Zumtobel Group Ag · VIE:ZAG
Zumtobel — H1 2024/25 Earnings Presentation
21 slides from Zumtobel's earnings presentation, Dec 5, 2024
Slide 1: H1 2024/25 Management Presentation
H1 2024/25 MANAGEMENT PRESENTATION 5 December 2024 1 Copyright notice: Joss Guest Photography
Slide 2: Disclaimer
DISCLAIMER The facts and information contained herein constitute forward-looking statements as of the date they were made and based upon assumptions as to future events or circumstances that may not prove to be complete or accurate. By their nature, these statements involve risk and uncertainty beca
Slide 3: H1 2024/25 Financial Overview
H1 2024/25 FINANCIAL OVERVIEW in EUR mn Group Revenues 577.6 + 0.6% (PY 574.4) Adjusted gross profit Lighting Segment Revenues 220.3 + 5.6% 456.1 + 0.4% (PY 208.6) (PY 454.4) Adjusted Group EBIT Components Segment Revenues 41.2 + 3.0% 157.3 + 3.4% (PY 40.0) (PY 152.1) Net profit 18.4 – 13.0% (PY 21.
Slide 4: Project references: HUK Coburg, Basilica of St. Peter, Hilti Innovation Center
HUK Coburg Insurance, Germany Basilica of St. Peter, Vatican State Hilti Innovation Center, Liechtenstein 4 Railway Stations in Paris, France Stadium of Light | Sunderland AFC, UK
Slide 5: Economic Environment Requires Further Action
ECONOMIC ENVIRONMENT REQUIRES FURTHER ACTION Measurements Impact Lighting plant, Les Andelys (France) • Start the evaluation of a possible cessation of production Restructuring costs activities • Restructuring costs totalling ~EUR –9.4 mn • Measure would affect 85 employees were booked in Q2 2024/25
Slide 6: Lighting Segment
LIGHTING SEGMENT WHILE SALES WERE FLAT, ADJUSTED EBIT WAS IMPACTED BY HIGHER PERSONNEL COSTS AND DELAYED RESEARCH BONUS REVENUES IN EUR MN ADJUSTED EBIT IN EUR MN fx-adj. fx-adj. 11.7% 0.8% –1.0% 8.9% 7.8% 1.1% –0.4% 7.7% 5.5% 6.0% 26.9 224.1 226.6 230.3 229.5 226.0 208.9 20.1 17.3 17.8 13.5 11.5 Q1
Slide 7: Components Segment
COMPONENTS SEGMENT ADJUSTED EBIT INCREASED DUE TO LOWER MATERIAL COSTS AND AN INVENTORY REVALUATION EFFECT REVENUES IN EUR MN ADJUSTED EBIT IN EUR MN fx-adj. fx-adj. 8.4% 5.4% 2.8% 5.9% 4.3% 2.5% 4.3% 2.9% 3.7% -1.9% 77.0 80.3 75.1 77.0 76.8 6.5 70.5 4.7 3.2 2.8 2.2 Q1 Q2 Q3 Q4 -1.4 Q1 Q2 Q3 Q4 2023
Slide 8: Zumtobel Group: Solid First Half Performance
ZUMTOBEL GROUP OVERALL SOLID FIRST HALF PERFORMANCE WITH RECOVERY IN THE COMPONENTS SEGMENT REVENUES IN EUR MN ADJUSTED EBIT IN EUR MN fx-adj. fx-adj. 8.8% 1.3% 0.8% 7.0% 7.3% 1.2% –0.1% 5.1% 4.0% 2.2% 285.6 289.1 288.9 288.6 287.0 265.5 25.5 20.2 21.0 14.5 11.4 5.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023/24 2
Slide 9: Adjusted EBIT Bridge
ZUMTOBEL GROUP MARGIN IMPROVEMENT COULD MORE THAN OFFSET HIGHER PERSONNEL AND OTHER COSTS ADJUSTED EBIT BRIDGE IN EUR MN / AS % OF SALES 7.0% +0.1pp 7.1% 11.3 40.0 0.3 41.2 -10.5 Mainly due to positive volume Mainly due to a positive Mainly due to higher personnel development in the inventory revalu
Slide 10: Group Income Statement
ADJUSTED GROSS PROFIT MARGIN INCREASED TO 38.1%; ADJUSTED EBIT ABOVE PREVIOUS YEAR ZUMTOBEL GROUP – INCOME STATEMENT IN EUR MN H1 2024/25 H1 2023/24 CHANGE IN % Revenues 577.6 574.4 0.6 Adjusted cost of goods sold –357.3 –365.9 –2.3 Adjusted gross profit (incl. development) 220.3 208.6 5.6 as a % of
Slide 11: Group Cash Flow Statement
CHANGES IN WORKING CAPITAL IMPACTED OUR FREE CASH FLOW IN H1 2024/25 ZUMTOBEL GROUP – CASH FLOW STATEMENT IN EUR MN H1 2024/25 H1 2023/24 Cash flow from operating results 58.1 60.4 Change in working capital –6.2 4.0 Change in other operating items –13.4 –16.0 Taxes paid/received –4.8 –3.1 Cash flow
Slide 12: Solid Balance Sheet: Strong Equity Ratio and Debt Coverage Ratio
SOLID BALANCE SHEET: STRONG EQUITY RATIO AND DEBT COVERAGE RATIO ZUMTOBEL GROUP – KEY BALANCE SHEET DATA IN EUR MN 31 October 2024 30 April 2024 Solid liquidity position backed by: Total assets 987.9 987.2 • Consortium credit agreement with a term ending in December 2028 and a volume of EUR 125 mn N
Slide 13: Current Market Outlook
CURRENT MARKET OUTLOOK Growth in non-residential construction Development of non-residential construction in 2025 until 2027 (for selected countries) Development in 2024 • The weak non-residential construction 3.1 prospects have been confirmed for 2024 1.8 2.1 • New-built non-residential constructio
Slide 14: FY 2024/25 Outlook
FY 2024/25 outlook Revenue at Adjusted least slightly CAPEX excl. IFRS 16 EBIT margin above previous ~EUR 60 mn of 3 – 6% year H1 2024/25 results 14 Tower One, Frankfurt am Main, Germany
Slide 15: Back Up
BACK UP H1 2024/25 results ZUMTOBEL Group
Slide 16: Regional Revenue Distribution
GROUP REVENUES UP BY 0.6% IN H1 2024/25 ZUMTOBEL GROUP – REGIONAL REVENUE DISTRIBUTION CHANGE IN % IN EUR MN Q2 2024/25 CHANGE IN % H1 2024/25 NOMINAL FX ADJUSTED D/A/CH 110.5 4.2 217.1 2.9 2.5 Northern and Western Europe 72.9 8.8 146.4 7.9 6.6 Southern and Eastern Europe 69.3 -9.6 142.1 -6.9 -5.9 A
Slide 17: Financial Calendar
FINANCIAL CALENDAR DATE SUBJECT PERIOD 6 March 2025 Interim Report Q1 – Q3 2024/25 1 May 2024 – 31 January 2025 H1 2024/25 results 17
Slide 18: Working Capital Development
WORKING CAPITAL DEVELOPMENT ZUMTOBEL GROUP – WORKING CAPITAL 21.0 21.5 20.7 19.7 19.7 19.8 20.0 19.2 18.4 17.4 • Working capital at EUR 234.2 mn as of 31 October 2024 (30 April 2024: EUR 225.6 mn) • In % of rolling 12-month revenues, working capital at 20.7% (PY: 19.7%) Q1 Q2 Q3 Q4 FY 2022/23 FY 202
Slide 19: Supplementary Data for Segment Reporting
SUPPLEMENTARY DATA FOR SEGMENT REPORTING ZUMTOBEL GROUP Lighting Segment Components Segment Reconciliation Group IN EUR MN H1 2024/25 H1 2023/24 H1 2024/25 H1 2023/24 H1 2024/25 H1 2023/24 H1 2024/25 H1 2023/24 Net revenues 456.1 454.5 157.3 152.1 –35.8 –32.1 577.6 574.4 External revenues 455.3 454.
Slide 20: Five-Year Overview
FIVE-YEAR OVERVIEW ZUMTOBEL GROUP IN EUR MN 2023/24 2022/23 2021/22 2020/21 2019/20 Revenues 1,127.0 1,209.2 1,148.3 1,044.5 1,131.3 Adjusted EBIT 57.3 84.3 60.8 45.5 53.9 as a % of revenues 5.1 7.0 5.3 4.4 4.8 EBIT 49.5 84.3 60.8 43.4 35.1 as a % of revenues 4.4 7.0 5.3 4.2 3.1 Net profit/loss for
Slide 21: Zumtobel Group AG Investor Relations
ZUMTOBEL GROUP AG Investor Relations investorrelations@zumtobelgroup.com www.zumtobelgroup.com H1 2024/25 results 21