WE TRANSFORM VISIONS INTO PLASTIC SOLUTIONS - Investors Presentation 6 October 2021 - Polytec Group
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
WE TRANSFORM VISIONS 6 October 2021
Hörsching
INTO PLASTIC SOLUTIONS
Investors Presentation
POLYTEC AT A GLANCE
Technology-independent
developer and manufacturer of
high-quality plastic solutions
Automotive and
~3,600 522 MIO 35 YEARS
EMPLOYEES SALES REVENUES OF EXPERIENCE non-automotive industry
2
LOCATIONS
PRESENT ON 4 CONTINENTS CHINA
17 X IN EUROPE
1 X IN ASIA
1 X IN AMERICA
1 X IN AFRICA
USA
SOUTH AFRICA
3
INVESTING IN NEW PLANTS
▪ Tianjin (PRC) ▪ Telford (UK) ▪ East London (RZA)
SOP HY2 2021
4
STRATEGY
1 2 3
Strengthening of the Development of new A focus on customer
market position in Europe technologies and applications benefits
5
TECHNOLOGICAL DIVERSITY
INJECTION MOULDING COMPOSITES SMALL SERIES TECHNOLOGIES PRE- & POST-PROCESSING
2k injection moulding Production of glass fibre SMC Class-A paint coating Just-in-Sequence-Delivery
Multi-component injection Production of carbon fibre SMC PUR RRIM / RRIM Lightweight Tool making
moulding SMC/LFT/GMT compression moulding PUR rigid / semi-rigid Mechanical engineering
Assembly injection moulding UD-Tape application PUR-processing (moulding parts) (multi-component dosing system)
WIT (water injection technology) Hybrid compression moulding PUR spraying Testing & Validation
GIT (gas injection technology) (LWRT-LFT) PUR casting Trimming & Cutting
PIT (projectile injection technology) Wet pressing PUR foaming (milling, laser, water jet)
In-Mould-Decoration In-Mould-Coating Blow moulding Joining & Welding
Injection-Moulding-Compounding In-Mould-Painting Processing of metal & premium steel (hot gas, ultra-sonic,…)
High-gloss technology
Up to 4000 tons clamping force Up to 4300 tons clamping force Up to 630 tons clamping force
6
POLYTEC PRODUCT LINES 7
FINANCIALS 2020 FY
FINANCIAL FIGURES
SALES REVENUES, EARNINGS, EQUITY
676,4 636,4 627,1 522,0
2017 2018 2019 2020
Turnover
9
SALES REVENUES BY CUSTOMERS 2017–2020 FY 10
SALES REVENUES SPLIT 2020 FY
etc.
Passenger Cars &
Light Commercial Cars
Commercial Cars
14.4% Smart Plastics &
Industrial Applications
22.6%
63.0% 2020 FY Exterior
13% Powertrain
14% Interior
40%
3% Structure
6%
et 24% Industrial Applications
c. Tooling
11FINANCIALS H1 2021
KEY FIGURES H1 2021 (VS H1 2020)
▪ Sales revenues EUR 291.7 million (H1 2020: EUR 242.3 million)
▪ EBITDA EUR 24.2 million (H1 2020: EUR 10.7 million)
▪ EBITDA margin 8.3% (H1 2020: 4.4%)
▪ EBIT EUR 10.1 million (H1 2020: EUR –7.0 million)
▪ EBIT margin 3.5% (H1 2020: –2.9%)
▪ Earnings after tax EUR 6.8 million (H1 2020: EUR –8.9 million)
▪ Earnings per share EUR 0.30 (H1 2020: EUR –0.42)
▪ Equity ratio 44.2% (H1 2020: 40.0%)
▪ Net debt EUR 121.2 million (H1 2020: EUR 153.4 million)
▪ Employees (FTE incl. leasing personnel) as at 30.06.2021 3,708 (30.06.2020: 3,870)
13OUTLOOK 2021 FINANCIAL YEAR
Public disclosure of inside information according to
article 17 MAR: 4 October 2021, 18:40
The POLYTEC GROUP management continues to anticipate Adjustment of the outlook for the 2021 financial year
consolidated sales revenues of about EUR 575 million for the 2021
financial year. On the basis of a reassessment of current risks, EBIT is The POLYTEC GROUP management has reassessed the risks regarding
likely to amount to around EUR 30 million. the development of the 2021 financial year. The continuation of
extremely short-term, call-off cancellations by our customers is
Nonetheless, the realisation of this outlook is prone to a number of resulting in disproportionate production costs and simultaneous
significant uncertainties. In particular, the drastic increases in raw declines in sales. Moreover, the prospect held out by customers that
material prices, which already had a considerable impact upon the the vehicle production losses incurred up to the summer would be
result for the second quarter, will again constitute a considerable made good in autumn is failing to materialise. At present, customers
risk to profitability in the second half-year. In this connection, the are unable to provide any reliable information on planned volumes for
the remaining months, which means that an outlook would be based
current negotiations with customers regarding compensation for the
exclusively on our own estimates without taking into account customer
price rises are of vital importance to the realisation of the outlook model policies.
forecasts. A continuation of the short-term reductions in
automotive call-offs beyond the summer months, shortages of raw Various negotiations are currently under way with customers regarding
materials – in particular electronic chips – as well as the repeated compensation for the additional expenses incurred, including the
disruptions to production, would also have an additional impact additional material costs, but these have yet to be concluded.
upon results. In view of these considerable uncertainties, at the moment it is
In addition, the possible negative effects of the corona epidemic on impossible to make a well-founded estimate of sales and result
consolidated sales revenues and the operative result further expectations. Nonetheless, the POLYTEC GROUP management assumes
that EBIT (earnings before interest and taxes) in the 2021 financial year
complicate the outlook.
will be clearly positive.
14SALES REVENUES, EBIT MARGIN – QUARTERLY
in EUR m
147,8 143,9
142,5
137,1
13,4%
93,2
4,5%
2,4%
0,6%
-10,4%
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
15EBITDA, EBITDA MARGIN – QUARTERLY
in EUR m
19,4%
27,7
9,3%
7,2% 13,8 7,3%
9,9 10,4
-1,0%
-1,0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
16EARNINGS FIGURES – QUARTERLY
EARNINGS AFTER TAX in EUR m
EPS in EUR
19,8
EARNINGS PER SHARE
4,8
0,79
2,1
0,21 0,09
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
-1,5 -0,48 -0,08
-10,3
17NET DEBT, GEARING – QUARTERLY
Net debt in EUR m
153,4 157,1
116,8 121,2
105,8
0,64 0,66
0,43 0,46 0,47
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
18EQUITY, EQUITY RATIO – QUARTERLY
256,9 in EUR m
254,9
247,5
238,3
237,1 43,6% 44,2%
42,6%
40,5%
40,0%
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
19ESG – SUSTAINABILITY
STRATEGIC ENVIRONMENTAL OBJECTIVES
RESOURCE CONSERVATION
▪ Reduced consumption of natural resources through focus on lightweight construction
and functional integration
▪ Increased use of recycled materials
ENHANCED ENERGY EFFICIENCY
▪ Use of modern and environmentally friendly equipment
▪ Installation of highly efficient heat recovery systems
▪ Consistent use of sustainable LED lighting
REDUCED ENVIRONMENTAL EMISSIONS
▪ Increasing the share of energy from renewable sources
▪ Investment in photovoltaic systems
21POLYTEC ENERGY AND ENVIRONMENTAL TARGETS
Target definition Dimension Key indicator
Strategic objective: Resource protection
Reduction of raw material consumption through an improvement in the reject ratio 15% by 2023 kg/kg
Increase in the recycling share through project realisation minimum 2 projects p.a. number completed pro.
Strategic objective: Increased energy efficiency
Reduction in energy consumption (base load) 20% by 2025 kWh/EUR k
Reduction in electricity consumption due to compressed air leakages 50% by 2025 kWh/EUR k
Equipping of all plants with energy monitoring realisation by 2025 number of plants
Strategic objective: Environmental emission minimisation
Establishment of monitoring for carbon footprint (CFP) and reduction (Scope 1 and 2) 20% by 2025 %
Reduction in waste quantities through improvement of the reject ratio 15% by 2025 %
Increase in the share of recyclable waste through improved waste sorting 0.75%/year & 8% by 2025 %
Uniform hazardous material management realisation by 2022
Development of innovative products (e. g. lightweight design), which through their use minimum 2 projects p.a. number completed pro.
reduce environmental emissions
22CO2 NEUTRAL PLANT IN EBENSEE (AUSTRIA) 23
PLANT EBENSEE
▪ Ground area: 82,000 m2
▪ Buildings: 34,000 m2
▪ Personnel: 187 (152 + 35 leasing p.)
▪ Automotive products, e. g. for trucks
▪ Logistic boxes (food retail)
24RECYCLING OF IFCO LOGISTIC BOXES IN THE PLANT
▪ The recycling facility was agreed in the course of
the IFCO supplementary order
▪ Returned damaged boxes are granulated
▪ Ground polypropylene plastic is temporarily
stored in silos
▪ On demand, the PP is conveyed to the moulding
machines and processed again into new boxes
+ Conveyor belt with metal detector
+ Cutting mill for wet material
+ Friction separator
+ Separator containers
+ Drainage screw
+ Mechanical drier
+ Material transport into the silos after dedusting
+ Mechanical process water treatment
+ Extended water treatment (possible expansion project)
25POLYTEC PHOTOVOLTAIC PROJECTS
▪ Electricity from renewable energy sources will make a
significant contribution to CO2-neutral production at POLYTEC.
Plant Wolmirstedt (DE)
▪ POLYTEC already covers a large part of its electricity needs
with green electricity (100% in AT).
▪ Furthermore, suitable roof surfaces of the POLYTEC sites will
be equipped with photovoltaic systems from 2021.
Plant Lohne (DE) – Symbol photo
Plant Hörsching (AT)
26ESG RATINGS BY GAIA & VIGEO ERIS
Benchmark
27AUTOMOTIVE MARKET CHALLENGES
CHALLENGES - CHALLENGES - CHALLENGES
COMMODITY JUST-IN-TIME
PRICES DISTURPTIONS DIGITALISATION SEMI
LOW INCOME HIGH
INFLATION
SUPPLY CHAIN DISTURPTIONS CONDUCTORS
COVID-19
CRISIS
VEHICLE ELECTRIFICATION
REAL ESTATE
MARKET
DEVELOPMENT VACCINE CAMPAIGNS
GOVERNMENT
HOME OFFICE WORK
STIMULUS
ECONOMIC RECOVERY CLIMATE
PENT UP DEMAND GEOPOLITICAL TENSIONS
TRADE POLICY CHANGE ABNORMALITIES
WHEATER
UNCERTAINTIES
GREEN DEAL
Source: IHS Markit, September 2021
29SEMICONDUCTOR SHORTAGE – WHEN WILL IT END?
Manufacturing cycle time: Months Days Hours
Semiconductor suppliers (e.g. TSMC) Tier 1 (e.g. Bosch) OEM (e.g. VW)
▪ Excessive dependence of automotive chips on TSMC (56%) ▪ “Toilet paper Syndrome” (mismatch between orders and
real demand: 130 million cars vs. 76 million)
▪ Automotive lost priority – now cell phones, gaming, 5G, …
▪ China stockpiling chips (price offers +150 to 500%)
▪ Automotive use the more “old-fashioned” chip technology
▪ Car prices rising, chips have long lead time (now >50 weeks,
▪ Building/maintaining chip plants is expensive – should normally 14-20 weeks) and backlog demand (on stock)
suppliers (still) invest in old technology ? Capacities?
Source: IHS Markit, September 2021 ▪ Chip shortage should start to ease in 2022?
30NEW PASSENGER CAR REGISTRATIONS IN EUROPE
JAN-AUG 2021 (COMPARED TO THE SAME PERIOD OF THE PREVIOUS YEAR)
EU: 6 807 706 (+683 651) +11.2%
▪ In August 2021, car registrations across the European Union
decreased by 19.1% to reach 622,993 units.
▪ August performance of EU’s largest markets:
France -15.0%, UK -22.0%, Germany -23.0%, Italy -27.3%, and
Spain -28.9%
▪ „Big 5“ YTD
1. GE: 1 820 589 +2.5%
2. FR: 1 126 543 +12.8%
3. UK: 1 101 302 +20.3%
4. IT: 1 060 182 +30.9%
5. ES: 588 314 +12.1%
Source: ACEA
31REGISTRATIONS of NEW CARS in international markets 32
REGISTRATIONS of NEW CARS in Europe (EU, EFTA & UK) 33
REGISTRATIONS of NEW CARS in Europe (EU, EFTA & UK) BY DRIVE TECHNOLGY 34
REGISTRATIONS of NEW COMMERCIAL VEHICLES in Europe (EU, EFTA & UK) 35
APPENDIX
SHARHOLDER STRUCTURE – RESEARCH COVERAGE
1,50%
29,04% Price
Institute (as at 06.10.2021) Rating
target
BAADER-Helvea Research, Munich BUY EUR 16.0
ERSTE Group Research, Vienna BUY EUR 14.8
M.M.Warburg Research, Hamburg BUY EUR 15.0
69,46%
Raiffeisen Research, Vienna BUY EUR 10.5
Average price target EUR 14.1
Free float Huemer Group Treasury Shares
37EARNING PER SHARE, DIVIDENDS 2006 – 2020
EPS in €
DPS in €
DIVIDEND POLICY
▪ based on profitability
▪ strategic growth perspectives
▪ capital requirements of the POLYTEC GROUP
38POLYTEC SOLUTION FORCE
Bundling of competences from the
entire POLYTEC GROUP:
▪ Technology and manufacturing expertise
of the various locations
▪ High degree of value added
▪ Innovative strength from product and
material development
▪ Profound market understanding
39CONTACT:
POLYTEC Holding AG
Mr. Paul Rettenbacher – Investor Relations Manager
E-Mail: paul.rettenbacher@polytec-group.com
https://www.polytec-group.com/investor-relations/newsYou can also read
