Rockwool A/s Class A · OMXCOP:ROCK_A
Rockwool A/s Class A — Q3 2023 Earnings Presentation
18 slides from Rockwool A/s Class A's earnings presentation, Nov 23, 2023
Slide 1: Q3 2023 Financial results
Q3 2023 Financial results 23 November 2023
Slide 2: Forward-looking statement
Forward-looking statement The statements on the future in this presentation, including expected sales and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the Group, e.g. the global economic environment, including interest and exchang
Slide 3: Q3 YTD highlights
Q3 YTD highlights Sales Sales decrease in local currencies 2686 MEUR 6% down 9% in reported figures EBIT * EBIT margin 383 MEUR 14.3% up 27% up 4.1 percentage points Net profit Free cash flow 289 MEUR 285 MEUR up 119 MEUR up 274 MEUR *) After deducting donation of 27 MEUR to the Foundation for Ukrai
Slide 4: Q3 highlights
Q3 highlights Sales Sales decrease in local currencies 903 MEUR 4% down 11% in reported figures EBIT EBIT margin 146 MEUR 16.2% up 115% up 9.4 percentage points Net profit Free cash flow 109 MEUR 178 MEUR up 64 MEUR up 119 MEUR 4
Slide 5: Q3 YTD sales down six percent driven by Europe
Q3 YTD sales down six percent driven by Europe Net sales Net sales per business segment MEUR MEUR -6% YTD Q3 2022 YTD Q3 2022 YTD Q3 2023 Local currencies -7% -10% YTD Q3 2023 Local currencies -9% YTD Q3 2023 Reported figures YTD Q3 2023 Reported figures 2327 2098 2952 2686 -1% -6% 625 588 YTD Q3 20
Slide 6: Q3 sales down four percent in local currencies
Q3 sales down four percent in local currencies Net sales Net sales per business segment MEUR MEUR Q3 2022 Q3 2022 -4% Q3 2023 Local currencies Q3 2023 Local currencies Q3 2023 Reported figures -4% Q3 2023 Reported figures -11% -11% 796 711 1010 903 -5% -10% 214 192 Q3 2022 Q3 2023 Insulation Systems
Slide 7: Q3 regional sales development
Q3 regional sales development Growth in local currencies Key developments Geographic share of sales MEUR, reported figures In many markets, sales decreased Western Europe compared to same period last year. Western Europe Eastern Europe and Russia -9% Spain and United Kingdom performed North Amer
Slide 8: Q3 profitability improved
Q3 profitability improved EBITDA & EBIT +68% EBITDA / EBIT margin (%) +115% MEUR 219 187 194 24.3% 165 164 157 155 19.7% 21.2% 146 146 131 131 133 EBITDA 18.4% 17.2% 18.9% 17.2% 16.8% 16.2% EBITDA margin 14.5% 105 102 101 104 13.2% 95 EBIT 12.9% 13.0% 12.0% EBIT margin 11.2% 11.0% 10.5% 68 6.8% Q3 2
Slide 9: Q3 profitability by business segment
Q3 profitability by business segment EBIT EBIT margin (%) MEUR +128% 118 Q3 2022 Q3 2023 +73% 52 14.4% 11.8% 11.6% 12.1% 14.9% Insulation 11.9% 12.4% 13.7% 28 7.7% 14.6% Systems 16 11.2% 10.0% 10.4% 11.6% 9.4% 9.5% 8.4% 5.8% Insulation Systems Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 In
Slide 10: Q3 investment activities
Q3 investment activities Investments excluding acquisitions and grants totalled 91 MEUR in Q3 2023, compared to 85 MEUR in Q3 2022. The sustainability investment for conversion to electrical melter in Flumroc (Switzerland), electrification of the factory in France, additional Rockpanel capacity in
Slide 11: Update on new factory in France
Update on new factory in France The Administrative court lifted the suspension of work at the site in Soisson, France. Next important milestone is the final ruling on the building permit appeal. Status • The Administrative court lifted the suspension on 13 November 2023. • ROCKWOOL has initiated lig
Slide 12: Q3 generated a solid free cash flow
Q3 generated a solid free cash flow Q3 free cash flow was 178 MEUR, compared to Free cash flow 59 MEUR in Q3 2022, generated by a strong +119 MEUR MEUR operational result and reduced net working capital. 178 Net working capital was 11.5 percent (Q3 2022: 119 12.2 percent) of net sales and ended at 4
Slide 13: Outlook 2023
Outlook 2023 13
Slide 14: Outlook full year 2023
Outlook full year 2023 1 Sales Sales decline of 4-5 percent in local currencies, changed from previously up to eight percent. 2 EBIT EBIT margin around 14 percent, changed from previously around 13 percent. 3 Investment Investment level around 325 MEUR excluding acquisitions. 14
Slide 15: Outlook full year 2023 and outlook overview
Outlook full year 2023 1 Sales Sales decline of 4-5 percent in local currencies, changed from previously up to eight percent. 2 EBIT EBIT margin around 14 percent, changed from previously around 13 percent. 3 Investment Investment level around 325 MEUR excluding acquisitions. 2023 Outlook 8 February
Slide 16: Key figures for the Group
Key figures for the Group MEUR Q3 Q3 YoY (%) YTD YTD YoY (%) FY 2023 2022 Q3 Q3 2022 2023 2022 Income statement Net sales 903 1 010 -10.6% 2 686 2 952 -9.0% 3 907 EBITDA 219 131 67.6% 577 473 21.9% 638 EBIT 146 68 114.9% 383 301 27.2% 402 Profit before tax 148 63 134.4% 391 232 68.5% 358 Profit for
Slide 17: Questions?
Questions? ZN Rockwoor
Slide 18: Thank you
Thank you ROCKWOOL A/S Hovedgaden 584 2640 Hedehusene Denmark CVR No. 54879415 Tel.: +45 46 56 03 00 www.rockwool.com