Semperit Ag Holding · VIE:SEM
Semperit — Q3 2021 Earnings Presentation
35 slides from Semperit's earnings presentation, Nov 17, 2021
Slide 1: Semperit Group Q1-3 2021 Investor Presentation
SEMPERIT GROUP Q1-3 2021 INVESTOR PRESENTATION Petra Preining, CFO Kristian Brok, COO 17 November 2021 1
Slide 2: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.6) Financial Performance (p.14) Strategy and Outlook (p.22) Appendix (p.25) 2 Investor Presentation Q1-3 2021 I 17 November 2021 I Investor Relations
Slide 3: Q3 2021 Highlights, Strategy and Outlook
Q3 2021 Highlights, Strategy and Outlook Record results achieved in Q1-3’2021 – despite considerable raw materials and logistics headwinds Industrial Sector: strong order book recovery and performance against the backdrop of supply chain headwinds – converging towards strong 2019 pre- corona level P
Slide 4: Excellent results against exogenous price pressure
Excellent results against exogenous price pressure • Performance of Medical Sector still on record level despite declining ASPs • Industrial Sector: recovering top-line growth against margin REVENUE +41% Record top-line at Q1-3’21 926.1 – Medical Sector at € 517m, up by +79% yoy 652.2 657.2 – Indu
Slide 5: Major drivers of strong operating performance
Major drivers of strong operating performance +174% 311.0 29.0 -42.0 0.4 324.3 -77.3 -9.7 -5.5 118.5 EBITDA Price Effect Volume Change in Cost of Logistics Personnel Miscellaneous EBITDA Q1-3 2020 Sales Effect Sales invetories materials and exp. Q1-3 2021 purchased services (excl. energy) 5 Investor
Slide 6: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.6) Financial Performance (p.14) Strategy and Outlook (p.22) Appendix (p.25) 6 Investor Presentation Q1-3 2021 I 17 November 2021 I Investor Relations
Slide 7: Resilient Industrial Sector: recovering top-line growth against margin pressure
Resilient Industrial Sector: recovering top-line growth against margin pressure Revenues Quarterly development of EBITDA Q1-3’19 – Q1-3’21 2019-2021 +11% 426.2 409.4 21.3 369.0 19.1 17.3 17.1 16.4 16.1 15.9 15.0 14.5 28.2 10.5 27.1 10.3 24.5 23.2 22.0 20.5 20.6 20.7 17.7 12.7 11.3 Q1-3’19 Q1-3’20 Q1
Slide 8: Industrial Sector: strong raw materials headwinds
Industrial Sector: strong raw materials headwinds • Significantly higher materials costs and logistics constraints remain challenging • Strong operational efficiency supports margin development: EBITDA margin if adjusted for raw materials and purchased services’ price increases would have been signi
Slide 9: Semperflex Q1-3 2021
Semperflex Q1-3 2021 Strong recovery after Covid 24.4% 27.2% 24.5% 22.8% 19.9% 22.5% 23.3% EBITDA in € m 20.0% 15.9% 19.3% 18.1% EBITDA margin Semperflex 13.9 14.5 14.0 13.9 10.8 11.4 12.3 11.2 8.7 9.3 7.2 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q1-3 2021 vs. Q1-3 2020 Reve
Slide 10: Sempertrans Q1-3 2021
Sempertrans Q1-3 2021 Late cyclicality and price pressure impact the business 14.2% 16.7% 15.4% 13.1% EBITDA in € m EBITDA margin Sempertrans 9.0% 7.6% 5.4 5.0 3.3% 3.7 4.6 5.4% 1.3 2.5% 3.8% 1.6 2.1 0.0% 1.4 0.8 1.0 0.8 1.0 0.0 1) 2) Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21
Slide 11: Semperseal Q1-3 2021
Semperseal Q1-3 2021 Strong top-line and margin growth 14.1% 13.2% 14.7% 14.7% 12.8% 12.0% 12.6% 9.8% EBITDA in € m 7.5% Semperseal 7.9% EBITDA margin 3.9 3.0% 4.2 4.1 3.4 3.3 3.2 2.9 2.5 2.4 1.7 0.6 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q1-3 2021 vs. Q1-3 2020 Revenue
Slide 12: Semperform Q1-3 2021
Semperform Q1-3 2021 Continuing top-line growth despite margin pressure 22.6% 19.6% 18.4% 17.5% 19.6% 17.7% EBITDA in € m 12.2% 12.9% 15.4% 15.2% 14.1% Semperform EBITDA margin 4.8 5.0 4.0 4.1 3.5 4.0 3.6 2.7 3.1 3.3 2.5 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q1-3 2021 vs.
Slide 13: Medical Sector / Sempermed segment Q1-3 2021
Medical Sector / Sempermed segment Q1-3 2021 Price development passed its peak but still above pre-Corona levels – results at record levels 54.6% 57.7% 51.6% 45.9% EBITDA in € m 37.5% EBITDA margin Sempermed 19.7% 115.3 105.3 83.0 0.8% 2.3% -0.1% 6.1% 44.4 56.9 -1.2% 18.2 -0.9 0.6 1.8 -0.1 4.8 Q1’19
Slide 14: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.6) Financial Performance (p.14) Strategy and Outlook (p.22) Appendix (p.25) 14 Investor Presentation Q1-3 2021 I 17 November 2021 I Investor Relations
Slide 15: Revenue development
Revenue development in € m +41% 228.5 926.1 27.1 19.9 657.2 -11.1 4.5 +11.0% +79.3% +18.7% -12.4% +27.9% +7.2% Medical Industrial Sector Sector Q1-3 2020 Semperflex Sempertrans Semperseal Semperform Sempermed Q1-3 2021 Revenue 172.1m 79.2m 91.4m 66.7m 516.7m Q1-3 2021 % change of each segment / sect
Slide 16: Top-line growth translates into higher reported EBITDA
Top-line growth translates into higher reported EBITDA Medical Sector strong - Industrial Sector resilient in € m +174% 210.1 -3.6 324.3 118.5 2.6 1.3 -2.2 -2.5 Q1-3 2020 Semperflex Sempertrans Semperseal Semperform Sempermed Corporate Q1-3 2021 EBITDA 118.5 34.8 8.7 9.4 12.4 67.3 -14.1 Q1-3 2020 EB
Slide 17: Overview of key financial KPIs, Q1-3'19 – Q1-3'21
Overview of key financial KPIs, Q1-3’19 – Q1-3'21 Q1-3'19 Q1-3'20 Q1-3'21 EBITDA, in € m 60.4 118.5 324.3 EBITDA margin, in % 9.3 18.0 35.0 EBIT, in € m -13.7 159.5 290.0 EBIT margin, in % -2.1 24.3 31.3 Earnings after tax, in € m -34.1 137.3 224.1 Free Cashflow, in € m 60.2 98.8 160.1 CAPEX, in € m
Slide 18: Quarterly CAPEX development 2020-2021
Quarterly CAPEX development 2020-2021 • CAPEX increased against its low level in 2020 • Industry starts to invest in growth CAPEX • Outlook 2021: planned to be well above the low level in 2020 CAPEX per segment in € m 12.4 Semperflex 2.3 10.2 Sempertrans 9.2 1.3 8.6 Semperseal 1.3 2.6 1.3 1.2 Semper
Slide 19: Free cash flow development
Free cash flow development Further improved results but headwinds from raw materials and logistics Operating CF driven by strong performance but also impacted by working capital requirements Investment CF includes USD time deposits (€ 48m) Free CF (adjusted for investments in USD time deposi
Slide 20: Working Capital overview
Working Capital overview Components of Working Capital in € m 19.5%1) 18.5%1) 17.5%1) 21.4%1) 17.5%1) 17.0%1) 225.4 204.7 209.5 160.4 156.2 162.8 173.1 165.6 177.2 Inventories 127.4 120.5 141.1 134.0 128.9 111.3 Trade receivables 107.6 108.6 99.3 -74.5 -72.8 -77.7 -81.7 -89.8 -78.9 Trade payables 30
Slide 21: Balance sheet structure and financial profile
Balance sheet structure and financial profile Balance sheet structure Financial profile as of 30 September 2021 Balance sheet 30/09/2021: € 974m Balance sheet 31/12/2020: € 764m Cash, cash equivalents (238) and USD time deposit (48) totalling € 286m Non-current 369 335 Equity (incl. hybrid capital
Slide 22: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.5) Financial Performance (p.13) Strategy and Outlook (p.22) Appendix (p.25) 22 Investor Presentation Q1-3 2021 I 17 November 2021 I Investor Relations
Slide 23: Outlook and focus on disciplined strategy execution
Outlook and focus on disciplined strategy execution Update of outlook from March 2021: Despite raw materials, logistics and labour headwinds EBITDA only slightly lower than original target of roughly € 395m for FY 2021 Momentum of high price environment for protective gloves of Q2’21 begins to wane
Slide 24: Contact and financial calendar
Contact and financial calendar Investor Relations Semperit Financial Calendar 2021 Judit Helenyi, Director Investor Relations 17.11.2021 Report on Q1-3 2021 23.3.2022 Publication of 2021 annual financial statements +43 1 79777 - 310 www.semperitgroup.com/en/ir 27.4.2022 Annual general meeting, Vienn
Slide 25: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.5) Financial Performance (p.13) Strategy and Outlook (p.22) Appendix (p.25) 25 Investor Presentation Q1-3 2021 I 17 November 2021 I Investor Relations
Slide 26: Sectors and Group: Q1-3 2021 vs Q1-3 2020
Sectors and Group: Q1-3 2021 vs Q1-3 2020 1) 2) 3) Industrial Sector Medical Sector Semperit Group in EUR m Q1-3 2021 Q1-3 2020 % Q1-3 2021 Q1-3 2020 % Q1-3 2021 Q1-3 2020 % Revenue 409.4 369.0 +11.0% 516.7 288.2 79.3% 926.1 657.2 +40.9% EBITDA 64.5 65.3 -1.2% 277.4 67.3 >100% 324.3 118.5 >100% EBIT
Slide 27: Semperit Group adj. where applicable
Semperit Group adj. where applicable Semperit Group adj. where applicable Q3 Q4 Q2 Q3 FY FY Q1 Q2 FY Q1 Q4 Q1 Q2 Q3 2019 2019 2020 2020 2020 2018 2019 2019 2019 2020 2020 adj. 2021 2021 2021 in EUR m adj.1) adj.2) adj.3) adj.4) adj.5) Revenue 878.5 212.9 224.4 214.9 188.3 840.6 199.1 219.8 238.2 270
Slide 28: Semperflex and Sempertrans (adj. where applicable)
Semperflex and Sempertrans (adj. where applicable) Semperflex (Hoses) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2021 2021 2021 in EUR m Revenue 61.1 59.7 53.8 48.0 222.7 46.8 51.5 46.6 45.0 189.9 54.7 59.7 57.7 EBITDA 13.9 14.5 10.8 8.7 47.9 9.3 14.0 11
Slide 29: Semperform and Semperseal (adj. where applicable)
Semperform and Semperseal (adj. where applicable) Semperform (Window and door profiles, Handrails) - before 2020 FY Q1 Q2 Q3 Q4 FY 2018 2019 2019 2019 2019 2019 in EUR m Revenue 192.2 49.9 50.5 47.8 42.4 190.6 EBITDA 21.9 7.9 8.3 6.6 3.3 26.0 EBITDA margin 11.4% 15.7% 16.4% 13.8% 7.8% 13.6% EBIT 13.
Slide 30: Sempermed (adj. where applicable)
Sempermed (adj. where applicable) Sempermed (Gloves) Q3 Q2 Q3 FY Q1 Q2 Q4 FY Q1 Q4 Q1 Q2 Q3 2019 2020 2020 2020 2019 2019 2019 20192) 2020 20205) 2021 2021 2021 in EUR m adj.1) adj.3) adj. 4) adj. 6) Revenue 71.5 76.4 78.2 67.3 293.3 77.5 92.2 118.4 161.1 449.2 192.9 199.8 124.0 EBITDA -0.9 0.6 1.8
Slide 31: Key figures 2010-2020
Key figures 2010-2020 Key performance figures 2016 2017 2018 2019 2020 in EUR m 20101) 20111) 2012 2013 20144) 20154) adj. 4) adj. 4) adj. 5) adj. 6) adj. 7) Revenue 689.4 820.0 828.6 906.3 858.3 914.7 852.4 874.2 878.5 840.6 927.6 EBITDA 112.3 110.0 108.7 132.5 101.9 96.2 74.7 35.8 50.3 63.8 208.6
Slide 32: Overview price indices Butadiene
Overview price indices Butadiene Price movements for raw materials1) became highly unpredictable Price indices Butadiene as main raw material for synthetic rubber / latex 250 ø 2019 ø 2020 200 150 100 50 ø YTD 2021 0 Butadiene Europe Butadiene Korea 1) Selected raw materials are shown for illustrati
Slide 33: Overview price indices LFO-F-NWE / wire rod
Overview price indices LFO-F-NWE / wire rod Significant increase for raw material1) used in industrial segments Price index LFO-F-NWE Price index wire rod 175 150 ø 2019 ø 2020 ø 2019 ø 2020 150 125 125 100 100 75 75 50 50 ø YTD Ø YTD 2021 2021 25 25 Fuel Oil 1% Sulphur NWE FOB Cargo Price index wir
Slide 34: Product / market position / segment overview, FY 2020
Product / market position / segment overview, FY 2020 in EUR m Semperit Group Industrial Sector Medical Sector Group Semperflex Sempertrans Semperform4) Semperseal4) Sempermed Revenue 927.6 189.9 / 20%1) 113.1 / 12%1) 81.8 / 9%1) 93.6 / 10%1) 449.2 / 48%1) EBITDA 208.62) 41.9 8.7 15.0 11.0 150.4 Emp
Slide 35: Shareholder Structure
Shareholder Structure Shareholder structure Semperit is listed on the Vienna Stock Exchange since 1890 Total of 20,573,434 shares B & C Holding Österreich GmbH is part of < 46% B & C Privatstiftung, an Austrian based private foundation / trust > 54% Primary focus of B & C is pursuing the fou