Cph Group Ag Class A · SIX:CPHN
Cph Group Ag Class A — Baader Swiss Equities Conference 2025
41 slides from Cph Group Ag Class A's conference presentation, Jan 8, 2025
Slide 1: CPH Group AG Focused. Leading. Innovative.
CPH Group AG Focused. Leading. Innovative. Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025
Slide 2: Disclaimer
Disclaimer Investing in the shares of CPH Group AG involves risks. Prospective investors are urged to consult their investment advisors and tax advisors prior to investing in CPH Group AG shares. This document contains forward-looking statements which involve risks and uncertainties. These statement
Slide 3: Agenda
Agenda 1. The CPH Group 2. Chemistry Division – Zeochem 3. Packaging Division – Perlen Packaging 4. Sustainability 5. Outlook and mid-term targets 6. Investment Case 7. Q&A Back-up Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 3
Slide 4: Two industrial companies in growth markets
Two industrial companies in growth markets Holding Strategic and financial management with focus on - Innovation and product development - Growth in attractive niche markets - Operational excellence Division Chemistry Packaging Worldwide in molecular sieves for worldwide for coated barrier films Mar
Slide 5: Common value drivers and success factors
Common value drivers and success factors Growth driver / Megatrends • Demography • Health • Energy • Mobility Strategic roadmap Leading market positions • Innovation and product • Top 3 positions in attractive development niche markets • Organic growth • Global presence • Potential for non-organic •
Slide 6: M&A strategy
M&A strategy Rationales for M&A and strategic partnerships • Support transformation • Consistent strategy implementation • Generate enterprise value Systematic and global approach • Focus on growth markets in Chemistry and Packaging • Ongoing market screening and target identification resulting in c
Slide 7: Experienced and well-rehearsed management team
Experienced and well-rehearsed management team Peter Schildknecht Gerold Brütsch Group CEO since 2009 Group CFO since 2022 Alois Waldburg-Zeil Marc Haller Head of Chemistry since 2010 Head of Packaging since 2022 Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 7
Slide 8: Key figures for the first-half of 2024
Key figures for the first-half of 2024 01.01.-30.06., in CHF millions 2024 2023 ± ± in % Sales1 400 Sales1 177 190 -13 -6.9% 300 EBITDA1 30 33 -3 -9.6% EBITDA margin 17.1% 17.6% 200 EBIT1 24 28 -4 -14.4% EBIT margin 13.3% 14.4% 100 Result from discontinued -30 29 - n.a. 0 operations 2020 2021 2022 2
Slide 9: Segment results for the first-half of 2024
Segment results for the first-half of 2024 CPH Group Spun-off divisions Chemistry Packaging (Remaining (Paper) divisions) 01.01.-30.06., in CHF millions 2024 2023 ±% 2024 2023 ±% 2024 2023 ±% 2024 2023 ±% Sales 62.0 57.5 +7.7% 114.9 132.5 -13.3% 176.9 190.0 -6.9% 124.6 141.7 -12.1% EBITDA 1 10.4 9.4
Slide 10: Agenda
Agenda 1. The CPH Group 2. Chemistry Division – Zeochem 3. Packaging Division – Perlen Packaging 4. Sustainability 5. Outlook and mid-term targets 6. Investment Case 7. Q&A Back-up Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 10
Slide 11: Zeochem At a glance
Zeochem At a glance Key figures 2023 • Sales CHF 124 million (+12.6%, currency adjusted +18.2%) • EBITDA CHF 22 million (+15.2%) • EBITDA margin: 17.8% • Capex: CHF 11 million Zvornik Employees Donghai Rüti Louisville • 3581 Vadodara Global presence close to customers • 5 production sites • 11 distr
Slide 12: Zeochem Product portfolio
Zeochem Product portfolio Molecular sieves Zeolites (Silicate crystals) with high adsorption properties Specialties Chromatography gels (highly porous gels for molecular separation) Deuterated products (hydrogen atom replaced by deuterium) for use in pharmaceuticals (API), electronics (OLED) and nuc
Slide 13: Zeochem Molecular sieves for industrial applications
Zeochem Molecular sieves for industrial applications Market overview Segment Molecular sieves Global CHF 500 - 700 million1 fragmented market Leading suppliers • Honeywell • Arkema Growth 2-3% p.a.1 • Zeochem • Grace • Jalon Industries Applications • Pharmaceuticals • Production of medical and indus
Slide 14: Zeochem Growth drivers
Zeochem Growth drivers Megatrends Markets Applications Products Petrochemistry Energy Industry Fine chemicals Molecular sieves Mobility Fahrzeug- komponenten Erdgas Respirators Molecular sieves Health Pharmaceuticals Medical oxygen Chromatography gels API Deuterated products Baader Swiss Equities Co
Slide 15: Zeochem Market entry in India
Zeochem Market entry in India • Market entry of CPH Group in India • Acquisition of Sorbchem India, a distributor Zvornik Donghai of molecular sieves and packaging materials Rüti and manufacturer of chromatography gels Louisville • The company generates an annual EBITDA Vadodara in the lower mid-sin
Slide 16: Zeochem Business development
Zeochem Business development Financial results Sales EBITDA and EBITDA-Margin In CHF million / in % In Mio. CHF / % of Sales 140 25 40% CAGR 12.2% 120 20 30% 100 CAGR 23.5% 80 15 20% 60 10 40 10% 5 20 0 0 0% 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Baader Swiss Equities Conference, Bad Raga
Slide 17: Agenda
Agenda 1. The CPH Group 2. Chemistry Division – Zeochem 3. Packaging Division – Perlen Packaging 4. Sustainability 5. Outlook and mid-term targets 6. Investment Case 7. Q&A Back-up Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 17
Slide 18: Perlen Packaging At a glance
Perlen Packaging At a glance Key figures 2023 • Sales CHF 237 million (+2.9%, currency adjusted +7.1%) • EBITDA CHF 43 million (+36.7%) • EBITDA margin: 18.1% Müllheim • Capex: CHF 7 million Tököl Ashdot Ya’akov Suzhou Employees Whippany Perlen Ihud • 5391 Anápolis Global presence close to customers
Slide 19: Perlen Packaging Product portfolio: Focus 100% on Pharma
Perlen Packaging Product portfolio: Focus 100% on Pharma Plastic films for tablet blisters Barrier effect Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 … 19
Slide 20: Perlen Packaging No. 1 worldwide for PVC/PVdC films
Perlen Packaging No. 1 worldwide for PVC/PVdC films with highest barrier for pharma blister1 Global pharmaceutical market The largest markets – outlook 20262 Global pharmaceutical blister market: CHF 2 billion2 1: USA 2: China Growth 3-6% p.a.2 3: Germany 4. Japan 5: France Leading suppliers in the
Slide 21: Perlen Packaging Growth drivers
Perlen Packaging Growth drivers Megatrends Markets Applications Products Active Packaging films Health Pharmaceuticals ingredients in High barrier films tablets Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 21
Slide 22: Perlen Packaging Acquisition of LOG Pharma in Israel and Hungary
Perlen Packaging Acquisition of LOG Pharma in Israel and Hungary • Expansion of global market position in pharmaceutical packaging growth regions • Acquisition of LOG Pharma, a manufacturer of packaging solutions for the pharmaceutical and medical industry with production sites in Israel and Hungary
Slide 23: Perlen Packaging Business development
Perlen Packaging Business development Financial results Sales EBITDA and EBITDA-Margin In CHF million / in % In Mio. CHF / % of Sales 45 40% 250 CAGR 11.6% CAGR 15.9% 200 30% 30 150 20% 100 15 10% 50 0 0 0% 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Baader Swiss Equities Conference, Bad Ragaz
Slide 24: Agenda
Agenda 1. The CPH Group 2. Chemistry Division – Zeochem 3. Packaging Division – Perlen Packaging 4. Sustainability 5. Outlook and mid-term targets 6. Investment Case 7. Q&A Back-up Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 24
Slide 25: Sustainability: Attitude and goals
Sustainability: Attitude and goals • Long-term and sustainable value creation anchored in the Articles of Association at AGM 2023 as a corporate purpose • Striving for to achieve net zero, developing an appropriate stage plan, while maintaining competitiveness • Examination and exploitation of ESG-d
Slide 26: Sustainability: Dimensions
Sustainability: Dimensions Environmental Social Governance • High climate awareness • Sustainable relationships with • Registered shares as single • Continuous initiatives for clients, suppliers, employees, class share category energy consumption and communities • Neither registration nor voting red
Slide 27: Agenda
Agenda 1. The CPH Group 2. Chemistry Division – Zeochem 3. Packaging Division – Perlen Packaging 4. Sustainability 5. Outlook and mid-term targets 6. Investment Case 7. Q&A Back-up Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 27
Slide 28: Outlook 2024
Outlook 2024 CPH Group • Geopolitical instability and uncertain economic outlook • Sales below previous year due to falling raw material prices • EBITDA in the mid double-digit millions • Positive net result despite result from spun-off Paper business of CHF -30 million in the first half of 2024 • F
Slide 29: Mid-term targets
Mid-term targets • Sales growth of 3-5% per year • EBITDA margins of 16-18% • Free Cash flow margins of 8-10%1 • Equity ratio of ˃50% • Targeted acquisitions in line with respective strategy of the two divisions • Attractive dividend policy in the range of 25-50% of net income, taking liquidity into
Slide 30: Agenda
Agenda 1. The CPH Group 2. Chemistry Division – Zeochem 3. Packaging Division – Perlen Packaging 4. Sustainability 5. Outlook and mid-term targets 6. Investment Case 7. Q&A Back-up Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 30
Slide 31: Information for shareholders
Information for shareholders Market capitalisation as of 31.12.2024 Share price development 2020-2024 in CHF million 80 60 440 40 20 6,000,000 Ordinary Shares with nominal value of 2020 2021 2022 2023 2024 CHF 0.15 each in CHF CPHN SPIX adjusted Dividend policy and dividend Shareholder structure Div
Slide 32: Investment Case Reasons to Invest
Investment Case 7 Reasons to Invest 1. Potential for value increase by focusing on continued organic growth, combined with targeted acquisitions 2. Leading market position in the relevant sales markets with independent, established brands 3. Consistent implementation of international expansion strat
Slide 33: Financial calendar, analysts, contacts
Financial calendar, analysts, contacts Calendar 25.02.2025 Media and Investors‘ Conference, 2024 Annual Report 18.03.2025 Annual General Meeting, Lucerne Analysts • Baader Helvea AG, Konstantin Wiechert, kwiechert@helvea.com • Research Dynamics, Doris Rudischhauser, dru@dynamicsgroup.ch • Research P
Slide 34: Agenda
Agenda 1. The CPH Group 2. Chemistry Division – Zeochem 3. Packaging Division – Perlen Packaging 4. Sustainability 5. Outlook and mid-term targets 6. Investment Case 7. Q&A Back-up Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 34
Slide 35: Q&A
Q&A CPH Group AG CPH Group Focused. Leading. Innovative. Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 35
Slide 36: Agenda
Agenda 1. The CPH Group 2. Chemistry Division – Zeochem 3. Packaging Division – Perlen Packaging 4. Sustainability 5. Outlook and mid-term targets 6. Investment Case 7. Q&A Back-up Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 36
Slide 37: Business and operating locations
Business and operating locations Müllheim Tököl Zvornik Perlen Rüti Donghai Ashdot Whippany Ya’akov Suzhou Shanghai Louisville Ihud Vadodara Singapur Anápolis Baader Swiss Equities Conference, Bad Ragaz, 8 January 2025 37
Slide 38: Half Year 2024 Consolidated income statement I (remaining divisions)
Half Year 2024 Consolidated income statement I (remaining divisions) 01.01.-30.06., in CHF millions 2024 % 2023 % ± ±% Net sales 1 176.9 100.0 190.0 100.0 -13.1 -6.9% Other operating income 1.4 0.8 1.1 0.6 Change in inventories -2.5 -1.4 1.0 0.5 Cost of materials 2 -91.6 -51.8 -106.4 -56.0 Cost of e
Slide 39: Half Year 2024 Consolidated income statement II
Half Year 2024 Consolidated income statement II 01.01.-30.06., in CHF millions 2024 % 2023 % ± ±% EBITDA 30.2 17.1 33.4 17.6 -3.2 -9.6% Depreciation expense -6.7 -3.8 -5.9 -3.1 Operating result EBIT 23.5 13.3 27.5 14.4 -4.0 -14.4% Financial result 0.6 0.4 -0.9 -0.5 Non-operating result 1 1.6 0.8 13.
Slide 40: Half Year 2024 Consolidated balance sheet
Half Year 2024 Consolidated balance sheet in CHF millions 30.06.2024 % 31.12.2023 % ± ±% Cash and cash equivalents 30 8.7 108 18.0 Trade receivables 1 62 18.1 71 11.9 Inventories 1 75 21.9 102 17.1 Other current assets 16 4.7 25 4.1 Fixed assets 160 46.6 292 48.9 Total assets 343 100.0 598 100.0 -25
Slide 41: Half Year 2024 Consolidated cash flow statement
Half Year 2024 Consolidated cash flow statement 01.01.-30.06., in CHF millions 2024 % 2023 % ± ±% Net result -9 -100.0 61 100.0 -69.4 n.a. Non-cash items 1 26 296.6 -9 -14.0 Cash flow 17 196.6 52 86.0 -35.2 -67.4% Change in net working capital 8 88.4 -1 -2.0 Cash flow from operating activities 25 28