Vaisala Oyj Class A · OMXHEX:VAIAS
Vaisala Oyj Class A — Q4 2019 Earnings Presentation
21 slides from Vaisala Oyj Class A's earnings presentation, Feb 12, 2020
Slide 1: Excellent fourth quarter and full year net sales and operating result
Excellent fourth quarter and full year net sales and operating result Financial Statement Release 2019 President and CEO Kjell Forsén February 12, 2020 © Vaisala
Slide 2: Fourth quarter 2019 highlights
Fourth quarter 2019 highlights ▪ Orders received EUR 103.3 (99.1) million, +4% ▪ Order book EUR 139.0 (120.6) million, +15% ▪ Net sales EUR 118.1 (108.3) million, +9% ▪ Gross margin 56.0 (54.3) % ▪ Operating result EUR 17.7 (13.9) million, 15.0 (12.9) % of net sales ▪ Earnings per share EUR 0.41 (0.
Slide 3: Vaisala Q4 orders received increased by 4%
Vaisala Q4 orders received increased by 4% MEUR 120 113.0 105.1 103.3 100 100.1 99.1 98.0 +2% 36.8 with comparable 87.1 81.5 81.3 27.6 83.5 34.5 rates 76.8 31.2 37.1 80 34.8 71.1 28.1 30.9 29.5 28.2 60 28.1 28.8 40 76.2 72.5 67.9 70.7 66.2 -3% 63.2 52.0 53.0 55.4 56.2 organic growth* 42.4 48.7 20 0
Slide 4: Vaisala order book reflects high deliveries in Q4
Vaisala order book reflects high deliveries in Q4 MEUR 160 150.9 151.7 154.4 145.0 17.4 16.2 139.0 133.6 10.7 133.4 18.2 130.3 124.8 126.5 16.8 +15% 10.0 12.2 13.4 119.2 120.6 120 10.7 14.3 Y/Y 13.0 15.7 80 134.3 132.8 134.3 138.3 120.4 121.4 120.0 122.3 Excluding 114.1 112.2 106.3 Ethiopia project
Slide 5: Vaisala Q4 net sales increased by 9%
Vaisala Q4 net sales increased by 9% MEUR 118.1 Net sales by geographical area 120 108.3 105.2 14.9 100 15.0 96.1 12.0 +7% with comparable 84.1 84.2 12.0 23.2 80.1 rates 76.4 19.1 21.7 80 11.3 13.0 34% 37% 10.8 16.9 11.2 13.5 11.5 (30) (37) 60 17.2 20.2 2% organic growth* 40 74.1 80.0 67.3 71.5 59.2
Slide 6: Vaisala Q4 operating result increased following net sales growth and gross margin improvement
Vaisala Q4 operating result increased following net sales growth and gross margin improvement MEUR % 60 20 2.4 MEUR 17.3% amortization 48.9 50 46.4 15.5% of intangible 44.7 16 43.0 15.0% assets 40.7 40 12.9% 35.9 33.5 32.5 12 Gross margin 30 improved by 2 pp. 7.5% 7.5% 8 20 16.3 17.7 14.5 13.9 5.9%
Slide 7: Cash flow from operating activities on good level
Cash flow from operating activities on good level MEUR 35 29.4 30 Strong Q4 cash flow following excellent 25 23.0 23.1 operating result 20 16.1 14.9 15 13.7 10.6 10 8.5 7.8 5 2.9 0 -5 -5.4 -6.2 -10 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Financial Statement Release 20
Slide 8: Business Areas
Business Areas Financial Statement Release 2019 © Vaisala
Slide 9: Weather and Environment Q4 – net sales grew by 5%
Weather and Environment Q4 – net sales grew by 5% ▪ Orders received decreased by 3% Organic growth MEUR Q4/19 Q4/18 Change - Decrease with comparable FX rates 4% of orders received -8%* Orders received 66.2 67.9 -3% - 15% increase in Europe Order book 122.3 104.9 17% ▪ Order book increased by 17% Y/
Slide 10: Industrial Measurements Q4 – strong quarter for orders received and net sales
Industrial Measurements Q4 – strong quarter for orders received and net sales ▪ Orders received increased by 19% Organic growth MEUR Q4/19 Q4/18 Change - Increase with comparable FX rates 16% of orders received 8%* Orders received 37.1 31.2 19% ▪ Order book increased by 7% - EUR 14.8 (14.3) million
Slide 11: Full year 2019
Full year 2019 © Vaisala
Slide 12: Vaisala 2019 – excellent performance
Vaisala 2019 – excellent performance MEUR MEUR 2019 2018 2017 450 419.4 403.6 Orders received 419.4 334.2 346.3 400 Order book 139.0 120.6 124.8 346.3 348.8 350 334.2 332.6 Net sales 403.6 348.8 332.6 Gross margin % 54.8 53.1 52.3 300 Operating expenses 177.3 148.3 133.3 250 Operating result 41.1 38
Slide 13: Weather and Environment 2019 – excellent sales performance
Weather and Environment 2019 – excellent sales performance MEUR 300 MEUR 2019 2018 2017 276.2 261.3 Orders received 276.2 215.2 233.0 250 233.0 232.3 Order book 122.3 104.9 114.1 222.2 215.2 Net sales 261.3 232.3 222.2 200 Products 149.0 125.4 112.0 Projects 73.2 70.0 76.4 150 Services 39.1 36.9 33.
Slide 14: Industrial Measurements 2019 – excellent financial performance
Industrial Measurements 2019 – excellent financial performance MEUR MEUR 2019 2018 2017 150 143.2 142.3 Orders received 143.2 119.0 113.3 119.0 116.4 Order book 16.8 15.7 10.7 113.3 110.3 Net sales 142.3 116.4 110.3 100 Products 129.5 105.1 98.7 Services 12.8 11.4 11.6 Gross margin % 63.9 62.1 62.4
Slide 15: Vaisala has strong financial position
Vaisala has strong financial position MEUR 2019 2018 2017 Equity per share 5.52 5.11 5.20 Return on equity % 17.7 16.0 15.0 Solvency ratio % 55.7 55.6 68.9 Capital expenditure 26.8 14.5 8.5 Cash and cash equivalents 56.4 72.7 91.3 Interest-bearing liabilities 51.5 40.5 - Gearing % -2.4 -17.6 -49.2 F
Slide 16: Dividend development 2010–2019
Dividend development 2010–2019 EUR 1.20 1.00 0.80 0.50 0.62 0.60 0.40 0.55 0.58 0.61 0.45 0.45 0.45 0.48 0.50 0.20 0.33 0.33 0.00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* Dividend Return of capital/Additional dividend * Boards’ proposal All dividends have been adjusted to reflect increased
Slide 17: Market Outlook and Business Outlook
Market Outlook and Business Outlook © Vaisala
Slide 18: Market Outlook 2020
Market Outlook 2020 Weather and Environment Industrial Measurements ▪ Climate change and severe weather events drive need for ▪ In industrial measurements, increasing focus on energy and continued replacement and enhancement of weather operations efficiency, longer product life cycles as well as obs
Slide 19: Business Outlook 2020
Business Outlook 2020 ▪ Vaisala estimates its full-year 2020 net sales to be in the range of EUR 400–425 million and its operating result (EBIT) to be in the range of EUR 38–48 million. MEUR Net sales MEUR Operating result 450 50 40 400 403.6 40.9 38.9 41.1 32.8* 30 29.6 350 348.8 332.6 20 22.3 318.
Slide 20: Questions Welcome!
Questions Welcome! © Vaisala
Slide 21: Observations for a Better World
Observations for a Better World © Vaisala