Heidelberger Druckmaschinen Ag · XETR:HDD
Heidelberger Druckmaschinen — FY2022/23 Earnings Presentation
30 slides from Heidelberger Druckmaschinen's earnings presentation, Jun 14, 2023
Slide 1: People Make Machines Smart
PEOPLE MAKE MACHINES SMART Heidelberger Druckmaschinen AG – FY 22/23 Analyst and Investor conference Dr. Ludwin Monz, CEO | Tania von der Goltz, CFO | Frankfurt, June 14, 2023.
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: FY 2022/23 at a glance
FY 2022/23 at a glance Business and financial review Way forward Outlook 3 © Heidelberger Druckmaschinen AG
Slide 4: FY 2022/23 at a glance
FY 2022/23 at a glance. Guidance achieved despite macroeconomic challenges. Net sales EBITDA in % of Net sales Adj. EBITDA in % Net sales1 Net result € 2,434.5m 8.6 % 7.2 % € 91.2m (€ 2,300m) (> 8%) n/a2 (> € 33m) Guidance Guidance Guidance // Key developments of the fiscal year 2022/23: Packaging S
Slide 5: Business and financial review
FY 2022/23 at a glance Business and financial review Way forward Outlook 5 © Heidelberger Druckmaschinen AG
Slide 6: FY 2022/23 key performance indicators
FY 2022/23 key performance indicators. A strong fourth quarter contributed to a solid improvement in operating earnings. // Key takeaways: in million € ACT FY 2021/22 ACT FY 2022/23 change y/y 2,453.8 Level maintained compared to previous year, which was // Orders received -0.9% characterized by rec
Slide 7: Segment split
Segment split. Packaging Solutions benefited from long-term fundamental trends. in million € ACT FY 2021/22 ACT FY 2022/23 // Orders received // Net sales // Key takeaways: +7% +25% Packaging 1,155.7 1,158.5 Packaging Solutions benefited from 1,079.5 Solutions 924.9 structural growth. +4% -5% Print
Slide 8: Regional split
Regional split. EMEA and North America were the main growth drivers in FY 2022/23. // Regional development Net sales: // Comments on ACT FY 2022/23: in million € +11.5% 2,435 North America outperforms strong previous 2,183 +32% year, boosted among other things by 70 attractive exchange rate. Other 4
Slide 9: Reported to adjusted EBITDA
Reported to adjusted EBITDA. FY 2022/23 benefited strongly from operating leverage effect. in million € // Key takeaways: FY 21/22 reported EBITDA 160 48 Adjusted for non-recurring items FY 21/22 (Disposal of Docufy € 22m; property sale in the UK € 26m) FY 21/22 111 adjusted EBITDA + Sales related i
Slide 10: EBITDA to EBT
EBITDA to EBT. Financial result structurally improved, interest rate environment with pos. impact. in million € ACT FY 2021/22 ACT FY 2022/23 // Breakdown financial result vs previous year: // EBITDA (+) 160.2 209.5 ∑ -30m€ ∑ -19m€ Financing related expenses Depreciation & -11 amortization -79 -79 …
Slide 11: EBT to Earnings per share
EBT to Earnings per share. Tax result benefited from a release of a tax provision. in million € ACT FY 2021/22 ACT FY 2022/23 // Breakdown tax result vs previous year: // EBT (+) 50.8 111.7 ∑ -18m€ ∑ -20m€ Tax result Effective tax expenses on income (-expense/+ income) -17.7 -20.5 -18 …improved y/y
Slide 12: Free Cashflow
Free Cashflow. Improvement due to higher profitability, burden from NWC build-up. EBITDA to Free Cashflow FY 22/23 Change y/y // Comments on y/y changes: in million € EBITDA 209 € +49m Higher absolute EBITDA improving operating cashflow. Tax & Interest 31 € +6m FY 22/23: Net working capital increase
Slide 13: Balance Sheet
Balance Sheet. Equity increased due to normalization of discount rates for pensions. in million € ACT FY 2021/22 ACT FY 2022/23 // Net financial position // Net Working Capital (NWC) // Key takeaways: +41 20%1 21%1 Net financial position improved due to positive Free Cashflow. 51,0 515,3 10,5 Equity
Slide 14: Key takeaways financial performance
Key takeaways financial performance. Notable improvements in the Packaging Segment, benefiting from structural growth. Solid growth in both top- and bottom-line - margin pressure has been successfully managed so far. HEIDELBERG demonstrated resilience during challenging times. © Heidelberger Druckma
Slide 15: Way forward
FY 2022/23 at a glance Business and financial review Way forward Outlook 15 © Heidelberger Druckmaschinen AG
Slide 16: Profitability
Profitability. Reported and adjusted EBITDA recovered but remains on a low level. in million € // Adjusted EBITDA (excluding non-recurring items) last three years (in m€): FY 2020/21 FY 2021/22 FY 2022/23 209 160 Reported EBITDA 95 Adjusted EBITDA 176 111 76 Adjusted EBITDA in % of Net sales 4.0% 5.
Slide 17: Funding our growth
Funding our growth. (to ensure growth-oriented capital allocation) HEIDELBERG launches a comprehensive value creation program. Focusing on three main areas CFO perspective #1 Strengthen profitability and Improve group-wide efficiency & our financial foundation. capture structural synergies. Increase
Slide 18: Dual track
Dual track. (to ensure growth-oriented capital allocation) We continue to evolve printing business and explore new business areas. Shaping the printing market Explore new adjacent business areas Optimize the entire workflow of the EV-Charging business, as the first step in printing process, also bey
Slide 19: Packaging printing: label printing
Packaging printing. A growing market with robust and attractive markets. Label printing: Global production volume Gallus One – HEIDELBERG´s first fully digital machine by technology / in billion € 35 Significant reduction in costs per printed unit. 32 30 29 High market entry barriers for new competi
Slide 20: Packaging printing: folding carton
Packaging printing. A growing market with robust and attractive markets. Folding carton: Global production volume // HEIDELBERG Boardmaster by technology / in billion € 136 Addressing high-volume folding carton 140 production. 120 120 49 New system, with its unique concept, significantly 100 44 incr
Slide 21: Outlook
FY 2022/23 at a glance Business and financial review Way forward Outlook 21 © Heidelberger Druckmaschinen AG
Slide 22: Outlook
Outlook. A slowing economy and persistent inflation will put pressure on margins. // FY 2023/24 Chances: // FY 2023/24 Risk: Slight recovery in China expected; positive customer Slowing global growth, especially in advanced economies. response to Print China trade fair. High order backlog expected t
Slide 23: Outlook: Guidance FY 2023/24
Outlook. Guidance FY 2023/24 on previous year´s level follows corporate earnings trend. Net sales Adj. EBITDA %1 Net income ~ Previous Year ~ Previous Year (FY 2022/23: € 2.435m) (FY 2022/23: 7.2%) The KPI has been eliminated; operational development is reflected in the EBITDA. Net result a. taxes i
Slide 24: Key takeaways
Key takeaways. HEIDELBERG expects stability in uncertain times, striving to maintain the previous year's result. Margin pressure remains high due to significant cost increases. To sustainably improve our financial foundation and long-term prospects, HEIDELBERG has launched a comprehensive value crea
Slide 25: Backup
Backup © Heidelberger Druckmaschinen AG 25
Slide 26: Quarterly overview
Quarterly overview. TOTAL TOTAL Q1 21/22 Q2 21/22 Q3 21/22 Q4 21/22 Q1 22/23 Q2 22/23 Q3 22/23 Q4 22/23 FY 21/22 FY 22/23 Incoming orders 652.3 592.6 643.3 565.5 2,453.8 607.2 622.2 629.6 573.5 2,432.5 Print Solutions 354.6 333.9 348.2 287.0 1,323.7 347.7 334.4 294.7 278.3 1,255.2 Packaging Solution
Slide 27: Reported to adjusted EBITDA Fiscal Year 2023
Reported to adjusted EBITDA Fiscal Year 2023 FY 2021/22 in €m FY 2022/23 in €m Change in % Reported EBITDA 160.2 209.5 31% Acquisition-related special effects 48.8 26.0 thereof disposal of Docufy GmbH 21.6 thereof disposal of a property in Brentford, 26.0 UK thereof disposal of a property in St. Gal
Slide 28: Reported to adjusted EBITDA Q4
Reported to adjusted EBITDA Q4. Q4 2021/22 in €m Q4 2022/23 in €m Change in % Reported EBITDA 28.6 65.3 124% Acquisition-related special effects thereof disposal of land Wiesloch-Walldorf 14.9 Other items thereof inflation compensation payment thereof income from the contribution of assets to the JV
Slide 29: P&L
P&L Figures in € millions ACT FY 2022 ACT FY2023 Change in m€ Q4 2022 Q4 2023 Change in m€ Net sales 2,183.4 2,434.5 251.1 618.4 705.4 87.0 Change in inventories/other own work 30.5 -34.6 -65.0 -10.3 -77.8 -67.5 capitalized Total operating performance 2,232.6 2,435.4 202.7 612.0 640.6 28.6 Other ope
Slide 30: Balance Sheet
Balance Sheet Assets Equity and Liabilities YTD 12 YTD 12 Change in YTD 12 YTD 12 Change in FY 2023 FY 2022 m€ FY 2023 FY 2022 m€ Non-current assets 1,028.4 959.7 68.7 Equity 513.6 242.0 271.6 Intangible assets 210.1 199.1 11.0 Issued capital 779.1 779.1 - Property, plant and equipment 683.1 630.5 5
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