Magneti Marelli. Eugenio Razelli. April 21, 2010 Fiat Investor Day 1

Transcription

1 Magneti Marelli Eugenio Razelli April 21, 2010 Fiat Investor Day 1

2 Net revenues ( bn) Trading profit ( mn) Performance over last plan period Trading margin 4.3% 4.3% 3.2% 0.6% Net revenues ( bn) ~4.5 ~4.5 ~5.0 ~5.5 Trading profit ( mn) ~ Trading margin 4.3% % % % Lingotto Plan Targets (Nov 2006) April 21, 2010 Fiat Investor Day 2

3 Overview Magneti Marelli is an international component manufacturer specialized in the development and manufacturing of hightech automotive systems and components AUTOMOTIVE POWERTRAIN SHOCK AFTERMARKET LIGHTING Halogen/HID/LED Front/Rear Lamps AFS modules Engine control systems Gasoline, diesel and multifuel systems / components AMT/DDCT ABSORBERS Shock absorbers New damping solutions (mechanical/electronic) Synaptic damping control PARTS & SERVICES Spare parts Workshop services Tuning SUSPENSIONS Modules Components System Assembly (exited) ELECTRONIC SYSTEMS Electronic modules Instruments Clusters & displays Infotainment & telematics EXHAUST SYSTEMS Complete exhaust lines/components Emission control solutions (DPF) PLASTIC COMPONENTS AND MODULES Dashboards & interiors Bumpers & exteriors Fuel systems Change in scope of operations vs 2006 RACING & NEW TECHNOLOGY Advanced engine/vehicle ECUs Telemetry/data systems Advanced engine components F1, rally, MotoGP support Engineering services April 21, 2010 Fiat Investor Day 3

4 Worldwide presence NAFTA Mexico USA Europe Czech Republic France Germany Italy Poland Russia Spain Turkey Slovak Republic Asia China India Japan Malaysia South America Argentina Brazil Africa South Africa Plants 67 R&D Centers 38 Production plant R&D center Application center New facility vs 2006 BP April 21, 2010 Fiat Investor Day 4

5 Revenue breakdown Exhaust Systems Suspension Systems Plastic C. and M. Shock Absorbers After Market 4.5bn % 3% 2% 26% 45% by business line 11% 18% by origin 52% 18% 22% Noncaptive 50% by customer 50% OE = Original Equipment OES = Original Equipment Supplier IAM = Independent Aftermarket OE = 89% IAM + OES = 11% April 21, 2010 Fiat Investor Day 5

6 Competitive position of core businesses Lighting Technology leader (#2 worldwide) in front & rear lighting; a well balanced customer portfolio 17% sales to Fiat Group in 2009 Electronics Top5 player for instrument panels and displays in Europe & South America Leading technology solutions for infotainment & telematics Powertrain A leading player with main focus on: Engine control systems and components to meet growing demand for small engines (GDI, FlexFuel, CNG, MultiAir, ) Automated Manual Transmission (Europe, South America & China) Growing presence in DDCT 29% sales to Fiat Group in % sales to Fiat Group in 2009 A broad range provider to Fiat Group, and a significant player in the open market for Lighting, Electr onics and Powertrain April 21, 2010 Fiat Investor Day 6

7 Market dynamics in highend component industry Proliferation of models, powertrain, fuels, Fast pace of innovation (regulation, costs, customer experience, ) Global customer footprint Significant R&D and CapEx Commitments Management of product complexity and different life cycles of consumer electronic products & services at affordable cost April 21, 2010 Fiat Investor Day 7

8 Fastest growing technologies 2015 High (7015%) Medium (1510%) Low (103%) Technology available in MM Technology under development in MM All figures are rounded: the base year is Source: Frost & Sullivan April 21, 2010 Fiat Investor Day 8

9 growth drivers Traditional markets Enlarging market share Continued role of key technology supplier for the Group Noncaptive client development Growth in NAFTA Advanced technology solutions at affordable price Environmental sustainability in CO 2 Safety Connected Car Affordable Mobility Technology Profitable revenue growth Developing markets Consolidating presence Doubling sales in China Fullline presence in India Ready for Russian development Maintaining leadership in Latin America Competitive cost base Module/subassy standardization Bestcostcountry sourcing leverage Industrial footprint rationalization and capacity utilization Capital investment & working capital optimization Cost April 21, 2010 Fiat Investor Day 9

10 Revenues and portfolio revenue trend Order acquisition by geography ( bn) Sales region 2010 TBC >2010 TBC in 2010 Europe 1.0 NAFTA 0.3 Asia 0.2 Booked South America 0.1 IAM +OES TOTAL 1.6 April 21, 2010 Fiat Investor Day 10

11 revenues By Business Line (OE+AM) ( bn) By Customer Group (OE+AM) % 15% 17% 13% 27% 30% Δ Revenues 2.8 Volumes for current product/market New customer/ technology % 40% 4.9 Noncaptive 60% By Origin (OE+AM) 56% Noncaptive RoW 2% China 4% NAFTA 5% 21% RoW 2% China 6% NAFTA 11% 19% 44% 40% 68% 62% April 21, 2010 Fiat Investor Day 11

12 Topline growth drivers New customers & technology Lighting Electronics Powertrain Higher takerate LED AFS Xenon Infotainment & telematics MTA Dual Dry Clutch Transmission (DDCT) Enlarged customer share Chrysler Group French, Chines e and Japanese OEMs Chrysler Group French, Germa n, Chinese OEMs Chrysler Group Chinese customers Motorbikes Growth in emerging markets China India Brazil Russia China India Brazil China India Brazil Accounting for 80+% of growth from new customers & technology April 21, 2010 Fiat Investor Day 12

13 Key technology trends S E O N S V T I A R I O N N A M B E I N L T I A T L Y S A F E T Y C O N N C E A C R T E D Emission standard / Low energy consumption A F M F O O B R I D L A I B T E Ỵ L New transmission Electromechanical MTA and DDCT Connected car & Safety MultiAir technology, GDI injectors and pump, FlexFuel, New EMS to meet higher emission standard (e.g. Euro6), diesel SCR and EGR long route Lighting solutions (LED/Xenon 25W Headlamp), Start&Stop EV & Hybrid Motogenerator, inverter & electronics Value added services Invehicle convenience Active Green Driving Advanced Lighting (9function AFX, night vision) ADAS (integration of navigation and lighting) Open platform telematics and infotainment (Microsoft, Linux, Android,...) Full multimedia modules TBoxes for mandatory applications (ecall, etolling) Electronic modules for fleet management, insurance services, Hiperformance/Lowcost embedded navigations Enhanced displays and clusters April 21, 2010 Fiat Investor Day 13

14 Financials Capex Tooling and specific equipment to support product launches Technology update and footprint optimization (Plastic C&M, ) Capitalized R&D for new products (Infotainment & telematics, ) April 21, 2010 Fiat Investor Day 14

15 bn Financial targets Passthrough materials nearly flat throughout the plan (include diesel buy components, suspension components and coated monolith for exhaust) April 21, 2010 Fiat Investor Day 15

16 Roadmap to business development and profitability Market Retain key role as technology supplier to Fiat Group Full alignment with Chrysler Group requirements Leverage take rate increase for highend products Strengthening position in BRIC markets Enlarge market share for noncaptive customers (~60% of 2014 revenues) Technology High value innovative systems in all our fields of development Open platform approach from infotainment/telematics to other systems Costs Full exploitation of global footprint and optimized capacity utilization WCM efficiencies and quality program Cost opportunities from BCC sourcing Top tier manufacturer with ~6% margin April 21, 2010 Fiat Investor Day 16