Georg Fischer Ag · SIX:GF

Georg Fischer — H1 2023 Earnings Presentation

28 slides from Georg Fischer's earnings presentation, Jul 20, 2023

  1. Slide 1: Mid-Year Report 2023

    Schaffhausen, 20 July 2023 Mid-Year Report 2023 Andreas Müller, CEO | Mads Joergensen, CFO © GF v3.0

  2. Slide 2: Good performance in challenging times, building on our strengths for long-term growth

    GF Corporation Good performance in challenging times, building on our strengths for long-term growth  Sales at CHF 1'961 million (2022: CHF 1'971 million), organically up 7.5%  Operating result increased to CHF 184 million, EBIT margin of 9.4% (2022: 9.1%)  Geopolitical tensions and challenging m

  3. Slide 3: Solid organic sales growth as a result of strong market positions

    GF Corporation Solid organic sales growth as a result of strong market positions (Sales in CHF million) H1 2022 Organic +7.5% +4.2% H1 2023 1′971 1′961 1′094 1′065 +20.0% +3.7% 449 471 431 426 GF Corporation GF Piping Systems GF Casting Solutions GF Machining Solutions © GF v3.0 3 Schaffhausen, 20 J

  4. Slide 4: Profitability within strategic corridor – despite material currency headwinds

    GF Corporation Profitability within strategic corridor – despite material currency headwinds (EBIT margin in %) 14.4 Strategic objectives 2025 H1 2022 H1 2023 13.2 13~15% 9~11% 9.4 9.1 9~11% 8~10% 7.5 4.7 3.2 4.0 GF Corporation GF Piping Systems GF Casting Solutions GF Machining Solutions © GF v3.0

  5. Slide 5: Sustainability targets well on track, CO2e emissions further reduced by 15%

    GF Corporation Sustainability targets well on track, CO2e emissions further reduced by 15% Water image from header For GF Piping Systems and GF Casting Solutions Sales with social or environmental CO2e emissions benefits as % of total sales scope 1 and 2, in 1'000 tonnes 23% 180 165 newly appointed

  6. Slide 6: Successful H1 with strong presence in growth markets and segments

    GF Piping Systems Successful H1 with strong presence in growth markets and segments  Sales of CHF 1'065 million, organically +4.2%  Operating result at CHF 141 million, EBIT margin of 13.2% (2022: 14.4%)  New sustainable Aquaculture segment with promising 9950 Six-Channel New Electric Actuator Tr

  7. Slide 7: Global industrial segments with solid growth, Utilities and Building Technologies facing headwinds

    GF Piping Systems Global industrial segments with solid growth, Utilities and Building Technologies facing headwinds +38% +4% -2% -10% Microelectronics and Data Center Marine Utilities (Gas) Building Technology © GF v3.0 7 Schaffhausen, 20 July 2023 | Mid-Year Report 2023

  8. Slide 8: Solid growth in sustainable mobility reaches all-time high

    GF Casting Solutions Solid growth in sustainable mobility reaches all-time high  Sales of CHF 471 million, organically +20%  Operating result at CHF 35 million, EBIT margin of 7.5% (2022: 3.2%)  EV sales growth of 31%; HPDC lifetime order intake related to EV's at 86%  Aerospace (+36%) and IGT (

  9. Slide 9: Innovation strength as key driver for lifetime EV order intake

    GF Casting Solutions Innovation strength as key driver for lifetime EV order intake Lifetime order intake H1 2023 (High Pressure Die Casting) EV Non-EV 14% Mega casting part 433 CHF million 86% Frank Gensty, Vice President Technology GF Casting Solutions Total lifetime order intake GF Casting Soluti

  10. Slide 10: Solid order intake despite headwinds

    GF Machining Solutions Solid order intake despite headwinds  Order intake of CHF 461 million, book-to-bill ratio of 1.1  Sales of CHF 426 million, organically +3.7%  Operating result at CHF 20 million, EBIT margin of 4.7% d (2022: 4.0%)  Rebound in aerospace business led to increased sales Fuel

  11. Slide 11: Aerospace starting to recover, resilient Medical segment with sustainable growth

    GF Machining Solutions Aerospace starting to recover, resilient Medical segment with sustainable growth Turbomill 500g MILL P 500 U LASER S 1000 U fs +22% +34% -31% Aerospace Medical ICT © GF v3.0 11 Schaffhausen, 20 July 2023 | Mid-Year Report 2023

  12. Slide 12: Consolidated financial statements

    Consolidated financial statements Mads Joergensen, CFO © GF v3.0 12 Schaffhausen, 20 July 2023 | Mid-Year Report 2023

  13. Slide 13: Order intake per division

    GF Corporation Order intake per division (CHF million) H1 2023 H1 2022 ∆% 1) growth organic growth GF Piping Systems 986 1'246 -20.9% -14.0% GF Casting Solutions 480 488 -1.7% 12.8% GF Machining Solutions 461 478 -3.5% 1.2% GF Corporation 1’925 2’209 -12.9% -5.1% 1) Adjusted for changes in scope of

  14. Slide 14: Sales per division

    GF Corporation Sales per division (CHF million) H1 2023 H1 2022 ∆% 1) 2) growth organic growth GF Piping Systems 1’065 1’094 -2.6% 4.2% GF Casting Solutions 471 449 5.0% 20.0% GF Machining Solutions 426 431 -1.0% 3.7% GF Corporation 1’961 1’971 -0.5% 7.5% 1) Adjusted for changes in scope of consolid

  15. Slide 15: Sales development

    GF Corporation Sales development (CHF million) 1′971 +7.5% 1′961 -34 -1.7% +0.1% -6.4% 1′936 2 146 -123 H1 2022 Divestment H1 2022 adj. Acquisition Currencies Organic growth H1 2023 © GF v3.0 15 Schaffhausen, 20 July 2023 | Mid-Year Report 2023

  16. Slide 16: Sales per region

    GF Corporation Sales per region (CHF million) Europe (47%) Americas (20%) +4% Asia (28%) -9% 8.4%* 1.2%* -2% 878 913 7.3%* 437 396 565 552 H1 2022 H1 2023 Rest of world (5%) H1 2022 H1 2023 H1 2022 H1 2023 +10% 28.0%* 91 100 *) Organic growth H1 2022 H1 2023 © GF v3.0 16 Schaffhausen, 20 July 2023 |

  17. Slide 17: EBIT and EBIT margin per division

    GF Corporation EBIT and EBIT margin per division EBIT CHF million EBIT margin % H1 2023 H1 2022 H1 2023 H1 2022 GF Piping Systems 141 158 13.2% 14.4% GF Casting Solutions 35 14 7.5% 3.2% GF Machining Solutions 20 17 4.7% 4.0% GF Corporation 184 179 9.4% 9.1% © GF v3.0 17 Schaffhausen, 20 July 2023 |

  18. Slide 18: Currency effects on sales and EBIT in June 2023

    GF Corporation Currency effects on sales and EBIT in June 2023 (CHF million) Per division Sales EBIT Per currency Average rates Sales EBIT H1 2023 H1 2022 ∆ 0.986 1.032 -4.5% EUR -31 -8 0.912 0.944 -3.4% USD -5 -9 0.132 0.146 -9.6% GF Piping Systems -75 -24 CNY -40 -6 0.046 0.064 -27.6% GF Casting S

  19. Slide 19: Income statement

    GF Corporation Income statement (CHF million) H1 2023 H1 2022 % Sales 1’961 1’971 -0.5 Gross value added 793 765 3.7 Personnel expenses -555 -525 5.7 EBITDA 239 240 -0.7 Depreciation, amortization -55 -61 -10.1 Operating result (EBIT) 184 179 2.6 Return on sales (EBIT margin) in % 9.4 9.1 Financial

  20. Slide 20: Balance sheet: assets

    GF Corporation Balance sheet: assets (CHF million) H1 2023 % 2022 % Cash, cash equivalents / marketable securities 617 894 Trade accounts receivable 707 660 Inventories 867 833 Other current assets 115 102 Current assets 2’305 64 2’489 67 Property, plant, and equipment / investment properties 972 96

  21. Slide 21: Balance sheet: liabilities and equity

    GF Corporation Balance sheet: liabilities and equity (CHF million) H1 2023 % 2022 % Trade accounts payable 503 563 Other current liabilities 628 639 Non-current liabilities 832 840 Liabilities 1’963 55 2’042 55 Share capital / capital reserves 30 30 Treasury shares -3 -8 Retained earnings 1’533 1’57

  22. Slide 22: Free cash flow

    GF Corporation Free cash flow (CHF million) H1 2023 H1 2022 EBITDA 239 240 Changes in net working capital -165 -276 Income taxes / interest paid -51 -40 Other changes 10 46 Cash flow from operating activities 33 -30 Additions to property, plant, and equipment -90 -68 Cash flow from acquisitions / di

  23. Slide 23: Key figures at a glance

    GF Corporation Key figures at a glance H1 2023 H1 2022 Net debt in CHF million 108 52 Net debt / EBITDA (multiple) 0.21x 0.12x Equity ratio in % 45.1 41.8 ROIC in % GF Corporation 21.7 19.8 GF Piping Systems 30.2 35.6 GF Casting Solutions 18.6 5.7 GF Machining Solutions 15.7 16.0 Return on equity in

  24. Slide 24: Outlook

    Outlook Andreas Müller, CEO © GF v3.0 24 Schaffhausen, 20 July 2023 | Mid-Year Report 2023

  25. Slide 25: Public tender offer for Uponor with positive reaction from capital market, customers and employees

    GF Corporation Public tender offer for Uponor with positive reaction from capital market, customers and employees Becoming a global leader in sustainable Water and Flow Solutions to accelerate the implementation of GF Piping Systems' Strategy 2025 5.7% shares purchased, resulting in a combined proje

  26. Slide 26: Outlook 2023

    GF Corporation Outlook 2023 GF Piping Systems GF Casting Solutions GF Machining Solutions  Industrial segments sustain its  Good position in the e-vehicle  Recovery in the aerospace good momentum globally segment industry, resilient Medical segment  Recessionary trends in the  Recovery in the a

  27. Slide 27: Thank you

    Thank you © GF v3.0 27 Schaffhausen, 20 July 2023 | Mid-Year Report 2023

  28. Slide 28: Disclaimer

    Disclaimer This document is for presentation purposes only and should not be construed as an offer, invitation or solicitation to subscribe for, purchase or sell any investment. Neither it nor anything it contains shall form the basis of any contract whatsoever. Opinions expressed herein reflect the

Georg Fischer — H1 2023 Earnings Presentation on 6ix