Bystronic Ag · SIX:BYS
Bystronic — H1 2022 Earnings Presentation
26 slides from Bystronic's earnings presentation, Jul 21, 2022
Slide 1: Half-Year Results 2022
Half-Year Results 2022 July 21, 2022
Slide 2: Disclaimer
Disclaimer The information in this presentation relating to the business performance of the Bystronic Group is of a summary nature only. The information published in the Annual Report 2020 of Conzzeta AG, the company that preceded Bystronic AG until the end of April 2021, the Annual Report 2021 of B
Slide 3: Agenda
Half-Year Results 2022 Agenda Business update Alex Waser Financial review Beat Neukom Outlook 2022 Alex Waser Q&A Alex Waser Beat Neukom
Slide 4: First half of 2022 in a nutshell
First half of 2022 in a nutshell Continued good customer activity Order intake grew by 10% excl. China – for the group on last year’s level 1 Supply chain constraints impact sales performance Sales +6.2% for the group 1 - growth in all regions except China New Brand Experience Center in Korea Strong
Slide 5: Focus on successfully managing intensified supply chain challenges
Focus on successfully managing intensified supply chain challenges Our challenges Our mitigation measures • Close contact to suppliers Availability of components • Second source where possible • Further focus on local sourcing and production Higher procurement costs • Repeated price increases for ne
Slide 6: Continued high demand for our systems and solutions
Continued high demand for our systems and solutions Quarterly order intake in CHF million Quarterly order intake is >10% higher than pre-Covid levels Today ˷ CHF 270 m Good order intake +10% excl. China 1 Average pre-Covid ˷ CHF 240 m 300 Significant slow-down in China in the second quarter 200 Stro
Slide 7: Good performance in most regions – China impacted by lock-downs and cautious sentiment
Good performance in most regions – China impacted by lock-downs and cautious sentiment EMEA • Stable demand even vs. strong catch-up effects in 2021 Americas • Successfull divestment of Russian operations (˷2% of group sales) Order intake +13.2% Net sales +17.5% China Americas Order intake -48.6% •
Slide 8: We implemented several price increases to protect our profitability
We implemented several price increases to protect our profitability Price increases Systems business and sales split • Implementation of several price increases from fall 2021 to today for new business • Reduced discretion for discounts significantly • No price increases on existing backlog 76% • Ti
Slide 9: We are on track to reach our medium-term targets with our Strategy 2025
We are on track to reach our medium-term targets with our Strategy 2025 Strategy 2025 Systems • Opening of Brand Experience Center in Korea • Sold first Global DNE systems in entry-level segment Systems • Launch of new 20kW laser cutting system Cutting.Bending.Automation. + portfolio expansion Regio
Slide 10: Agenda
Half-Year Results 2022 Agenda Business update Alex Waser Financial review Beat Neukom Outlook 2022 Alex Waser Q&A Alex Waser Beat Neukom
Slide 11: Key figures first half of 2022
Key figures first half of 2022 in CHF million H1 2022 H1 2021 Δ in % Δ in % at CER Order intake 536.1 549.5 (2.4) 0.5 Net sales 453.2 440.7 2.8 6.2 Systems business 343.1 340.6 0.7 - Service business 110.1 99.2 10.8 - Operating result (EBIT) 10.5 30.3 (65.4) - EBIT margin 2.3% 6.9% - - Net result 7.
Slide 12: Strong demand paired with supply chain bottlenecks result in highest order backlog to date
Strong demand paired with supply chain bottlenecks result in highest order backlog to date Quarterly order intake and net sales in CHF million 300 Our backlog has continued to increase since 2021 – proving structurally solid demand and strong market position Delayed sales recognition amidst 200 supp
Slide 13: Good achievements in procurement offset by investments in service and higher transport costs
Good achievements in procurement offset by investments in service and higher transport costs in CHF million H1 2022 H1 2021 H2 2021 Δ in % year-over-year Net sales 453.2 440.7 498.6 2.8 Other operating income 2.2 4.1 3.2 - Material expenses (197.3) (198.2) (223.7) (0.5) Improved gross profit margin:
Slide 14: Continued strong balance sheet – in spite of higher inventories due to supply chain challenges
Continued strong balance sheet – in spite of higher inventories due to supply chain challenges in CHF million June 30, 2022 Dec 31, 2021 Cash: Dividend distribution of Cash / liquid assets 338.4 495.7 ˷ CHF 124 million in May Trade receivables 150.6 133.7 Inventories 325.8 249.1 Inventories: Increas
Slide 15: Considerable increase of finished products in inventories impacted sales growth and profitability
Considerable increase of finished products in inventories impacted sales growth and profitability Finished systems: Installation not yet completed and systems not yet operational due to Inventory split unavailability of certain components in CHF million Inventory still on the balance sheet of our sa
Slide 16: High inventories impacted our cash flow – an effect that will be reversed once sales are recognized
High inventories impacted our cash flow – an effect that will be reversed once sales are recognized Cash flow development in CHF million H1 2022 H1 2021 Δ in % • Unfavorable effect from higher inventories of CHF 77 million Net result 7.0 23.3 (70.2) • Partly offset by advance payments from customers
Slide 17: Financial key take-aways from our first half 2022 results
Financial key take-aways from our first half 2022 results 1 Higher inventories: increase of finished products of CHF 49 million 2 Substantial delay in sales recognition: impact of ˷ CHF 100 million sales 3 Better gross profit margin: favorable mix and positive impact from price increases 4 Growth st
Slide 18: Agenda
Half-Year Results 2022 Agenda Business update Alex Waser Financial review Beat Neukom Outlook 2022 Alex Waser Q&A Alex Waser Beat Neukom
Slide 19: Promising prospects for medium-term targets – limited visibility for 2022
Promising prospects for medium-term targets – limited visibility for 2022 Bystronic is well positioned for further growth based on its solid market position and strong portfolio of systems, service and solutions. Currently, visibility on the supply chain situation remains limited. Nevertheless, Byst
Slide 20: Questions & Answers
Questions & Answers
Slide 21: Appendix
Appendix
Slide 22: Regional performance
Regional performance Order intake Net sales in CHF million in CHF million H1 2022 H1 2021 in % in % at CER 1 H1 2022 H1 2021 in % in % at CER 1 EMEA 261.0 269.4 (3.1)% 4.8% 222.3 209.7 6.0% 15.3% Americas 168.4 148.7 13.3% 9.3% 131.4 111.8 17.5% 13.3% China 42.9 83.4 (48.6)% (50.6)% 50.6 74.2 (31.8)
Slide 23: Key figures: Bystronic and total group
Key figures: Bystronic and total group Bystronic Total Group in CHF million H1 2022 H1 2021 Δ in % H1 2022 H1 2021 Order intake 536.1 549.5 (2.4) Net sales 453.2 440.7 2.8 453.2 624.3 Operating result (EBIT) 10.5 30.3 (65.4) 10.5 (55.2) EBIT margin 2.3% 6.9% - 2.3 (8.8%) Net result 7.0 23.3 (70.2) 7
Slide 24: Details of transformation during 2021
Details of transformation during 2021 Schmid Rhyner FoamPartner Mammut Divestment effective on Feb 28, 2020 March 31, 2021 June 30, 2021 Sales contribution 2 months in 2020 3 months in 2021 6 months in 2021 in 2020 in CHF m 6.9 256.9 218.4 in 2021 in CHF m - 76.3 107.3 Cash inflow from divestment in
Slide 25: Financial calendar
Financial calendar 2022 August 22 Half-year results roadshow in Zurich September 19-25 Baader Helvea investor conference in Munich September 21-22 Investora conference in Zurich October 14 9M Trading Update November 3-4 ZKB investor conference in Zurich November 17 Credit Suisse Swiss Equity Forum i
Slide 26: Contacts
Contacts Beat Neukom Patrizia Meier Michael Präger Chief Financial Officer Head of Investor Relations Chief Communications & ESG Officer Contact: Contact: Contact: michael.praeger@bystronic.com investor@bystronic.com patrizia.meier@bystronic.com +41 79 870 01 43 +41 62 956 40 79 +41 79 637 46 33 © B