Saft Groupe SA

Transcription

Saft Groupe SA

Saft Groupe SA
Full year results 2010
Paris, February 16th 2011
Disclaimer
2
z
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 thirdparty 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 forward-looking 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.
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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.
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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.
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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.
Saft Groupe SA – Full year results 2010
Agenda
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1.
Group highlights 2010
2.
Detailed financial review
3.
New markets
4.
2011 outlook and conclusion
1. Group highlights 2010
4
2010 performance
Q4 strong sales growth of 11.5%
2010 was the year of a return to growth, which accelerated in
H2 and by year-end almost all markets were growing
FY sales growth of 5.7% as reported
Increased profitability : 18.6%* EBITDA margin exceeds guidance
* Excluding Jacksonville impact of €1.5m
5
Strong sales growth in Q4
Growth %
6
€m
Q4 2010
Q4 2009
At current
exchange rates
IBG
94.4
85.2
10.8%
8.1%
SBG
71.3
63.4
12.4%
7.7%
165.7
148.6
11.5%
7.9%
At constant
exchange rates
FY 2010 Financial Highlights
2010
2009
Restated*
Restated*
Sales
591.1
559.3
2.9%***
EBITDA
109.9
101.0
8.8%
EBITDA %
18.6%
18.1%
Net income
38.1
29.5
EPS (€ per share)
1.53
1.53
EPS adjusted trad. activities**
2.02
2.06
(1.9%)
Proposed Dividend €/share
0.70
0.68
2.9%
* Excluding costs incurred on Jacksonville project: €1.5m in 2010 and €0.7m in 2009
** Excluding Saft share in Johnson Controls-Saft losses and excluding Jacksonville impact
*** At constant exchange rates
7
%
Growth
29.2%
_
Industrial Battery Group (1)
Year ended 31 December 2009
Sales
€m
Sales*
growth %
EBITDA**
€m
EBITDA
margin %
Sales
€m
EBITDA**
€m
EBITDA
margin %
331.1
2.1%
54.2
16.4%
317.7
52.3
16.5%
* Sales growth at constant exchange rates
** Excluding costs incurred on Jacksonville project: €1.5m in 2010 vs €0.7m in 2009
Growth by segment***
138
2009
2010
140
125
126
55
(1.1%)
Standby
16.6%
(0.9%)
Transportation
Small nickel batteries
*** Sales in million Euros at actual exchange rates, sales growth at constant exchange rates
8
65
Industrial Battery Group (2)
Standby
Good recovery in H2 as industrial standby returned to growth
Transportation
Flat sales; good growth in aviation offset disappointing sales in
rail market
Small nickel batteries
Good recovery from 2009 helped by strong demand from
professional electronics market
Profitability
Margins maintained despite some unfavourable raw material
price trends
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Specialty Battery Group (1)
Sales
€m
Sales*
growth %
EBITDA
€m
EBITDA
margin %
Sales
€m
EBITDA
€m
EBITDA
margin %
260.0
4.0%
59.2
22.8%
241.6
53.2
22.0%
* Sales growth at constant exchange rates
2009
Growth by segment**
2010
164
135
107
96
18.7%
Civil
(14.2%)
Military
** Sales in million Euros at actual exchange rates, sales growth at constant exchange rates
10
Specialty Battery Group (2)
Civil activities
civil electronics markets have now fully recovered from the downturn
very strong growth in metering and smart metering systems markets
2010 record order intake for space market
Military activities
declined as expected after +18% growth in 2009
Profitability
increase driven by growing sales and good control of costs
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Saft’s presence in emerging markets
Estimate 30% of sales to emerging markets (direct and indirect)
Increasing investment in key growing markets:
New factory in India for industrial batteries, start of production
end 2011
New commercial subsidiary in Brazil operational end 2010
Additional production capacity for lower cost products in China
operational H2 2011
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2. Detailed financial review
13
Profitability exceeds guidance
€m
Sales
2009
As reported
As reported
591.1
559.3
(411.5)
179.6
30.4%
(397.7)
161.6
28.9%
Selling and marketing costs
(35.7)
(32.3)
Administrative expenses
Research & Development
(44.2)
(21.4)
(42.4)
(18.1)
78.3
30.1
68.8
31.6
108.4
18.3%
18.6%
100.4
17.9%
18.1%
Cost of Sales
Gross profit
Gross profit %
EBIT
Add back depreciation
EBITDA
EBITDA %
EBITDA margin excluding Jacksonville impact
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2010
Strong growth in net income
€m
2010
2009
As reported
As reported
EBIT
78.3
68.8
Restructuring costs
(0.7)
(2.8)
1.1
2.1
Operating profit
78.7
68.1
Net finance costs
(18.8)
(18.5)
Share of profit / (loss) of associates*
(15.3)
(13.3)
Profit before income tax
44.6
36.3
Income tax expense
(8.0)
(7.4)
Net income
36.6
28.9
EPS (€ per share)
1.46
1.50
Other operating income / expenses
* Share of profit / (loss) of associates includes 49% share of JC-S’s losses of €(16.9)m v. €(14.6)m in 2009 and €1.6m, and Saft’s 50% share
in ASB net income of €1.6m (€1.3m in 2009)
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Very strong cash position due to cash generation
€m
2010
Net cash provided by operating activities
Purchase of intangible assets
Purchase of property, plant and equipment
Acquisition of subsidiaries and financial assets
Other
Net cash used in investing activities
Net proceeds from Capital increases
Bank debt reduction
Grants on Jacksonville project
Dividend
Others
74.8
(6.7)
(69.6)
(35.9)
1.8
(110.4)
0.7
24.5
(7.4)
(1.2)
93.4
(4.8)
(16.7)
(25.6)
0.3
(46.8)
120.9
(34.3)
0.0
(7.0)
5.2
16.6
84.8
(19.0)
207.4
6.2
194.6
131.4
68.8
7.2
207.4
Net cash generated from/(used in) financing activities
Net increase /(decrease) in cash
Cash at start of period
Exchange gains / (losses)
Cash at end of period
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2009
Simplified Balance Sheet
€m
2010
2009
Non-current assets
556
484
Current assets
232
207
Cash and cash equivalents
195
207
Assets
983
898
Shareholder’s equity
341
307
Debt
330
316
Other non-current liabilities
136
119
Current liabilities
176
156
Liabilities and equity
983
898
1.24
1.09
Net debt to EBITDA ratio
17
Strong Financial Track Record Since 2005
Restated EBITDA* (€m)
Sales – At actual FX Rates (€m)
19,7%
CAGR 2005-10: +1.3% (at constant FX rates)
566
560
601
609
18,1%
111,4
101,6
R
CAG
2005
.9%
8: +4
0
5
200
2006
2007
+2.9
2008
2009
110,1
2010
2005
2006
2007
2008
2009
2010
Margin
Free Cash Flow*** (€m)
112,5
107,1
113,9%
97,3%
55,0
93,9
43,0
13,0
85,4%
53,2
88,0%
109,9
%
Cash Flow from Operating Activities** (€m)
83,0
101,0
98,0
EBITDA
98,0
18,6%
18,1%
16,3%
591
559
18,1%
24,0
0,0
81,7%
54,3%
- 25,0
2005
2006
2007
2008
Cash Flow from Op. Activities (€m)
*
2009
2010
2005
2006
2007
2008
2009
2010
As % of EBITDA
Restated to exclude costs incurred in respect of Jacksonville project: €0.7m in 2009 and €1.5m in 2010
EBITDA restated including Research Tax Credit. 2005 EBITDA restated for IPO costs.
** Cash flow from operating activities defined as cash flows generated from operations before interest and income tax
*** Free cash flow defined as cash flows from operations, less cash used in investing and financing activities, excluding investments in JC-S and dividends paid to shareholders
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3. New markets
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Energy storage
10 orders were received from 9 different clients in Europe and
the US mainly for distributed energy projects
New programme with Sunverge Energy and Pacific Housing in
California. Project to provide home solar storage systems for
affordable homes in Sacramento
Voltwerk deployment order for additional systems in Germany
following on from successful Solion project
Addressing > 50 potential projects
Europe Æ mainly grid based
US Æ residential / community storage + grid
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Multiple applications
Energy
Energy Storage
Storage
Generation
Generation
Electricity
Electricity
Customers
Customers
Transmission
Transmission
Distribution
Distribution
Ancillary Services
Frequency Control
Load Management
Peak Shaving
Time Shifting
20ft & 40 ft containers
MW / MWh
Modules for kV / MW
systems, heavy duty
20 to 200 kWh highly
modular, complete systems
Storage with intelligent
Energy Management systems
≤ 10 kWh
Energy & Power
Medium – High Power
Energy & Power
Energy
RES Capacity
Firming
Smoothing, Ramping
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Jacksonville project update
Investment plan and related funding
$m
Estimated gross investment
(Capex + project management costs)
Grant from US Department of Energy *
Estimate project cost for Saft
200.0
(95.5)
104.5

Investment as of December 31, 2010

Gross investment
Grants received
Net investment for Saft
74.0
(39.9)
34.1
Objectives

Production capacity of $300m when investment completed
Sales objective of c. $200m in 2015 with EBITDA margin of c. 15%
Installing 1MW PV panels with storage on Jacksonville roof
Project to create national solar storage learning centre
in Jacksonville
* Additional Jacksonville city and Florida State funding: up to $20.8m
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Jacksonville milestones in 2011
Q1 Completion and commissioning of 235 000 sq. ft. building.
Installation of equipment for line 1
Q2 Finalising installation and commissioning
Q3 Product qualification and start of production
Q4 First sales expected. Line 1 FY capacity of ∼ $100m
¾ Saft Jacksonville – Saft’s 16th wholly-owned factory
¾ Dedicated to high-volume Li-ion production
¾ Energy storage, telecom, military markets, aviation
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Johnson Controls-Saft update
Summary of progress in 2010
Johnson Controls-Saft continued its development
investment in Nersac to expand production capacity
BMW HEV launched Q1
Azure Dynamics HEV Balance deliveries began Q3
Deliveries began to customers of the Ford Transit Connect in the US
Johnson Controls-Saft turnover in 2010 – $53.8m
Add on business announced in 2010
Ford Transit Connect to come to Europe in 2011
New Azure PHEV model to be launched in 2012
Bergstrom
China strategy progressing
24
Johnson Controls-Saft: Michigan project update
Investment plan and related funding

Estimated gross investment
(Capex + project management costs)
Grant from US Department of Energy *
Estimated net funding for Saft (49%)
$m
300.0
(150.0)
73.5
Investment as of December 31, 2010

Gross investment
Grants received
Net investment for Saft
87.7
(37.4)
24.6
Battery assembly workshop operational
September 2010 to meet needs of Azure and Ford
Objectives

Company total sales of $175m by 2012-2013 and EBIT
break-even as of that date
* Additional Michigan State funding: Investment related funding of $100m and other tax breaks
and subsidies up to $48.8m.
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4. 2011 outlook
and conclusion
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FY 2011 guidance at constant exchange rates
FY 2010
2011
Guidance
Sales
591.1
≥5%
EBITDA margin %*
18.3%
17.0 – 17.5%
€ / $ exchange rates
1.33
€m
1.33
Estimated EBITDA margin excluding Jacksonville of 18 – 18.5%
Saft is positioned on both traditional, profitable markets,
and now on markets with high growth potential which
will change the dimension of the company
* After Jacksonville impact – Project cost and start of production cost: $10m
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