Colt Cz Group Se · PSECZ:COLT
Colt Cz — Q1 2024 Earnings Presentation
26 slides from Colt Cz's earnings presentation, May 22, 2024
Slide 1: Colt CZ Group SE Financial Results Q1 2024
COLT CZ GROUP SE FINANCIAL RESULTS Q1 2024 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 Q1 2024 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 RADEK MUSIL CEO of Sellier & Be
Slide 4: Colt CZ at a Glance
COLT CZ AT A GLANCE REVENUES ADJUSTED EBITDA CZK 3,667.1 m CZK 488.4 m ↑ 21.7% vs Q1 2023 ↓ 28.5% vs Q1 2023 ADJUSTED NET PROFIT ADJUSTED EPS1 CZK 359.9 m CZK 10 ↓ 47.8% vs Q1 2023 ↓ 50% vs Q1 2023 2024 FULL YEAR GUIDANCE CONFIRMED SELLIER & BELLOT ACQUISITION COMPLETED Notes: Financial results are
Slide 5: 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 54% 48% 30% Q1 2023 47% 53% Q 1 2 0 2 4 16% 17% 11% 13% 11% 70% 7% 7% 4% 4% 3% 2% 1% USA Czech Rep. Canada Europe2 Asia Other Africa Q1 2023 Q1 2024 Commercial M&LE COMMENTS Share of mili
Slide 6: Q1 2024 Was the Strongest First Quarter in Group's History
Q1 2024 WAS THE STRONGEST FIRST QUARTER IN GROUP’S HISTORY BREAKDOWN BY BREAKDOWN BY QUARTERLY REVENUES P R O D U C T 1,2 UNITS SOLD SEASONALITY In CZK m In ‘000 units In CZK m -5.5% 148 4,945 8% 140 6% 4,370 3% 7% 3,848 3,554 3,496 3,667 92 82 3,171 3,050 3,013 Q1 2023 Q1 2024 85% 57 58 91% Q1 2023
Slide 7: Q1 2024 Profitability Affected by One-Off Effect
Q1 2024 PROFITABILITY AFFECTED BY ONE-OFF EFFECT ADJUSTED NET PROFIT1 ADJUSTED EARNINGS PER SHARE2 In CZK m In CZK -47.7% -50% 688 20 3 128 360 10 70 1 17 9 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Adjustments1 Net profit Adjustments1 EPS COMMENTS Q1 2024 profitability (EBIT, EBITDA and NI) decreased by mark
Slide 8: Capex in Line with 2024 Guidance
CAPEX IN LINE WITH 2024 GUIDANCE CAPITAL EXPENDITURES1 CAPEX GEOGRAPHICAL SPLIT CZK m/% In CZK m Guidance2 +19% 4.8% 5.9% 4.7% 6.2% 5.0% ≤ 5.0% 183 1,000-1,200 154 46 924 46 680 633 66 331 108 183 71 FY 2020 FY 2021 FY 2022 FY 2023 Q1 2024 FY 2024e Q1 2023 Q1 2024 CAPEX CAPEX/Revenues Czech Republic
Slide 9: Total Indebtedness Affected by the Advance Payment for S&B Acquisition
TOTAL INDEBTEDNESS AFFECTED BY THE ADVANCE PAYMENT FOR S&B 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/EUR m In CZK m EUR m CZK bn 3,23 5,000 200 5 184 2,80 4 150 3 2,14 100 1,40
Slide 10: Company Remains Confident on the 6M 2024 Performance
COMPANY REMAINS CONFIDENT ON THE 6M 2024 PERFORMANCE 6M GUIDANCE In CZK m 11,800-12,000 9,000-9,200 8,400-8,600 6,860 2,600-2,800 1,464 1,450-1,600 1,650-1,800 HY 2023 HY 2024e Colt CZ without S&B HY 2024e Colt CZ post acquisition HY 2024e Colt CZ pro forma S&B consolidated since May 16, 2024 S&B co
Slide 11: FY 2024 Guidance Confirmed
FY 2024 GUIDANCE CONFIRMED – STRONG ORGANIC GROWTH WITH INCREASED SEASONALITY, POSITIVE EFFECTS OF S&B ACQUISITION GUIDANCE In CZK m +9.0%-19.8% +8.3%-24.7% +34.6%-48.1% +41.1%-54.2% +54.8%-68.3% +70.6%-83.7% 23,000-25,000 20,000-22,000 16,200-17,800 5,200-5,600 3,300-3,800 4,300-4,700 FY 2024e Colt
Slide 12: Acquisition of Sellier & Bellot Successfully Completed
ACQUISITION OF SELLIER & BELLOT SUCCESSFULLY COMPLETED SPA signed on Dec 18, 2023 REVENUES FROM THE SALE OF OWN PRODUCTS, GOODS AND SERVICES Consolidation from Closing Date May 16, 2024 In CZK m Enterprise value 8.5x EBITDA 2023 or USD 826 m 6,119 6,7251 4,869 Purchase price is USD 703 m (net of deb
Slide 13: Sellier & Bellot Introduction
SELLIER & BELLOT INTRODUCTION
Slide 14: Acquisition of Sellier & Bellot – Introduction
ACQUISITION OF SELLIER & BELLOT – INTRODUCTION1 Established 1825 REVENUES FROM THE SALE OF OWN PRODUCTS, GOODS AND SERVICES Production of ammunition for commercial market and In CZK m M&LE 3.2% HQ and production located in Vlašim 1 667 1 721 1,630 employees Q1 2023 Q1 2024 Production of manufacturin
Slide 15: Acquisition of Sellier & Bellot – Product Portfolio
ACQUISITION OF SELLIER & BELLOT – PRODUCT PORTFOLIO COMMERCIAL M&LE NUMBER OF NUMBER OF % REVENUES CALIBERS BULLET TYPES CALIBERS BULLET TYPES PISTOL & FMJ, TFMJ, SP, JHP, SJHP, FMJ, TFMJ, SP, JHP, FMJ HP, REVOLVER 50% 21 10 XRG-D, LFN, LRN, WC TB, HS, FRANGIBLE, BLANK AMMO FMJ/STEEL CORE, SOLID RIF
Slide 16: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION uy J A f TA 4s ‘ / COLT CZGROUP
Slide 17: Appendix
APPENDIX COLT CZGROUP
Slide 18: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION In CZK ‘000 Q1 2024 Q1 2023 Operating profit 220,823 411,538 Depreciation and amortization 199,890 187,554 EBITDA 420,713 599,092 ESOP related costs 67,023 82,813 M&A costs1 644 1,536 Adjusted EBITDA 488,380 683,441 Notes: Financials are based on consolidated unaudited
Slide 19: Adjusted Net Profit Reconciliation
ADJUSTED NET PROFIT RECONCILIATION In CZK ‘000 Q1 2024 Q1 2023 Earnings before tax 374,623 734,657 Tax expenses (71,360) (146,838) Net income 303,263 587,819 Earn-out related costs - 41,279 ESOP related costs 67,023 82,813 M&A costs1 644 1,536 One-off expenses related to the bond issue 2,339 2,003 A
Slide 20: Consolidated Profit and Loss Statement
CONSOLIDATED PROFIT AND LOSS STATEMENT In ‘000 CZK 31 Mar 2024 31 Mar 2023 Revenues from the sale of own products, goods and services 3,667,086 3,012,556 Other operating income 13,970 20,368 Change in inventories developed internally 13,296 335,838 Own work capitalized 50,647 41,402 Raw materials an
Slide 21: Consolidated Balance Sheet 1/2
CONSOLIDATED BALANCE SHEET 1/2 In CZK ‘000 31 Mar 2024 31 Dec 2023 ASSETS Non-current assets Intangible assets 3,466,466 3,413,881 Goodwill 2,609,325 2,547,480 Property, plant and equipment 4,289,614 4,281,449 Advance payment for financial investment 2,692,051 2,690,040 Equity-accounted securities a
Slide 22: Consolidated Balance Sheet 2/2
CONSOLIDATED BALANCE SHEET 2/2 In CZK ‘000 31 Mar 2024 31 Dec 2023 EQUITY AND LIABILITIES Capital and reserves Share capital 3,516 3,516 Share premium 1,942,818 1,942,818 Capital funds 1,641,512 1,641,512 Cash flow hedge reserve 350,822 599,816 Foreign exchange translation reserve -69,519 -142,688 A
Slide 23: Consolidated Cash Flow Statement
CONSOLIDATED CASH FLOW STATEMENT In ‘000 CZK 31 Mar 2024 31 Mar 2023 Cash flows from principal economic activity (operating activity) Profit from ordinary activity before tax 374,623 734,657 Depreciation/amortization of non-current assets 199,890 187,554 Change in allowances and provisions (15,914)
Slide 24: Colt CZ Group Structure as of 31/03/2024
COLT CZ GROUP STRUCTURE AS OF 31/03/2024 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
Slide 25: Colt CZ Group Structure as of 16/05/2024
COLT CZ GROUP STRUCTURE AS OF 16/05/2024 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
Slide 26: Thank You
THANK YOU Colt CZ Group SE náměstí Republiky 2090/3a 110 00 Prague 1, Czech Republic www.coltczgroup.com info@coltczgroup.com