Grammer Ag · XETR:GMM
Grammer — FY2023 Earnings Presentation
24 slides from Grammer's earnings presentation, Mar 28, 2024
Slide 1: Financial Results FY 2023
Financial Results FY 2023 March 28, 2024
Slide 2: Grammer Group at a Glance
GRAMMER GROUP AT A GLANCE FY 2023 KPIs FY 2023 FY 2022 Group revenue [in EUR million] • Positive revenue development in particular due to 2,304.9 2,158.8 market performance in APAC and EMEA as well as in EBIT [in EUR million] both product areas 42.0 -45.0 • Strongly improved operating EBIT compared
Slide 3: FY 2023 Revenue / EBIT / Operating EBIT
FYGROUP 2023REVENUE / EBIT / OPERATING EBIT GRAMMER • Despite macroeconomic REVENUE EBIT OPERATING EBIT challenges positive revenue [in EUR million] [in EUR million and %] [in EUR million and %] development +6.8% • EBIT increased significantly, also Margin -2.1% 1.8% Margin 1.6% 2.5% due to impairme
Slide 4: FY 2023 Deviation to Guidance
FYDeviation 2023to GUIDANCE • Unfavorable change in revenue REVENUE OPERATING EBIT mix between Commercial Vehicles [in EUR million] [in EUR million] and Automotive • Unfavorable change in regional mix: APAC significantly bellow 2,234.0 2,304.9 -35.6 expectations • Unfavorable translatory currency 79
Slide 5: FY 2023 Employees
FYEMPLOYEES 2023 • AMERICAS -1.8% EMPLOYEES BY REGION [Average; with temporary [Average; with temporary Adjustment to the decline in workers] workers] revenue +3.8% • EMEA +4.0% Development driven by a 15,354 15,934 changed product mix and 413 CENTRAL SERVICES 409 new product launches 2,316 2,664 AP
Slide 6: FY 2023 Capital Expenditure
FYCAPITAL 2023 EXPENDITURE • EMEA still with highest portion CAPITAL BY QUARTER of EUR 40.2 million for EXPENDITURE [in EUR million] launching new products (i.e. [in EUR million] center consoles) • APAC: EUR 27.5 million, mainly +6.7% for ramping up new plants in Ningbo and Changzhou 91.0 97.1 +25.8
Slide 7: Working Capital, Free Cash Flow and Net Debt
FYWORKING 2023CAPITAL, FREE CASH FLOW AND NET DEBT • Working Capital decreased to WORKING CAPITAL FREE CASHFLOW NET DEBT [in EUR million] [in EUR million] [in EUR million] EUR 195.8 million – significant increase of trade accounts receivables is overcompensated -6.6% by improved inventories and incr
Slide 8: Equity, Leverage and Gearing on Group Level
FYEQUITY, 2023 LEVERAGE AND GEARING ON GROUP LEVEL • Equity slightly higher due to EQUITY LEVERAGE GEARING [in EUR million] [in %] hybrid loan of EUR 19.1 million • Net profit at EUR 3.4 million Margin 20.8% 20.4% • Other comprehensive income of EUR -17.8 million (foreign currency conversion +4.1% E
Slide 9: FY 2023 EMEA Revenue / EBIT / Operating EBIT
FYEMEA 2023 REVENUE / EBIT / OPERATING EBIT GRAMMER • EMEA enjoyed a strong first half REVENUE EBIT OPERATING EBIT of the year [in EUR million] [in EUR million and %] [in EUR million and %] • Poorer market conditions in the second half affected both Margin 5.2% 5.0% Margin 5.3% 5.3% +7.0% product ar
Slide 10: FY 2023 APAC Revenue / EBIT / Operating EBIT
FYAPAC 2023 REVENUE / EBIT / OPERATING EBIT GRAMMER • Strong revenue growth due REVENUE EBIT OPERATING EBIT to the normalization of the [in EUR million] [in EUR million and %] [in EUR million and %] supply & demand situation and the start of the Margin 11.0% 11.5% Margin 11.4% 11.7% production in th
Slide 11: FY 2023 AMERICAS Revenue / EBIT / Operating EBIT
FYAMERICAS 2023REVENUE / EBIT / OPERATING EBIT GRAMMER • Reduction in revenue mainly REVENUE EBIT OPERATING EBIT attributable to Automotive, which was [in EUR million] [in EUR million and %] [in EUR million and %] impacted by the premature expiry of a customer project and a respective -7.5% plant cl
Slide 12: Outlook 2024
2024 NG March 28, 2024 GRAMMER
Slide 13: Outlook 2024: Stable Revenue and Strong Earnings Growth
OUTLOOK 2024 STABLE REVENUE AND STRONG EARNINGS GROWTH Revenue Operating EBIT Stable revenue to around Operating EBIT of approximately EUR 2.3 billion EUR 75 million (2023: EUR 2.3 billion) (2023: EUR 56.8 million) March 28, 2024 Financial Results FY 2023 13 © GRAMMER AG
Slide 14: Outlook 2024: Secure Financial Stability and Return to Profitability
OUTLOOK 2024 SECURE FINANCIAL STABILITY AND RETURN TO PROFITABILITY OEM Claims Procurement stretch Operations EMEA Loss maker program Turnaround TMD Ensure fair compensation Leverage decreasing Optimize plant Improve or terminate top Restructuring of TMD from OEMs. Insist on material prices on globa
Slide 15: FY 2023 Order Intake Reaches New Dimensions
FYORDER 2023INTAKE REACHES NEW DIMENSIONS 2,690 2,479 • Above-average order intake in 2023 reflects manufacturers' 945 APAC confidence in GRAMMER’s 1,858 978 products and underscores the progress of the global quality 1,561 initiative 590 1,398 • Growth largely driven by 874 EMEA business with leadi
Slide 16: FY 2023 Highlights
FYHIGHLIGHTS 2023 Center Console: Mercedes-Benz GLC Rear armrest: BMW 7series • Butterfly lid as a high-quality storage compartment cover with a trim that • Particularly comfortable thanks to matches the interior integrated heating • A center section including a generous • Eye-catcher with elegant f
Slide 17: FY 2023 Highlights
FYHIGHLIGHTS 2023 MAN TGX and TGA • Grammer’s aftermarket driver seat in Standard, Comfort and Luxury versions are now available • Top ergonomics certified by TÜV Rheinland, excellent product design • Luxury, Comfort and Standard versions can be quickly installed and are ideal for demanding applicat
Slide 18: FY 2023 Innovations for the Future
FYINNOVATIONS 2023 FOR THE FUTURE • Electrically movable center console in x-direction • Manual pull out drawer in different equipment variants • In addition to standard surfaces with innovative surfaces (1k high gloss molding, soft touch surfaces, heated surfaces, e.g.). • Focused value for the pas
Slide 19: Q&A
Q&A March 28, 2024 NZ GRAMMER
Slide 20: Legal disclaimer
GRAMMER Group Legal disclaimer By attending the presentation to which this document relates or by accepting this document and not immediately returning it, you agree to be bound to the following limitations: This presentation and the topics addressed therein have been compiled for discussion purpose
Slide 21: Thank you for your attention
Thank you for your attention. We deliver what matters. Contact Investor Relations Tanja Bücherl Phone: +49 9621 66 - 2113 E-mail: tanja.buecherl@grammer.com
Slide 22: Key figures 2023
Key figures 2023 March 28, 2024
Slide 23: Key figures 2023 overview
Revenue Group operating EBIT Employees by region 1 Revenue by segment 2 Wert Wert 2,304.9 Average for the year 56.8 EUR million AMERICAS: AMERICAS: EUR million EUR million 4,652 622.0 APAC: APAC: EBIT margin Capital expenditure 1,535 532.3 1.8% 97.1 EUR million Wert 14,241 2,365.2 Operating EBIT mar
Slide 24: FY 2023 Key figures
FYKey2023 figures 1-12 2023 01-12 2022 Q4 2023 Q4 2022 Group revenue 2,304.9 2,158.8 570.4 565.6 Revenue EMEA 1,210.9 1,131.4 290.7 282.0 Revenue AMERICAS 622.0 672.5 145.6 180.1 Revenue APAC 532.3 426.7 149.9 120.9 EBIT 42.0 -45.0 11.5 -47.5 EBIT margin (in %) 1.8 -2.1 2.0 -8.4 Operating EBIT 56.8