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TRATON SE Investor Presentation 2022
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TR/ATON
3M 2022 INTERIM STATEMENT
Christian Levin, CEO | Annette Danielski, CFO
Munich, 05-04-2022
SCANIA / MAN / NATURA / NAVISTAR
Disclaimer
This presentation has been prepared for information purposes only.
It does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Volkswagen AG, TRATON SE, or any company of the TRATON GROUP in any jurisdiction. Neither this presentation, nor any part of it, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contractual commitment or investment decision in relation to the securities of Volkswagen AG, TRATON SE, or any company of the TRATON GROUP in any jurisdiction, nor does it constitute a recommendation regarding any such securities.
It contains forward-looking statements and information on the business development of the TRATON GROUP. These statements and information are based on assumptions relating in particular to the TRATON GROUP's business and operations and the development of the economies in the countries in which the TRATON GROUP is active.
The TRATON GROUP has made such forward-looking statements on the basis of the information available to it and assumptions it believes to be reasonable. The forward-looking statements and information may involve risks and uncertainties, and actual results may differ materially from those forecasts. If any of these or other risks or uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ from those expressed or implied by such forward-looking statements and information. The TRATON GROUP will not update this presentation, particularly not the forward-looking statements. The presentation is valid on the date of publication only.
Certain financial information and financial data included in this presentation are preliminary, unaudited, and may be subject to revision. Due to their preliminary nature, statements contained in this presentation should not be unduly relied upon, and past events or performance should not be taken as a guarantee or indication of future events or performance. Financial figures might be translated from different currencies, using the exchange rate prevailing at the relevant date or for the relevant period that the relevant financial figures relate to.
All statements with regard to markets or market position(s) of TRATON SE or any affiliated company or any of its competitors are estimates based on data available to the TRATON GROUP.
IHS Markit Data referenced herein are the copyrighted property of IHS Markit Ltd. and its subsidiaries ("IHS Markit"). The IHS Markit Data are from sources considered reliable; however, the accuracy and completeness thereof are not warranted, nor are the opinions and analyses published by IHS Markit representations of fact. The IHS Markit Data speak as of the original publication date thereof and are subject to change without notice. IHS Markit and other trademarks appearing in the IHS Markit Data are the property of IHS Markit or their respective owners.
The percentage figures shown may be subject to rounding differences. Due to different proportions and scaling in graphs, data shown in different graphs are not comparable.
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Q1 2022
- Main developments
- Financials
- Outlook
- Backup
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON GROUP Q1 Highlights
Scania to deliver over 100 electric trucks to Copenhagen municipal waste company
Navistar opens its San Antonio manufacturing plant
MAN lays the foundations for expansion of the plant in Krakow
VWCO joins the UN Global Compact
MAN autonomous driving: ATLAS-L4 funding project
Scania Super wins prestigious 1000 Points test
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Operating in a highly challenging environment
Geopolitical environment
- War in Ukraine
- Broad sanctions against Russia implemented
- Significant spillover effects on global economy
Business climate
- Truck demand remains robust
- Truck market not yet back to pre-pandemic levels in Europe and North America
Supply chain bottlenecks
- Shortages continuing, in particular semiconductors
- Supply gaps for truck wiring harnesses produced in Ukraine
Inflationary pressure
- Significant increase of prices for raw materials, pre-products and energy
- Rising inflationary pressure for consumer and industrial goods
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Developments in Ukraine with strong impact on our business
Supply
Supply gaps for trucks wiring harnesses have been causing standstill at MAN Truck & Bus truck production plants from March 14, 2022.
Truck production restarted end of April, gradually ramping up.
Assets
Impairments related directly to the war in Ukraine of €46 mn in Q1 2022, thereof €30 mn at TRATON Financial Services and €16 mn at TRATON Operations
Unit sales & Sales revenue
<5% of TRATON GROUP unit sales and sales revenue generated in Russia and Ukraine in full year 2021
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Key facts Q1 2022
| Incoming orders
95,594 units (+17%) | Unit sales
67,767 units (+12%) | Net cash flow
TRATON Operations
€139 mn
(€-613 mn) |
| --- | --- | --- |
| Adj. operating result excl. PPA € 476 mn (€-43 mn) | Adj. return on sales excl. PPA 5.6 % (-2.4 pp) | |
Note: Change calculated YoY, Q1 2022 vs. Q1 2021
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
High order backlog thanks to continued high transportation demand - unit sales held back by supply constraints
Incoming orders & Unit sales (k units)
Excluding Navistar
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Unit sales still held back by supply constraints
Unit sales (k units)
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON's electric vehicles business evolving
Incoming orders and unit sales of fully electric vehicles (units)
Note: Q3 21 and Q4 21 Navistar order backlog
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON GROUP offering broad BEV product range
Service business gaining further traction & importance
Service business sales revenue¹ (€ bn)
In % of TRATON Operations
Navistar contribution
1 Including spare parts and workshop services
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
- Sales revenue in Vehicle Services business up by 57% YoY in Q1 2022
- Increasing importance of service business also thanks to the inclusion of Navistar Sales & Services
- Enhancing business mix and customer focus: Non-cyclical revenue stream with superior margins, and compelling long-term growth trend
11
Q1 2022
- Main developments
- Financials
- Outlook
- Backup
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Robust demand not fully reflected in unit sales
Incoming orders (units)
Unit sales (units)
Sales revenue (€ mn)
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
- Double-digit percentage increase of incoming orders, unit sales and sales revenue thanks to consolidation of Navistar
- Adjusted for Navistar, incoming orders were -20% against a very strong prior-year quarter, in particular in trucks
- Unit sales declined by -16% (excl. Navistar) due to severe supply shortages and temporary MAN production stops
- Sales revenue (excl. Navistar) almost stable thanks to strong Vehicle Services business and improved product mix
Solid result in challenging environment
14
Operating result¹
(€ mn)
RoS¹ (%)
Adj. operating result¹
(€ mn)
Adj. RoS¹ (%)
Net cash flow
TRATON Operations (€ mn)
1 Including earnings effects of the purchase price allocation
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Navistar contribution
- Adjusted operating result only €0.1 bn lower YoY despite significant impact from supply bottlenecks and war in Ukraine
- Operating result in the prior-year quarter burdened by one-time items of €362 mn (Q1 2022: €47 mn)
- Net cash flow in TRATON Operations down due to increase of working capital of €0.5 bn (in particular due to continued supply shortages, MAN production stops)
Sales revenue and adj. operating result by segment
Sales revenue Q1 2022 (€ mn)
Adj. operating result Q1 2022 (€ mn)
1 Including earnings effects of the purchase price allocation (PPA). Excluding, adjusted operating result of €476 mn, adjusted return on sales of 5.6%
Note: Change calculated YoY, Q1 2022 vs. Q1 2021
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Scania V&S with solid result despite continued headwinds from semiconductor shortage and higher costs
Adj. operating return on sales (%)
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Massive impact on MAN T&B truck production from developments in Ukraine - restructuring on track
Adj. operating return on sales (%)
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
- Truck production strongly affected by supply gaps for wiring harnesses resulting in double-digit percentage decline in unit sales
- Countermeasures in implementation (i.e. duplicate supply structure, short-time work)
- Strong improvement of underlying performance with restructuring on track:
Excluding production stops, the adjusted RoS estimated at 4.0 to 4.5% in Q1 2022
Net cash flow impacted by increased working capital, supply shortages and MAN production stops
Net cash flow TRATON Operations (€ mn)
- Gross cash flow improved by €204 mn thanks to higher operating result
- Increased working capital mainly due to inventory build-up related to supply shortages, higher trade payables and effects from MAN production stops
- Cash outflow from investments increased mainly due to the initial consolidation of Navistar
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Development of net financial debt
Net financial debt development TRATON Operations incl. Corporate Items (€ mn)
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Q1 2022
- Main developments
- Financials
- Outlook
- Backup
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Truck market outlook – Uncertainties due to high geopolitical and economic risks
21
Market expectations²
2022e
+0% – +10%
Market expectations²
2022e
-5% – +10%
Market expectations²
2022e
+0% – +15%
1 EU27+3 region (EU27 countries without Malta, plus the United Kingdom, Norway, and Switzerland)
2 Includes estimates from different institutes, companies, and data/information services
3 US and Canada class 6-8, Mexico class 4-8
Source: Historical data based on own calculations and estimates
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Robust TRATON outlook 2022, while geopolitical and economic risks remain high
| | FY 2021 | FY 2022
Outlook
Annual Report 2021¹ | FY 2022
Outlook
3M 2022 Interim Statement² |
| --- | --- | --- | --- |
| Unit sales | 271.6 k
+43% | very sharp
increase | sharp
increase |
| Sales revenue | €30.6 bn
+36% | sharp
increase | very sharp
increase |
| Operating RoS
(adjusted) | 5.2% | 5.0 – 7.0%
(incl. PPA, expected to be
~€270 – 290 mn³) | 5.0 – 6.0%
(incl. PPA, expected to be
~€270 – 290 mn³) |
| Net cash flow
(TRATON Operations) | €938 mn | €700 – 1,000 mn⁴ | €700 – 1,000 mn⁴ |
1 This outlook was subject to the further development of the war in Ukraine and in particular the impact on TRATON's supply chains and the global economy as a whole
2 Effects of the further course of the war in Ukraine remain impossible to predict with sufficient certainty. Therefore, the risk remains that as this conflict unfolds, it may have a negative impact on the TRATON GROUP's businesses
3 Based on preliminary purchase price allocation
4 The forecast does not include expenses at Scania Vehicles & Services in connection with the EU antitrust proceedings
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Q1 2022 – Key takeaways
Solid results delivery in highly challenging business environment
- Scania result impacted by continued headwinds from semiconductor shortages and higher costs
- MAN restructuring on track with strong underlying improvement of performance
- Strong delivery by VWCO, Navistar with improved result
- Service business gaining further traction and importance
Robust full year outlook but high geopolitical and macroeconomic uncertainties
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
What's next?
TRATON Capital Markets Day
- May 18, 2022
- Södertälje, Sweden at the Scania plant
- Agenda for a full day
- Teach Ins & Driving event
- New strategy and deep dive into brand performance
- Q&A session and management discussion
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Q1 2022
- Main developments
- Financials
- Outlook
- Backup
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON GROUP – New reporting structure from Q4 2021
Part of the TRATON outlook and report on expected developments
1 Includes the activities and services of the TRATON Holding, equity investments, consolidation effects between business areas, and the effects of the purchase price allocation (PPA) in the event of the acquisition of an individual segment
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON GROUP – Sales revenue
| Sales revenue (€ mn) | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 | Q1 22 |
|---|---|---|---|---|---|---|
| Group | 6,544 | 7,076 | 8,049 | 8,950 | 30,620 | 8,525 |
| TRATON Operations | 6,437 | 6,965 | 7,900 | 8,800 | 30,103 | 8,363 |
| Scania Vehicles & Services | 3,420 | 3,735 | 3,096 | 3,676 | 13,927 | 3,180 |
| MAN Truck & Bus | 2,645 | 2,763 | 2,610 | 2,916 | 10,934 | 2,548 |
| Navistar Sales & Services | n/a | n/a | 1,681 | 1,876 | 3,557 | 2,068 |
| VWCO | 466 | 555 | 602 | 490 | 2,113 | 690 |
| Financial Services | 205 | 214 | 264 | 281 | 964 | 297 |
| Corporate Items | -98 | -102 | -115 | -132 | -447 | -135 |
| Group | 6,544 | 7,076 | 8,049 | 8,950 | 30,620 | 8,525 |
| --- | --- | --- | --- | --- | --- | --- |
| TRATON Operations | 6,437 | 6,965 | 7,900 | 8,800 | 30,103 | 8,363 |
| New vehicles | 4,061 | 4,572 | 4,815 | 5,581 | 19,029 | 5,053 |
| Vehicle Services business¹ | 1,298 | 1,291 | 1,884 | 1,919 | 6,392 | 2,038 |
| Other | 1,079 | 1,103 | 1,202 | 1,300 | 4,683 | 1,273 |
| Financial Services | 205 | 214 | 264 | 281 | 964 | 297 |
| Corporate Items | -98 | -102 | -115 | -132 | -447 | -135 |
¹ Including spare parts and workshop services
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON GROUP – (Adjusted) operating result and (adjusted) return on sales
Operating result & return on sales
| Operating result (C mn) | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 | Q1 22 |
|---|---|---|---|---|---|---|
| Group | 155 | 301 | 186 | -248 | 393 | 355 |
| TRATON Operations | 151 | 294 | 393 | -161 | 677 | 424 |
| Scania Vehicles & Services | 409 | 451 | 238 | -196 | 903 | 229 |
| MAN Truck & Bus | -290 | -203 | 57 | -11 | -447 | 55 |
| Navistar Sales & Services | n/a | n/a | 42 | -1 | 41 | 76 |
| VWCO | 33 | 45 | 55 | 39 | 171 | 65 |
| Financial Services | 51 | 49 | 79 | 81 | 259 | 41 |
| Corporate Items | -47 | -43 | -286 | -168 | -543 | -110 |
| Return on sales (%) | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 | Q1 22 |
| --- | --- | --- | --- | --- | --- | --- |
| Group | 2.4 | 4.2 | 2.3 | -2.8 | 1.3 | 4.2 |
| TRATON Operations | 2.3 | 4.2 | 5.0 | -1.8 | 2.2 | 5.1 |
| Scania Vehicles & Services | 12.0 | 12.1 | 7.7 | -5.3 | 6.5 | 7.2 |
| MAN Truck & Bus | -11.0 | -7.3 | 2.2 | -0.4 | -4.1 | 2.1 |
| Navistar Sales & Services | n/a | n/a | 2.5 | 0.0 | 1.2 | 3.7 |
| VWCO | 7.0 | 8.0 | 9.2 | 7.9 | 8.1 | 9.5 |
| Financial Services | 24.6 | 23.1 | 29.8 | 25.5 | 26.9 | 13.8 |
Adjusted operating result & adjusted return on sales
| Adj. operating result (C mn) | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 | Q1 22 |
|---|---|---|---|---|---|---|
| Group | 516 | 612 | 195 | 277 | 1,599 | 402 |
| TRATON Operations | 512 | 605 | 402 | 364 | 1,883 | 441 |
| Scania Vehicles & Services | 409 | 451 | 238 | 314 | 1,412 | 243 |
| MAN Truck & Bus | 71 | 108 | 66 | 4 | 249 | 57 |
| Navistar Sales & Services | n/a | n/a | 42 | -1 | 41 | 76 |
| VWCO | 33 | 45 | 55 | 39 | 171 | 65 |
| Financial Services | 51 | 49 | 79 | 81 | 259 | 71 |
| Corporate Items | -47 | -43 | -286 | -168 | -543 | -110 |
| Adj. return on sales (%) | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 | Q1 22 |
| --- | --- | --- | --- | --- | --- | --- |
| Group | 7.9 | 8.6 | 2.4 | 3.1 | 5.2 | 4.7 |
| TRATON Operations | 8.0 | 8.7 | 5.1 | 4.1 | 6.3 | 5.3 |
| Scania Vehicles & Services | 12.0 | 12.1 | 7.7 | 8.5 | 10.1 | 7.6 |
| MAN Truck & Bus | 2.7 | 3.9 | 2.5 | 0.1 | 2.3 | 2.2 |
| Navistar Sales & Services | n/a | n/a | 2.5 | 0.0 | 1.2 | 3.7 |
| VWCO | 7.0 | 8.0 | 9.2 | 7.9 | 8.1 | 9.5 |
| Financial Services | 24.6 | 23.1 | 29.8 | 25.5 | 26.9 | 24.0 |
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON GROUP – Adjustments
| Adjustments (C mn) | FY 16 | FY 17 | Q1 18 | Q2 18 | Q3 18 | Q4 18 | FY 19 | Q1 19 | Q2 19 | Q3 19 | Q4 19 | FY 19 | Q1 20 | Q2 20 | Q3 20 | Q4 20 | FY 20 | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 | Q1 22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating result | 727 | 1,512 | 386 | 477 | 245 | 405 | 1,513 | 490 | 585 | 407 | 401 | 1,884 | 161 | -382 | 162 | 139 | 81 | 155 | 301 | 186 | -248 | 393 | 355 |
| Scania V&S: Expense for antitrust proceedings | 403 | 510 | 510 | ||||||||||||||||||||
| MAN T&B: Release of restructuring provisions | -50 | ||||||||||||||||||||||
| MAN T&B: Expenses in relation to India market exit | 115 | 22 | 137 | ||||||||||||||||||||
| VWCO: Recognition and release of restructuring provisions | 58 | -13 | -13 | ||||||||||||||||||||
| Scania V&S: Expenses in connection with the realignment of production facilities | 50 | 4 | 54 | ||||||||||||||||||||
| MAN T&B: Expenses incurred in connection with restructuring measures for the repositioning | 362 | 311 | 9 | 15 | 696 | 1 | |||||||||||||||||
| Scania V&S: Write-downs in connection with the war in Ukraine | 14 | ||||||||||||||||||||||
| MAN T&B: Loss allowances incurred in connection with the war in Ukraine | 2 | ||||||||||||||||||||||
| TRATON FS: Bad debt allowances on receivables in connection with the war in Ukraine | 30 | ||||||||||||||||||||||
| Operating result (adjusted) | 1,188 | 1,462 | 386 | 477 | 360 | 427 | 1,650 | 490 | 573 | 407 | 401 | 1,871 | 161 | -382 | 211 | 144 | 135 | 516 | 612 | 195 | 277 | 1,599 | 402 |
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON Operations – Incoming orders and unit sales
| Incoming orders (units) | Q1 19 | Q2 19 | Q3 19 | Q4 19 | FY 19 | Q1 20 | Q2 20 | Q3 20 | Q4 20 | FY 20 | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 | Q1 22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TRATON Operations | 64,357 | 56,134 | 49,217 | 57,532 | 227,240 | 54,161 | 33,270 | 58,502 | 70,318 | 216,251 | 81,742 | 89,204 | 97,371 | 91,658 | 359,975 | 95,594 |
| Scania V&S | 26,703 | 22,086 | 17,792 | 22,158 | 88,739 | 20,671 | 13,602 | 25,934 | 32,733 | 92,940 | 36,944 | 38,493 | 25,023 | 16,338 | 116,798 | 20,988 |
| MAN T&B | 29,866 | 25,012 | 20,834 | 24,940 | 100,652 | 24,098 | 14,094 | 21,553 | 25,176 | 84,921 | 32,070 | 35,344 | 33,216 | 42,901 | 143,531 | 31,676 |
| Navistar S&S | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 23,638 | 18,950 | 42,588 | 29,863 |
| VWCO | 8,917 | 10,445 | 11,091 | 10,650 | 41,103 | 9,517 | 5,658 | 11,112 | 12,518 | 38,805 | 12,750 | 15,379 | 15,502 | 13,610 | 57,241 | 13,067 |
| Consolidation | -1,129 | -1,409 | -500 | -216 | -3,254 | -125 | -84 | -97 | -109 | -415 | -22 | -12 | -8 | -141 | -183 | 0 |
| TRATON Operations | 64,357 | 56,134 | 49,217 | 57,532 | 227,240 | 54,161 | 33,270 | 58,502 | 70,318 | 216,251 | 81,742 | 89,204 | 97,371 | 91,658 | 359,975 | 95,594 |
| Trucks | 55,150 | 46,329 | 40,679 | 48,816 | 190,974 | 44,054 | 26,838 | 50,264 | 61,246 | 182,402 | 70,262 | 76,937 | 83,332 | 75,214 | 305,745 | 79,529 |
| Buses | 5,379 | 5,904 | 5,140 | 4,609 | 21,032 | 5,558 | 2,544 | 3,198 | 3,311 | 14,611 | 2,993 | 3,367 | 6,963 | 8,914 | 22,237 | 8,474 |
| MAN TGE vans | 3,828 | 3,901 | 3,398 | 4,107 | 15,234 | 4,549 | 3,888 | 5,040 | 5,761 | 19,238 | 8,487 | 8,900 | 7,076 | 7,530 | 31,993 | 7,591 |
| Unit sales (units) | Q1 19 | Q2 19 | Q3 19 | Q4 19 | FY 19 | Q1 20 | Q2 20 | Q3 20 | Q4 20 | FY 20 | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 | Q1 22 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| TRATON Operations | 57,163 | 66,173 | 55,755 | 63,128 | 242,219 | 45,990 | 31,748 | 49,922 | 62,520 | 190,180 | 60,315 | 66,135 | 68,972 | 76,186 | 271,608 | 67,767 |
| Scania V&S | 23,576 | 27,948 | 23,196 | 24,737 | 99,457 | 18,184 | 12,253 | 17,298 | 24,350 | 72,085 | 23,033 | 26,196 | 18,006 | 23,131 | 90,366 | 16,645 |
| MAN T&B | 24,972 | 29,056 | 22,482 | 28,377 | 104,887 | 18,166 | 13,496 | 21,881 | 28,130 | 81,673 | 23,363 | 23,954 | 21,305 | 25,046 | 93,668 | 19,325 |
| Navistar S&S | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 14,074 | 16,231 | 30,305 | 17,070 |
| VWCO | 9,842 | 10,542 | 11,167 | 10,340 | 41,891 | 9,860 | 6,027 | 10,885 | 10,202 | 36,974 | 13,989 | 16,022 | 15,597 | 11,797 | 57,405 | 14,732 |
| Consolidation | -1,227 | -1,373 | -1,090 | -326 | -4,016 | -220 | -28 | -142 | -162 | -552 | -70 | -37 | -10 | -19 | -136 | -5 |
| TRATON Operations | 57,163 | 66,173 | 55,755 | 63,128 | 242,219 | 45,990 | 31,748 | 49,922 | 62,520 | 190,180 | 60,315 | 66,135 | 68,972 | 76,186 | 271,608 | 67,767 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Trucks | 49,831 | 56,015 | 47,359 | 52,730 | 205,935 | 38,532 | 25,602 | 40,294 | 51,943 | 156,371 | 51,318 | 57,347 | 58,151 | 63,733 | 230,549 | 57,575 |
| Buses | 4,210 | 6,014 | 5,551 | 5,721 | 21,496 | 4,030 | 3,219 | 4,591 | 4,334 | 16,174 | 3,093 | 3,410 | 6,083 | 6,271 | 18,857 | 5,929 |
| MAN TGE vans | 3,122 | 4,144 | 2,845 | 4,677 | 14,788 | 3,428 | 2,927 | 5,037 | 6,243 | 17,635 | 5,904 | 5,378 | 4,738 | 6,182 | 22,202 | 4,263 |
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON Operations – Incoming orders and unit sales by brands
| Units | Q1 2022 | Q1 2021 | +/- | Q1 2022 | Q1 2021 | +/- | Q1 2022 | Q1 2021 | +/- | Q1 2022 | Q1 2021 | +/- |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Incoming orders | 20,988 | 36,944 | -43% | 31,676 | 32,070 | -1% | 29,863 | n/a | n/a | 13,067 | 12,750 | 2% |
| Trucks | 19,323 | 35,937 | -46% | 22,488 | 22,915 | -2% | 26,101 | n/a | n/a | 11,617 | 11,432 | 2% |
| Buses | 1,665 | 1,007 | 65% | 1,597 | 668 | 139% | 3,762 | n/a | n/a | 1,450 | 1,318 | 10% |
| MAN TGE vans | - | - | - | 7,591 | 8,487 | -11% | - | - | - | - | - | - |
| Unit sales | 16,645 | 23,033 | -28% | 19,325 | 23,363 | -17% | 17,070 | n/a | n/a | 14,732 | 13,989 | 5% |
| Trucks | 15,900 | 22,023 | -28% | 14,355 | 16,686 | -14% | 14,216 | n/a | n/a | 13,109 | 12,679 | 3% |
| Buses | 745 | 1,010 | -26% | 707 | 773 | -9% | 2,854 | n/a | n/a | 1,623 | 1,310 | 24% |
| MAN TGE vans | - | - | - | 4,263 | 5,904 | -28% | - | - | - | - | - | - |
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON Operations – Net cash flow and net liquidity/ net financial debt
Net cash flow
| Net cash flow (€ mn) | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 | Q1 22 |
|---|---|---|---|---|---|---|
| TRATON Operations | 753 | 188 | -788 | 786 | 938 | 139 |
Net liquidity/net financial debt
| Net liquidity/net financial debt (€ mn) | 3/31/21 | 6/30/21 | 9/30/21 | 12/31/21 | 3/31/22 |
|---|---|---|---|---|---|
| TRATON Operations | 1,854 | 1,504 | -2,337 | -1,694 | -1,513 |
| TRATON Operations incl. Corporate Items | n/a | n/a | n/a | -6,103 | -5,896 |
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Scania Vehicles & Services – Key figures
Incoming orders (k units)
Unit sales (k units)
Book-to-bill (ratio in units)
Sales revenue (€ mn)
Adjusted operating result (€ mn)
Adjusted return on sales (%)
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
MAN Truck & Bus – Key figures
Incoming orders (k units)
Unit sales (k units)
Book-to-bill (ratio in units)
Sales revenue (€ mn)
Adjusted operating result (€ mn)
Adjusted return on sales (%)
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Navistar Sales & Services – Key figures
Incoming orders (k units)
Unit sales (k units)
Book-to-bill (ratio in units)
Sales revenue (€ mn)
Operating result (€ mn)
Return on sales (%)
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
Volkswagen Caminhões e Ônibus – Key figures
Incoming orders (k units)
Unit sales (k units)
Book-to-bill (ratio in units)
Sales revenue (€ mn)
Operating result (€ mn)
Return on sales (%)
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON GROUP – Bonds outstanding
TRATON with well-tested access to the debt capital markets
€4.6 bn in bonds outstanding (including €300 mn bond issued in January 2022)
| Issuer | TRATON Finance Luxembourg S.A. | ||||||
|---|---|---|---|---|---|---|---|
| Guarantor | TRATON SE (Ticker: 8TRA, Country: DE) | ||||||
| Guarantor Ratings | Baa1 negative outlook (Moody's) / BBB stable outlook (S&P) | ||||||
| Issue Ratings | Baa1 (Moody's) / BBB (S&P) | ||||||
| Sustainability | TRATON SE features an ESG rating from ISS ESG (Prime, C+) | ||||||
| Format | Senior Unsecured, Bearer, Classical Global Note | ||||||
| Issue Date | March 24, 2021 | March 24, 2021 | March 24, 2021 | June 14, 2021 | August 27, 2021 | 10 November 2021 | January 21, 2022 |
| Maturity | March 24, 2025 | March 24, 2029 | March 24, 2033 | June 14, 2024 | August 27, 2023 | 10 November 2024 | July 21, 2023 |
| Tenor | 4 years | 8 years | 12 years | 3 years | 2 years | 3 years | 1.5 years |
| Amount | €1.0bn | €1.25bn | €750mn | €500mn | €300mn | €500mn | €300mn |
| Coupon | 0.125% | 0.75% | 1.25% | 0.00% | 3m EURIBOR +75bps | 0.125% | 3m EURIBOR +70bps |
| Interest Payment | Annual | Annual | Annual | Annual | Quarterly | Annual | Quarterly |
| Offering Price | 99,547 | 99,560 | 99,184 | 100,099 | 100,876 | 99,868 | 100.8228 |
| Re-offer Yield | 0.239% | 0.807% | 1.3240% | -0.033% | 3M-EURIBOR + 32bps | 0.169% | 3M-EURIBOR + 16bps |
| Early Redemption | CoC put, 1-month par call, Clean-up call (80%), Tax call, M&A call (101%) | CoC put, 1-month par call, Clean-up call (80%), Tax call, M&A call (101%) | CoC put, 1-month par call, Clean-up call (80%), Tax call, M&A call (101%) | CoC put, 1-month par call, Clean-up call (80%), Tax call | Tax Call | Change of Control Put, Tax Call, 1m Par Call, Clean-up Call (80%) | Tax Call |
| WKN | A3KNP8 | A3KNP9 | A3KNQA | A3KSGM | A3KT6Q | A3KYMA | A3KOPP |
| ISIN | DE000A3KNP88 | DE000A3KNP96 | DE000A3KNQA0 | DE000A3KSGM5 | DE000A3KT6Q0 | DE000A3KYMA6 | DE000A3KOPP5 |
| Denominations/Listing | €100 k + €100k, Regulated market of the Luxembourg Stock Exchange |
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON GROUP – Debt maturity profile
Maturity profile (€ bn)¹
Major developments
- €700 mn Schuldschein issued (tranches of 3y, 5y and 7y)
- Total of €4.6 bn Bonds issued (tranches of 1,5 y, 2y, 3y, 4y, 8y and 12y)
- €2.75 bn VW term loan drawn replaced by bank loans
- €4.5 bn syndicated RCF undrawn
Debt overview (€ bn)
TRATON financial debt 17.6
thereof CI/OP 9.1
thereof FS 8.5
Leasing (IFRS 16) 1.2
TRATON financial debt (incl. leasing) 18.7
1 Excluding €1.2bn of IFRS 16 financial liabilities
2 SSD = Schuldscheindarlehen
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TRATON Investor Relations Team
Lars Korinth
Head of Investor Relations
+49 152 313 73 138
[email protected]
Margit Hartmann
Annual General Meeting, Events
+49 89 360 98 381
[email protected]
Marvin Kalberlah
Analysts and Investors
+49 162 168 51 87
[email protected]
Michael Lankes
Annual General Meeting, Events
+49 89 360 98 328
[email protected]
Thomas Paschen
Analysts and Investors, Consensus, Private Investors
+49 170 907 34 94
[email protected]
Fabian Schimpf
Analysts and Investors
+49 172 744 86 99
[email protected]
Contact Navistar:
Ryan Campbell
US-Analysts and US-Investors
+1 331 332 7280
[email protected]
TRATON 05-04-2022 3M 2022 Interim Statement | Investor Relations
TR/ATON
3M 2022 INTERIM STATEMENT
Christian Levin, CEO | Annette Danielski, CFO
Munich, 05-04-2022
SCANIA / MAN / NATURA / NAVISTAR