Star Conference, Milan 26 March 2014
EXTRA EUROPEAN SALES OUTPACED MARKET GROWTH** IN REFERENCE REGIONS IN 2013 Sogefi +31.3%* NAFTA Sogefi Sogefi Registrations 7.2% +33.4%* -1.6%* Production 7.7% Asia Europe Registrations 14.6% Registrations -1.7% Production 11.0% Production -2.6% Brazil + Argentina Registrations 1.6% Sogefi Production 4.9% +14%* * At constant exchange rates ** Passenger Cars for Eu 28, PC + LCV elsewhere Source: National car associations for registrations, IHS for production SOGEFI GROUP 2
REBALANCING CUSTOMERS AND REGIONS (Based on FY 2013 data) Sogefi Group main Customers* Breakdown by region 4% 4% 11% 14% 18% 17% Asia NAFTA Mercosur 66% Europe 64% 2012 2013 * In % of total sales • Europe weights 64% of revenues vs 66% in 2012 • Sogefi won the GM 2013 supplier of the year • < 6% of revenues in 2013 come from Italy award • Nafta now represents 14% of the Group revenues • First contracts awarded with Hyundai and and Mercosur 17% Porsche • The 3 US manufacturers (including FCA) in the top 5 clients SOGEFI GROUP 3
MARGIN EXPANSION IN 2013 (calculated as % on sales) EBIT pre restructuring ( € m) Margin 5.9% 6.6% Margin improvement was obtained together with an expansion in revenues and despite the climate of negative exchange rates … 88.3 78.8 FY 2012 FY 2013 EBIT ( € m) … and with an intensification of Margin 4.8% 5.2% restructuring actions € 19.2m in 2013 +24% vs 2012 to optimize industrial footprint in Europe 69.1 63.4 FY 2012 FY 2013 SOGEFI GROUP 4
2013 KEY ACHIEVEMENTS ( € m) FY 2012 FY 2013 YOY 2013 RESULTS KEY DRIVERS Revenues 1,319 1,335 1.2% • Revenues and margin are up driven by better regional and Excluding forex effect 5.5% product mix despite a climate of negative exchange rates • Revenues net of forex effect would have grown +5.5% in Operating profit 92.4 107.8 16.6% 2013 (+8.6% in Q4) margin 7.0% 8.1% • Revenues outside Europe now represent 36% of total EBITDA 126.7 129.5 2.3% revenues vs 34% in 2012 (38% net of exchange rate effect) margin 9.6% 9.7% • Revenues in NAFTA increased 24.5% YOY to € 190m and in Asia 27% YOY to € 59m (+31.3% and 33.4% respectively at Ebit before Restructuring 78.8 88.3 12.0% constant exchange rates) margin 6.0% 6.6% restructuring costs -15.4 -19.2 • Intensification of efficiency-enhancing initiatives in Europe to optimize industrial footprint leading to 19.2m of restructuring EBIT 63.4 69.1 8.9% costs in 2013 ( € 15.4m in 2012) margin 4.8% 5.2% • Net income affected by higher restructuring costs, but also Net Income 28.2 21.1 -25.2% higher financial expenses following the recent refinancing margin 2.1% 1.6% which led to the replacement of lines signed before 2009 with new agreements at current market conditions. Investments 84.4 83.8 -0.7% • Higher tax rate: in 2012 there had been a positive deferred capex/sales 6.4% 6.3% tax in NAFTA Net Debt vs 30/9/2013 339 304.6 -10.1% • Net debt at € 304.6m reflecting the NWC absorption for the Free Cash Flow 27.6 10.0 international expansion and the dividend payment for € 17.2m SOGEFI GROUP 5
HIGH FINANCIAL FLEXIBILITY Net Financial position as of 31/12/2013 Debt Refinancing € m • In December 2012 a € 215m of debt refinancing was settled: – Mainly through a five ‐ year credit facility for € 200m (of which € 80m revolving and € 120m amortizing) 132,9 • In May 2013 two US private placements for € 115m were 437,5 signed : 304,6 – a US$115m bond with a 10 year duration – a € 25m bond with a 7 year duration Gross debt cash and cash Net Fin. Position • Cost of debt: signed at current market price replacing equivalents lines signed before the crisis at significantly more favorable rates Debt maturity as of 31/12/2013 Liquidity profile as of 31/12/2013 € m 97 € m 23 Liquidity position 132.9 71 Total committed lines 438 not drawn 110.0 78 84 Liquidity margin 242.9 84 gross debt 2014 2015 2016 2017 2018 > 2018 SOGEFI GROUP 6
LOOKING AT THE FUTURE SOGEFI GROUP 7
SOGEFI IN THE WORLD 43 PRODUCTION SITES 17 COMMERCIAL SITES 21 COUNTRIES Data as of 31/12/2013 SOGEFI GROUP 8
COMPETITIVE POSITIONING Air & Cooling Fluid Filtration 1 st producer in Europe and NAFTA 1 st producer 3 rd producer in MERCOSUR in Europe Aftermarket Suspensions European and MERCOSUR premium segment 1 st producer in 2 nd producer in joint leadership MERCOSUR Europe Sogefi Estimations SOGEFI GROUP 9
SUPPLYING TOP VEHICLES IN EUROPE • Sogefi Engine Systems are present on 8 of the 10 most sold Passenger Cars in Europe in 2013 • Sogefi Suspensions are in 6 of the top 10 vehicles in Europe in 2013 OIL MODULE DIESEL MODULE DIESEL MODULE TURBO INLET OIL MODULE TURBO OUTLET COOLANT PIPE TURBO OUTLET THERMOSTAT HOUSING THERMOSTAT HOUSING OIL FILTER AIR INTAKE SYSTEM INTAKE MANIFOLD STAB. BARS REAR FOR TWIST (supply started in 2014) THERMOSTAT HOUSING COILS SPRINGS BEAM AXLE WATER PUMP & PIPES STAB. BARS N.5 PEUGEOT 208 N.3 FORD FIESTA N.4 VW POLO N.2 RENAULT CLIO AIR INTAKE MODULE OIL MODULE DIESEL MODULE INTAKE MANIFOLD INTAKE MANIFOLD STAB. BARS TURBO OUTLET THERMOSTAT HOUSING COOLANT PUMP TURBO INLET THERMOSTAT HOUSING COOLANT PUMP DIESEL MODULE COOLANT PIPE INTAKE MANIFOLD STAB. BARS COIL SPRINGS N.8 NISSAN QASHQAI N.6 OPEL CORSA N.9 OPEL ASTRA N.7 FORD FOCUS SOGEFI GROUP 10
SUPPLYING TOP VEHICLES IN SOUTH AMERICA • Sogefi Engine Systems are present on 9 of the 10 most sold Passenger Cars in Brazil + Argentina in 2013 • Sogefi Suspensions are in 8 of the top 10 vehicles in Brazil + Argentina in 2013 FIRST CONTRACT AWARD WITH HYUNDAI IN BRAZIL AIR INTAKE SYSTEM AIR INTAKE SYSTEM OIL FILTER MODULE OIL FILTER / FUEL FILTER OIL FILTER / FUEL FILTER CARBON CANISTER FRONT & REAR COIL SPRINGS OIL FILTER CARBON CANISTER COILS SPRINGS COILS SPRINGS FRONT STAB. BARS STAB. BARS STAB. BARS STAB. BARS (starting from 3Q 2014) COIL SPRINGS N.1 VW GOL N.4 FIAT UNO N.5 HYUNDAI HB N.2 FIAT PALIO N.3 FORD FIESTA AIR INTAKE SYSTEM OIL FILTER / FUEL FILTER AIR INTAKE SYSTEM AIR INTAKE SYSTEM FRONT & REAR COIL SPRINGS OIL FILTER / FUEL FILTER OIL FILTER MODULE CARBON CANISTER AIR INTAKE SYSTEM CARBON CANISTER COIL SPRINGS STAB. BARS STAB. BARS N.8 CHEVROLET N.6 FIAT SIENA N.7 RENAULT SANDERO N.9 FIAT STRADA N.10 CHEVROLET ONIX CORSA CLASSIC SOGEFI GROUP 11
ALSO SUPPLYING PREMIUM PLATFORMS OIL MODULE OIL MODULE NEW CONTRACTS: INTAKE MANIFOLD STAB. BARS COILS SPRINGS PORSCHE: OIL MODULES on V6 and V8 engines FERRARI 599 AIR INTAKE MANIFOLD PORSCHE CAYENNE COILS SPRINGS MERCEDES SLK OIL MODULE STAB. BARS AUDI: OIL MODULES on V6 and V8 engines INTAKE MANIFOLD INTAKE MANIFOLD STAB. BARS BMW 5 -series STAB. BARS OIL MODULE THERMOSTAT HOUSING MULSANNE BENTLEY COULANT PUMP OIL MODULE AUDI A6 AUDI A8 OIL MODULE MINI COOPERS OIL MODULE STAB. BARS FERRARI CALIFORNIA OIL FILTER OIL FILTER AIR INTAKE SYSTEM OIL MODULE LA FERRARI MASERATI QUATTROPORTE DUCATI MONSTER 1100 EVO DUCATI 1199 PANIGALE Serie Limitata 2013 MERCEDES GLK SOGEFI GROUP 12
MARKET TRENDS CARS and LCVs BY REGION Leveraging on international market growth opportunities: Nafta, Mercosur, China and India (amounts in M’ pcs) 30,0 27,8 +5,8% 26,3 +7,3% 24,5 25,0 +9,8% 22,3 +3,9% 22,0 +10,8% 21,2 +4,2% 20,2 20,1 20,3 19,4 -4,3% 19,5 +4,0% 19,3 +10,2% 20,0 18,9 +5,5% +0,4% +3,3% +2,7% +3,4% +3,7% 18,2 17,8 17,8 +5,0% 17,3 17,2 16,8 +2,3% +17,6% 16,6 15,0 16,2 15,4 +10,2% 13,1 11,9 10,0 +7,4% +14,9% 5,8 5,4 4,8 +8,6% 4,2 4,4 +5,2% 3,9 +2,5% 4,0 -1,0% 3,9 +6,6% 5,0 5,2 4,9 +6,2% 4,7 +1,8% +15,5% 4,1 3,8 3,6 3,6 +12,1% 3,2 -4,5% +5,6% +12,0% 0,0 2010 2011 2012 2013 2014 2015 2016 2017 EUROPE ARGENTINA & BRAZIL NAFTA CHINA INDIA Source: IHS 03/2014 SOGEFI GROUP 13
MARKET TRENDS ENGINES BY REGION Leveraging on international market growth opportunities: Nafta, Mercosur, India and China (amounts in M’ pcs) 30,0 28,0 26,6 +5,4% +7,3% 24,7 25,0 24,2 +8,6% 23,1 22,8 22,2 +4,8% +10,4% 20,7 +4,0% -1,7% 20,4 20,8 +2,2% 19,3 21,3 +4,6% +2,1% 20,0 20,6 +14,5% +7,4% +1,9% 18,0 -0,7% +2,9% +2,6% 16,8 +4,0% 16,5 +4,1% 15,0 15,8 15,7 15,3 14,9 +18% 14,4 13,8 +7,1% 11,7 10,0 10,9 5,6 +9,1% +15,6% 5,1 +18,6% 3,8 3,7 4,1 3,6 3,6 3,8 5,0 -2,5% +8,3% +3,0% +3,0% +4,4% +2,4% 4,4 +6,0% 4,3 4,4 3,4 +15,2% 3,7 3,5 3,3 -0,5% 3,0 +5,7% +7,9% 0,0 2010 2011 2012 2013 2014 2015 2016 2017 EUROPE ARGENTINA & BRAZIL NAFTA CHINA INDIA Source: IHS 03/2014 SOGEFI GROUP 14
NEW PLANT INAUGURATION IN MEXICO IN SEPT. 2013 New Engine System plant inauguration in Monterrey (Mexico) in September 2013 Scorpion Diesel V8 6.7 L Manifold Products: • Air Intake manifolds • Active runner systems • Fuel rails V8 6,4L Big Gas Manifold • Injectors • Electronic throttle bodies Air Cabin Filter Ducato Air Box DJ SOGEFI GROUP 15
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