VI SMALL CAPS CONFERENCE

Transcription

1 VI SMALL CAPS CONFERENCE 1 Milano November 27 th, 2008

2 A worldwide technological and market leader on two key vehicles components SUSPENSION FLEXIBLE COMPONENTS ENGINE AND CABIN FILTRATION SYSTEMS coil springs stabilizer bars oil filters diesel, petrol filters stabilinks track adjusters air filters cabin filters 2

3 G l o b a l f o o t p r i n t 28 COMPANIES 13 COUNTRIES 3 CONTINENTS 3

4 M a i n c u s t o m e r s TRUCKS 4

5 Independent Aftermarket premium brand 5

6 25 years of growing results delivery despite automotive sector cyclicity (values in M ) REVENUES CAGR = 18.7% FILTERS SUSPENSION COMPONENTS OTHER 6

7 25 years of growing results delivery despite automotive sector cyclicity (values in M ) 100 EBIT CAGR = 12.5% starting from 2004 based on IAS/IFRS accounting principles

8 25 years of growing results delivery despite automotive sector cyclicity 100,00% 50 NET RESULT & DIVIDENDS DISTRIBUTION 80,00% 40 Cumulative Payout Ratio 60,00% 30 40,00% 20 20,00% ,00% Net result Dividends starting from 2004 based on IAS/IFRS accounting principles (*) plus extraordinary *

9 9 Months 2008 highlights of Sogefi Group results REVENUES M EBITDA - ADJUSTED M EBIT 58.6 M PROFIT BEFORE TAX 48.9 M NET RESULT 29.6 M EQUITY * M NET BORROWING * M vs. 9M % % % % % % % * * 9 (*) after extraordinary dividend distribution

10 9 M o n t h s r e v e n u e s % In presence of European registration market down 5%, Sogefi grows 6.7% in the OE sector Exchange rates (mainly pound vs. euro) effected negatively consolidated revenues (-2%) Positive growth of Suspensions revenues (+7.8%) and drop (-3.2%) of Filtration revenues 1.7% drop of sales in Europe (Filtration only) and booming in South America (+29.4%) 9M Mio 9M Mio Filters replacement market down 7.1%, mainly in the South European markets 9M Mio 10

11 9 M o n t h s s a l e s a n a l y s i s BY CHANNEL BY GEOGRAPHY 20.0% 67.8% 11.2% 6.5% 6.1% 8.7% 21.7% 12.2% 1.9% 17.2% 10.9% 0.6% 15.2% OEM Mio OES 99.1 Mio IAM Mio Italy Germany UK USA Spain France China Mercosur others Benelux 11

12 9 M o n t h s s a l e s a n a l y s i s BY DIVISION BY SECTOR 3.5% 51.3% 48.7% 32.0% 1.0% 49.6% 13.9% Suspension components Mio Filters Mio Passenger cars (OEM) Mio Industrial vehicles (OEM) Mio Railways 7.8 Mio Aftermarket (OES + IAM) Mio others 28.4 Mio 12

13 9 Months 2008 sales by customers SUSPENSION FLEXIBLE COMPONENTS 13.8% 22.6% 13.6% 7.1% 3.3% 6.5% 3.5% 5.4% 7.3% 12.0% 4.9% Renault Nissan PSA Mercedes Ford Volvo Fiat DAF Paccar VAG Toyota GM Daimler Truck others ENGINE & CABIN FILTRATION SYSTEMS 47.4% 10.7% 8.4% 2.4% 10.3% 7.3% 0.9% 1.1% 0.5% 7.3% 3.7% Renault Nissan PSA Iveco Ford Volvo Fiat Honda VAG BMW GM New Holland others 13

14 9 Months 2008 consolidated operating profit -5.8 % No material deterioration on 2007, considering former year benefited from positive one-off 2 Mio for Italian TFR 84,4 Higher raw material cost not yet transferred on selling price to all customers in the Suspensions sector Stable results in Suspensions and weaker Filtration profitability due to less IAM revenues 9M M M Mio 84.4 Mio 80.0 Mio 9.8 % on sales 10.6 % on sales 10.4 % on sales 14

15 9 Months 2008 consolidated EBIT and EBITDA EBITDA EBIT % % 9M Mio 11.2 % on sales 9M Mio 7.2 % on sales 9M Mio 13.4 % on sales 9M Mio 9.2 % on sales 9M Mio 13.4 % on sales 9M Mio 8.9 % on sales 15

16 9 Months 2008 consolidated EBIT and EBITDA The 15.6 Mio reduction of EBITDA ( 14.9 Mio for EBIT) is mainly originated by the completely different evolution of extraordinary operations: 9M M 2008 Extraordinary income from Nottingham site disposal Mio Restructuring costs (mainly for Mantua Filters site) Mio Write-down of provision related to UK pension funds and Italian TFR (changes in law) Mio Restructuring costs Mio Mio Δ 15.8 Mio 16

17 9 Months 2008 consolidated net result % Lower EBIT Higher financial expenses due to increased net financial indebtedness after extraordinary dividend distribution ( total cash out) 9M M M Mio 41.9 Mio 39.3 Mio 3.6 % on sales 5.3 % on sales 5.1 % on sales 17

18 9 M o n t h s f r e e c a s h f l o w Less self financing Higher Capex Increase of Working Capital due to steel price and higher stocks built for the closure of Mantua and Oyartzun plants No cash in from extraordinary operation ( 7 Mio originated by Nottingham disposal in 2007) 9M 2008 (13.0) Mio 9M Mio 9M Mio 18

19 9 M o n t h s r e s u l t s NWC ON SALES CAPEX NET FINANCIAL INDEBTEDNESS * 9M % 9M % 9M % 9M Mio 9M Mio 9M Mio 9M Mio 9M Mio 9M Mio 19 (*) after distribution of Mio as dividends

20 S o g e f i p r o d u c t s i n n e w m o d e l s Ford Ranger (2010) BMW Serie 5 (2009) Oil filtration system Coil springs Daimler New SLK (2010) Peugeot 308 Coupé (2009/2010) Stabilizer bar Stabilizer bars Audi New A6 (2010) Geely FC (2010) Stabilizer bars Oil filtration system 20

21 S o g e f i p r o d u c t s i n n e w m o d e l s VW Scirocco (2009) Citroёn New C2/C3 (2009) Oil filtration system Coil springs Stabilizer bars Torsion bars Oil filtration system Fiat Grande Punto (2009) Peugeot New 407 (2010) Oil filtration system Stabilizer bars Coil springs Oil filtration system Diesel filtration system Lancia Ypsilon (2009) Daimler Viano (2009) Coil springs Stabilizer bars 21

22 S o g e f i p r o d u c t s i n n e w m o d e l s High Speed Trains Velaro (2009) Ferrari California (2009) Anti-roll bars Oil filtration system Aston Martin V12 Vantage (2009) Ford F150 (2009) Oil filtration system Oil filtration system Paccar Common Chassis (2008/2009) MAN tg-m (4x4) (2008/2009) Parabolic air links Parabolic springs for front axle Parabolic springs for front axle Stabilizer bars 22

23 R o a d a h e a d O r g a n i c e x p a n s i o n USA new Filters production site 2009 CHINA stabilizer bars start production 2009 FRANCE composite Suspension components mass production 2011 TURKEY JV Suspensions 2009 EASTERN EUROPE new Suspensions plant new Filters plant 2011 INDIA JV Filters JV Suspensions

24 Disclaimer This document has been prepared by SOGEFI S.p.A. for information purposes only and for use in presentations of the Group s results and strategies. For further details on the SOGEFI Group, reference should be made to publicly available information, including the Annual Report, the Semi-Annual and Quarterly Reports. Statements contained in this document, particularly the ones regarding any SOGEFI Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. Any reference to past performance of the SOGEFI Group shall not be taken as an indication of future performance. This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. 24