Investor Presentation 2011 - Autoneum

Investor Presentation 2011 

November 2011, Autoneum Holding AG

Agenda Investor Presentation 2011 

1. Key investment highlights 

2. Autoneum’s positioning 

3. Market overview and technology trends 

4. Strategy 

5. Financials overview, HY1 2011 results, 2011 outlook and mid-term 

financial targets




4. Strategy 


financial targets

Key investment highlights 

1 

2 

3 

4 

5 

6 

Provider of 

integrated 

solutions 

Technology 

leadership 

Broad OEM 

portfolio and 

global footprint 

Leading market 

positions 

Attractive 

market 

fundamentals 

Successful 

restructuring to 

provide upside 

Investor Presentation 2011 . November 2011 

• A global technology leader in integrated solutions for vehicle acoustic and thermal 

management competences for the global automotive industry 

• In-depth know-how regarding the combination of acoustic and thermal solutions 

• Acknowledged as a global technology leader in acoustic and thermal management 

• Continous investment in new product and process innovations to stay ahead of competition 

• Diversified portfolio with globally acting OEMs and growing Chinese and Indian presence 

• Manufacturing facilities globally located close to OEM customers and product development 

and application in development centers in all main regions 

• Positioned as #1 or #2 in Europe, 1# or #2 in North America and #1 in South America in 

selected acoustic and thermal management product families 

• Acoustic and thermal management market characterized by high degree of fragmentation 

• Global market recovery with sound global increase in production volumes and emerging 

markets boost 

• Regulatory and technological trends further supporting the demand for acoustics and 

thermal management products (e.g. CO 2 regulation) 

• Footprint reduction and headcount alignment in Western Europe and US achieved 

• Significantly lowered break-even point and improved operational gearing 

4




4. Strategy 


financial targets

Reputation and market position built over 

decades 

• Acquisition of 

Unikeller AG, 

Switzerland 

(noise control 

and thermal 

insulation 

systems for the 

automotive 

industry) 


Firth 

Furnishings, 

UK (car carpets) 

1984 1985 1994 1995 1996 1997 2000 2003 2004 2006 2007 2008 2010 

• Foundation and 

quotation of 

Rieter Holding 

AG on the 

Zurich stock 

exchange 

• Unikeller 

Division 

renamed Rieter 

Automotive 

Systems 


Globe 

Industries, USA 

(components for 

motor vehicles) 



Fimit, Italy 




Ello, Brazil 



• JV with Magee, 

USA 

(car carpets) 

(100% taken 

over in 2005) 

• Rieter 

Automotive wins 

the PACE award 

for the 

innovation 

“Rieter Ultra 

Light” (RUL) 

• JV with Nittoku 

for the 

production of 

automotive 

components in 

China 

• Increase stake 

in Saifa-Keller 

(Spain) 

• Rieter 

Automotive 

opens new 

development 

center in 

Aubergenville 

(France) 


Rieter 

Automotive 

India (formerly 

called Unikeller 

India) 

• Increase stake 

in Saifa-Keller to 

100% 

• Launch of 

Performance 

Improvement 

program 

(MOVE) 

• Start of production 

of innovation 

“Rieter Ultra 

Silent” (RUS) - 

PACE award 

finalist 

• Opening of new 

development and 

acoustic center in 

China (Shanghai) 

• Autoneum 

becomes an 

independent 

stock-listed 

company 

2011 

• PACE award 

finalist 

"Theta-Fiber" 

6

Business groups 2010 

Business Groups Europe 

North America (5) Asia SAMEA (6) 

Key Financials 2010 

Net sales 

Europe North America Asia SAMEA 

(1) (CHFm) 897 549 77 150 

% y-o-y growth 

(2) 

EBITDA (CHFm) 

13% 

20 

36% (5) 

58 

48% 

9 

17% (6) 

13 

% margin 2% 10% 12% 9% 

Operational 

Manufacturing 

facilities (2) 

Employees (3) 

(3) 

(4) 

Top 3 OEMs 2010 

(by 2010 net sales) sales) 


24 10 7 7 

3'732 2'286 895 1'195 

(1) Third party sales, including inter segment sales reduced by sales deductions 

(2) EBITDA before special charges 

(3) Including those operated through its joint ventures in which Autoneum has a controlling interest 

(4) Full time equivalent employees at year end 2010, excluding apprentices and temporary employees, but including those employed by its joint ventures in which Autoneum has a controlling interest 

(5) Canada, Mexico and the United States 

(6) South America, Middle East and Africa 

7

Sales split 2011 (1) 

BG Europe 

BG N. America (2) 

BG Asia 

BG SAMEA (3) 

Sales split by 

Product Line 

Interior Floor 

• Inner Dashes 

• Non-woven Carpets 

• Tufted Carpets 

• Other Flooring 

• Floor Insulators 

• Floor Mats 

• Spacers/Crash Pads 

42% 

(1) Sales split by product line based on management estimates 

(2) United States of America, Canada and Mexico 

(3) South America, Middle East and Africa 


Underbody 

• Underbody Shields 

• Floor Pans 

• Heat Shields 

• Wheelhouse Outer 

Liners 

16% 

Engine Bay 

• Engine Covers 

• Hoodliners 

• Outer Dashes 

• Water Box Shields 

12% 

Body 

Treatment 

• Dampers / Stiffeners 

• Sealants 

• Other Acoustic Parts 

11% 

Interior Trim 

• Headliners (only 

Truck) 

• Parcel Shelves 

• Other Interior Trim 

Parts 

11% 

Trunk 

• Trunk Side Trims 

• Trunk Flooring 

• Spacers 

• Other Trunk Trim 

Parts 

16% 11% 6% 5% 7% 3% 

21% 1% 3% 4% 2% 1% 

3% 1% 1% 1% 1% 1% 

2% 3% 2% 1% 1% 1% 

6% 

8

4 

Leading market positions (1) 

Selected product families 

Tufted Carpets 

Inner Dashes 

Heat Shields 

Underbody Shields 

Engine Bay 

Dampers / Stiffeners 

(1) Market positions based on management’s estimate of Autoneum’s share of the estimated total component sales for the relevant product family in the relevant region in 2010. 

(2) Autoneum does not sell the respective product family in this market 


Europe 

No.2 

No.1 

No.1 

No.1 

No.3 

No.2 

N. America 

No.2 

No.1 

No.3 

No.1 

No.2 

No.1 

S. America 

NA (2) 

No.1 

No.1 

NA (2) 

No.1 

No.1 

9

Overview of Autoneum‘s Board of Directors 

and Group Executive Board 

CFO and 

Deputy CEO 

Urs Leinhäuser 


Board of Directors 

Hans-Peter Schwald, Chairman 

Rainer Schmückle, Michael Pieper, 

This E. Schneider, Peter Spuhler, Ferdinand Stutz 

Business Group 

Europe 

Charles Fäh 

CEO 

Martin Hirzel 


North America 

Richard Derr 


Asia 

Uwe Trautmann 


SAMEA 

Martin Hirzel 

10




4. Strategy 


financial targets

Market trends & technology drivers 

Automotive market trends 

• Ongoing recovery in established markets from 2008/2009 crisis (EU, North America) 

• Ongoing significant growth in emerging markets 

• Automotive market trend to smaller cars – B, C and D segments expected to remain the largest 

passenger car segments by production volumes for the near future (1) 

• OEM trend to create global platforms requiring suppliers to have a global production footprint in all main 

regions of the world 

Technology trends 

• CO 2 emission reduction – need for lightweight more obvious than ever before 

• Expected further exterior noise reduction regulations 

• Alternative powertrain concepts (e.g. downsized engines, hybrid and electric vehicles) 

Autoneum market potential 

Business field vehicle acoustics and thermal management offers attractive growth potential 

(1) IHS Global Insights as of March 2011 


12




4. Strategy 


financial targets

Strategic priorities 

We want to be present and serve major vehicle manufacturers in both established markets and growing 

markets 

We want to offer innovative products at competitive cost that leverage our competence in acoustics/thermal 

management 

Innovation and cost leadership 

1 Continuous • Strong focus on cost reduction with continuous improvement (MOVE) and special 

performance projects 

improvement 

• Complete implementation of Rieter Production System (RPS) as Autoneum’s 

manufacturing standard 

2 Optimize • Successfully launch new manufacturing facilities in China, India and Eastern Europe 

production 

footprint 

• 

• 

Additional footprint adjustments in Europe due to move to Eastern Europe 

Maintain flexibility with low break-even point 

3 

Enhance • Establish strong position in growing markets especially in Asia (currently with focus 

position in on global expansion in Asia with existing customers) 

growing 

markets • Maintain and further develop JVs to access selected OEMs and regional markets 

4 Maintain • Maintain technology leadership by focusing on selected innovation projects for 

product- and leveraging „cost down – value up“ strategy 

technologyleadership 

• Technological partner of choice for leading OEMs 


14

1 

Continuous performance improvement 

Strong focus on cost reduction with continuous improvement (“MOVE”) and special projects 

Global cost 

reduction program 

“MOVE”: 

Illustrative 

examples: 


Running business New business 

• Reduction of material usage/material costs 

• Productivity increase based on Rieter 

Production System (RPS) 

• Consistent tracking of all cost reduction 

initiatives (MOVE program) with global forwardlooking 

cost reduction tracking methodology 

• No sales price reductions without 

compensation 

• Significant improvement of gross margin from 

2007 to 2010, especially in Western Europe 

Proportional costs reduction 

• Strict new order acceptance and engineering 

change management 

• Professionalized program management of new 

launches 

 

• Consistent standardisation of new technologies 

across all regions 

• Internal quotation approval process 

implemented 

• Expert triangle between Research and 

Technology, development and manufacturing to 

safeguard technology standards established 

15

2 

Optimization of manufacturing footprint 

Optimization of manufacturing network worldwide to decrease structural costs 

Target significantly lower break-even 

Targets 

• Alignment of manufacturing 

facilities to reflect current footprint 

of OEMs 

• Increase flexibility in workforce 

structure 


Current achievements 

• Adjustment of manufacturing network in Europe and North 

America 

• Since 2008, 8 plants operationally closed 

• Further investments to optimize manufacturing footprint will be 

considered as deemed necessary 

• New manufacturing facilities in Asia and Eastern Europe 

• Launched new manufacturing facilities in China (Shenyang 

2011, Taicang 2010), India (Chennai 2010) and Eastern Europe 

(CZ/Bor 2011) 

• Substantial reduction of total headcount from performance 

improvement projects 

• Increased share of temporary workforce since 2008 

• Increase in share of FTEs located in SAMEA and Asia 

16

3 

Addressing emerging markets opportunity 

Focus on China and India as main drivers of growth in the global automotive industry 

Country 

China 

India 

Size 

2010 (1) 

16.6m 8.5% 

3.2m 15.8% 


CAGR 

10–13 (1) Plants / R&D centers Status Top 3 OEMs (2) 

• Taicang 

• Shenyang 

• Shanghai 

(R&D center) 

• Chongqing 

• Guangzhou 

(JV with Nittoku) 

• Tianjin 

(JV with Nittoku) 

• Behror 

• Chennai (JV with 

Nittoku) 

Russia Turkey 

Source: IHS Global Insight as of March 2011 

(1) Relates to light vehicles production volume of relevant geographic market 

(2) By Autoneum net sales 2010 

• Launch in 2010, currently ramp-up 

• Launch in 2011, currently ramp-up 

• Opened in 2008 

• Running 

• Running 

• Running 

• Running 

• Launch in 2010, currently ramp-up 

Other emerging markets areas with strong growth potential 

Brazil Mexico 

Autoneum 

priority 

1 

2 

17

4 

Maintain product and technology 

leadership 

• Strong and centralized Research and Technology (R&T) Center focused on advanced development to 

define methods, materials and technologies of the future 

• Protection of know-how through research centralization in Switzerland 

• A technological partner of choice for leading OEMs due to network of global development and acoustic 

centers for local execution 

• Continuous investment in new product and process innovations to stay ahead of the competition 

• Setting the standards with proprietary simulation tools and measurement systems 

Centralized R&T in Winterthur 


Alpha cabin for acoustic 

measurements (industry standard) 

Simulation tools and measurement 

systems for performance optimization 

18

RIETER ULTRA SILENT TM 

lightweight – sound absorptive – recyclable 

• The lightweight fiber technology for 

underfloor panels and under engine shields 

• Best-in-class combination of absorption and high stiffness 

• 100% glass-free PET and fully recyclable 

• Allows car manufacturers to achieve all future 

performance, weight and environmental targets 

• Based on a patented material-process combination 

• Finalist in the 2010 PACE Award competition 


19

THETA-CELL TM and THETA-FIBER TM 

Thermo-acoustic materials for engine encapsulation 

Customer projects implemented (Theta-Cell) 

Customer pre-developments underway (Theta-Fiber) 

Convincing results: 

• Optimal heat storage reduces fuel consumption 

and CO 2 emissions between 2 and 5 g/km 

• Noise reduction in pass-by and idling condition 

• Optimized engine operating conditions 

• 20 to 40 % weight reduction compared to 

common heat stable thermo-acoustic materials 

• High temperature resistance between 

140 -160 C 

• High acoustic absorption 


Theta-Cell Theta-Fiber 

• Engine encapsulation by 

thermo-acoustic treatment 

• Body- and engine-mounted 

treatment 

• Product excellence in engine 

bay panels, engine top covers, 

outer dashes, side walls, sealing, 

air ducting 

20




4. Strategy 


financial targets

Historical sales 

Net sales (2006 – 2010) Comments 

CHF MM 

2,500 

2,000 

1,500 

1,000 

500 

0 

2,115 

2,295 

(1) (1) 

1,960 

149 

45 

514 

1,222 

128 

52 

403 

794 

150 

77 

549 

897 

2006A 2007A 2008A 2009A 2010A 

BG Europe BG North America BG Asia BG SAMEA Group 

(1) Based on Autoneum’s internal non-audited data 

(2) Total net sales for the Autoneum Group include “Other activities” (sales generated by Autoneum’s tooling activities and R&T activities- 

and sales generated by the IDEA Group, which was sold in June 2010) in addition to business group sales 


(2) 

1,387 

+21% 

(2) 

1,678 

(2) 

• In 2008 through 2009, steep decline of vehicle 

production in Autoneum’s main markets across 

most customers 

• In H2 2009 and 2010, Autoneum benefited from 

improving market conditions 

• Organic growth in all regions thanks to a broad 

global customer and product portfolio set-up 

• Strongest revenue recovery in North and 

South America 

• Strong growth in Asia driven by new orders and 

recent opening of new facilities in China and 

India 

• In Europe volume stabilized and started to 

recover in 2010 

• In local currency, growth 2009/2010 would 

equal +25% 

22

Historical EBITDA, before special charges 

CHF MM in % of net sales 

150 

120 

EBITDA, before special charges (2008 – 2010) Comments 

90 

60 

30 

0 

(30) 

79 

4.0% 

(22) 

107 

2008 2009 2010 


(1.6%) 

6.4% 

7.5% 

6.5% 

5.5% 

4.5% 

3.5% 

2.5% 

1.5% 

0.5% 

-0.5% 

-1.5% 

• 2009 profitability impacted by sharp volume 

decline due to financial crisis 

• EBITDA improvement in 2010 driven by: 

- Pick-up in automotive production / sales 

volumes 

- Effects of 2008 restructuring program 

- Worldwide implementation of operational 

improvement program (MOVE) 

- First benefits from aligning global footprint to 

OEMs, with investments in Asia and Eastern 

Europe 

• Reduction in break-even point (1) from CHF 2.0bn 

in 2008 to CHF 1.6bn in 2010 

Note: EBITDA margin as % of net sales 

(1) The level of net sales at which the operating result (EBIT) is zero 

23

Historical capital expenditure and R&D 

Capital expenditure (2008 – 2010) Comments 


120 

90 

60 

30 

0 

85 

4.4% 

4.1% 

Research & development (2008 – 2010) 

56 

4.3% 

2008 2009 2010 

Note: Excluding restructuring related investments, margin as % of net sales 

72 

4.5% 

3.0% 

1.5% 

0.0% 


120 

80 

40 

0 

Note: Margin as % of net sales 

4.2% 

5.3% 

81 74 

3.9% 

2008 2009 2010 


66 

y 

6.0% 

5.0% 

4.0% 

3.0% 

2.0% 

1.0% 

0.0% 

• Majority of the investments in property, plant and 

equipment were made in connection with new 

awarded businesses or to increase efficiency 

• Level of 4.0-4.5% of net sales achieved from 

2008 to 2010 (excluding performance 

improvement related investments) 

Comments 

• Continued research and development activities 

are crucial to maintaining Autoneum’s 

technological leadership 

• Developments include applications for new, 

customized acoustic products and investments 

made into new processes and materials 

• No development costs were capitalized 

24

Highlights HY1 2011 

• Sales growth in local currencies by more than 15% 

• Autoneum grew clearly above vehicle production figures which were up 2% 

• Strongest growth in Asia and North America 

• Back to net profit on group level and positive operating results in all regions 

• Increased operating result mainly due to higher volumes, lower employee costs and the 

reduction of other operating expenses 

• Further improvements impacted by higher raw material prices, the Japan effect and the 

strong Swiss franc 

• Improved financial result due to lower gross debt and reduced interest charges 

• Solid balance sheet 

• Equity ratio (including subordinated shareholder loans) is 31% 

• Long-term bank loans and credit facilities replace former Rieter financing 

• Gross debt reduced in HY1 by 81.1 million CHF, net debt at 165.4 million CHF 


25

HY1: Sales development 

Massive currency effects 

CHF million 

1’200 

1’000 

800 

600 

400 

200 

0 

876.7 

HY1 2010 

54.7 

BG 

Europe 


67.7 

BG 

North 

America 

17.0 

BG 

Asia 

Volume / price 

+144,9 million CHF 

5.5 

BG 

SAMEA 

-130.9 

Currency 

effects 

-10.1 

Deconsolidation 

of 

IDEA 

880.6 

HY1 2011 

26

HY1: Sales per customer 

Well-diversified customer base 

CHF million 

Nissan & 

Renault 

Ford 

13% 

Other 

Truck 

10% 

11% 

BMW 

10% 


TATA 

2% VW 

3% 

Toyota 

3% 

5% Daimler 

5% 

Honda 

5% 

8% 

PSA 

7% 

GM 

7% 

5% 

6% 

Volvo 

Fiat 

Chrysler 

• Well-diversified global 

customer portfolio 

• No single customer amounted 

to more than 13% of sales 

• Leading partner for the major 

light vehicles and truck 

manufacturers worldwide 

• Share of sales with some 

Japanese customers decreased 

in HY1 2011 due to the 

earthquake 

27

HY1: Operating result (EBIT) 

Less depreciation contributed positively 

CHF million 

30 

25 

20 

15 

10 

5 

0 

4.6 

HY1 2010 


21.6 


• Operating result (EBIT) 

improved by 17.0 million CHF 

to 21.6 million CHF 

• This corresponds to an EBIT 

margin of 2.5% 

• Higher EBITDA and less 

depreciation and amortization 

(-8.1 million CHF vs. prior 

year) contributed to EBIT 

improvement 

• Lower CAPEX in previous 

periods helped to reduce 

depreciation 

28

HY1: Employee and other operating expenses 

Further progress in cost reduction 

CHF million 

300 

200 

100 

0 

Employee costs (in % of net sales) Other operating expenses (in % of net sales) 

30.4% 

260.8 

242.7 

HY1 2010 HY1 2011 


28.2% 

200 

100 

0 

17.3% 

148.5 

14.6% 

125.2 

HY1 2010 HY1 2011 

29

HY1: Material costs 

Rising commodity and material costs 

CHF million 

1’000 

800 

600 

400 

200 

0 

47.9% (of net sales) 

410.7 

HY1 2010 


50.8% (of net sales) 

437.4 


• Profitability was highly 

impacted as material costs 

increased from 47.9% in the 

previous year to 50.8% in 


• Significant raw material price 

increases in particular for 

fibers, yarns and bitumenbased 

raw materials 

• Progress in material consumption 

and in purchasing 

30

HY1: Net result 

Positive net result 

CHF million 

20 

10 

0 

-10 

-20 

-30 

-40 

-30.8 

HY1 2010 


1.5 


• Net result improved to 1.5 

million CHF and increased by 

32.3 million CHF 

• Financial result amounted 

to -11.2 million CHF and was 

substantially improved vs. prior 

year 

• Result before taxes amounted 

to 10.4 million CHF and 

increased by 29.2 million CHF 

• Income taxes were reduced to 

-8.9 million CHF in HY1 2011, 

but are still not satisfactory 

31

HY1: Balance sheet 

Solid balance sheet 

CHF million 30.06.11 31.12.10 

Total assets 946.3 1,022.4 

Non-current assets 400.5 432.1 

Net working capital 99.5 50.8 

Net liquidity -165.4 -151.0 

Short-term financial debt 73.7 198.8 

Long-term financial debt 122.2 103.2 

Subordinated shareholder loans 25.0 

Shareholders’ equity 267.2 248.1 

in % of total assets 1 31% 24% 

1 Equity plus subordinated shareholder loans 


• Solid financial basis 

• No goodwill 

• Foreign exchange rate impact 

on total assets 

• Higher net working capital 

(mainly receivables) due to 

higher sales in Q2 2011 

• Successful inventory 

management 

• New long-term oriented 

financing as consequence of 

separation 

32

HY1: Net liquidity development 

Solid financing 

CHF million 

0 

-50 

-100 

-150 

-200 

-151.0 

31.12.10 

1 by Rieter, prior May 13, 2011 


-38.8 

Free cash flow 

-10.2 

Dividends to 

minorities 

55.0 

Capital 

increase 1 

-20.4 

Other/ 

Currencies 

-165.4 

30.06.11 

33

HY1: Equity development 

Equity ratio 31% (incl. subordinated loans) 

CHF million 

350 

300 

250 

200 

150 

100 

50 

0 

248.1 

31.12.2010 

1.5 

Net result 


55.0 

Capital 

increase 

-10.2 

Dividends 

to minorities 

-26.1 

Currency 

translation 

-1.1 

Other 

Subordinated loans 

25.0 

267.2 

30.06.2011 

34

HY1: Net sales by Business Group 

Comparison at HY1 2010 rates 

CHF million 

HY1 2010: 856.9 

HY1 2011: 989.0 1 

277.9 

346.3 


North America 

North America 

Automobile production 

+ 6% 

1 Comparison at HY1 2010 rates 


+24.6% +6.1% 

76.5 

81.2 


SAMEA 

South America 


+ 11% 

460.9 

+11.2% 

512.6 


Europe 

Europe 


+ 4% 

34.3 

+44.3% 

49.5 


Asia 

(without Japan) 

Asia (without Japan) 


+ 7% 

35

HY1: Segment information by Business Group 

Result improvement in Europe 

CHF million 

BG Europe BG North America BG Asia BG SAMEA 

HY1 10 HY1 11 HY1 10 HY1 11 HY1 10 HY1 11 HY1 10 HY1 11 

Sales 474.9 474.8 281.0 288.6 35.0 45.0 78.5 73.6 

Net sales 460.9 461.3 277.9 286.6 34.3 42.9 76.5 71.1 

EBITDA 4.1 20.4 33.9 27.9 3.7 3.3 6.7 5.1 

EBIT - 21.4 0.5 20.5 16.2 0.9 0.6 4.6 3.4 

CAPEX 5.5 12.4 11.1 12.8 5.0 3.2 0.9 1.4 

Employees 3 884 3 788 2 175 2 625 829 1 144 1 212 1 234 


36

Priorities for HY2 

Focus on operational excellence 

• Strong focus on cost reduction and continuous improvement (MOVE program) 

• Continuation of measures to maintain flexibility and lower break-even point 

• Selected expansion to further strengthen position in growing markets, especially in 

Asia 

• Maintain and leverage technology leadership to gain profitable business 

• Compensation of raw material price increases as far as possible by charging on to 

customers as well as material savings and purchasing measures 


37

Outlook for full year 2011 

• Autoneum, one of the global technology leaders in acoustic and thermal 

management solutions for motor vehicles expects sales growth in local 

currencies for the full year 2011 to exceed the mid-term target of 4 to 5%. 

• Due to seasonal factors, sales for the second half-year 2011 are expected to be 

a bit lower, although recovery can be expected among Japanese customers. 

• Autoneum expects operating margin for the full year to improve compared with 

2010 despite the massive rise in raw material prices, and aspires to a positive 

net result for the business year 2011 as a whole – as announced in March. 

• For the second half-year the company expects improved margins above all for the 

Business Groups outside Europe. 


38

Mid-term financial targets 

Net sales 

Profitability / 

Return on net 

assets 

Capital 

expenditure 

Indebtness 

Dividend 

payout 


• Annual growth of 4% - 5% (excluding currency effects) 

• Flat to moderate growth in Western Europe 

• Moderate growth in North America 

• Strong growth in Asia 

• Return on Net Assets > Cost of Capital 

• Main improvement driven by operational leverage in Europe with target 

mid-term EBITDA margin of 7–8% in Europe (conditional upon further 

footprint adjustments) 

• Double digit EBITDA margin in North America, Asia and SAMEA 

• Average long term capex of 4.0%-4.5% of net sales 

• Continue to maintain long-term conservative leverage below 1.5x net debt / 

EBITDA and 30% equity ratio (i.e. total equity divided by total assets) 

• Target payout-ratio of up to 30% of net result 

39

Contacts and event calendar 

Autoneum Holding AG 

Schlosstalstrasse 43 / P.O. Box 

CH-8406 Winterthur 

www.autoneum.com 

Important dates 2012 

Sales figures for the 2011 financial year 

2011 Results press conference 

Annual General Meeting 

Autoneum listed on SIX Swiss Exchange 

Investors 

Valor symbol AUTN 

Urs Leinhäuser 

CFO and Deputy CEO 

T +41 (0)52 208 82 82 

investor@autoneum.com 

February 3, 2012 

March 20, 2012 

April 19, 2012 

Valor Number 12'748'036 

ISIN CH0127480363 


40

Disclaimer 

Autoneum is making great efforts to include accurate and up-to-date information in this document, however 

we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the 

information provided in this document and we disclaim any liability whatsoever for the use of it. 

The information provided in this document is not intended nor may be construed as an offer or solicitation 

for the purchase or disposal, trading or any transaction in any Autoneum securities. Investors must not rely 

on this information for investment decisions. 

All statements in this report which do not reflect historical facts are statements related to the future which 

offer no guarantee with regard to future performance; they are subject to risks and uncertainties including, 

but not limited to, future global economic conditions, exchange rates, legal provisions, market conditions, 

activities by competitors and other factors outside the company's control. The vehicle production figures for 

HY1 2011 and forward looking are based on the latest estimates of IHS Global Insight. 


© 2011, Autoneum Holding Ltd., All rights reserved 

41

Investor Presentation 2011 - Autoneum

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