ALEXANDER GEIS (CEO)
ALF HOSPES (VP GROUP TREASURY)
Financial results H1 2020
13 AUGUST 2020
AGENDA
Welcome
- Performance H1 2020 - Resilient business model pays off
- Outlook
Financial Results H1 2020 < 2 >
Today's speakers - Welcome to our H1 2020 Financial Results Conference
Alexander Geis
Chairman of the Management Board (CEO)
- CEO of the SAF-HOLLAND Group since February 26, 2019 and member of the Group Management Board since July 2011
- With SAF-HOLLAND since 1995 and most recently President of the EMEA region and Chief Procurement Officer
- Previously member of the Management Board and responsible for the Business Unit Aftermarket and for the strategic and operative alignment of the global spare parts business
- MBA-degreeof University of Maryland, USA
Alf Hospes
VP Group Treasury
- With the company since 2007 and most recently Director Finance of the SAF-HOLLAND GmbH and VP Treasury and Accounting of the SAF- HOLLAND Group
- Responsible for Finance and Controlling at SAF- HOLLAND GmbH and Group Treasury
- Previously several other positions as Chief Accountant
Financial Results H1 2020 < 3 >
1 Performance H1 2020 - Resilient business model pays off
Financial Results H1 2020 < 4 >
Summary: Adjusted EBIT margin at the upper end of the guidance range
Adj. EBIT
Sales | margin |
€ 476 MN | |
5.0% | |
Operating free | Capex ratio | |
cash flow | ||
2.5% | ||
€ 11.2 MN | ||
P• Despite COVID-19 adj. EBIT margin in Q2 at 2.7 per cent
P• Aftermarket business safeguards profitability
P• Comprehensive cost-cutting program continued
P• Disciplined investment policy
P• Solid financial profile
- Next stage in operational excellence
- Execute SG&A savings programs
- Further accelerate efforts on inventory & receivables management and free cash flow generation
- Sustainably improve quality of earnings
Financial Results H1 2020 < 5 >
Truck and trailer production H1 2020 - COVID-19 strongly impacts already weakening markets
WESTERN & | NORTH | CHINA | SOUTH | INDIA | ||||
EASTERN EUROPE | AMERICA | AMERICA | ||||||
Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer |
-45% to -50% | -35% to -40% | -50% | -40% | -25% | -30% | -20% | -15% | -45% | -45% |
NOTE: Market figures for trucks and trailers based on ACT, FTR and local sources
Financial Results H1 2020 < 6 >
Group - Positive adj. EBIT margin in Q2 despite very challenging market environment
SALES (€ MN)
695 |
476 |
YTD |
SALES BY QUARTER (€ MN) | 2019 | ||
2020 | |||
346 | 283 | 349 | 313 | 276 | ||||||
193 | ||||||||||
Q1 | Q2 | Q3 | Q4 |
• | Sales in H1 2020 influenced by market downturn | |
and COVID-19 | ||
• | Acquisition effects (+0.2 per cent | |
respectively € +1.6 mn) | ||
• | FX effects (-0.1 per cent respectively | |
€ -0.8 mn) | ||
• | Organic effects (-31.6 per cent respectively | |
€ -219.9 mn) | ||
• | Adj. EBIT margin in H1 2020 affected by | |
• | Almost stable gross profit margin due to significantly | |
higher share of high-margin aftermarket business | ||
• | Fixed-cost progression effect (-) | |
• | Inventory write-downs (€ 5.6 mn) in the EMEA and |
ADJ. EBIT MARGIN | ADJ. EBIT MARGIN BY QUARTER | |
7.2% | 7.2% | 7.2% | ||
6.5% | ||||
5.0% | 5.4% | 4.7% | ||
2.7% | ||||
YTD | Q1 | Q2 | Q3 | Q4 |
Americas regions (-) | ||
• | SG&A cost savings (+) | |
• | Restructuring expenses (€ 9.4 mn) | |
• | Severance payments (€ 2.7 mn) | |
• | Corpco wind-down (€ 2.2 mn) | |
• | Closure of subsidiaries (€ 1.8 mn) | |
• | Project FORWARD 2.0 (1.4 mn) | |
• | Change of legal form (€ 1.1 mn) | |
• | Nogoodwill impairments |
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts.
Financial Results H1 2020 < 7 >
EMEA - Robust adj. EBIT margin even in Q2
SALES (€ MN) | SALES BY QUARTER (€ MN) | |
2019 2020
- Sales in H1 2020 influenced by market downturn and COVID-19
- Acquisition effects (+0.4 per cent respectively € +1.6 mn)
348 | • | FX effects (-0.5 per cent | ||||||
268 | respectively € -1.9 mn) | |||||||
• | Organic effects (-22.9 per cent | |||||||
176 | 157 | 172 | 144 | respectively € -79.8 mn) | ||||
134 | ||||||||
111 | ||||||||
• | Adj. EBIT margin in H1 2020 affected by | |||||||
• | Improved gross profit margin (+) | |||||||
YTD | Q1 | Q2 | Q3 | Q4 | • | Aftermarket business (+) | ||
• | OE business (-) | |||||||
ADJ. EBIT MARGIN | ADJ. EBIT MARGIN BY QUARTER | |
- Fixed-costprogression effect (-)
- Inventory write-downs (€ 2.5 mn) as COVID-19 led to lower turnover rates (-)
• | SG&A cost savings (+) | ||||||
9.7% | 9.7% | 9.4% | 9.8% | 8.9% | 10.0% | ||
8.0% | • | ||||||
Restructuring expenses (€ 2.2 mn) | |||||||
6.0% | |||||||
Mainly severance payments and costs related to | |||||||
the change of the legal form and transfer of the | |||||||
registered office to Germany (S.A. SE) | |||||||
YTD | Q1 | Q2 | Q3 | Q4 |
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts.
Financial Results H1 2020 < 8 >
Americas - Slightly positive adj. EBIT margin in Q2 despite massive sales decline
SALES (€ MN)
273 |
174 |
YTD |
SALES BY QUARTER (€ MN) | 2019 | ||
2020 | |||
131 | 141 | 144 | 118 | |||||||
105 | ||||||||||
69 | ||||||||||
Q1 | Q2 | Q3 | Q4 |
• | Sales in H1 2020 massively influenced by | ||
market downturn and COVID-19 | |||
• | FX effects (+0.7 per cent respectively | ||
€ +1.8 mn) | |||
• | Organic effects (-36.8 per cent | ||
respectively € -100.3 mn) | |||
• | Adj. EBIT margin in H1 2020 affected by | ||
• | Lower gross profit margin (-) | ||
• | Aftermarket business (+) | ||
• | OE business (-) | ||
• | Fixed-cost progression effect (-) | ||
• | Inventory write downs (€ 3.3 mn) due to |
ADJ. EBIT MARGIN | ADJ. EBIT MARGIN BY QUARTER | |
8.1% | ||||
6.7% | ||||
5.2% | 5.4% | |||
3.9% | ||||
2.6% | 2.7% | |||
0.6% | ||||
YTD | Q1 | Q2 | Q3 | Q4 |
streamlining of the product portfolio and | ||
lower turnover rates due to COVID-19(-) | ||
• | SG&A cost savings (+) | |
• | Adj. EBIT margin in H1 2019 affected by | |
• | Contractually agreed passing on of the | |
2018 steel price increases (+) | ||
• | Restructuring expenses (€ 2.6 mn) |
Mainly severance payments and costs related to Program FORWARD 2.0
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts.
Financial Results H1 2020 < 9 >
APAC - Lockdown weighs on sales and profitability in Q2
SALES (€ MN) | SALES BY QUARTER (€ MN) | 2019 | |
2020
75 | ||||
39 | 36 | |||
34 | ||||
25 | 23 | |||
21 | ||||
13 | ||||
YTD | Q1 | Q2 | Q3 | Q4 |
ADJ. EBIT MARGIN | ADJ. EBIT MARGIN BY QUARTER | |
2.4% | ||||||||||||||||
-2.9% | -2.4% | |||||||||||||||
-6.9% | ||||||||||||||||
-8.5% | ||||||||||||||||
-14.0% | ||||||||||||||||
-14.7% | ||||||||||||||||
YTD | -15.5% | |||||||||||||||
Q1 | Q2 | Q3 | Q4 |
- Sales in H1 2020 massively influenced by market downturn and COVID-19
- FX effects (-1.0 per cent respectively
- -0.8mn)
- Organic effects (-53.3 per cent respectively
- -39.9mn) due to the several weeks lockdown of the Indian and Singapore entities, the ceased export business as a result of the trade dispute between China and the USA and the delayed ramp-up of the new Chinese facility in Yangzhou
- Adj. EBIT margin in H1 2020 affected by
- Significantly lower gross profit margin (-)
- Aftermarket business (+)
- OE business (-)
- Special sale of old stock (-)
- Volume effect still missing (-)
- SG&A cost savings (+)
- Restructuring expenses (€ 4.6 mn)
Mainly costs related to Corpco wind-down and closure of subsidiaries
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts.
Financial Results H1 2020 < 10 >
Investments and D&A - Disciplined investment policy is paying off
INVESTMENTS (IN % OF SALES) INVESTMENTS BY QUARTER (IN % OF SALES) | 2019 | ||||
5.9% | 2020 | ||||
4.2% | 4.0% | |||
3.5% | ||||
2.5% | 2.4% | 2.8% | 2.6% | |
YTD | Q1 | Q2 | Q3 | Q4 |
D&A (IN % OF SALES) | D&A BY QUARTER (IN % OF SALES) | |
4.7% | ||||
3.8% | 3.2% | 3.9% | ||
2.3% | 2.1% | 2.6% | 2.4% | |
YTD | Q1 | Q2 | Q3 | Q4 |
- Investments in plant, property, equipment and intangible assets reached 2.5 per cent of Group sales (New FY 2020 guidance: around 2.5 per cent of Group sales)
- Operating cash flow (4.7 cent of Group sales) covers investments by far
- Focus of investments: Rationalisation investments in the US and Germany
- Close monitoring of the investment approval process to streamline capital allocation
- Depreciation and Amortization ratio (excl. PPA, impairment of goodwill and R&D projects) increased due to higher investments in recent years and lower sales
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts.
Financial Results H1 2020 < 11 >
Net working capital - Cash-is-King program on track
NET WORKING CAPITAL (€ MN) | NET WORKING CAPITAL (IN % OF SALES)* |
300 | 20% | • | ||||||||||
18.9% | 19.2% | |||||||||||
250 | ||||||||||||
18% | ||||||||||||
200 | 16.1% | 16.4% | 16.5% | |||||||||
15.9% | 15.9% | |||||||||||
16% | ||||||||||||
150 | ||||||||||||
14.5% | • | |||||||||||
14% | ||||||||||||
100 | 14.3% | |||||||||||
13.0% | ||||||||||||
184 | 225 | 241 | 189 | 214 | 215 | 217 | 184 | 159 | 176 | 12% | • | |
50 | ||||||||||||
0 | 10% | |||||||||||
Q1 18 | Q2 18 | Q3 18 | Q4 18 | Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 | Q2 20 |
Net working capital (NWC) 18.3 per cent
or € 39.3 mn below previous year's figure
- Inventories 21.2 per cent below prior year's level with a decrease in sales of 31.5 per cent
- Trade receivables down 39.7 per cent on substantially improved cash collection
- Trade payables down 46.3 per cent or € 69.9 mn compared to previous year's figure
NWC ratio increased from 15.9 per cent to 16.5 per cent due to market and corona related sales decline (LTM) of 21.4 per cent
Start of Cash-is-King program in April; already significant improvement in cash collection, further reduction of inventories in the remainder of the year
- Net working capital ratio (ratio of inventories and trade receivables less trade payables to LTM sales); Ratios for Q1 2018 to Q4 2019 retrospectively adjusted according to the new definition
Financial Results H1 2020 < 12 >
Operating free cash flow - H1 positive
OPERATING FREE CASH FLOW (€ MN)*
• | Operating free cash flow at € 11.2 mn | |||||||||||||||||||
58.1 | (H1 2019: € 4.8 mn) | |||||||||||||||||||
• | Operating cash flow at € 22.5 mn | |||||||||||||||||||
(H1 2019: € 27.6 mn) | ||||||||||||||||||||
30.5 | • | Net investing cash flow at € -11.4 mn | ||||||||||||||||||
25.7 | (PP&E and intangible assets) | |||||||||||||||||||
10.5 | • | (H1 2019: € -22.8 mn) | ||||||||||||||||||
7.5 | Factoring volume at € 26.9 mn | |||||||||||||||||||
(H1 2019: € 39.3 mn) | ||||||||||||||||||||
-5.7 | ||||||||||||||||||||
-11.0 | ||||||||||||||||||||
-14.5 | ||||||||||||||||||||
-16.4 | ||||||||||||||||||||
-29.4 | ||||||||||||||||||||
Q1 18 | Q2 18 | Q3 18 | Q4 18 | Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 | Q2 20 |
- Operating Free Cash Flow = Net cash flow from operating activities less Net cash flow from investing activities (purchase of PP&E and intangible assets less proceeds from sales of PP&E); Operating free cash flow for Q1 2018 to Q4 2019 retrospectively adjusted according to the new definition
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts. | Financial Results H1 2020 < 13 > |
Net debt | Equity ratio - Solid financial profile
NET DEBT INCL. FINANCE LEASE LIABILITIES (€ MN) | EQUITY RATIO | |
Σ 251.7 | Σ 278.9 |
488.2 | |
382.8 | |
-131.2 | -209.4 |
Dec 31, 2019 | Jun 30, 2020 |
Cash | Debt |
32.5% | 30.5% |
€ 318 MN | € 310 MN | |||
Dec 31, 2019 | Jun 30, 2020 |
- Gross liquidity of € 412.0 mn (cash and cash equivalents € 209.4 mn, undrawn credit lines € 202.6 mn) as of Jun 30, 2020 vs. gross liquidity of € 242.7 mn (cash and cash equivalents € 131.2 mn, undrawn credit lines € 111.5 mn) as of Dec 31, 2019
- Cash and debt position temporarily influenced by cash inflow from promissory note (March 2020)
-
Cash inflow will be used to refinance the convertible bond that falls due on 12 September 2020 (volume: € 94.8 mn) and the 5-year tranches of
the promissory note issued in November 2015 that falls due on 27 November 2020 (volume: € 52.0 mn). - Equity ratio temporarily influenced by balance sheet extension due to refinancing
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts. | Financial Results H1 2020 < 14 > |
2 Outlook
Financial Results H1 2020 < 15 >
2020 Outlook truck and trailer production - Global downturn expected
WESTERN & | NORTH | CHINA | SOUTH | INDIA | |||||||||||||||||||
EASTERN EUROPE | AMERICA | AMERICA | |||||||||||||||||||||
Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | Truck | Trailer | ||||||||||||||
New* | -35% to | -20% | New* | -40% to | -40% to | New* | -20% | -25% | New* | -35% | -15% | New* | -40% | -40% | |||||||||
-40% | -50% | -50% | |||||||||||||||||||||
Old** | -35% to | -20% | Old** | -40% to | -40% to | Old** | -30% | -40% | Old** | -30% | -35% | Old** | -25% | -30% | |||||||||
-40% | -50% | -50% | |||||||||||||||||||||
2020E:
- Lower volumes in Europe, China and South America
- Significant declines in North America and India
NOTE: Market estimates for trucks and trailers based on ACT, FTR and local sources * As of August 2020, ** As of May 2020
Financial Results H1 2020 < 16 >
Financial guidance 2020
FY 2019 | FY 2020* | |
Sales | € 1,284 mn | Decline by 20 to 30 per cent |
Adj. EBIT margin | 6.2 per cent | Between 3 and 5 per cent |
Around 2.5 per cent of sales
CAPEX4.1 per cent of sales(previously around 3 per cent of sales)
- The forecast takes into account the foreseeable adverse effects on our business due to the coronavirus at the time of preparation (August 13, 2020). However, the economic effects on SAF-HOLLAND cannot currently be adequately determined or reliably quantified in full.
The forecast is therefore subject to a high degree of uncertainty.
Financial Results H1 2020 < 17 >
Your key takeaways
- Consistent aftermarket business safeguards profitability
- SG&A savings programs will be continued
- Cash-is-Kingprogram on track
- Solid financial profile
- Operational excellence as key driver
Financial Results H1 2020 < 18 >
Financial calendar & IR contact
DATEEVENT
09.09.2020 Hauck & Aufhäuser Virtual Roadshow
Investor Relations Contact
Michael Schickling
21.09.2020
Berenberg / Goldman Sachs
Virtual German Corporate Conference
- +49 (0) 6095 301 617
- ir@safholland.de
14.10.2020 Jefferies European Mid-Cap Industrial Forum
10.11.2020 CIC Market Solutions Forum
18.11.2020 Quarterly Statement Q1-Q3 2020
25.11.2020 SAF-HOLLAND Virtual Investor & Analyst Day
Alexander Pöschl
- +49 (0) 6095 301 117
- ir@safholland.de
Klaus Breitenbach
- + 49 (0) 6095 301 565
- ir@safholland.de
Financial Results H1 2020 < 19 >
»WE ARE HAPPY TO ANSWER
YOUR QUESTIONS.«
Financial Results H1 2020 < 20 >
Appendix
Financial Results H1 2020 < 21 >
P&L H1 2020 - Organisational and personnel adaption measures consistently executed
Total | Q1-Q2/2020 | in % | Total | Q1-Q2/2019 | in % | |||||||||||||
TEUR | Q1-Q2/2020 | Adjustments | adjusted* | of sales | Q1-Q2/2019 | Adjustments | adjusted* | of sales | ||||||||||
Sales | 476,253 | - | 476,253 | 100.0% | 695,466 | - | 695,466 | 100.0% | ||||||||||
Cost of sales | -398,550 | 6,524 | -392,026 | -82.3% | -576,741 | 4,887 | -571,854 | -82.2% | ||||||||||
Gross profit | 77,703 | 6,524 | 84,227 | 17.7% | 118,725 | 4,887 | 123,612 | 17.8% | ||||||||||
Other income | 803 | -18 | 785 | 0.2% | 715 | - | 715 | 0.1% | ||||||||||
Other expenses | - | - | - | 0.0% | - | - | - | 0.0% | ||||||||||
Impairment of goodwill | - | - | - | 0.0% | - | - | - | 0.0% | ||||||||||
Selling expenses | -28,758 | 4,040 | -24,718 | -5.1% | -36,787 | 3,684 | -33,103 | -4.8% | ||||||||||
Administrative expenses | -32,914 | 3,501 | -29,413 | -6.2% | -36,132 | 4,456 | -31,676 | -4.6% | ||||||||||
Research and development costs | -8,157 | 177 | -7,980 | -1.7% | -10,728 | 172 | -10,556 | -1.5% | ||||||||||
Operating profit | 8,677 | 14,224 | 22,901 | 4.8% | 35,793 | 13,199 | 48,992 | 7.0% | ||||||||||
Share of net profit of investments | ||||||||||||||||||
accounted for using the equity | 754 | - | 754 | 0.2% | 951 | - | 951 | 0.1% | ||||||||||
method | ||||||||||||||||||
EBIT | 9,431 | 14,224 | 23,655 | 5.0% | 36,744 | 13,199 | 49,943 | 7.2% | ||||||||||
Depreciation & Amortization | 22,996 | -4,856 | 18,140 | 3.8% | 20,862 | -4,695 | 16,167 | 2.3% | ||||||||||
EBITDA | 32,427 | 9,368 | 41,795 | 8.8% | 57,606 | 8,504 | 66,110 | 9.5% | ||||||||||
Finance income | 1,214 | - | 1,214 | 0.3% | 701 | - | 701 | 0.1% | ||||||||||
Finance expenses | -7,327 | - | -7,327 | -1.5% | -5,826 | - | -5,826 | -0.8% | ||||||||||
Finance result | -6,113 | - | -6,113 | -1.3% | -5,125 | - | -5,125 | -0.7% | ||||||||||
Result before taxes | 3,318 | 14,224 | 17,542 | 3.7% | 31,619 | 13,199 | 44,818 | 6.4% | ||||||||||
Income taxes | -1,640 | -3,221 | -4,861 | -1.0% | -10,851 | -936 | -11,787 | -1.7% | ||||||||||
Tax rate (%) | 49.4% | 27.7% | 34.3% | 26.3% | ||||||||||||||
Result for the period | 1,678 | 11,003 | 12,681 | 2.7% | 20,768 | 12,263 | 33,030 | 4.7% |
- Adjusted earnings correspond to the management perspective. The adjustments essentially include restructuring and transactions costs, write-off of goodwill, depreciation and amortization arising from purchase price allocations, expenses arising from the step-up of inventories arising from purchase price allocations and remeasurement effects related to call and put options.
Financial Results H1 2020 < 22 >
Adj. EBITDA margin
Group
ADJ. EBITDA MARGIN
9.5% | 8.8% |
YTD |
ADJ. EBITDA MARGIN BY QUARTER
2019 | |||||||||||||
9.2% | 9.7% | 9.8% | 2020 | ||||||||||
8.6% | |||||||||||||
7.8% | |||||||||||||
7.4% | |||||||||||||
Q1 | Q2 | Q3 | Q4 |
EMEA
ADJ. EBITDA MARGIN | ADJ. EBITDA MARGIN BY QUARTER | |
14.3% | 2019 | ||||||
11.7% | 11.3% | 11.5% | 12.3% | 11.9% | 12.0% | 2020 | |
10.0% | |||||||
YTD | Q1 | Q2 | Q3 | Q4 |
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts. | Financial Results H1 2020 < 23 > |
Adj. EBITDA margin
Americas
ADJ. EBITDA MARGIN | ADJ. EBITDA MARGIN BY QUARTER | |
2019 | ||||
10.2% | 2020 | |||
8.8% | ||||
8.0% | ||||
7.0% | 7.3% | 7.6% | ||
6.1% | 5.8% | |||
YTD | Q1 | Q2 | Q3 | Q4 |
APAC
ADJ. EBITDA MARGIN | ADJ. EBITDA MARGIN BY QUARTER | |||||||||||||||||||||||
2019 | ||||||||||||||||||||||||
1.7% | 5.1% | |||||||||||||||||||||||
2020 | ||||||||||||||||||||||||
0.9% | ||||||||||||||||||||||||
-2.3% | -1.8% | |||||||||||||||||||||||
-7.5% | ||||||||||||||||||||||||
-10.5% | ||||||||||||||||||||||||
YTD | -18.0% | |||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||
NOTE: All figures shown are rounded, minor discrepancies may arise from additions of these amounts. | Financial Results H1 2020 < 24 > |
Current financing structure
MATURITY PROFILE (€ MN)
Amount | Maturity | ||||
Product | € mn | date | |||
Convertible bond | 94.8 | 09/2020 | |||
Promissory note loan old (5 years) | 52.0 | 11/2020 | |||
100** | Promissory note loan old (7 years) | 5.0 | 11/2022 | ||
Promissory note loan new (3 years) | 141.0 | 03/2023 | |||
Promissory note loan new (3.5 years) | 20.0 | 11/2023 | |||
Promissory note loan new (5 years) | 69 | 03/2025 | |||
Promissory note loan old (10 years) | 9 | 10/2025 | |||
Revolving credit facility | 200.0 | 10/2025 | |||
Non-current loan | 50.0 | 06/2026 | |||
Promissory note loan new (7 years) | 15 | 03/2027 | |||
20 | Promissory note loan new (10 years) | 5 | 03/2030 | ||
52 | 200* | ||||
9 | |||||
141 | |||||
94.8 | 69 | ||||
50 | |||||
15 | |||||
5 | 5 |
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
• RCF mostly undrawn
Financial Results H1 2020 < 25 >
** option for an additional € 100 mn
Disclaimer
Not for general release, publication or distribution in the United States, Australia, Canada or Japan.
By attending this presentation you agree to be bound by the following limitations:
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Financial Results H1 2020 < 26 >
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SAF-Holland SE published this content on 13 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2020 09:22:20 UTC