Rockwool A/s Class A · OMXCOP:ROCK_A
Rockwool A/s Class A — FY2023 Earnings Presentation
18 slides from Rockwool A/s Class A's earnings presentation, Feb 8, 2024
Slide 1: Q4/FY 2023 Financial results
Q4/FY 2023 Financial results 8 February 2024
Slide 2: Forward-looking statement
Forward-looking statement The statements on the future in this presentation, including expected sales and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the Group, e.g. the global economic environment, including interest and exchang
Slide 3: Full year highlights 2023
Full year highlights 2023 Sales Sales decrease in local currencies 3620 MEUR 4% down 7% in reported figures EBIT EBIT margin 518 MEUR 14.3% up 29% up 4.0 percentage points This includes 27 MEUR donation* Net profit Free cash flow 389 MEUR 395 MEUR up 116 MEUR up 335 MEUR *) Donation to the Foundatio
Slide 4: Q4 highlights 2023
Q4 highlights 2023 Sales Sales increase in local currencies 934 MEUR 2% down 2% in reported figures EBIT EBIT margin 135 MEUR 14.4% up 34 MEUR up 3.9 percentage points Net profit Free cash flow 100 MEUR 110 MEUR down 3 MEUR up 61 MEUR 4
Slide 5: Full year 2023 sales down four percent driven by Europe
Full year 2023 sales down four percent driven by Europe Net sales Net sales per business segment MEUR MEUR -4% 2022 2022 2023 Local currencies -7% 2023 Local currencies 2023 Reported figures -5% -8% 2023 Reported figures 3034 2792 3907 3620 -1% -5% 873 828 2022 2023 Insulation Systems Sales reached
Slide 6: Q4 sales up two percent in local currencies
Q4 sales up two percent in local currencies Net sales Net sales per business segment MEUR MEUR Q4 2022 +2% +3% Q4 2022 -2% Q4 2023 Local currencies Q4 2023 Local currencies Q4 2023 Reported figures -2% Q4 2023 Reported figures 707 694 955 934 +1% -3% 248 240 Q4 2022 Q4 2023 Insulation Systems Sales
Slide 7: Q4 regional sales development
Q4 regional sales development Growth in local currencies Key developments Geographic share of sales MEUR, reported figures In many markets, sales decreased Western Europe compared to same period last year. Western Europe Eastern Europe and Russia -4% Italy, the United Kingdom, Spain and North Am
Slide 8: Q4 profitability improved
Q4 profitability improved EBITDA & EBIT +23% EBITDA / EBIT margin (%) +34% MEUR 219 202 194 187 24.3% 165 164 21.7% 155 21.2% 146 146 18.9% 131 131 133 135 EBITDA 17.2% 18.4% 16.8% 17.2% 16.2% EBITDA margin 102 101 104 14.5% 14.4% 95 EBIT 13.0% EBIT margin 11.2% 11.0% 12.9% 12.0% 68 10.5% 6.8% Q4 21
Slide 9: Q4 profitability by business segment
Q4 profitability by business segment EBIT EBIT margin (%) MEUR +75% 124 Q4 2022 71 Q4 2023 11.8% 11.6% 11.9%12.4% 11.6% 14.9% 15.2% Insulation -62% 10.0% 5.8% 13.7% 14.6% Systems 12.1% 9.4% 9.5% 10.4% 30 7.7% 8.4% 4.7% 11 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Insulation Systems Insul
Slide 10: Q4 investment activities
Q4 investment activities Investments excluding acquisitions and grants totalled 96 MEUR in Q4 2023, compared to 93 MEUR in Q4 2022. Investments in sustainability were mainly related to conversion to electrical melter in Flumroc (Switzerland) and preparation for electrification of the existing fact
Slide 11: Q4 generated a solid free cash flow
Q4 generated a solid free cash flow Q4 free cash flow was 110 MEUR, compared Free cash flow to 49 MEUR in Q4 2022, generated by a MEUR +61 MEUR strong operational result and reduced net working capital. 178 119 Net working capital was 9.9 percent (Q4 110 2022: 11.3 percent) of net sales and ended at
Slide 12: Share buy-back programme of EUR 160 MEUR
Share buy-back programme of EUR 160 MEUR • Share buy-back programme led by Danske Bank. • 160 MEUR total size, with maximum monthly amount of 20 MEUR. • Starts 8 February 2024 and runs for 12 months. • Covers B shares only. • Maximum number of shares under the programme is 1 200 000 B shares. • At t
Slide 13: Good progress on sustainability goals
Good progress on sustainability goals Baseline year 2015 (goal 2030)* Scope 1 and 2 CO2 emission intensity 14% 20% Water use intensity 16% 20% Reclaimed material 21 30 countries Energy efficiency in own buildings 39% 75% Landfill waste 53% 85% Occupational safety and health zero fatalities and two ser
Slide 14: Outlook 2024
Outlook 2024 14
Slide 15: Outlook full year 2024
Outlook full year 2024 1 Sales Sales roughly at the same level as in 2023 in local currencies. 2 EBIT EBIT margin around 13 percent. 3 Investments Investments around 375 MEUR excluding acquisitions. 15
Slide 16: Key figures for the Group
Key figures for the Group MEUR Q4 Q4 YoY (%) FY FY YoY 2023 2022 2023 2022 (%) Income statement Net sales 934 955 -2.3% 3 620 3 907 -7.4% EBITDA 202 165 22.9% 779 638 22.1% EBIT 135 101 34.4% 518 402 29.0% Profit before tax 131 126 3.6% 522 358 45.7% Profit for the period 100 103 -3.7% 389 273 42.4%
Slide 17: Questions?
Questions? ZN Rockwoor
Slide 18: Thank you
Thank you ROCKWOOL A/S Hovedgaden 584 2640 Hedehusene Denmark CVR No. 54879415 Tel.: +45 46 56 03 00 www.rockwool.com