Semperit Ag Holding · VIE:SEM
Semperit — H1 2022 Earnings Presentation
37 slides from Semperit's earnings presentation, Aug 17, 2022
Slide 1: Semperit Group H1 2022 Investor Presentation
SEMPERIT GROUP H1 2022 INVESTOR PRESENTATION Karl Haider, CEO Petra Preining, CFO 17 August 2022 1
Slide 2: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.6) Financial Performance & Strategy (p.14) Outlook (p.24) Appendix (p.27) 2 Investor Presentation H1 2022 I 17 August 2022 I Investor Relations
Slide 3: Operational highlights H1 2022
Operational highlights H1 2022 Strong H1’22 results despite geopolitical challenges; outstanding Industrial performance while Corona induced special cycle in Medical Sector has come to an end Industrial Sector in H1’22 well above H1’21: still healthy sales volumes and order book levels despite input
Slide 4: Step up in organic growth: € 110m for Semperflex's DH5 (1)
Step up in organic growth: € 110m for Semperflex’s DH5 (1) World’s first carbon-neutral hose production facilities Production capacity to be increased by Significant increase in market- and 32m meters of hydraulic hose to almost supply-share and continued growth above 200m meters of hose in total pe
Slide 5: Step up in organic growth: € 110m for Semperflex's DH5 (2)
Step up in organic growth: € 110m for Semperflex’s DH5 (2) World’s first carbon-neutral hose production facilities Increased level of automation leads to Being located close to European customers productivity gains and higher quality results in more manageable supply chains, faster deliveries, reduc
Slide 6: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.6) Financial Performance & Strategy (p.14) Outlook (p.24) Appendix (p.27) 6 Investor Presentation H1 2022 I 17 August 2022 I Investor Relations
Slide 7: Outstanding industrial sector performance with continuing top-line growth
Outstanding industrial sector performance with continuing top-line growth Revenues in EUR m Quarterly development of EBITDA (in EURm) and EBITDA margin (in%) H1’19 –H1’22 +28.6% +38.9% 41.4 20.7 372.3 21.3 19.1 17.3 16.1 17.1 16.4 15.9 15.0 15.5 289.5 28.2 14.5 268.1 27.1 12.1 26.4 249.2 24.5 10.5 1
Slide 8: Semperflex H1 2022
Semperflex H1 2022 Consistently improving performance 29.0% 24.4% 27.2% 24.5% 24.5% 22.8% 19.9% 22.5% 23.3% EBITDA in € m 20.0% 18.1% 19.3% 20.4% EBITDA margin 15.9% Semperflex 27.3 19.6 13.9 14.5 14.0 11.4 12.3 13.9 11.2 13.9 10.8 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
Slide 9: Sempertrans H1 2022
Sempertrans H1 2022 Systematic recovery evident in results 14.2% 16.7% 15.4% 12.8% 13.1% EBITDA in € m EBITDA margin Sempertrans 9.0% 7.6% 5.4 3.3% 3.7 5.3 4.6 5.4% 5.0 1.3 3.8% 4.5% 2.5% 1.6 2.1 0.0% 1.4% 1.4 0.8 1.0 0.8 1.0 1.3 0.0 0.4 1 2 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’2
Slide 10: Semperseal H1 2022
Semperseal H1 2022 Difficult market limits pricing power and cost recovery 14.1% 14.7% 14.7% 13.2% 10.0% 12.8% 12.6% 12.0% EBITDA in € m 9.8% Semperseal 7.5% EBITDA margin 7.9% 4.2 6.5% 3.9 4.1 3.8 3.4 3.0% 3.3 3.2 2.5 2.9 3.0% 2.4 2.4 1.7 0.6 0.9 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’2
Slide 11: Semperform H1 2022
Semperform H1 2022 Margin resilience due to product mix 22.6% 18.3% 19.6% 18.4% 17.5% 19.6% 17.7% EBITDA in € m Semperform 12.2% 12.9%15.4% 15.2% 14.1% EBITDA margin 12.2% 10.3% 4.8 5.0 5.0 4.0 4.1 4.0 3.6 3.5 3.1 3.3 3.2 2.7 2.5 2.5 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21
Slide 12: Medical Sector / Sempermed segment H1 2022
Medical Sector / Sempermed segment H1 2022 Reversal from overheated 2021 to “new normal” 2023 57.7% 51.6% 54.6% 45.9% 37.5% EBITDA in € m EBITDA margin Sempermed 19.7% 105.3 115.3 21.7% 83.0 12.6% 0.8% 2.3% -0.1% 6.1% 44.4 56.9 2.5% -1.2% 18.2 23.7 13.3 -0.9 0.6 1.8 -0.1 4.8 2.2 1 Q1’19 Q2’19 Q3’19
Slide 13: Semperit's response to the current energy crisis
Semperit’s response to the current energy crisis The “30 by 2030” initiative as part of the ESG strategy focuses among others on energy efficiency improvements and implies several measures to reduce Semperit’s energy consumption step by step Tense energy situation intensified over the years due to c
Slide 14: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.6) Financial Performance & Strategy (p.14) Outlook (p.24) Appendix (p.27) 14 Investor Presentation H1 2022 I 17 August 2022 I Investor Relations
Slide 15: H1 2022 Financial Highlights
H1 2022 Financial Highlights Outstanding industrial performance against adverse exogenous market shocks while Covid-related special cycle ends in Medical Sector Proactive working capital management remains key focus area as cost inflation and inventory build-up continue Special attention paid to ens
Slide 16: Revenue development
Revenue development in € m -14% 16.0 10.3 59.3 18.7 660.8 570.6 -194.4 +38.9% -49.5% +51.8% +36.5% +27.1% +23.7% Industrial Sector Medical Sector H1 2021 Semperflex Sempertrans Semperseal Semperform Sempermed H1 2022 Revenue 173.7m 69.8m 75.1m 53.7m 198.3m H1 2022 % change of each segment / sector r
Slide 17: Strong performance in Industrial more than offset by decline in Medical
Strong performance in Industrial more than offset by disproportionate decline in Medical in € m -70% 20.6 4.8 1.6 247.5 -0.4 5.9 75.1 -204.9 H1 2021 Semperflex Sempertrans Semperseal Semperform Sempermed Corporate H1 2022 EBITDA 247.5 26.2 1.8 6.6 6.6 220.5 -14.3 H1 2021 EBITDA 46.8 6.6 6.2 8.2 15.6
Slide 18: Major drivers of operating performance
Major drivers of operating performance -70% 247.5 Total Sales Effect: € -90.2m 39.3 -20.9 -129.5 -16.8 thereof: -18.1 75.1 Industry -11.2 Price Volume -11.3 -3.8 € +89.3m € +14.9m Medical Price Volume € -218.8m € +24.4m EBITDA Price Effect Volume Change in Cost of Energy Logistics Personnel Misc. EB
Slide 19: Overview of key financial KPIs, H1 2019 – H1 2022
Overview of key financial KPIs, H1 2019 – H1 2022 H1 2019 H1 2020 H1 2021 H1 2022 ΔH1´19/´22 EBITDA, in € m 39.1 57.6 247.5 75.1 +92% EBITDA margin, in % 9.0 13.7 37.5 13.2 +4.2PP EBIT, in € m 20.9 112.2 224.6 48.3 +132% EBIT margin, in % 4.8 26.8 34.0 8.5 +3.7PP Earnings after tax, in € m 5
Slide 20: Quarterly CAPEX development 2021-2022
Quarterly CAPEX development 2021-2022 • Continued healthy level of CAPEX • Outlook 2022: planned to be above 2021 level • Industrial Sector: increasing focus on growth CAPEX CAPEX per segment in € m 28.4 16.8 17.1 Semperflex 18.8 2.6 2.9 Sempertrans 0.8 Semperseal 12.4 1.2 2.3 11.3 Semperform 10.2 2
Slide 21: Free cash flow development
Free cash flow development Reduced operating cash flow due to reversal of Covid-related special cycle in Medical Sector Pre tax operating cash flow impacted by proactive inventory build up Investment cash flow driven by increased CAPEX level 203 183 187 60 53 55 54 23 28 -20 -7 -28 -69 H1’20 H
Slide 22: Working Capital overview
Working Capital overview Components of Working Capital in € m 17.5%1 17.0%1 16.1%1 19.6%1 21.0%1 232.8 222.2 204.7 209.5 190.3 203.1 207.3 Inventories 165.6 177.2 186.8 128.9 132.6 144.1 Trade receivables 111.3 98.8 -89.8 -78.9 -95.3 -113.5 -118.6 Trade payables 30 June 2021 30 Sept 2021 31 Dec 2021
Slide 23: Balance sheet structure and financial profile
Balance sheet structure and financial profile Balance sheet structure Financial profile as of 30 June 2022 Balance sheet 30/06/2022: € 970m Balance sheet 31/12/2021: € 959m Cash and cash equivalents at € 193m Unused credit facilities total € 90m Non-current 403 407 Equity (incl. hybrid capital)
Slide 24: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.6) Financial Performance & Strategy (p.14) Outlook (p.24) Appendix (p.27) 24 Investor Presentation H1 2022 I 17 August 2022 I Investor Relations
Slide 25: Management assumptions for 2022
Management assumptions for 2022 Starting Outstanding results in Industrial Sector Point H1’22 …. BUT… accelerated Continuing supply Energy crisis in Europe, Geopolitical crises constraints and reduced cost inflation, FX, in H1’22 components availability working capital Expectations for H2 2022 Seaso
Slide 26: Contact and financial calendar
Contact and financial calendar Investor Relations Semperit Financial Calendar 2022 Judit Helenyi, Director Investor Relations 17.8.2022 Half-year financial report 2022 16.11.2022 Report on Q1-3 2022 +43 1 79777 - 310 www.semperitgroup.com/en/ir Am Belvedere 10 1100 Vienna, Austria Disclaimer The inf
Slide 27: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.6) Financial Performance & Strategy (p.14) Outlook (p.24) Appendix (p.27) 27 Investor Presentation H1 2022 I 17 August 2022 I Investor Relations
Slide 28: Sectors and Group: H1 2022 vs H1 2021
Sectors and Group: Q1 2022 vs Q1 2021 1) 2) 3) Industrial Sector Medical Sector Semperit Group in EUR m H1 2022 H1 2021 % H1 2022 H1 2021 % H1 2022 H1 2021 % Revenue 372.3 268.1 +38.9% 198.3 392.7 -49.5% 570.6 660.8 -13.6% EBITDA 68.0 41.3 +64.4% 15.6 220.5 -92.9% 75.2 247.5 -69.6% EBITDA margin 18.
Slide 29: Semperit Group adj. where applicable
Semperit Group adj. where applicable Semperit Group adj. where applicable Q3 FY FY Q1 Q2 Q4 Q1 Q2 Q3 Q4 FY Q1 Q2 2020 2020 2019 2020 2020 adj.1) 2020 adj. 2021 2021 2021 2021 2021 2022 2022 in EUR m adj.2) adj.3) Revenue 840.6 199.1 219.8 238.2 270.5 927.6 323.1 337.7 265.3 256.1 1,182.2 277.0 293.6
Slide 30: 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 Q4 FY Q1 2022 Q2 2022 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2021 2021 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 68.4 240.5
Slide 31: Semperform and Semperseal (adj. where applicable)
Semperform and Semperseal (adj. where applicable) Semperform (Window and door profiles, Handrails) - before 2020 FY Q1 Q2 Q3 FY Q1 Q2 Q3 Q4 FY 2017 2018 2018 2018 2018 2019 2019 2019 2019 2019 in EUR m adj. Revenue 185.0 47.5 50.7 50.3 192.2 49.9 50.5 47.8 42.4 190.6 EBITDA 21.5 4.5 7.3 6.2 21.9 7.9
Slide 32: Sempermed (adj. where applicable)
Sempermed (adj. where applicable) Sempermed (Gloves) Q3 Q2 Q3 FY Q1 Q2 Q4 FY Q1 Q4 Q1 Q2 Q3 Q4 FY 2019 2) 2020 2020 5) 2020 Q1 2022 Q2 2022 2019 2019 1) 2019 2019 2020 2020 2021 2021 2021 2021 2021 in EUR m adj. 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
Slide 33: Key figures 2011-2021
Key figures 2011-2021 Key performance figures 2016 2017 2018 2019 2020 in EUR m 20111) 2012 2013 2014 3) 20153) 2021 adj.4) adj.5) adj.6) adj.7) adj.8) Revenue 820.0 828.6 906.3 858.3 914.7 852.4 874.2 878.5 840.6 927.6 1,182.2 EBITDA 110.0 108.7 132.5 101.9 96.2 74.7 35.8 50.3 63.8 208.6 361.8 EBIT
Slide 34: 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 YTD ø 2019 ø 2020 2022 200 150 100 50 ø 2021 0 Butadiene Europe Butadiene Korea 1) Selected raw materials are shown for ill
Slide 35: 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 225 200 ø 2019 ø 2020 ø 2021 200 ø 2019 ø 2020 ø 2021 175 175 150 150 125 125 100 100 75 75 Ø YTD Ø YTD 50 2022 50 2022 25 25 Fuel Oil 1% Sulphur
Slide 36: Product / market position / segment overview, FY 2021
Product / market position / segment overview, FY 2021 in EUR m Semperit Group Industrial Sector Medical Sector Group Semperflex Sempertrans Semperform Semperseal Sempermed Revenue 1.182.2 240.5 / 20%1) 104.5 / 9%1) 90.6 / 8%1) 120.5 / 10%1) 626.1 / 53%1) EBITDA 361.82) 51.3 6.8 12.4 11.6 301.1 Emplo
Slide 37: 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