Financial Results H1/2013 August 6, 2013
1
SHW AG – pleasing Q2 results
Clearly outperforming European car market
• Group sales*: € 91.8m (+7.3%)
• Adj. EBITDA*: € 11.0m (+17.1%)
• Adj. EBIT*: € 7.7m (+19.4%)
• Net income from continued operations*: € 4.7m (+8.7%)
• ROCE (LTM): 16.9%
• Free Cash flow*: € +2.2m
• Successful stabilisation of SAP
• Product launches proceeded consistently stable and on schedule
Highlights Q2/2013
* Adjustment pursuant IAS 8.41.
2
Group
Sales by quarter (€m) 7.3%
-1.0%
Q4
72.3
Q3
82.1
Q2
91.8 85.6
Q1
84.6 85.4
2013 2012
H1/2013
3.2%
176.4
H1/2012
171.0
Sales (€m)
Strong sales and earnings growth in Q2
Q1
9.4 11.0
Q2
9.6
6.5 6.2
Q4
17.1%
-31.9%
Q3
8.8 2013 2012
EBITDA (€m) EBITDA by quarter (€m)
11.1%
0.0
9.9%
1.4
H1/2012
19.0 -7.6%
H1/2013
17.5 EBITDA Adjustments
3
Group
14.7 14.7
EAT by quarter (€m)
1.9
+8.7% -58.1%
Q4 Q3 Q2
4.7 4.4
Q1
1.9
4.5
3.6 2012 2013
-25.1%
H1/2013
6.6
H1/2012
8.8
EAT (€m)
3.0
5.1
+10.0% -59.4%
Q4 Q3 Q2
6.6 6.0
Q1
2.5
6.3
2013 2012
-25.6%
H1/2013
9.1
H1/2012
12.2
EBT (€m) EBT by quarter (€m)
4
TOP 10 customers
1.9 2.2
Sales by customer (€m)
SHW well positioned with German OEMs
Other 36.6 39.6
28.0 22.7
VW 47.1 41.6
Hilite 3.4 3.5
Ford 3.5 1.0
ThyssenKrupp 5.5 6.4
PSA 5.6 6.7
Volvo Cars 7.1 8.4
AUDI 10.6 10.7
Porsche 8.7 10.7
BMW 18.3 21.6
Daimler
H1/2013 H1/2012
5
Pumps & Engine Components
Sales by quarter (€m)
+9.2% +1.6%
Q4
52.8
Q3
60.0
Q2
68.6 62.8
Q1
63.3 62.3
2013 2012
Sales (€m)
P&EC back on track
+6.3% -35.2%
Q4
3.7
Q3
7.7
Q2
8.8 8.3
Q1
5.3
8.2
2013 2012
EBITDA (€m) EBITDA by quarter (€m)
+5.4%
H1/2013
131.9
103.8
14.3 13.8
H1/2012
125.1
94.7
15.5 15.0
Passenger Car Truck & Off-Highway Powder Metallurgy
13.2% 10.7%
H1/2012
16.5 -14.4%
H1/2013
14.1
6
Brake Discs
Sales by quarter (€m)
19.5
Q4 Q3
-8.1% +2.1%
21.2 23.1 22.1
Q2
23.2 22.7
Q1
Sales (€m)
Continued strong performance Q2 Q3
1.5
2.5
Q1 Q4
1.2 1.4
2.6
1.7
+48.4%
+6.6%
EBITDA (€m) EBITDA by quarter (€m)
1.9
23.0
45.8
14.4
5.5
11.6
H1/2013 H1/2012
44.4
7.4 2.4
-3.1%
Composite BD Other
Ready-to-install BD Unprocessed BD
2013 2012
2012 2013
6.9% 9.2%
H1/2012
3.1
29.8%
H1/2013
4.1
7
Capex - Depreciation
14.7 14.7
14.7
Capex by quarter (€m)
Q4
9.6
Q3
3.7
Q2
9.2
3.3
Q1
8.1
4.6
2013 2012
Capex (€m)
High capex for future growth
Q4
1.0
Q3
3.2
Q2
3.4 3.0
Q1
3.0 2.8
Depreciation (€m) Depreciation by quarter (€m)
2013 2012
+9.4%
H1/2013
5.9 6.4
H1/2012
+120.3%
H1/2013
7.8
17.2
H1/2012
2012: calculatory depreciation; 2013: book depreciation
8
Cash flow
5.
Turnaround of free cash flow in Q2
(€m) Q2/2013 Q2/2012 H1/2013 H1/2012
Cash flow from operating activities 11.2 7.1 0.3 5.7
Cash flow from investing activities -9.0 -4.0 -17.2 -8.9
Cash flow before financing activities (free cash flow) 2.2 3.1 -16.9 -3.2
Other (esp. dividend payment) -23.4 -5.7 -22.9 -5.8
Change in net cash -21.2 -2.6 -39.8 -9.0
9
Working Capital influenced by higher receivables
13,3
2.8
7.5
18.8
4.4
2.8
Working Capital (€m)
Mar 13
55.2
60.5
Jan 13
57.0
Dec 12
43.6
Nov 12
56.8
Oct 12
56.9
Sep 12
54.1
Aug 12
46.9
July 12
44.3
Jun 13
51.5 53.5
May 13 Apr 13
55.0
Feb 13
10
Sound financial profile
Balance sheet as of 30 June, 2013 (€m) Balance sheet as of 31 December, 2012 (€m)*
Other short term liabilities (31.2%)
Pensions (13.8%)
Current assets
(51.3%)
Non-current assets
(46.0%)
Equity (40.3%)
37.9
186.6m
Equity & Liabilites
58.3
21.4
5.9
25.8
75.2
Assets
1.3
92.4
92.9
Equity ratio despite special dividende still above 40 percent
Cash (2.7%)
Other short term liabilities (31.4%)
Pensions (14.3%)
Current assets
(43.6%)
Non-current assets
(45.6%)
Equity (50.9%)
37.9
180.9m
Equity & Liabilites
56.8
6.2
25.8
92.0
Assets
19.6
82.4
78.8
Other long term liabilities (3.4%)
Cash (10.9%)
Other long term liabilities (3.2%) Bank debt (11.5%)
* Adjustment pursuant IAS 19
11
3.0%
2017
18.5
2016
18.1
2015
17.4
2014
16.0
2013
15.4
2012
15.9
5.2%
2017
481,893
2016
445,863
2015
404,204
2014
367,781
2013
348,596
2012
373,303
Source: PwC Autofacts – July 2013 Source: LMC Automotive – Q2/2013
Market environment in Europe remains challenging in 2013
Light vehicle production (< 6 t) – Europe (m units) Truck production (GVW > 6t) - Western Europe (units)
m units 2012 2013 2014 2015 2016 2017 CAGRVW Group 4,39 4,31 4,58 4,85 4,88 4,92 2,3%PSA Group 1,97 1,93 2,05 2,16 2,19 2,21 2,2%Renault-Nissan 1,91 1,72 1,72 1,94 2,12 2,13 2,3%BMW Group 1,36 1,35 1,36 1,49 1,64 1,73 4,9%Daimler Group 1,33 1,38 1,51 1,54 1,45 1,52 2,8%GM Group 0,94 0,86 0,85 0,90 1,12 1,25 5,8%Ford Group 1,06 1,03 1,02 1,10 1,06 1,03 -0,6%
units 2012 2013 2014 2015 2016 2017 CAGRMercedes-Benz 91.400 82.849 86.557 93.619 101.882 108.656 3,5%MAN Group 64.539 53.824 60.281 67.418 73.669 78.363 4,0%PACCAR 45.827 44.112 50.931 59.025 65.601 71.483 9,3%IVECO Group 43.265 41.136 42.386 48.707 55.746 61.355 7,2%Volvo 47.258 43.787 46.149 50.222 55.177 59.840 4,8%Scania 42.744 43.024 48.941 53.964 58.332 62.438 7,9%Renault 32.577 30.206 32.242 35.618 39.754 43.629 6,0%
12
Outlook 2013
• Target 2013: growing stronger than underlying European market
European Union: -3.2% to 15.4 million light vehicles*
North America: +5.1% to 16.2 million light vehicles*
China: + 9.9% to 18.2 million light vehicles*
• Numerous new product launches
• Capex: between € 22m - € 26m
• Group sales 2013: € 330m - € 345m (previously: € 325m - € 340m)
P&EC sales: € 240m - € 255m (previously: € 235m - € 250m)
BD sales: around € 90m (unchanged)
• Group EBITDA above previous year level of € 33.9m
*Source: PwC Autofacts – July 2013
13
Contact Investor Relations
Michael Schickling Head of Investor Relations & Corporate Communications SHW AG Wilhelmstrasse 67 73433 Aalen-Wasseralfingen Telephone: +49 (0) 7361 502-462 E-Mail: [email protected]
14
Disclaimer This document, which has been issued by SHW AG (the “Company” or “SHW”), does not constitute an offer to sell, or the solicitation of an offer to subscribe for or buy, any shares in the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto.
The contents of this presentation are may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. Neither the Company nor any other party is under any duty to update or inform you of any changes to such information. In particular, it should be noted that financial information relating to the Company contained in this document has not been audited and in some cases is based on management information and estimates.
This material is given in conjunction with an oral presentation and should not be taken out of context.
Certain market data and financial and other figures (including percentages) in this document were rounded in accordance with commercial principles. Figures rounded may not in all cases add up to the stated totals or the statements made in the underlying sources. For the calculation of percentages used in the text, the actual figures, rather than the commercially rounded figures, were used. Accordingly, in some cases, the percentages provided in the text may deviate from percentages based on rounded figures.
Certain statements in this presentation are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward‐looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by applicable laws and regulations. You should not place undue reliance on forward-looking statements, which speak as only of the date of this presentation. Statements contained in this presentation regarding past trends or events should not be taken as a representation that such trends or events will continue in the future.
Top Related