Upload
hoangbao
View
226
Download
1
Embed Size (px)
Citation preview
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
2Investor day • November 25, 2013
FECT is the world market leader in emissions control
Complete lines11m parts/year
Mufflers20m
parts/year
Catalytic converters23m
parts/year
Manifolds4m parts/year
Diesel particulate filter3m
parts/year
FECT is number 1 in emissions control
Widest geographical presence for manufacturing and engineering
Large portfolio of products and technologies for every type of vehicle and engine
Global program management25% market share
North
America
South America
AsiaEurope
1 R&D center10 plants
2 JIT
1 R&D center3 plants
6 JIT
2 R&D centers19 plants
16 JIT 3 R&D centers
18 plants5 JIT
Commercial vehicles
0.5m parts/year
7R&D centers
22Countries
19,800 Employees
79 Sites
€6.1bn Total sales 2012€3.2bn
Product sales
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
3Investor day • November 25, 2013
CAGR 2009 –
2013 at 37%, including Emcon
acquisition but also remarkable organic growth from 2010 with CAGR 10 %
Product sales / Total sales (€m)
2009 2010 2011 2012 2013e
6.2
Product salesTotal sales
Sales more than tripled between 2009 and 2013
Emcon
acquisition in 01/2010
Entered CVE market through Emcon
Number of programs, launches and plants doubled vs
2009
220
09 10 11 12 13 09 10 11 12 13 09 10 11 12 13
109 79
# Plants# Launches# Programs
1.8
Building the world technology & market leader in emissions control
Key facts
First on market with superior technologies Induction Brazing
Exhaust
Heat
Recovery
ManifoldBlueBox
Multiple new contracts
in 2013
3.31.0
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
4Investor day • November 25, 2013
2020
CAGR 10%
CAGR 4%
5.0
15.4
without
monoliths
Favorable market
environment
Global emissions
control market
(€bn)
The world market for emissions control will grow with CAGR 5% from 2012 to 2020
Commercial vehicle market (CVE) is growing at more than double
the pace of light vehicle (LVE)
The key market driver is the global implementation of more stringent emissions legislation, leading
to a growth in the number, and value of, after-treatment systems
China represents the highest growth area with double-digit CAGR
2012
11.7
2.4CVE
LVE
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
5Investor day • November 25, 2013
Strong
& balanced
customer
portfolio
Product sales by customer
2013 around €3.3bn*
2016> €4.0bn*
CAGR CVE > 20% and will double sales by 2016Hyundai to enter top 5 clients by 2016
*Product sales: total sales excluding
tooling, prototype and monoliths
sales
19%
18%27% VW
GMPSA
Others
Ford
Chrysler
CVE€
200m 7%
Hyundai
VW
GMPSA
Others
Ford
Chrysler
11%
CVE€450m
8% 9% 12%
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
6Investor day • November 25, 2013
Perfectly balanced regional portfolio by 2016
23%
40%
37%29%
38%
33%
EuropeAsiaEuropearound
3 % CAGR
Americasaround
4% CAGR
Asia
double digit CAGR
Americas
CAGR > 5 %
Asia to remain the fastest growing regionPortfolio will
be
perfectly
balanced
by 2016
Product sales by region
2013 2016
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
7Investor day • November 25, 2013
Competitive
landscape
well structured
2012 light vehicles (by value, excluding monoliths)
2012 commercial vehicles (by value, excluding monoliths)
22%
Others Eberspächer(with Swenox)
RothDonaldsonCortubiTuper
SangoAmalcaburio
Tenneco
Faurecia, Tenneco and Eberspächer
are the only true global LVE / CVE playersWith
one third
of the LVE market
being
captured
by Japanese
/ Korean
suppliers
with
traditionally exclusive customer
relationships
the rest
of the market
remains
concentrated
around
few players
25%
Others
KatconBosal
Tenneco
FECT
€12bn
Magneti
Marelli
Japan /
Korea Tier 1
Eberspächer
€2.4bn
BoysenBentelerFECT / Cummins
22%
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
8Investor day • November 25, 2013
Prod
ucts
Emissions control
Acoustic management
Energy
recovery
Increase FECT value-added in exhaust line
through higher margin products
Mark
et
Commercial vehicles (On / Off highway)
Further
leverage
Asia
potential
and Asian
OEMs
Leverage high growth markets
Oper
atio
ns
Standardization in products & processes
Adapt and specialize footprint in Europe
Accelerate operational improvement in North America
Increase operational performance2013
€6.2bn Total sales
Around €3.3bn Product sales
OM around 3% of total sales
OM around 5% of product
sales
ROCE 17%
Strategic
Direction Operational
performance, new markets
and higher
value products
as key
drivers
Strategic
Path
2016
> €7.5bn Total sales
> €4.0bn Product sales
OM above 4% of total sales
OM above 7% of product sales
ROCE around 25%
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
9Investor day • November 25, 2013
Leverage our size and optimize industrial supply chain and R&D
Process & product standardization
LOW
HIGH
20% 50% 100%
Current FECT
Target FECT
2010 2016
FECT / Emcon
D&D efficiency improvement (LCC, method tools…)
Leverage our global D&D program resourcesR&D / programs
Our global size enables plant and supply chain specialization / optimization (hot end, cold end, techno / JIT best allocation)
Lean Faurecia
Excellence System (FES) in plants
Plant specialization, lean manufacturing
& supply chain
2013
+10 pts of assets utilization
rate
+1.5 pts OM
Oper
atio
ns
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
10Investor day • November 25, 2013
Adapt and specialize footprint in Europe
1.31.2
European improvement plan launched Highly specialized plants & leverage footprint Lean and standardized JIT/JIS plants Best-fit automated operations Align supply value chain with footprint
Braganca
PamplonaVigo
Beaulieu
BakovMlada
AugsburgJasza
Terni
Pisek
Roermond
Trabitz
Fradley
Kocaeli
Craiova
HerrenbergMessei
Finnentrop
Port Elizabeth
Cape Town
2013 2014 2015 2016
CAGR ~3 %
Oper
atio
ns
Product sales (€bn)Regional technoplant
footprint
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
11Investor day • November 25, 2013
Accelerate operational improvement in North America
1.31.1
R&D and industrial footprint synergies completed
4 out of 5 loss making
plants fixed
in 2013, 1 in progress
for 2014
Accelerate operational improvement in North America, focus on execution
New organization in place (Mexico, USA)
2013 2014 2015 2016
CAGR ~6 %Hermosillo
Silao
Queretaro
Dexter SpartanburgLouisville
Gladstone LVE, CVE
TaylorTroy
Franklin
Oper
atio
ns
Product sales (€bn)Regional technoplant
footprint
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
12Investor day • November 25, 2013
Leverage commercial vehicle market for profitable growth
The over-proportional value increase for exhaust systems in commercial vehicles is driven by increased technical requirements through emission legislation
CVE vehicles Volume growth (million units)
CVE exhaust systemsMarket value (€bn)
CVE production (>3.5t) is estimated to grow up to 9.2 million units by 2020
The CVE exhaust system market will double in value by 2020, growing 3x faster than production
7.28.5
9.2
2.4
4.25.0
2012 2017 2020 2012 2017 2020
Off-road
On-road
Off-road
On-road
CAGR 10 %CAGR 3 %
without
monoliths
Source: PSR, FECT
Mark
et
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
13Investor day • November 25, 2013
North
America, Europe and China as key
drivers of growth
in CVE market
North America
Leverage partnership with Cummins to boost market share
Benefit from increased off-highway after treatment systems value through Tier 4
final regulation introduction
Europe
Launch new Euro VI on-highway systems with Cummins addressing major EU truck customers
Leverage stage IV off-highway regulation in EU
China
China launch of NS4 regulation on-highway
Leverage strong LVE position (footprint, supply chain, R&D center) to engineer market leadership position in CVE
On track to establish enabling partnerships with the key Chinese players
210
450
2013 2014 2015 2016
FECT CVE Product sales (€m)
CAGR ~30%
Mark
et
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
14Investor day • November 25, 2013
Regional technoplant
footprint Product Sales in Asia2013
64% 32% ChinaKorea
Asean India 2%
ChinaKorea
68% 25%
2016
4%
2% Asean India 3%
€1.1bn€0.75bn
Top 3 Sales Asia
OEM (€m)
FECT China market
share*
*LVE and CVE emission
control
FECT
2013 2016
220
280
70 8050
150
Hyundai Toyota Local Chinese2013 2016
Asia: Continue our
success
in China and leverage Asian
customers
global development
YoungcheonYantai Qingdao
Jangan
Rayong
WuhanShanghai
Changchun
Foshan
Beijing
Chenai
CixiChongqing
Pune
Double digit CAGR sales growth
for FECT in Asia
Excellent position in China emission
control market,
leveraging
footprint, supply
chain
and R&D centers
China dominant in growth, driven by implementation
of more stringent emission legislation as well as total
market growth
Strong
position with
Hyundai in Korea
Significant
business with
Japanese
OEMs
on a global basis
Mark
et
26% 30%
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
15Investor day • November 25, 2013
Time(year)
Diesel European NOx
emissions standards for passenger carsmg/km
EUR
2005 2010 2015 2020 202560
80
100
120
140
160
180
200 Euro 4
Euro 5
Euro 6.b Euro 6.c60
8080
250
Real Driving
Emissions on NOx RDE160
80
120
180
Time(year)
Environmental
performance as cleardriver for after
treatment
system technologies
Strict CO2
reduction targets drive after treatment system technologies
to support improved fuel consumption Lightweight structures Energy recovery from exhaust heat
CO2
NOx
Implementation of Real Driving Emissions (RDE) test cycle as main driver
for increased efficiency needs for after treatment systems
Ultra high efficient SCR systems Exhaust gas recirculation systems (EGR)
Prod
ucts
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
16Investor day • November 25, 2013 16Investor day •
November 25, 2013
2015 20202013 2017
(1)
Selective Catalytic Reduction BlueBox
& variants (2)
Gasoline Particulate Filter (3)
Ammonia Storage and Delivery System
Product & Technology roadmap
Acoustic PerformanceEDST (4) Noise dampersActuated
valve Gen1B
Technology roadmap is addressing future emissions legislation requirements
(4)
Exhaust Dynamic Sound Technologies(5)
Exhaust Heat Recovery Manifold (6)
Exhaust Heat Recovery System
Emissions reductionSCR(1)
BlueBox ASDS (3) GPF (2)SCR(1)
Gen
I
Weight reduction Brazed
hot endLW cold endBrazed
cold end
Prod
ucts
Energy recoveryEHRM (5) Compact EHRS (6) Rankine
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
17Investor day • November 25, 2013 17Investor day •
November 25, 2013
Sensors
EGR valve
Adblue
storage
/dispensing
/dosing
system
PumpExpander
CondenserElectronic &
Sensors
TEG modules
Rankine sys. TEG sys.
Valve actuator
EDST Hardware,Software and
Algorithm
Valve
NEWValue
€400 to
€800
Emissions control Energy
recovery Advanced acoustics
COREValue
€150 to
€200
Pipe, Muffler, ValveManifold,Maniverter
Exhaust
HeatRecovery
SystemDOC, DPF, LP-EGR,
SCR, Urea, Ammonia Flex
From mechanic to electromechanic, electronics and software
~85€
~300€
~200€
~300€~50€
~300€~335€~35€ ~30€
New technologies enable
value increase in product
portfolio
€1bn salesfor FECTin 2020
Sales
growth
for FECT in line with
market
Prod
ucts
Prop
erty
of Fa
urec
ia -D
uplic
ation
proh
ibite
d
18Investor day • November 25, 2013
Steady
growth
driven
by regulation
and technology and improving
profitability
Current Situation
Market & technology leadership position engineered
Favorable
environment forward
Current operating margin around 3% of total sales and around 5% of product sales
Strategic levers
Operational improvement plan launched in Europe, benchmark operations in North America
Commercial vehicle growth
Asian growth
Value up through technologies
2016 vision
Above 5% CAGR leading to total sales above €7.4bn
Operating margin above 4% of total sales and 7% of product sales
ROCE around 25%