | -1,640 | -3,221 | -4,861 | -1.0% | -10,851 | -936 | -11,787 | -1.7% |
| Tax rate (%) | 49.4% | 27.7% | 34.3% | 26.3% | ||||
| Result for the period | 1,678 | 11,003 | 12,681 | 2.7% | 20,768 | 12,263 | 33,030 | 4.7% |
* Adjusted earnings correspond to the management perspective. The adjustments essentially include restructuring and transactions costs, write-off of goodwill, depreciation and amortization arising from purchase price allocations, expenses arising from the step-up of inventories arising from purchase price allocations and remeasurement effects related to call and put options.
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts.
Financial Results H1 2020 < 23 >
| Product | Amount € mn |
Maturity date |
||
|---|---|---|---|---|
| Convertible bond | 94.8 | 09/2020 | ||
| Promissory note loan old (5 years) |
52.0 | 11/2020 | ||
| Promissory note loan old (7 years) |
5.0 | 11/2022 | ||
| Promissory note loan new (3 years) | 141.0 | 03/2023 | ||
| Promissory note loan new (3.5 years) | 20.0 | 11/2023 | ||
| Promissory note loan new (5 years) | 69 | 03/2025 | ||
| Promissory note loan old (10 years) | 9 | 10/2025 | ||
| Revolving credit facility | 200.0 | 10/2025 | ||
| Non-current loan | 50.0 | 06/2026 | ||
| Promissory note loan new (7 years) | 15 | 03/2027 | ||
| Promissory note loan new (10 years) |
5 | 03/2030 | ||
Financial Results H1 2020 < 25 >
** option for an additional € 100 mn
• RCF mostly undrawn
This presentation has been prepared by SAF-HOLLAND SE ("SAF-HOLLAND") and comprises written materials concerning SAF-HOLLAND. It is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. It contains summary information only and does not purport to be comprehensive and is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither SAF-HOLLAND nor any of its directors, officers, employees or advisors nor any other person shall have any responsibility or liability whatsoever (for negligence or otherwise) arising, directly or indirectly, from the use of this presentation, or its contents or otherwise in connection with this presentation.
This presentation contains certain statements related to our future business and financial performance and future events or developments involving SAF-HOLLAND and/or the industry in which SAF-HOLLAND operates that may constitute forward-looking statements. These statements may be identified by words such as "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. Forward-looking statements are not historical facts, but solely opinions, views and forecasts which are based on current expectations and certain assumptions of SAF-HOLLAND's management or cited from third party sources which are uncertain and subject to risks. Actual events may differ significantly from the anticipated developments due to a number of factors, including without limitation, changes in general economic conditions, changes affecting the fair values of the assets held by SAF-HOLLAND and its subsidiaries, changes affecting interest rate levels, changes in competition levels, changes in laws and regulations, environmental damages, the potential impact of legal proceedings and actions and the Group's ability to achieve operational synergies from past or future acquisitions. Should any of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove to be incorrect, actual results, performance or achievements of SAF-HOLLAND may (negatively or positively) vary materially from those described, explicitly or implicitly, in the relevant forward-looking statement.
The information contained in this presentation, including any forward-looking statements expressed herein, speaks only as of the date hereof and reflects current legislation and the business and financial affairs of the SAF-HOLLAND which are subject to change and audit. Neither the delivery of this presentation nor any further discussions of SAF-HOLLAND with any of the recipients thereof shall, under any circumstances, create any implication that there has been no change in the affairs of SAF-HOLLAND since such date. Consequently, SAF-HOLLAND neither accepts any responsibility for the future accuracy of the information contained in this presentation, including any forward-looking statements expressed herein, nor assumes any obligation, to update or revise this information to reflect subsequent events or developments which differ from those anticipated.
This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. This presentation is for information purposes only and does neither constitute an offer to sell securities, nor any recommendation of, or solicitation of an offer to buy, any securities of SAF-HOLLAND in the United States, Germany or any other jurisdiction. In the United States, any securities may not be offered or sold absent registration or an exemption from registration under the U.S. Securities Act of 1933.
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