Investor Presentation Schaltbau Holding AG April 2019 April 2019 - - PowerPoint PPT Presentation
Investor Presentation Schaltbau Holding AG April 2019 April 2019 - - PowerPoint PPT Presentation
Investor Presentation Schaltbau Holding AG April 2019 April 2019 Executive Board Investor Presentation 2 Experienced management team bringing Schaltbau back to historical profitability Our common objectives Return to profit Dr
2
Experienced management team bringing Schaltbau back to historical profitability
Our common
- bjectives
- Return
to profit
- Secure
financing capabilities
- Manage
sustainable growth
Executive Board
Dr Albrecht Köhler Chief Executive Officer (since May 2018)
- Freelance interim CEO / COO (2016-18)
- Deputy CEO GAZ Group (2014-16)
- Managing Director Knorr Bremse
rolling stock bus. unit (2000-14)
- Leading general management and
- perations roles at Dt. / Daimler Benz
Aerospace (1989-1999) Volker Kregelin Chief Officer for Mobile & Stationary
- Transp. Techn. (new since 1 Dec 2018)
- Leading sales and general management
roles in MTT & STT at Bombardier
- Trnspt. (2007-18)
- Reg. head / COO at Dematic (2004-07)
- Senior roles in projects, operations and
sales at Siemens and Adtranz / Bombardier Trnspt. (1993-2003) Thomas Dippold Chief Financial Officer (since Jan 2017)
- CFO Faber-Castell AG (2014-16)
- CFO Semikron International
(2008-14)
- Head of Controlling Schott AG
(2002-08)
Investor Presentation April 2019
Business and Market Overview
- Leading supplier of technology for rolling stock, rail
infrastructure, automotive and other industrial applications
- World market leader in direct current switching technology
- Global innovation driver and key technology partner for
future markets such as new energy, electromobility, DC industry, smart building and autonomous driving
- Founded in 1929
- Employees: c. 3,000
- Turnover: c, € 500m, of which 70% rail,
regional split 35% D, 45% rest of Europe, 20% rest of world2
- Listed at Frankfurt Stock Exchange, Prime Standard
segment, IPO 1994
- 30+ subsidiaries in 15+ countries worldwide
4
Schaltbau Group – Key facts
April 2019
1 2018, rounded to full 5%
Investor Presentation The Schaltbau Group at a glance
5
Schaltbau Group – Investment case
April 2019
- Attractive market environment
- Urbanisation and digitisation megatrends are driving demand
for new rail vehicles; metro trains with a large number of doors are gaining in importance
- Megatrend in energy supply and use towards direct current technology is
driving demand for DC switching and charging technology established in the railway sector with increasing use of decentralised energy concepts, energy storage systems and smart network control
- Positioning as innovation driver and essential technology partner in
current and future markets such as rolling stock, new energy, electromobility, DC industry, smart home and autonomous driving
- Stable customer relationships, especially in the rail sector with often lengthy
listing procedures and high repurchase rates
- Significant increase in profitability through process improvements,
reorganisation and modular development
- Inherited risks have been removed from the balance sheet
The Schaltbau Group at a glance Investor Presentation
SMART SOLUTIONS FOR POWER AND MOBILITY
6
Schaltbau Group – Business overview
DC technology for trains, new energy and electromobility, driver desk equipment ~30%*
* Segmental sales split based on FY 2018 numbers, pre consolidation, rounded to the nearest 5% multiple
Investor Presentation The Schaltbau Group at a glance
Door systems for trains, buses and automotive ~55%* ** Level crossing systems, point heating systems, shunting equipment ~15%*
April 2019
Mobile Transportation Technology (MTT) Stationary Transportation Technology (STT) Components (COM)
** Bode Group represents ~45% of Schaltbau Group’s FY 2018 sales
HOLDING
7
Snapshot of Schaltbau Subgroup
Investor Presentation
- Broad range of best-in-class connectors, snap-action switches and contactors for a broad range of applications
in the rail sector and other industries
- State-of-the-art train driver desk equipment
- Development activities focus on high-performance DC contactor technology in applications beyond rail,
such as new energy, electromobility, DC industry and smart building
- High share of international sales, broad customer distribution
- Has developed from a pure component supplier to an application specialist providing components, assembly and service
- Highly efficient operations
- High order intake with strong and sustainable margins
~30% of Group sales*
Key operating entities
* FY 2018, pre consolidation, rounded to the nearest 5% multiple
April 2019
COM MTT STT Member of the Schaltbau Group
SCHALTBAU
8
Snapshot of Bode Subgroup
Investor Presentation
- #1 market leader in Europe and #2 player worldwide in oligopolistic market, strong train entry systems quality track record
- Customer range has been expanded by leveraging train door system experience into bus and automotive applications
such as Deutsche Post DHL’s electromobility vehicle StreetScooter
- Use of sensor technology in entry systems adds digital functionality such as ticketing, passenger counting and enhanced squeeze
protection, for use also in future applications such as autonomously driven group transportation units (“people mover”)
- Service organisation with high flexibility
- Polish subsidiary Rawag contributes best-in-class train windows & interiors and provides additional low-cost production capacity
- Reorganisation of production processes well underway, with significant efficiency gains in sight
- Good order intake and high sales growth, opportunities to grow in Asia
~45% of Group sales* **
Key operating entities April 2019
* FY 2018, pre consolidation, rounded to the nearest 5% multiple ** Number does not include contribution of Alte, Sepsa and Schaltbau Refurbishment to MTT segmental sales
COM MTT STT Member of the Schaltbau Group
9
Snapshot of Pintsch Subgroup
Investor Presentation
- Established #3 player in various oligopolistic submarkets such as level crossings,
shunting equipment and point heating systems
- Rail infrastructure market offers significant growth potential and major innovation opportunities related to
digitalisation and interconnection of field elements and systems (e. g., point diagnostics)
- Improvement of terms & conditions with large customers ongoing
- Stronger focus on key product portfolio
- Consolidation of 3 sites into one major operations centre with roadmap established
- Performance improved significantly, order intake shows volatility
- Benefits from the enormous infrastructure investments recently announced by Deutsche Bahn
~15% of Group sales*
Key operating entities April 2019
COM MTT STT Member of the Schaltbau Group
* FY 2018, pre consolidation, rounded to the nearest 5% multiple
Megatrends drive sustainable growth in global rail markets
Market and competitive environment 10
Megatrends Digitisation / Automation Urbanisation Emission reductions Connectivity Electrification / E-mobility Safety Globalisation / China Regulation and liberalisation Rolling stock Components / Mobile Transportation Technology Infrastructure & Rail control Stationary Transportation Technology Regional market growth(1)(3)
- Western Europe: ~2.2%
- Asia / Pacific: ~2.5%
- NAFTA: ~3.1%
- CIS: ~2.7%
- Eastern Europe: ~2.7%
- Africa / ME: ~5.2%
- Latin America: ~4.8%
Source: Unife, Roland Berger (1) Average annual market growth from 2015-17 until 2021-23 over six years (2) Average annual market 2015-2017 (3) Total rail market: Rolling stock, infrastructure, rail control, services and turnkey management
- Market growth:(1)
~2.6%
- Market size:(2)
~€53bn
- Market growth:(1)
~2.9%
- Market size:(2)
~€46bn
Investor Presentation April 2019
BODE
The Door
SCHALTBAU
Connect Contact Control
PINTSCH PINTSCH
Safety for Rail
Railway market with oligopolistic supplier structure in many segments
Investor Presentation 11
Source: UNIFE, Company information (1) Total average annual rail market 2015-2017 (2) Incl. Hitachi Rail, Stadler, CAF, Pesa; ABB and Thales Transport not considered (mainly in infrastructure or control command and signalling technology) (3) Services, rail control, turnkey management (4) Combination of GE Transportation and Wabtec businesses still subject to regulatory approvals and other customary closing conditions
Overall rolling stock OEMs in the rail market Selected suppliers in the Schaltbau rolling stock market Other OEMs(2) €163bn(1)
3. 4. 5. 6. 7. 8. 9. 10. 1. 2.
49% Other(3) Market and competitive environment 19% Infrastructure Market size ~€53bn April 2019
- c. 15%
- c. 5%
- c. 5%
- c. 5%
< 5% 32% Rolling stock / +
(4)
- Bode is a core Schaltbau Group brand and a specialist in the development and manufacture of electric and
pneumatic vehicle door systems for trains, buses and commercial vehicles
- All three areas have high development potential within the growth markets of public transport and e-mobility
(e.g. entry systems for e-shuttle buses and autonomously-driven people mover)
- The best-in-class mechanical quality – Bode door systems are known to be safe, durable and reliable – in
combination with intelligent software offers remarkable growth opportunities
- World market door systems:*
- c. $700m in 2018 for rolling stock alone, is likely to grow to at CAGR of c. 10-15% in the next couple of
years, strongly driven by ramp in digital door system functionality
- Schaltbau at current has a market share of 30-35% in Europe and 18-20% globally
Market for door systems shows strong growth perspective
April 2019 Investor Presentation 12
* Schaltbau analysis based on various third party market research and own estimates
Market and competitive environment
Renaissance of DC technology
Investor Presentation 13 Market and competitive environment April 2019
Future markets such as new energy, electromobility, DC industry and smart building are dependent on direct current due to high performance demand, decentralised energy supply, energy storage and smart grid control requirements Technology for the generation, transport and use of direct current has been significantly improved in recent years
- Direct current from wind and photovoltaic systems can be transmitted over thousands of kms of power lines
- Lithium-ion batteries are being used more and more, e.g. in high-performance charging stations for buses
- DC grids fuel production plants and robots in factories
- Direct current has many advantages - especially in terms of energy efficiency
This development towards direct current will continue to increase in the coming years
New Energy Electromobility DC Industry Smart Building
Schaltbau DC components are suitable for a broad range of applications and meet the necessary norms and standards
14
Smart Building New Energy DC Industry Electromobility
Investor Presentation April 2019 Market and competitive environment
DC components (Hybrid) electric vehicles Material handling
Automotive infrastructure
Smart grid Machinery safety Energy management Drives & safety Energy & smart metering
15 Investor Presentation April 2019 Market and competitive environment
The global market for relevant DC contactors* is predicted to grow at CAGR of >20%
- 6. Stationary energy
- 7. Material handling
Extraordinary growing due to increasing short- distance deliveries and suitable charging infrastructure in depots Moderate/stable growth due to market saturation and long usage times Stable growth due to logistics increase Niche business Stable yearly demand, based on existing figures Boom expected, depending on infrastructure Stable yearly demand, based on existing figures
Passenger cars Light comm. vehicles
- Mat. handling / forklift
Stationary energy MDEV + LDEV Electric bus Communal trucks
- 5. Electric bus family
(6, 8, 12 metres)
- 4. Electric light
commercial vehicles
- 3. Electric light duty (≤6t) +
medium duty (≤16t) commercial vehicles
- 2. Electric communal trucks
- 1. Electric passenger cars
€ bn 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2019 2020 2021 2022 2023 2024 2025
* Estimates include Europe, USA, China and Russia for all listed DC energy storage applications; Schaltbau analysis based on various third party market research, e. g. from International Organisation of Motor Vehicle Manufacturers OICA, German Association of the Automotive Industry VDA, McKinsey and German Centre of Automotive Management CAM, as well as own estimates
Strategic Agenda
- Create financial headroom
- Stabilise operational performance
- Achieve satisfactory debt level
- Step up investments in new market
and product opportunities
- Ensure sustainable profitability
- n market level
- Establish competitive international footprint
2019 – 2020 2020 – 2021 2017 – 2019
17 Investor Presentation April 2019
2018 2019 2020 2021 REDUCE DEBT REDUCE COSTS EXPLOIT GROWTH OPPORTUNITIES REDUCE COMPLEXITY 2018 2017 OPERATIONAL EXCELLENCE OPTIMISATION OF OPERATIONAL PROCESSES
Turnaround roadmap Schaltbau: Major milestones successfully achieved – further road to go
Investor Presentation 18 April 2019
Strategy
- Decentralised income statement responsibility
- Standardised reporting from local management and review by Group Executive Board
- Coordination of intra-Group aspects via management committee
- Worldwide market and technology leader of DC safety
switching, DC components & high end driver desk equipment
- Potential growth in futuremarkets such as new
energy, electromobility, DC industry and smart building
- Longstanding technology leadership with a strong
footprint as a well-established player in the railway segment
- Efficient production: pick/ configure/ design-to-order,
based on volume and complexity
- Regional expansioninto North America, Russia, China,
India, coordinated with other Schaltbau Group entities; centralised competence centres along with local assembly and service
- Best in class door systems for trains, buses and
automotive, train interiors
- Potential growth in future markets such as
electromobility and autonomous driving
- Outstanding smart doors innovator: integration of
digital functionality such as passenger ticketing, entertainment and preventive maintenance, ramp in after-sales business
- Standardisation of door drivemodules, redesign of
production processes and better utilisation of capacities available in Poland and Turkey
- Regional expansioninto North America and Asian
markets, coordinated with other Schaltbau Group entities
- State-of-the-artlevel crossingsystems, point heating
systems, shunting equipment and other rail infrastructure
- Strongrelationshipwith Deutsche Bahn as the
key customer in Germany
- Foreign market opportunities,e.g. in the U.S. with
railway signaling, marshalling and hauling equipment as well as sensor technology for industry and mining
- Efficiency gains through ongoing restructuring and
growing markets; consolidation of three Pintsch sites into one main location
- Focus on core products and selective exploitation of
new business opportunities worldwide
Schaltbau Group management
High-margin cross-industry DC technology specialist Efficient door system provider in high- growth market Sustainable high-quality rail infrastructure player
“We are DC experts, industrial leader and market driver for future markets like new energy, electromobility, DC industry and smart building”
The worldwide, disruptive energy supply trend and the shift toward direct current technology offer enormous potential for the Schaltbau Group to position itself as an essential technology partner in future markets
Major growth opportunity with DC power control
19
With more than 90 years of expertise from the railway industry, where DC technology has remained the standard from the very beginning, the Schaltbau Group is driving the development of new markets with DC-based products and applications
- However, switching off direct current safely continues to be a major
challenge for most people. Not for Schaltbau!
- Schaltbau ensures that tomorrow's energy concepts can be
implemented more efficiently and more quickly, thus driving the further development of new technologies and transforming them into applicable and safe solutions
Investor Presentation April 2019
Outlook - Sales guidance 2019 with strong organic growth
- Sales guidance for 2019 in range of € 480-500 million
(without Sepsa and Alte)
- Organic growth expected for FY 2019
- All business segments contribute
- Bode Group is main growth driver
20
37
Sepsa
- 32
Sales FY 2018
- 25
- 8
Alte
518
Pintsch Bubenzer Organic growth Sales Guidance FY 2019
490
In € million
€ 480-500 million
Investor Presentation April 2019
Outlook (in € million) Guidance FY 2019* Order intake 480-500** Sales 480-500** Mobile Transportation Technology Increase Stationary Transportation Technology Slight increase Components Increase EBIT margin Around 5-6%**
Guidance FY 2019
* Compared to FY 2018 ** Excluding Sepsa, Alte, Pintsch Bubenzer and exceptional items
- Strong 2018 order intake as one of the drivers to ensure
growth in 2019
- Positive effects from restructuring measures and reduction
- f risk exposure (PSD) will continue to impact the 2019 EBIT
performance
- Additional measures to increase the 2019 EBIT performance
include optimisation of production and logistic processes, realisation of material savings and renegotiations of customer contracts of low-margin projects
21 Investor Presentation April 2019
Portfolio development 2019 vs. 2018
22
- 15
- 5
5 15 25
- 5
5 15 25 Profitability in % 2019 vs. 2018 growth in %
2019 2018
Schaltbau Connect Contact Control Profitable growth
- Bode. The Door.
Profitability ramp Pintsch – Safety for Rail Growth from low base
Bubbles show 2018/2019 E profitability and 2019E/2018 year-on-year revenue growth. Bubble size represents significance for Schaltbau, based on revenue share. Green arrows represent expected development trend 2019 vs. 2018.
2019 2018 2019 2018
Investor Presentation April 2019
Investor Presentation 23
Schaltbau Vision 2021
Operational excellence throughout the organization Disposal of non-core business State-of-the-art product and service offering in terms of quality and innovation Overall increased share of service and international revenues
2021
Our clear goal is to focus Schaltbau Group on its strategic core competencies and to consistently increase profitability. That is why we intend to dispose non-core business areas as well as those which are not sustainably profitable. These alignments should result in increased profitability until 2021, enabling Schaltbau to return to historical profitability levels and future growth.
April 2019
FY 2018
25
FY 2018 at a glance
Financials - FY 2018
Key figures (in € million, unless stated otherwise) FY 2018 FY 2017 Δ Order intake 631.3 594.0 +37.3 Order intake like-for-like* 553.9 511.0 +42.9 Sales 518.3 516.5 +1.8 Sales like-for-like* 477.7 426.2 +51.5 EBIT
- 7.3
- 23.0
+15.7 EBIT margin (in %)
- 1.4
- 4.4
+3.0 EBIT before 2018 exceptional items 16.0 2.4 +13.6 Group net profit
- 14.1
- 49.6
+35.5 Earnings per share (in €)
- 1.93
- 8.04
+6.11 Free cash flow 21.9
- 23.8
+45.7 Employees at period-end (count) 3,157 3,370
- 213
31/12/2018 31/12/2017 Net financial debt 100.4 158.4
- 58.0
Equity 93.8 70.6 +23.2
* Excluding Pintsch Bubenzer and Sepsa contributions: Pintsch Bubenzer was deconsolidated on 1 March 2018, Sepsa was classified as held for sale in November 2017
Investor Presentation April 2019
26
Overall assessment of FY 2018 (1/2)
Restructuring achievements in FY 2018 Financial restructuring – stabilisation of financial position and strengthening of equity base
- Sale of Pintsch Bubenzer with cash inflow of € 28.4 million
- Successful capital increase with cash inflow of € 46.5 million
- Timely repayment of bridge financing of € 25 million plus deferred interests of € 7 million
Balance sheet restructuring – reduction of risks
- Necessary extraordinary impairments of Alte and Bode UK in the amount of € 14.0 million due to negative earnings performance
- Extraordinary effects from the release and recognition of provisions for onerous contracts
- Extraordinary impairment of capitalised expenses at Pintsch in the amount of € 3.0 million
Operative restructuring – measures to increase efficiency and optimize processes
- Collective restructuring agreement at Pintsch with cost savings of € 2 million each in 2018 and 2019
- Start of two operational excellence programs:
- “Fit for future” program at Bode and Rawag
- “A tiempo” program at Alte
Financials - FY 2018 Investor Presentation April 2019
27
Overall assessment of FY 2018 (2/2)
- Operating performance in line with expectations
- Strong order intake of € 631.3 million; book-to-bill ratio at > 1.2;
- rder book end of December 2018 at € 583 million
- Sales volume at € 518.3 million, up 0.3% vs. FY 2017; organic growth of 12.1%* vs. FY 2017
- Reported EBIT at € -7.3 million after € -23.0 million in FY 2017,
EBIT before exceptional items at € 16.0 million or 3.3% of revenues
- Operating guidance for FY 2018 achieved
* Excluding Pintsch Bubenzer and Sepsa contributions: Pintsch Bubenzer was deconsolidated on 1 March 2018, Sepsa was classified as held for sale in November 2017
Financials - FY 2018 Investor Presentation April 2019
- High order intake of € 631.3 million in FY 2018
- Strong development in Mobile Transportation mainly driven by a
USD 47 million order of Kawasaki Rail Car to Sepsa for the supply of information and auxiliary power units for New York City Transit Authority (USA)
- Stationary Transportation like-for-like with growth of 27.6% vs.
FY 2017; Q2 2018 win of train formation unit project at Pintsch Tiefenbach was one of the main contributors to this positive development
- Like-for-like, overall increase of 8.4% or € 42.9 million, all segments
contributed to the growth
- Order book at end of 2018 at € 583.0 million,
up 14.7% vs. € 508.3 million end of 2017
Order intake increases like-for-like by 8% with all segments contributing
28
* Excluding Pintsch Bubenzer and Sepsa contributions: Pintsch Bubenzer was deconsolidated on 1 March 2018, Sepsa was classified as held for sale in November 2017 ** Including consolidation effects 50 100 150 200 250 300 350 400 450 500 550 600 650 700
393.5 114.3
FY 2018
333.4 87.0 150.5 0.3 146.3 0.0
FY 2017
631.3 594.0 6.3%
External order intake in € million**
150.5 326.0 77.1 0.3
FY 2018
304.3 60.4 146.3 0.1
FY 2017
553.9 511.1 8.4% Reported Like-for-like*
Other** Stationary Transportation Technology Mobile Transportation Technology Components
Financials - FY 2018 Investor Presentation April 2019
- Sales grow by 0.3% vs. FY 2017, an increase of € 1.7 million
- Significant volume increase in Mobile Transportation Technology
(mainly Bode and Rawag) and strong sales volume development in Components
- Sales in Stationary Transportation significantly below
prior year, mainly due to sale of Pintsch Bubenzer in Q1 2018
- Adjusted by the deconsolidation of Pintsch Bubenzer and
Sepsa growth of 12% vs. FY 2017
- Sales split:
Germany 36% Europe ex Germany 47% Rest of world 17%
Sales grow by 12% like-for-like, Mobile Transportation and Components with strong performance
29
* Excluding Pintsch Bubenzer and Sepsa contributions: Pintsch Bubenzer was deconsolidated on 1 March 2018, Sepsa was classified as held for sale in November 2017 50 100 150 200 250 300 350 400 450 500 550 600 FY 2017
0.2
FY 2018
0.1 518.3 516.6 265.3 145.2 69.1 303.8 130.7 120.5 0.3%
External sales in € million**
477.7 0.1
- 3.2
FY 2018 FY 2017
426.3 228.0 145.2 60.9 271.5 130.7 70.8 12.1% Reported Like-for-like*
Mobile Transportation Technology Stationary Transportation Technology Other** Components
** Including consolidation effects
Financials - FY 2018 Investor Presentation April 2019
- Reported FY 2018 EBIT at € -7.3
million (€ -23.0 million in FY 2017), adjusted by one-off effects at € 16.0 million (€ 2.4 million in FY 2017)
- Adjustments mainly driven by
- Impairments of Alte and Bode UK
- Restructuring expenses (e.g.
severance payments, consulting costs, CRO)
FY 2018 EBIT impacted by a number of one-off effects
30
FY 2018 EBIT adjustments in € million
Decon- solidation Pintsch Bubenzer
- 3.2
3.8
- Add. IFRS 5
effect Sepsa real estate Provisions for onerous contracts
0.6
Impairment
- wn work
capitalised
5.2
Restructuring expenses
- 7.3
3.0 16.0 13.9
Impairments Alte, Bode UK
EBIT reported EBIT before extraordinary items
Financials - FY 2018 Investor Presentation April 2019
- Reported EBIT up by 68% or € 15.7 million vs. FY 2017
- EBIT before extraordinary items at € 16.0 million (+€ 13.6
million vs. FY 2017). Improvement mainly caused by:
- Sales growth in Components with high gross margins
- Positive effects from restructuring activities (e.g. Pintsch)
- Productivity improvements, material savings
- Sepsa classified as asset held for sale in 2017 with no impact on
EBIT
Significant EBIT improvement vs. FY 2017 both reported and before extraordinary items
31
FY 2018
- 23.0
FY 2017
- 7.3
68.3%
EBIT in € million
2.4
FY 2017 FY 2018
16.0 > 100% Reported Before exceptional items
Financials - FY 2018 Investor Presentation April 2019
- Positive free cash flow driven by
- € 29.3 million cash inflow from sale of Pintsch Bubenzer
- € 15.6 million release of funds from an escrow account
- Positive effects set off in part by higher working capital and release
- f provisions (e.g. PSD)
- Financing cash flow in FY 2018 mainly reflects:
- € 46.5 million cash inflow from capital increase
- € 74.7 million cash outflow due net repayment of loans
Cash flow in FY 2018 is affected by sale of Pintsch Bubenzer, capital increase and higher working capital
32
+21.9
- 26.3
- 0,1
- 4.5
- 23.8
+20.0
- 1,0
- 4.8
Free cash flow Cash flow from financing activities Other* Cash flow 12M 2018 12 M2017
In € million
* Includes change in cash funds due to exchange rate fluctuations
Financials - FY 2018 Investor Presentation April 2019
- Increase in external order intake impacted by Sepsa (Kawasaki
Order / New York City Transit Authority) and growth at Bode Group
- External sales growth of € 38.5 million driven by Bode Group
- EBIT at € -22.8 million
- FY 2018 impacted by one-off effects amounting to € 21.9 million
- Impairment of Alte and Bode UK (€ 13.9 million)
- IFRS 5 effects from purchase of Sepsa real estate in Q3 2018 (€ 3.8 million)
- Restructuring costs Q4 2018 (€ 1.8 million)
- Negative operating contribution from Alte mainly due to ramp-up of
low-margin OEM projects and operational inefficiencies
- Further improvements in productivity expected to have EBIT
impacts in 2019
Mobile Transportation Technology Sales growth driven by positive development at Bode Group
33
External order intake and sales in € million* EBIT in € million
* Figures may not add up and/or match exactly with figures consolidated on Group level, due to rounding 50 100 150 200 250 300 350 400 450 FY 2017
67.5 326.0 31.2
FY 2018
302.2 393.5 333.4 18.0%
Sepsa Like for like
Order intake 228.0 37.3 32.3 271.5
FY 2017 FY 2018
303.8 265.3 14.5% Sales
- 28
- 26
- 24
- 22
- 20
- 18
- 16
- 14
- 12
- 10
- 8
- 6
- 4
- 2
FY 2018
- 22.8
FY 2017
- 26.4
Financials - FY 2018 Investor Presentation April 2019
34
External order intake and sales in € million EBIT in € million
10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 FY 2017 FY 2018
9.9 77.1 53.9 60.4 87.0 114.3
- 23.9%
Bubenzer Like for like
Order intake
FY 2017 FY 2018
8.2 60.9 49.7 70.8 69.1 120.5
- 42.7%
Sales
- 2.5
- 4.0
- 5.5
- 4.5
- 5.0
- 3.5
- 2.0
- 3.0
2.5
- 1.5
- 1.0
- 0.5
0.0 0.5 1.0 1.5 2.0 3.0
2.6
FY 2018 FY 2017
- 5.5
- External order intake down due to the sale of Pintsch
Bubenzer; like-for-like with a growth of 27.6%. FY 2018 positively impacted by a significant order for a train formation unit
- Sales decrease of 42.7% primarily driven by the sale of Pintsch
Bubenzer; like-for-like sales down by € 9.9 million as a result
- f several customer push-outs
- EBIT at € 2.6 million
- Improvement largely due to the release of provisions for onerous
contracts for the PSD project in Brazil and cost reductions, set off in part by impairments on capitalised development costs
- Positive EBIT effects resulting from restructuring activities and the
renegotiation on PSD Sao Paulo will continue to impact 2019
Stationary Transportation Technology Stabilisation and positive impacts from restructuring activities
Financials - FY 2018 Investor Presentation April 2019
35
External order intake and sales in € million EBIT in € million
10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 FY 2018 FY 2017
150.5 146.3 2.9% Order intake 130.7
FY 2018
145.2
FY 2017
11.1% Sales
2 4 6 8 10 12 14 16 18 20 22 24 26 FY 2018 FY 2017
21.4 25.1
- Strong external order intake in FY 2018
- External sales improves by € 14.5 million; ongoing high
demand of connectors, snap-action switches and contactors
- EBIT improves to a very high level of € 25.1 million
- Positive EBIT development vs. FY 2017 driven by high sales volume,
favorable product mix and additional productivity improvements
- Strong EBIT margins expected to be continued in 2019
Components Ongoing strong operational performance
Financials - FY 2018 Investor Presentation April 2019
- Equity increases by € 23.2 million following the successful
capital increase in February 2018; equity ratio at 23.7% as of 31 December 2018 (up from 15.6% at year-end 2017)
- Reduction of net debt by € 58.0 million in FY 2018
- Repayment of € 25.0 million in bridge financing
- Additional repayment of current account liabilities
Equity substantially strengthened, net debt significantly reduced
36
Restructuring of equity and net debt in € million
10 20 30 40 50 60 70 80 90 100 FY 2018 FY 2017
70.6 93.8 32.9% Equity
10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 FY 2017 FY 2018
100.4 158.4
- 36.6%
Net debt
Financials - FY 2018 Investor Presentation April 2019
iStockphoto LP
2019
- 30 April 2019 3M 2019 Interim Statement
- 18 June 2019 Annual General Meeting
- 31 July 2019
6M 2019 Interim Report
- 31 October 2019 9M 2019 Interim Statement
Schaltbau Holding AG Hollerithstrasse 5 81829 Munich Germany www.schaltbaugroup.com
Financial calendar and contact details
IR contact Wolfgang Güssgen Head of IR & CC guessgen@schaltbau.de T +49 89 93005-209
Disclaimer
Investor Presentation 38
This presentation contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Schaltbau Holding AG and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those described herein due to factors affecting Schaltbau Holding AG such as, among other things, changes in the general economic and competitive environment, capital market risks, currency exchange rate fluctuations and competition from other companies, and changes in international and national laws and regulations, in particular with respect to tax laws and
- regulations. Schaltbau Holding AG does not assume any obligation to update any forward-looking statements.
The information contained in this presentation is for background purposes only and does not purport to be full or complete. No reliance may be placed, for any purpose, on the information contained in this announcement or its accuracy or completeness. The information in this presentation is subject to change.
Appendix April 2019