Heidelberger Druckmaschinen Ag · XETR:HDD
Heidelberger Druckmaschinen — H1 FY2022/23 Earnings Presentation
22 slides from Heidelberger Druckmaschinen's earnings presentation, Nov 9, 2022
Slide 1: Technologies for Tomorrow – Half year results FY 2022/2023
TECHNOLOGIES FOR TOMORROW Heidelberger Druckmaschinen AG – Half year results FY 2022/2023 Dr. Ludwin Monz, CEO | Marcus A. Wassenberg, CFO | Wiesloch, November 9, 2022.
Slide 2: Disclaimer
Disclaimer This release contains forward-looking statements based on assumptions and estimations by the Management Board of Heidelberger Druckmaschinen Aktiengesellschaft. Even though the Management Board is of the opinion that those assumptions and estimations are realistic, the actual future devel
Slide 3: 6m FY 22/23 at a glance
6m FY 22/23 at a glance Financial performance Highlights Outlook 3 © Heidelberger Druckmaschinen AG
Slide 4: Half year FY 2022/23
Half year FY 2022/23. HEIDELBERG coping well with current macro challenges. HEIDELBERG continues profitable growth in second quarter 2022/2023. Guidance reconfirmed: Delivered result a good basis for achieving full-year targets. Challenging H2 ahead – cost increases expected. © Heidelberger Druckmas
Slide 5: Half year FY 2022/23: Well positioned after 6m
Half year FY 2022/23. Well positioned after 6m. in € millions 1.245 -1.3% Orders slightly down yoy (trade-fair boost in // Orders 1.229 the prior year). Book-to-bill at 1.09. 983 Strong increase in sales (fx-adj.: +9%) – despite // Sales +14% Chinese lockdowns. 1.120 7,6% // EBITDA in % Significant
Slide 6: Financial performance
6m FY 22/23 at a glance Financial performance Highlights Outlook 6 © Heidelberger Druckmaschinen AG
Slide 7: Current trading. Solid order intake pushes backlog to over €1bn
Current trading. Solid order intake pushes backlog to over € 1bn. in €millions // Quarterly order intake // Order backlog FY FY 20/21 FY 22/23 22/23 622 Order intake continues to be on a very solid level, with 593 September as the strongest month. 518 FX-effects & pricing as +15% supporting factors.
Slide 8: Segments
Segments. Packaging solutions catching up based on strong order backlog. in €millions Packaging Solutions Print Solutions Technology Solutions 689 682 535 531 Order intake 21 16 48% 51% 1% Sales +3% +30% (in % of total 566 538 547 -24% sales) 415 21 16 © Heidelberger Druckmaschinen AG 6M FY 21/22 6M
Slide 9: H1 Earnings bridge
H1 Earnings bridge. Second quarter continues successful start with strong operating improvements. in €millions // Main changes y/y: FY 22 H1 reported 75 28 - Lower net non-operating items H1 FY22 (€ -37m)/H1 FY23 (€ +9m) 56 + Operating improvements, mainly related to volume* 12 + Personnel cost savi
Slide 10: Balance Sheet
Balance Sheet. Equity ratio increases to 20 percent, net debt marginal. in €millions Equity (-ratio) NWC Essential factors 6.0% 11.1% 20% 22%* 18%* 22%* 457 522 Equity(-ratio) further up, in large parts because of 465 440 an increased discount rate of the pension provision 242 137 (effect: +167m, OC
Slide 11: Cash Flow
Cash Flow. Operating cash generation improved, NWC swing leaves no positive OCF. in €millions Essential factors 6M FY 21/22 6M FY 22/23 Net income 13 44 Higher cash to income ratio, as net income largely consist of operating earnings. Operating changes -50 -18 Operating Cashflow w/o NWC -37 26 Produ
Slide 12: NWC
NWC. Increase in Net Working Capital due to production-related rise in inventories. in €millions 6m FY 23: €82m NWC increase* Inventories increased production-related at half-year-mark (as compared to previous year). YE FY 22 440 736 2 35 42 631 25 Δ Inventories #1 107 YE FY 22 Raw materials WIP Tra
Slide 13: Highlights
6m FY 22/23 at a glance Financial performance Highlights Outlook 13 © Heidelberger Druckmaschinen AG
Slide 14: Gallus One – HEIDELBERG's first fully digital label printing system
Gallus One – HEIDELBERG´s first fully digital label printing system. Recurring revenues in a rapid growing market. Focus on a more cost-efficient and sustainable production by reducing personnel expenses, energy costs and waste. HEIDELBERG will participate from increased capacity needs in this marke
Slide 15: Outlook
6m FY 22/23 at a glance Financial performance Highlights Outlook 15 © Heidelberger Druckmaschinen AG
Slide 16: Chances and risks
Chances and risks. Second half year with particular burdens. Chances Risks Strong volume expected for H2 ? Personnel costs likely to increase from collective wage agreement Ongoing pricing calibration will support margins ? Material costs remain on a high level + energy costs will continuously incre
Slide 17: Outlook
Outlook. H1 in line with guidance, while economic uncertainties remain high. 6m FY 22/23 FY 22/23 Our priorities for FY 22/23: Net Sales € ~1.1bn € ~2.3bn (6m 21/22: € 983m) (FY 21/22: € 2.18bn) Secure supply chain EBITDA Absorbing the cost (in %) 9.2% >8.0% increases in H2 (6m 21/22: 7.6%) (FY 21/2
Slide 18: Key takeaways
Key takeaways. HEIDELBERG continues profitable growth in second quarter of FY 2022/2023. 6m results are a good basis for achieving full-year targets. Chances & risks ahead: H2 with additional burdens. © Heidelberger Druckmaschinen AG 18
Slide 19: Backup
Backup © Heidelberger Druckmaschinen AG 19
Slide 20: Regions
Regions. Significant growth in EMEA and North America. 6M Sales 2022/2023 by region in % Regional development of sales in Mio € South +49.1% 29 America 3% SoA 20 230 +31.7% North 21% NA 174 America +7.2% 140 EE 131 EMEA 40% 273 -8.5% AP 298 12% Eastern +24.3% Europe 448 EMEA 361 24% Asia/Pacific 6M
Slide 21: Transformation program
Transformation program. Pension obligations with low financing costs compared to ordinary debt. // Net debt (€M) // Repayment profile (annual pension payments HDM Germany €M)* ▪ ~99% of HDM's net debt is due to on-balance sheet pension 675 obligations ~40 ▪ Based on HDM's demographics, pension payme
Slide 22: Sustainability
Sustainability. Highest efficiency potential in customer’s processes. Carbon footprint of a printing Examples for Heidelberg´s contribution machine over its lifecycle. • Heidelberg commits to becoming climate 20% neutral by 2030. 15% • Selective procurement of and resale of 65% consumables according
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