Zumtobel Group Ag · VIE:ZAG
Zumtobel — Q1 2020/21 Earnings Presentation
21 slides from Zumtobel's earnings presentation, Sep 1, 2020
Slide 1: Q1 2020/21 Management Presentation
Q1 2020/21 Management Presentation 1 September 2020 Scott Sports AG – Schweiz © Faruk Pinjo
Slide 2: Highlights Q1 2020/21: Encouraging profitability against strong top line pressure
Highlights Q1 2020/21: Encouraging profitability against strong top line pressure • Group revenues decline by 15.4% (FX-adj. minus 15.2%) − Lighting Segment revenues 14.8% below PY − Components Segment clearly below previous year level (minus 18.1%) – price pressure dropped to approx. 1% − Comparati
Slide 3: Reasonable EBIT development given topline decline
Reasonable EBIT development given topline decline Lighting Segment – Revenue and EBIT development LIGHTING SEGMENT REVENUES A D J U S T E D E B I T 1) -14.8% 11.3% (fx-adj. -14.8%) 6.1% 3.9% 0.6% 234.2 4.2% 222.6 200.7 189.7 188.1 26.4 13.5 8.0 7.3 1.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues 2019/20 Revenu
Slide 4: Top-line pressure impacts EBIT margin in first quarter
To p - l i n e p r e s s u r e i m p a c t s E B I T m a r g i n i n f i r s t q u a r t e r Components Segment – Revenue and EBIT development COMPONENTS SEGMENT REVENUES A D J U S T E D E B I T 1) 7.9% 8.3% -18.1% 7.2% (fx-adj. -17.4%) 3.6% 5.2% 89.3 88.0 80.9 83.3 73.1 7.0 6.7 6.4 3.8 3.0 Q1 Q2 Q3
Slide 5: Cost efficiency measures secure reasonable margins
Cost efficiency measures secure reasonable margins Zumtobel Group – Revenue and EBIT development ZUMTOBEL GROUP REVENUES A D J U S T E D E B I T 1) 9.1% -15.4% (fx-adj. -15.2%) 5.3% 2.7% 1.1% 307.4 3.6% 296.4 267.3 260.2 250.8 28.1 15.8 9.1 7.0 3.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues 2019/20 Revenues 2
Slide 6: Deteriorated Gross Profit resulted in lower adj. EBIT
Deteriorated Gross Profit resulted in lower adj. EBIT Zumtobel Group – ADJ. EBIT Bridge Deteriorated Gross Profit due to loss [in EUR mn] of 46 m€ Net Sales Selling and Administration expenses favorably influenced 15.8 by saving measures +10.0 9.1 -0.6 +1.1 -17.2 Adj. EBIT ∆ Gross profit R&D Selling
Slide 7: Net profit decreased from EUR 10.9 mn to EUR 3.1 mn
Net profit decreased from EUR 10.9 mn to EUR 3.1 mn Zumtobel Group – Income statement in EUR mn Q1 2020/21 Q1 2019/20 Change in % Revenues 250.8 296.4 -15.4 Cost of goods sold -171.6 -200.8 -14.5 Gross profit (incl. development) 79.2 95.6 -17.2 as a % of revenues 31.6 32.3 SG&A expenses -70.1 -79.8
Slide 8: Free cash flow at minus EUR 2.4 mn (PY EUR 9.9 mn)
Fr ee cash flow at minus EUR 2.4 mn (PY EUR 9.9 mn) Zumtobel Group – Cash Flow Statement in EUR million Q1 2020/21 Q1 2019/20 FREE CASH FLOW DEVELOPMENT Cash flow from operating results 23.9 30.8 (cumulative figures in EUR mn) 53.3 Change in working capital -24.5 -3.6 Change in other operating items
Slide 9: Solid balance sheet structure
Solid balance sheet structure Zumtobel Group – Key balance sheet data Net debt totalled EUR 179.2 million as of 31 July 2020 in EUR million 31 July 2020 30 April 2020 (30 April 2020: EUR 165.7 million) Total assets 976.9 994.8 Solid liquidity position backed by: • Consortium credit agreement with a
Slide 10: First quarter 2020/21 significantly impacted by Covid-19
Fir st quar ter 2020/21 significantl y impacted by Covid-19 Zumtobel Group – Sales development by Quarter vs PY Period in % 5.9 5.8 3.4 2.8 1.8 1.1 -0.9 -1.7 -0.5 -0.6 -2.6 -4.9 -5.0 -4.7 -7.3 -5.3 -7.6 -10.1 -12.7 -12.7 -15.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015/16 20
Slide 11: Covid-19 reduces quarterly revenues to only EUR 251 million
Covid-19 r educes quar ter l y r evenues to onl y EUR 251 million Zumtobel Group – Regional revenue distribution Change in EUR million Q1 2020/21 nominal FX adjusted D/A/CH 87.2 -6.1% -7.6% Northern and Western 57.7 -23.0% -22.2% Europe Southern and Eastern 61.5 -23.7% -23.0% Europe Asia & Pacific 2
Slide 12: Corona update: Challenging market environment in Europe in 2020
Cor ona update: Challenging mar ket envir onment in Eur ope in 2020 Zumtobel Group – Euroconstruct Forecast 2020 2020 Forecast GDP and Non-residential construction Growth Rates in % • Non-residential construction is expected to drop by 10.8% in 2020 in the Zumtobel Group’s core European markets -3.3
Slide 13: Corona update: Crisis as an opportunity
Corona update: Crisis as an oppor tunity Zumtobel Group – Covid-19 status quo as well as mid- and long-term perspective Status quo Mid and long-term perspective • We reacted quickly and took all necessary steps to ensure effective • Despite the ongoing crisis we intend to direct our efforts to the c
Slide 14: FY 2020/21 will be a challenging year amid the corona pandemic
FY 2020/21 will be a challenging year amid the corona pandemic Zumtobel Group Outlook: Currently no guidance for 2020/21 • The Corona pandemic has triggered an economic downturn which is difficult to assess at this time • Consequently, we are not in a position to provide guidance for revenues and ea
Slide 15: Financial Calendar
Financial Calendar Zumtobel Group 1 September 2020 Interim Report Q1 2020/21 (1 May 2020 – 31 July 2020) 1 December 2020 Half-Year Financial Report 2020/21 (1 May 2020 – 31 October 2020) 2 March 2021 Interim Report Q1–Q3 2020/21 (1 May 2020 – 31 January 2021) Q1 2020/21 results 15
Slide 16: Back-up
Back-up i ZUMTOBEL Group
Slide 17: Working capital on stable level
Wor king capital on stable level Zumtobel Group – Working capital 17.6% 16.7% 15.9% 15.1% 15.1% 15.0% 14.9% 15.0% 12.3% • Working capital at EUR 191.3 million as of 31 July 2020 (30 April 2019: EUR 169.2 million) • In % of rolling 12-month revenues, working capital at 17.6% (PY: 15.1%) Q1 Q2 Q3 Q4 i
Slide 18: Supplement data regarding Segment Reporting
Supplement data re gar ding Se gment Repor ting Zumtobel Group Lighting Segment Components Segment Reconciliation Group in TEUR Q1 2020/21 Q1 2019/20 Q1 2020/21 Q1 2019/20 Q1 2020/21 Q1 2019/20 Q1 2020/21 Q1 2019/20 Net revenues 189 698 222 555 73 120 89 270 -12 018 -15 434 250 800 296 391 External
Slide 19: Five-Year Overview
F i v e - Ye a r O v e r v i e w Zumtobel Group in EUR million 2019/20 2018/19 2017/18 2016/17 2015/16 Revenues 1,131.3 1,162.0 1,196.5 1,303.9 1,356.5 Adjusted EBIT 53.9 27.6 19.7 72.4 58.7 as a % of revenues 4.8 2.4 1.6 5.6 4.3 Net profit/loss for the period 14.5 -15.2 -46.7 25.2 11.9 as a % of re
Slide 20: Thank you
Thank you ZUMTOBEL GROUP AG Investor Relations Tel.: +43 (5572) 509-1125 emanuel.hagspiel@zumtobelgroup.com www.zumtobelgroup.com 20
Slide 21: Disclaimer
Disclaimer The facts and information contained herein constitute forward -looking statements as of the date they were made and based upon assumptions as to future events or circumstances that may not prove to be complete or accurate. By their nature, these statem ents involve risk and uncertainty be