ZKB Investorenanlass Textilmaschinenindustrie 02, 2012 · ZKB Investorenanlass...

Zurich, Switzerland November 2, 2012 Clement Woon Andreas Schwarzwälder

ZKB Investorenanlass Textilmaschinenindustrie

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Agenda


1 Overview Oerlikon Group

2 Overview Segment Textile

3 Main Markets

4 Industry Dynamics

5 Innovations

6 Summary

30/10/2012

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Business Overview

ZKB Investorenanlass Textilmaschinenindustrie 30/10/2012

Segments

Textile Drive

Systems Vacuum Coating

Advanced Technologies

Solar

Textile solution provider

Mechatronic, hydrostatic and electric

drive systems

Full vacuum solutions,

components and services

Coating services and equipment

Manufacturing equipment

supplier of the semi, PV and

cleantech industries

Turn key solutions for

thin film silicon

photovoltaic

183

2 037

49

821

59

409

97

484

11

108

-10

323

Group

4 182 (+16 %)

419 (>100 %)**

* Group EBIT contains corporate / elimination items of CHF 30 m ** in CHF million

Global industrial Group with Swiss values providing

innovative industrial solutions

Over 150 locations in 38 countries

17 000 employees

Asia 47 % of sales

Globally renown customers such as Bosch, Caterpillar, McLaren, Siemens

Growth markets like Food, Clothing, Infrastructure, Transportation Systems, Energy and Electronics

Sales 2011*

EBIT 2011

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Consistent high level of profitability in Q3 2012 Group EBIT margin at 11.6 %


With an EBIT margin of 11.6 %, Oerlikon operates on a continued high level

Strong margin improvements in the Textile and Drive Systems Segment

Positive currency impact

Growth in Europe +13 % and Asia +9% (whereof China +12 %)

Execution of Operational Excellence programs and portfolio adjustments

Consistent high level of profitability

in 2012

Oerlikon net cash positive after strong operational and financial performance

and based on completion of comprehensive refinancing in July 2012

Order intake Sales*

837 +7%

Q3 2012 cont. op.

898

Q3 2011 restated

939 +2%

Q3 2012 cont. op.

957

Q3 2011 restated

EBIT

123 -10%

Q3 2012 cont. op.

111

Q3 2011 restated

Order backlog

1,485

-16%

Q3 2012 cont. op.

1,240

Q3 2011 restated

EBIT margin

13.1

-1.5% pts.

Q3 2012 cont. op.

11.6

Q3 2011 restated

* Sales to third parties

in CHF million in CHF million in CHF million in CHF million in %

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Sales by region Sales share of Asia increased to 50 %


* Sales to third parties (in CHF millions)

Oerlikon benefits from growth opportunities worldwide

European markets fueled sales up by 13 % followed by Asia up by 9 %

BRIC opportunities should create better balance of geographical diversification

North America

Europe

Asia / Pacific

RoW

11%

6%

50%

33%

Sales Q3 2012* (cont. operations)

16%

8%

47%

29%

Sales Q3 2011* (restated)

Sales 312 (+13 %)

Sales 153

Sales 58 (-19 %)

Sales 479 (+9 %)

RoW

Sales 72

Asia / Pacific

Sales 439

Europe

Sales 275

North America

Sales 108 (-29 %)

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Outlook Oerlikon Group 2012 confirmed Next financial reporting: Q4 2012 on March 5, 2013


The global economic environment is softening and remains difficult to assess.

Based on the strong 9M performance and assuming successful closing of Solar Segment divestment, we confirm our guidance:

- sales expected at 2011 levels

- and profitability expected to increase to an EBIT margin (excluding Arbon effect) of around 11.5 %, reported EBIT margin expected at around 12.5 %

- order intake expected to decline up to 5 %

Guidance FY 2012 based on current currency exchange rates

Oerlikon remains focused on the systematic execution of its agenda to strengthen underlying performance

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Agenda




3 Main Markets

4 Industry Dynamics

5 Innovations

6 Summary

30/10/2012

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Segment Textile Largest textile machinery manufacturer worldwide

Suzhou (China)

Remscheid

(Germany)

Segment Textile (headquartered in Shanghai)

Employees in Asia 2550

Employees in AMERICAS 188

Employees in Europe 3450

Shanghai (China)

Manm

ad

e F

iber

Natu

ral F

iber


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Strong increase in order intake in Q3 2012 (yoy)

0

100

200

300

400

500

600

700

Q111

Q211

Q311

Q411

Q112

Q212

Q312

0

100

200

300

400

500

600

Q111

Q211

Q311

Q411

Q112

Q212

Q312

0

20

40

60

80

100

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Order intake Sales EBIT

Order Intake rebounded in Q1 and Q2 12 resulting in a stable order intake situation

Situation in sales remains similar to development in 2011, implying currently low volatility in business

EBIT margin of 10.9 % in Q3 2012

EBIT Q1 affected by one-time effect of property sales (CHF 39 Mio)

30/10/2012

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Segment Textile is a clear market leader in both the manmade and natural fiber market segments

OMF ONF OTC

Key products & applications (% 2011 sales)

Oerlikon’s position / market share

Strong leader in higher-end products

#1 Diverse yarn > 45% #1 Carpet yarn > 80% #1 Industrial yarn > 60%

Top player in the high-end machinery

#1 Rotor > 47% #4 Ring > 15% #3 Winder > 23%

High quality focus

#1 Texturing > 18% #1 Filament > 30% #2 Ring Spinning > 23%

Long established leadership position in the market and industry with very strong brands

Constant innovation leadership and high quality reputation across entire product range

Loyal and premium customer base around the globe

Most extensive worldwide sales and service network in the industry

Most comprehensive fibers and yarn production know-how covering all three Business Units

Strong and experienced international footprint and management team

Competitive advantages

Synergies / Benefits

Realised and further potential synergies in marketing, strong worldwide sales and service network (USP), manufacturing and sourcing, R&D and shared services. The current strategy focuses on realising further synergies

Being exposed to both natural and manmade fiber markets can create a natural hedge as demand is influenced by two different raw material price trends (Cotton/Wool vs. oil prices)


Winding

Rotor Spinning

Ring Spinning

Twisting

Embroidery

Filament Spinning

Texturizing

Carpet Yarn Spinning

Staple Fiber

Nonwovens

Staple Metal / RingSpinningFilament Components

MonitoringComponents

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Segment Textile offers the most comprehensive and sustainable (e-save) portfolio in the industry

Natural Fibre process

Spinning Preparation

Synthetic Fiber Spinning BCF Yarn

Production and Refinement Components

Staple

Filament

Monitoring/Sensoring

Festooning

Winding

Carding / Crosslapping

Airlaid

Spunlaid

Needle Punching

Thermobonding

Hydroentanglement

Filament Spinning

Texturing

Poly- condensation

Winding

Open-end Spinning

Ring Spinning

Filament process

Nonwoven, synthetic fiber and BCF carpet yarn process

Twisting

Fabric production/ Finishing

Twisting Cabling

Embroidery

Weaving Knitting Tufting Dyeing

Current presence

Cooperation Expansion

Business Units

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e-save

e-save

e-save

e-save

e-save

e-save

e-save

e-save


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Segment Textile Manmade Fibers Product Portfolio

BCF spinning plant, engineering services, line equipment and components for the production of carpet yarn

BCF Staple Fibers

Spinning plant engineering services, line equipment and components to produce synthetic staple fibers

Filament spinning plant engineering services, spinning line equipment & key components to form pre-oriented filament bundles (POY)

Pre-Oriented Yarn (POY) Draw Textured Yarn (DTY)

Texturing machines crimp the Pre-oriented Yarn (POY) to give a natural fibre-like touch

Spunbond, Meltblown, Airlaid plants, lines and components for wide range of technical applications

Nonwoven

Equipment for monofilaments & tape lines, main applications include artificial grass, geo- and agrotextiles etc.

Plastic Machines (BSZ)

Filament spinning plant engineering services, spinning line equipment & key components to form fully drawn filament bundles (FDY)

Fully Drawn Yarn (FDY)

Filament spinning plant engineering services, spinning line equipment & key components to form industrial yarn filament bundles (IDY)

Industrial Yarn (IDY)


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Segment Textile Natural Fibers Product Portfolio


Staple fiber spinning technology for cotton, polyester and viscose

Autocoro : High end segment, fully automated machinery

BD: Mid-segment, semi automated machinery

Rotor Spinning -Schlafhorst Autocoro/BD

Dominant spinning technology for any type of yarn, whether from cotton, wool, polyester, linen, viscose, lycra.

Zinser 351/451/ X51 C³ : High end

Zinser 360: Mid-segment

Ring Spinning -Schlafhorst Zinser

High performance twisting machines to manufacture ply yarns in finest quality for Italian suits, shirts and top class textiles

Ring twisting machines for Glass Filament Yarns

Volkmann CT / FT

Staple Yarn Twisting - Volkmann

Cabling & twisting machines for Tire Cord

Twisting Machines for In-dustrial yarns, special appl.

Allma CC3 & CC4 for tire, Allma TC-S & TC2 for

industrial

Tire & Industrial Yarn Twisting - Allma

Carpet Yarn Twisting -Volkmann

Carpet yarn twister cabler (No. 1 in market) motor or belt driven. Unique innovation with Heat-SET process integration.

Volkmann CC

Sophisticated shuttle embroidery systems and design software that enable innovative solutions

Saurer Epoca 6 - latest shuttle embroidery

Shuttle Embroidery - Saurer (Arbon)

Following step/100% quality control of Ring spun yarn

Creates sizeable packages ensuring high efficiency and performance in the down stream process

Autoconer X5: latest high end automated winder

Winding - Schlafhorst Autoconer

30/10/2012

http://www.saurer.oerlikontextile.com/en/desktopdefault.aspx/tabid-513

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Accotex®

Texparts®

Daytex® Heberlein®

Temco®

Fibrevision®

Segment Textile Components Product Portfolio

Filament Staple

Aspirating, Cutting and

Splicing Units

Friction Discs

Bearing Assemblies Spindles

Bottom Roller

Cots and Aprons Rings and Travellers

Weighting Arms Sensors

Monitoring Systems

Texturing Cot

and Aprons

Air Jets

Non-Textile Bearing

Texturing Units Textile Bearing

ZKB Investorenanlass Textilmaschinenindustrie 30/10/2012 Page 14

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Agenda




3 Main Markets

4 Industry Dynamics

5 Innovations

6 Summary

30/10/2012

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Segment Textile serves a wide range of end markets

Main Customer Markets


Automotive

Textile Apparel

Nonwoven

Strong population growth results in further strong demand for textile apparel

Textile Apparel will remain the most important end market of Segment Textile

The hygiene market is expected to grow with a CAGR of 12,8% between 2005 and 2015 while the other fields grow with a CAGR of 4,7% in the respective time period

Segment Textile is involved in different fields of nonwoven

The automotive market is expected to grow by 33% from 2011 to 2018. Especially strong growth is seen in China, India, South America and Eastern Europe with growth of more than 50%

Increase in IDY production for tires Increase in nonwoven production

30/10/2012

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Main Markets Asia

Asia

Assessment

In general highest growth potentials are still seen in Asia and other developing regions with a CAGR > 3%

7,3

36,7

18,1

2011

21,9 18,4

26,5

2020

14,6

2,6 62,1

+3,4%

84,0 12,1%

2,4%

3,7%

1,9%

CAGR 2011 - 2020

Cotton

Manmade Filament

Manmade Staple Fiber

Nonwovens

Textile Mill Consumption by technology

China

India

GDP is expected to decline slightly, but remains stable at around 5%

Labour Cost are expected to heavily increase until 2016

Lending interest rate slightly increases, resulting in higher investments

stable economic outlook

GDP remains stable with more than 5% growth

Labour Cost are expected to very slightly increase

Lending interest rate slightly declines stable economic outlook

Macroeconomic Data


Source: PCI Redbook 2011


Main markets in Europe

2.7

2.3

2.8

2011

2.4 2.0

2.9

2.8

1.8

9.5

+0.9%

2020

10.3

[‘000 tons]

5,0%

-2,2%

-0,7%

2,0%

CAGR 2011 - 2020

Europe

Cotton

Manmade Filament


Nonwovens

Assessment

The market of nonwovens is expected to grow with the highest CAGR (between 5%- 12%), due to:

new application areas

increasing customer demand on nonwoven products

Textile Mill Consumption by technology Macroeconomic Data

Turkey

Germany

GDP will recover from depress in 2012 and increase slightly

Lending interest rate remains low Labour Cost per hour will only slightly

increase, making Turkey an interesting market to invest in

GDP development slightly recovers and remains at around 2 % till 2015

Lending interest rate remains low and stable

Labour Cost per hour increase slightly

Italy

GDP development slightly recovers Lending interest rate remains low and

stable Labour Cost per hour increase very

slightly




Main Markets in America

9.4

2.6

2.8

1.9

2.0

3.2

2.1

3.2

2011

3.2

2.5%

2020

11.7

5,5%

1,1%

1,4%

2,3%

CAGR 2011 - 2020

Americas

Cotton

Manmade Filament


Nonwovens

Textile Mill Consumption by technology

USA

Brazil

GDP remains stable at around 2% Lending interest rate declines to

around 40% by 2016, which is still high compared to other developed countries like Germany

Labour Cost per hour increase

GDP development stabalizes after strong fluctuations between 2000 and 2012. However, there is a decline tendendy from 4% to around 3% by 2016.

Lending interest rate remains stable and low

Labour Cost per hour will increase

Macroeconomic Data


Assessment

In Americas there is strong growth potential seen for nonwovens


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Agenda




3 Main Markets

4 Industry Dynamics

5 Innovations

6 Summary

30/10/2012

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Market development 1/3 Modest growth in mill consumption, only nonwovens with higher growth rates

2.6%

3.5%

2030

138.0

2020

108.8

2014

93.4

2012

86.5

2011

83.7

2010

81.7

2009

78.5

2008

75.6

2000

57.0

[‘000 tons]

Global Textile Mill consumption by technology

Cotton

Manmade Filament


Nonwovens

Market characteristics

Industry growth averaging 3% CAGR

In the past 10 years textile mill consumption grew at a 3% CAGR

The final textile demand is expected to continue to grow in the coming years mainly thanks to:

• 2-3% growth due to the population & GDP growth and increasing spending on textile per capita in emerging countries

• 5-7% growth in technical textiles for new applications (e.g. smart textiles, artificial lawn, geotextiles) especially given the encouragement by China & India in the latest government guidance & policies

Limited natural resource supply poses increasing challenges while textile demand continues to grow

Significant price gap between natural and synthetic fiber has further fuelled the investment in chemical fibers since 2010


0

2

4

6

8

10

2000 2005 2010 2015 2020 2025 2030

Natural Fibers (Cotton)

Manmade Fibers

Final Consumer Demand

kg per Capita

Source: PCI Redbook 2011, Pira Study

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Market Development 2/3 Global and Geographic Trends

Industry growth averaging 3-4% CAGR

• Manmade fibers will continue to outpace the growth of natural fibers and represent 60% of total supply with a 5% CAGR

Increasing dominance of Asia

• In 2010, China‘s share of worldwide yarn production increased to 70% and China‘s share of manmade fiber production increased to 60%

• Other regional markets remain attractive for certain business segments, i.e. the USA and Turkey represents nearly 90% of the worldwide market for carpet yarn

Growth Drivers

China

India

Pakistan

USA

Taiwan

RoW

China

India

USA

Taiwan

South Korea

Indonesia

Japan

RoW


Worldwide Manmade Fiber Production Worldwide Yarn Production Global Fiber Production 2011 E1

Synthetic Fibers Manmade

Cellulosic Fibers Cotton Wool

1: assuming a population of 70bn and a per capita fiber consumption of 10.9 kg

Source: Lenzing

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Market Development 3/3


End Markets of Manmade Fibers

Apparel Home Textiles Technical Textiles

The Manmade Fiber end markets which are served by Segment Textile include Apparel, Home Textiles and Technical Textiles

Apparel is, of course, the largest one, but the market for Technical Textiles will grow in the future more and more due to a wider range of applications

POY

FDY

DTY

Staple Fiber

Apparel Market

BCF

IDY

Airlaid

Spunbond

Tapes

ConventionalWinders

Technical Textiles Market

End Markets Manmade Fibers

Home Textiles Market

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Raw Materials and Yarn prices cheaper for filament than for staple fiber

Major raw materials for stable fiber and filament are Cotton in natural fibers and PTA & MEG for polyesters. Their price development has direct impact on the value chains

Raw material prices for natural fibers are more volatile and more expensive than raw materials needed to produce manmade fibers.

Raw Materials in China Market


0

1

2

3

4

5

USD/kg

Jul 12

Jan 12

July 11

Jan 11

July 10

Jan 10

July 09

Jan 09

Jul 08

Jan 08

Jul 07

Jan 07

MEG (China)

PTA (China)

PSF 1.4 den/38mm

Cotton China 328 Grade

0

1

2

3

4

5

6

USD/kg

Jan 12

July 11

Jan 11

July 10

Jan 10

July 09

Jan 09

July 08

Jan 08

July 07

Jan 07

DTY 150D/96f

FDY 150D/96f

POY 150D/96f

T/C yarn 21s 65/35 Jiangsu Shenze Market

Polyester Spun yarn 21s Jiangsu Shenze Market

Pure Cotton 21s Jiangsu Shenze Market

Yarn Prices in China Market

Output yarn from staple fiber process include: (raw materials can be natural fibers like cotton, wool etc., manmade fiber or blended fibers) • Pure cotton yarn 21s • 100% polyester spun yarn 21s • Cotton / Polyester 65/35 blended yarn 21s

Output yarn from Filament process include: (raw materials are 100% manmade fibers) • POY 150D/96f • FDY 150D/96f • DTY 150D/96f

As illustrated in the chart, it´s consistent that staple fiber processed yarn are more expensive than filament processed yarn; and in the staple fiber process, the natural fiber based yarn are more expensive than chemical fiber based yarn

Source: Emerging Textiles, CCFEI

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Stronger volatility in conversion margin for staple fiber yarns than for filament

Source: Emerging Textiles, CCFEI


Jul 07

Jan 08

Jul 08

Jan 09

Jul 09

Jan 10

Jul 10

Jan 11

Jul 11

Jan 12

Jul 12

Jan 07

0.0

1.5

1.0

0.5

-0.5

Conversion Margin TC21s

Conversion Margin Pure Cotton

Conversion Margin POY

Conversion Margin FDY

Conversion Margin DTY

The conversion margins for staple fiber yarns like Pure Cotton and TC 21s fluctuate more than those for filament

The conversion margin for natural fiber based yarns is expected to stabilize and to not further decline

The conversion margins for manmade fiber based yarns are slowly recovering

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Growth for manmade fibers in textile and industrial applications

China defends it’s position as major powerhouse in Asia

Cost of conversion becomes important factor besides raw material price

Conversion margin, Co / yarn prices Higher automation Quality improvement Energy / kg yarn Local demand in textile products Technical upgrading in China

perpetual pressure on spinners ongoing automation growing mid end segment energy become decisive criteria

Conversion margin (cotton vs. yarn prices) Investment in staple and filament yarn

machinery Government incentives for textile industry in

key markets Growing demand for automatization in

Asian (increasing cost)

Strongly influence both utilization and investment activity of the textile mills

On staple yarn side investment are expected to increase considerably in 2013

Growing automatization requires high quality components

Fluctuating supply and prices of cotton and limited available cultivable land leading to substitution of natural in favor of manmade

Rising income level fuels consumer demand in BRIC markets

Goverment subsidies e.g. China 12th 5-Year-Plan)


Main drivers in Textile Industry

Main drivers Outlook

Manmade Fibers

Natrual Fibers

Textile Components

30/10/2012

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Examples for Growth Opportunities


Demand for high performance tyre is expected to consistenly grow over the next years

Growth potential seen for Segment Textile in IDY production for technical textiles including typres

With it’s technology Segment Textile can serve very different fields in nonwoven including e.g. construction, automotive as well as floor coverings

Market Assessment

Automotive

Nonwoven

million units

2,000

1,500

1,000

500

0

2016 2014 2012 2010 2008 2006 2004 2002

Regular Tyres

Performance and high performance Tyres

1,4

3,9

0,21,8

4,1

5,7

12,5

2,9

4,0

1,7

5,1

2,31,2

1,8

0,7

5,9

9,9

3,1

31,9

Unidentified

Others

Electronic Materials

Agriculture

Automotive

Civil Engineering/Underground

Building/Roofing

Air & Gas Filtration

Liquid filtration

Floor Coverings

Upholstery /Table Linen/…

Coating substrates

Shoe/ Leathergoods

Interlinings

Garments

Wipes - Other

Wipes - Personal Care

Medical/Surgical

Hygiene

Application can be served with ONE technology

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Agenda




3 Main Markets

4 Industry Dynamics

5 Innovations

6 Summary

30/10/2012

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Segment Textiles Ecological Footprint plays an important role for its Innovations

With our Innovations we primarily focus on the world’s megatrends and offer already technological solutions that meets our customers requirements. Energy Efficiency with eco drive systems and spindels. Outstanding solutions with less waste production. Technological Innovations with higher productivity. Improvement of Quality for chemical fibers, staple yarn, synthetic staple fibers and nonwovens.

water

consumption

energy

consumption

air consumption

land use

for production

and transport


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Oerlikon Barmag Path towards green production

eFK

manual texturing machine for polyester and nylon filament yarns

2009

2007

2010

eAFK - ITMA Barcelona 2011

automatic texturing machine

e-save


WINGS FDY ITMA Asia 2012

WINGS POY

for spinning polyester an nylon filament yarns

WINGS FDY

for spinning flat polyester and nylon filament yarns

e-save WINGS POY Istanbul 2012 Twelve-end system for Polyamide 6

e-save

30/10/2012


• in 2012: launch of S+ for Polyester

Oerlikon Neumag S+ the new solution for BCF Carpet Yarn Production


e-save


Oerlikon Saurer Allma CC4 - Energy-saving miracle in tirecord processing

e-save

Power consumption reduced by up to 50%

Heat load reduced by up to 50%

Increased quality and machine efficiency thanks to 50% reduced number of yarn breaks

Significantly reduced noise level

Maximum economic efficiency and quality thanks to state-of-the-art technology

The only cabling machine worldwide for processing aramide and rayon


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Oerlikon Schlafhorst


Autocoro 8: The high-tech revolution in rotor spinning

Distribution of Autocoro

spinning positions since 2000

e-save

Quantum leap in rotor spinning

Fastest rotor spinning technology in the world

Up to 25 % more productivity

Significantly better yarns and packages

Most flexible rotor spinning machine in the world

Lower spinning costs

EMEA

China

Africa

Asia

Americas

India

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Agenda




3 Main Markets

4 Industry Dynamics

5 Innovations

6 Summary

30/10/2012

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Summary

A sustainable performance level strengthens Oerlikon‘s position in an uncertain business environment - continued execution of Operational Excellence measures.

Segment Textile offers the most comprehensive and sustainable (e-save) portfolio in the

industry and is market leader in manmade as well as natural fibers. The textile industry is growing with a CAGR of around 3% and a stronger increase in

manmade fibers, resulting from better raw material availability and price situation than for natural fibers.

Segment Textile is still dominant in Asian/Emerging markets where a stable and prosperous

economic development is seen in the next years. The situation in the end markets of Segment Textile is positive, with especially a strong

increase seen in the automotive industry as well as the textile apparel industry resulting from the further population growth worldwide.


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Questions & Answers Session


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Investor Relations Contact


OC Oerlikon Management AG Churerstrasse 120 CH-8808 Pfäffikon SZ Switzerland Andreas Schwarzwälder Head of Investor Relations Phone: +41-58-360-9622 Mobile: +41-79-810-8211 E-mail: [email protected]

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Disclaimer


Oerlikon has made great efforts to include accurate and up-to-date information in this document. However, we make no representation 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.

This presentation is based on information currently available to management. The forward-looking statements contained herein could be substantially impacted by risks and influences that are not foreseeable at present, so that actual results may vary materially from those anticipated, expected or projected. Oerlikon is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

All information provided in this document is not intended as, and may not be construed as, an offer or solicitation for the purchase or disposal, trading or any transaction in any Oerlikon securities. Investors must not rely on this information for investment decisions.

ZKB Investorenanlass Textilmaschinenindustrie 02, 2012 · ZKB Investorenanlass...

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