Mutares Se & Co. Kgaa · XETR:MUX
Mutares Se & Co. Kgaa — H1 2024 Earnings Presentation
24 slides from Mutares Se & Co. Kgaa's earnings presentation, Aug 13, 2024
Slide 1: Earnings Call H1 2024
Earnings Call H1 2024 August 13, 2024
Slide 2: About us
About us Key Highlights of H1 2024 Financials of H1 2024 Outlook 2
Slide 3: Highly experienced and committed management
Highly experienced and committed management Management interests fully aligned with external shareholders (36% ownership) Shareholder structure Management Board of Mutares Management SE as of July 1, 2024 underlines management commitment Today’s presenter CEO and Management are Mutares’ single large
Slide 4: Business marked by outstanding growth and momentum, sustainable value creation and turnaround success
Business marked by outstanding growth and momentum, sustainable value creation and turnaround success European Focus, with Four Diversified Helsinki Global Expansion Segments Stockholm London Amsterdam Warsaw Frankfurt Paris Vienna Munich (HQ) Bad Wiessee Milan Target Company Size Turnaround Madrid
Slide 5: ROIC target of 7-10x through successful turnarounds with our unique value creation lifecycle
ROIC target of 7-10x through successful turnarounds with our unique value creation lifecycle Mutares value creation lifecycle (avg. holding period 3-5 years) Acquisition Realignment Optimization Harvesting Calculated risk taken in loss- Cash financing provided by Investment in a successful Transform
Slide 6: Well diversified portfolio with 32 companies across four segments
Well diversified portfolio with as of today 32 companies across four segments, with annualized revenues of approx. EUR 7bn Automotive & Engineering & Goods & Retail & Mobility Technology Services Food Early cyclical, Late cyclical, Non-cyclical, Cyclical, annual rev. EUR ~2.7 bn annual rev. EUR ~2.3
Slide 7: Key Highlights of H1 2024
About us Key Highlights of H1 2024 PMTC, MMTB, NEM, Palmia oder Frigo Financials of H1 2024 Outlook 7
Slide 8: Key H1 2024 highlights include high transaction activity and further internationalization
Key H1 2024 highlights include high transaction activity and setting the course for further internationalization and geographical expansion Buy-side activity with eleven acquisitions Sell-side with five exits 1) 2) 3) 4) 6) 2) 5) Sverige Nuclear Services Capital market milestones Geographical expans
Slide 9: China presence mainly in Automotive & Mobility segment
China presence mainly in Automotive & Mobility segment Shanghai Office opened in Jan 2024 Accelerates Investment in China and actively participates in the Development of the Chinese Automotive Industry Representative portfolios in China Shenyang Automotive & Mobility Engineering & Technology Jinan N
Slide 10: Increasing importance with Amaneos and Efacec that are already present in India
Increasing importance with Amaneos and Efacec that are already present in India SFC India providing Sealing & Fluid solutions to Indian automotive OEMs 1 Sanand 4 Chennai • Start of operations: 2014 • Start of operations: 2017 • FTEs: 432 • FTEs: 405 • Size: 6,312 sqm • Size: 11,290 sqm 1 2 3 1 2 Sa
Slide 11: North American market provides high potential
North American market provides high potential Detroit Target of Development: Chicago Mutares Office Columbus # Portfolio Revenues Net income US companies (USD m) holding (USD m) 2024 3 100 0 2025 4 400 4 2026 8 1,000 20 Zacatecas Irapuato Planned locations: Mutares Office Portfolio companies’ locati
Slide 12: Financials of H1 2024
About us Key Highlights of H1 2024 Financials of H1 2024 Outlook 12
Slide 13: Net income of Mutares Holding benefiting from exit of Frigoscandia
Net income of Mutares Holding benefiting from exit of Frigoscandia and once again positive Adjusted EBITDA in Mutares Group Key financials Q1 2024 Q2 2024 H1 2024 H1 2023 Δ 2024e Increase in consolidated (EUR million) revenues of Mutares Group Mutares Group by 15% to EUR >2.5bn Decrease in Adjus
Slide 14: Automotive & Mobility: Increase in profitability despite ongoing market challenges
Automotive & Mobility: Increase in profitability despite ongoing market challenges EUR million Q1 2024 Q2 2024 H1 2024 H1 2023 Δ Revenue bridge (EUR million) Revenues 605.9 533.8 1,139.7 932.0 207.7 1,139.7 932,0 Cost of material -356.0 -314.2 -670.2 -591.3 -78.9 -131.6 339.3 Personnel expenses -169
Slide 15: Engineering & Technology: Substantial positive progress in turnaround
Engineering & Technology: Substantial positive progress in turnaround across the segment with still negative contribution from new acquisitions Revenue bridge (EUR million) EUR million Q1 2024 Q2 2024 H1 2024 H1 2023 Δ 494.0 -29.2 460.0 Revenues 224.3 235.7 460.0 494.4 -34.4 -5.2 Cost of material -1
Slide 16: Goods & Services: Adjusted EBITDA remains positive despite exit of Frigoscandia
Goods & Services: Adjusted EBITDA remains positive despite exit of Frigoscandia Revenue bridge (EUR million) EUR million Q1 2024 Q2 2024 H1 2024 H1 2023 Δ 552.0 Revenues 286.4 265.6 552.0 430.1 121.9 430.1 90.4 31.5 Cost of material -139.2 -124.1 -263.3 -236.8 -26.5 Personnel expenses -121.6 -115.4
Slide 17: Retail & Food: Weak consumer climate affecting revenue development and profitability
Retail & Food: Weak consumer climate affecting revenue development and profitability Revenue bridge (EUR million) EUR million Q1 2024 Q2 2024 H1 2024 H1 2023 Δ 459.5 Revenues 230.1 229.4 459.5 418.6 40.9 418.6 -63.2 104.1 Cost of material -129.6 -128.0 -257.6 -229.9 -27.7 Personnel expenses -52.9 -5
Slide 18: Current portfolio allocation well diversified across value creation life cycle
Current portfolio allocation well diversified across value creation life cycle Revenues (EURm) Adj. EBITDA (EURm) 327.4 17.5 Harvesting 8.7 8.8 160.3 167.1 Q1 Q2 H1 2024 Q1 Q2 H1 2024 2024 2024 2024 2024 Optimization 18.2 17.4 1,907.5 1,003.3 904.2 -0.8 Realignment Q1 Q2 H1 2024 2024 2024 Q1 Q2 H1 2
Slide 19: Outlook
About us Key Highlights of H1 2024 Financials of H1 2024 Outlook 19
Slide 20: Investment summary
Investment summary Focus on growth Successful track record & proven industry knowledge Strong share and bond performance Attractive dividend strategy High transparency Sustainability oriented Family and owner managed company Attractive access to the private equity market 20
Slide 21: Q&A
Q&A Thank you for your questions. If you want to ask a question, please register in the contact section in the webcast to receive the telephone dial ins. Please mute yourself on the webcast. 21
Slide 22: Appendix: Group Financials
Appendix: Group Financials Condensed consolidated statement of profit and loss EUR million H1 2024 H1 2023 Revenues 2,610.4 2,273.6 +/- Change in inventories 19.2 47.6 Other income 180.6 427.8 Cost of material -1,506.9 -1,427.5 Personnel expenses -846.5 -606.5 Other expenses -385.3 -309.7 EBITDA 71.
Slide 23: Appendix: Group Financials
Appendix: Group Financials Condensed consolidated balance sheet EUR million 30/06/2024 31/12/2023 EUR million 30/06/2024 31/12/2023 Intangible assets 343.9 245.3 Total equity 894.9 1,119.6 PP&E 1,167.3 1,166.7 Financial liabilities 945.2 736.4 Right of use assets 466.4 466.1 Provisions 312.8 342.3 O
Slide 24: Strong financial performance, with direct performance contribution resulting in strong shareholder returns
Strong financial performance, with direct performance contribution resulting in strong shareholder returns Both Mutares Group revenue and Holding net income with Strong financial performance continues to translate into sizeable strong historical growth that is expected to continue and sustained shar
Mutares SE & Co. KGaA — H1 2024 Earnings Presentation on 6ix