H2APEX Group SCA · XETR:H2A
H2APEX Group SCA — exceet Group S.E. — Q1 2013 Earnings Presentation
16 slides from H2APEX Group SCA's earnings presentation, May 13, 2013
Slide 1: Group Financial Results – Q1 2013
exceet Group S.E. Group Financial Results – Q1 2013 May 13, 2013 exceet Group S.E. | 1420 Luxembourg | Luxembourg
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements based on beliefs of exceet Group SE management. Such statements reflect current views of exceet Group SE with respect to future events and results and are subject to risks and uncertainties. Actual results may vary materially from thos
Slide 3: Financial highlights
Financial highlights Q1 2013 revenues reached 43,1m€, down 6,4% vs. Q1 2012, reflecting 16,5% Q1 Group Sales (€ million) organic decline. Despite a satisfactory start to the year, Q1 2013 trading has suffered from a slow down in March, mainly due to postponed delivery requests from key 46,0 customer
Slide 4: Financial review and analysis
Financial review and analysis 4 exceet Group S.E. | 1420 Luxembourg | Luxembourg
Slide 5: Revenue bridge from Actual Q1 2012 to Actual Q1 2013
Revenue bridge from Actual Q1 2012 to Actual Q1 2013 -16,5% 46,0 43,1 7,6 38,5 4,8 0,2 FX rate EUR/CHF: Actual Q1 2012 :1.2080 Actual Q1 2013:1.2279 FX rate EUR/USD : Actual Q1 2012 :1.3121 Actual Q1 2013 :1.3199 Actual Q1 12 Organic Like-for-like Q1 13 FX impact Q1 13 Scope changes Q1 13 Actual Q1
Slide 6: EBITDA bridge from Actual Q1 2012 to Actual Q1 2013
EBITDA bridge from Actual Q1 2012 to Actual Q1 2013 10,6% 10,9% 6,5% 6,6% 6,6% 5,0 4,9 0,2 2,5 FX rate EUR/CHF: Actual Q1 2012 :1.2080 2,9 2,9 Actual Q1 2013:1.2279 0,0 2,5 0,4 0,0 FX rate EUR/USD : Actual Q1 2012 :1.3121 Actual Q1 2013 :1.3199 Actual Q1 12 Non recurring Recurring Organic Like-for-
Slide 7: From EBITDA to Free Cash Flow – Q1 2013
From EBITDA to Free Cash Flow – Q1 2013 - 2,9 -0,0 -1,8 -0,1 -2,4 -1,9 -3,4 Group reported Non cash Tax paid Interest paid Change in NWC Net Capex Free Cash Flow EBITDA items recorded above EBITDA Q1 2013 Free cash flow reached -3,4m€, as EBITDA (+2,9m€) was more than offset by tax payments (-1,8m€)
Slide 8: Net Debt evolution between 31.12.12 and 31.03.13
Net Debt evolution between 31.12.12 and 31.03.13 18,2 0,2 0,1 0,6 3,4 14,0 Net financial Free Cash Acquisition of Impact of FX Others Net financial debt 31.12.2012 Flow Q1 13 subsidiaries & non rates on cash debt 31.03.2013 controlling interests Net financial debt reached 18,2m€ at the end of March
Slide 9: Net working capital analysis
Net working capital analysis 65 93,1% Trade payables Inventories 100 60 85,2% 90 55 75,3% 72,8% Other current 80% 50 71,0% liabilities 61,5% 62,4% 70% 45 57,3% 40,1 40,6 40 53,7% Tax liabilities 60% 35,8 Accrued expenses 35 33,5 and deferred income 30,9 50% 30 29,2 28,7 25 21,9 22,3 40% 20 30% 15 Tr
Slide 10: Reported Q1-13 vs medium-term targets
Reported Q1-13 vs medium-term targets Group Sales (€ million) Organic Growth Rate (%) 15,0% 50,5 46,0 47,7 5,0% 44,6 41,6 43,1 7,5% 3,0% 10,0% -12,6% -16,5% -18,6% Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Medium- term target Recurring EBITDA (€ million)
Slide 11: Appendix
Appendix 11 exceet Group S.E. | 1420 Luxembourg | Luxembourg
Slide 12: Group income statement
Group income statement Q1 2013 / Q1 2012 (restated) (in €m) March 31, 2013 March 31,2012 Revenue 43,1 46,0 Cost of sales -36,4 -36,6 Gross profit 6,7 9,4 % margin 15,5% 20,5% Distribution costs -3,1 -3,3 Administrative expenses -3,5 -3,7 Other operating income 0,4 0,3 EBIT 0,4 2,8 % margin 0,9% 6,1%
Slide 13: Sales and profit per segment
Sales and profit per segment Q1 2013 / Q1 2012 (restated) ECMS IDMS ESS Corporate and others Intersegment elimination Group consolidation in euros million 2012 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 External revenue 32,088 33,161 10,209 12,102 0,789 0,769 0 0 43,086 46,032 Intersegme
Slide 14: Cash flow statement
Cash flow statement Q1 2013 / Q1 2012 (restated) March 31, 2013 March 31,2012 Profit before income tax 3,8 -1,8 Depreciation & amortization 2,5 2,0 Other non cash items -0,3 0,4 Interest Income/(expense), net -3,2 4,3 Operating results before changes in net working capital 2,8 4,9 Changes to net wor
Slide 15: Balance sheet
Balance sheet Q1 2013 / Q1 2012 (restated) ASSETS March 31, 2013 December 31,2012 Tangible assets 31,7 31,4 Intangible assets 61,5 62,3 Deferred tax assets 0,6 0,5 Other non current assets 0,2 0,2 Inventories 37,4 35,8 Trade receivables, net 20,5 20,1 Other current receivables 3,3 3,1 Current income
Slide 16: IAS 19: Impact on Q1 2012 accounts
IAS 19: Impact on Q1 2012 accounts Impact of IAS 19 Q1 2012 reported Q1 2012 restated Net Change Impact on Personal Costs 12,981 13,053 0,072 Impact on EBITDA 4,936 4,864 -0,072 Impact on Interest Costs -0,955 -0,977 -0,022 Impact on Financial Result -4,632 -4,654 -0,022 Impact on Tax Charge -0,879