8 - Valeo
Transcription
8 - Valeo
ROADSHOW ISR - Paris Natixis – November 29, 2013 Michel Forissier – Powertrain Systems Product Marketing and R&D Director Jean-Luc di Paola-Galloni – Group External Affairs & Sustainable Development Vice-President Thierry Lacorre – Financial Relations Director November 2013 November 2013 I 1 Key figures 2012 72,,600 72 Employees Sales 11.8 29 Countries Bn € 61 Record order intake: Research & Development Centers 12 * 15.1 Bn € 125 Platforms of distribution Production Sites * Excluding Access Mechanisms business November 2013 I 2 Valeo in the automotive value chain Service Sales by market (as a % of sales) Original equipement 85% Aftermarket(1) 15% (1) Including miscellaneous sales Suppliers represent 75 % of cars value-added* *Source CLEPA November 2013 I 3 Valeo strategy based on 2 priorities CO2 emissions reduction and innovation Development in Asia and emerging countries With the ambition to ensure a growth higher than the market in each production region November 2013 I 4 Innovation fueling organic growth and representing approximately 30% of order intake for the 3rd year running % of order intake Order intake in bn€ 15.1 14.0 Innovation 35%* 11.9 9.7 10.0 10.1 6.6* 9.2 7.4* 5.6* 7.7 4.9 5.0 5.1 6.1 3.4 4.3 4.8 5.0 5.0 2005 2006 2007 2008 H1 H2 *Products or technologies sold by less than 3 years 6.3* 7.4* 7.7* 7.3* 2011 2012 2013 3.1 2009 2010 *Excluding Access Mechanisms business Since 2009, order intake for CO2 emissions reduction solutions has increased by around 70% Intuitive driving solutions by around 130% November 2013 I 5 4 balanced, coherent Business Groups with strong market positions €3.2 billion Sales (28% of Group total) 17,681 Employees 31 Plants €2.5 billion Sales (21% of Group total) 16,270 Employees 30 Plants Powertrain Systems Thermal Systems Comfort & Driving Assistance Visibility Systems €3.3 billion Sales (28% of Group total) 16,693 Employees 43 Plants €2.7 billion Sales (23% of Group total) 20,687 Employees 32 Plants November 2013 I 6 Valeo worldwide ranking Driving Assistance Thermal Powertrain Interior Controls Climate Control Wiper Systems Electrical Systems Transmission Systems end 2012 Lighting Systems November 2013 I 7 Asia and emerging markets: Strong geographical rebalancing >60% +4 pts 50% +13 pts 54% 9m 2013 26% 2011 Asia Mid term vision 14% Eastern Europe 37% 37% 2007 Asia & Emerging markets South America 5% Western Europe 9% Mexico 9% United States Original equipment sales by manufacturing region November 2013 I 8 A balanced customer portfolio Other 14% Asian 7% 20% U.S. 18% 28% 17% 24% 25% 18% French 29% German Original equipment sales by customer base November 2013 I 9 Key figures end of June 2013 H1-2013 H1-2013 In millions of euros as a % of sales 6,166 na Operating margin 384 6.2% Net attributable income 190 3.1% EBITDA 669 10.8% CAPEX 444 7.2% Free cash flow 113 na Net debt 457 na Gearing 21% ROCE 28% ROA 19% Total sales November 2013 I 10 One example of Valeo’s technologies contributing to CO2 emission reduction: Powertrain technologies Michel FORISSIER Powertrain Systems Product Marketing and R&D Director November 2013 November 2013 I 11 2012 Key Figures 31 Production Sites 11 13 Research Centers Development Centers 17,681 3,000 People Development staff €3.2Bn 2012 sales November 2013 I 12 4 Product Groups Electrical Systems “PES” Alternators Starters Reinforced Starters Belt Starter Generator Transmission Systems “PTR” Manual Transmissions Hydraulic Clutch Actuation Friction Materials Combustion Engine “PCE” Mechanical Actuators Electronics “PEL” Electronics for e-Machines Powertrain Sensors Air Charging Systems High Power Electronics for HEVs & EVs Automatic Transmissions EMS ECUs Control & Electric Network Powershift Transmissions Electric Motors Ignition & Injection System Engineering & Transversal Innovation - CO2 Emission Reduction - Pollutants Emission Reduction - Hybrid and Electric November 2013 I 13 The CO2 regulation is the main market driver 2020 5 l/100 km (117g CO2/km) 2025 3.9 l/100 km (54.5 mpg) China 2020(cars only):106 2020 4.0 l/100 km (95g CO2/km ) All regulations are converging, and at similar pace. November 2013 I 14 2020 European ‘CAFE’ prospective Breakthroughs are a necessity Drastic improvement on ICEs needed, at least 5 points in efficiency 150 142g 140 130g 130 Even with limited numbers, EVs (with 100% FE) bring significative benefit -17g ICE 120 110 Hybrids are mandatory to reach at least 38% efficiency -14 g Hybrids 100 - 4 g EVs 95g 90 80 2010 2015 2020 To reach 95g, ICE and transmissions efficiency is not enough. Hybrids and EVs will be necessary November 2013 I 15 Electrification Forecast: Worldwide Vehicles <6T, Oil barrel $120 2020, Li-Ion Battery 300 €/kWh 2020 Source: 2013 Valeo Powertrain Forecast Internal Combustion Engine 98.2 % ICE Growth of Stop-Start Stop-Start FULL as niche, then growth MILD take-off Emergence of PHEV Mild Hybrid Full Hybrid PHEV EREV BEV 1,8% Electrification a key trend. However, Hybrids will take off sooner than EVs November 2013 I 16 Long term evolution… Not a silver bullet Gasoline Manual Semi-Automatic Electric Automatic Electric Gasoline or Diesel Automatic Gasoline or Diesel Plug-In Hybrid Fuel cell Electric Gasoline Automatic Diesel Manual Mild Hybrid Full Hybrid Gasoline Manual Gasoline Manual Mild Hybrid Gasoline Manual Gasoline Manual Gasoline Manual Zoe Pivo Escalade 3-5 series Golf 208 Logan Mira Bajaj RE60 2013 2025 and beyond… November 2013 I 17 Powertrain solutions for Fuel Economy 3 main technical areas 1 2 Efficiency of Internal Combustion Engine (Downsizing) • Turbocharger/Supercharger • Gasoline Direct Injection • Gasoline Cooled EGR • Variable Valve Activation • Thermal management 3 Electrification • • • • • • • Stop-Start Mild Hybrid Full Hybrid Plug-in Hybrid Range Extender Battery Electric Vehicles Energy management Downspeeding & Automation • Double Clutch Transmission • Automatic Early lock-up • Downspeeding November 2013 I 18 Valeo Powertrain : The CO2 solutions provider The 2020 powertrain that reaches 95 g CO2/km Engine solutions Direct injection Supercharger Intake Systems Hybrid Systems Electric motor Dual clutch Transmission actuator E-actuator ECUs Cooled EGR TCUs Inverter & Charger Automated Transmissions November 2013 I 19 What does it mean for us ? Family of products based on elementary technology bricks Efficiency of Internal Combustion Engine (Downsizing) Electric Supercharger No more turbo lag • Turbocharger/Supercharger • Gasoline Direct Injection • Gasoline Cooled EGR • Variable Valve Activation • Thermal management ~2015* * Gasoline Direct Injection Best combustion ~2013* Thermal Management Electronic valve: Accurate and real time temperature control * Technologies with double digit market CAGR over the period 2013-2023 ~2014* Gasoline EGR system High efficiency combustion ~2015* * * SOP Valeo * November 2013 I 20 * What does it mean for us ? Family of products based on elementary technology bricks StopStart systems Electrification • • • • • • • Valeo only maker with both ReStarter and StarterGenerator Stop-Start Mild Hybrid Full Hybrid Plug-in Hybrid Range Extender Battery Electric Vehicles Energy management Now Mild Hybrid 48V System = Affordable Hybrid ~2016* * HEV/ PHEV Energy management High Efficiency generator, the only “eco-innovation” so far * * ~2014* * Technologies with double digit market CAGR over the period 2013-2023 EV (Electric Vehicle) High Voltage inverters, chargers, DCDC converters ~2014* * * SOP Valeo Electric motors for hybrids ~2017* November 2013 I 21 * What does it mean for us ? Family of products based on elementary technology bricks Dual Clutch Transmissions Downspeeding & Automation Fuel economy of mechanical, Comfort of automatic • Double Clutch Transmission • Automatic Early lock-up • Downspeeding ~2014* * Torque converters Compact torus, early lock up, fuel efficient automatic transmission Now* Dampers Hybrid Modules Full modular Hybrid package for transmissions * Technologies with double digit market CAGR over the period 2013-2023 ~2018* * * SOP Valeo High efficiency vibrations dampers for strong downspeeding Now* November 2013 I 22 * Powertrain Systems - Conclusions The Powertrain market will face a revolution The main technology trends cover engine, transmission and electric systems Valeo’s innovations cover the full range of solutions needed until 2025 with double digit market CAGR There is a very favourable mix evolution in value, linked to the technology evolution November 2013 I 23 Building sustainable growth Jean-Luc Di Paola-Galloni Group External Affairs & Sustainable Development Vice-President November 2013 November 2013 I 24 Governance The Board of Directors includes 9 independent members out which 3 are women ( since 2011 ) Valeo recognized by the AMF in terms of the transparency of remuneration: « Ainsi, la société VALEO donne des informations particulièrement précises sur la clef de répartition de la rémunération variable » Rapport annuel 2013 de l’AMF sur le gouvernement d’entreprise et la rémunération des dirigeants November 2013 I 25 A culture of excellence : our DNA 5 Axes driven by continuous improvement 7.1 defective parts per million at end December 2012 99.9993% good parts end 2012 November 2013 I 26 Social and environmental responsibility A steadfast commitment Safety Environment Diversity Top Employer Reduction in lost-time accidents Reduction in direct CO2 emissions (Number of accidents with lost-time per million hours worked) (t C02e/sales in €m) Percentage of women among new hires on permanent contracts +40% - 31% 5.5 - 52% 32% 16 23% 11 1,120,000 training hours in 2012 2.64 2007 2012 2007 2012 2009 2012 November 2013 I 27 Sustainable development strategy within Valeo From sustainable development DNA of Valeo to measurable progress: internally and externally Content dimension The claim Responsible business partners and suppliers Commitment to upholding legal environmental and social, standards and we ask our business research/ partners and suppliers to do the same Product responsibility Production responsibility Safe, clean, and fuelefficient components and systems developped in order to provide customers with sustainable and connected mobility solutions In line with the environmental and risk management procedures, we invest in environmentall y compatible production and process technologies Employee responsibility and respect their diversity Offer attractive working conditions in order to express our appreciation of our employees and promote their development Ethical responsibility Social responsibility (sociétal) Set a good example, orient business operations in line with sustainability and aim to achieve the greatest possible success via ethically correct methods Undertake activities aside of the business operations in order to contribute for the communities in which Tiers 1 are located and reinforce the values Management Responsibility Involvement of stakeholders affected by Group activities, transparent reporting, development and implementation of a Group-wide sustainability program, monitoring of sustainability measures Key issues measurement ... preceeding KPI • Develop and self assess measurement best practices within the supply chain • R&D partners • Governmental & Official institutions • NGOs Constant work on getting approval through dialogue with regulators/ authorities for • Emissions reduction • Connectivity • Safety devices • Measurement and improvement for CO2 emissions, pollutant, noise, water, electricity, waste reduction and energy efficiency • Risk mitigation • CSR dialogue with Unions • CSR communication employees •CSR measurement with IRS agencies Measurement of sustainable and ethical actions • Dvt of compliance • Code of Ethics • Large training deployment Measurement of local self declared« plant initiatives » actions • volunteering • Health care • Educational promotion November 2013 I 28 Example of external stakeholders responsible dialogue Member of international technological platforms Strong research collaborations An array of universities and labs, mainly in : • France • Germany • China • Japan Commitment to professional consortia and associations Cooperations with French financial institutions and agencies November 2013 I 29 Responsible business partners and suppliers Monitoring our Supply Chain through CSR surveys/audits/inquiries Breakdown of direct purchases by geographic area reflecting the Group’s purchasing strategy of establishing a local supplier base in high growth regions Amount of 2012 purchases by area of origin (location of suppliers) Europe 48% Breakdown of 2012 purchases by geographic area of consumption AsiaPacific 27% AsiaPacific 37% North South America America 12% 3% Europe 53% North America South 16% America 4% All suppliers must sign and respect the “Supplier Sustainable Development Commitments” which follow all the principles of the UN Global Compact, the Valeo Code of Ethics and the principles of fundamental human rights November 2013 I 30 Production responsibility (1/3) Global approach to risks Environmental culture in all Valeo sites Continuous improvement of environmental performance Strict performance monitoring Voluntary and stringent process of certification 98% of sites certified ISO 14001 89% of sites certified OHSAS 18001 November 2013 I 31 Production responsibility (2/3) Strict performance monitoring 2012 Results (base 2009) Unit Reduction in water consumption -32% cu.m/sales Reduction in energy consumption -18% kWh/sales Reduction in packaging materials consumption -3% Metric t/sales +13% metric t/sales -3% % -9% metric t CO2/sales Objective Sustainable use of resources Reduction in waste production Waste management * Waste recovery rate Carbon emissions Reduction of direct and indirect greenhouse gas emissions * Increase mainly linked to sales growth; CAGR +16% between 2009 & 2012 Hazardous waste represent 12% of total waste generated 79% of waste are recovered November 2013 I 32 Production responsibility (3/3) Rigorous management of environmental performance Theme Target Unit Reduction in water consumption -10% cu.m/sales Reduction in energy consumption -10% kWh/sales Reduction in packaging materials consumption -7% metric t/sales Production of waste Reduction in the production of hazardous and non-hazardous waste -7% metric t/sales Carbon emissions Reduction of direct and indirect greenhouse gas emissions -10% metric t CO2/sales ISO 14001 and OHSAS 18001 certification 100% % of sites ISO 50001 certification (energy management) 10% % of sites Sustainable use of resources Management systems Biodiversity Suppliers and service providers 2013-2015 objectives (base = 2012) Promotion of local biodiversity initiatives Reinforcement of performance-evaluation criteria and environmental compliance of the Group’s subcontractors, suppliers and service providers November 2013 I 33 Employee responsibility and respect of their diversity (1/3) Reducing employees injuries Group frequency rate (FR1/FR2) November 2013 I 34 Employee responsibility and respect of their diversity (2/3) Program “Diversity” launched in 2012 with 4 priorities: Gender Disability Cultural issues Generational “Well-being at work” program Boost skills to keep pace with technological changes, the Group’s international development and improve staff employability 88% of Valeo employees have followed a training session in 2012 November 2013 I 35 Employee responsibility and respect of their diversity (3/3) 33% of women in the workforce « Valeo Women Connected » working group to promote gender equality The Group’s workforce comprised employees of 106 different nationalities November 2013 I 36 Ethical responsibility A Chief Ethics and Compliance Officer appointed in 2012 Total commitment of the Leadership to Integrity, Compliance with local and global legislations and to do business in line with the highest ethical standards: Large use of Valeo Code of Ethics Special focus on anti-trust and anti-corruption laws Policies and numerous tools, tailored to specific needs, available in multiple languages 22 000 employees deeply trained on Anti-trust and Antibribery matters in their own languages 2012 - 2013 November 2013 I 37 Social commitments Valeo implements its profitable growth strategy within a framework of sustainable development Long-term Human Resources policy in a tough and short term delivery working pressure context Long term commitment to UN Global Compact (10 years) Implementation of Global Reporting Initiative (GRI) indicators since 2011 Local “Plants Initiatives” on each Group sites : donations, education program, employees financial supports… November 2013 I 38 A recognized player in sustainability The extra-financial agency SAM/DJSI awarded Valeo as “Best Sector Mover” for his sustainable development performance in 2012 Oekom extra-financial agency appointed Valeo as the 3rd automotive supplier in its 2013 rating Significant upgrade in CDP (Carbon Disclosure Project) Score in 2013 : 76C vs 61E in 2012 Valeo is more and more seen as responsible and sustainable Group thanks to employees’ actions and involvement November 2013 I 39 November 2013 I 40 Back-up slides November 2013 November 2013 I 41 Worldwide presence 9,486 Employees 13 Production Sites 17% of sales* 37,504 Employees 60 Production Sites 51% of sales* (including Africa) 4,015 Employees 8 Production Sites 6% of sales* 21,595 Employees 44 Production Sites 26% of sales* * In % of OE sales end 2012 November July 2013 I 42 Employee responsibility and respect of their diversity Breakdown of total headcount by geographic area 2010 2012 Africa 11% 2% 8% 16% 13% 2% Eastern Europe 16% 6% Western Europe Asia 21% South America 30% 33% 42% North America November 2013 I 43 Research & Development North America 1 Research Center 5 Development Centers South America 30% of Order Intake involves Innovations 10% of OE sales dedicated to R&D 21 Research Centers 40 Development Centers 722 New Patents 8 800 People end 2012 4 Development Centers Europe (incl. Africa) 16 Research Centers 19 Development Centers Asia 4 Research Centers 12 Development Centers November July 2013 I 44