INTERNATIONAL MANAGEMENT MEETING

Transcription

Saft Groupe SA
Full year results 2014
Paris, February 18th, 2015
Disclaimer
 This document contains certain forward-looking statements relating to the business, financial performance and results of the
Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and
other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”,
“projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking
statements, including assumptions, opinions and views of the Company or cited from third-party sources, contained in this
presentation are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause
actual events to differ significantly from any anticipated development. Neither the Company nor any of its parent or
subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forwardlooking statements are free from errors nor does either accept any responsibility for the future accuracy of the opinions
expressed in this presentation or the actual occurrence of the forecasted developments.
 No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information,
including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any
errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of its parent or subsidiary
undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the
use of this document.
 This presentation is directed, in the United Kingdom, only at investment professionals falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), high net worth entities, or persons
falling within Article 49(2) of the Order or, in the United States, only at "qualified institutional buyers" as defined in Rule 144A
under the Securities Act of 1933, as amended.
 The information contained in this presentation does not constitute or form part of, and should not be construed as, an offer
or invitation to subscribe for or purchase the securities discussed herein in any jurisdiction. Neither this presentation nor any
part of it shall form the basis of, or be relied upon in connection with any offer, or act as an inducement to enter into any
contract or commitment whatsoever.
2
Saft Groupe SA – Full year results 2014
Saft proprietary information – confidential
Agenda
1. Group performance 2014
2. Divisional performance
3. Detailed financial review
4. Fostering profitable growth for Saft
5. Outlook
3
1. Group performance 2014
4
2014 highlights
 Full year performance in line with targets



€678.4m sales, up 8.7%
Growing sales in all main technologies and regions
EBITDA of €104.0m, margin increase of 50bps at 15.3% of sales
 Li-ion sales confirm growth trend in new markets and applications



> 27% overall sales increase in Stationary + Transportation
Space & Defense Li-ion sales down by 7%
Overall Li-ion sales up 11%
 Strong cash generation with free cash flow of €46.2m
5
Solid business growth and financial performance
€m
2014
2013
Sales(1)
678.4
624.2
8.7%
EBITDA
104.0
92.5
12.4%
EBIT
64.4
54.5
18.2%
Net income from continuing
operations
48.1
41.7
15.3%
-
(5.2)
n.s
Net income
48.1
36.5
31.8%
EPS (€ per share)
1.83
1.44
27.1%
Net profit/(loss) from discontinued
operations
(1) At current exchange rates except for YoY sales growth which is at constant exchange rates.
6
YoY growth
Operational highlights

Major breakthroughs in Asia(1)






YoY sales growth of 18%
Numerous commercial successes on railway market
Market share gains in metering vs. low cost local suppliers
New gas and water markets
Zhuhai plant passed 100 million cells produced
1st ESS container for Japan

Continued commercial Li-ion successes for ESS around the world
 Hybrid power plant in Bolivia
 9 ESS containers for 9 MWp PV plant in La Reunion Island
 Intensium Max containers for Kauai Island 12 MW solar farm
 Container for extreme temperature capability for Arctic Circle in Canada

Robust performance of traditional technologies
 Large industrial standby wins for Middle East oil & gas customers
 Strong growth and market share gains in nickel telecom batteries
 Success for the Philae lander mission highlighting technological leadership in primary lithium
A well balanced activity per technology and application,
positioned on growing markets
(1) China and South East Asia, excluding India
7
2. Divisional performance
8
Industrial Battery Group
Strong growth in both nickel and Li-ion batteries
Stationary(1)
€243.3m
2014 sales



+ 10.4 % / 10,2%(2)
58%
of IBG sales
Strong growth in ESS:
- grid scale projects
- Slow emergence of residential
+13.3%
Telecom sales down:
- End of large Reliance contract
- High growth in sales of nickel batteries in the US
Transportation(1)
€158.5m
2014 sales



€415.9m
Robust industrial standby sales growth:
- Gain of market share
- Strong growth in Middle East and India
+ 16.0% / 15.4%(2)
38%
of IBG sales
Strong sales growth on all markets.
Li-ion drove sales growth in aviation and vehicles.
Railway sales increase driven by Asian markets.
(1) Excluding €14.1m of sales of electrodes to Arts Energy
(2) Growth by segment: Constant exchange rates / Actual rates
9
Specialty Battery Group
A return to growth driven by civil electronics markets
Civil Electronics
€179.3m
2014 sales



+ 13.0% / 13.1%(1)
68%
of SBG sales
Strong sales growth driven by metering.
Increased market share in China.
Space & Defence
€83.2m
2014 sales


€262.5m
+2.1%
Asian & European metering markets growing.
(15.1)% / (15.1)%(1)
32%
of SBG sales
Reduced defence sales in all segments.
Slight decrease in space sales due to timing of deliveries.
(1) Growth by segment: Constant exchange rates / Actual rates
10
EBITDA : Increased profitability in both divisions
Industrial Battery Group
Specialty Battery Group
€59.1m
€47.2m
€38.8m
23.1%
€62.6m
23.8%
11.3%
10.5%
2013
2014
2013
 Strong positive impact from volumes
 Continued improvement in performance of
Li-ion operations
 Good increase in profitability despite limited
sales growth
 Continued focus on cost control
 P&L impacted by YoY increase in product
development costs
11
2014
3. Detailed financial review
12
Improved operational profitability
Reported
Sales
678.4
624.2
Gross profit
193.3
170.8
Operating costs
(128.9)
(116.3)
EBIT
64.4
54.5
Depreciation/amortization
39.6
38.0
104.0
92.5
€m
EBITDA
13
2013
2014
Reported
Strong increase in EPS of 27.1%
2014
Reported
€m
2013
Reported
EBIT
64.4
54.5
Other operating income / (expenses)
(0.6)
6.6
Operating profit/(loss)
63.8
61.1
Net finance costs
(2.1)
(10.5)
Share of profit / (loss) of associates(1)
1.9
1.5
Income tax expense from continuing operations
(15.5)
(10.4)
Net profit/(loss) from continuing operations
48.1
41.7
-
(5.2)
Net income
48.1
36.5
EPS (€ per share)
1.83
1.44
Net profit/(loss) from discontinued operations
 Saft to propose a 5.1% increase in dividend of €0.82 per share.
(1) Saft’s 50% share in ASB net income.
14
Solid cash flow generation
2014
€m
Net cash provided by operating activities
78.9
54.2
(32.8)
(56.9)
Net cash generated by/(used in) financing activities
(4.0)
1.8
Net cash generated by/(used in) continuing
operations
42.1
(0.9)
-
(8.4)
Net increase/ (decrease) in cash
42.1
(9.3)
Cash at end of period
150.2
101.4
Free cash flow
46.2
16.6(1)
Net cash used in investing activities
Net cash generated by/(used in) discontinued
operations
(1) Before capital transactions, i.e. acquisition for €8.5m of Nersac Li-ion production unit.
15
2013
A strong balance sheet
€m
2014
2013
Gross financial debt
227.6
213.0
Net financial debt
77.4
111.6
Net debt to EBITDA ratio(1)
0.65
1.18
(1) Calculated as per contractual terms.
16
4. Fostering profitable growth for Saft
17
Improving efficiency
Continuously streamlining our operations
Expanding battery assembly
capacity in lower cost countries
Cost optimization project in
Lithium-ion production facilities
Closure of Precious
Plate Florida
18
Fostering future growth
Increasing our production capacity to meet growing demand
Increased production capacity
in rail and stationary in France
Factory expansion in
China (SOP H1 2016)
Closure of Precious
Plate Florida
New MnO2 production
line in Valdese (SOP
H2 2015)
19
Additional production line in
Tadiran (SOP end of 2016)
Fostering future growth
Expanding our presence in emerging economies
Increased production capacity
in rail and stationary in France
Closure of Precious
Plate Florida
New MnO2 production
line in Valdese (SOP
H2 2015)
Factory expansion in
China (SOP H1 2016)
Additional production line in
Tadiran (SOP end of 2016)
Reinforcing our sales &
service teams in India
20
Strengthening of sales &
marketing teams in Asia
Saft’s short and mid-term perspectives for Li-ion
What we know:
production launches
What we see:
market trends
 First deliveries of Airbus A350 batteries
from H2 2015.
 Storage of renewable and grid
management: pipe of ESS commercial
projects remains good.
 Launch by Kion of its new electric forklift
truck range with Saft batteries.
 Saft batteries in electric and hybrid buses
in scale test in Stockholm and Hamburg
for major European manufacturer - SOP
H1 2016.
 6T military starting battery launch in 2015.
 Slow adoption of residential storage but
promising medium-term prospects.
 Telecom: strong potential in emerging
markets.
 New stationary applications: large UPS,
data centers.
 Growth opportunities in marine and
medical markets.
Current programmes generating basis for recurring Li-ion sales for Saft
21
5. Outlook
22
2015 and mid-term objectives
 2015


Sales growth ˃ 5% at constant exchange rates.
EBITDA margin ≥ 15.8%
 Mi-term objectives confirmed
23
Appendices
24
2013 & 2014 quarterly sales
Q1
In €m at actual
exchange rates
Q3
Q4
2013
2014
2013
2014
2013
2014
2013
2014
IBG
74.6
93.2
85.3
112.3
90.5
92.5
117.5
117.9
SBG
58.9
61.0
66.1
63.6
62.7
64.3
68.6
73.6
133.5
154.2
151.4
175.9
156.8
186.1
191.5
Total
25
Q2
153.2
2015-2018 Ambitions
Positive
market
trends
Focused
growth
strategy
Our
mid-term
targets
*
26



Strong trends supporting long-term battery markets demand
35 % CAGR for demand for Li-ion ESS applications
>15 % CAGR for demand for new Li-ion: UPS, telecom, forklifts,
medical, residential and grid ESS
+



Continue to grow sales for traditional technologies in existing markets
Create additional growth poles with Li-ion technology
Opportunistic approach on add-on acquisitions / partnerships

8 to 10 % CAGR in sales at constant exchange rates through organic
expansion* over 2015-2018 period
EBITDA margin above 17 % *
Improved cash generation from improved WC discipline and lower capex
Balance value creation allocation between investment for growth and
returns to shareholders



Excluding effect of major economic downturn and excluding impact of potential acquisitions

INTERNATIONAL MANAGEMENT MEETING

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