Semperit Ag Holding · VIE:SEM
Semperit — FY2021 Earnings Presentation
37 slides from Semperit's earnings presentation, Mar 23, 2022
Slide 1: Semperit Group FY 2021 Investor Presentation
SEMPERIT GROUP FY 2021 INVESTOR PRESENTATION Karl Haider, CEO Petra Preining, CFO Kristian Brok, COO 23 March 2022 1
Slide 2: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.4) Financial Performance & Strategy (p.13) Outlook (p.24) Appendix (p.27) 2 Investor Presentation FY 2021 I 23 March 2022 I Investor Relations
Slide 3: FY 2021 Highlights
FY 2021 Highlights Another record result in 2021 despite considerable cost inflation, scarcity of raw materials, energy as well as logistics Industrial Sector: strong sales and order book; improved performance against headwinds – close collaboration of supply chain management, procurement, R&D and p
Slide 4: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.4) Financial Performance & Strategy (p.13) Outlook (p.24) Appendix (p.27) 4 Investor Presentation FY 2021 I 23 March 2022 I Investor Relations
Slide 5: Industrial Sector exceeding pre-corona level: higher top-line growth against margin pressure
Industrial Sector exceeding pre-corona level: higher top-line growth against margin pressure Revenues Quarterly development of EBITDA FY’19 – FY’21 2019-2021 +2% +16% 547.2 556.1 21.3 19.1 478.4 17.3 16.1 17.1 16.4 15.9 15.0 14.5 28.2 10.5 27.1 12.1 10.3 24.5 23.2 22.0 20.5 20.6 20.7 17.7 17.6 12.7
Slide 6: Semperflex FY 2021
Semperflex FY 2021 Proactive price increases support revenues and margins 24.4% 27.2% 24.5% 22.8% 19.9% 22.5% 23.3% EBITDA in € m 20.0% 18.1% 15.9% 19.3% 20.4% EBITDA margin Semperflex 13.9 14.5 14.0 13.9 13.9 10.8 11.4 12.3 11.2 8.7 9.3 7.2 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’2
Slide 7: Sempertrans FY 2021
Sempertrans FY 2021 Headwinds from Covid impact, delayed investment decisions by customers and price increases 14.2% 16.7% 15.4% 13.1% EBITDA in € m EBITDA margin Sempertrans 9.0% 7.6% 5.4 5.0 3.3% 3.7 4.6 5.4% 1.3 2.5% 3.8% 1.6 2.1 0.0% 1.4% 1.4 0.8 1.0 0.8 1.0 0.0 0.4 1 2 Q1’19 Q2’19 Q3’19 Q4’19 Q
Slide 8: Semperseal FY 2021
Semperseal FY 2021 Top-line growth hampered by input cost inflation 14.1% 13.2% 14.7% 14.7% 12.8% 12.0% 12.6% EBITDA in € m 9.8% 7.5% Semperseal 7.9% EBITDA margin 3.9 3.0% 4.2 4.1 3.4 3.3 3.2 2.9 2.5 2.4 3.0% 1.7 0.6 0.9 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 FY 202
Slide 9: Semperform FY 2021
Semperform FY 2021 Continuing top-line growth – with different product mix 22.6% 19.6% 18.4% 17.5% 19.6% 17.7% EBITDA in € m 12.2% 12.9% 15.4% 15.2% 14.1% Semperform 10.3% EBITDA margin 4.8 5.0 4.0 4.1 3.5 4.0 3.6 2.7 3.1 3.3 2.5 2.5 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21
Slide 10: Medical Sector / Sempermed segment FY 2021
Medical Sector / Sempermed segment FY 2021 Price decline after reaching a plateau in Q2’21, yet still the best result in Sempermed's history 54.6% 57.7% 51.6% 45.9% 37.5% EBITDA in € m EBITDA margin Sempermed 19.7% 105.3 115.3 21.7% 83.0 0.8% 2.3% -0.1% 6.1% 44.4 56.9 -1.2% 18.2 23.7 -0.9 0.6 1.8 -0
Slide 11: Proactively tackling cost pressure and supply chain disruption
Proactively tackling cost pressure and supply chain disruption Headwinds Countermeasures • Strong and flexible collaboration of Cost inflation and limited availability supply chain management, of raw materials and consumables procurement, R&D and production • Further increased operational efficiency
Slide 12: Unprecedented raw materials price inflation
Unprecedented raw materials price inflation • Higher raw material and logistics costs consistently throughout 2021 recently further exacerbated due to the war in Ukraine • Continuing operational efficiency measures seeking to offset total cost increases • Further focus on global multiple sourcing Pr
Slide 13: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.4) Financial Performance & Strategy (p.13) Outlook (p.24) Appendix (p.27) 13 Investor Presentation FY 2021 I 23 March 2022 I Investor Relations
Slide 14: FY 2021 Financial Highlights
FY 2021 Financial Highlights Price inflation and disruption due to raw materials and logistics throughout 2021 further aggravated by cost pressure in Q4'21 Active working capital management remains the key focus despite increasing headwinds since H2'21 CAPEX increase to support future growth potenti
Slide 15: Revenue development
Revenue development in € m +27% 176.9 1,182.2 50.6 26.9 8.8 927.6 -8.7 +16.2% +39.4% +26.6% -7.7% +28.7% +10.8% Industrial Sector Medical Sector FY 2020 Semperflex Sempertrans Semperseal Semperform Sempermed FY 2021 Revenue 240.5m 104.5m 120.5m 90.6m 626.1m FY 2021 % change of each segment / sector
Slide 16: Top-line growth translates into higher reported EBITDA
Top-line growth translates into higher reported EBITDA Another strong year for Medical Sector and resilient Industrial Sector in € m +73% 150.8 361.8 -3.1 208.6 9.4 0.5 -1.9 -2.6 FY 2020 Semperflex Sempertrans Semperseal Semperform Sempermed Corporate FY 2021 EBITDA 208.6 41.9 8.7 11.0 15.0 150.4 -1
Slide 17: Major drivers of strong operating performance
Major drivers of strong operating performance Proactive price increases more than offset cost inflation +73% 315.9 26.5 -61.3 1.2 361.8 -100.1 -16.6 -6.8 -5.6 208.6 EBITDA Price Effect Volume Change in Cost of Energy Logistics Personnel Misc. EBITDA Sales Effect Sales inventories materials and (used
Slide 18: Overview of key financial KPIs, 2019 – 2021
Overview of key financial KPIs, 2019 – 2021 2019 2020 2021 EBITDA, in € m 67.8 208.6 361.8 EBITDA margin, in % 8.1 22.5 30.6 EBIT, in € m -16.5 237.8 315.0 EBIT margin, in % -2.0 25.6 26.6 Earnings after tax, in € m -44.9 194.6 247.5 Free Cashflow, in € m 60.8 176.2 241.2 CAPEX, in € m 31.9 26.4 47.
Slide 19: Quarterly CAPEX development 2020-2021
Quarterly CAPEX development 2020-2021 • CAPEX increased against its low level in 2020 • Outlook 2022: planned to be approximately at 2021 level • Industrial Sector is started to invest in growth CAPEX CAPEX per segment FY 2021: € 47.9m in € m 16.8 2.6 Semperflex Sempertrans 12.4 1.2 Semperseal FY 20
Slide 20: Free cash flow development
Free cash flow development Further improved operating cash flow Operating CF driven by strong performance but also impacted by working capital requirements Free CF on record level 290 241 193 176 90 61 -17 -48 -29 2019 2020 2021 Operating cash flow Free cash flow Investment cash flow 20 Invest
Slide 21: Working Capital overview
Working Capital overview Components of Working Capital in € m 17.5%1) 21.4%1) 17.5%1) 17.0%1) 16.1%1) 225.4 204.7 209.5 190.3 162.8 173.1 165.6 177.2 186.8 Inventories 141.1 134.0 128.9 111.3 99.3 98.8 Trade receivables -77.7 -81.7 -89.8 -78.9 -95.3 Trade payables 31 Dec 2020 31 March 2021 30 June 2
Slide 22: Balance sheet structure and financial profile
Balance sheet structure and financial profile Balance sheet structure Financial profile as of 31 December 2021 Balance sheet 31/12/2021: € 959m Balance sheet 31/12/2020: € 764m Cash and cash equivalents € 236m Unused credit facilities total € 90m Non-current 407 364 335 Equity (incl. hybrid capi
Slide 23: Capital allocation priorities and consistent strategic ambition
Capital allocation priorities and consistent strategic ambition Vision: Global polymer engineering company – application focused and >1bn sales Strategic Priorities Strategic Criteria Shareholder return Winning industries by global trends / circularity Proximity to Strong management focus Focus curr
Slide 24: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.4) Financial Performance & Strategy (p.13) Outlook (p.24) Appendix (p.27) 24 Investor Presentation FY 2021 I 23 March 2022 I Investor Relations
Slide 25: Management Agenda and Assumptions for 2022
Management Agenda and Assumptions for 2022 Starting Protective glove Focus on Strict cost prices clearly strategic growth management to base line declining from of the maintain in 2022 plateau in Q2’21 Industrial Sector competitive position Further acceleration due to geopolitical crisis: increased
Slide 26: Contact and financial calendar
Contact and financial calendar Investor Relations Semperit Financial Calendar 2021 Judit Helenyi, Director Investor Relations 23.3.2022 Publication of 2021 annual financial statements 27.4.2022 Annual general meeting, Vienna +43 1 79777 - 310 www.semperitgroup.com/en/ir 18.5.2022 Report on Q1 2022 A
Slide 27: Agenda
Agenda Key Highlights (p.2) Operational Performance (p.4) Financial Performance & Strategy (p.13) Outlook (p.24) Appendix (p.27) 27 Investor Presentation FY 2021 I 23 March 2022 I Investor Relations
Slide 28: Sectors and Group: FY 2021 vs FY 2020
Sectors and Group: FY 2021 vs FY 2020 1) 2) 3) Industrial Sector Medical Sector Semperit Group in EUR m FY 2021 FY 2020 % FY 2021 FY 2020 % FY 2021 FY 2020 % Revenue 556.1 478.4 +16.2% 626.1 449.2 +39.4% 1,182.2 927.6 +27.4% EBITDA 82.1 76.6 +7.2% 301.1 150.4 >100% 361.8 208.6 +73.5% EBITDA margin 1
Slide 29: Semperit Group adj. where applicable
Semperit Group adj. where applicable Semperit Group adj. where applicable Q3 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q4 Q1 Q2 Q3 Q4 FY 1) 2) 2020 2020 2019 2019 2019 adj. 2019 adj. 2019 2020 2020 adj.3) 4) 2020 adj. 5) 2021 2021 2021 2021 2021 in EUR m adj. adj. Revenue 212.9 224.4 214.9 188.3 840.6 199.1 219.8 238
Slide 30: Semperflex and Sempertrans (adj. where applicable)
Semperflex and Sempertrans (adj. where applicable) Semperflex (Hoses) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 in EUR m Revenue 61.1 59.7 53.8 48.0 222.7 46.8 51.5 46.6 45.0 189.9 54.7 59.7 57.7 68.4 240.5 EBITDA 13.9 14.
Slide 31: Semperform and Semperseal (adj. where applicable)
Semperform and Semperseal (adj. where applicable) Semperform (Window and door profiles, Handrails) - before 2020 FY Q1 Q2 Q3 FY Q1 Q2 Q3 Q4 FY 2017 2018 2018 2018 2018 2019 2019 2019 2019 2019 in EUR m adj. Revenue 185.0 47.5 50.7 50.3 192.2 49.9 50.5 47.8 42.4 190.6 EBITDA 21.5 4.5 7.3 6.2 21.9 7.9
Slide 32: Sempermed (adj. where applicable)
Sempermed (adj. where applicable) Sempermed (Gloves) Q3 Q2 Q3 FY Q1 Q2 Q4 FY Q1 Q4 Q1 Q2 Q3 Q4 FY 2019 2) 2020 2020 5) 2020 2019 2019 2019 2019 2020 2020 2021 2021 2021 2021 2021 in EUR m adj.1) adj.3) adj. 4) adj.6) Revenue 71.5 76.4 78.2 67.3 293.3 77.5 92.2 118.4 161.1 449.2 192.9 199.8 124.0 109
Slide 33: Key figures 2011-2021
Key figures 2011-2021 Key performance figures 2016 2017 2018 2019 2020 in EUR m 20111) 2012 2013 2014 3) 20153) 2021 adj.4) adj.5) adj.6) adj.7) adj.8) Revenue 820.0 828.6 906.3 858.3 914.7 852.4 874.2 878.5 840.6 927.6 1,182.2 EBITDA 110.0 108.7 132.5 101.9 96.2 74.7 35.8 50.3 63.8 208.6 361.8 EBIT
Slide 34: Overview price indices Butadiene
Overview price indices Butadiene Price movements for raw materials1) became highly unpredictable Price indices Butadiene as main raw material for synthetic rubber / latex 250 ø 2019 ø 2020 200 150 100 50 ø 2021 0 Butadiene Europe Butadiene Korea 1) Selected raw materials are shown for illustration p
Slide 35: Overview price indices LFO-F-NWE / wire rod
Overview price indices LFO-F-NWE / wire rod Significant increase for raw material1) used in industrial segments Price index LFO-F-NWE Price index wire rod 200 150 ø 2019 ø 2020 ø 2021 ø 2019 ø 2020 175 125 150 100 125 100 75 75 ø 2021 50 50 25 25 Ø YTD Fuel Oil 1% Sulphur NWE FOB Cargo Price index w
Slide 36: Product / market position / segment overview, FY 2021
Product / market position / segment overview, FY 2021 in EUR m Semperit Group Industrial Sector Medical Sector Group Semperflex Sempertrans Semperform Semperseal Sempermed Revenue 1.182.2 240.5 / 20%1) 104.5 / 9%1) 90.6 / 8%1) 120.5 / 10%1) 626.1 / 53%1) EBITDA 361.82) 51.3 6.8 12.4 11.6 301.1 Emplo
Slide 37: Shareholder Structure
Shareholder Structure Shareholder structure Semperit is listed on the Vienna Stock Exchange since 1890 Total of 20,573,434 shares B & C Holding Österreich GmbH is part of < 46% B & C Privatstiftung, an Austrian based private foundation / trust > 54% Primary focus of B & C is pursuing the fou