PASSION FOR POLYTEC PAUL RETTENBACHER, IR

Transcription

1 PASSION FOR POLYTEC PAUL RETTENBACHER, IR Wiener Börse-Informationstag, Linz, 20. März 2018

2 POLYTEC AT A GLANCE AS OF 30 SEPTEMBER 2017 Leading developer and manufacturer of high-quality light weight plastic components Solution provider for the Automotive and Non-Automotive-Industry Headquarters in Hörsching (Austria) >31 years of experience EUR mill. sales Q1-Q ,547 employees (incl. leasing personnel) EUR mill. balance sheet total as of 30 September locations 43.4 EUR mill. EBIT Q1-Q

3 SHAREHOLDER STRUCTURE 1) 23 February 2018 THE CAPITAL crossed 5% threshold HUEMER NN NV THE CAPITAL COMPANIES 1) TREASURY SHARES FREE FLOAT 29.04% 4.99% 4.37% 1.50% 60.10% POLYTEC Holding AG Hörsching, Austria 3

4 SHARE PRICE DEVELOPMENT 2017 FY & UNTIL 16 MARCH 2018 % % growth in 2017 FY +38% growth in 2016 FY +1,600% performance since all-time low in March 2009 PYT ATX prime EUR ,6 Maximum closing price: EUR EUR EUR EUR % EUR Institute (last update 9 Nov. 2017) Rating Target EUR : Announcement Preliminary results 2016 FY BAADER-Helvea Equity Research HOLD EUR 21.5 ERSTE Group Research HOLD EUR 19.0 M.M.Warburg Research BUY EUR 24.0 Raiffeisen CENTROBANK Research HOLD EUR % 100 Price data in %, 31 March June Sept indexed 2 January Dec March

5 TECHNOLOGICAL DIVERSITY POLYTEC PLASTICS POLYTEC COMPOSITES POLYTEC CAR STYLING POLYTEC INDUSTRIAL CORE COMPETENCIES: 2k injection moulding Multi-component injection moulding WIT (water injection technology) GIT (gas injection technology) PIT (projectile injection technology) In-Mould-Decoration Injection-Moulding-Compounding Testing (e.g. Engine test stand) Tool making CORE COMPETENCIES: Production of glass fibre SMC Production of carbon fibre SMC SMC/LFT/GMT compression moulding Hybrid compression moulding (LWRT) Wet pressing In-Mould-Coating Class-A paint coating CORE COMPETENCIES: PUR RRIM PUR RRIM Lightweight PUR rigid PUR semi-rigid Blow moulding Processing of metal and premium steel Tool making Class-A paint coating Just-in-Sequence-Delivery CORE COMPETENCIES: PUR-processing (moulding parts) PUR spraying PUR casting PUR foaming Mechanical engineering (multi-component dosing system) 7 1, , ,

6 SALES SPLIT BY CUSTOMERS Q1 Q VS Q1 Q Q1-Q Q1-Q ,0% 11,2% 64,8% Passenger cars Commercial cars Non-Automotive Base Sales Q1-Q FY 6

7 STRATEGY 1. STRENGTHEN THE MARKET CREATE POSITION IN EUROPA 2. DEVELOP NEW APPLICATIONS AND TECHNOLOGIES 3. PRODUCTION SITES IN GROWTH REGIONS POLYTEC PERFORMANCE SYSTEM DIGITALISATION UK INVESTMENTS ELECTRO MOBILITY LIGHT WEIGHT CHINA 7

8 CAPEX: NEW PAINT SHOP CAPACITY IN TELFORD (UK) Location in Telford Middle England: next to plants of our car styling-customers: Jaguar/Land-Rover, Bentley, Aston Martin, Honda, VW, Nissan, London-Taxi, Investments: approx. EUR 23 million Start of production: Class A top coat painting of up to 3,000 components daily 8

9 TECHNOLOGY ELECTRO MOBILITY Electro mobility: New options Lightweight construction plays a key role in e-mobility, not merely with regard to lightness, but also the integration of functions and characteristics. Protecting the people: preventing electromagnetic fields of the high-voltage battery from penetrating the interior of the car Protecting the battery: against exterior damage, moisture and dirt Smart management of temperature and more Carbon fibres SMC Battery box upper shell Type: VW e-golf SOP: 03/2014 HIGHLIGHTS Lightweight construction with high dimensional stability Reducing electromagnetic fields, shielding temperature Excellent surface bonding characteristics, flame resistance 9

10 FORECAST GLOBAL E-MOBILITY e Estimated global production of cars/light vehicles in million units and estimated split by engine type 74 0% 2% % 0% 13% 3% % 35% % Electric Hybrid Combustion engine 40% 98% 97% 85% 50% 30% Sources: IHS, LBBW Research e 2025e 2030e 10

11 GLOBAL SALES TREND CARS & LIGHT VEHICLES e NORTH +0.3% AMERICA 19,7 20,8 20,6 21,2 WESTERN +0.9% EUROPE 16,5 16,2 16,4 17,3 EASTERN +5.7% EUROPE 3,8 4,2 4,6 6,2 5,4 Cars / light vehicles in million units, CAGR in % +3.0% CHINA 28,6 29,2 35, e 2018e 2024e SOUTH +3.9% AMERICA 2,6 4,1 4,4 5, e 2018e 2024e e 2018e 2024e e 2018e 2024e e 2018e 2024e WORLDWIDE +2.4% 112,3 ASIA +2.6% (excl. China) 95,4 97,5 15,7 16,1 18,8 11,4 64, e 2018e 2024e Source: LMC Automotive, LBBW Research e 2018e 2024e

12 PLASTICS & COMPOSITE AUTOM. PARTS OF TOTAL VEHICLE WEIGHT Other materials Metals Plastics & Composite 1,100 kg 1,180 kg 1,260 kg 1,340 kg 1,400 kg 1,100 kg 14% 14% 17% 18% 18% 20% CAGR: +7.4% 79% 76% 65% 63% 61% 55% CAGR: -7.0% 8% 11% 18% 20% 22% 25% CAGR: +25.6% e Source: ERSTE Group 12

13 TECHNOLOGY PLASTICS LIGHTWEIGHT SYSTEM INTEGRATION The comparatively flat oil pan for the new boxer engine consists of three polyamide parts and was designed specifically to match the special shape of the engine and accommodate the largest possible quantity of oil. HIGHLIGHTS Weight reductions of up to 36% in comparison to previous model made of aluminum. Cost cutting through functional integration, freedom of design, process certainty, no reworking requirement. OIL PAN Porsche Injection moulding, assembly Type: 911 Carrera SOP: 10/2015 SPE Automotive Award (October 2016) 13

14 TECHNOLOGY COMPOSITES INTEGRATED UNDERBODY SOLUTIONS EU PATENT#: Combination of technologies: GMT/ PISA / Alu Foil HIGHLIGHTS Optimal weight, costs and functionality by one shot technology Integrated micro-perforation Alu + PISA Dedicated solution for aerodynamical properties, thermal and acoustical isolation 14

15 TECHNOLOGY CAR STYLING INDIVIDUALITY IN SERIES Bumpers and exterior ornamentation from POLYTEC CAR STYLING Bromyard helps provide the stunning looks of the fastest and most powerful Range Rover Sport SVR. BODY KIT Range Rover PUR RRIM, injection moulding, Class-A-painting, assembly, JIS Type: Range Rover Sport SVR SOP: 01/2015 HIGHLIGHTS This multifaceted project was a complete, one-stop-shopping package that extended from component development, tool making, production and Class-A painting to variant assembly, quality control and logistics. Full Bumper-Systems (front & rear), door side cladding, rear tailgate spoiler, front grille, air inlet cover. Front bumper incl. grille Air inlet cover Rear bumper Side claddings Rear tailgate spoiler 15

16 APPENDIX 16

17 CAPEX in mill Purchase real estate portfolio ~ ~ e 2018e 2017/2018: Second painting plant in the United Kingdom, intensive digitalization and ongoing replacements 2015/2016: New investments in infrastructure and production plants at Aksaray (Turkey), Tianjin (China) and Ebensee (Austria) locations Significant increase of investment volume in 2015: Primarily from the purchase of the Huemer Holding GmbH real estate portfolio (EUR 87.3 million) 17

18 DAILY TURNOVER PYT SHARES (VIENNA) 2017 FY pcs shares pcs shares pcs shares ,800 pcs 4.4 EUR mill. Announcement prelim. results 2016 FY Average daily turnover: YTD: 104,400 pcs EUR k 1,943 FY 2017: 83,300 pcs EUR k 1,409 FY 2016: 35,900 pcs EUR k 288 FY 2015: 45,700 pcs EUR k 341 FY 2014: 45,100 pcs EUR k PYT share reached 500 EUR mill. market cap ,300 pcs 9.5 EUR mill. Announcement results Q FY ,700 pcs 14.0 EUR mill. PYT share member of MSCI World Small Cap Index 29. Dec

19 GLOBAL AUTOMOTIVE COMPOSITES MATERIAL MARKET SIZE CAGR: +9.8% in USD bn. Current figures Estimated figures e 2018e 2019e 2020e 2021e 2022e 2023e 2024e 2025e 2026e Source: ERSTE Group 19

20 RESULTS Q

21 SALES, EBITDA MARGIN QUARTERLY in mill. 16.0% 12.9% 12.8% 13.1% 11.8% 10.4% Q Q Q Q Q Q

22 EBIT, EBIT MARGIN QUARTERLY in mill % 11.0% 8.9% 9.1% % 6.5% Q Q Q Q Q Q

23 EARNINGS QUARTERLY in mill. EPS in EARNINGS AFTER TAX EARNINGS PER SHARE Q Q Q Q Q Q Q Q Q Q Q Q

24 EQUITY AND EQUITY RATIO QUARTERLY in mill % 34.5% 36.3% 37.9% 38.4% 39.3% Q Q Q Q Q Q

25 NET FINANCIAL DEBT, GEARING QUARTERLY Net financial debt in mill NET FINANCIAL DEBT GEARING Q Q Q Q Q Q Q Q Q Q Q Q

26 RETURN ON CAPITAL EMPLOYED (ROCE) QUARTERLY in % Target: 15% minimum Q Q Q Q Q Q

27 NOTES 27

28 CONTACT POLYTEC Holding AG Investor Relations Paul Rettenbacher Phone: POLYTEC Confidential. All rights reserved by POLYTEC and/or its affiliated companies. Any commercial use hereof, especially any transfer and/or copying hereof, is prohibited without the prior written consent of POLYTEC and/or its affiliated companies. In case of transfer of information containing Know-how for which copyright or any other intellectual property right protection may be afforded POLYTEC and/or its affiliated companies reserve all rights to any such grant of copyright protection and/or grant of intellectual property right protection.