Zumtobel Group Ag · VIE:ZAG
Zumtobel — FY2020/21 Earnings Presentation
24 slides from Zumtobel's earnings presentation, Jun 30, 2021
Slide 1: FY 2020/21 Management Presentation
FY 2020/21 Management Presentation 30 June 2021 © Faruk Pinjo
Slide 2: Despite a challenging environment – Zumtobel Group is keeping the focus
Despite a challenging environment – Zumtobel Group is keeping the focus © Matthias Rhomberg Project highlights of 2020/21 CARBON NEUTRALITY BY 2025 Strategy Update • Esplanade of the Allianz Arena • Since March 2021, all Austrian sites are • Delivered on restructuring and cost • Major refurbishment
Slide 3: Strong financial development in FY 2020/21 against ongoing Covid-19 headwind
Strong financial development in FY 2020/21 against ongoing Covid-19 headwind • Group revenues at EUR 1,044.5 mn (PY EUR 1,131.3 mn) − Lighting Segment revenues at EUR 794.1 mn (minus 6.1%) − Components Segment EUR 302.8 mn (minus 11.3%) − Strong revenue hit particularly in Northern and Western Europ
Slide 4: Revenues and EBIT significantly increased in Q4
REVENUES and EBIT significantly increased in Q4 Lighting Segment – Revenue and EBIT development LIGHTING SEGMENT REVENUES A D J U S T E D E B I T 1) -14.8% -12.7% -8.8% +15.4% 11.3% (fx-adj. -14.8%) (fx-adj. -12.0%) (fx-adj. -7.4%) (fx-adj. +16.0%) 6.1% 8.2% 4.8% 1.3% 234.2 4.2% 3.9% 222.6 217.1 204
Slide 5: Q4 EBIT substantially above prior year level, while revenues were flat
Q4 EBIT substantiall y a bove prior year level, w hile REVENUES wer e flat Components Segment – Revenue and EBIT development COMPONENTS SEGMENT REVENUES A D J U S T E D E B I T 1) 14.0% -18.1% -17.5% -9.1% +0.4% (fx-adj. -17.2%) (fx-adj. -15.3%) (fx-adj. -6.4%) (fx-adj. 1.9%) 7.9% 8.3% 7.2% 3.6% 89.
Slide 6: Despite Covid-19, revenues and EBIT significantly improved
Despite Covid -19, REVENUES and EBIT significantl y impr oved Zumtobel Group – Revenue and EBIT development ZUMTOBEL GROUP REVENUES A D J U S T E D E B I T 1) 9.1% -15.4% -13.9% -8.8% +9.6% 6.2% (fx-adj. -15.1%) (fx-adj. -12.7%) (fx-adj. -6.9%) (fx-adj. +10.5%) 5.3% 6.1% 2.7% 1.1% 307.4 3.6% 296.4 2
Slide 7: Despite lower revenues, Zumtobel Group could achieve solid adj. EBIT
Despite lower revenues, Zumtobel Group could achieve solid adj. EBIT Zumtobel Group – ADJ. EBIT Bridge Deteriorated Gross Profit due to loss of EUR 87 mn Net Sales, partly offset by saving measures Selling and Administration expenses favorably influenced 53.9 by saving measures 45.5 -0.7 -31.3 -2.0
Slide 8: Net profit increased to EUR 45.6 mn
Net profit increased to EUR 45.6 mn Zumtobel Group – Income statement in EUR mn FY 2020/21 FY 2019/20 Change in % Revenues 1,044.5 1,131.3 -7.7 Cost of goods sold -707.1 -760.1 -7.0 Gross profit (incl. development) 337.4 371.2 -9.1 as a % of revenues 32.3 32.8 SG&A expenses -291.9 -317.3 -8.0 Adjust
Slide 9: Free cash flow substantially improved to EUR 100 mn
Fr ee cash flow substantiall y impr oved to EUR 100 mn Zumtobel Group – Cash Flow Statement in EUR mn FY 2020/21 FY 2019/20 FREE CASH FLOW DEVELOPMENT Cash flow from operating results 115.7 101.3 (cumulative figures in EUR mn) 100.0 Change in working capital 14.9 10.1 Change in other operating items
Slide 10: Solid balance sheet: net debt further reduced to EUR 97.3 mn
Solid balance sheet: net debt fur ther reduced to EUR 97.3 mn Zumtobel Group – Key balance sheet data Solid liquidity position backed by: in EUR mn 30 April 2021 30 April 2020 • Consortium credit agreement with a term ending Nov. 2022 and a max. Total assets 977.7 1 011.7 volume of EUR 200 million,
Slide 11: Q4 sales significantly improved versus prior year
Q4 sales significantl y impr oved ver sus prior year Zumtobel Group – Sales development by Quarter vs PY Period in % 9.6 5.8 5.9 3.4 2.8 1.1 1.8 -0.6 -0.5 -0.9 -1.7 -2.6 -5.0 -5.3 -4.9 -4.7 -7.3 -7.6 -8.8 -10.1 -12.7 -15.4 -13.9 -12.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 12: Group revenues decline by 7.7% to EUR 1,044.5 mn in FY 2020/21
Group revenues decline by 7.7% to EUR 1,044.5 in FY 2020/21 Zumtobel Group – Regional revenue distribution Change in % in EUR mn Q4 2020/21 Change in % FY 2020/21 nominal FX adjusted D/A/CH 91.5 6.3 347.6 -3.8 -4.1 Northern and Western 74.3 9.3 256.8 -12.1 -11.3 Europe Southern and Eastern 76.0 18.5
Slide 13: Outlook: Revenues development FY 2021/22
Outlook: Revenues development FY 2021/22 Zumtobel Group Outlook Revenues development (in EUR mn) 1,118 (+7%) Revenue increase 1,086 (+4%) 1,044 y-o-y of 4 – 7% Smart street lighting Light management driven by regulatory systems market in changes and climate core regions neutrality 4-7% Sustainabilit
Slide 14: Outlook: EBIT margin development FY 2021/22
Outlook: EBIT mar gin development FY 2021/22 Zumtobel Group Outlook EBIT margin development (of net sales) 4-5% 0.5-1% 4.2% 2-2.5% 1.5% -2.7% 2020/21 Including one-off Baseline for Topline Efficiency 2021/22e effects e.g. short 2021/22 effect measures time, marketing and travel expenses FY 2020/21 r
Slide 15: Outlook: Working capital and CAPEX development FY 2021/22
Outlook: Wor king capital and CAPEX development FY 2021/22 Zumtobel Group Outlook Working Capital development (in % of rolling 12-month revenues) 14.9 15.0 14.6 • Considering revenue development 14-14.5 • Potential strategic stock increase to tackle shortages 2018/19 2019/20 2020/21 2021/22e CAPEX d
Slide 16: Outlook summary FY 2021/22
Outlook summar y FY 2021/22 Zumtobel Group Outlook Revenue increase by 4 – 7% EBIT margin increase to 4 – 5% Keep working capital between 14 – 14.5% (of rolling 12-month revenues) CAPEX spending at a healthy level between EUR 50 mn – EUR 55 mn FY 2020/21 results 16
Slide 17: Strategy update – to be FOCUSED
Strategy update – „to be FOCUSED“ Expanding our focus to environment and digitalisation • From FOCUS to be FOCUSED − Delivered on restructuring and cost management program − Sharpened brand strategy to position brands better and organize them more efficient − Expanding the focus to long-term sustain
Slide 18: Back-up
Back-up i ZUMTOBEL Group
Slide 19: Financial Calendar
Financial Calendar Zumtobel Group 20 July 2021 Record Date for the Annual General Meeting 30 July 2021 45th Annual General Meeting 3 August 2021 Ex-Dividend Day 4 August 2021 Record Date Dividend 6 August 2021 Dividend Payout Day 7 September 2021 Interim Report Q1 2021/22 (1 May 2021 - 31 July 2021)
Slide 20: Working capital on stable level
Wor king capital on stable level Zumtobel Group – Working capital 17.6% 17.3% 16.7% 16.3% 15.9% 15.1% 15.1% 15.0% 14.9% 15.0% 14.6% 12.3% • Working capital at EUR 152.5 mn as of 30 April 2021 (30 April 2020: EUR 169.2 mn) • In % of rolling 12-month revenues, working capital at 14.6% (PY: 15.0%) Q1 Q
Slide 21: Supplement data regarding Segment Reporting
Supplement data re gar ding Se gment Repor ting Zumtobel Group Lighting Segment Components Segment Reconciliation Group in EUR mn FY 2020/21 FY 2019/20 FY 2020/21 FY 2019/20 FY 2020/21 FY 2019/20 FY 2020/21 FY 2019/20 Net revenues 794 845 303 341 -52 -56 1,044 1,131 External revenues 793 845 251 285
Slide 22: Five-Year Overview
F i v e - Ye a r O v e r v i e w Zumtobel Group in EUR mn 2020/21 2019/20 2018/19 2017/18 2016/17 Revenues 1,044.5 1,131.3 1,162.0 1,196.5 1,303.9 Adjusted EBIT 45.5 53.9 27.6 19.7 72.4 as a % of revenues 4.4 4.8 2.4 1.6 5.6 Net profit/loss for the period 45.6 14.5 -15.2 -46.7 25.2 as a % of revenue
Slide 23: Thank you
Thank you ZUMTOBEL GROUP AG Investor Relations Tel.: +43 (5572) 509-1125 investorrelations@zumtobelgroup.com www.zumtobelgroup.com 23
Slide 24: Disclaimer
Disclaimer The facts and information contained herein constitute forward -looking statements as of the date they were made and based upon assumptions as to future events or circumstances that may not prove to be complete or accurate. By their nature, these statem ents involve risk and uncertainty be