Heidelberger Druckmaschinen Ag · XETR:HDD
Heidelberger Druckmaschinen — H1 FY2023/24 Earnings Presentation
27 slides from Heidelberger Druckmaschinen's earnings presentation, Nov 8, 2023
Slide 1: People Make Machines Smart – Half year results FY 2023/24
PEOPLE MAKE MACHINES SMART Heidelberger Druckmaschinen AG – Half year results FY 2023/24 Dr. Ludwin Monz, CEO | Tania von der Goltz, CFO | November 08, 2023.
Slide 2: Disclaimer
Disclaimer This release contains forward-looking statements based on assumptions and estimations by the Management Board of Heidelberger Druckmaschinen Aktiengesellschaft. Even though the Management Board is of the opinion that those assumptions and estimations are realistic, the actual future devel
Slide 3: 6m FY 2023/24 at a glance
6m FY 2023/24 at a glance Business and financial review Sustainability Outlook 3 © Heidelberger Druckmaschinen AG
Slide 4: Orders received stable, growth in adjusted EBITDA-margin
Orders received stable, growth in adjusted EBITDA-margin. HEIDELBERG well on track at half year mark FY 2023/24. Orders received Net sales Adj. EBITDA in % Net sales1 € 1,184m € 1,092m 9.2 % Fx adj. € 1,221m Fx adj. € 1,124m (PY 6m: € 1,229m) (PY 6m: € 1,120m) (PY 6m: 8.2%) // Key developments half
Slide 5: HEIDELBERG's packaging footprint
HEIDELBERG’s packaging footprint. Share of packaging sales growing, progress on strategy implementation. // Last twelve months Packaging Solutions’ share of sales per quarter // Update on strategy In % of total sales +5,8ppt Boardmaster & Gallus One off to a 48,1% 48,9% 45,2% 45,9% 47,5% successful
Slide 6: Business and financial review
6m FY 2023/24 at a glance Business and financial review Sustainability Outlook 6 © Heidelberger Druckmaschinen AG
Slide 7: Q2 FY 2023/24 key performance indicators
Q2 FY 2023/24 key performance indicators. Topline also affected by negative fx-effects, Free Cashflow improved. // Key takeaways: in million € Q2 FY 2022/23 Q2 FY 2023/24 change y/y 622 Adjusted for fx-effects at € 613m. Stable trend in second // Orders received -4.5% quarter, also for new equipment
Slide 8: Segment split (6m)
Segment split (6m). Packaging Solutions continued growth in Orders received and Net sales. in million € 6m FY 2022/23 6m FY 2023/24 // Orders received // Net sales // Key takeaways: 10.2% 9.1% Adj. EBITDA in % - Strong y/y growth in Orders received, 615 driven by Asia/Pacific, Eastern Europe Packagi
Slide 9: Regions (6m)
Regions (6m). Asia-Pacific with year-over-year growth. in €millions 6m FY 2022/23 6m FY 2023/24 change y/y // Key takeaways: Orders 613 Orders received slightly down as expected after a strong -2% received 601 fx-adj. -2% prior year, strong momentum in packaging in EMEA and EE. EMEA + Eastern Europe
Slide 10: EBITDA-bridge (6m)
EBITDA-bridge (6m). Positive product and country mix effects and successful price adjustments. in million € 6m FY 2022/23 // Key takeaways: reported EBITDA 104 Non-recurring items 12 Adjusted for non-recurring item in Q1 FY 2022/23 (Disposal of - property in St. Gallen of € 11.8m). 6m FY 2022/23 92
Slide 11: EBITDA to EBT (6m)
EBITDA to EBT (6m). Higher interest on pension provision caused slight increase in financial expenses. in million € FY 2022/23 FY 2023/24 6m 6m // Breakdown net financial result: // Reported EBITDA 103.5 100.9 in million € ∑ -13.7 ∑ -18.4 Financing related expenses FY 2022/23 FY 2023/24 Depreciation
Slide 12: EBT to Earnings per share (6m)
EBT to Earnings per share (6m). Effective taxes in line with pY, deferred tax items cause y/y higher expenses. in million € FY 2022/23 FY 2023/24 6m 6m // Breakdown tax result: // EBT 50.6 44.8 in million € ∑ -6.7 ∑ -11.8 FY 2022/23 FY 2023/24 Tax result* 6m 6m (-expense/+ income) -6.7 -11.8 Effecti
Slide 13: Free Cashflow (6m)
Free Cashflow (6m). More effective NWC management improved Operating Cashflow. EBITDA to Free Cashflow 6m FY 2023/24 Change y/y // Comments on y/y changes: in million € EBITDA +101 -3 Higher adjusted EBITDA contributed to Operating (Reported figures) Cashflow improvement (last year´s non-recurring i
Slide 14: Balance Sheet (6m)
Balance Sheet (6m). Long-term financing secured, positive net financial position. in million € 6m FY 2022/23 6m FY 2023/24 // Net financial position1 // Maturity profile // Key takeaways: +74 -39 Net financial position remains 51 positive, slightly decreased compared 12 to year-end due to seasonally
Slide 15: Key takeaways financial performance
Key takeaways financial performance. Packaging Solutions segment continued its positive trend. Solid improvement in Operating Cashflow – higher operating profitability and more restrictive NWC-management. HEIDELBERG’s profitability and Operating Cashflow remain on a low level but improved – also due
Slide 16: Sustainability
6m FY 2023/24 at a glance Business and financial review Sustainability Outlook 16 © Heidelberger Druckmaschinen AG
Slide 17: Our approach
Our approach. HEIDELBERG’S efforts to act more sustainably. Resources & Circular Economy Climate Change Supply Chain People, Ethics & Social © Heidelberger Druckmaschinen AG 17
Slide 18: Our commitment for a more sustainable future
Our commitment for a more sustainable future. Scope 3 offers the biggest lever to tackle on for climate protection. Scope 1+2: Climate strategy defined Scope 3: Key is to further improve product efficiency of our footprint stems from our customers Today Installment of PV-systems 5% ~50% using our pr
Slide 19: Outlook
6m FY 2023/24 at a glance Business and financial review Sustainability Outlook 19 © Heidelberger Druckmaschinen AG
Slide 20: Outlook
Outlook. On track to achieve all full-year targets, seasonally weaker H2 expected. FY 2022/23 FY 2023/24 FY 2023/24 Δ y/y Key takeaways for H2 FY 2023/24: 6m 6m guidance Secure a solid order trend, further Net Sales € 1,120m € 1,092m -2.5% ~ € 2,435m price adjustments envisaged. (Previous year) Seas
Slide 21: Key takeaways
Key takeaways. HEIDELBERG weathers a rather sluggish economy, quarters ahead remain challenging. Efforts of past quarters continue to pay back – EBITDA-margin improvement at half year mark. Launch of value creation program to strengthen financial foundation for our strategic development. © Heidelber
Slide 22: Financial calendar
Financial calendar. Upcoming events. Upcoming financial events & dates Wiener Kapitalmarktkonferenz November 23 Equity Forum November 27 Roadshow Zurich December 7 ODDO BHF Forum January 15 Contact Kepler Cheuvreux German Corporate January 17 Conference Maximilian Beyer Head of Investor Relations Re
Slide 23: Backup
Backup © Heidelberger Druckmaschinen AG 23
Slide 24: P&L
P&L Figures in € millions 6m 6m Change Q2 Q2 Change FY 2023/24 FY 2022/23 in m€ FY 2023/24 FY 2022/23 in m€ Net sales 1,091.9 1,120.0 -28.1 0.0 547.6 589.5 -41.9 Change in inventories/other own work 86.8 73.4 13.4 0.0 36.5 16.5 19.9 Total operating performance 1,178.7 1,193.4 -14.7 584.1 606.1 -22.0
Slide 25: Reported to adjusted EBITDA
Reported to adjusted EBITDA. Figures in € millions 6m 6m Change Q2 Q2 Change FY 2023/24 FY 2022/23 in % FY 2023/24 FY 2022/23 in % Reported EBITDA 100.9 103.5 -2.5 58.8 68.1 -13.7 Reported EBITDA in % of Net sales 9.2 9.2 0bps 10.7 11.6 -110bps Acquisition-related special effects thereof disposal of
Slide 26: Segments: Quarterly overview
Segments: Quarterly overview. Q1 Q2 TOTAL Q1 Q2 TOTAL y/y FY 2023/24 FY 2023/24 FY 2022/23 FY 2022/23 Change in FY FY m€ 2023/24 2022/23 Orders received 590,9 593,5 1.184,4 607,2 622,2 1.229,4 - 45,0 Print Solutions 277,2 286,1 563,4 347,7 334,4 682,1 - 118,7 Packaging Solutions 311,4 304,1 615,5 24
Slide 27: Balance Sheet
Balance Sheet Assets Equity and Liabilities 30.09.2023 31.03.2023 Change 30.09.2023 31.03.2023 Change in m€ in m€ Non-current assets 1,013.0 1,028.4 - 15.4 Equity 579.8 513.6 66.2 Intangible assets 214.2 210.1 4.1 Issued capital 779.1 779.1 - Property, plant and equipment 665.9 683.1 - 17.2 Capital
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