Full-Year 2020 Results Stadler Rail
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FULL-YEAR 2020 RESULTS STADLER RAIL Peter Spuhler, Executive Chairman and Group CEO a. i., Raphael Widmer, Group CFO 11 March 2021 REPRESENTING STADLER TODAY Peter Spuhler Raphael Widmer Executive Chairman Group CFO and Group CEO a. i. Stadler full-year results 2020 | © Stadler | 11 March 2021 2 AGENDA 1 Peter Spuhler, Executive Chairman Highlights 2020 and Group CEO a. i. 2 Full-year 2020 financial results Raphael Widmer, Group CFO 3 Peter Spuhler, Executive Chairman Summary and outlook and Group CEO a. i. Stadler full-year results 2020 | © Stadler | 11 March 2021 3 HIGHLIGHTS 2020 WE ARE AN INDUSTRY LEADER >8,500 Stadler trains and locomotives running in 43 countries every day 465 vehicles delivered in 2020 >200 million kilometres covered every year by vehicles serviced by Stadler 12 core sites across high- and low-cost countries >12,300 employees(1), including engineering team of over 1,700 employees ~11 % net sales CAGR over the last decade(2) 16.1 billion CHF backlog as at 31 December 2020 549 trains and locomotives ordered in 2020 Notes: (1) average FTEs 1 January to 31 December. (2) 2010-2020. Stadler full-year results 2020 | © Stadler | 11 March 2021 5 COMPREHENSIVE PORTFOLIO Market segments and vehicle families Order backlog contributions 2020 Market Type Vehicle families Reporting segment segment Very High Not a strategic focus 26% Speed Rolling Stock Service & Components High Speed 74% Trains Intercity Market segment Regional / Trains Suburban 26% Locomotives 35% Metro Coaches 12% LRV 6% Tailor-made 9% 12% Service & Components Main-line made - locomotives Loco- Services & Systems Services motives Tailor Regional markets Shunting locomotives DACH 10% Western Europe 2% 10% Metro Metro 1% 43% Eastern Europe Americas CIS Tram / 34% LRV Tram Train Rest of the world Stadler full-year results 2020 | © Stadler | 11 March 2021 6 FULL-YEAR 2020 KEY FIGURES Vehicles delivered Order intake Order backlog 465 Order intake CHF 4.3bn Order BacklogCHF 16.1bn +5%(1) CHF X.Xbn -15%(1) CHF XXbn+7%(1) +XX% +XX% Net revenues EBIT margin CHF 3.1bn 5.1% -4%(1) -1 %-pts(1) Free Cash Flow(2) Net profit CHF -458.9m CHF 138.4m -CHF 130.0m(1) +8%(1) (1) Change year-on-year. (2) Defined as EBITDA –Capex –Change in NWC. EBITDA is calculated as the sum of EBIT and depreciation and amortization. Stadler full-year results 2020 | © Stadler | 11 March 2021 7 COVID-19 IMPACT – Demand remaining strong, no order cancelations and no large tenders lost Market – Ongoing tenders largely on track but some final decisions environment postponed due to Covid-19 and appeals by competitors – New tenders being launched – Interruptions to internal and external supply chains Impact on – Travel restrictions affecting Stadler employees, homologation Operations officials and customers which impacts final payments – All plants currently operating at largely normal levels – Health and safety measures initiated immediately Counter – Adapting assembly sequences and working shift times with measures employees partially working remotely – Decentralised supply chain – Partial recovery of deferred revenues achieved in H2 2020 Financial – Adverse effect on net working capital impact – Service & Components impacted by lower mileage – Significant order backlog and resilient end market Stadler full-year results 2020 | © Stadler | 11 March 2021 8 ORDER INTAKE HIGHLIGHTS 2020 Tyne & Wear Metro Metro Berlin LRVs − 42 METRO trains, a new Framework agreement for up to Up to 80 TRAMLINK for Milan (EUR maintenance plant and a 35-year 1,500 METRO cars valued at up to 172.6m). Firm order for 30 trams service contract EUR 3.0bn 24 TRAMLINK for Jenaer − Valued at c. GBP 700m First call-off for 606 cars including Nahverkehr (EUR 92m), with option spare parts amounts to EUR 1.2bn for up to 19 additional vehicles Tailor Made Mainline Signalling MGB ordered 12 out of 27 new 21 additional KISS trains ordered Full homologation for GUARDIA «ORION» trains for c. CHF 150m by the Hungarian Railways for over European Train Control System 20 “Capricorn” trains worth CHF EUR 300m First ETCS refit contract for Stadler 170m in an option call-off from RhB Twelve more KISS trains for Mälab won in the Netherlands Eight New tailor-made trains for the for over CHF 130m First urban mass transit signalling Centovalli railway system awarded (MARTA) Stadler full-year results 2020 | © Stadler | 11 March 2021 9 SIGNALLING: ACHIEVEMENTS 2020 AND OUTLOOK Milestones in 2020 Outlook CBTC(1) First urban mass transit signalling system awarded to Stadler: Supplying a Stadler in dialogue with several CBTC-like train control system(2) on the European metro operators new Stadler vehicles for MARTA (Atlanta, USA) ETCS(3) Homologation in 10 countries Homologation in Switzerland and Poland until 2022 expected Homologation under way in Hungary, Slovenia, Italy, and Germany Retrofit market potential ATO(4) First automatically operated train ride with Increasing demand for ATO in passengers in the Netherlands – achieved numerous tenders by using the Stadler ATO Stadler is delivering across all signalling market segments (1) Communication Based Train Control (2) Derived from Stadler’s full CBTC solution (3) European Train Control System (4) Automatic Train Operation Stadler full-year results 2020 | © Stadler | 11 March 2021 10 MARKET OUTLOOK TOTAL OEM AND TARGETED MARKETS 2020 VIEW Stadler’s strategic markets GlobalGlobal rollingrolling stockstock Targeted market 1 2 3 Targeted regions OEMOEM marketmarket segments 2019(1) market size (€Bn) 54 35 27 2014-19(1) CAGR +1.7% +2.2% +4.7% 2019-24(1) CAGR +3.6% +4.4% +2.3% Freight Cars 12 VHS(2) 8 HS 2 East OEM 7 Asia(3) MU 10 RoW HS 2 Rolling StockRolling South- 8 markets east Asia MU 9 Metro 9 Opportunistic CIS 1 4 North Metro 3 4 LRV 3 America - LRV 2 Locomotives 7 Europe Home Locomotives 6 markets 12 Coaches 3 Coaches 3 By segment By region By segment 2019-241) CAGR Service ~7 +2.8% 2019-241) System CAGR 4) ~18 Technology +1.0% (5)) Source: SCI (2020). Market volumes based on € value of equipment and services delivered. (1) 2019 market size defined as average of 2018-2020, 2014 defined as 2013-2015 average and 2024 defined as 2023-2025 average. (2) Very High Speed trains (VHS) defined as trains with top speed above 251km/h. (3) East Asia defined as China + South Korea + Japan. Rest of the World (RoW) includes Asia (excluding East Asia), South and Central America, Middle East and Africa. (4) System Technology includes Control, Command and Signalling (CCS) and Passenger Information Technology (PIT); excluding East Asia. (5) Expected CAGR 2019-2024 for western Europe: +2.2%. Stadler full-year results 2020 | © Stadler | 11 March 2021 11 COMPETITIVE LANDSCAPE MARKET SHARE BY REGION Home markets Opportunistic markets North America: EUR 2.6 bn Europe: EUR 11.9 bn CIS: EUR 4.2 bn Other 7% 12% HS 17% Bombardier Bombardier 19% Stadler (2%) Other Other 28% Alstom 39% 11% 1% 23% Hitachi Rail Siemens 11% 5% 6% 2% 37% 47% MU 2% Stadler (1%*) 4% CAF 6% 13% 16% 7% 44% Sinara Progress Rail 71% 7% 8% 10% 12% Metro 13% TMH 26% Kawasaki 13% 16% CRRC LRV Siemens GE / Wabtec Alstom 21% 12% 12% Locomotives 3% Coaches 15% Stadler (15%) Opportunistische Märkte RoW: EUR 8.0 bn Southeast Asia: EUR 0.6 bn 10% CRRC 25% Other CRRC Other 21% 20% 22% 34% 3% Hyundai Rotem Hitachi Rail 4% 5% 3% 50% 64% Modern Coach Factory Vietnam Railways 6% 30% 5% 8% Alstom 15% Hyundai Rotem 27% Industri Kereta Api 2% 22% ICF 4% 10% 2018: Stadler 1% Market leaders: CRRC (31%), Bombardier & ICF (9% each), TMH (8%), Alstom (7%) followed by Siemens and Stadler is particularly strong in Europe (No. 3). Stadler (4% each). Source: SCI (2020), SCI marketstudy Worldwide Market for Railway Industries 2020. Market share based on delivered units in 2019 (average 2018-2020). High Speed (HS) 200 to 250 km/h. *(2018 values) Stadler full-year results 2020 | © Stadler | 11 March 2021 12 COMPETITIVE LANDSCAPE GLOBAL MARKET SHARE BY SEGMENT EMU/DMU: EUR 9.8 bn Focus segments Locomotives: EUR 7.2 bn Bombardier Southeast Other TMH 23% 18% Asia 17% 1% 38% Stadler (1%) 25% 9% Other RoW 2% 34% Siemens 0% 5% 1% 29% CIS 15% ICF Sinara 8% 64% 10% North America 9% 17% CRRC 5% 12% 23% DLW Europe 9% TMH 6% 10% 11% Alstom CRRC CLW GE / Wabtec Stadler (17%) Metro: EUR 9.2 bn LRV: EUR 2.6 bn HS: EUR 2.4 bn Other 11%0% Other Stadler (3%) 9% Bombardier Stadler (6%) 36% TMH Other Hitachi Rail 8% 1% 17% 13% Alstom Bombardier 6% 4% 4% 2% 9% 41% 12% 8% Hyundai Rotem 6% 12% Siemens 11% 100% 55% 6% 10% Alstom 8% CRRC Alstom 67% TMH 23% 62% 9% 12% CRRC 6% 9% Stadler (9%) Bombardier 21% CRRC CAF On the basis of Global market excl. China, South Korea and Japan Global potential in Locomotives, Metro, LRV und Stadler is strong in EMU/DMU segment. High Speed segments. Source: SCI (2020), SCI marketstudy Worldwide Market for Railway Industries 2020. Market share based on delivered units in 2019 (average 2018-2020). High Speed (HS) 200 to 250 km/h. Excluding Coaches . Stadler full-year results 2020 | © Stadler | 11 March 2021 13 COMPETITIVE LANDSCAPE MARKET SHARE EUROPE BY SEGMENT Home markets Focus segments LRV: EUR 1.5 bn Locomotives: CHF 1.5 bn Bombardier Other Alstom Other 18% Stadler (2%) 10% 30% Stadler (15%) 4% Siemens Newag 41% 5% 5% 16% Vossloh 6% 10% 7% 14% CZ Loko Skoda 12% 23% CAF Alstom EMU/DMU: CHF 5.5 bn Bombardier Metro: CHF 0.9 bn Other Highspeed: CHF 2.1 bn CAF 9% Other Stadler (7%) Other 7% Stadler (9%) Alstom Consortium AL-BT 3% Alstom 9% Bombardier 9% Siemens 38% 9% 6% 25% 26% 9% Bombardier 11% 15% Hyundai Rotem 11% 18% Bombardier 23% 15% 19% Siemens 16% Alstom Siemens Hitachi Rail Hitachi Rail 22% Stadler (22%) Compared to the previous year, Stadler won 2% Stadler improved its position in LRV to No.