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Managing high value-added processes EARNINGS RELEASE December 2024
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• This document has been prepared by CIE Automotive, S.A. ("CIE Automotive"), and is for information purposes only. No reliance may or should be placed for any purposes whatsoever on the information contained in this document or on its completeness, accuracy or fairness. This document and the information contained herein are strictly confidential and are being shown to you solely for your information. The information may not be copied, distributed, reproduced or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient, to any other person (whether within or outside such person's organization or firm) or published in whole or in part, for any purpose or under any circumstances. • This document is an advertisement and not a prospectus for the purposes of applicable measures implementing EU Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the relevant home Member State under such Directive, the "Prospectus Directive") and as such does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of CIE Automotive or any of its affiliates or subsidiaries, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Investors should not subscribe for or purchase any securities referred to in this advertisement except on the basis of the information contained in any prospectus eventually published in accordance with the Prospectus Directive. The information and opinions contained in this document are provided as at the date of the document and are subject to change. • This document is not an offer of securities for sale in the United States, Australia, Canada or Japan. The information contained herein does not constitute an offer of securities for sale in the United States, Australia, Canada or Japan. Securities may not be offered or sold in the United States unless they are registered or are exempt from registration. No money, securities or other consideration is being solicited and, if sent in response to the information contained herein, will not be accepted. Copies of this document are not being, and should not be, distributed or sent into the United States. This document does not constitute an offer of securities to the public in the United Kingdom or in any other jurisdiction. The distribution of this document in other jurisdictions may also be restricted by law and persons into whose possession this document comes should inform themselves about and observe any such restrictions. • Certain financial and statistical information contained in this document is subject to rounding adjustments. Accordingly, any discrepancies between the totals and he sums of the amounts listed are due to rounding. Certain management financial measures included in this document have not been subject to a financial audit. • The information and opinions contained in this document are provided as at the date of the document and are subject to verification, completion and change without notice. Neither CIE Automotive nor any of its parent or subsidiary undertakings, or the subsidiary undertakings of any such parent undertakings, or any of such person's respective directors, officers, employees, agents, affiliates or advisers, undertakes any obligation to amend, correct or update this document or to provide the recipient with access to any additional information that may arise in connection with it. • CIE’s management uses recurrently and in a consistent way during business management certain Alternative Performance Measures, APM which include terms about results, balance sheet and cash flow. CIE understands that those APMs are helpful to explain its activity evolution, so they are presented, defined and reconciled with financial statements in this presentation’s Appendix.
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3 INDEX 1. DECEMBER 2024 RESULTS 2. BALANCE SHEET 3. 2025 GOALS APPENDIX 4. CIE IN STOCK EXCHANGE
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4 1. DECEMBER 2024 RESULTS TURNOVER 3,960.6 €m CONSOLIDATED GROWTH1 EBITDA 727.9 €m 18.4% EBITDA MARGIN vs 18.0% December 20232 NET INCOME 325.7 €m +1.7% vs December 2023 CONTINUOUS AND SUSTAINED GROWTH4 OPERATING CASH 463.3 €m 66.1% OPERATING CASH/EBITDA HIGH LEVEL OF CASH GENERATION5 1,790.9 €mLIQUIDITY RESERVE STRONG LIQUIDITY POSITION AND STRICT CASH MANAGEMENT 6 NFD/EBITDA(*) 1.34X vs 1.56X December 2023 CONTINUOUS DEBT RATIO IMPROVEMENT 7 SHARE PRICE 25.40 € -1,2% vs December 2023 TARGET PRICE CONSENSUS 32.99 €8 (*) Adjusted NFD and EBITDA data considering 50% of the Chinese JV SAMAP CIE Automotive 2024 - HIGHLIGHTS EBIT 538.4 €m STRENGTHENING OF OPERATING MARGINS 3 13.6% EBIT MARGIN vs 13.3% December 2023 EBIT MARGIN ≈14%
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5 INDIA CHINA 1. DECEMBER 2024 RESULTS Source: Motor vehicles Production IHS February 2025 (12 months 2024)(% growth in units). Global light vehicle market Constant Exchange rate MARKET -1.1% CIE 1.1% SALES EVOLUTION 2024 vs 2023 +2.2 p.p. BRAZIL NORTHAMERICA EUROPE -1.5% -1.2% -6.2% -1.7% 8.0% 20.3% 3.8% -10.5% 3.6% 7.8%
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6 326 728 538 Turnover 1. DECEMBER 2024 RESULTS Historic record for all financial lines. 2015 – 2024 December evolution. CAGR: 9.4% CAGR: 10.7% CAGR: 11.9% 324 2,106 118215 EBIT Net income Data per year in €m Automotive business. EBITDA CAGR: 7.3% 3,961
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7 Last quarter contributing to the solid improvement in operating margins. €m Q4 2023 Q4 2024 Turnover 985.0 948.0 EBITDA 176.5 168.7 % EBITDA/turnover 17.9% 17.8% EBIT 130.6 119.1 % EBIT/turnover 13.3% 12.6% EBT 106.3 101.0 Net income 66.7 66.9 2024 Q4 RESULTS 1. DECEMBER 2024 RESULTS
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8 Our efforts improving operational profitability leads us to reach historical margins. €m 31/12/2023 31/12/2024 Turnover 3,959.5 3,960.6 EBITDA 713.2 727.9 % EBITDA/turnover 18.0% 18.4% EBIT 527.7 538.4 % EBIT/turnover 13.3% 13.6% EBT 449.6 462.6 Net income 320.2 325.7 2024 DECEMBER RESULTS 1. DECEMBER 2024 RESULTS +2.1% +1.7% +2.0%
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9 1,401.7 EUROPE 35.4% 1,217.5 N.AMERICA 30.7% 401.4 BRAZIL 10.1% 656.1 INDIA 16.6% 283.9 CHINA 7.2% TURNOVER 245.6 EUROPE 33.8% 228.7 N.AMERICA 31.4% 79.5 BRAZIL 10.9% 119.3 INDIA 16.4% 54.8 CHINA 7.5% EBITDA Data in million euro (€m) 1. DECEMBER 2024 RESULTS 2024 Geographic contribution All geographies contribute to CIE’s success
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10 1. DECEMBER 2024 RESULTS 2024 Geographic profitability NORTH AMERICA EBITDA 18.8% EBIT 14.2% EUROPE EBITDA 17.5% EBIT 11.8% CHINA EBITDA 19.3% EBIT 14.1% INDIA EBITDA 18.2% EBIT 14.4%BRAZIL EBITDA 19.8% EBIT 16.4%
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11 €m 31/12/2023 31/12/2024 Fixed assets 3,541.4 3,683.9 Net Working Capital (469.7) (473.8) TOTAL NET ASSETS 3,071.7 3,210.1 Equity 1,661.2 1,913.9 Net Financial Debt 1,134.7 1,005.1 Others (net) 275.8 291.1 TOTAL NET LIABILITIES 3,071.7 3,210.1 Non-recourse factoring 342.1 €m 330.9 €m Balance sheet evolution 2. BALANCE SHEET
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12 2. BALANCE SHEET €m EBITDA 727.9 Financial expenses (80.2) Maintenance Capex (66.2) Tax Payments (90.9) IFRS16 Leases(1) (27.3) OPERATING CASH FLOW 463.3 % EBITDA(2) Growing Capex (176.8) Net Working Capital Variation (15.5) Other movements (20.1) CASH FLOW 250.9 Business combinations(3) 0.3 Payment of dividends and treasury shares transactions (121.6) NFD VARIATION 129.6 66.1% (1) Payment of rental fees registered in EBITDA according to the application of IFRS 16 standard. (2) Operating Cash Flow on the value of EBITDA corrected with the effect of IFRS 16 standard. (3) Acquisition of the company AKT Plásticos, SL. (*) Adjusted NFD and EBITDA data considering 50% of the Chinese JV SAMAP. €m 31/12/2023 31/12/2024 NFD 1,134.7 1,005.1 Adjusted NFD(*) 1,126.5 987.5 NFD/EBITDA(*) 1.56X 1.34X Debt ratios improvement and operating cash flow generation with very high shareholder remuneration. Cash Flow December 2024
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13 1,594.9 1,394.9 1,289.8 1,134.7 1,005.1 2020 2021 2022 2023 2024 2. BALANCE SHEET STRENGHTHENING OF OUR FINANCIAL POSITION NFD/EBITDA(*) 3.59X 1.34X NFD/Equity 1.60 0.53 NFD % GFD at fixed interest rate(**) 35% 51% 49% (*) Adjusted NFD and EBITDA data considering 50% of the Chinese JV SAMAP (**) Gross financial debt (GFD) at fixed interest rate -200.0 €m -105.1 €m -155.1 €m 55% 1.98X 0.86 2.37X 1.02 -129.6 €m 1.56X 0.68 Financial position
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14 3. 2025 GOALS Strategic lines Plan Estratégico 2025 ELECTRIFICATION CIE CULTURE INTERNATIONALIZATION ETHICAL COMMITMENT COMFORT ECO-EFFICIENCY IINDUSTRY 4.0 ACTIVE LISTENING KEY OPERATIONAL LINES & KEY ESG LINES
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15 3. 2025 GOALS ESG Commitments Achieved all 2024 ESG targets and made further progress towards 2025 targets Desp4 Energy consumption kWh/k€ - Target: -2% annual. - Real 2021-2024: -15.37%. Waste management % waste for recycling - Target 2025: 87.5%. - Actual 2024: 84.24%. Sustainable borrowings - Target 2025: >50% GFD & >70% NFD. - Actual 2024: 68% GFD & 100% NFD. Emissions T CO2e/k€ - Target: -3% annual. - Real 2021-2024: -44.76%. Health & Safety ISO 45001 - Target 2025: 100% certified factories. - Actual 2024: 98%. Desp4 Supply chain % local purchases - Target 2025: >70% - Actual 2024: 77% We remain committed to the 79 ESG KPIs defined in the 2025 Strategic Plan for the different business areas, with their specific targets and deadlines.
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16 3. 2025 GOALS ESG CommitmentsProgress on sustainability in 2024 * SBTi: Science Based Targets initiative * CSDDD: Corporate Sustainability Due Diligence Directive * EINF + SI: Non-Financial Information Statement + Sustainability information Short-term, medium-term and net-zero targets validated by SBTi. CIE formalises its commitment to human rights and the environment by aligning with CSDDD in the management of its supply chain. EINF + SI in line with new EU sustainability requirements. New environmental and sustainable purchasing policies aligned with new requirements.
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17 1 2 3 4 5 3. 2025 GOALS Progress of operating goals OPERATIONAL COMMITMENTS 2025 PROGRESS IN 2021-2024 CAPEX ≈ €1 billion over the five-year period, ≈5% of revenue per year Annual income tax payment ≈2% of revenue Sustained generation of cash from operations equivalent to ≈65% of EBITDA, implying ≈€500 million starting in 2025 An EBITDA over turnover margin exceeding 19% in 2025 Revenue growth ≈20 percentage points above market growth over the five- year period ≈90% of goal achieved, despite the impact of inflation on our cost base In line with the goal, having invested an average of ≈5% of sales in these 4 years In line with the goal, having paid corporate income tax ≈2% of sales in these four years ≈90% of goal achieved, having already generated ≈€460 million of operating cash in 2024 >100% of goal achieved, thanks to strong growth organic in all geographies
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18 3. 2025 GOALS Operational commitments 2025 Due to the positive evolution of the Plan and to our good perspectives for the coming quarters, we can confirm the maintenance of all our 2025 commitments.
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19 4. CIE IN STOCK EXCHANGE Share Price Performance CIE Automotive • Against a complex macroeconomic and sector backdrop, CIE Automotive has delivered excellent results quarter after quarter, confirming its resilience and strengthening its position as one of the industry's most profitable companies. • Despite the challenging environment, CIE Automotive outperformed the sector in 2024, with a stock market performance of -1% versus -12% for the European automotive sector. This resilience reflects the strength of its business model and its ability to generate value on a sustained basis. • We believe there remains a strong valuation discrepancy, with an average target price above €33, which continues to reflect the disconnect between the fundamental value and the current share price. IBEX 35CIE Automotive STOXX Europe 600 Automobiles & Parts (1) (1) STOXX Europe 600 Automobiles & Parts comprised by: OEMs: BMW ST, Mercedes Benz Group, Ferrari NV, Stellantis, Porsche, Renault & Volkswagen; SUPPLIERS: Forvia, Michelin, Continental, Nokian, OPmobility, Rheinmetall, Valeo. -60% -40% -20% 0% 20% 40% 60%
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20 APPENDIX I Alternative performance measurement (APMs) Performance measures Definition EBITDA Net Operating Income + Depreciation Adjusted EBITDA Annualized EBITDA of 12 last months including 50% of the EBITDA of Chinese JV SAMAP which, based on the current agreements with the partner, is consolidated by the equity method. EBIT Net Operating Income. EBT Earnings before taxes. Net Income Recurrent profit attributable to the company’s shareholders. Net Financial Debt (NFD) Debt with banks and other financial institutions – Cash and equivalents – Other Financial Assets. Adjusted Net Financial Debt Net Financial Debt including 50% of Chinese JV SAMAP net financial debt, consolidated by the equity method as per the current partner agreements reached. Gross Financial Debt (GFD) Debt with banks and other financial institutions. Operating Cash Flow EBITDA – IFRS16 Leases - Maintenance Capex – Financial expenses paid - Tax payments Cash Flow Operating Cash Flow – Growing Capex - Net Working Capital Variation - Other movements (including the forex effect in NFD).