Heidelberger Druckmaschinen Ag · XETR:HDD
Heidelberger Druckmaschinen — Q1 FY2024/25 Earnings Presentation
27 slides from Heidelberger Druckmaschinen's earnings presentation, Aug 1, 2024
Slide 1: Tradition ∙ Innovation ∙ Change
Tradition ∙ Innovation ∙ Change Heidelberger Druckmaschinen AG – Q1 FY 2024/25 Analyst and Investor conference Jürgen Otto, CEO | Tania von der Goltz, CFO | August 1st, 2024
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: New management board
New management board Q1 FY 2024/25 at a glance Business and financial review Outlook 3 © Heidelberger Druckmaschinen AG
Slide 4: Our new management board – strong commitment to financial strength
Our new management board – strong commitment to financial strength. Jürgen Otto appointed CEO, David Schmedding for Sales & Technology. Jürgen Otto, CEO Tania von der Goltz, CFO Dr. David Schmedding, CSO Responsible for strategy, Responsible for controlling, Responsible for sales, service, productio
Slide 5: Q1 FY 2024/25 at a glance
New management board Q1 FY 2024/25 at a glance Business and financial review Outlook 5 © Heidelberger Druckmaschinen AG
Slide 6: Q1 FY 2024/25 – expected and communicated soft start
Q1 FY 2024/25 – expected and communicated soft start. On track to guidance: Strong trend in orders received will boost sales in H2. Orders received Net sales Adj. EBITDA in % Net sales1 Free Cashflow € 701m € 403m Fx-adj € 706m Fx-adj. € 404m -2.3% € -103m (PY: 7.7%) F(PY: € -27m) (PY: € 591m) (PY:
Slide 7: Confidence for full-year targets
Confidence for full-year targets. Successful Drupa strengthens order trend, backlog up on previous year. Quarterly orders received & backlog with a clearly positive trend Key takeaways: in m€ 1.000 923 Order backlog exceeds prior year, giving 877 886 900 comfort for net sales & adj. EBTIDA-margin 78
Slide 8: Business and financial review
New management board Q1 FY 2024/25 at a glance Business and financial review Outlook 8 © Heidelberger Druckmaschinen AG
Slide 9: Key performance indicators (Q1 FY2024/25)
Key performance indicators (Q1 FY2024/25). Drupa had a strong impact on first-quarter figures. Key takeaways: in million € Q1 FY 2024/25 Q1 FY 2024/25 change y/y 591 Adjusted for fx-effects at € 706m. Q1 was characterized by the // Orders received +18.7% successful drupa. As a result, orders receive
Slide 10: Segment split (3m FY2024/25)
Segment split (3m FY2024/25). Strong y/y order growth in Packaging and Print Solutions – sales down y/y. in million € Q1 FY 2023/24 Q1 FY 2024/25 Orders received Net sales Adj. EBITDA in % Key takeaways: +17.0% -28.8% Orders received up due to successful drupa, -8.3 pps // Packaging 364 especially e
Slide 11: Regions (3m FY2024/25)
Regions (3m FY2024/25). Increase in orders received – sales down as expected. in million € Q1 FY 2023/24 Q1 FY 2024/25 change y/y Key takeaways: Orders 271 Strong development in orders received in UK & France, Germany +24.9% received 339 fx-adj. 24.5.% stable on solid prior years level. EMEA (includ
Slide 12: EBITDA bridge (3m FY2024/25)
EBITDA bridge (3m FY2024/25). Sales induced decline in adj. EBTIDA-margin – improved product margins. in million € Key takeaways: FY 2023/24 reported EBITDA 42 No adjustments in Q1 FY 2023/24. Non-recurring items 0 FY 2023/24 42 adjusted EBITDA -48 Expected decrease in sales volumes, correspondingly
Slide 13: EBITDA to EBT (3m FY2024/25)
EBITDA to EBT (3m FY2024/25). Financial expenses slightly higher – 2/3 of total relating to pension provision. Q1 Q1 in million € FY 2023/24 FY 2024/25 // Breakdown net financial result: // Reported EBITDA 42.1 -9.1 in million € ∑ -8.1 ∑ -8.6 Financing related expenses FY 2023/24 FY 2024/25 Interest
Slide 14: EBT to Earnings per share (3m FY2024/25)
EBT to Earnings per share (3m FY2024/25). Tax expenses on prior years level despite negative EBT due to withholding taxes. Q1 Q1 in million € FY 2023/24 FY 2024/25 Breakdown Tax result: in million € ∑ -5.4 ∑ -5.4 // EBT 15.2 -36.5 Q1 FY 2023/24 Q1 FY 2024/25 Effective tax expenses on income* Tax res
Slide 15: Operating Cashflow (3m FY2024/25) – temporarily lower
Operating Cashflow (3m FY2024/25) – temporarily lower. Expected stronger adj. EBITDA seasonality & NWC build-up from strong backlog. Adj. EBITDA to Operating Cashflow Q1 FY 2024/25 Change y/y Comments on y/y changes: in million € Temporary decline in adj. EBITDA, due to EBITDA -9 -51 y/y lower sales
Slide 16: Free Cashflow (3m FY2024/25) – temporarily lower
Free Cashflow (3m FY2024/25) – temporarily lower. Expected stronger adj. EBITDA seasonality & NWC build-up from strong backlog. Change y/y Operating to Free Cashflow FY 2024/25 excl. non-rec. items Comments on y/y changes: in million € Operating -101 -81 Cashflow Investments -10 1 Investments on pri
Slide 17: Balance Sheet (3m FY2024/25)
Balance Sheet (3m FY2024/25). Equity remains on a solid level, net financial position lower due to negative FCF. Equity (equity ratio in %) Net financial position1 24,3% 22,7% in million € Net loss in first quarter in million € Negative FCF and non- 527 led to decline in equity, 77 cash increase in
Slide 18: Outlook
New management board Q1 FY 2024/25 at a glance Business and financial review Outlook 18 © Heidelberger Druckmaschinen AG
Slide 19: Guidance FY 2024/25 – soft start in line with expectations
Guidance FY 2024/25 – soft start in line with expectations. On track: High order backlog will secure quarter-on-quarter improvements. As shown at the annual press conference, June 11 Net Sales Key takeaways: in m€ Historical quarterly Lower/Higher in FY seasonality last 10 FY 2024/25 (indication) St
Slide 20: Management priorities
Management priorities. Continued cost management & NWC-optimization. • Order backlog + pipeline provides a good basis for sales #1 Cost & margin management guidance for FY 2024/25 – focus is on securing margins & supply chain. • Personnel costs remain too high structurally – swap to investment budge
Slide 21: Guidance FY 2024/25 – management priorities
Guidance FY 2024/25 – management priorities. Balancing growth initiatives and the ground of financial stability. 1 2 3 Strengthen Print & Packaging, Leverage our global network Utilize existing technologies expand addressable market and capacities Clear innovation & market leader for Leading enginee
Slide 22: Guidance FY 2024/25
Guidance FY 2024/25. Strong uptick of sales and adj. EBITDA in H2 – backed by sufficient backlog. Y/Y comparison after Q1 Guidance FY 2024/25 Key takeaways: Q1 Q1 Δ Y/Y FY 2023/24 FY 2024/25 Net sales guidance backed by solid order trend and sufficient // Net Sales 544 403 -26.1% ~ previous year bac
Slide 23: Key takeaways
Key takeaways. Soft start to FY 2024/25 was expected and communicated – sequential improvements in quarters ahead expected. Successful drupa shows that HEIDELBERG has the right offerings in place – strong order backlog will pave the way for achieving our guidance. HEIDELBERG is setting the course fo
Slide 24: P&L
P&L. Figures in € millions Q1 Q1 Change in 2023/2024 2024/2025 m€ Net sales 544.3 402.5 -141.8 Change in inventories/other own work capitalized 50.3 98.7 48.4 Total operating performance 594.6 501.2 -93.4 Other operating income 10.9 16.8 5.9 Cost of materials 262.8 239.1 -23.6 Staff costs 204.7 202.
Slide 25: Reported to adjusted EBITDA
Reported to adjusted EBITDA. Figures in € millions TOTAL TOTAL Change Q1 Q1 Change in 2024/2025 2023/2024 in % 2024/2025 2023/2024 % Reported EBITDA -9.1 42.1 -21.6% -9.1 42.1 -21.6% Reported EBITDA in % of Net sales 0.0 0.0 10pps 0.0 0.0 10pps Acquisition-related special effects 0.0 0.0 - 0.0 0.0 -
Slide 26: Segments: Quarterly overview
Segments: Quarterly overview. Figures in € millions y/y Q1 TOTAL Q1 TOTAL Change 2024/2025 2024/2025 2023/2024 2023/2024 in m€ Orders received 701.3 701.3 590.9 590.9 110.3 Print Solutions 335.5 335.5 277.2 277.2 58.3 Packaging Solutions 364.1 364.1 311.4 311.4 52.7 Technology Solutions 1.6 1.6 2.3
Slide 27: Balance Sheet
Balance Sheet. Assets Equity and Liabilities Assets – Figures in € millions 31.3.2024 30.6.2024 Change in Equity and liabilities – Figures in € millions 31.3.2024 30.6.2024 Change in m€ m€ Non-current assets Equity Intangible assets 217.4 217.4 0.0 Issued capital 779.1 779.1 0.0 Property, plant and
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