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Third Quarter 2017October 24, 2017
BMV: RASSINIwww.rassini.com
First nine months of 2017 Highlights
• Net revenue increased to $13,593 million pesos.
• EBITDA grew to $2,530 million pesos.
• Net income reached $1,203 million pesos.
• Net Debt/annualized EBITDA ratio as of September 30 was 0.3x.
• EBITDA/Net Interest Expense ratio as of September 30 was 11.0x.
2
Consolidated Nine Months Highlights
(January 1- September 30)
2017(mill. Pesos)
2016(mill. Pesos)
% Change
Sales $13,593 $11,987 13%
Gross Profit $3,451 $3,227 7%
EBITDA $2,530 $2,369 7%
Net Income before taxes
and minority interest
$1,493 $1,466 2%
Net Income $1,203 $1,230 (2%)
4
MacroeconomicsSeptember 2017
Ma
y 0
8
Se
p1
7
Housing
Starts
Sources: Reuters, Bureau of Labor Statistics and Gas Buddy.
Exceeding a million homes for
twenty nine consecutive months
1.2Million of houses
5.4%
Unemployment 4.2%
Ma
y 0
8
Se
p1
7
4.2%
Fuel Cost 2.5 US$ / Gallon4.1
2.52.5
Ma
y0
8
De
c1
4
Se
p1
7
15.2 15.5 16.9 17.4 17.5
18.5
8
10
12
14
16
18
20
22
J M M J S N J M M J S N J M M J S N J M M J S N J M M J S N J M M J S
2012 2013 2014 2015 2016 2017
16.217.0
17.5 17.8
17.4 17.5 17.7
2013 2014 2015 2016 2017 2018 2019
Actual
IHS Forecast / Sep'17
7.0 7.0 6.9 6.7 5.2 4.6
9.2 10.1 10.6 11.2
8.3 8.5
16.217.0 17.5 17.8
13.5 13.1
2013 2014 2015 2016 3Q16 3Q17
Passenger Cars Light Trucks
US Light Vehicle SAAR
5
Annual average
(3%)
Industry SnapshotMillion units
Expected Light Vehicle Production
1%(3%) 1%
Source: IHS @ September’17
SAAR reached 18.5 million units during September 2017.
Production in North America is expected to reach 18.2 million units in 2020 according to the experts from IHS.
September inventories closed at a level of 64 days’ supply.
Light Trucks production increased 3% vs previous year.
NAFTA Light Vehicle Production
Sep
Country 2016 2017 2018 2019
USA 12.0 11.1 11.3 11.3
CAN 2.4 2.2 2.1 1.9
MEX 3.5 4.0 4.2 4.4
NAFTA 17.8 17.4 17.5 17.7
Consolidated FinancialHighlights
MxP/USD Sep'16 Sep'17
End 19.50 18.20
Average 18.26 18.93
9,353 9,392 10,362
11,900 12,897
16,340
11,987
13,593
1,178 1,203 1,343
1,568
2,141
3,190
2,369 2,530
11 12 13 14 15 16 Jan -Sep'16
Jan - Sep'17
Sales EBITDA
7
Consolidated Sales and EBITDA Million Pesos
CAGR '11-'16
Sales 12%
EBITDA 22%
2,369 2,337
33
2,530 2,437
93
Consolidated North America Brazil*
7%
4%
182%
8
EBITDA
Sales
YTD Sales and EBITDA by Region Million Pesos
* EBITDA before Fees and Royalties
11,98711,020
967
13,59312,197
1,396
Jan-Sep '16 Jan-Sep '17
13% 11%
44%
Actual dist. Sales
NAFTA 90%
Brazil 10%
Consolidated 100%
Actual dist. EBITDA
NAFTA 96%
Brazil 4%
Consolidated 100%
Sales by Product and Region
9
Consolidated Sales BreakdownMillion Pesos
2016 % 2017 %
Leaf Springs (1) 6,097 51 6,681 49
Coil Springs 1,256 10 1,329 10
NAFTA Suspensions 7,353 61 8,010 59
Brakes (1) 3,667 31 4,187 31
TOTAL NAFTA 11,020 92 12,197 90
Leaf Springs (1) 803 7 1,192 9
BRAZIL Coil Springs 164 1 205 1
TOTAL BRAZIL 967 8 1,396 10
CONSOLIDATED SALES 11,987 100 13,593 100
(1) Includes elimination of intercompany transactions.
Jan-Sep Jan-Sep
US OEMs 76%
Asian OEMs9%
European OEMs
6%
Aftermarket2%
Trailers Brazil 1%
Other 6%
Sales distribution by customer
OEM: Original Equipment Manufacturer
10
Consolidated Income Statement Million Pesos
Consolidated Jan-Sep Jan-Sep % Var
Income Statement 2016 2017 17/16
Net Sales 11,987.2 13,592.6 13
Cost of sales 8,760.3 10,141.6 (16)
Gross Profit 3,226.9 3,451.0 7
% of sales 27 25
SG&A 857.8 920.7 (7)
EBITDA 2,369.1 2,530.3 7
% of sales 20 19
Depreciation 553.8 570.3 (3)
Interest & other financial charges 252.4 238.3 6
Other expenses 97.2 228.8 (135)
Income before Taxes & Minority Int. 1,465.7 1,492.9 2
Other non-recurring income (134.9) - 100
Taxes & Deferred Taxes 435.4 372.7 14
Minority Interest (64.7) (82.8) (28)
Net Income 1,229.9 1,203.0 (2)
11
Consolidated Cash FlowMillion Pesos
Consolidated Jan-Sep Jan-Sep % Var
Cash Flow 2016 2017 17/16
EBITDA 2,369.1 2,530.3 7
Working Capital and Taxes (723.1) (761.9)
Net operating cash flow 1,646.0 1,768.4 7
Interest expense (206.9) (170.5)
Cash flow after int. expense 1,439.1 1,597.9 11
Capex (651.3) (622.9)
Cash flow available for debt service 787.8 975.0 24
Financing & Debt Amortization (194.0) (374.8)
Dividends paid (480.0) (640.3)
Other (162.5) (385.9)
Beginning cash balance 1,223.0 1,913.1
Ending cash balance 1,174.3 1,487.1 27
Short Term
Current
Portion
LTD
Long
Term Total
Suspension Division NA 8.4 25.0 31.3 64.7
Brakes Division 8.0 9.0 27.0 44.0
Suspension Division Brazil 29.5 - 0.2 29.7
TOTAL 45.9 34.0 58.5 138.4
12
As of End ofSeptember 2017
Cash balance Sep’17 = US$82 mill.
Net Debt Sep’17 = US$57 mill.
Consolidated Debt Million US dollars
9.08.5
34.0 34.0
6.8
2017 2018 2019 2020 2021
Long Term Debt Amortization ProfileUS$ Million
Nafta Suspensions Brakes
Note: Debt profile does not include working capital financings
0.5 0.5
4.1
0.3 0.3
4.2
Sep'16 Sep'17
36% 39%
(2%)
9.8
14.5
0.4
11.0
15.6
1.3
Consolidated North America Brazil *
12%
8%
225%
13
Net debt / EBITDA
EBITDA / Net interest
Financial Ratios by Region (Times)
* EBITDA before Fees and Royalties
Appendix
BMV: RASSINI
www.rassini.com
What defines Rassini…
15
World’s largest producer of suspensioncomponents for light commercial vehicles
Largest fully integrated brake discproducer in the Americas
Absolute Leader in technology and marketshare designing and producing suspensioncomponents and high performancebrake rotors.
Within the Top 100 North American suppliersby Automotive News.
Recognized year after year for ouroperational excellence.
Our Products
58%31
%
11%
Leaf Springs
Brakes
Coil Springs
• Leaf Springs and Coil Spring
São Bernardo do Campo, São Paulo
Mexico
• BrakesSan Martin, Puebla
• Leaf Springs and Coil Springs
Piedras Negras, Coahuila
• Leaf SpringsXalostoc, Estado de Mexico
• Elastomers and Bushing AssembliesSan Juan del Rio, Queretaro
• HeadquartersMexico City
• Coil Springs
Montpelier, Ohio
• BrakesFlint, Michigan
• Sales , Engineering, Research
and DevelopmentPlymouth, Michigan
Brazil
• Leaf SpringsNova Iguacu, Rio de Janeiro
USA• Engineering Office
Stuttgart, Germany
• Engineering Office
Tokyo, Japan
Plants arroundthe Americas
Operatingdivisions
84
5 R&D Centers
Juan Pablo Sánchez
Francisco Freyre
Emma Bocanegra
CFO
Assistant VP Inv. Rel. and Finance
Financial Planning and Inv. Rel.
BMV: RASSINI
www.rassini.com