SAF-HOLLAND Capital Markets Day, Frankfurt December 10, 2013 Detlef Borghardt, CEO Introduction 1 SAF-HOLLAND Capital Markets Day December 10, 2013
Our positioning statement: A LEADING SUPPLIER OF HIGHLY EFFICIENT COMPONENTS, SYSTEMS AND SERVICE PROGRAMS IN THE GLOBAL COMMERCIAL VEHICLE INDUSTRY. 2 SAF-HOLLAND Capital Markets Day December 10, 2013
Repositioned mission vision values How our Promise What our Values Why our Goals We make the greatest possible contribution to the success of our fleet customers in the Global Commercial Vehicle Industry. We operate the company with a long-term view and achieve appropriate returns. We are an attractive employer, offering challenging and rewarding opportunities to our employees. We are innovative We are cost-focused We are reliable We show respect We utilize teamwork We communicate well We are honest We will be the ultimate supplier of best-in-class components, systems and services that will drive the success of our fleet customers in the Global Commercial Vehicle Industry. Strategies, targets, objectives, action plans, daily orientation 3 SAF-HOLLAND Capital Markets Day December 10, 2013
Our strategies - A3 method as tool An A3 document describes the current situation and the future situation, including detailed initiatives how to get there. What are we talking about? What are the initiatives to come from today to the future? What is today? How do we measure our progress? Where do we want to be in the future? Are we committed? If yes we sign up for it 4 SAF-HOLLAND Capital Markets Day December 10, 2013
Our strategies - planning and execution - A3 method Multiple A3 s are connected and consistently build on each other Developing strategy, targets, objectives and action plans TOP - DOWN A3 A3 A3 TOP - DOWN Reviewing strategy, targets, objectives and action plans Our purpose our strategic principles our values 5 SAF-HOLLAND Capital Markets Day December 10, 2013
Repositioned mission-vision-values led to revised brand architecture Brand descriptions provide customer orientation Align SAF-HOLLAND products to the core product brands Trailer Axles & Suspension Systems Coupling & Lifting Technologies Powered Vehicle Suspensions Short and concise three core product brands defined for global communications 6 SAF-HOLLAND Capital Markets Day December 10, 2013
Trailer axles and suspension systems Innovative, fleet-optimized, trailer axle, braking and suspension systems that maximize operating efficiencies. Ongoing brand transition activities are near completion 7 SAF-HOLLAND Capital Markets Day December 10, 2013
Coupling and lifting technologies Reliable, fleet-trusted solutions for safe and easy coupling and lifting operations as a result of cutting-edge technologies and global expertise. GF brand will be faded out prior to IAA September 2014 8 SAF-HOLLAND Capital Markets Day December 10, 2013
Powered Vehicle Suspensions Tough, fleet-proven air suspensions that provide extreme-duty performance for Powered Vehicles through advanced engineering and field experience. Neway brand will be communicated globally 9 SAF-HOLLAND Capital Markets Day December 10, 2013
SAF-HOLLAND brand promise values goals English: http://corporate.safholland.com/en/media-events/globalbrands-video.html 10 SAF-HOLLAND Capital Markets Day December 10, 2013
SAF-HOLLAND Capital Markets Day, Frankfurt December 10, 2013 Ken Hurst, Executive Vice President Powered Vehicle Systems Business Unit 11 SAF-HOLLAND Capital Markets Day December 10, 2013
Significant events since 2006 Merger between SAF and Holland Acquisition of GF VKT; 20% market share in Europe Start of volume shipments for an extraordinary government order in the US with $40mn sales per year and 40% gross margin Financial crisis Government order reduced per contract Launch of new vocational suspension systems Fifth wheel published; option at major N.A. OEM (Navistar); launch of new steerable lift axle system (LSZ) Acquisition of 80% of Corpco Tech (China) Dec 2006 Aug 2008 2008 Sep 2008 Jun 2011 Dec 2011 Oct 2013 End 2013 12 SAF-HOLLAND Capital Markets Day December 10, 2013
Powered Vehicle Systems Business Unit competitors and customers Relevant fifth wheel suppliers Relevant customers 1. > 50% market share in the US > 20% market share in Europe 2. 3. 13 SAF-HOLLAND Capital Markets Day December 10, 2013
Powered Vehicle Systems Business Unit competitors and customers Relevant suspension suppliers Relevant customers 1. 2. 3. Captive Suppliers 14 SAF-HOLLAND Capital Markets Day December 10, 2013
End user trends and priorities Vehicle buying criteria (IBM Truck 2020) Fuel efficiency SAF-HOLLAND response Light weight products; ADZ next generation; FW AL, FW32-14 Total cost of ownership (TCO) SAF-HOLLAND response Six years performance guarantee, extensive Aftermarket distribution network Sustainability SAF-HOLLAND response Safety SAF-HOLLAND response Reliability SAF-HOLLAND response No lube / low lube features, light weight systems Electronic lock indicator, fifth wheel w / standard visual lock indicator, air release lock mechanism Cast steel / ductile top plates, forged / heat treated lock systems, long life single piece suspension lower control arm 15 SAF-HOLLAND Capital Markets Day December 10, 2013
Powered Vehicle Systems Business Unit significant events in 2013 1. Significant growth in North American fifth wheel market share to 55% with Europe stable at 23% 2. Published fifth wheel databook position at Navistar 3. Release of the LSZ vocational steerable lift axle suspension with additional revenue and added margin in 2014 and beyond 4. Localized production of fifth wheels in China through our Xiamen manufacturing facility 5. Initiation of serial fifth wheel production for a major truck OEM s entry into China and the S.E. Asian markets 6. European fifth wheel team recorded highest one-month production in October 7. Localized production of fifth wheels in Thailand on pace for Q1/2014 serial production start-up 8. ADZ vocational suspension standard at Volvo Truck North America for VNX model 16 SAF-HOLLAND Capital Markets Day December 10, 2013
Increase suspension product sales / margin Actions Launched in Q2/2013 - initial auxiliary vocational steerable / lift suspension Follow with subsequent models in 2014 Product / market features Federal bridge law enforcement Patented dual diaphragm lift chamber Reduced design package, providing additional frame rail space Incremental revenue generated 17 SAF-HOLLAND Capital Markets Day December 10, 2013
Fabricated fifth wheel Develop low-cost fabricated fifth wheel Developed domestic Chinese 20t fifth wheel production with SOP Q2 2013 Developed ROW 20t fifth wheel where to offer, how to position, price, etc. Developed 28t fifth wheel for domestic China market with SOP Q3 2013 Product to have > 80% localized content 18 SAF-HOLLAND Capital Markets Day December 10, 2013
Increase fifth wheel market share Actions 1. North American and European OEM strategy to increase market share through aggressive marketing and dealer calling activities 2. Increased fleet calling activities both in North America and Europe to improve specifications from the fleets 3. In Brazil, implementing a truck OEM initiative to promote our local production of fifth wheel and tag axle assemblies in combination with a new initiative at the fleet and dealer level. 4. Established local assembly operations for fifth wheels in South Africa and Middle East and implement increased fleet and dealer activities to promote 5. In Australia increased dealer direct sales business through the newly established branch warehouses in all states. 19 SAF-HOLLAND Capital Markets Day December 10, 2013
Lean enterprise project Actions 1. Emphasize a fleet pull-through strategy, concentrating on up selling customers on added options for fifth wheel assemblies, such as air release, ELI, no / lo lube, etc. 2. Initiative to continue to differentiate product pricing at the OEMs in Long Term Agreements (LTA) that protect specialty fifth wheel pricing and option pricing from price down formulas 3. Continue to consolidate fifth wheel production and sales within the European organization 4. Reinforce lean concepts and activities at all Powered Vehicle Systems operations, including a renewed emphasis on back office activities 20 SAF-HOLLAND Capital Markets Day December 10, 2013
ROW strategy India Dissolved India joint venture and established wholly owned SAF-HOLLAND subsidiary located in Chennai, India focused on all SAF-HOLLAND product lines Expand Powered Vehicle base in India with additional vocational suspension products for the Indian Truck OEM s, further entry into the bus market with new products for low floor and ultra low floor Middle East Localized assembly of fifth wheels in Dubai for the Middle East market Thailand Localized cast steel fifth wheel production to support initiative by a major truck OEM for the South East Asia region 21 SAF-HOLLAND Capital Markets Day December 10, 2013
CORPCO Beijing Technologies acquisition 22 SAF-HOLLAND Capital Markets Day December 10, 2013
Acquisition overview Global bus market is growing at a significant rate in China and other emerging markets Strong base for potential entrance in the future truck air-suspension market in China Attractive margins for the Powered Vehicle Systems Business Unit that align with the goals of the Business Unit Continues the focus on expanding our Truck / Bus suspension base to reduce our dependency on cyclical Truck-FW and Trailer market The 100 service centers provide an interesting Aftermarket potential Provides good product synergies that fit to our strategy to grow emerging markets Current ownership / management to remain engaged in the company Approval from Chinese government and issuance of business license expected by the end of the year 23 SAF-HOLLAND Capital Markets Day December 10, 2013
INTRODUCTION global bus market forecast Based on L.E.K. report the global bus market CAGR is 6% Includes all bus sizes from small (<7m), medium (7-10m) and large bus (>10m) 24 SAF-HOLLAND Capital Markets Day December 10, 2013 Source: L.E.K. Aug 2012 Report
INTRODUCTION Corpco product portfolio analysis Corpco has a wide product availability for the global bus market with approximately 30% market share Suspension Position Corpco Neway Front 22 total in 7 different construction styles 2 total in 2 different construction styles Rear 18 total in 7 construction styles 5 total in 3 different construction styles Auxiliary 2 1 Total 42 suspensions 8 suspensions Key Corpco bus suspensions Low Floor IFS Wide Banana Beam Source: PVS Product Planning Research; DD Reports 25 SAF-HOLLAND Capital Markets Day December 10, 2013
PVS Business Unit risks and opportunities Risks New vocational suspensions are resisted by the market resulting in a slower than predicted sales ramp-up Supply of critical raw materials, especially fifth wheel castings, is restricted by unknown market pressures on our suppliers Price and LTA negotiations with global truck OEM s may lead to unfavorable results Opportunities Market acceptance of our new vocational suspension line is rapid and ahead of expectations North American defense spending increases due to special program implementations and foreign military buying activity Market share at Navistar returns to traditional levels (35-40%) < from current 12% Corpco suspensions provide significant growth in emerging markets; India, Russia, Brazil, etc. New LSZ suspension system provides increased sales in India and China European truck transportation market continues to grow in 2014 26 SAF-HOLLAND Capital Markets Day December 10, 2013
SAF-HOLLAND Capital Markets Day, Frankfurt December 10, 2013 Alexander Geis, Business Unit President Aftermarket Business Unit 27 SAF-HOLLAND Capital Markets Day December 10, 2013
Aftermarket targets Maintain steady growth Stabilize / defend or even increase margins Continue expansion strategy in collaboration with all other Business Units Continuous improvement of spare parts availability in emerging markets Defend market shares against grey parts and strengthen position as original parts supplier Optimization of global setup incl. logistics, purchasing and warehousing to further reduce costs Aftermarket targeting to achieve 30% share of group sales and 15.5 to 16% adj. EBIT margin in 2015 28 SAF-HOLLAND Capital Markets Day December 10, 2013
Global Aftermarket potentials Steadily increasing truck and trailer population with OE-products / good first fit market shares Local footprints in all major regions and expansion into unexplored regions (see following updates) Expanding product range, A2 brand, 3rd party products (see following updates) Gain of market share from competitors Aftermarket is very well positioned for the future in the global transportation industry 29 SAF-HOLLAND Capital Markets Day December 10, 2013
Global Aftermarket Parts Distribution Centers 1 2 1 2 1 2 Central PDC s Europe: Aschaffenburg, Germany NA: Cincinnati, USA Continental PDC s 3 2 4 3 Mexico PDC officially opened in Q1/2013 2 2 2 4 Kuala Lumpur PDC will be opened in Q1/2014 for South East Asia 30 SAF-HOLLAND Capital Markets Day December 10, 2013
Global Aftermarket Parts Distribution Centers Warehouse Middle East Update Dubai: Very good and profitable development in 2012-2013 Start of truck-oe supply in 2013 (Volvo, Mercedes) and further gain of market share in 2014 Investment in bigger facility to triple space, e.g. assembly possibility for fifth wheels and axles/suspensions Further penetration of West, East & Central Africa PDC Dubai + Johannesburg 31 SAF-HOLLAND Capital Markets Day December 10, 2013
Global Aftermarket Parts Distribution Centers Central / South America Central PDC close to Mexico City officially opened Q1/2013 Serves all three Business Units Central warehouse for Mexico and Latin America Continental PDC Brazil Sales offices opened during Q1 and Q2/2013 Bogota, Columbia Lima, Peru Buenos Aires, Argentina 32 SAF-HOLLAND Capital Markets Day December 10, 2013
Global Aftermarket Parts Distribution Centers Warehouse Asia - Pacific 1 2 PDC Malaysia will be opened in Q1/2014 to serve South East Asia PDC Melbourne, Australia Subsidiaries / regional PDC Representatives / regional PDC 1 2 33 SAF-HOLLAND Capital Markets Day December 10, 2013
A2 brand SAUER : Fair Proven Reliable Status quo SAUER is a trade brand for the second life of truck and trailer (10-12 years+) SAUER is a concept for very price sensitive and competitive markets and offers new private label opportunities (Eastern & Southern Europe / Middle East and Africa / Asia) of selected products for all vehicle brands SAUER is registered in most important markets globally SAUER Slogan: Fair Proven Reliable The biggest potential is represented by non-saf-holland applications in the truck and trailer industry Available product groups are containing the majority of fast moving items such as Brake pads / brake linings Brake discs / brake drums TRILEX clamping parts and bolts (Middle East and Africa) Airbags Wheel rims Grease 34 SAF-HOLLAND Capital Markets Day December 10, 2013
A2 brand SAUER : Fair Proven Reliable Outlook 2014-2016 Increase coverage to following applications: Mercedes (truck and trailer axles), MAN, Scania, Volvo, DAF, Iveco, Renault, SAF, BPW, Meritor/ROR Create additional regional cross references for Asia and Central and South America Increase sales by using existing sales channels and logistic Further product groups under evaluation for introduction in 2014 2016 (2012 / 2013: eight product groups already launched) 35 SAF-HOLLAND Capital Markets Day December 10, 2013
QR Code @ SAF-HOLLAND SOP: 01/01/2013 all axles and suspensions produced in Bessenbach are equipped with a new type plate incl. QR Code Approx. 250,000 new serial numbers per year Mobile spare parts catalogue supports all operating systems (Windows RT, IOS, Android,...) and languages (EN, DE, FR) Orders / shop functions (display of price and shopping cart) only available after login Users: sales and service team, dealers, end customers Advantages Very fast No mistakes Scan code: direct link to the spare parts list of the axle Simple process 36 SAF-HOLLAND Capital Markets Day December 10, 2013
QR Code @ SAF-HOLLAND SAF-HOLLAND GMBH D-63856 BESSENBACH GERMANY 37 SAF-HOLLAND Capital Markets Day December 10, 2013
QR Code @ SAF-HOLLAND SAF-HOLLAND GMBH D-63856 BESSENBACH GERMANY 38 SAF-HOLLAND Capital Markets Day December 10, 2013
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Outlook 2014 2015 Print QR code on additional products: fifth wheels and landing gears Include North American Aftermarket (we already launched POD - Webshop in Q4/2013) Integration of additional functions like geo locator, videos, service literature Automatic upload of serial numbers into system 46 SAF-HOLLAND Capital Markets Day December 10, 2013
SAF-HOLLAND Capital Markets Day, Frankfurt December 10, 2013 Steffen Schewerda, Business Unit President Trailer Systems Business Unit 47 SAF-HOLLAND Capital Markets Day December 10, 2013
Gap between TS BU target margin for 2015 and current adj. EBIT margin needs to be closed by implementation of measures Mid-term targets for the Group Sales: 1bn Earnings: 10% adj. EBIT margin Net Working Capital: <10% of sales Capex: < 2% of sales Growth potential for 2015 Trailer Systems + 100mn sales potential Full product range of suspension systems in N.A. with own axle Current adj. EBIT margin not sufficient to reach 10% adj. EBIT target for the Group until 2015 Adj. EBIT FY 2012: 3.0% Increase of N.A. market share of up to 30% in medium term Participation in potentially growing US disc brake market 0 Development of bundle of measures for margin improvement./. required adj. 0 EBIT: ~ 6% = Gap adj. EBIT: ~3.0% 10% adj. EBIT margin for the Group - Assumptions - Stable profits in BU Powered Vehicles Systems Overproportional increase of BU Aftermarket share Economies of scale and underproportional increase of overheads 48
Implementation of measures to increase sales and adj. EBIT margin of BU TS until 2015 Measures Content Realization of additional market potentials Explore additional regional markets which are not yet in sales focus (ROW) costs decrease sales increase Introduction of new products Savings in sourcing and operations Optimization of asset structure Development of and go-to-market with new products in core markets, especially in Europe Savings plan in all regions for sourcing and operations Consideration of plant consolidations in Europe and N.A. & outsourcing of business processes (make or buy decision) Sales increase: ~ 100mn (full year effect) Adj. EBIT increase: ~ 20mn (full year effect) SG&A expense controlling Realization of growth with existing resources; underproportional increase of overhead Major impact of measures in 2015, full year effect for BU TS in 2016 49
Status regarding realization of additional sales and adjusted EBIT Grey columns represent the years until 2015 Red triangle shows the status actually accomplished SALES 2013 2014 2015 Current status EBIT 2014 2015 Current status 20% 40% 60% 80% 100% 50 SAF-HOLLAND Capital Markets Day December 10, 2013
Detailed overview regarding additional sales potential Score board shows the three different areas with sales potential Grey columns represent the years until 2015 Red triangle tells what we have actually accomplished Existing markets and products 2013 2014 2015 Current status New products 2015 Current status New markets 2014 2015 Current status 20% 40% 60% 80% 100% 51 SAF-HOLLAND Capital Markets Day December 10, 2013
Status of sales existing markets and products Current status USA Competitor is fighting back massively. However, we were able to secure a part of the new order volume in air suspension business Trend for future: Europe Weaker market conditions and competitors price aggressiveness Trend for future: Brazil Strong development Trend for future: China Challenging market to gain ground. Management issues recently resolved Trend for future: 52 SAF-HOLLAND Capital Markets Day December 10, 2013
Status of sales market exploration with new products Current status Axles and suspensions Current focus: Development of new products for the European market. Presentation during IAA 2014. Actual status: prototype testing Trend for future: Landing gears Good start in Europe. Customers want to have an alternative supplier. Production problems in China (quantity) Trend for future: 53 SAF-HOLLAND Capital Markets Day December 10, 2013
Status of sales existing markets and products Current status Canada Middle East Good customer reception regarding our new specialty suspensions Trend for future: Very promising projects in pipeline Trend for future: South East Asia Improvement required. Expat is in the region and we see first good results. However, success needs to be proven Trend for future: ROW Good progress in other regions Trend for future: 54 SAF-HOLLAND Capital Markets Day December 10, 2013
Status regarding improvement of adjusted EBIT Savings in operations and sourcing On a very good way. Potential identified for 2014 EBIT in Brazil Eats up some of the Trailer Systems Business Unit s EBIT EBIT in China Eats up some of Trailer Systems Business Unit s EBIT Warranty cost Higher than budgeted. We are dealing with some legacy cost here. Products which are 4 to 6 years old are failing. We will see these cost declining. The warranty cost are the single biggest concern for the TSBU at the moment Profit from new products Will not show up until early 2015, as we are developing those products right now Current status Current status Current status Current status Current status 55 SAF-HOLLAND Capital Markets Day December 10, 2013
Status regarding improvement of adjusted EBIT Price reductions In line with our assumptions. However, the price pressure is constantly increasing Plant consolidation in Europe Does not have an effect yet. Decision taken and closing of the plant in Woerth latest at the end of 2015. Signed and approved agreement with union Plant consolidation North America Not decided yet. Decision end of 2014 / beginning of 2015 expected SG&A controlling On the way and progressing. Cost centers are at or below budget Structure Being evaluated. Overhead is being reduced Current status Current status Current status Current status Current status 56 SAF-HOLLAND Capital Markets Day December 10, 2013
Summary and conclusion Team is confident that the targets can be achieved (under the given market and industry conditions) Targets are very ambitious, especially on the earnings side. Full year effect of this plan will not show in 2015, but in 2016. This is due to the fact that some measures will be completed in the second half of 2015 57 SAF-HOLLAND Capital Markets Day December 10, 2013
SAF-HOLLAND Capital Markets Day, Frankfurt December 10, 2013 Wilfried Trepels, CFO Financials 58 SAF-HOLLAND Capital Markets Day December 10, 2013
Current situation concerning FY 2015 guidance Current situation: The Group s target for 2015 is 1bn sales and 10% adjusted EBIT - margin Prerequisite to reach this target: adjusted EBIT - margin in 2015 for BU Powered Vehicles Systems: 8-9%; BU Aftermarket: 14-15% and Trailer Systems Margin: 6% In 2012 BU Trailer Systems achieved an adjusted EBIT margin of 3.0% In Q2/2013: Presentation of measures bundle how to increase the adjusted EBIT margin in BU Trailer Systems to the required 6% until 2015 Issue: Clarification required regarding calculation mode how to reach an adjusted EBIT margin of 10 % for the total Group by applying the communicated targeted adjusted EBIT margins 2015 for each Business Unit Purpose of this presentation: Explanation of assumptions and methodology how to close the gap to the Group s 10% adjusted EBIT margin in 2015 59 SAF-HOLLAND Capital Markets Day December 10, 2013
Original outlook definition as of 2010 1) Incl. government order with c. 40% gross margin 2) Without government order 60 SAF-HOLLAND Capital Markets Day December 10, 2013
Actual Q3/ 2013 vs. outlook 2013 in mn BU TS BU PVS BU AM Adj./ CONS Q3/13 TOTAL Outlook 13 TOTAL Sales 373.1 109.8 171.8 654.7 875-900 Cost of sales -338.1-90.5-124.0 19.2 533.4 Gross profit 35.0 19.3 47.8 121.3 in % of sales 9.4% 17.6% 27.8% 18.5% Other cost & income -22.7-9.1-19.4-23.8-75.0-2.7-0.7-1.2 Adj. EBIT 12.3 10.2 28.4-4.6 46.3 60 in % of sales 3.3% 9.3% 16.5% 7.1% 6.8% 9.6 2.6% 9.5 8.7% 27.2 15.8% Restatements: Administrative overhead retroactively distributed to BU s lead to reduced adjusted EBIT margins of BU s 61 SAF-HOLLAND Capital Markets Day December 10, 2013
Adjusted EBIT margin development per Business Unit BU TS PVS AM TOTAL 2012 1) 2.3% 9.4% 14.5% 6.8% Measures +3.0% - - AM- License 2) 4.0-6.2 mn ~1.0% 1.3-2.0 m ~1.0% 6.3% 10.4% 14.5% Aftermarket sales growth from 228.5mn in 2012 to 275 300mn in 2015 will generate ~1% additional margin for BU TS and BU PVS Target 6-7% 8-9% 15.5-16% 9-10% 1) Administration Overhead retroactively distributed to the BUs. 2) Aftermarket sales growth from 228.5 m (2012) to 275-300 m (2015e): x 0.114. Additional volume in BU AM until 2015 triggers increase in income from license fee for BU TS and BU PVS and as a consequence additional adjusted EBIT margin 62 SAF-HOLLAND Capital Markets Day December 10, 2013
Sales and adjusted EBIT 2012 vs. target 2015 m 2012 2015 BU Sales Adj. EBIT 1) Adj. EBIT in % Sales Adj. EBIT Adj. EBIT in % 530 31.8 6.0% TS 473.5 10.7 2.3% - - - 555 38.9 7.0% PVS 157.6 14.9 9.4% AM 228.5 33.1 14.5% 175-180 275-300 14.0-16.2 42.6-48.0 Cons. - - 1) - - - 1) - 8.0% - 9.0% 15.5% - 16.0% Total 859.6 58.2 6.8% 1) Administration Overhead retroactively distributed to the BUs. 980-1035 88.4-103.1 9.0% - 10.0% The Group s target for 2015 is challenging but we are confident that it could be achieved under the assumption of positive / stable economic developments 63 SAF-HOLLAND Capital Markets Day December 10, 2013
Our Positioning Statement: A LEADING SUPPLIER OF HIGHLY EFFICIENT COMPONENTS, SYSTEMS AND SERVICE PROGRAMS IN THE GLOBAL COMMERCIAL VEHICLE INDUSTRY. Thank you for your attention. 64 SAF-HOLLAND Capital Markets Day December 10, 2013