Results for the Quarter Ended June 30, 2014 September 2014

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Transcription:

Results for the Quarter Ended June 30, 2014 September 2014

Summary This is the first set of unaudited interim condensed consolidated financial statements for the quarter ended June 30, 2014, and accordingly no comparable prior period figures for the quarter have been given. These financials statements have been prepared under IFRS for reporting to bondholders in accordance with the offering memorandum. Motherson Sumi Systems Limited (MSSL), ultimate parent Company, being listed entity in India announces consolidated results on quarterly basis as per Indian GAAPs in Indian Rupees (INR). As a part of such quarterly disclosures, MSSL also discloses results of SMR Group (Samvardhana Motherson Reflectec Group Holdings Limited and its subsidiaries) and Samvardhana Motherson BV (SMBV), which acquired stake in Peguform GmbH and Peguform Iberica including their subsidiaries in November 2011. SMBV has been renamed as Samvardhana Motherson Automotive Systems Group BV (SMRP BV) which acquired shareholding of Samvardhana Motherson Reflectec Group Holdings Limited (SMR) on June 13, 2014 from Samvardhana Motherson Group Holdings Limited, Cyprus in share exchange deal. (http://www.motherson.com) 1

Group Structure Samvardhana Motherson International Limited (SMIL) 49% 49% Motherson Sumi Systems Ltd (MSSL) 51% 51% Samvardhana Motherson Global Holdings Ltd (SMGHL), Cyprus Samvardhana Motherson Polymers Limited India 69% 31% 5% 100% 100% Samvardhana Motherson Automotive Systems Group B.V.(SMRPBV) 100% 98.5% Samvardhana Motherson Peguform GmbH, Germany SMP Automotive Technology Ibérica S.L., Spain SMP Automotive Interiors (Beijing) Co. Ltd. Samvardhana Motherson Reflectec Group Holdings Limited, Jersey 95% SMP Deutschland GmbH, Germany Corporate Structure as on June 30, 2014 and is not a legal structure 2

Global Presence 37 manufacturing plants 16 countries 9 logistics centers Workforce of 18,000+ Strong global manufacturing infrastructure and capabilities Just-in-time" and "Just-in-sequence" supplies Close proximity to OEMs plants enhancing interdependency and lean supply chain Competitive low-cost production footprint (China, India, Brazil and Mexico) Manufacturing and assembly plants Development, engineering, project management and sales commercial centres R&D centres Module and sequence centres 3

26 31 Mio 57 293 540 Mio 833 Revenue & EBITDA for Qtr. ended June 30, 2014 1,000 REVENUE 800 600 400 200 - SMP SMR SMRPBV EBITDA/ % to Revenue 6.8% 60 50 40 5.7% 8.8% 30 20 10 - SMP SMR SMRPBV 4

Revenue for Qtr. ended June 30, 2014 By Customer & By Region Renault /Nissan 5% Hyundai/Kia 8% BMW 8% Diamler 4% Porsche 4% Ford 4% Others 11% Audi 30% APAC 18% Americas 11% Seat 11% VW 15% Europe 71% 5

Summary of Cash Flow For the Qtr. ended June 30, 2014 Statement of Cash Flow millions Cash flow from operating activities before changes in working capital and income tax 56.6 Changes in working capital (31.1) Income tax paid (7.3) Cash flow from operating activities 18.2 Purchase of property, plant and equipment (including Pre- Payments) (33.7) Acquisition of Minority Interest at SMP (28.9) Others (5.3) Cash flow from investing activities (67.9) Proceeds from borrowings 100.0 Repayment of borrowings (43.1) Interest Paid (7.1) Others (6.0) Cash flow from financing activities 43.8 Net increase in cash and cash equivalents (5.9) Cash and cash equivalents at the beginning of the period 85.7 Variation in cash and cash equivalents from translation in foreign currencies 0.2 Cash and cash equivalents at the end of the period 80.0 6

85.7 80.0 Mio Mio 402.1 484.7 Mio 1,380.7 1,444.5 Mio Balance Sheet Key Indices June 30, 2014 TOTAL ASSETS SHAREHOLDER DEBT GROSS DEBT 1,500 600 487.8 56.1 564.7 69.2 500 1,000 500 400 300 200 431.7 495.5 100 0 March 31, 2014 June 30,2014 0 March 31, 2014 June 30,2014 CASH NET DEBT (INCL. SHAREHOLDER DEBT) 100 80 500 400 60 300 40 200 20 100 0 March 31, 2014 June 30,2014 0 March 31, 2014 June 30,2014 7

Capital Expenditure Key Highlights: Others 15.0% Schierling, Germany New plant for exterior module business USA 5.2% Michigan, USA New plant for mirror business France 5.6% Hungary 5.6% Spain 20.1% 33.7million Germany 48.5% Bötzingen, Germany Brownfield production facility For manufacturing of plastic components to meet new order Polinya, Spain New paint line to add capacities and bring further operational efficiencies. France Vertical integration for Actuator (key component of mirror business) 8

Update on Refinancing - Post June 30, 2014 Status of Security Creation: Entities Entities other than SMP Automotive Exterior GmbH SMP Automotive Exterior GmbH Status of Use of Bond Proceeds - millions We have made prepayment of all facilities as envisaged in offering memorandum except for following: SMP Automotive Exterior GmbH Term Loan : 30.0 million Others entities including finance lease liability : 12.6 million These facilities would be repaid within respective timelines. Guarantees Pledge of Shares Security Creation Due Date Actual Date Due Date Actual Date Due Date Actual Date Phased manner by July 25, 2014, August 9, 2014 & October 8, 2014 July 25, 2014 Phased manner by July 25, 2014 & August 9, 2014 August 31,2014 Bond proceeds 500.0 Prepayment of certain existing third party indebtdness 360.2 Prepayments of Shareholders Loan 69.5 Working Capital requirement & Capex at Operating Entities 48.7 Fees and expenses 14.0 Cash Available 7.6 July 25, 2014 October 8, 2014 July 25, 2014 15th April 2015 In process 15th April 2015 In process April 15, 2015 In process 9

Safe Harbor This presentation is strictly confidential and may not be copied, published, distributed or transmitted. The information in this presentation is being provided by Samvardhana Motherson Automotive Systems Group BV (the Company ). Any reference in this presentation to Samvardhana Motherson Automotive Systems Group BV shall mean, collectively, the Company and its subsidiaries. The graphical presentation of the results has been prepared from Unaudited Interim Condensed financial statements for the quarter ended June 30, 2014, the same are available on the website of the company (http://www.smrpbv.com) This presentation has been prepared for informational purposes only. This presentation does not constitute a prospectus, offering circular or offering memorandum and is not an offer or invitation to buy or sell any securities, nor shall part, or all, of this presentation form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. Furthermore, this presentation is not an offer of securities for sale in the United States, India or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering in the United States may be made only by means of a prospectus that may be obtained from the Company and that will contain detailed information about the Company and its management, as well as financial statements. Any offer or sale of securities in a given jurisdiction is subject to the applicable laws of that jurisdiction. By attending this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. 10

Thank You