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TRATON SE Investor Presentation 2022
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Investor Presentation
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TRATON
IR CONFERENCE CALL FOR FISCAL YEAR 2021
Christian Levin, CEO | Annette Danielski, CFO
Munich, 03-15-2022
SCANIA
IMLA.NI
NAMISTAR
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 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Agenda
- FY 2021
- Outlook
- Back up
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
New reporting structure increases transparency on operative performance
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 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Russia-Ukraine conflict – Facts & figures
Unit sales
<5% of TRATON GROUP unit sales generated in Russia and Ukraine in FY 2021
Sales revenue
<5% of TRATON GROUP sales revenue generated in Russia and Ukraine in FY 2021
Subsidiaries & Plants
- No material subsidiaries or equity investments in the Ukraine
- In Russia, in particular one production company in St. Petersburg (jointly MAN and Scania)
Supply influence
- Suppliers of TRATON are affected
- At this point in time, a conclusive assessment of the concrete implications is not yet possible
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
1. FY 2021
TRATON
03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Highlights 2021
Navistar acquisition
Scania joins The Climate Pledge
MAN realignment
MAN joins the Science Based Targets Initiative
Start of the introduction of the Common Base Engine (CBE)
TRATON, Daimler Truck, and Volvo Group sign JV agreement for European high-performance charging network
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Key facts 2021
| Business recovery continues, but environment challenging and impacted by supply chain constraints | Incoming orders
up 66% to 359,975 units | Unit sales
up 43% to 271,608 units | Sales revenue
up 36% to c30,620 mn |
| --- | --- | --- | --- |
| Adjusted operating result (Return on sales)
up €1,464 mn to c1,599 mn (5.2%) | Adjusted operating result (Return on sales) excluding PPA
up €1,735 mn to c1,890 mn (6.2%) | Restructuring expenses at MAN T&B of c696 mn
Expenses for the EU antitrust proceedings at Scania V&S of c510 mn | Net cash flow TRATON GROUP excluding Financial Services
Incl. impact of Neander transport and MAN restructuring
c-2,089 mn^{1} |
1 Including the purchase price for Navistar shares after deduction of cash and cash equivalents at Navistar Sales & Services at the time of the acquisition of €2,584 mn and including €347 mn cash out for the repositioning at MAN Truck & Bus
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Underlying transportation activities lead to strong order intake, but distortion in unit sales due to supply constraints
Incoming orders & Unit sales
Excluding Navistar
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Unit sales nevertheless at a good level
Unit sales
TRATON
03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Press release March 1, 2022: Scania to deliver over 100 electric trucks to Copenhagen municipal waste company ARC
Electrification continues to progress
Incoming orders and unit sales of fully electric vehicles, FY 2021
| Units | Incoming orders | Unit sales |
|---|---|---|
| TRATON GROUP | 1,717 | 1,076 |
| Trucks | 307 | 97 |
| Trucks Scania | 171 | 42 |
| Trucks MAN | 4 | 18 |
| Trucks Navistar¹ | 22 | 2 |
| Trucks VWCO | 110 | 35 |
| Buses | 363 | 153 |
| Buses Scania | 37 | 14 |
| Buses MAN | 204 | 133 |
| Buses Navistar¹ | 122 | 6 |
| MAN TGE vans | 1,047 | 826 |
1 Order backlog
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
TRATON GROUP BEV product range
MAN electric truck (eTOM)
Scania electric bus (Citywide LF)
Navistar electric bus (IC Bus electric CE Series)
VWCO electric truck (e-Delivery)
Scania electric truck (25 P BEV)
Navistar electric truck (International BNV)
MAN electric bus (Lion's City E)
MAN electric van (KHGE)
Service business gaining importance
Service business sales revenue¹
In % of TRATON Operations
1 Including spare parts and workshop services
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Services business sales revenue¹ by brand
TRATON w/o Navistar: Key figures on pre-COVID-19 level but supply constraints impact earnings quality
Incoming orders (k units)
Unit sales (k units)
Sales revenue (€ bn)
Adj. operating result (€ mn)
Adj. RoS (%)
Note: Represents TRATON Classic, TRATON GROUP prior to the acquisition of Navistar
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
- Strong recovery in demand results in high incoming orders and strong backlog.
- Despite the negative impact of supply bottlenecks, unit sales and sales revenue were on par with 2019.
- Result and margin also almost on 2019 levels, but supply constraints and resulting cost pressure affecting earnings quality.
13
TRATON w/o Navistar: H2 2021 significantly impacted by supply chain bottlenecks
| TRATON Classic | H1 2021 | H2 2021 |
|---|---|---|
| Incoming orders (k units) | 170.9 | 146.4 |
| Unit sales (k units) | 126.5 | 114.9 |
| Sales revenue (€ bn) | 13.6 | 13.4 |
| Operating result (€ mn) | 455 | 153 |
| Return on sales (%) | 3.3 | 1.1 |
| Adjusted operating result (€ mn) | 1,128 | 686 |
| Adjusted return on sales (%) | 8.3 | 5.1 |
| Net cash flow TRATON Operations (€ mn) | 941 | 440 |
Note: Represents TRATON Classic, TRATON GROUP prior to the acquisition of Navistar
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Business development H2 2021:
- Unit sales decreased due to supply chain bottlenecks.
- Increased negative influence of higher commodity prices and higher expenses as a result of shortages in the supply of semiconductors and other key bought-in parts due to the COVID-19 pandemic.
All operating segments contributed positive to the improved results
Sales revenue FY 2021
Adjusted operating result FY 2021
1 Including earnings effects of the purchase price allocation. Excluding, adjusted operating result of €1,890 mn, adjusted return on sales of 6.2%
Note: Growth rate and contribution calculated YoY, FY 2021 vs. FY 2020
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Q4 2021 – Key figures (1)
TR/ATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
- Incoming orders excluding Navistar increased by 3%. Especially on the truck side, continued strong demand is not fully reflected due to long lead times and already large order books.
- Unit sales excluding Navistar decreased by 4% and still lagging due to supply chain bottlenecks.
- Sales revenue excluding Navistar increased by 3%.
16
Q4 2021 – Key figures (2)
1 Including earnings effects of the purchase price allocation
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Navistar contribution
Operating result¹
(€ mn)
RoS¹ (%)
Adj. operating result¹
(€ mn)
Adj. RoS¹ (%)
Net cash flow
Group ex. FS
(€ mn)
€-387 mn
401
5.7
139
2.0
-2.8
-248
Q4 Q4 Q4
19 20 21
Q4 Q4 Q4
19 20 21
Q4 Q4 Q4
19 20 21
Q4 Q4 Q4
19 20 21
Q4 Q4 Q4
19 20 21
- Operating result burdened by one-time items of €525 mn and purchase price allocation.
- Adjusted operating result positively affected by slightly improved business climate, still burdened by continued supply bottlenecks.
- Net cash flow in TRATON Operations influenced by positive working capital development, especially due to decreased inventories and higher payables.
Navistar Sales & Services
Key figures Q3/Q4 2021
| Q3 2021 | Q4 2021 | |
|---|---|---|
| Incoming orders (units) | 23,638 | 18,950 |
| Trucks^{1} | 19,961 | 12,842 |
| Buses | 3,677 | 6,108 |
| Unit sales (units) | 14,074 | 16,231 |
| Trucks^{1} | 11,261 | 13,852 |
| Buses | 2,813 | 2,379 |
| Book-to-bill (units) | 1.7 | 1.2 |
| Sales revenue (€ mn) | 1,681 | 1,876 |
| Operating result (€ mn) | 42 | -1 |
| Return on sales (%) | 2.5 | 0.0 |
1 Excluding Navistar Class 4/5 contract manufacturing for third parties
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Net cash flow 2021 impacted by acquisition of Navistar, supply shortages and MAN restructuring
Net cash flow TRATON GROUP excluding Financial Services
- Reduced Working Capital tied up in Q4 2021 despite stronger operating activities due to decreased inventories and higher trade payables.
- The acquisition of Navistar weighed in Q3 2021 in Corporate Items with €2.6 bn.
- Positive influence of cash equivalents acquired in Q3 2021 from Navistar in Corporate Items.
- An outflow due to the restructuring measures at MAN Truck & Bus of €347 mn weighed in FY 2021 in TRATON Operations.
1 Including the purchase price for Navistar shares after deduction of cash and cash equivalents at Navistar Sales & Services at the time of the acquisition of €2,584 mn and including €347 mn cash out for the restructuring at MAN T&B.
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Net liquidity impacted by Navistar acquisition as expected
Total financial debt bridge TRATON Group excluding Financial Services
1 Per July 1, 2021
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
3. Outlook
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
This outlook does not take into account the current developments due to the war in Ukraine
Truck market outlook – Uncertainties due to high geopolitical and economic risks
EU27+3¹
Market expectations²
2022e
+0% – +10%
South America
Market expectations²
2022e
+0% – +15%
North America
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 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
This outlook is 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.
TRATON outlook 2022 – Further recovery, but high geopolitical and economic risks
| FY 2020 | FY 2021 | FY 2022 Outlook¹ | |
|---|---|---|---|
| Unit sales | 190.2 k | ||
| -21% | 271.6 k | ||
| +43% | very sharp | ||
| increase | |||
| Sales revenue | €22.6 bn | ||
| -16% | €30.6 bn | ||
| +36% | sharp | ||
| increase | |||
| Operating RoS | |||
| (adjusted) | 0.4% | 5.2% | 5.0 – 7.0% |
| (incl. PPA, expected to be | |||
| ~€270 – 290 mn²) | |||
| Net cash flow | |||
| (TRATON Operations) | €979 mn | €938 mn | €700 – 1,000 mn¹ |
1 The forecast does not include expenses at Scania Vehicles & Services in connection with the EU antitrust proceedings
2 Based on preliminary purchase price allocation
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
TRATON – Key takeaways
Global economy
continues to recover, but challenging year also in 2022 due to uncertainties and severe impacts from COVID-19 pandemic, as well as high economic and geopolitical risks
Full integration of Navistar
post merger integration; combined financials available since 9M 2021 Interim Statement
MAN realignment
measures to significantly improve operating result; disposal of Steyr plant executed; introduction of new truck generation concluded in 2021; merger squeeze-out of MAN SE completed
Powertrain introduction across brands
introduction of the Common Base Engine (CBE) started in Q4 2021
TRATON
Business climate
truck markets in core regions recovering, but not yet reaching pre-pandemic level in Europe and North America; supply chain constraints hold back production and deliveries; high geopolitical and economic risks
New truck lines
well invested into the future – strong position with new truck lines in nearly all brands
Focus on e-mobility leadership
further speeding up of electrification; TRATON, Daimler Truck and Volvo Group plan to pioneer a European high-performance charging network for heavy-duty trucks; e-mobility vehicle line-up increasing
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Capital Markets Day
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
03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
4. Back-up TRATON GROUP
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Group – Segment highlights TRATON
| TRATON Operations (TO) | Q4 2021 | YoY | FY 2021 | YoY |
|---|---|---|---|---|
| Incoming orders (units)^{1} | 91,658 | +30% | 359,975 | +66% |
| Unit sales (units)^{1} | 76,186 | +22% | 271,608 | +43% |
| Book-to-bill (units) | 1.20 | +8 bp | 1.33 | +19 bp |
| Sales revenue (€ mn) | 8,800 | +31% | 30,103 | +36% |
| Operating result (€ mn) | -161 | €-340 mn | 677 | €+501 mn |
| Return on sales (%) | -1.8 | -4.5 bp | 2.2 | +1.5 pp |
| Adj. operating result (€ mn) | 364 | €+180 mn | 1,883 | €+1,653 mn |
| Adj. return on sales (%) | 4.1 | +1.4 bp | 6.3 | +5.2 pp |
| Profit after tax (€ mn) | -279 | €-384 mn | 222 | €+261 mn |
| Net cash flow (€ mn) | 786 | €-195 mn | 938 | €-41 mn |
- Navistar Sales & Services and Navistar Financial Services included since July 1, 2021
- Business recovery continues, but environment still challenging and impacted by supply chain constraints
- TO: Result in Q4 2021 negatively affect by the ongoing supply shortages for semiconductors and other bought-in parts
- TO: Good net cash flow performance in Q4 2021 due to positive working capital development (inventories down, payables up)
- FS: Operating result increased mainly due to lower bad debt allowances on receivables and a on average higher contract volume
| Financial Services (FS) | Q4 2021 | YoY | FY 2021 | YoY |
|---|---|---|---|---|
| Sales revenue (€ mn) | 281 | +35% | 964 | +18% |
| Operating result (€ mn) | 81 | €+56 mn | 259 | €+152 mn |
| Profit after tax (€ mn) | 76 | €+55 mn | 212 | €+138 mn |
1 Excluding Navistar Class 4/5 contract manufacturing for third parties
Note: Q4 2021 vs. Q4 2020; FY 2021 vs FY 2020
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Group – Sales revenue
TR/ATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Group – Adjusted operating result and adjusted return on sales
Adjusted operating result¹
1 Including earnings effects of the purchase price allocation
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Growth YoY (€ mn)
4. Back-up Segment TRATON Operations
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
TRATON Operations – Incoming orders
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
TRATON Operations – Unit sales
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
TRATON Operations – Incoming orders and unit sales by brands
| Units | Q4 2021 | Q4 2020 | +/- | Q4 2021 | Q4 2020 | +/- | Q4 2021 | Q4 2020 | +/- | Q4 2021 | Q4 2020 | +/- |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Incoming orders | 16,338 | 32,733 | -50% | 42,901 | 25,176 | 70% | 18,950 | n/a | n/a | 13,610 | 12,518 | 9% |
| Trucks¹ | 15,869 | 32,003 | -50% | 34,228 | 18,356 | 86% | 12,842 | n/a | n/a | 12,414 | 10,952 | 13% |
| Buses | 469 | 730 | -36% | 1,143 | 1,059 | 8% | 6,108 | n/a | n/a | 1,196 | 1,566 | -24% |
| MAN TGE vans | - | - | - | 7,530 | 5,761 | 31% | - | - | - | - | - | - |
| Unit sales | 23,131 | 24,350 | -5% | 25,046 | 28,130 | -11% | 16,231 | n/a | n/a | 11,797 | 10,202 | 16% |
| Trucks¹ | 21,925 | 23,456 | -7% | 17,172 | 19,924 | -14% | 13,852 | n/a | n/a | 10,801 | 8,681 | 24% |
| Buses | 1,206 | 894 | 35% | 1,692 | 1,963 | -14% | 2,379 | n/a | n/a | 996 | 1,521 | -35% |
| MAN TGE vans | - | - | - | 6,182 | 6,243 | -1% | - | - | - | - | - | - |
Incoming orders
- Revitalized transport market led to continued strong demand. Especially on the truck side, this is not fully reflected due to current long lead times and already large order books.
Unit sales
- Following a strong first half of 2021, a decrease in unit sales was observable in the second half of the year due to supply chain bottlenecks, despite the continued surge in demand especially for trucks.
1 Navistar excluding Navistar Class 4/5 contract manufacturing for third parties
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
TRATON Operations – Regional unit sales
34
Trucks unit sales in core markets (units)
| EU27+3¹ | Q1 | 24,169 |
|---|---|---|
| H1 | 48,993 | |
| 9M | 66,805 | |
| FY | 92,019 | |
| Germany | Q1 | 6,587 |
| H1 | 12,582 | |
| 9M | 17,592 | |
| FY | 24,042 | |
| South America | Q1 | 16,956 |
| H1 | 36,827 | |
| 9M | 56,651 | |
| FY | 72,955 | |
| Brazil | Q1 | 14,489 |
| H1 | 31,923 | |
| 9M | 48,761 | |
| FY | 61,571 |
Growth FY 2021 (%)
| +13% |
|---|
| -3% |
| +73% |
| +72% |
Market growth² (%)
| +19% |
|---|
| +10% |
| +47% |
| +44% |
¹ EU27+3 region (defined as the EU27 countries with the exception of Malta, plus the United Kingdom, Norway, and Switzerland)
² Information shown might include estimates or preliminary data; for EU27+3 and Germany data collected from ACEA provisional new registrations figures as of January 26, 2022, trucks > 16t; for Brazil data collected from ANFAVEA trucks > 6t June as of January 7, 2022; South America own estimates
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
TRATON Operations – Sales revenue and adjusted return on sales
Sales revenue
Adjusted return on sales (%)
Note: Q1 20-Q3 20 based on old reporting structure Industrial Business
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Growth YoY (%)
+16% +36% +38% +36%
£ m
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
TRATON Operations – Adjustments
| TRATON Operations | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 |
|---|---|---|---|---|---|
| Operating result | €151 mn | €294 mn | €393 mn | €-161 mn | €677 mn |
| Operating margin | 2.3% | 4.2% | 5.0% | -1.8% | 2.2% |
| Adjustments | €362 mn | €311 mn | €9 mn | €525 mn | €1,205 mn |
| MAN T&B: Expenses for restructuring measures | €362 mn | €311 mn | €9 mn | €15 mn | €696 mn |
| Scania: Expenses from provisions in connection with the EU antitrust proceedings | - | - | - | €510 mn | €510 mn |
| Adjusted operating result | €512 mn | €605 mn | €402 mn | €364 mn | €1,883 mn |
| Adjusted operating margin | 8.0% | 8.7% | 5.1% | 4.1% | 6.3% |
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
TRATON GROUP excluding Financial Services - Leverage ratios
Gearing ratio¹
Equity ratio: at 28%
Net debt/adjusted EBITDA²
¹ Calculated as net liquidity/net financial debt divided by book value of equity; FY 19–9M 21 for old reporting structure Industrial Business, for FY 21 new reporting structure Group excluding Financial Services
² Calculated as net liquidity/net financial debt divided by last twelve month adjusted EBITDA (actual quarter + last 3 quarters); FY 19–9M 21 for old reporting structure Industrial Business, for FY 21 new reporting structure Group excluding Financial Services
TRATON 03-15-2022 Conference Call for fiscal year 2021 | 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 result¹ (€ mn)
Adjusted return on sales¹ (%)
¹ Costs primarily incurred in Q3 2020 in connection with the reorganization of production facilities of €50 mn (operating result of €198 mn/RoS of 7.0%.), expenses in connection with the EU antitrust proceedings in Q4 2021 of €510 mn (operating result of €-196 mn/RoS of -5.3%)
TRATON 03-15-2022 Conference Call for fiscal year 2021 | 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 result¹ (€ mn)
Adjusted return on sales¹ (%)
¹ Expenses incurred in connection with restructuring measures for the repositioning in Q1 2021 of €362 mn (operating result of €-290 mn/RoS of -11.0%), in Q2 2021 of €311 mn (operating result of €-203 mn/RoS of -7.3%), in Q3 2021 of €9 mn (operating result of €57 mn/RoS of 2.2%) and in Q4 2021 of €15 mn (operating result of €-11 mn/RoS of -0.4%)
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Navistar Sales & Services – Key figures
Incoming orders¹ (k units)
Unit sales¹ (k units)
Book-to-bill (ratio in units)
Sales revenue (€ mn)
Operating result (€ mn)
Return on sales (%)
1 Excluding Navistar Class 4/5 contract manufacturing for third parties
TRATON 03-15-2022 Conference Call for fiscal year 2021 | 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 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
4. Back-up Segment Financial Services
TRATON
03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Financial Services – Sales revenue and return on sales
Sales revenue
Return on sales (%)
Growth YoY (%)
- The Financial Services segment includes the financial services businesses of Scania and, since July 2021, of Navistar.
- Book value of equity increased to €1,823 mn (FY 2020: €961 mn), mainly due to the first-time consolidation of Navistar
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Financial Services – Operating result
Operating result
- Excluding Navistar, operating result for FY 2021 would have been €229 mn.
- Strong increase was mainly due to lower bad debt allowances on receivables year-over-year. In addition, the contract volume was higher on average, as were margins, which had a positive effect. Increased operational expenses had an offsetting effect.
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
4. Back-up Appendix
TRATON
03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Incoming orders and unit sales
| Incoming orders (units) | Q1 18 | Q2 18 | Q3 18 | Q4 18 | FY 18 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industrial Business | 67,359 | 60,184 | 52,925 | 63,246 | 243,714 | 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 |
| Scania V&S | 29,759 | 22,744 | 19,986 | 24,957 | 97,446 | 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 |
| MAN T&B | 30,180 | 29,441 | 24,065 | 29,229 | 112,915 | 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 |
| Navistar S&S¹ | n/a | n/a | n/a | n/a | n/a | 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 |
| VWCO | 7,979 | 8,836 | 9,654 | 10,066 | 36,535 | 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 |
| Consolidation | -559 | -837 | -780 | -1,006 | -3,182 | -1,129 | -1,409 | -500 | -216 | -3,254 | -125 | -84 | -97 | -109 | -415 | -22 | -12 | -8 | -141 | -183 |
| Industrial Business | 67,359 | 60,184 | 52,925 | 63,246 | 243,714 | 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 |
| Trucks | 58,944 | 51,138 | 45,269 | 54,387 | 209,738 | 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 |
| Buses | 6,360 | 6,460 | 5,382 | 5,687 | 23,889 | 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 |
| MAN TGE vans | 2,055 | 2,586 | 2,274 | 3,172 | 10,087 | 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 |
| Unit sales (units) | Q1 18 | Q2 18 | Q3 18 | Q4 18 | FY 18 | 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Industrial Business | 53,221 | 58,913 | 54,194 | 66,664 | 232,992 | 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 |
| Scania V&S | 22,640 | 24,138 | 21,861 | 27,836 | 96,475 | 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 |
| MAN Truck & Bus | 22,066 | 26,974 | 23,001 | 30,515 | 102,556 | 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 |
| Navistar S&S¹ | n/a | n/a | n/a | n/a | n/a | 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 |
| VWCO | 8,776 | 8,559 | 10,023 | 8,004 | 36,362 | 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 |
| Consolidation | -261 | -758 | -691 | -691 | -2,401 | -1,227 | -1,373 | -1,090 | -326 | -4,016 | -220 | -28 | -142 | -162 | -552 | -70 | -37 | -10 | -19 | -136 |
| Industrial Business | 53,221 | 58,913 | 54,194 | 66,664 | 232,992 | 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 |
| Trucks | 46,774 | 50,931 | 47,363 | 57,424 | 202,492 | 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 |
| Buses | 5,112 | 6,139 | 5,142 | 6,236 | 22,629 | 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 |
| MAN TGE vans | 1,335 | 1,843 | 1,689 | 3,004 | 7,871 | 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 |
1 Excluding Navistar Class 4/5 contract manufacturing for third parties
TRATION 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Sales revenue
| Sales revenue (€ mn) | Q4 20 | FY 20 | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 |
|---|---|---|---|---|---|---|---|
| Group | 6,839 | 22,580 | 6,544 | 7,076 | 8,049 | 8,950 | 30,620 |
| TRATON Operations | 6,735 | 22,152 | 6,437 | 6,965 | 7,900 | 8,800 | 30,103 |
| Scania Vehicles & Services | 3,428 | 11,521 | 3,420 | 3,735 | 3,096 | 3,676 | 13,927 |
| MAN Truck & Bus | 3,092 | 9,659 | 2,645 | 2,763 | 2,610 | 2,916 | 10,934 |
| Navistar Sales & Services | n/a | n/a | n/a | n/a | 1,681 | 1,876 | 3,557 |
| VWCO | 305 | 1,235 | 466 | 555 | 602 | 490 | 2,113 |
| Financial Services | 208 | 820 | 205 | 214 | 264 | 281 | 964 |
| Corporate Items | -103 | -392 | -98 | -102 | -115 | -132 | -447 |
| Group | 6,839 | 22,580 | 6,544 | 7,076 | 8,049 | 8,950 | 30,620 |
| TRATON Operations | 6,736 | 22,152 | 6,437 | 6,965 | 7,900 | 8,800 | 30,103 |
| New vehicles | 4,372 | 13,385 | 4,061 | 4,572 | 4,815 | 5,581 | 19,029 |
| Vehicle Services business¹ | 1,228 | 4,692 | 1,298 | 1,291 | 1,884 | 1,919 | 6,392 |
| Other | 1,136 | 4,075 | 1,080 | 1,103 | 1,202 | 1,300 | 4,683 |
| Financial Services | 208 | 820 | 205 | 214 | 264 | 281 | 964 |
| Corporate Items | -103 | -392 | -98 | -102 | -115 | -132 | -447 |
¹ Including spare parts and workshop services
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
(Adjusted) Operating result and (adjusted) return on sales
Operating result & return on sales
| Operating result (€ mn) | Q4 20 | FY 20 | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 |
|---|---|---|---|---|---|---|---|
| Group | 139 | 81 | 155 | 301 | 186 | -248 | 393 |
| TRATON Operations | 179 | 176 | 151 | 294 | 393 | -161 | 677 |
| Scania Vehicles & Services | 329 | 748 | 409 | 451 | 238 | -196 | 903 |
| MAN Truck & Bus | -139 | -553 | -290 | -203 | 57 | -11 | -447 |
| Navistar Sales & Services | n/a | n/a | n/a | n/a | 42 | -1 | 41 |
| VWCO | -9 | -15 | 33 | 45 | 55 | 39 | 171 |
| Financial Services | 25 | 107 | 51 | 49 | 79 | 81 | 259 |
| Corporate Items | -65 | -202 | -47 | -43 | -286 | -168 | -543 |
| Return on sales (%) | Q4 20 | FY 20 | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Group | 2.0 | 0.4 | 2.4 | 4.2 | 2.3 | -2.8 | 1.3 |
| TRATON Operations | 2.7 | 0.8 | 2.3 | 4.2 | 5.0 | -1.8 | 2.2 |
| Scania Vehicles & Services | 9.6 | 6.5 | 12.0 | 12.1 | 7.7 | -5.3 | 6.5 |
| MAN Truck & Bus | -4.5 | -5.7 | -11.0 | -7.3 | 2.2 | -0.4 | -4.1 |
| Navistar Sales & Services | n/a | n/a | n/a | n/a | 2.5 | 0.0 | 1.2 |
| VWCO | -3.0 | -1.2 | 7.0 | 8.0 | 9.2 | 7.9 | 8.1 |
| Financial Services | 12.2 | 13.1 | 24.6 | 23.1 | 29.8 | 25.5 | 26.9 |
Adjusted operating result & adjusted return on sales
| Adj. operating result (€ mn) | Q4 20 | FY 20 | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 |
|---|---|---|---|---|---|---|---|
| Group | 144 | 135 | 516 | 612 | 195 | 277 | 1,599 |
| TRATON Operations | 183 | 230 | 512 | 605 | 402 | 364 | 1,883 |
| Scania Vehicles & Services | 333 | 802 | 409 | 451 | 238 | 314 | 1,412 |
| MAN Truck & Bus | -139 | -553 | 71 | 108 | 66 | 4 | 249 |
| Navistar Sales & Services | n/a | n/a | n/a | n/a | 42 | -1 | 41 |
| VWCO | -9 | -15 | 33 | 45 | 55 | 39 | 171 |
| Financial Services | 25 | 107 | 51 | 49 | 79 | 81 | 259 |
| Corporate Items | -65 | -202 | -47 | -43 | -286 | -168 | -543 |
| Adj. return on sales (%) | Q4 20 | FY 20 | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Group | 2.1 | 0.6 | 7.9 | 8.6 | 2.4 | 3.1 | 5.2 |
| TRATON Operations | 2.7 | 1.0 | 8.0 | 8.7 | 5.1 | 4.1 | 6.3 |
| Scania Vehicles & Services | 9.7 | 7.0 | 12.0 | 12.1 | 7.7 | 8.5 | 10.1 |
| MAN Truck & Bus | -4.5 | -5.7 | 2.7 | 3.9 | 2.5 | 0.1 | 2.3 |
| Navistar Sales & Services | n/a | n/a | n/a | n/a | 2.5 | 0.0 | 1.2 |
| VWCO | -3.0 | -1.2 | 7.0 | 8.0 | 9.2 | 7.9 | 8.1 |
| Financial Services | 12.2 | 13.1 | 24.6 | 23.1 | 29.8 | 25.5 | 26.9 |
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Adjustments
| Adjustments (€ mn) | FY 16 | FY 17 | Q1 18 | Q2 18 | Q3 18 | Q4 18 | FY 18 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Scania: 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 | |||||||||||||||||
| 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 |
TRATON
03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Balance sheet
Assets (€ mn)
| 12/31/20 | 12/31/21 | |
|---|---|---|
| Total assets | 42,767 | 55,120 |
| Noncurrent assets | 28,369 | 38,890 |
| Goodwill | 3,305 | 6,166 |
| Intangible assets¹ | 3,461 | 7,145 |
| Property, plant, and equipment (PP&E) | 6,908 | 8,060 |
| Assets leased out | 6,496 | 6,924 |
| Equity-method investments | 1,380 | 1,280 |
| Other equity investments | 72 | 660 |
| Noncurrent income tax receivables | 29 | 80 |
| Deferred tax assets (DTA) | 1,231 | 2,114 |
| Noncurrent financial services receivables | 4,783 | 5,834 |
| Other noncurrent financial assets | 435 | 192 |
| Other noncurrent receivables | 269 | 435 |
| Current assets | 14,398 | 16,230 |
| Inventories | 4,325 | 5,456 |
| Trade receivables | 1,906 | 2,437 |
| Current income tax receivables | 86 | 188 |
| Current financial services receivables | 2,957 | 4,102 |
| Other current financial assets | 453 | 579 |
| Other current receivables | 851 | 1,240 |
| Marketable securities and investment deposits | 2,105 | 226 |
| Cash and cash equivalents | 1,714 | 2,002 |
¹ 12/31/20 amounts adjusted to reflect the current presentation
² 12/31/20 amounts adjusted
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Equity & liabilities (€ mn)
| 12/31/20 | 12/31/21 | |
|---|---|---|
| Total equity and liabilities | 42,767 | 55,120 |
| Equity | 13,169 | 13,446 |
| Subscribed Capital | 500 | 500 |
| Capital reserves | 19,995 | 14,295 |
| Retained earnings | -4,479 | 1,477 |
| Accum. other comprehensive income (OCI) | -3,078 | -2,829 |
| Equity attributable to shareholders of TRATON SE | 12,939 | 13,444 |
| Noncontrolling interest | 230 | 3 |
| Noncurrent liabilities | 14,143 | 21,849 |
| Noncurrent financial liabilities | 5,914 | 12,181 |
| Provisions for pensions and other post-employment benefits | 1,828 | 2,648 |
| Deferred tax liabilities | 767 | 803 |
| Noncurrent income tax provisions | 105 | 157 |
| Other noncurrent provisions | 1,304 | 1,557 |
| Other noncurrent financial liabilities | 2,321 | 2,429 |
| Other noncurrent liabilities | 1,903 | 2,074 |
| Current liabilities | 15,455 | 19,825 |
| Current financial liabilities | 6,384 | 6,024 |
| Trade payables | 2,769 | 4,245 |
| Current income tax payables | 117 | 195 |
| Current income tax provisions | 22 | 5 |
| Other current provisions | 977 | 3,103 |
| Other current financial liabilities² | 1,855 | 2,045 |
| Other current liabilities² | 3,332 | 4,208 |
50
Income statement
| Income statement (€ mn) | FY 18 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales revenue | 25,927 | 6,413 | 7,128 | 6,286 | 7,075 | 26,901 | 5,679 | 4,394 | 5,667 | 6,839 | 22,580 | 6,544 | 7,076 | 8,049 | 8,950 | 30,620 |
| Cost of sales | -20,946 | -5,109 | -5,653 | -5,063 | -5,792 | -21,618 | -4,659 | -3,978 | -4,708 | -5,777 | -19,121 | -5,235 | -5,601 | -6,682 | -7,565 | -25,083 |
| Gross profit | 4,981 | 1,304 | 1,474 | 1,223 | 1,282 | 5,284 | 1,020 | 416 | 960 | 1,063 | 3,459 | 1,310 | 1,475 | 1,367 | 1,385 | 5,536 |
| Distribution expenses | -2,391 | -580 | -634 | -597 | -670 | -2,480 | -594 | -510 | -532 | -611 | -2,247 | -586 | -612 | -752 | -809 | -2,758 |
| Administrative expenses | -1,011 | -259 | -243 | -232 | -238 | -973 | -238 | -185 | -222 | -231 | -876 | -226 | -236 | -380 | -363 | -1,204 |
| Other operating result | -66 | 24 | -12 | 13 | 27 | 53 | -27 | -103 | -44 | -82 | -255 | -343 | -327 | -49 | -461 | -1,180 |
| Operating result | 1,513 | 490 | 585 | 407 | 401 | 1,884 | 161 | -382 | 162 | 139 | 81 | 155 | 301 | 186 | -248 | 393 |
| Financial result | 53 | 17 | -48 | 134 | -22 | 81 | -30 | -71 | 25 | -40 | -115 | 81 | -12 | 243 | -57 | 255 |
| Earnings before tax | 1,566 | 507 | 537 | 542 | 379 | 1,965 | 131 | -453 | 187 | 100 | -34 | 236 | 289 | 429 | -305 | 648 |
| Income tax | -415 | -122 | -129 | -98 | -53 | -401 | -35 | 68 | -56 | -65 | -89 | -108 | -65 | -103 | 98 | -178 |
| Earnings after tax | 1,401 | 383 | 408 | 443 | 327 | 1,561 | 96 | -385 | 131 | 35 | -124 | 127 | 224 | 326 | -207 | 470 |
TR/ATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Regional truck unit sales
EU27+3¹
Germany
Brazil
North America²
| Unit sales trucks (units) | Q1-18 | Q2-18 | Q3-18 | Q4-18 | EX-18 | Q1-18 | Q2-18 | Q3-18 | Q4-18 | EX-18 | Q1-20 | Q2-20 | Q3-20 | Q4-20 | EX-20 | Q1-21 | Q2-21 | Q3-21 | Q4-21 | EX-21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Trucks | 46,774 | 50,931 | 47,363 | 57,424 | 202,492 | 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 |
| EU28+2¹ | 27,264 | 29,728 | 26,041 | 33,652 | 116,685 | 31,948 | 34,482 | 25,855 | 28,360 | 120,645 | 20,783 | 12,834 | 19,722 | 28,380 | 81,719 | 24,169 | 24,824 | 17,812 | 25,214 | 92,019 |
| thereof Germany | 7,087 | 8,763 | 7,078 | 9,233 | 32,161 | 8,938 | 9,884 | 7,229 | 7,594 | 33,645 | 6,117 | 3,500 | 6,390 | 8,818 | 24,825 | 6,587 | 5,995 | 5,010 | 6,450 | 24,042 |
| South America | 9,487 | 9,736 | 10,402 | 10,826 | 40,451 | 10,398 | 12,670 | 13,750 | 11,532 | 48,350 | 10,865 | 7,214 | 11,345 | 12,859 | 42,283 | 16,956 | 19,871 | 19,824 | 16,304 | 72,955 |
| thereof Brazil | 7,034 | 7,360 | 9,013 | 9,496 | 32,903 | 9,226 | 11,506 | 12,543 | 10,163 | 43,438 | 9,649 | 6,271 | 9,337 | 10,481 | 35,738 | 14,489 | 17,434 | 16,838 | 12,810 | 61,571 |
| North America² | 247 | 232 | 283 | 494 | 1,256 | 396 | 240 | 442 | 716 | 1,794 | 320 | 214 | 325 | 251 | 1,110 | 297 | 447 | 11,460 | 14,040 | 26,244 |
| Rest of World | 9,776 | 11,235 | 10,637 | 12,452 | 44,100 | 7,089 | 8,623 | 7,312 | 12,122 | 35,146 | 6,564 | 5,340 | 8,902 | 10,453 | 31,259 | 9,896 | 12,205 | 9,055 | 8,175 | 39,331 |
1 In connection with the exit of United Kingdom on January 31, 2020, the region "EU28+2" has been referred to as region "EU27+3" since 2020 (defined as the EU27 countries with the exception of Malta, plus the United Kingdom, Norway, and Switzerland)
2 USA, Canada and Mexico
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
Net cash flow & net liquidity Group excluding Financial Services
Net cash flow (€ mn), TRATON GROUP excluding Financial Services
| Net cash flow (€ mn) | Q4 20 | FY 20 | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 |
|---|---|---|---|---|---|---|---|
| 834 | 683 | 367 | 129 | -3,337 | 752 | -2,089 |
Net liquidity/net financial debt (€ mn), TRATON GROUP excluding Financial Services
| Net liquidity (€ mn) | 12/31/2020 | 3/31/21 | 6/30/21 | 9/30/21 | 12/31/21 |
|---|---|---|---|---|---|
| 27 | 397 | 578 | -6,806 | -6,110 |
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
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 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
TRATON GROUP debt maturity profile
Maturity profile (€ bn)¹
2021 developments
- €700 mn Schuldschein issued (tranches of 3y, 5y and 7y)
- Total of €4.3 bn bonds issued (tranches of 2y, 3y, 4y, 8y and 12y) in 2021
- €2.75 bn VW term loan drawn and reduced to €1.05 bn
- €4.5 bn syndicated RCF undrawn
Debt overview (€ bn)
| TRATON financial debt | 17.0 |
|---|---|
| thereof CI/OP | 8.5 |
| thereof FS | 8.5 |
| Leasing (IFRS 16) | 1.2 |
| TRATON financial debt (incl. leasing) | 18.2 |
1 Excluding €1.2bn of IFRS 16 financial liabilities
2 SSD = Schuldscheindarlehen
TRATON 03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
TRATON Investor Relations Team
Marvin Kalberlah
Head of Investor Relations (acting)
+49 162 168 51 87
[email protected]
Margit Hartmann
Annual General Meeting, Events
+49 89 360 98 381
[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]
SCANIA
/ MAN /
Caminhões Ônibus
NAVISTAR
RIO
TRATON
03-15-2022 Conference Call for fiscal year 2021 | Investor Relations
TRATON
IR CONFERENCE CALL FOR FISCAL YEAR 2021
Christian Levin, CEO | Annette Danielski, CFO
Munich, 03-15-2022
SCANIA
IMLA.NI
NAMISTAR