Dormakaba Holding Ag · SIX:DOKA
Dormakaba — HY1 2020/21 Earnings Presentation
34 slides from Dormakaba's earnings presentation, Mar 3, 2021
Slide 1: Half-year results 2020/21
Riet Cadonau, Chairman & CEO Bernd Brinker, CFO Zurich/Switzerland, 3 March 2021 Half-year results 2020/21 (1 July – 31 December 2020)
Slide 2: Disclaimer
Disclaimer This communication contains certain forward-looking statements including, but not limited to, those using the words “believes”, “assumes”, “expects” or formulations of a similar kind. Such forward-looking statements are made on the basis of assumptions and expectations that the company be
Slide 3: Agenda
Agenda Half-year results 2020/21 at a glance Slide 4 Riet Cadonau Sustainable investments Slide 11 Riet Cadonau Financial results and outlook Slide 15 Bernd Brinker 3 Presentation on half-year results 2020/21 03 March 2021
Slide 4: Significant improvement over previous half-year and strong cash flow
Half-year results 2020/21 at a glance Significant improvement over previous half-year and strong cash flow • Sales of CHF 1,227.5 million (previous year CHF 1,385.7 million) • Impact from currency translation -5.5% and from M&A +0.1% • Organic sales -6.0% (previous year 0.8%; HY2 2019/20: -14.3%) •
Slide 5: AS AMER: Organic sales and profitability below previous year
Half-year results 2020/21 at a glance AS AMER: Organic sales and profitability below previous year CHF million HY 2020/21 HY 2019/20 Variance • Sequential improvement; performance in North and Latin America Total segment sales 339.7 416.3 -18.4% still negatively impacted by the pandemic Third-party
Slide 6: AS APAC: Lower sales, but EBITDA margin close to previous year's level
Half-year results 2020/21 at a glance AS APAC: Lower sales, but EBITDA margin close to previous year's level CHF million HY 2020/21 HY 2019/20 Variance • Sales improved sequentially in HY1 2020/21, most regions still Total segment sales 195.0 230.5 -15.4% impacted by the pandemic Third-party sales 1
Slide 7: AS DACH: Organic sales growth in third party sales and improved EBITDA margin
Half-year results 2020/21 at a glance AS DACH: Organic sales growth in third party sales in all regional markets and improved EBITDA margin, lower intercompany sales CHF million HY 2020/21 HY 2019/20 Variance • Organic third-party sales in Germany, Switzerland and Austria in Total segment sales 396.
Slide 8: AS EMEA: Lower sales, but higher EBITDA and EBITDA margin
Half-year results 2020/21 at a glance AS EMEA: Lower sales, but higher EBITDA and EBITDA margin CHF million HY 2020/21 HY 2019/20 Variance • Norway with organic growth and improved profitability following Total segment sales 342.9 374.5 -8.4% the divestment of the project installation business (1 Se
Slide 9: Key & Wall Solutions: Lower sales, but EBITDA margin above previous year's level
Half-year results 2020/21 at a glance Key & Wall Solutions: Lower sales, but EBITDA margin above previous year's level Business Unit Key Systems: CHF million HY 2020/21 HY 2019/20 Variance • Sales improved sequentially but are still below previous year's level Total segment sales 169.1 198.9 -15.0%
Slide 10: Agenda
Agenda Half-year results 2020/21 at a glance Slide 4 Riet Cadonau Sustainable investments Slide 11 Riet Cadonau Financial results and outlook Slide 15 Bernd Brinker 10 Presentation on half-year results 2020/21 03 March 2021
Slide 11: Digital services offering: Entrivo supporting customers with Covid regulatory challenges
Sustainable investments Digital services offering: Supporting customers to manage regulatory challenges due to the Covid pandemic – Entrivo • Cloud-based solution enabling customers to monitor occupancy compliance, door traffic and current occupancy in real-time and over-time from anywhere • Connect
Slide 12: Digital solutions: dormakaba Resivo for the multi-housing market
Sustainable investments Digital solutions: Offering increased efficiency and cost savings for the multi- housing market with dormakaba Resivo Cost savings for administrators through central access management online Increased efficiency through easier handover of keys Pilot installation Munich Time s
Slide 13: Energy-efficient door drive system ES Proline ST Green
Sustainable investments State-of-the-art engineering supporting green buildings: next generation, energy-efficient door drive system ES Proline ST Green Twofold advantage: Operate larger dimensioned doors with higher thermal insulation and security degrees using less energy, contributing to reductio
Slide 14: Agenda
Agenda Half-year results 2020/21 at a glance Slide 4 Riet Cadonau Sustainable investments Slide 11 Riet Cadonau Financial results and outlook Slide 15 Bernd Brinker 14 Presentation on half-year results 2020/21 03 March 2021
Slide 15: Key figures
Financial results and outlook Key figures • Organic sales growth of -6.0% (previous year: HY1 CHF million (except where indicated) HY 2020/21 HY 2019/20 Variance 2019/20: 0.8%; HY2 2019/20: -14.3%) • Significant negative currency translation impact on Net sales 1,227.5 1,385.7 -11.4% net sales of 5.
Slide 16: Sales development
Financial results and outlook Sales development 1,385.7 • Negative impact on net sales from currency translation (-5.5%) due to stronger 1,309.5 CHF against all major currencies -76.2 • Organic growth of -6.0%, strongest performance by AS DACH (-2.9%) and AS EMEA (-3.0%) 1.0 1,227.5 • As a result, i
Slide 17: EBITDA development
Financial results and outlook EBITDA development 214.1 • EBITDA performance driven by Covid-19 related lower volume 200.9 • EBITDA decreased by CHF 32.2 million (-15.0%) to CHF 181.9 million; -13.2 this compares with CHF 110.9 million in HY2 2019/20 • Positive non-recurring one-offs in the reporting
Slide 18: Income statement (condensed)
Financial results and outlook Income statement (condensed) • Net sales of CHF 1,227.5 million, which compares CHF million HY 2020/21 % HY 2019/20 % Variance in % with CHF 1,154.1 million in HY2 2019/20 Net sales 1,227.5 100.0 1,385.7 100.0 -11.4 • Gross margin slightly weaker, mainly due to lower Gr
Slide 19: Cash flow
Financial results and outlook Cash flow • Strong cash flow as a result of crisis related “cash is king” CHF million HY 2020/21 HY 2019/20 principles Cash generated from operations 233.6 192.1 • Much higher cash generated from operations and net cash Net cash from operating activities 194.3 139.1 fro
Slide 20: Net debt
Financial results and outlook Net debt HY ended FY ended HY ended • Significantly lower net debt by CHF 279.8 million against end CHF million 31.12.2020 30.06.2020 31.12.2019 of PY period and by CHF 111.4 million against end of prior FY Cash and cash equivalents -138.0 -156.8 -100.2 as a result of s
Slide 21: Cost savings and restructuring program (update)
Financial results and outlook Cost savings and restructuring program (update) Covid-19 pandemic impact Measures Financial impact Covid-19 pandemic led to an Early initiation of a Group-wide cost Program will generate a unprecedented slump in business savings and restructuring program positive financ
Slide 22: Guidance and business outlook for financial year 2020/21
Financial results and outlook Guidance and business outlook for financial year 2020/21 Market The current business environment is still characterized by uncertainties and lack of visibility due Environment to the Covid-19 pandemic. The Group-wide cost savings and restructuring program launched in th
Slide 23: Q&A
Q&A 23 Presentation on half-year results 2020/21 03 March 2021
Slide 24: Handing over the baton as CEO to Sabrina Soussan on 1 April 2021
Half-year results 2020/21 presentation Handing over the baton as CEO to Sabrina Soussan on 1 April 2021 Technology leap from electronic to Strategically important cloud-based solutions Sales x 2.5 within acquisitions in 5 years North America Stable, continuous Formed a global dividend payments one-s
Slide 25: Thank you for your attention.
Thank you for your attention. 25 Presentation on half-year results 2020/21 03 March 2021
Slide 26: If you want to find out more, visit us on our websites and channels
If you want to find out more, visit us on our websites and channels Half-year Report 2020/21 Read more about results of the first half of financial year 2020/21 of dormakaba Group on report.dormakaba.com/hyr_2020_21 dormakaba Newsroom Find the latest news about dormakaba in our newsroom on newsroom.
Slide 27: Appendix
Appendix dormakaba in a nutshell: who we are and what we offer Segment split – Key & Wall Solutions Currency exposure Shareholder structure “Cash is king” update 27 Presentation on half-year results 2020/21 03 March 2021
Slide 28: One of the Top 3 companies in our industry
Who we are One of the Top 3 companies in our industry. Globally leading in smart and secure access solutions > 150 > 130 ~ 15,000 years of experience countries employees Stock-listed CHF 2.5 billion Sustainable SIX Swiss Exchange net sales in FY 2019/20 entrepreneurship (DOKA) 28 Presentation on hal
Slide 29: Delivering comprehensive access solutions and services worldwide
What we offer Delivering comprehensive access solutions and services worldwide Broad product & Global sales and Awarded solutions portfolio services presence product design Expertise at every Preferred brands, Iconic references phase of building trusted for generations around the globe lifecycle 29
Slide 30: Growth drivers shaping our industry
Our industry Growth drivers shaping our industry Increasing prosperity Demographic Urbanization in emerging markets change Increasing need Technology Sustainability for security 30 Presentation on half-year results 2020/21 03 March 2021
Slide 31: Segment split – Key & Wall Solutions
Appendix Segment split – Key & Wall Solutions Business Units Key Systems Movable Walls Change on Change on CHF million HY 2020/21 % HY 2019/20 % previous year HY 2020/21 % HY 2019/20 % previous year in % in % Net sales third parties 93.0 105.5 -11.8% 69.0 86.0 -19.8% Intercompany sales 1.6 2.2 5.5 5
Slide 32: Currency exposure
Appendix Currency exposure As every globally active group, dormakaba is exposed to currency risks. The currency profile of dormakaba shows a broad balance between sales and cost per region (= natural hedge). Sales per currency regions Cost per currency regions 29% 25% 33% 30% USD USD EUR EUR CHF CHF
Slide 33: Shareholder structure – supporting sustainable development
Appendix Shareholder structure (1) – supporting sustainable development dormakaba Holding AG (CH) (2) [listed on SIX Swiss Exchange] Shareholder dormakaba Holding AG 30.06.2019 30.06.2020 Pool Shareholders(4) 27.2% 28.7% Shareholder Pool Free Float 72.8% 71.3% (28.7%) Free float 52.5% (71.3%) “Kaba”
Slide 34: "Cash is king" update
Appendix “Cash is king” update Early implementation of a comprehensive crisis management • In March 2020, the “cash is king” principle was introduced throughout the entire organization to address the Covid-19 challenges • Adjustment of financial management to retain entrepreneurial flexibility at al