Strong increase in Group orders and sales in second ... · Strong increase in Group orders and...

It's not allowed to change the master It's not allowed to change the master

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Version September 2012

Strong increase in Group orders

and sales in second quarter 2017

Investor Presentation

August 2017


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Agenda

20170512_Oerlikon Investor Presentation_August 2017

1 Financial Results Q2 2017

2 Outlook 2017

3 Strategic priorities

– INVEST: Surface Solutions Segment

– MANAGE: Manmade Fibers Segment

– FIX: Drive Systems Segment

4 Appendix


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Positive performance continues across all

Segments – Confidence to deliver guidance

20170808_Oerlikon Analyst Presentation_Q2 2017

Execution of Group strategy (Invest – Manage – Fix)

Organic investments in Surface Solutions (New centers in Japan and the US)

Smaller acquisition in Surface Solutions (Materials Solutions)

Organic investments and partnerships in Additive Manufacturing (Surface Solutions Segment)

Disciplined Manmade Fibers capacity ramp up to execute strong project order book

Continued repositioning efforts in Drive Systems Segments delivered double-digit EBITDA profitability

Operational performance

Strong order growth in all Segments – Group Order Intake up 21.9 % yoy.

Group Sales increased by 19.4 %, or 20.1 % excluding FX

Group book-to-bill of 1.05

The core business Surface Solutions saw double-digit growth in orders and 7.9 % in sales.

Group EBITDA margin of 13.4 % impacted by expected ramp up costs in Additive Manufacturing and

time-lag of contribution from Manmade Fibers => underlying margin profile above 14 %.

Share of service revenues was 34.3 % of total Group sales (Q2 2016: 36.0 %).

Guidance 2017 confirmed

Confidence to deliver order intake and sales at around CHF 2.6 billion.

Reported EBITDA margin guidance approaching 14 % with full absorption of the unchanged

planned expenses for additive manufacturing ramp-up.

Q2 2017 at a glance


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Sales growthQ2 17 vs. Q2 16

(y-o-y)

Q2 17 vs. Q1 17

(q-o-q)

Reported 19.4% 13.3%

Performance 20.1% 13.0%

FX translation -0.7% 0.3%

Overall Group performance builds on good

performance in all Segments


Surface Solutions Segment with continued strong order

and sales growth and sustainable profitability

=> 11th consecutive quarter with EBITDA margin >20%

Manmade Fibers and Drive Systems Segments with

improved order and sales sentiment

Group book-to-bill clearly >1

728594

+22.6%

Order intake

Q2 2017 at constant FX

Order intake

Q2 2016

693577

Sales Q2 2016

+20.1%

Sales Q2 2017

at constant FX

Top-line development at constant FX (y-o-y)

1 Margins calculated on unrounded figures

in CHF million1 Q2 17 Q2 16 y-o-y H1 17 y-o-y

Order intake 724 594 21.9% 1 436 21.6%

Sales (3rd parties) 689 577 19.4% 1 297 10.9%

EBITDA 92 80 15.0% 178 13.4%

In % of sales 13.4% 13.9% -0.5 pp 13.7% 0.3 pp

EBIT 44 36 22.2% 84 23.5%

In % of sales 6.4% 6.2% 0.2 pp 6.5% 0.7 pp


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Surface Solutions Segment – Strong underlying

profitable growth

RoW

5%Asia /

Pacific

33%

North America

18%

Europe44%

Power Generation

7%

25%

General

Industry

Aviation

13%

Automotive

23%

Tooling

32%

1 IP = Industrial Production 2 MRO = Maintenance, Repair & Overhaul;

Sales

Q2 17

Sales

Q2 17


Market development:

Strong tooling market in all

regions, especially strong

demand from Asia/Japan

Noticeable uptake in general

industries (IP1)

Stable upward trend in

automotive; Asia in particular

Aerospace market remains

healthy driven by new engine

programs and MRO2 business

Power generation with slight

industry growth

Some recovery in oil & gas

Operational performance:

Profitable growth in orders and

sales across all industries

Acquisitions and material

surcharges in total added

~CHF 6m to top-line in Q2

Solid growth trends in coating

services for tooling and

automotive/friction systems

EBITDA profitability above

20% incl. AM ramp up costs

Key partnership agreement

with GE Additive signed

Technology acquisition in

materials (Scoperta Inc.)

in CHF million Q2 17 Q2 16 y-o-yy-o-y

ex FXH1 17 y-o-y

y-o-y

ex FX

Order intake 342 311 10.0% 10.5% 694 12.5% 13.3%

Sales (3rd parties) 340 315 7.9% 8.5% 672 10.3% 11.2%

EBITDA 70 71 -1.4% – 141 6.0% –

In % of sales 20.6% 22.4% -1.8 pp – 20.8% -0.9 pp –

EBIT 40 43 -7.0% – 80 5.3% –

In % of sales 11.6% 13.4% -1.8 pp – 11.8% -0.6 pp –


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Manmade Fibers Segment – Market recovery

continues / order book is translating into sales

Filament

spinning/

Texturing

17%

67%

16%


1 Bulked continuous filament (carpet yarn) 2Continous Polymerization

BCF carpet

yarn/

Polymer

processing

Staple fiber/Nonwoven

Market development:

Continued project activities by

Tier 1 customers in Filament

market in China

Pricing improving, but remains

challenging

Positive market sentiment in

staple fibers maintains

Activities in BCF1 (US / Turkey)

exceeding expectations

Positive trend in texturing

continues

Increased interest in Melt-to-

Yarn / Fiber solutions


Large filament project orders

from China, India, Turkey and

South America.

Orders in CP², texturing, staple

fibers, BCF1

Sales pick up as a result of

order book execution and

project timings

Ongoing ramp-up in production

capacities with focus on quality

of work, processes and costs

EBITDA margin impacted by

ramp up and project profiles

improvement in H2

RoW

6%

Asia /

Pacific63%

North

America5%

Europe

26%

Sales

Q2 17

Sales

Q2 17


ex FXH1 17 y-o-y

y-o-y

ex FX

Order intake 198 125 58.4% 61.0% 377 51.4% 54.5%

Sales (3rd parties) 173 98 76.5% 79.4% 279 17.7% 20.0%

EBITDA 4 -2 >100% – 4 -42.9% –

In % of sales 2.3% -1.6% 3.9 pp – 1.5% -1.5 pp –

EBIT -1 -6 83.3% – -6 <-100% –

In % of sales -0.6% -6.1% 5.5 pp – -2.2% -1.4 pp –


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Drive Systems Segment – Reshaping initiatives

and end-markets drive top line and profitability

Europe

Asia/Pacific RoW

48%

North

America

35%

14%

Agriculture

Construction

15%

3%

27%

19%

Automotive

Transportation

36%

Energy/Mining

Sales

Q2 17

Sales

Q2 17


3%


New customers and projects in

the agriculture, construction,

automotive and transportation

markets

Sales growth mainly driven by

agricultural, construction and

automotive (incl. e-mobility)

All regions contributing to

sales growth

Higher volumes and reshaping

measure lead to an improved

EBITDA margin of 10.8%

Market development:

Agricultural overall improving;

with exception of 100+ HPT1

and large combines in the US

Construction recuperated with

growth in the US and Europe

and notably higher investments

in China and India

Transportation market mixed

A slight increase in the US

energy market through shale

oil and gas

Automotive with increasing

activities in e-vehicles, good

demand for high-perform. cars


ex FXH1 17 y-o-y

y-o-y

ex FX

Order intake 184 158 16.5% 16.1% 365 15.9% 16.2%

Sales (3rd parties) 176 164 7.3% 7.0% 346 7.1% 7.5%

EBITDA 19 12 58.3% – 33 57.1% –

In % of sales 10.8% 7.1% 3.7 pp – 9.6% 3.2 pp –

EBIT 8 1 >100% – 11 >100% –

In % of sales 4.5% 0.6% 3.9 pp – 3.3% 3.5 pp –

1 HPT = horsepower tractors


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Business split1 – Improvement in Manmade

Fibers/Drive Systems reflected in Group split


Segment sales split

in % of sales

1 Continuing operations

in % of sales

Service business

in % of EBITDA

Segment EBITDA split

in % of sales

Regional sales split

55%

49%

17%

25%

28%

26%

Q2 2016

Q2 2017

Surface Solutions Drive Systems

Manmade Fibers

89%

76%

15%

21%

-1%

Q2 2017 -1%

-3%

4%

Q2 2016

Surface Solutions

Manmade Fibers

Drive Systems

Other

36%

34%

64%

66%Q2 2017

Q2 2016

Service & Spare Parts

Goods, Equipment & Components

44%

41%

29%

35%

22%

19%

Q2 2016 5%

Q2 2017 5%

APAC

North America

RoW

Europe

-1%


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In CHF million In CHF million

Order intake Q2 2017 Sales Q2 2017

In CHF million

EBITDA Q2 2017

FX impact on Orders, Sales and EBITDA

in Q2 2017

728724

+0.6%

Trans-

lation

effects

Q2 2017

FX

impact

adj.

40

Q2 2017

reported

Trans-

action

effects

93920.2

+0.7%

Q2 2017

FX

impact

adj.

Trans-

action

effects

Q2 2017

reported

Trans-

lation

effects

0.4

13.413.4

Margin in %


693689

+0.6%

Q2 2017

FX

impact

adj.

Trans-

action

effects

Trans-

lation

effects

0 4

Q2 2017

reported

Top-line impact mainly related to currency translation as a result of reporting currency CHF

Devaluation of CNY & EUR against CHF vs. appreciation of USD & INR against CHF

Impact on EBITDA margin insignificant


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In CHF million

EBITDA to EBIT bridge – Q2 2016

In CHF million

EBITDA to EBIT bridge – Q2 2017

EBITDA to EBIT bridge for Oerlikon Group

44

59

92

-6

EBITA EBITOther

Amor.

-9

Depr.

& Imp.

-33

EBITDA


Amortization of identified acquired intangible assets mainly attributable to Metco transaction

Amor.

of

acquired

intangibles

36

49

80

EBIT

-5

Depr.

& Imp.

EBITDA

-31

EBITA Other

Amor.

-8

Amor.

of

acquired

intangibles


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EBITDA to EBIT bridge per Segment Q2 2017

Drive Systems Segment

Surface Solutions Segment

Manmade Fibers Segment

Oerlikon Group


40

52

70

EBITDA

Q2 2017

-4

EBIT

Q2 2017

Other

Amor.

EBITA

-18

Amor. of

acquired

intangibles

-8

Depr.

& Imp.

88

19

-0

EBITA

-0

Amor. of

acquired

intangibles

EBIT

Q2 2017

Other

Amor.

EBITDA

Q2 2017

Depr.

& Imp.

-11

4459

EBITA Amor. of

acquired

intangibles

-6

-33

EBIT

Q2 2017

EBITDA

Q2 2017

Other

Amor.

-9

Depr.

& Imp.

92

-1

0

4

EBITADepr.

& Imp.

Amor. of

acquired

intangibles

-4

-0

EBITDA

Q2 2017

EBIT

Q2 2017

Other

Amor.

-1


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Agenda



2 Outlook 2017





4 Appendix


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CapEX

2017 Group guidance confirmed–

Positive sentiment continuous


Order

intake

EBITDA

margin

Sales

1 Including CHF 70 - 75m related to Additive Manufacturing (AM); 2 Including full absorption of all related unchanged investment expenses in AM

2016 2017E

around

2,6002,413

~ 8.0%

2016 2017E

Economic and political environment to remain uncertain

Around 8% order growth and >11% organic sales growth

Reported EBITDA margin approach 14 %

Smaller acquisitions included in guidance

Oerlikon Group

Positive sentiment in filament and staple fibers equipment

Order intake to increase to around CHF 650m

Sales up to CHF 650m, dependent on project timings

Margin expected at upper end of guided corridor of 4 - 6%

Manmade Fibers Segment

Order intake to grow 5-7 % due to new business wins and

potential recovery of end markets

Sales increase of 4-5 %

EBITDA margin improving towards double-digit figure as

result of continued execution of repositioning initiatives


Underlying Group/Segment assumptions

2017E2016

around

2,600

>11.0 %

2,331

144

2017E2016

200 –

2501

Approach 14 %214.3 %

~ 5 % organic sales and order growth

(excluding AM and smaller acquisitions, reported ~6 %)

Confirming EBITDA margin in corridor of 20 – 22 %

excluding AM investments (reported 18 – 20 % )

Surface Solutions Segment


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Market segment dynamics*

Materials

Services

Additive Manufacturing – becoming a

business in a growth market


300

900

350

650

2018

600

2016

400

1.250

100

2017

900

1.950

2019

+37%

2021

1.300

2020

1.600

* Served, metal-based AM market, “Wohlers Report 2017”, figures rounded

AM is moving from lab/machines to a business

Aerospace/defense, medical/dental and

general industry as major AM segments

Small series production and prototyping drive

the market currently

Prototyping and Tooling will remain an

important factor as entry points to production

opportunities

Mass production in AM is not yet a reality

Logical step for Oerlikon to develop from

surface into the structure – leverage expertise

Additive Manufacturing

Oerlikon Value Proposition

AM Production &

Post Processing

“End-to-end

Advanced

Component

Manufacturing”

Applications

Engineering &

Design

“Deep vertical and

domain knowledge

for optimal

customer solutions”

AM Materials

“Materials that work”

“Industrializing AM for reliability, productivity performance”

Footprint

Materials Production/Engineering Academia/R&DMaterials/R&D


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Strategic AM investment with impacts on

Group in 2017 and beyond


AM

Inve

stm

en

t C

as

e

Industrialize AM – become an integrated service player and a leading materials manufacturer:

Expand in high volume manufacturing of specialized powders/alloys (CapEx & M&A)

Enlarge service market shares gaining economies of scale and scope (CapEx & M&A)

Increase applications engineering & design (Organic & M&A)

AM

Inve

stm

en

ts

Sales (incl. M&A)

CHF M

2017E 2019E

~20

>100

2021E

<10

~300

2016

CapEx

CHF M

EBITDA margin

In %

3

2019E

~170

cum.

~300

cum.

2021E2017E2016

70-75

2016 2017 2018 2019 2020 2021

>20%

Invest

Deliver


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Agenda



2 Outlook 2017





4 Appendix


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Oerlikon’s strategic priorities confirmed –

focus on execution / operational performance


Creating a global

surface solutions

and advanced

materials

powerhouse

Organic investments:

innovation, markets

and technologies

Additive

Manufacturing

M&A

Surface

Solutions

Manmade

Fibers

Drive

Systems

Repositioning to

allow for value-

creating options

Remaining end

market challenges

Drive innovation

and market share

Manage market cycle

Execution of structural

adoptions concluded

Readiness for post-

trough period

• Strengthen technological leadership (Innovation, expansion, collaboration)

• Grow existing business (Penetration, new markets/applications, service)

• Identify and develop new opportunities – organic and inorganic

• Further develop organization (Structure, capabilities, capacity, footprint)

Group 2017: Enlarge platform for mid-term growth


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Agenda



2 Outlook 2017





4 Appendix


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Why do we need coatings? Modifying the

surface is key to enhancing performance


A coating is a covering to add or augment a specific

functionality or property to a substrate

Increasing demands on systems are imposing higher

demands on tools and components, e.g. increasing

performance or smaller dimensions

Coatings are the most effective way (or often the only

possible means) to improve the operational

performance

Coatings are to be applied at a controlled thickness,

and a number of different processes are used to

achieve this control using high-tech machinery

Coating

Substrate


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Surface technologies add a broad range

of surface properties to a substrate


1 ePD = embedded PVD (thin-film coating on plastic substrate).

Wear resistance

E.g. PVD coatings for

cutting and forming tools 1

Thermal resistance

E.g. thermal spray coatings

for turbine blades2

Friction reduction

E.g. DLC coatings

(Diamond-like-coatings)

for engine parts

3

Electrical

properties

E.g. oxide coatings for

fuel cells

4Corrosion /

erosion resistance

E.g. coatings for pump

impellers

5Decorative

enhancement

E.g. DLC coatings for

watches; ePD1 for

decorative parts in cars

6


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Oerlikon covers a broad range of surface

technologies


Surface

treatment

THIN-FILM COATING

PVD

PECVD (PACVD)

THICK-FILM COATING

Thermal spray

NITRIDING

Plasma nitriding

Bulk

treatment

HARDENING


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Illustrations of the advantages of surface

solutions


Surface

Solutions

Reliability

Safe, lifelong sealing for

subsea valves

Cost saving

Twenty-fold

increase in mine

dewatering pumps

and tar sand

screen life

Productivity

Coatings enable a

10% p.a. increase

in productivity

Energy efficiency

1 million liters of fuel saved

per hour, globally

Increased lifetime

Over 25 000 hours of

operation between services

Environmentally

friendly

Enabling up to 5% fuel

savings through reduction

of friction for heavy-duty

diesel engines1

Aerospace

Power generation

AutomotiveTools

Mining

Oil & Gas

1 Source: DEER 2007, Diesel Engine-Efficiency and Emissions Research Conference, Detroit.


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Surface Solutions Segment serving

attractive, growing end markets globally


Aviation Auto ToolingPower

generationOil & gas

General

industry

Higher fuel

efficiency

Tighter emission

regulations

Increase

resistance

requirements

Engine downsizing

Higher

productivity for

higher speed tools

Machining of ever

harder materials

Centralization of

purchasing

Higher energy

efficiency

Longer

maintenance

cycles

New-generation

technologies

More

sophisticated

extraction

methods

Oil price

Cost efficiency

Automated

production

Higher energy

efficiency

Surface Solutions Segment – underlying market growth1

Surface Solutions business outperforming underlying growth markets

2% 2% 2-4%

Lighter and more

efficient materials

Hotter engine

temperatures

Monolithic design

enabled by AM

3-4% 2-3% 0%

1 2017 E


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Reconditioning = regrinding and recoating

ReconditioningConventional coat vs. BALINIT coat

Coatings on cutting tools significantly

increase productivity and tool life


BALINIT Pertura coat from Oerlikon Balzers

…increases drilling speed by factor of

2.5 from 80 m/min to 210 m/min and

therefore increases productivity by 85%

…extends tool life time by ~67%

(1 000 holes instead of 600 holes)

+ + + + + +

4 new tools

100%total costs

1 new tool

reconditioned 3×

50%cost savings

A used tool can be reconditioned up to

three times (some tools up to eight times)

and has the same performance as a virgin

tool but at 50% of the costs

37

20

0

10

20

30

40

BALINIT®

PERTURA

+85%

Conventional

coat

Holes/minute

1,000

750

250

0

500

BALINIT®

PERTURA

Conventional

coat

+67%

600

1,000

Tool life time (# of drilled holes)


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Significant savings in production costsCoated vs. uncoated forming tools

When forming stainless steel, untreated

tools quickly approach their limits. The

series production of heat shields, for

instance, will stop at about 2 000

produced parts due to cracks in the

tool surface

With thin-film coatings, the life of the

forming tool can be extended by a

factor of ten

Coatings on forming tools reduce

production costs by more than 80%


20,000

Tool costs

(EUR)

2,000

Tool life

(number of

formed heat

shields)

11,080

10,000

+900%

+11%

Uncoated forming tool

Coated forming tool

5,245,00

0,750,55

Tool costs

per produced

part (EUR)

Total

production

costs per

part (EUR)1

-89% -86%

1 Production costs of € 0.20; extra cost per part for uncoated tools of € 0.04.


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Demand for improved fuel efficiency

Elevating turbine operating temperature

drives fuel efficiency

Operating temperature of critical

components limited by base materials

(e.g. superalloys)

Compressor abradable seal coatings on the

casing lead to a 2% improvement in engine

overall efficiency

─ Savings of more than 4 800 million liters

of fuel, worth ~USD 4 billion

─ Avoiding 12.3 million tons of CO2 p.a. for

the global fleet of civil aircraft

Even more fuel savings thanks to other

coated parts in jet engines

Significant savings in fuel consumptionCoated parts in a jet engine

Coatings of jet engine parts significantly

reduce fuel consumption and CO2 emissions


Turbine

Combustion chamberCompressor

Fan

5

63

4

2

1

1 Abradable seal coatings (TS) on casing

2 Wear protection coatings (TF & TS) of blades

3 Erosion resistance coatings (TF) of compressor blades

4 Blade tip and fire barrier coatings of compressor casing (TS)

5 Thermal barrier coatings (TS) of combustion chamber and

turbine blades (TS)

6 Corrosion / oxidation protection coatings of turbine blades (TS)

TF = Thin-film; TS = Thermal spray

http://www.youtube.com/watch?v=eA699AKxT7s

http://www.youtube.com/watch?v=eA699AKxT7s


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Coatings allow the use of high-performing cast-

iron brake disks instead of full ceramic disks


Demand for corrosion protection, higher

performance (less fading), higher comfort

(less noise), no dust on rims

Rising demand to reduce emissions

caused by brake dust, enhanced corrosion

protection for hybrid cars

Shiny brake disks as design element

Coatings on conventional cast-iron brake

disks:

─ Add ~CHF 40 extra costs on a ~CHF 160

non-coated conventional disk

─ 3× longer lifetime compared to conventional disks

─ Brake dust emission reduced by 50%

─ 90% less costs compared to a ceramic disk

Interesting for special vehicles (RVs,

construction, military) or other applications

(wind turbines, elevators)

Less costly alternative to ceramic disks Coated brake disks in a car

1 Cast-iron brake disk heat treated and coated with TS

2 Metal matrix composite (MMC) or carbide coatings (TS)

as wear-resistant coating on brake disk

3 Heat-treatment layer for superior corrosion protection

proprietary to Oerlikon Metco

4 Coating cross section – patent pending on coating system,

patent granted for coating composition

2

3

4

Brake disk

1

TS = Thermal spray; RV = Recreational vehicles


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Ac

qu

isit

ion

his

tory

Inve

stm

en

t fo

cu

s

Surface Solutions Segment accounting for majority of capital expenditure within Oerlikon

Capex/depreciation ratio > 1 (excluding amortization of acquired intangible assets)

─ Expansion of capacity in existing coating centers

─ Technology upgrade (combining technologies from Balzers and Metco)

─ Develop new coatings, materials and applications

─ Two to four new coating centers each year

Surface Solutions Segment accounting for the majority of R&D expenditures within

Oerlikon Group

Business constantly expanding since 2011,

major step forward with Metco acquisition


Hartec

(ePD)

Rox

(regrinding)

Metco

(thermal spray

& materials)

2011 2012 2013 2014 2015 2017

All recent acquisitions within Oerlikon Group related to the Surface Solutions Segment

Laser

Cladding

Services

2016

Citim (AM) &

DMX (TF)

…

Adv. Materials:

Recentis &

Scoperta


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Oerlikon driving additive manufacturing

development

Production services

Application

engineering

Production

processes

Development and certification

of additive manufacturing

(AM) tailored materials

Complete powder portfolio in

large & small batch sizes

Distribution competence

serving different routes to

market

Strong material handling

competence

Product design engineering

for AM (design for function)

Application engineering

competence

Optimized production

process chain through

end-to-end management

Customer understanding

through partnerships

Optimized machine

parameters and software

solutions

End-to-end coverage of

digital process parameters

Automation of process

(linkage of hardware and

software tools)

Conventional and tailored AM

finishing technologies

Materials

1 3

Value proposition: End-to-end offering

with strong interface management

Industrialization of AM value chain is key

to reach series production level

Systems

Software Hardware

2



8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Only scratching the surface so far …

Big growth potential in all areas


Market

development New

customers

New regions

New

industries

Market

penetration

Diversification New applications

Multilayer coatings

Etc.

Product development New coatings / technologies

New materials

More efficient equipment

New products

Exis

ting m

ark

ets

Existing products

New

mark

ets

Increasing number of coated parts

in existing applications

New applications / end markets

providing substantial growth potential

E.g. the number of thin-film coated

parts in a car increased from

~15 parts to up to 100 parts

─ 1990s: first applications of thin-film

coatings in diesel injector systems

─ Since 2008: coatings also applied on

piston pins (starting with a small

number; in 2015 more than

22 million coated piston pins)

─ 2015: whole piston group, oil actuation,

ESP / brake systems and engine

peripheral parts are coated

─ Future serial applications include

transmission parts, differential gears,

cooling systems, turbochargers etc.

Also an increasing number of thermal

spray coated components in a car


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Value proposition 1: broadest product and

service offering


Friction

systemsRegrinding

Thin-film

(PVD/PECVD)

Polishing ePD

Plasma

nitriding

Coating

servicesMaterials

Hard-

facing

Laser

cladding

Thermal

spray

Equipment

Additive

manu-

facturing


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Customer example: customer in the automotive industry facing a problem with cylinder bores

Friction reduction by matching of inner bore thermal spray and PVD piston ring coating

Oerlikon delivers solutions for most challenging surface requirements through distinct technology and engineering know-how

Value proposition 2: strong application

engineering competence


Performance requirement Application engineering Coating solution

Customer facing a

problem in product

development

Oerlikon application

engineering know-how

Materials

Processes

Systems

Coatings part of

product design

Standard coating

service process

Coating integral part of next-generation product


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Value proposition 3: largest coating service

center network worldwide


24–48 hrs from pickup at customer site to reshipment

Incoming

inspection

Cleaning Pre-

treatment

Loading Coating Outgoing

inspection

Post-

treatment

Packaging /

shipping

Pickup /

delivery

Over 140 service and production

centers in 37 countries worldwide

Example of PVD coating service:


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Value proposition 4: broad and versatile

portfolio of materials and equipment


AgglomeratedAgglomerated

& sinteredAgglomerated

& HOSPAgglomerated

& densified

Sintered &crushed

Fused &crushed

Wateratomized

Gasatomized

Mechanicallyclad

Chemicallyclad

Drawn, swagedor rolled

Filled & drawn,swaged or rolled

Material feeder

Spray gun

Thermal spray materials Thermal spray equipment

Constantly developing new materials

with new properties, based on customer /

application requirements


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Agenda



2 Outlook 2017





4 Appendix


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Manmade fibers are made from

synthesized polymers. The

compounds that are used to make

these fibers come from raw materials

such as petroleum-based chemicals.

Manmade fibers are more durable

than most natural fibers. In addition,

many synthetic fibers offer consumer-

friendly functions such as stretching,

waterproofing and stain resistance.

Importance of manmade fibers


The demand for fibers

is increasing due to

the growing world

population. Natural

fibers such as cotton,

however, have only

limited availability. Polymers have become

familiar household

materials and are also

made into numerous

nonfiber products such

as PET bottles.

Manmade fibers are spun and

woven into a huge number of

consumer and industrial

products, including garments,

home furnishings, such as

upholstery and carpets, and

industrial textiles, such as

drive belts and tire cord.

Compared to natural fibers, many

synthetic fibers are more water-

resistant and stain-resistant. Some

fabrics are also designed to stretch in

specific ways, which makes them

more comfortable to wear.

Cotton is resource intensive: it takes a lot

of water to farm cotton. Wool sheep also

need water, and a lot of grazing land

in order to survive. Although synthetic

fiber production does involve some

carbon emissions, the environmental

footprint of many fibers is much lower.×


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Customer example – spinning plant


3 × 200 t/d polycondensation

504 WINGS POY

144 WINGS FDY

648 spinning positions

Polycondensation

Polymer melt

Winder

Daily output: 365 000 bobbins (15 kg each) 1 train with 275 wagons (total length of 4 km)


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Oerlikon in the middle of the polyester value

chain


Refinery

Aromatics

plant

Steam

cracker

PTA plant

Polyester

yarn

Polyester

chips PET-packaging

Apparel

Home textiles

Technical textiles

Polyester chainEnergy and upstream petrochemicals

Oerlikon focus

End markets

PX

PTA

MEG

Crude

oil Naphtha

Ethylene

PX = paraxylene; PTA = purified terephthalic acid; MEG = monoethylene glycol; PET = polyethylene terephthalate.

Textile

processing

MEG plant

Polymer processing

(polycondensation)

Spinning

plant

Polyester melt

Polyester

melt


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


End-market growth intact due to increasing

fiber consumption globally


1 CAGR 2015–2018

Refinery

Aromatics

plant

Steam

cracker

PTA plant

Polyester

yarn

Polyester

chips PET-PackagingMEG plant

Polymer processing

Spinning

plant Apparel

Home textiles

Technical textiles

Sustainable growth in manmade fibers consumption

supported by:

Population growth

Increased wealth (increasing per capita consumption,

especially in emerging markets)

New (technical) applications

Industry trends:

Apparel: higher-quality yarn and ecologically friendly

Home textiles: applications with soft fibers and attractive housing

market in USA with increasing removals

Technical textiles: performance improvements and cheaper

raw material

4%1

5%1

5%1

3%1


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


The release of the 13th Chinese five-year

plan confirmed our latest assessment


Release of 13th Chinese five-year plan confirmed

latest assessment as of November 2015:

Average annual growth rate of capacity

expected to be around 3%

(statement as of Nov. 2015: around 3%)

Chinese government controlling the

installation of new production capacity

to improve utilization of existing capacity

(utilization rate in 2015: 76%)

Three overlapping phases in

13th five-year plan:

Industry development targets

Industry tasks according to 13th Chinese five-year

plan (2016 – 2020):

1) Speed up restructuring and ensure industry

transformation / revitalization

2) Push forward technological progress and

improve innovation ability, e.g. new functional

fibers or industrial production of high-performance

fibers

3) Develop intelligent manufacturing and facilitate

integration of industrialization with information

technology encourage enterprises to set up

smart factories

4) Develop green manufacturing and promote

reclamation of resources, e.g. new dyeing

technologies and recycling technologies for

scrapped PET bottles/chips

5) Develop innovative modes of growth and

improve soft power of industry, e.g. increase

publicity of brands, improve the industry’s quality

testing systems

Main tasks of China’s

chemical fiber industry1

1 Source: China National Textile and Apparel Council


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Agenda



2 Outlook 2017





4 Appendix


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Challenges in Drive Systems Segment’s

end markets in the short and medium term


Agriculture Construction Transportation Energy Mining Automotive

Mobility

increase

Urbanization

Urbanization

Higher efficiency

Energy demand

Oil price

Weak

commodity

prices and

demands

Higher efficiency

and lower costs

Urbanization

Increase of

middle class

E-vehicle trends


Megatrends to support long-term attractiveness of the business

Population

increase

Higher

productivity

Sustainable

developments

Low to negative growth environment in the short term


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


New Segment strategy – focusing on key

competencies and products


Implementation of a focused factory concept with clear

lead factories for product lines

Each factory with maximum two product lines

Streamliningof productportfolio

Reduce product width: main focus on four key product

lines: gears, shifting solutions, planetary drives and

e-drives/hybrids

Reduce product depth: reduce total number of products

by around 20%

Increaserange of

applications

Focusfactoryconcept

Increase range of applications by rolling out key products

into adjacent industries with similar applications, i.e.

commercial and utility vehicles

Focus on key customers and higher-value-added projects

Improve quality of orders

Orderquality


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Agenda



2 Outlook 2017





4 Appendix


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Key figures Oerlikon Group – Strong

performance in the first half of 2017

Order intake1 1 436 21.6%

Order backlog1 578 44.1%

Sales1 1 297 10.9%

EBITDA1

% of sales

17813.7%

13.4%0.3 pp

Net income 48 11.6%

H1 2017 H1 2016 Δ

166 15.3%Cash flow from operating activities2

EBIT1

% of sales

846.5%

23.5%0.7pp

EPS 0.14 16.7%

1 918 +2.7%Net operating assets (incl. goodwill and brands)

Result from continuing operations1

% of sales

483.7%

54.8%

in CHF million

1 H1 2016 continuing operations, 2 before changes in net current assets; 3 As of Dec. 31, 2016

1 181

401

1 169

15713.4%

43

144

685.8%

0.12

1 8673

312.7%

20160802_Oerlikon Q2_H1 2016 Business Update


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


H1 2016

Net income positively impacted by higher

profitability and lower financial expenses

Result before interest and taxes (EBIT)in % of sales

846.5%

23.5%0.7 pp

Financial result -8 38.5%

Result before taxes (EBT)in % of sales

765.9%

38.2%1.2 pp

Income taxesin % of EBT

-2836.8%

-16.7%-6.8 pp

H1 2017 Δ

Result from continuing operationsin % of sales

483.7%

54.8%1.0 pp

Result from discontinued operations - -100%

Net income 48 11.6%

in CHF million

20160802_Oerlikon Q2_H1 2016 Business Update

685.8%

-13

554.7%

-2443.6%

312.7%

12

43


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


2015

Strong unleveraged balance sheet with an

equity ratio of 46%

Cash and cash equivalents

Trade and trade notes receivables

Inventories

Property, plant and equipment

Total other assets

Total assets

Non-current loans and borrowings

Total liabilities

Total equity

Total equity ratio

Net cash

Total other liabilities

Goodwill and intangible assets

Non-current post-employment benefit liabilities

Trade payables

Current customer advances

691

403

389

735

1 175

504

3 897

466

410

688

2 103

1 794

46%

309

277

262

H1 2017in CHF million


FY 2016

751

369

353

745

1 154

453

3 825

466

433

680

1 985

1 840

48%

401

239

167


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Mid-term target corridor

In CHF million In CHF million

CapExDepreciation &

amortization1

CapEx / depreciation &

amortization ratio1

79

56

H1 2016

+41%

H1 2017

7773

H1 2016

+5%

H1 2017

Group CapEx / depreciation ratio within

mid-term target corridor1

1.4

1.6

1.0

0.8

1.2

1.01

2011

1.20

1312

1.44

1.16

1.43

1.09

14 H1

17

16

1.03

15

1 Excluding amortization of acquired intangible assets (H1 2016: CHF 16m and H1 2017: CHF17m)


Surface Solutions Segment ratio of 1.20 due to investments in additive manufacturing as well as

capacity and footprint expansion

Manmade Fibers Segment ratio of 0.60

Drive Systems Segment ratio at 0.82


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Consolidated cash flow statement H1 2017

In CHF million

Solid operating cash flow in H1 2017

691

166751

Conversion

adjustments to

cash and cash

equivalents

-3

Financing

activitiesCash and cash

equivalents at

the end of the

period

-110

Investing

activities

-58

Operating

activities before

changes in net

current assets

-60

Changes in net

current assets

-55

Cash and cash

equivalents at

the beginning

of the period

Dividends paid -103

Repayment of debt -2

Interest paid -10

Other 5

Total -110

Receivables -129

Inventories -41

Payables/liabilities 20

Customer advances 95

Total -55

CAPEX PP&E -63

CAPEX intangibles -16

Acquisition of subsidiaries, net of cash acquired -10

Acquisitions of associates -8

Purchase of financial investments -8

Proceeds from sale of property, plant and equipment 2

Proceeds from sale of financial investments 42

Interest and Other 3

Total -58



8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


in CHF per share

Dividend proposal for FY 2016

in CHF per share

Underlying EPS

Stable dividend of CHF 0.30 per share

proposed backed by divestment proceeds

20121

0.68

0.85

0.76

2011

0.72

20131

0.31

20153

0.61

2016420142

0.30

0.25

42%

29%

20121

0.20

0.30

2011 2014

29%

97%

2015

49%

0.30

201620131

0.27

36%

1 Restated for divestment; 2 Underlying EPS from continuing operations (reported EPS CHF 0.59); 3 Underlying EPS from cont. op., normalized for restructuring costs, impairments and amortization of acq. intangible assets (Metco) net of tax (reported EPS CHF -1.24);4 Underlying EPS from continuing operations normalized for amortization of acquired intangible assets (Metco) net of tax (reported EPS CHF 1.14)


Proceeds from Vacuum divestment allow to maintain stable dividend – exceeding dividend policy

Dividend to be distributed from the capital contribution reserve

Dividend policy of up to 50% of underlying net result confirmed, subject to available funds

Addition to SPI Select Dividend 20 Index as of March 20, 2017

Dividend

Payout ratio


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Sales 3rd 2017 (e) COGS 2017 (e)

Balanced FX profile across the Group –

Limited Swiss franc exposure

0%16%

22%

9%

53%

RMB OtherEUR USDCHF


25%

14%

50%

10%

1%

≈

No major currency mismatch – natural hedge in place

Limited transaction risk

Translation effects from reporting currency CHF

Main currencies in “Others” are INR and JPY


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


In %

Development of ROCE

Return On Capital Employed (ROCE)

FY 2016

-19.8%

FY 2015

(norm.)2

6.2%

FY 2014 FY 2015

10.4%

H1 2017

12-month

rolling

5.7%

11.1%

Oerlikon Definition of ROCE H1 20171 FY 2016

EBIT 174 158

- Total current income tax -70 -65

- Total deferred tax income 13 12

NOPAT 117 105

Net Operating Assets 1 918 1 867

+ Current income tax receivables 27 41

+ Deferred tax assets 152 159

- Current income tax payables -50 -44

- Deferred tax liabilities -161 -159

Capital Employed 1 886 1 864

1 12-months rolling 2 Normalized EBIT excl. one-time restructuring costs of CHF 112 million and impairments of CHF 476 million; Current income taxes adjusted accordingly


H1 2017 ROCE1 : 6.2% as result of higher NOPAT year-on year due improved operating profitability

over a more or less stable asset base

Sequentially higher ROCE compared to 5.7% in Q1 20171


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Net working capital1 FY 2011 – HY 2017

In % of sales; in CHF million

Active net working capital management and

increased customer advances

316

391394

108125

289253

15%

FY 2016

14%

FY 2015 HY 2017

10%2

4% 4%

FY 2012

12%7%

FY 2011 FY 2014FY 2013

1 Net working capital is defined as trade receivables + inventories – trade payables – current customer advances 2 12-months rolling sales


Net working capital reduced by 20% compared to FY 2016 due to increased customer advances up

by CHF 95 million to CHF 262 million mainly in the Manmade Fibers Segment

Higher inventories (+ CHF 36m) mainly due to ramp up of production in Manmade Fiber Segment


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Investments in R&D (expenditure) in the range of around 4 % of sales

In CHF million; as % of sales

Constant range of investments in R&D

of around 4% of Group sales

94103

96101

106102

53

4%4%

3%

0

20

40

60

80

100

120

0

2

4

6

8

10

12

20162012 H1 20172014 20152013

4%4%

2011

4% 4%


R&D essential to secure technological leadership – R&D expenditures increased by 10% yoy

Constant range of around 4 % of Group sales

Focus on Surface Solutions Segment representing 69% of Group R&D expenses


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


R&D and CapEx on Segment level

CapEx / Depr. & Amort. H1 20172

CapEx H1 2017

Depreciation & Amortization H1 20171

R&D expenses H1 2017


Manmade Fibers

(4%) 19%

12%

Drive Systems (2%)

Surface

Solutions (6%)

69%

Manmade Fibers11%

Surface

Solutions

23%

66%

Drive Systems

CHF

57m

CHF

94m

23%

Manmade

Fibers (2%) 8%

Drive Systems (5%)

69%Surface

Solutions (8%)

CHF

79m

0.60

Manmade

Fibers

1.03

Drive

Systems

0.821.20

Surface

Solutions

1 Reported, 2 Excluding CHF 16 million amortization of acquired intangible assets in Surface Solutions Segment

(% of Segment sales)

Group averageSegments

(% of Segment sales)


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Asset allocation and employees

on Segment level

Employees (FTE) by Region H1 2017

Employees (FTE) by Segment H1 2017

Operating Assets H1 2017

Net operating assets H1 2017


74%

18%

Surface

Solutions

Manmade Fibers 8%

Drive Systems

Drive Systems

20%

Manmade Fibers21% Surface

Solutions

59%

CHF

1 918m

CHF

2 938m

2%

Manmade Fibers

Corporate

Surface

Solutions35%

47%

16%

Drive Systems

14 435

48% Europe

RoW

2%

Asia / Pacific

North America

13%

37%14 435


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Listed on Swiss Exchange (SIX) since 1973

Securities symbol: OERL

Securities number 81 682

ISIN: CH0000816824

No. of shares outstanding: 339 758 576 shares

Re-entry to Swiss SMIM (April 17, 2012)

Addition to STOXX Europe 600 (June 18, 2012)

Addition to SPI Select Dividend 20 (Mach 20, 2017)

Oerlikon shares

as of July 28, 2017, indexed; 100 percent = closing price per December 31, 2016

Oerlikon share price development

as of July 25, 2017

Oerlikon shareholder structure1

Oerlikon shares

3.2%

49.8%

Baillie Gifford & Co.

4.0%

43.0%

Renova GroupOthers

(incl. 0.14%

treasury shares)

Black Creek IM

1 Based on latest notification by Renova (as of December 17, 2015 of 146 222 889 shares), Black Creek (as of April 11, 2017 of 10 875 500 voting rights)

and Baillie Gifford (as of July 25, 2017, of 13 634 046 voting rights) 20170808_Oerlikon Analyst Presentation_Q2 2017

90,0

100,0

110,0

120,0

130,0

140,0

150,0

31.1

2.2

016

05.0

1.2

017

10.0

1.2

017

15.0

1.2

017

20.0

1.2

017

25.0

1.2

017

30.0

1.2

017

04.0

2.2

017

09.0

2.2

017

14.0

2.2

017

19.0

2.2

017

24.0

2.2

017

01.0

3.2

017

06.0

3.2

017

11.0

3.2

017

16.0

3.2

017

21.0

3.2

017

26.0

3.2

017

31.0

3.2

017

05.0

4.2

017

10.0

4.2

017

15.0

4.2

017

20.0

4.2

017

25.0

4.2

017

30.0

4.2

017

05.0

5.2

017

10.0

5.2

017

15.0

5.2

017

20.0

5.2

017

25.0

5.2

017

30.0

5.2

017

04.0

6.2

017

09.0

6.2

017

14.0

6.2

017

19.0

6.2

017

24.0

6.2

017

29.0

6.2

017

04.0

7.2

017

09.0

7.2

017

14.0

7.2

017

19.0

7.2

017

24.0

7.2

017

29.0

7.2

017

Oerlikon SMI SMIM STOXX Europe 600 STOXX Europe 600 Industrial


8,6

4,7

8,0

9,1

6,6

8,3

0,9

0,5


Coverage –

9 Buy/Accumulate & 5 Hold/Neutral


Broker Analyst RecommendationDate of last

update

Target

price

AlphaValue Heinz Steffen Add 20.07.2017 14,80

Baader Helvea Reto Amstalden Buy 21.06.2017 13,50

Berenberg Bank Sebastian Künne Hold 21.06.2017 13,00

Credit Suisse Patrick Laager Outperform 10.05.2017 15,00

Jefferies Graham Phillips Hold 01.08.2017 15,00

Kepler Cheuvreux Torsten Sauter Hold 03.08.2017 14,75

MainFirst N.N. Outperform 03.05.2017 14,00

Mirabaud Thomas Baumann Buy 05.05.2017 13,50

Octavian Alessandro Foletti Buy 10.07.2017 14.00

RBC Capital Markets Wasi Rizvi Outperform 09.06.2017 14,00

Societe Generale Christophe Quarante Hold 02.06.2017 13,50

UBS Fabian Haecki Buy 05.05.2017 13,90

Vontobel Michael Foeth Buy 28.07.2017 17,00

ZKB Armin Rechberger Marketweight 04.07.2017 -

9 positive

5 neutralConsensus 14,33


8,6

4,7

8,0

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Financial Calendar 2017 / 2018


August 8, 2017 Q2 / HY 2017 results and publication of Interim Report 2017

- Media & Analyst Conference Call

October 31, 2017 Q3 / 9M 2017 results


March 6, 2018 FY / Q4 results and publication of Annual Report 2017

- Media & Analyst Conference in Zurich

April 10, 2018 Annual General Meeting of Shareholders

- KKL Lucerne

May 2, 2018 Q1 2018 results


August 7, 2018 Q2 / HY 2018 results and publication of Interim Report 2018


October 30, 2018 Q3 / 9M 2018 results



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Investor Relations Contact


OC Oerlikon Management AG, Pfäffikon

Churerstrasse 120

CH – 8808 Pfäffikon SZ

Switzerland

Andreas Schwarzwälder

Head of Investor Relations

Senior Vive President

Phone: +41-58-360-9622

Mobile: +41-79-810-8211

E-mail: [email protected]


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OC Oerlikon Corporation AG, Pfäffikon, (together with its affiliates hereinafter referred to as “Oerlikon”) hasmade great efforts to include accurate and up-to-date information in this document. However, Oerlikonmakes no representation or warranties, expressed or implied, as to the truth, accuracy or completeness ofthe information provided in this document, Neither Oerlikon nor any of its directors, officers, employees oradvisors, nor any other person connected or otherwise associated with Oerlikon, shall have any liabilitywhatsoever for loss howsoever arising, directly or indirectly, from any use of this document.

The contents of this document, including all statements made therein, is based on estimates, assumptionsand other information currently available to the management of Oerlikon. This document contains certainstatements related to the future business and financial performance or future events involving Oerlikonthat may constitute forward-looking statements. The forward-looking statements contained herein could besubstantially impacted by risks, influences and other factors, many of which are not foreseeable at presentand/or are beyond Oerlikon’s control, so that the actual results, including Oerlikon’s financial results andoperational results, may vary materially from and differ than those, expressly or implicitly, provided in theforward-looking statements, be they anticipated, expected or projected. Oerlikon does not give anyassurance, representation or warranty, expressed or implied, that such forward-looking statements will berealized. Oerlikon is under no obligation to, and explicitly disclaims any obligation to, update or otherwisereview its forward-looking statements, whether as a result of new information, future events or otherwise.

This document, including any and all information contained therein, is not intended as, and may not beconstrued as, an offer or solicitation by Oerlikon for the purchase or disposal of, trading or any transactionin any Oerlikon securities. Investors must not rely on this information for investment decisions and aresolely responsible for forming their own investment decisions.

Disclaimer


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