Sogefi - Technology Presentation MASERATI QUATTROPORTE MERCEDES GLK VOLVO XC90 AUDI A6 BMW 5-serie...

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Transcript of Sogefi - Technology Presentation MASERATI QUATTROPORTE MERCEDES GLK VOLVO XC90 AUDI A6 BMW 5-serie...

  • TECHNOLOGY PRESENTATION Milano – November 28th, 2017

  • Laurent HEBENSTREIT Chief Executive Officer

  • 3 I

    Agenda

    Introduction

    Technology

    Profitable Growth Strategy

    1 2 3

  • Introduction

  • 5 I

    o Young automotive company created in 1980 by Carlo De Benedetti

    o Listed in Milano Stock Exchange since 1986

    o Strong Entrepreneurship DNA

    o Developed through: • a series of strategic moves

    • tight cost control

    o Joined the best automotive suppliers in 2005

    o Generated 31M€ of Cash in 2016

    Who is Sogefi?

  • 6 I

    3 Business Units

    € 563M

    o Stabilizer Bars

    o Coil SpringsMAIN PRODUCTS

    € 1,574M

    2016 Sales 36%

    Suspensions Filtration Air & Cooling

    o Oil Filters

    o Engine Air Filters

    o Fuel Filters

    o Cabin Air Filters

    o Manifolds

    o Coolant Pumps

    o Coolant Outlet Housings

    € 535M

    34%

    € 480M

    30%

    Main Competitors

  • 7 I

    Sogefi Customers

    CARS TRUCKS 2 WHEELERS 3 WHEELERSAFTERMARKET

    MAIN BRANDS

  • 8 I

    Ford

    Renault/Nissan

    FCA/CNH Industrial

    PSA

    GM

    Daimler

    Volkswagen/Audi

    BMW

    Toyota

    VolvoGeely/Volvo

    Well balanced clients mix

    2015

    2016

    5% 10%

    Sogefi Top 10 Clients – In % of Total Sales

  • 9 I

    Supplying premium customers & models

    PORSCHE CAYENNE

    JAGUAR F-PACE

    MASERATI QUATTROPORTE MERCEDES GLK

    VOLVO XC90

    AUDI A6

    BMW 5-serie

    FERRARI 599

    CORVETTE

  • Technology

  • 11 I

    Current Trends

    Higher technology requirements

    Fuel Consumption

    Reduction

    Weight

    Reduction

    Suspensions

    Air & Cooling

    Filtration

    Air & Cooling

    FiltrationFiltration

    CO2 Emissions

    Reduction Air Quality

    Fine Particles

    Reduction

  • 12 I

    Stabilizer Bar content

    Entry

    Middle

    High

    Weight

    reduction

    Indicative weight

    by vehicle:

    Content by vehicle

    Variable wall

    thickness Tube

    Tube

    Solid Bar

    Suspensions

    TECHNOLOGY LEVEL

    45%

    35%

    ~6kg

    24€

    20€

    16€

  • 13 I

    Coil Spring content Weight

    reduction

    Composite

    Steel

    + high performance

    process

    SteelEntry

    Middle

    High

    Suspensions

    TECHNOLOGY LEVEL

    50%

    25%

    ~10kg

    50€

    23€

    20€

    Content by vehicle

    Indicative weight

    by vehicle:

  • 14 I

    4 Disruptive Future Trends

    CONNECTIVITY

    o Connected, Autonomous and Shared trends have limited direct impact for Sogefi

    o Powertrain electrification is a key trend for Filtration and Air & Cooling

    o Sogefi developed with Mc Kinsey support a detailed world data base and model to create alternative powertrain scenarios

    1

    2

    3

    AUTONOMOUS

    DRIVING

    ELECTRIFICATION

    SHARED

    MOBILITY

    Higher technology requirements

  • 15 I

    Different types of powertrains

    Electrification

    Pure ICE

    BatteryHybrid Fuel Cell

    New Energy Vehicle (NEV)

    Internal Combustion Engine (ICE) Electric Vehicle (EV)

  • 16 I

    Different types of powertrains

    Electrification

    MHEV PHEVFHEV

    o ICE: Internal Combustion Engine vehicle, operating on fuel.

    o MHEV: Mild-Hybrid Electric Vehicle, 48V system. (e.g. New Renault Scenic dCi 110).

    o FHEV: Full Hybrid Electric Vehicle, operating on fuel, assisted by a battery. Non rechargeable (e.g. Toyota Prius).

    o PHEV: Plug-in Hybrid Electric Vehicle, operating on fuel, assisted by a battery. Rechargeable (plugged in to grid) (e.g. New Golf GTE).

    o BEV: Battery Electric Vehicle, i.e., pure EV, with no ICE content (e.g. Renault ZOE, Nissan LEAF, Tesla).

    o FCEV: Fuel Cell Electric Vehicle (e.g. Toyota Mirai).

    Pure ICE BEVHybrid FCEV

  • 17 I

    1% 6% 12%

    81%

    1% 3%

    41% 54%

    Estimated volume, including Passenger Car (PC) and Light Commercial Vehicle (LCV) < 3.5T (LCV > 3.5T excluded)

    2017 Powertrain by region EUROPE

    Rest of the World

    Source: Sogefi and Mc Kinsey

    1% 6% 7%

    87%

    2% 3% 6%

    90%

    2% 4% 17%

    78%

    CHINA

    1% 6% 22%

    72%

    20.8

    19.9

    28.0

    92.3

    8.7

    14.9

    LV sales (M units)

    Type of engine

    EV Hybrid Diesel Gasoline

    NAFTA

    Rest of Asia

    WORLD

  • 18 I

    1

    2

    Diesel disruption mainly affecting Europe due to

    o More stringent regulations o Consumers turning away from Diesel o Politics

    • Diesel circulation restrictions in large cities

    Diesel/Electric disruption trends

    WW EV + Hybrid share: from 6% in 2017 to 30% in 2027 in Base case scenario (33% in Strong case)

    Electrified powertrain evolution

    o Technology improvements o Politics

    • France & UK to ban Diesel/Petrol cars from 2040

    • China to significantly increase EV

    Diesel share in Europe: from 41% in 2017 to 25% in 2027 in Base case scenario (20% in Strong case)

  • 19 I

    11% 13% 9%

    68%

    11% 13% 13%

    64%

    11% 13% 17%

    60%

    7% 9% 10%

    75%

    7% 9% 18%

    66%

    6% 10% 10%

    75%

    6% 10% 14%

    71%

    6% 10% 18%

    67%

    7% 9% 14%

    71%

    Share of 2022 sales per type of engine, LV1 global

    All scenarios predict a reduction of ICE from 98% in 2017 to

    93% in Base Case and 89% in Strong Case in 2022

    2022 Sogefi Forecast

    Base case

    Strong case

    Source: Sogefi and Mc Kinsey

    Type of engine

    EV Hybrid Diesel Gasoline

    Scenario

    Diesel Low Diesel High

    EV Low

    EV scenarios

    EV High

    Diesel scenarios 1 including PC and LCV (

  • 20 I

    Share of 2027 sales per type of engine, LV1 global

    All scenarios predict a reduction of ICE to reach

    86% in Base Case and 81% in Strong Case in 2027

    2027 Sogefi Forecast

    Source: Sogefi and Mc Kinsey

    Type of engine

    Diesel Low Diesel High

    EV Low

    EV scenarios

    EV High

    Diesel scenarios 1 including PC and LCV (

  • 21 I

    Powertrain Forecast by region (Sogefi Base Case)

    2017 2022 2027

    EV 1% 5% 11%

    Hybrid 6% 9% 15%

    ICE Diesel 7% 6% 5%

    ICE Gasoline 87% 80% 69%

    Source: Sogefi and Mc Kinsey

    NAFTA

    2017 2022 2027

    EV 1% 6% 13%

    Hybrid 3% 7% 14%

    ICE Diesel 41% 32% 25%

    ICE Gasoline 54% 55% 49%

    2017 2022 2027

    EV 2% 8% 17%

    Hybrid 3% 11% 18%

    ICE Diesel 6% 5% 4%

    ICE Gasoline 90% 76% 61%

    2017 2022 2027

    EV 1% 5% 11%

    Hybrid 6% 9% 15%

    ICE Diesel 22% 21% 18%

    ICE Gasoline 72% 65% 56%

    2017 2022 2027

    EV 1% 5% 11%

    Hybrid 6% 9% 15%

    ICE Diesel 12% 10% 8%

    ICE Gasoline 81% 76% 66%

    2017 2022 2027

    EV 2% 6% 14%

    Hybrid 4% 9% 16%

    ICE Diesel 17% 14% 11%

    ICE Gasoline 78% 71% 60%

    EUROPE

    CHINA

    Rest of AsiaRest of the World

    WORLD

  • 22 I

    o Strong growth of Hybrid powertrains and Electric Vehicles (EV)

    o But total Internal Combustion Engine (ICE) remains flat

    Light Vehicles Sales Forecast (Sogefi Base Case)

    2017 2022 2027 CAGR 17/22 CAGR 22/27

    Total Vehicles

    (M units) 92 99 110 1.4% 2.1%

    EV 1 6 15 35% 19%

    Hybrid 4 9 17 19% 14%

    ICE Diesel 15 14 12 -2% -2%

    ICE Gasoline 72 70 66 0% -1%

    91 93 95 0.4% 0.5%

    Source: Sogefi and Mc Kinsey Volume including Passenger Car (PC) and Light Commercial Vehicle (LCV) < 3.5T

    Total ICE

  • 23 I

    Sogefi Filtration / Air&Cooling Main Products

    Air & CoolingFiltration

    Manifold

    Coolant Pump

    Coolant Outlet Housing

    Oil Filter

    Fuel Filter

    Cabin Air Filter

    OEM AFTERMARKET

    European Car Park

    10 years average age

    Engine Air

  • 24 I

    Hybrid Powertrain

    Filtration

    Manifold

    New Product

    Coolant Pump

    Coolant Outlet Housing

    VOLUME X2

    Oil Filter

    Engine Air

    Volume Effect

    Battery Pack

    Coolant Valve

    Thermal Pack

    Air & Cooling

    Fuel Filter

    Battery Pack

    coolant Manifold

    High performance

    Cabin Air Filter

  • 25 I

    BEV Powertrain

    Air & Cooling

    Filtration

    High performance

    Cabin Air Filter

    Battery Pack

    Electric

    Cooling Module

    Coolant

    Valve