Colt Cz Group Se · PSECZ:COLT
Colt Cz — FY2023 Earnings Presentation
24 slides from Colt Cz's earnings presentation, 2024
Slide 1: Colt CZ Group SE Preliminary Financial Results 2023
COLT CZ GROUP SE PRELIMINARY FINANCIAL RESULTS 2023 INVESTOR PRESENTATION
Slide 2: Legal Disclaimer
LEGAL DISCLAIMER IMPORTANT – YOU MUST READ THE FOLLOWING BEFORE CONTINUING This presentation (the “Presentation”) has been prepared by Colt CZ Group SE, with its registered office at náměstí Republiky 2090/3a, Nové Město, 110 00 Praha 1, Identification Number 291 51 961, registered in the Commercial
Slide 3: Agenda and Today's Presenters
AGENDA AND TODAY'S PRESENTERS AGENDA PRESENTERS JAN DRAHOTA 1 FY 2023 AT A GLANCE Chairman of the Board of Directors CEO of Colt CZ Group SE 2 FINANCIAL HIGHLIGHTS JAN ZAJÍC Member of the Board of Directors CEO of Česká zbrojovka a.s. 3 ACQUISITION OF SELLIER & BELLOT DENNIS VEILLEUX 4 SUSTAINABILIT
Slide 4: Preliminary Results 2023 at a Glance
PRELIMINARY RESULTS 2023 AT A GLANCE REVENUES ADJUSTED EBITDA CZK 14,855.6 m CZK 3,048.4 m ↑ 1.8% vs 2022 ↓ 9.4% vs 2022 ADJUSTED NET PROFIT ADJUSTED EPS CZK 2,049.7 m CZK 58 ↓ 10.1% vs 2022 ↓ 13.5% vs 2022 Notes: Financials for 2023 are preliminary and unaudited 1
Slide 5: Group is Expanding into New Capabilities
GROUP IS EXPANDING INTO NEW CAPABILITIES STRATEGIC STRATEGIC TECHNOLOGY TRANSFER OF ACQUISITION ACQUISITION INVESTMENTS TECHNOLOGY Ongoing post-acquisition Iconic small caliber Purchase of IP rights for Mk Letter of Intent signed for integration of swissAA ammunition producer with 47 grenade launche
Slide 6: Revenues – Significant Increase of Sales to M&LE Customers
REVENUES – SIGNIFICANT INCREASE OF SALES TO M&LE CUSTOMERS REVENUE BREAKDOWN1 BY GEOGRAPHY BREAKDOWN BY SEGMENT1 48% 42% 36% 46% 2022 54% 2023 18% 15% 13% 13% 64% 12% 11% 10% 8% 4% 3% 2% 1% USA Czech Rep. Canada Europe2 Asia Other Africa FY 2022 FY 2023 Commercial M&LE COMMENTS Different story for o
Slide 7: Q4 2023 Was the Strongest Quarter in Group's History
Q4 2023 WAS THE STRONGEST QUARTER IN GROUP’S HISTORY B R E A K D O W N B Y P R O D U C T 1,2 BREAKDOWN BY UNITS SOLD In CZK m 2022 2023 In ‘000 units -10.4% 7% 9% 693 621 1% 6% 289 247 404 374 92% 85% FY 2022 FY 2023 Firearms Others Ammunition Short guns Long guns IMPACT OF USD/CZK ON REVENUES, AVG.
Slide 8: 2023 Net Profit and Same Dividend Payout as Last Year
2023 NET PROFIT AND SAME DIVIDEND PAYOUT AS LAST YEAR ADJUSTED NET PROFIT1 ADJUSTED EARNINGS PER SHARE2 DIVIDEND PER SHARE In CZK m In CZK In CZK -10.1% -13.5% 2,281 66.7 30 30 285 2,050 7.2 9 57.7 0.2 25 BoD proposal 7.5 2022 2023 2022 2023 FY 2020 FY 2021 FY 2022 FY 2023 Adjustments1 Net profit Ad
Slide 9: Capex Increase in Q4 2023 Due to Recent Acquisitions
CAPEX INCREASE IN Q4 2023 DUE TO RECENT ACQUISITIONS CAPITAL EXPENDITURES1 CAPEX GEOGRAPHICAL SPLIT3 CZK m/% In CZK m Guidance2 +36% 4.8% 5.9% 4.7% 6.2% ≤ 5.0% 924 1,000-1,200 153 924 680 196 409 680 633 331 483 362 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024e FY 2022 FY 2023 CAPEX CAPEX/Revenues Czech
Slide 10: FY 2024 Guidance Scenarios – Growing with Increased Seasonality
FY 2024 GUIDANCE SCENARIOS – GROWING WITH INCREASED SEASONALITY REVENUES GUIDANCE In CZK m 1.8% 14,590 14,856 20,000-22,000 23,000-25,000 10,689 16,200-17,800 FY 2021 FY 2022 FY 2023 FY 2024e Colt CZ FY 2024e Colt CZ post acquisition FY 2024e Colt CZ pro forma without S&B S&B consolidated since S&B
Slide 11: Indebtedness Already Affected by S&B Advance Paid for Acquisition
INDEBTEDNESS ALREADY AFFECTED BY S&B ADVANCE PAID FOR ACQUISITION IN 12/2023 EXPECTED DEBT MATURITY PROFILE (INC. ACQUISITION FINANCING) N E T F I N A N C I A L D E B T 1 & N E T L E V E R A G E R A T I O 2,3 In CZK bn/USD m In CZK m USD m CZK bn 2.8 5.000 200 200 5 2.6 15,000 4 150 1.8 3 1.4 100 1.
Slide 12: Acquisition of Sellier & Bellot – Key Highlights
ACQUISITION OF SELLIER & BELLOT – KEY HIGHLIGHTS 12
Slide 13: Update on the Acquisition of Sellier & Bellot
UPDATE ON THE ACQUISITION OF SELLIER & BELLOT Acquisition agreement signed on Dec 18, 2023 REVENUES FROM THE SALE OF OWN PRODUCTS, GOODS AND SERVICES Purchase price 8.5x EBITDA 2023 or approx. USD 820 m In CZK m USD 350 m to be paid in cash and Colt CZ will assume USD 128 m of 6,119 6,7251 Sellier &
Slide 14: Sustainability Update: Heading Towards CSRD Readiness
SUSTAINABILITY UPDATE: HEADING TOWARDS CSRD READINESS ULTIMATE ASSURANCE READY GOAL FOR FY 2024 Double materiality Colt CZ to be aligned with assessment In line with CSRD assurance CSRD requirements and requirements prepared in accordance with Qualitative and quantitative ESRS data collection under
Slide 15: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION wi, COLT CZGROUP
Slide 16: Appendix
APPENDIX y Tp V7, COLT CZGROUP
Slide 17: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION In CZK ‘000 FY 2023 FY 2022 Operating profit 1,861,966 2,198,682 Depreciation and amortization 801,721 910,435 EBITDA 2,663,687 3,109,117 ESOP 313,455 208,706 M&A costs1 71,237 47,474 Adjusted EBITDA 3,048,379 3,365,297 Notes: 1 – In FY 2023 related to the acquisitions
Slide 18: Adjusted Net Profit Reconciliation
ADJUSTED NET PROFIT RECONCILIATION In CZK ‘000 31 Dec 2023 31 Dec 2022 Earnings before tax 2,509,562 2,356,170 Tax expenses -467,024 -321,978 Net income 2,042,538 2,034,192 Earnings before tax 2,509,562 2,356,170 Earn-out related costs1 - 21,671 ESOP related costs 313,455 208,706 Negative goodwill -
Slide 19: Consolidated Profit and Loss Statement
CONSOLIDATED PROFIT AND LOSS STATEMENT In CZK ‘000 31 Dec 2023 31 Dec 2022 Revenues from the sale of own products, goods and services 14,855,581 14,589,774 Other operating income 89,789 133,270 Change in inventories developed internally 765,923 614,778 Own work capitalized 172,976 151,781 Raw materi
Slide 20: Consolidated Balance Sheet 1/2
CONSOLIDATED BALANCE SHEET 1/2 In CZK ‘000 31 Dec 2023 31 Dec 2022 ASSETS Non-current assets Intangible assets 3,413,881 3,462,131 Goodwill 2,547,480 2,457,416 Property, plant and equipment 4,281,449 3,066,251 Advance payment for financial investment 2,690,040 - Equity-accounted securities and inves
Slide 21: Consolidated Balance Sheet 2/2
CONSOLIDATED BALANCE SHEET 2/2 In CZK ‘000 31 Dec 2023 31 Dec 2022 EQUITY AND LIABILITIES Capital and reserves Share capital 3,516 3,410 Share premium 1,942,818 1,366,386 Capital funds 1,641,512 1,641,512 Cash flow hedge reserve 599,816 1,068,214 Foreign exchange translation reserve -142,688 -326,43
Slide 22: Consolidated Cash Flow Statement
CONSOLIDATED CASH FLOW STATEMENT In CZK ‘000 31 Dec 2023 31 Dec 2022 Cash flows from principal economic activity (operating activity) Profit from ordinary activity before tax 2,509,562 2,356,170 Depreciation/amortization of non-current assets 801,721 910,435 Change in allowances and provisions 22,27
Slide 23: Colt CZ Group Structure
COLT CZ GROUP STRUCTURE 100% Colt CZ Group SE 291 51 961, Czech Republic 100% 100% 100% 100% 100% 100% 100% 100% 100% Colt CZ Defence Česká zbrojovka Colt CZ Insurance Colt CZ Group swissAA CZG VIB Colt CZ Group Vocatus Investment EHC-4M, Solutions s.r.o. a.s. Limited International s.r.o. Holding AG
Slide 24: Thank You
THANK YOU Colt CZ Group SE náměstí Republiky 2090/3a 110 00 Prague 1, Czech Republic www.coltczgroup.com info@coltczgroup.com