Heidelberger Druckmaschinen Ag · XETR:HDD
Heidelberger Druckmaschinen — Q3 FY 2023/24 Earnings Presentation
30 slides from Heidelberger Druckmaschinen's earnings presentation, Feb 7, 2024
Slide 1: Q3 Results FY 2023/24
PEOPLE MAKE MACHINES SMART Heidelberger Druckmaschinen AG – Q3 Results FY 2023/24 Dr. Ludwin Monz, CEO | Tania von der Goltz, CFO | February 07, 2024.
Slide 2: Disclaimer
Disclaimer This release contains forward-looking statements based on assumptions and estimations by the Management Board of Heidelberger Druckmaschinen Aktiengesellschaft. Even though the Management Board is of the opinion that those assumptions and estimations are realistic, the actual future devel
Slide 3: 9m FY 2023/24 at a glance
9m FY 2023/24 at a glance Business and financial review Value Creation Program Outlook 3 © Heidelberger Druckmaschinen AG
Slide 4: Guidance confirmed. Net sales stable, adj. EBITDA-margin stronger
Guidance confirmed. Net sales stable, adj. EBITDA-margin stronger – orders trending weaker. Orders received Net sales Adj. EBITDA in % Net sales1 € 1,692m € 1,686m 8.0 % Fx-adj. € 1,739m Fx-adj. € 1,732m (PY 9m: € 1,859m) (PY 9m: € 1,729m) (PY 9m: 7.2%) // Key developments after 9 months of FY 2023/
Slide 5: Guidance confirmed. HEIDELBERG is weathering a sluggish economic development
Guidance confirmed. HEIDELBERG is weathering a sluggish economic development. HEIDELBERG´s nine months adj. EBITDA-margin shows a sound performance compared to the broader market. HEIDELBERG has responded early to Peer Group1 HEIDELBERG changing macro-economic conditions and -50bps +80bps other head
Slide 6: Business and financial review
9m FY 2023/24 at a glance Business and financial review Value Creation Program Outlook 6 © Heidelberger Druckmaschinen AG
Slide 7: Key performance indicators (Q3 FY 2023/24)
Key performance indicators (Q3 FY 2023/24). Softening demand after strong H1 and ahead of trade fair. Key takeaways: in million € Q3 FY 2022/23 Q3 FY 2023/24 change y/y Adjusted for fx-effects at € 522m. Customers are delaying 630 investment decisions due to high interest rates while // Orders recei
Slide 8: Segment split (9m FY2023/24)
Segment split (9m FY2023/24). Packaging trending somewhat weaker after strong investment behavior in H1. in million € 9m FY 2022/23 9m FY 2023/24 Orders received Net sales / adj. EBTIDA in % Key takeaways: 8.7% 7.9% Adj. EBITDA in % Orders received on prior year´s level, but Q3 Packaging with weaken
Slide 9: Regions (9m FY2023/24)
Regions (9m FY2023/24). Solid growth in Asia-Pacific, EMEA & North America trending weaker. in €millions 9m FY 2022/23 9m FY 2023/24 change y/y Key takeaways: Orders 951 Strong Orders received development in EE was overshadowed -10.2% received 855 fx-adj. -10.3% by weaker trend in EMEA, especially i
Slide 10: EBITDA-bridge (9m FY2023/24)
EBITDA-bridge (9m FY2023/24). Value Creation Program safeguarded a sound Y/Y EBITDA development. in million € Key takeaways: 9m FY 2022/23 reported EBITDA 144 Adjusted for non-recurring item in Q1 FY 2022/23 (Disposal of property in Non-recurring items 19 St. Gallen of € 11.8m) and Q3 FY 2022/23 ( M
Slide 11: EBITDA to EBT (9m FY2023/24)
EBITDA to EBT (9m FY2023/24). Higher interest on pension provision caused slight increase in financial expenses. FY 2022/23 FY 2023/24 in million € 9m 9m // Breakdown net financial result: // Reported EBITDA 144.2 134.9 in million € ∑ -20.1 ∑ -26.5 Financing related expenses FY 2022/23 FY 2023/24 9m
Slide 12: EBT to Earnings per share (9m FY2023/24)
EBT to Earnings per share (9m FY2023/24). Effective taxes increased due to withholding taxes on dividend payments. FY 2022/23 FY 2023/24 in million € 9m 9m Breakdown tax result: // EBT 65.0 51.9 in million € ∑ -10.7 ∑ -18.3 FY 2022/23 FY 2023/24 9m 9m Tax result* (-expense/+ income) -10.7 -18.3 Effe
Slide 13: Operating Cashflow (9m FY2023/24)
Operating Cashflow (9m FY2023/24). Strong improvement due to higher profitability and better NWC management. Adj. EBITDA to Operating Cashflow 9m FY 2023/24 Change y/y Comments on y/y changes: in million € EBITDA 125 10 Improvement in operational profitability (adjusted figures) (adjusted EBITDA) af
Slide 14: Free Cashflow (9m FY2023/24)
Free Cashflow (9m FY2023/24). Strong improvement after 9m on an adjusted basis – positive FCF expected. Change y/y Operating to Free Cashflow 9m FY 2023/24 incl. non-rec. items excl. non-rec. items Comments on y/y changes: in million € Operating -38 34 34 Cashflow Investments 38 4 4 Prior year inclu
Slide 15: Balance Sheet (9m FY2023/24)
Balance Sheet (9m FY2023/24). Slight decrease in equity due to sequentially higher pension provision. in million € 9m FY 2022/23 9m FY 2023/24 Net financial position1 Net Working Capital Key takeaways: +77 20%2 23%2 21%2 24%2 -72 Net financial position decreased due to 51 negative FCF (€ -54m) and a
Slide 16: Key takeaways financial performance
Key takeaways financial performance. Successful implementation of price adjustments is countering inflation effects. Value creation program is already stabilizing and improving Profitability and Free Cashflow generation this fiscal year. Short- and long-term measures will safeguard HEIDELBERG´s fina
Slide 17: Value Creation Program
9m FY 2023/24 at a glance Business and financial review Value Creation Program Outlook 17 © Heidelberger Druckmaschinen AG
Slide 18: Value Creation Program. Our commitment to improve performance & competitiveness
Value Creation Program. Our commitment to improve HEIDELBERG‘s performance & competitiveness. I Early response to market headwinds and freeing up resources for dual track strategy WHY II Short-term stabilization, medium-term optimization, long-term sustainability III Holistic program covering toplin
Slide 19: Value Creation Program. Delivering significant impact in this FY and beyond
2 3 Value Creation Program. Delivering significant impact in this FY and beyond. 1 1 Potential analysis 2 Initiative planning 3 Initiative execution 1 and program setup Securing to meet capital Short-term market guidance and (FY23/24) compensate for headwinds Creating an internal financing Medium-te
Slide 20: Value Creation Program. Holistic approach to stabilize and improve profitability
Value Creation Program. Holistic approach to stabilize and improve HEIDELBERG´s profitability. Topline Operations Cross-divisional execution More comprehensive service Design-to-value for core Steering, tracking, safeguarding offering and increased service products and components of impact by Value
Slide 21: Value Creation Program. Solid contribution to Free Cashflow improvement
Value Creation Program. Solid contribution to Free Cashflow improvement year-over-year. FCF 9m FY 2023/24, million € Key takeaways: 9m FY 2022/23 (as reported) excluding -88 -72 -16 Including 72 million € one-off effects one-off effects from divestments (as shown on p. 14). Inflation headwinds, decl
Slide 22: Key takeaways Value Creation program
Key takeaways Value Creation program. Value creation program does already strongly support the financial performance within this fiscal year. The program aggregates and accelerates improvement initiatives across HEIDELBERG. Initiatives will deliver a positive contribution to EBITDA-margin and Free C
Slide 23: Outlook
9m FY 2023/24 at a glance Business and financial review Value Creation Program Outlook 23 © Heidelberger Druckmaschinen AG
Slide 24: On track to achieve full-year targets
On track to achieve full-year targets. Guidance confirmed – targets safeguarded by value creation program. FY 2022/23 FY 2023/24 FY 2023/24 Δ y/y Key takeaways for 9m FY 2023/24: 9m 9m guidance Confidence for full year targets, Net Sales € 1,729m € 1.686m -2.5% ~ € 2,435m strong fourth quarter expec
Slide 25: Key takeaways
Key takeaways. HEIDELBERG is setting the course for the future. The Value Creation Program paves the way for future improvements and does already support our short-term performance. Guidance confirmed, despite a weakening macro- economic environment. © Heidelberger Druckmaschinen AG 25
Slide 26: Backup
Backup © Heidelberger Druckmaschinen AG 26
Slide 27: P&L
P&L Figures in € millions 9m 9m Change Q3 Q3 Change FY 2023/24 FY 2022/23 in m€ FY 2023/24 FY 2022/23 in m€ Net sales 1,685.6 1,729.1 -43.5 0 .0 593.7 609.1 -15.4 Change in inventories/other own work 84.1 65.7 18.4 0 .0 -2.7 -7.7 5.0 Total operating performance 1,769.7 1,794.8 -25.1 591.0 601.3 -10.
Slide 28: Reported to adjusted EBITDA
Reported to adjusted EBITDA. Figures in € millions 9m 9m Change Q3 Q3 Change FY 2023/24 FY 2022/23 in % FY 2023/24 FY 2022/23 in % Reported EBITDA 134,9 144,2 -6,4 34,0 40,7 -16,4 Reported EBITDA in % of Net sales 8,0 8,3 -30bps 5,7 6,7 -100bps Acquisition-related special effects thereof disposal of
Slide 29: Segments: Quarterly overview
Segments: Quarterly overview. Q1 Q2 Q3 TOTAL Q1 Q2 Q3 TOTAL y/y FY 2023/24 FY 2023/24 FY 2023/24 FY FY 2022/23 FY 2022/23 FY 2022/23 FY Change in m€ 2023/24 2022/23 Orders received 590.9 593.5 507.7 1,692.2 607.2 622.2 629.6 1,859.1 -166.9 Print Solutions 277.2 286.1 258.7 822.1 347.7 334.4 294.7 97
Slide 30: Balance Sheet
Balance Sheet. Assets Equity and Liabilities 31.12.2023 31.03.2023 Change 31.12.2023 31.03.2023 Change in in m€ m€ Non-current assets 1,003.6 1,028.4 -24.8 Equity 488.2 513.6 -25.4 Intangible assets 215.5 210.1 5.3 Issued capital 779.1 779.1 - Property, plant and equipment 656.7 683.1 -26.4 Capital
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