Investor Presentation • Jan 4, 2021
Investor Presentation
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January 2021
| TRUCK | TRAILER | |||
|---|---|---|---|---|
| FIFTH WHEELS |
TRAILER AXLES |
TRAILER SUSPENSIONS | LANDING GEAR |
|
| SAF-HOLLAND global positioning |
#2 | #1* | #3 | #2 |
| SAF-HOLLAND regional positioning |
#1 North America #2 EMEA |
#1 EMEA, India #2 North America |
#2 North America |
#2 North America #2 EMEA |
| Competitors | 1. Jost 2 . SAF-HOLLAND 3. Fontaine 4. Fuwa |
1 . SAF-HOLLAND* 2. Fuwa 3. Hendrickson |
1. BPW 2. Hendrickson 3 . SAF-HOLLAND |
1. Jost 2 . SAF-HOLLAND 3. Fuwa |
Customer feedback on technical and market requirements
(> 80 per cent of purchasing decisions)
Mainly severance payments and costs related to the change of the legal form and transfer of the registered office to Germany (S.A. SE)
| EUROPE | NORTH AMERICA |
CHINA | SOUTH AMERICA* |
INDIA | |||||
|---|---|---|---|---|---|---|---|---|---|
| Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer |
| -30% to -35% | -25% to -30% | -45% to -50% | -40% to -45% |
+10% to +20% | +10% | -35% to -40% | -10% to -15% | -70% | -60% |
* Net working capital ratio (ratio of inventories and trade receivables less trade payables to LTM sales); Ratios for Q1 2018 to Q4 2019 retrospectively adjusted according to the new definition
| in EUR thousands |
Q1 2019 | Q2 2019 | Q3 2019 | Q1-Q3 2019 |
Q4 2019 | Q1-Q4 2019 |
Q1 2020 | Q2 2020 | Q3 2020 | Q1-Q3 2020 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 28,411 | 29,195 | 12,120 | 69,726 | 18,487 | 88,213 | 25,876 | 6,550 | 21,061 | 53,486 |
| Delta NWC |
-14,914 | -7,298 | -1,741 | -24,583 | 33,334 | 8,750 | 13,927 | -19,937 | 27,560 | 21,550 |
| Net cash flow from operating activities |
8,559 | 19,046 | 17,116 | 44,721 | 45,825 | 90,546 | 32,014 | -9,487 | 57,260 | 79,787 |
| Purchase of PP&E | -13,304 | -7,772 | -10,859 | -31,935 | -13,656 | -45,591 | -5,446 | -3,719 | -3,672 | -12,837 |
| Purchase of intangible assets |
-1,112 | -2,048 | -1,766 | -4,926 | -2,464 | -7,390 | -1,295 | -1,374 | -643 | -3,312 |
| Proceeds from sale of PP&E |
164 | 1,292 | 3,009 | 4,465 | 789 | 5,254 | 418 | 63 | 242 | 723 |
| Operating free cash flow* |
-5,693 | 10,518 | 7,500 | 12,325 | 30,494 | 42,819 | 25,691 | -14,517 | 53,187 | 64,361 |
9M operating free cash flow at € 64.4 mn (9M 2019: € 12.3 mn)
9M net investing cash flow at € -15.4 mn (PP&E and intangible assets) (9M 2019: € -32.4 mn)
* 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
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts.
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts.
| EUROPE | NORTH AMERICA |
CHINA | SOUTH AMERICA*** |
INDIA | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | |||||
| New* | -30% to -35% |
-15% to -20% |
New* | -40% to -45% |
-40% to -45% |
New* | 0% to +5% |
-5% to -10% |
New* | -30% to -35% |
-5% to -10% |
New* | -40% to -50% |
-40% to -50% |
| Old** | -35% to -40% |
-20% | Old** | -40% to -50% |
-40% to -50% |
Old** | -20% | -25% | Old** | -35% | -15% | Old** | -40% | -40% |
| FY 2019 | FY 2020* (new) | FY 2020 (old) | |
|---|---|---|---|
| Sales | € 1,284 mn | Decline by 20 to 30 per cent |
Decline by 20 to 30 per cent |
| Adj. EBIT margin | 6.2 | Between 5 and 6 | Between 3 and 5 |
| per cent | per cent | per cent | |
| CAPEX | 4.1 per cent of | Around 2.5 per | Around 2.5 per |
| sales | cent of sales | cent of sales |
* The new EBIT guidance for FY 2020 as of November 18, 2020 is based on the assumption that in the remainder of the year there will be no new, unexpected impacts from the ongoing COVID-19 pandemic on the production and supply chains.
| Kepler Cheuvreux German Corporate Conference |
|---|
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]
Step 1: Conversion (decided by the EGM on February 14, 2020)
Step 3: Simplification of the legal group structure and alignment with the management structure
"Attracting the right talent"
"It´s the WE that counts"
"Reducing the footprint in our own operations"
• Production without wastage / Lean & Green
society
"Leading the way in integrating sustainability in business"
"Enabling GHG emission reductions for our customers"
"Supply chain in ecological and social responsibility"
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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