2011 - Saft

Transcription

2011 - Saft

Saft Groupe SA
Full year results 2011
Paris, February 16th 2012
Disclaimer
2

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 forwardlooking 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
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.

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.
Saft Groupe SA – Full year results 2011
Agenda
1. Group highlights 2011
2. Detailed financial review
3. New markets
4. 2012 outlook
3
1. Group highlights 2011
4
Group highlights 2011
A year of strong growth: 7.1%* at constant exchange rates
Jacksonville production started end Q4  Ready to drive growth in
2012
2011 results impacted by 2 non-recurring events:
 Termination of the Johnson Controls-Saft joint venture
 Launch of Jacksonville Li-ion production facility
3% increase in ordinary dividend
+ €1.0/share special dividend proposed
to shareholders
* Excluding non-recurring €7.4m upfront licence extension fee
5
FY 2011 Financial Highlights
2011
Reported
Launch of
Termination Jacksonville
Li-ion
of JCS
production
Sales
628.7
7.4
EBITDA
110.0
7.4
EBITDA margin
Net income from
continuing operations
EPS from continuing
operations (€ per share)
Net income from
discontinued operations
Net income
(9.6)
17.5%
Adjusted
(1)
YoY
Growth (2)
621.3
591.1
7.1%
112.2
109.9
2.1%
18.1%
18.6%
51.1
5.3
(6.7)
52.5
49.9
5.2%
2.02
0.21
(0.27)
2.08
2.00
4.0%
23.9
23.9
-
23.9
(11.8)
75.0
29.2
(6.7)
76.4
38.1
100.5%
EPS (€ per share)
2.98
1.17
(0,27)
3.03
1.53
98.0%
Proposed dividends €/share
(including special dividend)
1.72
1.72
0.70
145.7%
(1) Restated to reclassify impact of JC-S from continuing to discontinued operations and to exclude Jacksonville impact
(2) At actual rates, except for sales growth which is at constant exchange rates
6
2010
Industrial Battery Group:
Strong growth despite weakness in small battery activity
Year end 31 December 2011
Sales*
€m
Sales*
growth %
350.2
7.5%
EBITDA**
€m
EBITDA
margin %
Sales*
€m
53.3
15.2%
331.1
EBITDA**
€m
EBITDA
margin %
54.2
16.4%
Including impact of Jacksonville: EBITDA €43,7m, 12.5% of sales
Growth by segment*
2010
2011
168
140
127
126
65
22.7%
Stationary back-up power
3.0%
(13.9)%
Transportation
Small nickel batteries
* Sales in million Euros at actual exchange rates, sales growth at constant exchange rates
** Excluding impact of Jacksonville: €(9.6)m in 2011 vs €(1.5)m in 2010
7
55
Industrial Battery Group
Stationary back-up power
 Very strong sales growth throughout the year in
both industrial standby and telecom networks
 Growth from emerging markets and the US
(telecom)
 Market share gains in 2011
Transportation
 Aviation growth slightly above trend
 Sales in rail market stable in 2011
Small nickel batteries
 Disappointing year after the recovery in 2010.
Business very poor in US, challenging in Europe
Profitability
 Gross margin impacted by nickel costs and
unfavourable exchange rates
8
Specialty Battery Group:
Strong profitability from operational gearing
Sales*
€m
271.1
Sales*
growth %
6.7%
EBITDA
€m
EBITDA
margin %
Sales*
€m
EBITDA
€m
EBITDA
margin %
64.4
23.8%
260.0
59.2
22.8%
Growth by segment*
2010
2011
164
189
96
17.6%
Civil
82
(12.0)%
Military
* Sales in million Euros at actual exchange rates, sales growth at constant exchange rates
9
Specialty Battery Group
Civil activities
 Very strong growth in metering markets and other
niches
 Record deliveries in space market with some
notable contract wins
 Expansion of production capacity launched in 2011
Military activities
 Recovery in H2 after a weak H1
 Small growth in sales of portable military batteries radios, etc.
 Project-based business poor – underwater and
emerging applications
Profitability
 Another year of strong growth in profitability driven
by sales growth and stable costs
10
2. Detailed financial review
11
Financial treatment of transactions related to JC-S
Sale Agreement
Sale of Saft 49% stake to JCI for $145m in cash on September 30, 2011
Extension of licence of certain Li-ion technology to JCI with a $10m (€7.4m)
upfront royalty fee to be paid on January 1st, 2013
Purchase from JCI of Nersac facility for $10m on January 1st, 2013
P&L impact
Upfront royalty fee recognised as revenue – for €7.4m
Net income/(loss) from discontinued operations
2011
 Share of profit / (loss) of associates
 Capital gain on disposal of shareholding
 Income tax
Cash flow impact
(19.7)
49.9
(6.3)
_____
23.9
2010
(16.9)
5.1
_____
(11.8)
60.0 (35.9)
Saft will invoice about €5.0m to JCI in 2012 for support services to Nersac
Li-ion production facility
12
A year of transition impacted by launch of Jacksonville
2011
€m
Restated (1)
Reported
2010
Restated (2)
Sales
621.3
628.7
591.1
Gross profit
178.1
185.5
179.6
Gross profit %
28.7%
29.5%
30.4%
Gross profit % (excl. Jacksonville)
29.9%
Selling and marketing costs
(37.3)
(37.3)
(35.7)
Administrative expenses
(45.8)
(45.8)
(44.2)
Research & Development
(22.1)
(22.1)
(21.4)
EBIT
72.9
80.3
78.3
Add back depreciation
29.7
29.7
30.1
102.6
110.0
108.4
EBITDA %
16.5%
17.5%
18.3%
EBITDA margin (excl. Jacksonville)
18.1%
EBITDA
30.6%
18.6%
(1) Excluding non-recurring €7,4m up-front royalty fee
(2) To reclassify the Group’s share in net losses of JC-S and the corresponding income tax revenue as “net profit/(loss) from discontinued
operations”
13
Very strong increase in EPS
2011
€m
Restated (1)
Reported
2010
Restated (2)
EBIT
72.9
80.3
78.3
Other operating income / (expenses) (3)
(0.4)
(0.4)
0.4
Operating profit
72.5
79.9
78.7
Net finance costs
(11.0)
(11.0)
(18.8)
1.8
1.8
1.6
(17.5)
(19.6)
(13.1)
Net profit/(loss) from continuing operations
45.8
51.1
48.4
Net profit/(loss) from discontinued operations
23.9
23.9
(11.8)
Net income
69.7
75.0
36.6
2.98
1.46
Share of profit / (loss) of associates (4)
Income tax expense from continuing operations
EPS (€ per share)
(1) Excluding non-recurring €7,4m up-front royalty fee
(2) To reclassify the Group’s share in net losses of JC-S and the corresponding income tax revenue as profit/(loss) from continuing to
discontinued operations
(3) Including restructuring costs: nil in 2011 vs €(0.7)m in 2010
(4) Saft’s 50% share in ASB net income
14
Strong cash position from operations and JC-S sale proceeds
enable enhanced shareholder return
15
€m
2011
Net cash provided by operating activities
69.8
74.8
Purchase of intangible assets
Purchase of property, plant and equipment
Other
(9.1)
(59.6)
0.6
(6.7)
(69.6)
1.8
Net cash used in investing activities
(68.1)
(74.5)
Net proceeds from capital increases (incl. stock options)
Grants received for Jacksonville assets
Dividend paid
Others
2.2
20.4
(17.6)
(1.1)
0.7
24.5
(7.4)
(1.2)
Net cash generated by/(used in) financing activities
3.9
16.6
Net cash generated by/(used in) continuing operations
5.6
16.9
Net cash generated by/(used in) by discontinued operations
60.0
(35.9)
Net increase/ (decrease) in cash
65.6
(19.0)
Cash at start of period
Impact of changes in foreign exchange rates
194.6
7.0
207.4
6.2
Cash at end of period
267.2
194.6
2010
Low leverage creates
favourable conditions for refinancing
€m
2011
2010
Non-current assets
565
556
Current assets
259
232
Cash and cash equivalents
267
195
1 091
983
Shareholder’s equity
407
341
Debt
339
330
Other non-current liabilities
167
136
Current liabilities
178
176
Liabilities and equity
1 091
983
Net debt to EBITDA ratio
0.54*
1.24*
Assets
* Calculated as per contractual terms
16
Debt refinancing principles
5-year bank refinancing of € debt
US private placement for US$ debt
Gross debt to be reduced
Flexibility through increased RCF
 Refinancing process well advanced
 Expect to close refinancing by end of Q1
17
3. New markets
• Energy Storage
• Other lithium-ion opportunities
18
Energy storage - utilities
10 MWh of contracts booked in 2011; 90% in
backlog
First contracts in France, further successes in
US, diversified customer base
Contract with Green Charge Networks for smart
grid programme in New York
First container shipped from Jacksonville early
February 2012
19
Other Li-ion opportunities
Peugeot Scooters to launch their electric scooter
in March 2012. Project several thousand units per
year.
Evolion® telecom battery product being shipped to
multiple customers for test and qualification
Demonstrated Saft Li-ion batteries successfully in
fork-lift trucks with Linde and Still
First successes in marine market with Keolis
electric ferry and other developments underway
20
Automotive
Sale of shares in JC-S September 2011 gave Saft option
to re-enter market
Dedicated team of people working until end 2012 on a
strategic review of options
Technologies, competencies and capacity in place
Path to profitability will be a key factor in the final decision
21
4. 2012 outlook
22
FY 2012 guidance
FY 2011
2012
Guidance
Sales
621.3*
≥ +5%
EBITDA margin
16.5%
16.5 – 17.0%
€m
At constant exchange rates
* Excluding non-recurring €7.4m upfront licence extension fee
23

2011 - Saft

Transcription

Documents pareils

PDF Saft Press Release - Cecil Commerce Center

Ghislain Lescuyer appointed Chairman of the Management

Les Musiciens Francophones

Saft selected for DOE funding for Li

Primary lithium batteries LO 29 SHX

Saft Group recognized for the transparency of its financial information

August, 30th, 2007

E-supervision brochure

Saft CSX Transportation press release

Saft confirms location for lithium-ion battery factory in Jacksonville