Compagnie Chargeurs Invest · EURONEXT:CRI
Compagnie Chargeurs Invest — Chargeurs — FY2020 Earnings Presentation
45 slides from Compagnie Chargeurs Invest's earnings presentation, Feb 18, 2021
Slide 1: 2020 Annual Results – Leap Forward 2025
SOLIDARITY & EXCELLENCE 2020 Annual Results Leap Forward 2025
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements relating to the business, results and financial position of the Chargeurs group. Such forward-looking statements are based on assumptions that are currently considered reasonable but which are dependent on external factors and unfor
Slide 3: Presentation of 2020 Annual Results and the Leap Forward 2025 program
02/18/2021 Presentation of 2020 Annual Results and the Leap Forward 2025 program SOLIDARITY & EXCELLENCE
Slide 4: A year full of achievements
A year full of achievements January February March April May June ◆Launch of ◆Acquisition of ◆Launch of the ◆ Acquisition of ◆Rollout of a ◆ Revenue of Novacel Academy D&P in Lainière SantéTM Hypsos by CMS comprehensive €518.5m in H1 the US and brand health product and 2020, up 59% creation of CMS s
Slide 5: Contents
Contents 01 02 03 STRATEGIC OVERVIEW OPERATING AND PRESENTATION OF FINANCIAL REVIEW LEAP FORWARD 2025 AND OUTLOOK
Slide 6: Strategic overview
Strategic overview Michaël Fribourg – Chairman and CEO
Slide 7: Outstanding annual performance
Outstanding annual performance Key figures 2020 2020 Change vs. 2019 CAGR 5 years Revenue 822.0 +31.3% +10.5% +27.5% like-for-like Recurring operating profit 79.3 +91.5% +21.0% Cash flow from operating activities 73.0 +186.3% +17.6% Attributable net profit 41.0 +171.5% +21.8% Dividend per share €1.3
Slide 8: Chargeurs, technology partner to over 10,000 exacting B2B customers
Chargeurs, technology partner to over 10,000 exacting B2B customers ◆ No. 1 worldwide in 4 businesses and Chargeurs Museum Solutions Chargeurs Healthcare Solutions Leading player in premium growing leadership in the 5th Leader in immersive visitor experiences personal protective equipment (PPE) ◆ Di
Slide 9: Success of the Chargeurs business model in 2020
Success of the Chargeurs business model in 2020 ◆Remarkable performance in traditional 1 Performance businesses despite the crisis, driven by investment in the Game Changer program ◆Organization of a new global leader in 2 Strengthening museum services, in a unique position to carve out a high-growt
Slide 10: Performance of historic businesses protected during the crisis
Performance of historic businesses protected during the crisis thanks to Game Changer program investments 1 Performance Traditional businesses profitable Strengths built as part of the Rebound capacity remains fully overall in 2020 Game Changer program intact ◆ Chargeurs performance excluding ◆ Dive
Slide 11: Chargeurs Museum Solutions: leader in a very high-potential market
Chargeurs Museum Solutions: leader in a very high-potential market 2 Strengthening Build-up to create the leader in museum Unique one-stop-shop, capable construction of: ➢ Grouping expertise to offer Leader in technical customers a turnkey solution textiles coating ➢ Shifting industry boundaries Acq
Slide 12: Chargeurs Healthcare Solutions: entrepreneurial flexibility
Chargeurs Healthcare Solutions: entrepreneurial flexibility put to the service of a long-term strategic vision 3 Diversification Clear strategic vision 1 ◆ Identification of an urgent Outstanding performance in 2020 ◆ Moving upscale and need and assets available within Chargeurs - Revenue of €303.6m
Slide 13: Chargeurs today: Value creation potential well ahead of that in 2019
Chargeurs today: Value creation potential well ahead of that in 2019 ◆Resilient performance shown by the traditional businesses against the backdrop of an extreme crisis, underpinned by valuable assets and significant barriers to entry ◆Two new businesses, with very exciting growth potential and tha
Slide 14: Operating review
Operating review Olivier Buquen – Group Chief Financial Officer Gustave Gauquelin – Chief Operating Officer
Slide 15: All financial indicators in the green in 2020
All financial indicators in the green in 2020 Revenue Recurring operating profit CAGR* > +10% since 2015 CAGR* >+20% since 2015 *Compound Annual Growth Rate in €m in €m 79.3 822.0 41.4 626.2 8.1% 9.6% 10.2% 10.5% 30.6 8.5% 6.6% 498.7 2015 2019 2020 2015 2019 2020 Attributable net profit Cash flows p
Slide 16: Record like-for-like growth: +27.5%
Record like-for-like growth: +27.5% Good performance by CPF and excellent results at CHS 822.0 In €m 303.6 626.2 Chargeurs Healthcare Solutions 573.3 37.3 30.7 100.2 98.2 51.6 Chargeurs Museum Solutions 64.6 Chargeurs Luxury Materials 161.1 210.6 131.8 Chargeurs PCC Fashion Technologies 283.3 278.1
Slide 17: Chargeurs Protective Films
Chargeurs Protective Films Remarkable performance by a manufacturing business essential to the economy
Slide 18: Sales stable over the year and up in the second half
Sales stable over the year and up in the second half 2020 vs. H2 2020 vs. H1 2020 vs. In millions of euros 2020 2019 2019 H2 2019 H1 2019 Revenue 270.4 278.1 -2.8% +0.5% -5.9% like-for-like -1.8% +3.0% -6.3% EBITDA 27.8 33.1 As a % of revenue 10.3% 11.9% Recurring operating profit 17.0 23.6 As a % o
Slide 19: Chargeurs PCC Fashion Technologies
Chargeurs PCC Fashion Technologies Excellent logistics and a continuously adjusted sales offering reflecting changing customer needs
Slide 20: Profitability maintained despite a significant slowdown across the industry
Profitability maintained despite a significant slowdown across the industry 2020 vs. H2 2020 vs. H1 2020 vs. In millions of euros 2020 2019 2019 H2 2019 H1 2019 Revenue 131.8 210.6 -37.4% -35.6% -39.2% like-for-like -35.3% -32.0% -38.5% EBITDA 11.1 24.1 As a % of revenue 8.4% 11.4% Recurring operati
Slide 21: Chargeurs Luxury Materials
Chargeurs Luxury Materials Strengthening of the sustainable offering for a premium customer base
Slide 22: Soft global demand for wool, negatively impacting the business
Soft global demand for wool, negatively impacting the business 2020 vs. H2 2020 vs. H1 2020 vs. In millions of euros 2020 2019 2019 H2 2019 H1 2019 Revenue 64.6 100.2 -35.5% -42.4% -30.6% like-for-like -34.6% -41.3% -30.1% EBITDA -2.2 2.8 As a % of revenue -3.4% 2.8% Recurring operating profit -2.3
Slide 23: Chargeurs Museum Solutions
Chargeurs Museum Solutions Creation of a world leader in a market delivering strong structural growth
Slide 24: Early successes in a niche market built on positive structural trends
Early successes in a niche market built on very positive structural trends 2020 vs. H2 2020 vs. H1 2020 vs. In millions of euros 2020 2019 2019 H2 2019 H1 2019 Revenue 51.6 37.3 +38.3% +38.5% +38.1% like-for-like -47.5% -48.2% -46.7% EBITDA 4.9 4.5 As a % of revenue 9.5% 12.1% Recurring operating pr
Slide 25: Chargeurs Healthcare Solutions
Chargeurs Healthcare Solutions A new champion born from Chargeurs’ entrepreneurial DNA
Slide 26: CHS achieved a remarkable performance
By drawing on the Group’s “hidden” assets, CHS achieved a remarkable performance In millions of euros 2020 2019 Revenue 303.6 - like-for-like EBITDA 65.4 - As a % of revenue 21.5% Recurring operating profit 63.5 - As a % of revenue 20.9% ◆ Sales underpinned by particularly high volumes in Q2, at the
Slide 27: Financial review
Financial review Olivier Buquen – Group Chief Financial Officer
Slide 28: Historic increase in net profit
Historic increase in net profit, reflecting both the Group’s excellence and its solidarity In millions of euros 12/31/2020 12/31/2019 Change Revenue 822.0 626.2 31.3% Very strong business at CHS and remarkable performance of CPF Gross profit 219.0 167.0 31.1% Accretive effect of CHS offsetting the t
Slide 29: Like-for-like growth in revenue and recurring operating profit
Like-for-like growth in revenue and recurring operating profit 188.0 822.0 4.0 79.3 32.3 - 16.1 32.1 - 2.1 626.2 - 8.2 4.2 27.5% like-for-like 41.4 - 0.5 82.6% like-for-like 2019 Scope Change Volume 2019 Scope Change Price/Mix 2020 Volume Price/Mix Other costs 2020 Main effects on revenue Main effec
Slide 30: Strong cash flow generation finances the CMS acquisition without additional debt
Strong cash flow generation finances the CMS acquisition without requiring additional debt In millions of euros 12/31/2020 12/31/2019 EBITDA 102.4 60.0 Non-recurring – cash -13.0 -7.0 Financial expenses – cash -12.1 -10.8 Tax – cash -6.4 -3.3 Other -0.5 -0.2 Cash flows provided by operating activiti
Slide 31: Cash position and balance sheet strengthened
Cash position and balance sheet strengthened In millions of euros 12/31/2020 12/31/2019 Increase in goodwill mainly Intangible assets 228.7 173.1 linked to the D&P acquisition Property, plant and equipment 83.1 87.3 Associates 7.0 12.6 Other net assets and liabilities -7.7 8.1 Sound performance from
Slide 32: Leap Forward 2025
Leap Forward 2025 Michaël Fribourg – Chairman and CEO Gustave Gauquelin – Chief Operating Officer
Slide 33: Leap Forward 2025 targets
Leap Forward 2025 targets 2020 2025 Embedded Embedded Performance performance = performance + Like-for-like acquisitions Targets Revenue €1bn €1.5bn Recurring operating profit €100m €150m ➢ Expected recovery in historic businesses as a result of the economic recovery driven by stimulus plans Three g
Slide 34: Embedded performance, profit reserves on a comparable scope
EMBEDDED Embedded performance, PERFORMANCE profit reserves on a comparable scope of consolidation Embedded performance Areas for enhancing performance Impact by 2025 ◆ Investment made in the Game Changer program ✓ Improved performances linked to capex ✓ Reserve of income and cost synergies linked to
Slide 35: Leap Forward, method to complete performance
EMBEDDED Leap Forward, method to complete PERFORMANCE performance, shared by the different business lines SPRINT MARCH ✓ Constant optimization of industrial and ✓ Entrepreneurial agility and ability to logistical performance immediately seize new opportunities ✓ Continuous improvement of our product
Slide 36: CPF enjoys unique strengths to outperform in a buoyant market
EMBEDDED CPF enjoys unique strengths to outperform PERFORMANCE in a buoyant market 2025 recurring operating profit Unchallenged leadership target: €44m 50 Chargeurs Protective Films is the leader in the protective films market CAGR: ~11% with c.30% market share. The business enjoys cutting edge inno
Slide 37: CFT-PCC perfectly positioned to meet new fashion needs
EMBEDDED CFT-PCC perfectly positioned to meet new PERFORMANCE fashion needs 2025 recurring operating profit Excellence and innovation at the service target: €25m of 6,000 customers worldwide 30 CAGR: ~6% Chargeurs-PCC Fashion Technologies is the world leader in interlining. It has an extremely flexi
Slide 38: CLM, a green positioning and traceability technology
EMBEDDED CLM, a green positioning and traceability PERFORMANCE technology that is appealing to brands 2025 recurring operating profit The most premium wool target: €4m 5 CAGR: ~7% CLM is the leader in upscale combed wool and focuses on very high 4 added-value products. Its firm positioning on sustai
Slide 39: CMS, a new benchmark player in museum construction
EMBEDDED CMS, a new benchmark player in the fast- PERFORMANCE growing museum construction market 2025 recurring operating profit The “one-stop-shop” for museum construction target: €18m 20 CAGR: ~10% Chargeurs Museum Solutions is the global leader in construction and exhibit services for museums and
Slide 40: CHS, equipped to create value in the PPE market
EMBEDDED CHS, equipped to create value in the personal PERFORMANCE protective equipment (PPE) market, which is undergoing significant change 2025 recurring operating Firm upscale positioning profit target: €15m 20 Chargeurs Healthcare Solutions is a leading player in PPE. It has a standalone PPE pro
Slide 41: Chargeurs is committed to the environmental transition of its businesses
More than ever, Chargeurs is committed to the environmental transition of its businesses A strong aspiration of all stakeholders ◆ Clear and increasing commitments included in our financial documentation and regarding the variable compensation of certain executive officers ✓ Signed the United Nation
Slide 42: An ambitious targeted acquisitions strategy
An ambitious targeted acquisitions strategy An ambition to carve out new Contribution of acquisitions by niche markets 2025 Contribution of €50m to recurring Profitable Family-to- family operating profit on and additional revenue of accretive acquisitions acquisitions €500m Build-up around CHS, CMS
Slide 43: Recurring operating profit target of €150m in 2025
Recurring operating profit target of €150m in 2025 Acquisitions Recurring operating 50 Program self-funded, Embedded without stressing the debt profit performance 150 ◆ Maintenance of an active dividend 50 policy ◆ Normalization of capex 100 ◆ Keeping low financial leverage 49* 2019 2025 before acqu
Slide 44: Perfectly equipped to change scale and accelerate value creation by 2025
Chargeurs: perfectly equipped to change scale and accelerate its value creation by 2025 Recognized managerial Ambitious and realistic Unquestioned champion of method program niche markets by 2025 ◆ Shareholder of niche businesses ✓ Three leading global businesses ✓ Creation of two new niche champion
Slide 45: CHARGEURS – High Emotion Technology
* oe CHARGEURS High Emotion Technology®