FTE automotive – Innovation drives
FTE Holding GmbH Bond Presentation Financial Figures 2016 May 5 th - - PowerPoint PPT Presentation
FTE Holding GmbH Bond Presentation Financial Figures 2016 May 5 th - - PowerPoint PPT Presentation
FTE Holding GmbH Bond Presentation Financial Figures 2016 May 5 th , 2017 FTE automotive Innovation drives Disclaimer This document and any related presentations have been prepared by FTE Holding GmbH (the Company) and its consolidated
FTE automotive – Innovation drives Financial Figures - 2016 2 FTE Holding GmbH
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FTE automotive – Innovation drives Financial Figures - 2016 3 FTE Holding GmbH
Presentation of FTE Holding GmbH Financial Figures 2016
Andreas Thumm, CEO Niklas Beyes, CFO
FTE automotive – Innovation drives Financial Figures - 2016 4 FTE Holding GmbH
Leading Global Automotive Supplier of Mission Critical Products
Sales Breakdown
2016 Sales: € 551 million Hydraulic Clutches
(51% of 2016 Sales)
Brakes
(24% of 2016 Sales)
Other
(11% of 2016 Sales)
DCT
(14% of 2016 Sales)
What Does It Do?
- Mechanism for
connecting and disconnecting an engine and the transmission system in a vehicle
- Application in manual
transmissions
- Device for slowing or
stopping a moving vehicle, typically by applying pressure to the wheels
- Brake calipers
- Components used for
clutch and brake applications - largely spare parts
- Electro hydraulic
products
- DCT (dual clutch
transmission) is an automatic transmission system with two parallel clutches Average Content per Car
- €10 - €30
- €10 - €40
- N/A
- €20 - €80
- Core business
accounting for majority of profits
- Defendable business
with attractive margins
- Solid mid-term growth
potential
- Adjacent business to
Clutches
- Sale to OEMs but
also into aftermarket, which offers attractive margins
- Mostly aftermarket
business ‒ Resilient business ‒ Attractive margins
- Attractive, high growth
with DCT technology IAM 22% OEM 73% Europe (w/o Germany) 39% Germany 29%
By Channel By Geography
Key Products
- Master and slave
cylinders
- Concentric slave
cylinders
- Clutch pipe
assemblies
- Includes some spare
parts (aftermarket)
- Drum brakes
- Wheel cylinders
- Brake-pipe systems
- Brake boosters
- Includes some spare
parts (aftermarket)
- Brake calipers
- Spare parts
(aftermarket)
- Controlled pistons
(CPx)
- Special hydraulics
- CSC for dual clutch
- Lubrication oil pump
- Gear shift module
Americas 13% RoW 1% Asia 18% OES 5%
Top OEM Customers
FTE automotive – Innovation drives Financial Figures - 2016 5 FTE Holding GmbH
FTE market position Global market / technology leader New applications and products New products with metal-to-plastic substitution New products Mid-size player, lower strategic focus area Channel coverage OE + AM OE + AM OE + AM AM OE + AM Products
CMC / CSC Con- centric CSC Clutch Pipes / Hoses Sensors GSM DCT CPx Park- Lock Actuator1 Cooling Oil Valves Trans- mission Fluid Pump Lubri- cation Oil Pump Cooling Oil Pump1 Start- Stop Pump1 Brake caliper remanu- facturing Brake hoses Brake boosters
MT / AMT
DCT
AT
CVT
Hybrid / electric powertrain
Product use within application
Manual Shift Technology Electric Shift Technology Electric Pump Technology Brake Reman Brake Actuation
Overview of FTE product portfolio
Notes: 1 Not yet in serial production
FTE automotive – Innovation drives Financial Figures - 2016 6 FTE Holding GmbH
Revenues
Quarterly Revenues
€ million
Growth rate by region: +33% in Asia +6% in Europe
- 1% in Americas
Growth rate by product group: +72% for EST / EPT products +3% for BAT products
125.8 134.4 124.4 138.8 147.9 133.1 131.5
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
120.3
Revenues
€ million
Revenues in 2016 were impacted by:
- growing business for EST / EPT products
in China and Europe
504.9 551.3
2015 2016
9.2%
FTE automotive – Innovation drives Financial Figures - 2016 7 FTE Holding GmbH
Adjusted EBITDA
21.6 23.0 22.1 22.7 27.4 23.4 21.2
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
20.1
Adjusted EBITDA
€ million
Adjusted EBITDA in 2016 was mainly impacted by:
- higher sales volume
- lower one-time expenses
- partly offset by unfavorable currency effects
compared to previous year
86.8 94.7
2015 2016
9.1%
Quarterly Adjusted EBITDA
€ million
FTE automotive – Innovation drives Financial Figures - 2016 8 FTE Holding GmbH
Capital Expenditure and Trade Working Capital
Quarterly Capex
€ million
Capex in 2016: €°33.9 million in 2015: €°29.9 million In 2016 Capex included investments:
- in new customer projects (~14m€)
- for replacement and cost reduction projects (~6m€)
- for capitalization of R&D costs (~10m€)
- for other (~4m€)
Trade working capital in 2016 was mainly driven by:
- growing business
5.5 7.3 8.7 258.7 6.2 8.1 8.1 11.5
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
8.4 133.5 140.3 119.8 151.1 154.4 154.8 123.7
Mar 31, 2015 Jun 30, 2015 Sep 30, 2015 Dec 31, 2015 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016
140.4
Trade working capital
€ million
FTE automotive – Innovation drives Financial Figures - 2016 9 FTE Holding GmbH
Net Cash Flow from operating activities and Cash
Quarterly Net Cash Flow from operating activities (incl. interests and taxes)
€ million
Net Cash Flow from operating activities in 2016: € 49.4 million in 2015: € 45.4 million Net Cash Flow from operating activities in 2016 was mainly impacted by:
- higher working capital for growing business
- higher severance payments
- lower tax reimbursements
- bond interest payments of € 12 million
in January and July each Cash was mainly affected by:
- partial RCF repayment of € 5 million
in Q4-2015, Q2&Q4-2016 each
- bond interest payments of € 12 million
in January and July each
- 4.5
10.8 31.3
- 18.2
23.2 6.1 38.3
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
7.8 19.6 23.0 40.5 15.7 25.8 24.5 46.8
Mar 31, 2015 Jun 30, 2015 Sep 30, 2015 Dec 31, 2015 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016
22.8
Cash
€ million
FTE automotive – Innovation drives Financial Figures - 2016 10 FTE Holding GmbH
Net Financial Debt and Last Twelve Months Adjusted EBITDA
232.8 257.6 243.8 216.5
Dec 31, 2015 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016
242.5
Net financial debt
€ million
86.8 87.9 92.3 95.6 94.7
Dec 31, 2015 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016
Adjusted EBITDA LTM
€ million
2.7 2.9 2.6 2.6 2.3
Dec 31, 2015 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016
Ratio of net financial debt to Adjusted EBITDA LTM
€ million
- Cash amount and net financial debt were affected
by interest payments of € 12 million Q1&Q3-2016 each; partial RCF repayment of € 5.0 million Q2&Q4-2016 each
- Adjusted EBITDA LTM was at € 94.7 million,
mainly due to growing business
- Leverage at 2.3x as a consequence of net debt
development
FTE automotive – Innovation drives Financial Figures - 2016 11 FTE Holding GmbH
Glossary of Terms
Glossary of Terms
AM Aftermarket AMT Automated manual transmission AT Automatic transmission BAT Brake Actuation Technology CPx Controlled pistons CSC Concentric slave cylinder CVT Continuously variable transmission DCT Dual clutch transmission dCSC Concentric slave cylinder for dual clutch EM Emerging Markets EST Electric Shift Technology EPT Electric Pump Technology HCC High Cost Countries IAM Independent Aftermarket LCC Low Cost Countries MST Manual Shift Transmission MT Manual transmission OEM Original Equipment Manufacturer OES Original Equipment Supplier PPM Parts Per Million