investors' day 2014 the schaffner group · 2015-09-23 · • economic rebalancing puts...

©Schaffner Group 20141

Investors' Day 2014 The Schaffner Group


The Schaffner Group

Schaffner Group key facts

• Global leader in solutions for filtering electrical power• Founded 1962, headquarter in Luterbach (Switzerland)• Listed at SIX since 1998 (Ticker: SAHN), market capitalization CHF 190 million (as of May 6, 2014)

• FY 12/13* Net sales CHF 195 m (+10.1%), EBIT margin 4.8%, Net profit CHF 6.3 m (+61%)

• FY 13/14* Guidance: 10‐15% net sales growth, aim for 7% EBIT margin

2

*) Financial year per 30 September

Largest shareholders 5 year share price performance (Benchmark: SPIX)


The Schaffner Group

Energy efficiency Renewable energy Transportation

Long‐term structural growth of end market “Power Electronics”

Variable speed motor drives allow for 30% to 70% energy savings, depending on application

3

Wind and photovoltaic power are established in the electricity generation mix

Trend to urbanization and higher population density supports rail transport and electric cars


The Schaffner Group

Unique strategic position in the power electronics market• Deepest technological and application know‐how to eliminate electrical distortions, thus enhancing efficiency and reliability of electrical and electronic equipment

• Schaffner is a preferred partner of the leading power electronics OEM:

The most complete portfolio of filtering solutions

Most global amongst all competitors

• Leading in niche markets: No. 1 in EMC, No. 3 in Power Magnetics, No. 1 or 2 in Automotive

• Automotive: EMC technology for EV/PHEV, plus operational synergies at PRU THA

4

EMC POWER QUALITY*

POWER MAGNETICS

Automotive


The Schaffner Group

The most complete package of filter solutions for power electronics

5

EMC‐filter

Active Harmonic filter

Passive Harmonic filter

Line reactor

EMC choke Sinewave filterSwitching frequency filter

Filter inductor

dV/dt filter Load

Grid

3 ~

AHFFilter InductorAHFEMC filter

AHFEMC chokeMultipulse TXMultipulse TX AHFSinewave filter

AHFAHF

Multipulse transformer

Power electronics

Load reactor

Device solutionsLine‐side solutions Load‐side solutions

Load

Test & measurement services


The Schaffner Group

Schaffner has followed the trend of power electronics towards newapplications with higher power levels

6

Distribution: Medium voltage

Micro‐Grid: Low voltage

Facility

Grid

Device

High power converter

Medium power converter

Power level

Product introduction1970 1980 1990 2000 2010

Electronic power supply


The Schaffner Group

While defending leadership in mature markets, new applications provideopportunities for above‐market growth

7

Distribution: Medium voltage

Micro‐Grid: Low voltage

Facility

Grid

Device

High power converter

Medium power converter

Power level

Product introduction1970 1980 1990 2000 2010

Electronic power supply


The Schaffner Group

Buy and build: We are a new power magnetics leader

175

74 73 64 60

300

50

100

150

200

Comp. A Comp. B Schaffner Comp. C Comp. D Comp. E

Competing sales of market leaders 1

8

World market in 2013

Estimated market size: CHF 2 bn

• Power Magnetics FY 2005/06 to FY 2012/13 net sales CAGR of 17.1%

• Power Magnetics division achieved EBITDA margin of 8.5% (FY12/13)

• Clear niche market focus, being truly global and synergies with EMC division are the foundation for further development

CHFm

1 Schaffner analysis of largest competitors, based on published 2012, 2013 financials and market intelligence• Schaffner revenues are pro forma trailing 12 months plus Trenco standalone sales

AB

CDE

Schaffner

Others

• There are another approx. 15 competitors worldwide with annual competing sales of CHF 25m to CHF 40m Sales of competitor E were revised downwards as only one division competes with Schaffner


The Schaffner Group

After succeeding in APAC, more focus on growth in North America

• APAC expansion strategy has been a success

• 2015 strategy objective (40:40:20) is almost achieved

• Opportunistic approach to BRICS countries except China: «pay‐as‐you‐grow»

45%

35%

20%

Europe

Asia‐Pacific

Americas

H1 2013/14 (pro forma incl. Trenco)

9

47%

37%

16%

H1 2013/14 (reported)

75%

18%

7%

FY 2007/08


The Schaffner Group

Rationale of accelerating expansion in North America

• Low cost of energy inside US combined with increasing transportation cost and inflation in China make „reshoring“ commercially attractive

• infrastructure expansion and modernization

• Positive environment for renewable energy: space, climate, demand economics

• Continued investments into oil & gas exploration

• Energy efficiency mandates on state and federal level

• Other NAFTA economies also growing faster than EU

• Opportunities in South America exist but will be addressed step by step

10


The Schaffner Group

Quo vadis China?

• Continued infrastructure investment driven by central government

• Localization of high‐tech industries

• Automation and rationalization of factories to stave off competition from low‐cost countries

• Growing consumer goods market

Negative forces:

• Overcapacity in many manufacturing sectors

• Economic rebalancing puts pressure on profits: From corporate profits to personal income and social welfare

• Risk of credit crunch for private companies

• Corruption

11


The Schaffner Group

Schaffner continues to deliver growth

12

50

75

100

125

150

175

200

225

FY05/06

FY06/07

FY07/08

FY08/09

FY09/10

FY10/11

FY11/12

FY12/13

FY13/14

FY 2012/13 FX Reported

Group Net SalesCHFm• 8% CAGR of Net Sales at constant exchange rates over two economic cycles (Components FY 2005/06 to FY 2012/13;

reported Net Sales CAGR: 5%)

• Growth driven by regional expansion, innovation, and M&A

• Schaffner´s global structure and lean operations support annual revenues in excess of CHF 300 million


Investors’ Day 2014EMC – Continue the journey of profitable growth

13


The Schaffner Group

Why can EMC realize growth? Because EMC is a way to enable energy efficiency!

14


The Schaffner Group

Why can EMC realize growth? Because EMC is a way to enable reliability!

• Electro Magnetic Compatibility (EMC) deals with the unintentional generation, propagation and reception of electromagnetic energy

• EMC filters ensure that equipment items will not interfere each other's correct operation

• EMC filters eliminate electrical noise to ensure safe operation of electronic equipment and to fulfill regulations on EMC

• Without proper EMC filtering electrical devices may malfunction, fail prematurely or not operate at all

15

Power gridMachine tool

Powerline with noise

InterferenceEMC filter

Powerline w/o noise


The Schaffner Group

Realising growth in established markets (1/2)

Motor drives

• Electronic motor controls reduce industrial electricity consumption by around 30%

• 70% of all motors worldwide are not equipped with motor controls

• Total market CHFm 105

• Market growth 9%/a

• Schaffner market share 20%

16

Machine tool

• Controlling efficient and reliable operations





The Schaffner Group

Realising growth in established markets (2/2)

Electronic devices/power supply

• Growth by e.g. mobile and medical & health applications




17

Photovoltaik

• Growth drivers new installations & technical developments

• Market shift from Europe to Asia (esp. China, Japan) and USA





The Schaffner Group

Realizing growth in developing markets (1/2)

EV quick charger

• EMI filters protect neighboring electronic devices and car electronics from interferences


• Market growth >20%/a


18

Smart grid

• Consists of power generation, transfer, distribution, storage & consumption

• Each smart grid needs different types of power electronics

• EMC filters reduce unintended impact on grid

• Market growth e.g. smart metering 15%/a


The Schaffner Group

Realizing growth in developing markets (2/2)

LED lighting

• Energy efficient LED lighting technology requires EMC and harmonics filtering

• EMC filtering by chokes, inlet and 1phase filters

• Market growth >20%/a

• New lighting dedicated products under evaluation

19

Smart home

• Market growing strongly with easy‐to‐use products

• Chokes and 1‐phase filters required

• First key customers won in the USA

• Developing new customized products


The Schaffner Group

Realizing growth with new products: Switching frequency filters

20

Harmonic filters Switching frequency filters EMC filters

Regulations existing Regulations under preparation Regulations existing

Schaffner portfolio existing Schaffner portfolio in development Schaffer portfolio existing

50 Hz 2.0 KHz 150 KHz 30 MHz

Technologies Markets

Segment Motor Drives Photovoltaic Wind

Market Potential

30.000 k€ 120.000 k€ 112.000 k€

New technologies in

‐ Product design

‐ Production processes

‐Materials


The Schaffner Group


21

EMC‐filter



Line reactor


Filter inductor

dV/dt filter Load

Grid

3 ~



AHFAHF


Power electronics

Load reactor


Load



The Schaffner Group

Improving profitability with R&D excellence

22

• R&D 8% of turnover

• 3 development center in Switzerland, Thailand and China with individual skill portfolios but global alignment of development processes and structures

• 3 standard product innovations per year plus multiple customized projects with improved margins of 5%‐20%

• Production cost reductions in certain cases up to 20%‐30% by design optimization (platform approach, modularity, standardization)

• Focus on design‐to‐cost/value add/breakthrough designs


The Schaffner Group

Improving profitability with Operational excellence

23

• 3 highly competitive production sites with different skill portfolios in Hungary, Thailand and China

• Production transfers use global production network

• Production costs reduction by CHFm 2.5 in 2012/13, target CHFm 2.0 for 2013/14

• Continuous reduction of average unit costs

• Expansion of lean manufacturing and automation

• New quality initiatives to reduce costs‐of‐non‐quality and to increase customer satisfaction

• Dual source strategy for key materials is paying off in terms of supply reliability and purchasing power


The Schaffner Group

Improving profitability with Sales excellence

24

• Price increases 2014 implemented

• Market introduction of standard products with better margin ongoing

• In Europe new customers and projects won with high margin customized products

• In USA #1 position at key US distributors extended

• In Asia market specific products (e.g. China, Japan) under development

• Stronger focus of sales activities on higher margin customers

• New growth markets defined

• Sales excellence initiative started


The Schaffner Group

Conclusions

Schaffner EMC is pursuing profitable growth by…

• …gaining market share in existing markets

• …participating in the growth of new markets

• …exploiting an innovative and growing product portfolio

• …continuously improving cost structures and organization processes

25


Investors' Day 2014 Power Quality – Opportunities wherever power electronics are involved


The Schaffner Group

Active Power Quality filter – Noise cancelling for the grid

27

Grid = “Silence“

Compensation currentcreated by the filter

Harmonics created by load

CT

Exemplification: Noise cancelling headphones Schaffner solution:Noise cancelling for the grid


The Schaffner Group


28

EMC‐filter



Line reactor


Filter inductor

dV/dt filter Load

Grid

3 ~



AHFAHF


Power electronics

Load reactor


Load



The Schaffner Group

New products (1/2) Launch: November 2013

Simplicity

• New open panel filter concept for high power motor drives

• Minimized and cost effective filter design with few essential building blocks

29

Flexibility

• Free choice of cabinet type, size and style

• Customer supplied cooling

• Allows optimized harmonization and integration with other system components


The Schaffner Group

New products (2/2) Launch: June 2014

• 100/120A active harmonic filter for marine applications

• First product in the portfolio with German Lloyd certificate

• Ongoing project for major tugboat manufacturer in Japan

30


The Schaffner Group

Core markets

31

Water Treatment

Oil & Gas

HVAC

Factory Automation Building Technology


The Schaffner Group

Opportunities wherever power electronics are involved

Bordeaux Metro power substations (17x 200A/690V)

32


The Schaffner Group

A global market set for long term growth

33

Source: Frost & Sullivan, W

orld Harmonic Filter M

arket (2013)

Low voltage segment stage Growth

Segment revenue (2012) USDm 410

Segment forecast (2019) USDm 659

CAGR 2012 to 2019 7.0%

Degree of competition (1 to 10, low to high) 7

Degree of technical change (1 to 10, low to high) 4

Key market drivers ‐ Increased use of power electronics‐ Greater Power Quality awareness‐ International standards‐ Enforcement of grid codes

Key market restraints ‐ Price sensitivity (buy price vs. total cost of ownership dilemma)

‐ Lack of understanding


The Schaffner Group

New Power Quality business unit

“Supporting customers with state‐of‐the art products and services for harmonics mitigation and related Power Quality challenges.”

• Established 1 April 2014

• Dedicated group within the EMC division

• Focused organization with experienced specialists in engineering, service, product management

• Accelerated progress in after‐sales service

• Close cooperation with engineering partners from industry and universities

34


The Schaffner Group

Organization of Power Quality business unit

35

Head of business unit Power Quality

Global sales/FAE

Pre‐salesProj. engineeringChannelsDirect sales

Product management

Active filtersPassive filters

Services

After‐salesService centersService mgmt.

Project manager supply chain

Coordination ManufacturingSourcingOutsourcing

R&D

Active filtersPassive filtersPartnerships


The Schaffner Group

Partner network

• Schaffner believes in the value of partnering

• The Power Quality business unit closely collaborates with a growing network of qualified and authorized sales and service partners, offering:

Pre‐sales and application engineeringProduct salesProduct commissioning and training

Trouble shooting Inspection and preventive maintenance

36


The Schaffner Group

Tools for professionals: The new Power Quality Simulator (PQS)

37


The Schaffner Group

Summary

• Leading product portfolio serving a growing number of markets and applications

• Dedicated business unit organization support growth ambitions

• Pre‐ and after‐sales service allow for differentiation and customer intimacy

38


Investors’ Day 2014Power Magnetics ‐ Strife towards market leadership

39


The Schaffner Group

Transformers with harmonics mitigation

• Motor drive applications

Schaffner´s offering of Power Magnetic components

MV/LV transformers for mission critical applications

• Rail: trackside power

• Datacenters

• Oil , gas, mining

40

Filter inductors for power electronic applications

• Photovoltaic inverters

• Wind turbine converters

• Train propulsion systems

• Motor drives

Internal supply to the EMC division (not reported as sales)

• Passive harmonic filters

• Sinewave filters

• Line/load reactors


The Schaffner Group

Application synergies especially for motor drives and photovoltaic inverters

41

EMC‐filter



Line reactor


Filter inductor

dV/dt filter Load

Grid

3 ~

AHFEMC filterAHFEMC filter


AHFAHF


Power electronics

Load reactor


Load

Test and Measurement Services


The Schaffner Group

The pillars of the Power Magnetics strategy

• Apply a “build‐and‐buy” strategy for accelerated growth to market leadership

• Focus on selected niche markets

• Design and operational excellence as strategic targets

• Global in reach (sales, application engineering, production)

• Innovation (products, materials, processes), best quality, design‐to cost when required as drivers for growth and market leadership

42


The Schaffner Group

Realizing further growth in established niche markets

Traction (rolling stock & infrastructure)

• Schaffner is the leader in the rolling stock market in Europe, China, USA and in the track side‐power market in North America

• Further substantial opportunities in Europe, USA, Japan and emerging markets

• High performance & quality requirements as entry barrier

43

Renewable energy (PV & wind)

• Manifold product offering such as MV step‐down/up trans‐formers, LV transformers, inductors, LCL solutions, dv/dt filters

• Cross selling opportunities with EMC Division

• Current main markets in China, Japan, USA, RSA


The Schaffner Group

Growth in new markets ‐ cross selling opportunities with the EMC division

Motor drives

• Product designs from Schaffner Trenco facilitate market entry

• High power/high motor frequencies as a specialty

• Focus on specialized, e.g. oil & gas

• Patented 18‐pulse transformers for harmonic mitigation

44

Smart grid

• Consists of power generation, transfer, distribution, storage and consumption

• Each smart grid needs different types of power electronics

• Step‐up/down transformers, inductors & LCL solutions to eliminate unintended impact on grid and power devices


The Schaffner Group

Realizing growth & increased profitability with new products

• Direct & indirect water‐cooled and encapsulated transformers and inductors

• New innovative insulation materials allow new design concepts

• Middle‐frequency transformers & inductors for emerging power electronics concepts

• 12/18/24‐pulse transformers for harmonics mitigation

• Combined/integrated CM/DM inductors reduces size and cost of products by half

45


The Schaffner Group

Power Magnetics’ “Buy‐and‐Build” strategy

46

2006 2007 2008 2009 2010 2011 2012

2006: Acquisition ofJackeTransformatoren



2008: Production start Hungary2008: Production start Hungary2008: Production start Hungary

2007: Production start China2007: Production start China2007: Production start China

2011: Lean factoryChina2011: Lean factoryChina2011: Lean factoryChina

2013 2014

2011: Acquisition ofMTC Transformers2011: Acquisition ofMTC Transformers2011: Acquisition ofMTC Transformers

2014: Acquisition of Trenco2014: Acquisition of Trenco2014: Acquisition of Trenco


The Schaffner Group

Acquisition of US‐based Transformer Engineering LLC (Trenco)

• Purchased on 31 March 2014

• Trenco was a manufacturer of custom designed power magnetics

• Operations are located in Cleveland, Ohio, employing 70

• Trenco serves the applications of energy‐efficient drive systems, renewable energy and rail technology

47


The Schaffner Group

Benefits of the Schaffner Trenco

• Schaffner Trenco strengthens the Power Magnetics’ position in the strategic growth markets rail technology, energy‐efficient drive systems and renewable energy (wind, photovoltaics)

• Expands customer base for power magnetics in North America

• Broad engineering capabilities, product portfolio and cost leadership

• Operational benefits from increased scale

• Additional product series (e.g. patented 18‐pulse transformers for harmonic mitigation)

• Schaffner now offers the largest portfolio of power quality solutions

48


The Schaffner Group

Acquisition of Trenco: Establishing Schaffner as a new power magnetics leader

175

74 73 64 60

300

50

100

150

200

Comp. A Comp. B Schaffner Comp. C Comp. D Comp. E

Competing sales of market leaders 1

49

World market in 2013

Estimated market size: CHF 2 bn

• Power Magnetics FY 2005/06 to FY 2012/13 net sales CAGR of 17.1%

• Power Magnetics division achieved EBITDA margin of 8.5% (FY 2012/13)

• Clear niche market focus, being truly global and synergies with EMC division are the foundation for further development

CHFm

1 Schaffner analysis of largest competitors, based on published 2012, 2013 financials and market intelligence• Schaffner revenues are pro forma trailing 12 months plus Trenco standalone sales• There are another approx. 15 competitors worldwide with annual competing sales of CHF 25m to CHF 40m• Sales of competitor E were revised downwards as only one division competes with Schaffner

AB

CDE

Schaffner

Others


The Schaffner Group

Excellence in sales/global reach

• Continuous strengthening of our key account sales and application engineering structure world‐wide

• “Value” selling by offering high‐performance & innovative products to increase profit margins

• Sales excellence initiative started, trainings on cross selling opportunities

Europe Focus on existing & new key customers in traction, renewable energy & motor drives (newly addressed market)

APAC Maintain current customer base and add selectively new

key customers (risk mitigation). Enlarge our base in traction

and renewable energy in Japan

USA Leverage the Schaffner MTC, Schaffner Trenco & global product

portfolio and market coverage

50


The Schaffner Group

Excellence in product designs

• R&D spending 4.3% of net sales

• 4 design centers in Germany, USA (2) and China with individual skill portfolios, global alignment of development processes and structures

• Application services in all major markets

• Design‐to‐cost capabilities

• Excellent test laboratories to test and validate innovations & new designs

• Evaluation of new core and insulation materials as an integrated part of our design process

51


The Schaffner Group

Excellence in operations/global production network

• Highly competitive production sites with partially different skill portfolios in Germany, Hungary, USA and China; production subcontracting options in Russia & Republic of South Africa (RSA)

• Expansion of lean manufacturing

• Apply a “zero defect” attitude with ROFO spirit (Responsibility, Ownership, Focus, On‐time corrective actions)

• Standardize processes and materials used globally

• Material purchase pooling

• Enhance cooperation between production, engineering & design

• Continuous improvement & cost reduction programs actively pursued

52


The Schaffner Group

Conclusion

Schaffner Power Magnetics is pursuing profitable growth by:

• Enhancing global penetration of our current key markets (traction, renewable energy)

• Enlarge our exposure in the huge motor drive markets world‐wide with product designs and solutions from Schaffner Trenco

• Taking advantage of new market trends & requirements with high rate of product, material & process innovations

• Continuous improvement of cost structure and processes

53


Investors’ Day 2014Automotive – Building a profitable business

54


The Schaffner Group

FY 2012/13: High project costs lead to loss in Automotive division

55

• High capex for product development and improvement of engineering in conjunction with underutilized capacities contributed to a loss of CHFm 2

• The plants in Thailand and the setup in China were undergoing improvement processes to reach automotive standards

8.4 9.210.8

14.015.3 16.0

18.1

0.0

5.0

10.0

15.0

20.0

H110/11

H210/11

H111/12

H211/12

H112/13

H212/13

H113/14

‐1.8% ‐2.7% ‐3.2%

6.5%

‐6.4% ‐6.4%

3.3%

‐10.0%

‐5.0%

0.0%

5.0%

10.0%

H110/11

H210/11

H111/12

H211/12

H112/13

H212/13

H113/14

Net sales (CHFm) Profit margin (%)


The Schaffner Group

H1 2013/14: Back to black after three years of growth investments

8.4 9.210.8

14.015.3 16.0

18.1

0.0

5.0

10.0

15.0

20.0

H110/11

H210/11

H111/12

H211/12

H112/13

H212/13

H113/14

‐1.8% ‐2.7% ‐3.2%

6.5%

‐6.4% ‐6.4%

3.3%

‐10.0%

‐5.0%

0.0%

5.0%

10.0%

H110/11

H210/11

H111/12

H211/12

H112/13

H212/13

H113/14

Net sales (CHFm) Profit margin (%)

56

• Continuous black monthly results in business year since November

• Reduced OH, strict cost control and sourcing cost reduction• Plant improved to best in class standards

• Price increases successfully established


The Schaffner Group

Building a profitable business 1/2

• New customer programs are now in volume production

• PPAP of prestigious filter program with leading German OEM executed

• Customers rated plant as exceptional within the field of Asian operations

• Highly motivated teams in design and manufacturing committed to reach their targets

• Sales targets in line with Business Plan

• Automotive operating margins expected to increase further

57

LV filter module

Filter assembly


The Schaffner Group

Building a profitable business 2/2

• Standardized product lines to improve economics of scale

• Next generation products design freeze at set cost down targets

• Investment in automated ferrite winding and gluing process to further reduce cost and improve quality

• Sales presence in key markets for automotive added

• Profitability to reach best in class level for comparative automotive business in the medium term

58

Antennas & Sensors(keyless entry/go)

DC storage chokes


The Schaffner Group

Market offering and product strategy

• Continued double‐digit growth with keyless entry/go solution expected due to high end customer acceptance

• Standardized range of antenna products at significantly lower cost

• Offer filter solutions for propulsion power electronics as well as for HV and LV battery packs.

• Market growth for EV`s at a CAGR of 35 % between 2012 to 2016 (PWC) to an estimated 3.2 million vehicles WW (PHEV/HEV/BEV)

• Be supplier of choice for Tier 1 EV systems providers with a target market share of 20%

• Exploit higher margin opportunity in EV filter business

59


Investors’ Day 2014Finance – Adding value


The Schaffner Group

Schaffner’s definition of ROCE (Return on Capital Employed)

Balance sheet

61

Recievables

Inventory

Tangible assets

Intangible assets

Def. taxes and other assets

Cash

Interest free liabilities

Provisions

Loans

Def. taxes

EquityGoodwill

ROCE 1 ∗EBIT

CapitalEmployed


The Schaffner Group

Schaffner’s definition of WACC (Weighted Average Cost of Capital)

62

Market riskpremium

6 %

Market riskpremium

6 %

Beta0.8Beta0.8

Equity riskpremium

4 %

Equity riskpremium

4 %

Riskfree rate1 %

Riskfree rate1 %

Size premium4%

Size premium4%

Cost of equity9 %

Cost of equity9 %

Equity ratio50%

Equity ratio50%

WACC7 %

WACC7 %Riskfree rate

1 %Riskfree rate

1 %

Credit spread4 %

Credit spread4 %

Cost of debt(pre‐tax)

5 %

Cost of debt(pre‐tax)

5 %

1‐Tax rate0.8

1‐Tax rate0.8

Cost of debt4 %

Cost of debt4 %

Debt ratio50%

Debt ratio50%

x

+

x

x

+

+

x


The Schaffner Group

HY 2013/142012/132011/122010/112009/102008/092007/082006/072005/062004/052003/04

ROCE WACC

ROCE‐WACC‐spread | Schaffner Group

63

Target: ROCE > WACC25%

15%

5%

‐5%

‐15%

H1 2013/14


The Schaffner Group

65%4%

31%

EMC PM AM

Capital employed by division in %

6464

14%

86%

Intangible assetsNWC

CHFm 31 CHFm 9


The Schaffner Group

Capital employed in CHFm

65

‐

10'000

20'000

30'000

40'000

50'000

60'000

70'000

80'000

2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 HY 2013/14

IA

TA

NWC

80

70

60

50

40

30

20

10

0H1 2013/14


The Schaffner Group

EBIT improvements in H2 over H1 2013/14 in CHFm

66

12

8

6

4

2

0

Volume

Margin

Administration Other

10

9 ‐11~

4.9

H2 2013/14H1 2013/14


Investors’ Day 2014Wrap‐up

67


The Schaffner Group

Summary

• Schaffner has a unique strategic position as being the premier supplier of filtering solutions for power electronics

• The power electronics market in itself offers growth perspectives driven by megatrends to energy efficiency, renewable energy, urbanization

• Schaffner has proven the ability to „buy and build“ strong businesses

• Schaffner creates value by regularly delivering ROCE above WACC

68


The Schaffner Group

Strategic priorities

• Increase market share by cross‐selling and sales excellence

• Accelerate growth in North America

• Establish No. 1 or 2 market position for Power Magnetics division

• Create lasting differentiation through innovation

• Achieve target margins and create value by operational excellence

69


The Schaffner Group

With strategy execution, Schaffner shall continue to grow

70

50

100

150

200

250

300

FY 2012/13 FX Reported

Group Net SalesCHFmMid‐term target

FY 13/14 Guidance

investors' day 2014 the schaffner group · 2015-09-23 · • economic rebalancing puts...

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