Investor Presentation Schaltbau Holding AG - April 2019
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Investor Presentation Schaltbau Holding AG April 2019
Executive Board Investor Presentation April 2019 2
Experienced management team bringing Schaltbau back to
historical profitability
Our
common
objectives
• Return
to
profit
Dr Albrecht Köhler Volker Kregelin Thomas Dippold
• Secure
Chief Executive Officer Chief Officer for Mobile & Stationary Chief Financial Officer financing
(since May 2018) Transp. Techn. (new since 1 Dec 2018) (since Jan 2017)
• Freelance interim CEO / COO (2016-18) • Leading sales and general management • CFO Faber-Castell AG (2014-16)
capabilities
• Deputy CEO GAZ Group (2014-16) roles in MTT & STT at Bombardier • CFO Semikron International
• Managing Director Knorr Bremse Trnspt. (2007-18) (2008-14) • Manage
rolling stock bus. unit (2000-14) • Reg. head / COO at Dematic (2004-07) sustainable
• Head of Controlling Schott AG
• Leading general management and • Senior roles in projects, operations and
operations roles at Dt. / Daimler Benz sales at Siemens and Adtranz /
(2002-08) growth
Aerospace (1989-1999) Bombardier Trnspt. (1993-2003)
Business and Market Overview
The Schaltbau Group at a glance Investor Presentation April 2019 4
Schaltbau Group – Key facts
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 world1
Listed at Frankfurt Stock Exchange, Prime Standard
segment, IPO 1994
30+ subsidiaries in 15+ countries worldwide
1 2018, rounded to full 5%
The Schaltbau Group at a glance Investor Presentation April 2019 5
Schaltbau Group – Investment case
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 SMART SOLUTIONS
Positioning as innovation driver and essential technology partner in FOR POWER AND MOBILITY
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 April 2019 6
Schaltbau Group – Business overview
HOLDING
Components (COM) Mobile Transportation Technology (MTT) Stationary Transportation Technology (STT)
~30%* ~55%* ** ~15%*
DC technology for trains, new energy and Door systems for Level crossing systems,
electromobility, driver desk equipment trains, buses and automotive point heating systems, shunting equipment
* Segmental sales split based on FY 2018 numbers, pre consolidation, rounded to the nearest 5% multiple ** Bode Group represents ~45% of Schaltbau Group’s FY 2018 sales
Key operating entities Investor Presentation April 2019 7
Snapshot of Schaltbau Subgroup
COM MTT STT
~30% of
Group sales*
SCHALTBAU
Member of the Schaltbau Group
• 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
* FY 2018, pre consolidation, rounded to the nearest 5% multiple
Key operating entities Investor Presentation April 2019 8
Snapshot of Bode Subgroup
COM MTT STT
~45% of
Group sales* **
Member of the Schaltbau Group
• #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
* 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
Key operating entities Investor Presentation April 2019 9
Snapshot of Pintsch Subgroup
COM MTT STT
~15% of
Group sales*
Member of the Schaltbau Group
• 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
* FY 2018, pre consolidation, rounded to the nearest 5% multiple
Market and competitive environment Investor Presentation April 2019 10
Megatrends drive sustainable growth in global rail markets
Rolling stock Infrastructure & Rail control
Megatrends
Digitisation / Automation
Urbanisation
Components / Mobile Transportation Technology Stationary Transportation Technology
Emission reductions
Connectivity
SCHALTBAU BODE PINTSCH
PINTSCH
Connect Contact Control The Door Safety for Rail
Electrification / E-mobility
• Market growth:(1) ~2.6% • Market growth:(1) ~2.9%
Safety
• Market size:(2) ~€53bn • Market size:(2) ~€46bn
Globalisation / China
Regional market growth(1)(3)
• Western Europe: ~2.2% • Asia / Pacific: ~2.5% • NAFTA: ~3.1% • CIS: ~2.7%
Regulation and liberalisation • 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 managementMarket and competitive environment Investor Presentation April 2019 11
Railway market with oligopolistic supplier structure in many segments
Overall rolling stock OEMs in the rail market Selected suppliers in the Schaltbau rolling stock market
/ (4)
1. +
2.
c. 15%
3.
32% c. 5%
Rolling stock c. 5% 4.
c. 5% 5.
49% €163bn(1) Other OEMs(2) < 5% 6.
Other(3)
7.
19% Market size ~€53bn
8.
Infrastructure
9.
10.
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 conditionsMarket and competitive environment Investor Presentation April 2019 12
Market for door systems shows strong growth perspective
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
* Schaltbau analysis based on various third party market research and own estimatesMarket and competitive environment Investor Presentation April 2019 13
Renaissance of DC technology
New Energy Electromobility DC Industry Smart Building
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 yearsMarket and competitive environment Investor Presentation April 2019 14
Schaltbau DC components are suitable for a broad range of applications
and meet the necessary norms and standards
Electromobility DC Industry
Machinery
(Hybrid) electric
safety
vehicles
Energy
Material
handling management
Automotive DC components
infrastructure
Smart
grid Drives & safety
Energy &
smart metering
New Energy Smart BuildingMarket and competitive environment Investor Presentation April 2019 15
The global market for relevant DC contactors* is
predicted to grow at CAGR of >20% Boom expected,
1. Electric passenger cars depending on
€ bn infrastructure
1.4
Niche business
2. Electric communal trucks
1.2
1.0 3. Electric light duty (≤6t) + Stable yearly demand,
medium duty (≤16t) based on existing figures
commercial vehicles
0.8 Extraordinary growing
due to increasing short-
4. Electric light
distance deliveries and
commercial vehicles
0.6 suitable charging
infrastructure in depots
0.4 5. Electric bus family Stable yearly demand,
(6, 8, 12 metres) based on existing figures
0.2
Moderate/stable growth
6. Stationary energy due to market saturation
0.0 and long usage times
2019 2020 2021 2022 2023 2024 2025
Mat. handling / forklift Stationary energy Electric bus
Stable growth due to
Light comm. vehicles MDEV + LDEV Communal trucks 7. Material handling
logistics increase
Passenger cars
* 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 estimatesStrategic Agenda
Investor Presentation April 2019 17
Turnaround roadmap Schaltbau:
Major milestones successfully achieved – further road to go
2017 – 2019 2019 – 2020 2020 – 2021
Create financial headroom Achieve satisfactory debt level Ensure sustainable profitability
Stabilise operational performance Step up investments in new market on market level
and product opportunities Establish competitive international footprint
REDUCE COSTS EXPLOIT GROWTH OPPORTUNITIES
OPTIMISATION OF
OPERATIONAL PROCESSES
REDUCE COMPLEXITY
OPERATIONAL EXCELLENCE
REDUCE DEBT
2018
2017 2018 2019 2020 2021Investor Presentation April 2019 18
Strategy
Schaltbau Group management
• 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 • Best in class door systems for trains, buses and • State-of-the-art level crossing systems, point heating
switching, DC components & high end driver desk automotive, train interiors systems, shunting equipment and other rail
equipment infrastructure
• Potential growth in future markets such as
• Potential growth in future markets such as new electromobility and autonomous driving • Strong relationship with Deutsche Bahn as the
energy, electromobility, DC industry and smart building key customer in Germany
• Outstanding smart doors innovator: integration of
• Longstanding technology leadership with a strong digital functionality such as passenger ticketing, • Foreign market opportunities, e.g. in the U.S. with
footprint as a well-established player in the railway entertainment and preventive maintenance, ramp in railway signaling, marshalling and hauling equipment as
segment after-sales business well as sensor technology for industry and mining
• Efficient production: pick/ configure/ design-to-order, • Standardisation of door drive modules, redesign of • Efficiency gains through ongoing restructuring and
based on volume and complexity production processes and better utilisation of growing markets; consolidation of three Pintsch sites
capacities available in Poland and Turkey into one main location
• Regional expansion into North America, Russia, China,
India, coordinated with other Schaltbau Group entities; • Regional expansion into North America and Asian • Focus on core products and selective exploitation of
centralised competence centres along with local markets, coordinated with other Schaltbau Group new business opportunities worldwide
assembly and service entities
High-margin cross-industry Efficient door system provider in high- Sustainable high-quality
DC technology specialist growth market rail infrastructure playerInvestor Presentation April 2019 19
Major growth opportunity with DC power control
“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
With more than 90 years of expertise • However, switching off direct current safely continues to be a major
from the railway industry, where DC challenge for most people. Not for Schaltbau!
technology has remained the standard
from the very beginning, the Schaltbau • Schaltbau ensures that tomorrow's energy concepts can be
Group is driving the development of implemented more efficiently and more quickly, thus driving the
new markets with DC-based products further development of new technologies and transforming them
and applications into applicable and safe solutionsInvestor Presentation April 2019 20
Outlook - Sales guidance 2019 with strong organic growth
Sales guidance for 2019 in range of € 480-500 million In € million
(without Sepsa and Alte) 518
€ 480-500 million
Organic growth expected for FY 2019 -32
490
All business segments contribute
Bode Group is main growth driver
-25 37
-8
Sales FY 2018 Sepsa Alte Pintsch Organic Sales Guidance
Bubenzer growth FY 2019Investor Presentation April 2019 21
Guidance FY 2019
Strong 2018 order intake as one of the drivers to ensure Outlook (in € million) Guidance FY 2019*
growth in 2019
Order intake 480-500**
Positive effects from restructuring measures and reduction
of risk exposure (PSD) will continue to impact the 2019 EBIT
Sales 480-500**
performance
Additional measures to increase the 2019 EBIT performance Mobile Transportation
Increase
include optimisation of production and logistic processes, Technology
realisation of material savings and renegotiations of Stationary Transportation
customer contracts of low-margin projects Slight increase
Technology
Components Increase
EBIT margin Around 5-6%**
* Compared to FY 2018
** Excluding Sepsa, Alte, Pintsch Bubenzer and exceptional itemsInvestor Presentation April 2019 22
Portfolio development 2019 vs. 2018
Schaltbau
Connect Contact Control
25
Profitability in %
Profitable growth
2019
2018
15 Pintsch – Safety for Rail
Growth from low base
5 2018 2019
2019
-5 2018
Bode. The Door.
Profitability ramp
-15
-5 5 15 25
2019 vs. 2018 growth in %
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.Investor Presentation April 2019 23
Schaltbau Vision 2021
Operational excellence
Disposal of non-core business throughout the organization
2021
Overall increased share of service State-of-the-art product and service offering in
and international revenues terms of quality and innovation
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.FY 2018
Financials - FY 2018 Investor Presentation April 2019 25
FY 2018 at a glance
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 2017Financials - FY 2018 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 AlteFinancials - 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; order 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 28
Order intake increases like-for-like by 8% with all segments contributing
High order intake of € 631.3 million in FY 2018 External order intake in € million **
Strong development in Mobile Transportation mainly driven by a 6.3%
700
USD 47 million order of Kawasaki Rail Car to Sepsa for the supply of 650 631.3 8.4%
information and auxiliary power units for New York City Transit 600
594.0
Authority (USA) 553.9
550 511.1
Stationary Transportation like-for-like with growth of 27.6% vs. 500
FY 2017; Q2 2018 win of train formation unit project at Pintsch 450
393.5 333.4
Tiefenbach was one of the main contributors to this positive 400 326.0
development 350 304.3
300
Like-for-like, overall increase of 8.4% or € 42.9 million, all segments
250
contributed to the growth
200 87.0 114.3 77.1 60.4
150
100
Order book at end of 2018 at € 583.0 million, 50
150.5 146.3 150.5 146.3
up 14.7% vs. € 508.3 million end of 2017 0 0.3 0.0 0.3 0.1
FY 2018 FY 2017 FY 2018 FY 2017
Reported Like-for-like*
Mobile Transportation Technology Stationary Transportation Technology Components Other**
* 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 effectsFinancials - FY 2018 Investor Presentation April 2019 29
Sales grow by 12% like-for-like, Mobile Transportation and Components
with strong performance
Sales grow by 0.3% vs. FY 2017, an increase of € 1.7 million External sales in € million **
Significant volume increase in Mobile Transportation Technology 600 0.3%
(mainly Bode and Rawag) and strong sales volume development in
550 518.3 516.6
Components
500
12.1%
Sales in Stationary Transportation significantly below 450
prior year, mainly due to sale of Pintsch Bubenzer in Q1 2018 477.7
400 426.3
265.3
350
303.8
Adjusted by the deconsolidation of Pintsch Bubenzer and 300 271.5
228.0
Sepsa growth of 12% vs. FY 2017 250
200 120.5
69.1
150 60.9 70.8
Sales split: 100
145.2 130.7 145.2 130.7
Germany 36% 50
Europe ex Germany 47% 0 0.2 0.1 0.1 -3.2
Rest of world 17% FY 2018 FY 2017 FY 2018 FY 2017
Reported Like-for-like*
Mobile Transportation Technology Stationary Transportation Technology Components Other**
* 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 effectsFinancials - FY 2018 Investor Presentation April 2019 30
FY 2018 EBIT impacted by a number of one-off effects
Reported FY 2018 EBIT at € -7.3 FY 2018 EBIT adjustments in € million
million (€ -23.0 million in FY 2017),
adjusted by one-off effects at
€ 16.0 million (€ 2.4 million in 5.2 -3.2 3.0 16.0
FY 2017)
0.6
Adjustments mainly driven by 3.8
Impairments of Alte and Bode UK 13.9
Restructuring expenses (e.g.
severance payments, consulting
costs, CRO)
-7.3
EBIT Impairments Add. IFRS 5 Decon- Restructuring Provisions Impairment EBIT before
reported Alte, Bode UK effect Sepsa solidation expenses for onerous own work extraordinary
real estate Pintsch contracts capitalised items
BubenzerFinancials - FY 2018 Investor Presentation April 2019 31
Significant EBIT improvement vs. FY 2017 both reported and before
extraordinary items
Reported EBIT up by 68% or € 15.7 million vs. FY 2017 EBIT in € million
68.3%
> 100%
EBIT before extraordinary items at € 16.0 million (+€ 13.6 16.0
million vs. FY 2017). Improvement mainly caused by:
Sales growth in Components with high gross margins
Positive effects from restructuring activities (e.g. Pintsch) -7.3
Productivity improvements, material savings
Sepsa classified as asset held for sale in 2017 with no impact on
EBIT
2.4
-23.0
FY 2018 FY 2017 FY 2018 FY 2017
Reported Before exceptional itemsFinancials - FY 2018 Investor Presentation April 2019 32
Cash flow in FY 2018 is affected by sale of Pintsch Bubenzer,
capital increase and higher working capital
Positive free cash flow driven by In € million
€ 29.3 million cash inflow from sale of Pintsch Bubenzer +21.9
Free cash flow
€ 15.6 million release of funds from an escrow account -23.8
Positive effects set off in part by higher working capital and release
of provisions (e.g. PSD)
-26.3
Cash flow from financing activities
+20.0
Financing cash flow in FY 2018 mainly reflects:
€ 46.5 million cash inflow from capital increase -0,1
Other*
€ 74.7 million cash outflow due net repayment of loans -1,0
-4.5
Cash flow
-4.8
12M 2018 12 M2017
* Includes change in cash funds due to exchange rate fluctuationsFinancials - FY 2018 Investor Presentation April 2019 33
Mobile Transportation Technology
Sales growth driven by positive development at Bode Group
Increase in external order intake impacted by Sepsa (Kawasaki External order intake and sales in € million * EBIT in € million
Order / New York City Transit Authority) and growth at Bode
Group 450 18.0% 0
393.5 -2
400
-4
External sales growth of € 38.5 million driven by Bode Group 350 67.5 333.4
14.5% -6
31.2 303.8 -8
300
32.3 -10
EBIT at € -22.8 million 265.3
-12
250 37.3
FY 2018 impacted by one-off effects amounting to € 21.9 million -14
200
Impairment of Alte and Bode UK (€ 13.9 million) -16
326.0 -18
IFRS 5 effects from purchase of Sepsa real estate in Q3 2018 (€ 3.8 million) 150 302.2
271.5 -20
Restructuring costs Q4 2018 (€ 1.8 million) 100
228.0
-22
Negative operating contribution from Alte mainly due to ramp-up of -24 -22.8
50
low-margin OEM projects and operational inefficiencies -26
-26.4
Further improvements in productivity expected to have EBIT 0
FY 2018 FY 2017 FY 2018 FY 2017
-28
FY 2018 FY 2017
impacts in 2019 Order intake Sales
Sepsa Like for like
* Figures may not add up and/or match exactly with figures consolidated on Group level, due to roundingFinancials - FY 2018 Investor Presentation April 2019 34
Stationary Transportation Technology
Stabilisation and positive impacts from restructuring activities
External order intake down due to the sale of Pintsch External order intake and sales in € million EBIT in € million
Bubenzer; like-for-like with a growth of 27.6%. FY 2018
positively impacted by a significant order for a train formation 150 3.0 2.6
unit 140 -42.7% 2.5
-23.9% 2.0
130
120.5 1.5
120 114.3
1.0
110
Sales decrease of 42.7% primarily driven by the sale of Pintsch 100
0.5
49.7 0.0
Bubenzer; like-for-like sales down by € 9.9 million as a result 90 87.0
53.9 -0.5
of several customer push-outs 80 9.9 -1.0
69.1
70 -1.5
8.2 -2.0
60
-2.5
EBIT at € 2.6 million 50
-3.0
40 77.1
Improvement largely due to the release of provisions for onerous 30 60.4 60.9
70.8 -3.5
-4.0
contracts for the PSD project in Brazil and cost reductions, set off in 20 -4.5
part by impairments on capitalised development costs 10 -5.0
0 -5.5
Positive EBIT effects resulting from restructuring activities and the FY 2018 FY 2017 FY 2018 FY 2017 -5.5
renegotiation on PSD Sao Paulo will continue to impact 2019 Order intake Sales FY 2018 FY 2017
Bubenzer Like for likeFinancials - FY 2018 Investor Presentation April 2019 35
Components
Ongoing strong operational performance
Strong external order intake in FY 2018 External order intake and sales in € million EBIT in € million
2.9%
11.1%
25.1
External sales improves by € 14.5 million; ongoing high 160
150.5 146.3 145.2
26
150 24
demand of connectors, snap-action switches and contactors 140 21.4
130.7 22
130
120 20
EBIT improves to a very high level of € 25.1 million 110 18
Positive EBIT development vs. FY 2017 driven by high sales volume, 100 16
90
favorable product mix and additional productivity improvements 80
14
12
Strong EBIT margins expected to be continued in 2019 70
60 10
50 8
40 6
30
4
20
10 2
0 0
FY 2018 FY 2017 FY 2018 FY 2017 FY 2018 FY 2017
Order intake SalesFinancials - FY 2018 Investor Presentation April 2019 36
Equity substantially strengthened, net debt significantly reduced
Equity increases by € 23.2 million following the successful Restructuring of equity and net debt in € million
capital increase in February 2018; -36.6%
equity ratio at 23.7% as of 31 December 2018 32.9%
100 160
158.4
(up from 15.6% at year-end 2017) 93.8
150
90
140
80 130
Reduction of net debt by € 58.0 million in FY 2018 70.6 120
70 110
100.4
Repayment of € 25.0 million in bridge financing 100
60
90
Additional repayment of current account liabilities
50 80
70
40
60
30 50
40
20 30
20
10
10
0 0
FY 2018 FY 2017 FY 2018 FY 2017
Equity Net debtFinancial calendar and
contact details
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
IR contact
Wolfgang Güssgen
Head of IR & CC
guessgen@schaltbau.de
T +49 89 93005-209
Schaltbau Holding AG
Hollerithstrasse 5
81829 Munich
Germany
www.schaltbaugroup.com iStockphoto LPAppendix Investor Presentation April 2019 38 Disclaimer 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.
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