Investor Presentation • Nov 15, 2021
Investor Presentation
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ALEXANDER GEIS, CEO INKA KOLJONEN, CFO
NOVEMBER 15, 2021
Alexander Geis
1
Inka Koljonen
Alexander Geis
ONGOING STRONG ORDER INTAKE LEADS TO HIGH CAPACITY UTILISATION AT LEAST UNTIL SUMMER 2022
STRONG PERFORMANCE SAFEGUARDS FULL YEAR GUIDANCE
APAC REGION HAS LAID THE FOUNDATION FOR FUTURE PROFITABLE GROWTH
CAPEX RATIO WILL CATCH UP COMPARED TO Q3 2021
| in EUR thousands | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 |
|---|---|---|---|---|---|
| EBITDA | 21,059 | 28,606 | 30,827 | 33,773 | 32,674 |
| Change in NWC *** | 29,207 | 24,519 | -23,118 | -23,043 | -20,176 |
| Other Cash and Non-Cash Items *** | 6,808 | 7,964 | 1,424 | 1,108 | -1,171 |
| Operating cash flow * | 57,074 | 61,089 | 9,133 | 11,838 | 11,327 |
| Cash Conversion Rate in % ** | 271.0 | 213.6 | 29.6 | 35.1 | 34.7 |
| Net Capex | -4,073 | -8,249 | -5,201 | -2,940 | -3,846 |
| Operating free cash flow * | 53,001 | 52,840 | 3,932 | 8,898 | 7,481 |
• before income tax paid
** Operating cash flow divided by EBITDA
*** Change in other provisions and pensions has been regrouped into Other Cash and Non-Cash Items. Q2 2020 to Q1 2021 figures retrospectively adjusted according to the new definition.
EBITDA* 63.2 82.1 87.0 114.3 125.9
| AND AND STATE | ||
|---|---|---|
| EUROPE | NORTH SOUTH CHINA INDIA AMERICA AMERICA* |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | |
| Nov 2021 | +15% | +20% to +25% |
+20% | +25% | +45% | +20% | -5% to -10% | -5% to -10% | +150% | +100% |
| Aug 2021 | +25% to +30% |
+20% to +25% |
+45% | +45% | +45% | +20% | 0% to -5% | -5% to -10% | +115% | +100% |
* mainly Brazil
Financial Results 9M 2021 < 15 >
| FY 2020 | FY 2021* | |
|---|---|---|
| Sales | € 959.5 mn | € 1,100 mn to € 1,200 mn |
| Adj. EBIT margin | 6.1 per cent | Around 7.5 per cent |
| CAPEX | 2.5 per cent of sales | Around 2.5 per cent of sales |
• The EBIT guidance for FY 2021 is based on the assumption that in the remainder of the year there will be no unexpected impacts from the ongoing COVID-19 pandemic on the production and supply chains.
| DATE | EVENT | |
|---|---|---|
23.11.2021 Berenberg – Virtual management roadshow
Petra Müller T: +49 (0) 6095 301 918
Michael Schickling T: +49 (0) 6095 301 617
Alexander Pöschl T: +49 (0) 6095 301 117
Klaus Breitenbach T: + 49 (0) 6095 301 565
www.safholland.com [email protected]
| $\mathbf{A}$ $\mathbf{Z}$ | ||
|---|---|---|
| EUROPE | NORTH AMERICA |
SOUTH AMERICA* |
CHINA | INDIA | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | |
| 9M 2021 | +30% | +35% | +33% | +33% | +50% | +45% | 0% | -5% | +139% | +129% |
| H1 2021 | +47% | +35% | +60% | +34% | +115% | +68% | +20% | +15% | +168% | +81% |
NOTE: Market estimates for trucks and trailers based on ACT Research, CLEAR, ANFAVEA and local sources * mainly Brazil
| in EUR thousands | 9M 2021 | Total Adjustments |
9M 2021 adjusted* |
in % of sales |
9M 2020 | Total Adjustments |
9M 2020 adjusted* |
in % of sales |
|---|---|---|---|---|---|---|---|---|
| Sales | 924,762 | – | 924,762 | 100.0% | 708,698 | – | 708,698 | 100.0% |
| Cost of sales | -759,384 | 2,185 | -757,199 | -81.9% | -589,694 | 8,504 | -581,190 | -82.0% |
| Gross profit | 165,378 | 2,185 | 167,563 | 18.1% | 119,004 | 8,504 | 127,508 | 18.0% |
| Other income | 1,524 | – | 1,524 | 0.2% | 1,713 | -522 | 1,191 | 0.2% |
| Selling expenses | -43,777 | 5,309 | -38,468 | -4.2% | -44,324 | 6,315 | -38,009 | -5.4% |
| Administrative expenses | -46,919 | 655 | -46,264 | -5.0% | -47,139 | 5,040 | -42,099 | -5.9% |
| Research and development costs | -14,550 | 469 | -14,081 | -1.5% | -11,421 | 256 | -11,165 | -1.6% |
| Operating profit | 61,656 | 8,618 | 70,274 | 7.6% | 17,833 | 19,593 | 37,426 | 5.3% |
| Share of net profit of investments accounted for using the equity method |
1,002 | – | 1,002 | 0.1% | 1,110 | – | 1,110 | 0.2% |
| EBIT | 62,658 | 8,618 | 71,276 | 7.7% | 18,943 | 19,593 | 38,536 | 5.4% |
| Finance income | 2,198 | – | 2,198 | 0.2% | 1,762 | – | 1,762 | 0.2% |
| Finance expenses | -8,795 | – | -8,795 | -1.0% | -10,483 | – | -10,483 | -1.5% |
| Finance result | -6,597 | – | -6,597 | -0.7% | -8,721 | – | -8,721 | -1.2% |
| Result before taxes | 56,061 | 8,618 | 64,679 | 7.0% | 10,222 | 19,593 | 29,815 | 4.2% |
| Income taxes | -18,950 | 1,681 | -17,269 | -1.9% | -2,270 | -5,992 | -8,262 | -1.2% |
| Tax rate (%) | 33.8% | 26.7% | 22.2% | 27.7% | ||||
| Result for the period | 37,111 | 10,299 | 47,410 | 5.1% | 7,952 | 13,601 | 21,553 | 3.0% |
| in EUR thousands | 9M 2021 | 9M 2020 | Change absolute | Change in % |
|---|---|---|---|---|
| EBIT | 62,658 | 18,943 | 43,715 | 230.8% |
| EBIT margin in % | 6.8% | 2.7% | ||
| Additional depreciation and amortisation of property, plant and equipment and intangible assets from PPA |
6,878 | 7,876 | -998 | -12.7% |
| Restructuring and transactions costs | 1,740 | 11,717 | -9,977 | -85.1% |
| Adjusted EBIT | 71,276 | 38,536 | 32,740 | 85.0% |
| Adjusted EBIT margin in % | 7.7% | 5.4% |
| in EUR thousands | 9M 2021 | 9M 2020 | Change absolute | Change in % |
|---|---|---|---|---|
| EBIT | 49,535 | 28,823 | 20,712 | 71.9% |
| EBIT margin in % | 9.1% | 7.1% | ||
| Additional depreciation and amortisation of property, plant and equipment and intangible assets from PPA |
3,433 | 3,478 | -45 | -1.3% |
| Restructuring and transactions costs | 333 | 2,809 | -2,476 | -88.1% |
| Adjusted EBIT | 53,301 | 35,110 | 18,191 | 51.8% |
| Adjusted EBIT margin in % | 9.8% | 8.7% |
| in EUR thousands | 9M 2021 | 9M 2020 | Change absolute | Change in % |
|---|---|---|---|---|
| EBIT | 13,733 | 2,949 | 10,784 | 365.7% |
| EBIT margin in % | 4.6% | 1.2% | ||
| Additional depreciation and amortisation of property, plant and equipment and intangible assets from PPA |
1,643 | 1,794 | -151 | -8.4% |
| Restructuring and transactions costs | 1,019 | 4,005 | -2,986 | -74.6% |
| Adjusted EBIT | 16,395 | 8,748 | 7,647 | 87.4% |
| Adjusted EBIT margin in % | 5.5% | 3.5% |
| in EUR thousands | 9M 2021 | 9M 2020 | Change absolute | Change in % |
|---|---|---|---|---|
| EBIT | -610 | -12,829 | 12,219 | – |
| EBIT margin in % | -0.8% | -23.8% | ||
| Additional depreciation and amortisation of property, plant and equipment and intangible assets from PPA |
1,802 | 2,604 | -802 | -30.8% |
| Restructuring and transactions costs | 388 | 4,903 | -4,515 | -92.1% |
| Adjusted EBIT | 1,580 | -5,322 | 6,902 | – |
| Adjusted EBIT margin in % | 2.0% | -9.9% |
| Product | Amount € mn |
Maturity date |
|---|---|---|
| Loan RMB | 9.0 | 06/2022 |
| 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 | 09/2023 |
| Revolving credit facility*** | 200.0 | 10/2024 |
| Promissory note loan new (5 years) | 69.0 | 03/2025 |
| Loan | 5.0 | 09/2025 |
| Promissory note loan old (10 years) | 9.0 | 10/2025 |
| Non-current loan | 10.0 | 03/2026 |
| Non-current loan | 35.0 | 06/2026 |
| Promissory note loan new (7 years) | 15.0 | 03/2027 |
| Promissory note loan new (10 years) | 5.0 | 03/2030 |
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 materialise 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.
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