Zumtobel Group Ag · VIE:ZAG
Zumtobel — Q1 FY2010/11 Earnings Presentation
17 slides from Zumtobel's earnings presentation, Sep 6, 2010
Slide 1: Zumtobel Group 1st Quarter FY 2010/11
Zumtobel Group 1st Quarter FY 2010/11 September 6, 2010 © Zumtobel AG
Slide 2: Highlights 1st Quarter 2010/11
Highlights 1st Quarter 2010/11 Positive tendencies despite ongoing weakness in non-residential construction Group revenues increase by 7.5% supported by FX translation effects (FX-adjusted growth of 2.1%) Components Segment continues dynamic growth (FX-adjusted: plus 15.6%) – further growth limi
Slide 3: Revenue development on Group level over the last 9 quarters
Revenue development on Group level over the last 9 quarters Year-on-year stabilisation of revenues, FX impact supportive Zumtobel Group Sales development over the last nine quarters 10% 6.0% 7.5% 5% 2.6% 1.8% 2.1% 0% -2.2% -2.0% -1.5% -5.4% -2.0% -5% -7.8% -9.5% -10.2% -11.1% -9.6% -10% -13.6% -13.5
Slide 4: Adj. EBIT margin of 5.7%; prior year bolstered by non-recurring license income
Zumtobel Group Adj. EBIT margin of 5.7%; prior year bolstered by non-recurring license income Zumtobel Group Zumtobel Group Adjusted EBIT * Revenues in EUR million 10% 8.3% 320.0 8.2% 8% 7.5% [2.1%] 300.0 5% 5.7% 299.4 3% 0.5% 1.1% 293.4 290.0 280.0 0% 278.6 30 260.0 25 20 22.8 24.2 255.3 240.0 15 1
Slide 5: Lighting Segment
Lighting Segment Still burdened by weak non-residential construction market Lighting Segment Lighting Segment Adjusted EBIT * Revenues in EUR million 230.0 10% 5.9% 2.3% [-2.7%] 5% 3.9% 220.0 -1.7% 219.3 0% 3.5% -2.6% 210.0 212.3 -5% 207.5 208.0 -10% 200.0 15 190.0 13.0 10 184.6 8.1 7.4 180.0 5 170.
Slide 6: Components Segment
Components Segment Product-mix and market share gains support dynamic growth – supply shortage for electronic parts remains challenging Includes license fee income Components Segment Component s Segment Adjusted EBIT * Revenues in EUR million 17.5% 120.0 17% 15% 12.7% 110.0 20,9% [15,6%] 13% 13.8% 9
Slide 7: Regional revenue development
Regional revenue development All markets with stabilising or increasing sales, D/A/CH region remains difficult Q1 2010/11 Q1 2010/11 Revenues Change in % in % of Group Distribution of regional revenues D/A/CH 73.4 0.9 24.5 America Others Eastern Europe Australia & New 3.1% 1.1% 17.1 7.4 5.7 Zealand
Slide 8: Income Statement
Income Statement Positive special effects and improved financial results support net profit Income statement in EUR million Q1 2010/11 Q1 2009/10 Change in % Revenues 299.4 278.6 7.5 Cost of goods sold -200.2 -183.2 -9.3 Gross profit 99.2 95.4 4.0 as a % of revenues 33.1 34.2 SG&A expenses adjusted
Slide 9: EBIT development Q1 2010/11
EBIT development Q1 2010/11 Price pressure offset by stronger volume and improved mix Last year included non-recurring license Price effect approx. 2.0% income 30 1.2 -0.8 9.0 -2.6 25 -7.0 3.6 22.8 -5.6 20 19.2 1.7 18.8 17.1 15 10 5 0 EBIT Special Adj.cEBIT Price Volumen/ FX Trans- CoGS Selling & Ot
Slide 10: Balance Sheet
Balance Sheet Solid balance sheet; higher working capital as a result of increasing revenues Working capital in % of ro lling 12-month revenues Balance sheet data in EUR million 31 July 2010 30 April 2010 30.0% Total assets 1,003.3 983.5 25.0% 24.0% 22.7% Net debt 162.8 121.9 20.8% 20.6% 19.8% 19.4%
Slide 11: Cash Flow Statement
Cash Flow Statement Seasonally negative free cash flow burdened by working capital increase Free Cash Flow development Q1 2010/11 Q1 2009/10 (cumulated figures in EUR million) Cash Flow Statement in EUR million Cash flow from operating results 28.7 29.4 Change in working capital -47.0 -5.6 FY Change
Slide 12: Euroconstruct forecast for non-residential construction
Euroconstruct forecast for non-residential construction June 2010 update: Further cut in estimates for 2010 Growth-Split by Country Growth Forecast for Non-Residential Construction Annual Growth Rates in % 2010 Growth Rates in % 15 10 6 4 (forecasts) 5 2 0 0 -2 -5 -4 -10 -6 -8 -15 -10 Switzer- -12 A
Slide 13: Chances and Risks
Chances and Risks Optimism, but no reason for enthusiasm Chances Phase I (as announced December 09, 2008) Risks Phase II Improving revenue dynamics Worldwide shortage for electronic parts Stabilisation in late-cyclical Lighting Segment Further decline in non-residential construction Growth
Slide 14: Outlook and Goals
Outlook and Goals Confirmation of FY guidance: Improvement in revenues and operating earnings Macroeconomic environment: Continuing weakness in non-residential construction Uncertainty regarding economic recovery Outlook 2010/11: Confirming FY 2010/11 guidance of improvement in Group revenues
Slide 15: Financial Calendar
Financial Calendar Thur, Dec. 2, 2010 Interim Financial Report 2010/11 (1 May, 2010 – 31 Oct., 2010) Mon, Mar. 7, 2011 3rd Quarterly Report 2010/11 (1 May, 2010 – 31 Jan., 2011) Mon, June 27, 2011 Financial Results 2010/11 15 Presentation Dr H. Sommerer September 2010 © Zumtobel AG
Slide 16: Five-Year Overview
Five-Year Overview 1 1 1 1-2 in EUR million 2009/10 2008/09 2007/08 2006/07 2005/06 Revenues 1,117.3 1,174.0 1,282.3 1,234.0 1,168.0 Adjusted EBITDA 96.4 121.6 162.2 154.1 137.7 as a % of revenues 10.4 10.4 12.7 12.5 11.8 Adjusted EBIT 51.5 78.9 123.0 112.3 99.1 as a % of revenues 4.6 6.7 9.6 9.1 8.
Slide 17: Disclaimer
Disclaimer The facts and information contained herein are as up to date as is reasonably possible and are subject to revision in the future. Neither Zumtobel AG nor any of its directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied, as