Arbonia Ag · SIX:ARBN
Arbonia — H1 2021 Earnings Presentation
34 slides from Arbonia's earnings presentation, Aug 24, 2021
Slide 1: H1 results 2021
H1 results 2021 Alexander von Witzleben Daniel Wüest
Slide 2: Overview H1 2021
Overview H1 2021 Key metrics (CHF M), continuing operations as reported1 Net revenues EBITDA Capex EBITDA margin +11.2% 8.4% 9.2% 11.5% +19.5% +51.5% 589 +49.0% -13.0% 529 493 +6.9% 68 45 45 43 37 35 H1 2019 H1 2020 H1 2021 H1 2019 H1 2020 H1 2021 H1 2019 H1 2020 H1 2021 Strong revenue growth H1 202
Slide 3: Agenda
Agenda 1. Group results H1 2021 2. Construction environment 3. Divisional highlights H1 2021 and outlook 4. Guidance Questions H1 results 2021 | 24th August 2021 3
Slide 4: Income Statement
Income Statement As reported, continuing operations In CHF M H1 2021 in % H1 2020 in % I Net revenues (+20%) Net revenues 588.6 100.0 492.5 100.0 Increasing raw material I prices offset by price Cost of material and goods -264.9 -45.0 -221.5 -45.0 increases and productivity I gains (relative lower
Slide 5: Overview H1 2021 Performance by Division
Overview H1 2021 Performance by Division, continuing operations3 All figures in CHF M1 Arbonia Sanitary Group HVAC Equipment Doors Windows +11% +11% +12% +20% +8% +8% +24% +15% +13% +13% 529.1 492.5 588.6 Net 274.6 246.1 304.9 182.8 178.0 203.9 159.3 152.4 171.6 71.7 68.5 77.7 revenues +52% +66% +38
Slide 6: Net revenues by Division and Region
Net revenues by Division and Region Germany largest market with over 50% share while base effect in Southern Europe after sale of Windows Division as reported, continuing operations Net revenues by Division Net revenues by Region 12% 13% (12%) (14%) 35% 9% (36%) (6%) 52% 8% (50%) (8%) 7% (7%) 51%
Slide 7: Organic growth
Organic growth Organic growth mainly driven by volume but also price effects As reported, continuing operations Net revenues as Δ reported Currency Acquis. Organic H1 2021 H1 2020 Year continuing operations effects effect growth1 total in CHF M Arbonia Group 588.6 492.6 +19.5% -2.2% -0.8% +16.5% HVA
Slide 8: Overview organic revenue growth H1 2019, H1 2020 and H1 2021
Overview organic revenue growth H1 2019, H1 2020 and H1 2021 In CHF M, continuing operations +14.5% +16.5% 675 1.8x Strong organic growth since 2019 despite 606 600 1.6x negative impact due to COVID-19 in 2020 529 520 525 1.4x Growth H1 2019 to H1 2021 based on 450 1.2x volume and price effects
Slide 9: Balance sheet
Balance sheet In CHF M, including discontinued operations 2′000 1′662 I Assets 1′535 1′500 30.3% 42.1% Higher absolute asset base mainly due to 1′000 increased operative activities, capex and positive FX translation effects (EUR, CZK, 500 69.7% 57.9% RUB) CHF 315 M of assets allocated to Windows
Slide 10: Net debt as of June 2021
Net debt as of June 2021 In CHF M, including discontinued operations 225 3.0x I Net debt 199 Decrease of net debt by CHF 15 M compared 184 2.6x to H1 2020 2.4x 60 2.2x Increase compared to M12 2020 mainly due to 150 141 59 2.0x dividend payments, purchase of treasury shares and acquisition of Cic
Slide 11: Cash flow statement
Cash flow statement In CHF M, including discontinued operations I Cash flow from operating activities +30.6 M Substantial increase of cash flow from operating 141.3 activities due to better operational performance 150 and … 100 …despite slight increase of NWC 51.6 50 21.0 0 06 2020 12 2020 06 20
Slide 12: Agenda
Agenda 1. Group results H1 2021 2. Group Construction resultsenvironment 2020 3. Divisional highlights H1 2021 and outlook 4. Guidance Questions H1 results 2021 | 24th August 2021 12
Slide 13: Construction environment and key drivers
Construction environment and key drivers Growth drivers and external challenges Construction environment "EU Green Deal1" – External Climate neutrality by 2050 challenges Mega Improving the energy- trends Low interest rates efficiency of buildings through Shortage of selected components and systems
Slide 14: Construction environment
Construction environment Migration and demographic change1 Housing emergency and capacity limitations2 In thousands In thousands ~300-400 1'000 750 240 245 251 256 250 500 250 0 Demand 2016 2017 2018 2019 2020 2008 2010 2012 2014 2016 2018 2020 Flats completed Required flats p.a. Number of open perm
Slide 15: EU "Green Deal"
EU "Green Deal" Development of investment volume in green Buildings are responsible for 1/3 of energy- buildings 2014 - 20201 (EUR million) consumption and CO2 emissions in Germany Other Heating systems (Buildings) 22.2% 21.1% 20.4% 21.9% 22.6% 22.4% 7% 19.0% 18.9% 21% 39% 16.2% Mobility 39% 11% In
Slide 16: EU "Green Deal" Overview of subsidy rates
EU "Green Deal" Overview of subsidy rates (exemplary) Germany Switzerland Building Heating Indoor climate Heating Building Stationary Air-to-water Sole envelope components system 1 optimisation envelope battery storage heat pump heat pump 20% 45% 45% 20% 50% 25% CHF 6'000 CHF 16'000 max. subsidies i
Slide 17: External challenges
External challenges Raw material expected to consolidate mid-term Raw material prices Construction price index Germany3 Development of steel1 and wood2 prices (indexed) Residential new construction (indexed) 120 200 115 110 100 105 100 95 01/20 03/20 05/20 07/20 09/20 11/20 01/21 03/21 05/21 07/21 I
Slide 18: Agenda
Agenda 1. Group results H1 2021 2. Construction environment Strategy highlights H1 2021 and outlook 3. Divisional 4. Guidance Questions H1 results 2021 | 24th August 2021 18
Slide 19: Arbonia's footprint
Arbonia's footprint Arbonia has a strong market presence in the growing residential, health and education construction market Arbonia's approximate revenue split by segments New construction Health and education 35% Single-family houses Industrial Retail and Renovation office 65% Multi-family houses
Slide 20: Divisional highlights H1 2021 and outlook: HVAC Division
Divisional highlights H1 2021 and outlook HVAC Division Overview New heat pump factory in CZ 8.7% 11.0% 304.9 246.1 33.6 21.3 H1 2020 H1 2021 Start of construction Start of production Net revenue EBITDA1 EBITDA margin1 H1 2021 H1 2022 Strong demand of CO2 efficient systems and components for heat/
Slide 21: Divisional highlights H1 2021 and outlook: Doors Division
Divisional highlights H1 2021 and outlook Doors Division Overview New door frame factory Prüm 1 12.0% 14.3% 281.6 Increase of capacity by c. 246.5 40% from 1 M 40.3 doors and frames 29.6 p.a. to 1.4 M p.a. H1 2020 H1 2021 Start of construction Start of production Net revenue EBITDA EBITDA margin Q1
Slide 22: Agenda
Agenda 1. Group results H1 2021 2. Construction environment 3. Highlights H1 2021 and strategic outlook 4. Guidance Questions H1 results 2021 | 24th August 2021 22
Slide 23: Adapted Group structure as of July 2021
Adapted Group structure as of 1 July 2021 Two focused divisions1 Chairman Alexander von Witzleben* CEO Alexander von Witzleben* CFO Corporate Functions Daniel Wüest* Heating, Ventilation and Air Conditioning (HVAC) Division Doors Division CEO: Alexander Kaiss* CEO: Claudius Moor* and Markus Hütt Hea
Slide 24: Updated Guidance 2021
Updated Guidance 2021 Heating, Ventilation and Doors Air Conditioning (HVAC) Group Heating, Ventilation and Wood Solutions Glass Solutions Air Conditioning Organic growth > 9% > 6% 8.0% (4 – 5%)1 EBITDA margin 11% 13% 11.5% (>11%)1 1 in brackets () Arbonia Group guidance March 2021 H1 results
Slide 25: Agenda
Agenda 1. Group results H1 2021 2. Construction environment 3. Highlights H1 2021 and strategic outlook 4. Guidance Questions H1 results 2021 | 24th August 2021 25
Slide 26: Disclaimer
Disclaimer Arbonia AG is making great efforts to include accurate and up-to-date information in this document, however we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the information provided in this document and we disclaim any liability whatsoe
Slide 27: Thank you
ARBONIA @ Thank you
Slide 28: Appendix
ARBONIA @ Appendix
Slide 29: Capital Markets Day Plattling 26. Oktober 2021
Capital Markets Day Plattling 26. Oktober 2021 Tagesablauf (Änderungen vorbehalten) Individuelle Anreise der Teilnehmer, je nach Anmeldung 10.15 – 10.45 Uhr Willkommenskaffee 10.45 – 11.00 Uhr Begrüssung Alexander von Witzleben (Vorstellung neue operative Führung: Claudius Moor, Alexander Kaiss un
Slide 30: Market environment: Construction market 2021
Market environment Construction market 2021 Residential Non-residential Central Europe Central Europe Germany 2.0 % Germany -5.5% 1.0 % -3.0% -0.1 % 0.7% Switzerland 0.3 % Switzerland 0.5% Eastern Europe Eastern Europe Poland 2.0 % Poland -3.7% 1.4 % 3.2% 1.4 % -1.9% Czech Republic -4.7 % Czech Repu
Slide 31: Market environment: Construction market 2022
Market environment Construction market 2022 Residential Non-residential Central Europe Central Europe 0.5% 1.0% Germany -0.5% Germany 1.0% Switzerland -2.3% Switzerland 0.6% -1.8% 0.5% Eastern Europe Eastern Europe 0.0% 1.5% Poland 3.0% Poland 7.6% Czech Republic 5.2% Czech Republic 3.6% 3.7% -1.7%
Slide 32: Arbonia shareholder structure
Arbonia shareholder structure As of 30 June 2021 Free float market capitalisation: CHF 886 M3 22% 3% 3% 72% Free float1 Artemis Beteiligungen I AG Leo Looser Arbonia management2 Tradeable free float of ~72% 1 Every other shareholder with <3% of shares outstanding 2 Members of the Board of Directors,
Slide 33: Arbonias transformation 2015-2021
Arbonias transformation 2015-2021 Development Key figures, including discontinued operations AFG in 2015 Arbonia in 20211 Acquisitions 2021 2018 2016 in CHF M 2015 2016 2017 2 2018 2 2019 2 H1 2020 2 2020 2 H1 2021 2 Net revenue 941.4 995.3 1'245.6 1'374.0 1'057.8 492.5 1'038.4 588.6 EBITDA 4 56.7 6
Slide 34: ARBONIA
ARBONIA @