Zumtobel Group AG · VIE:ZAG
Zumtobel — Q1-Q3 2022/23 Earnings Presentation
20 slides from Zumtobel's earnings presentation, Mar 8, 2023
Slide 1: Q1-Q3 2022/23 Management Presentation
Q1-Q3 2022/23 MANAGEMENT PRESENTATION Q1-Q3 2022/23 results 8 MARCH 2023 London South Bank University | Photographer: Tom Niven
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: Q3 2022/23 highlights
Austrian Parliament Q3 2022/23 Oslo Airport, Norway highlights 3 Islands District Medical Complex (Macau, China) Capital Market Story, January 2023 Photographer: Nationalmuseum © Matthias Rhomberg NK Osijek Stadium (Slavonia) 3
Slide 4: Q1-Q3 2022/23 Financial Highlights
Q1-Q3 2022/23 FINANCIAL HIGHLIGHTS • Group revenues increase by 7.7% to EUR 912.2 mn (PY: EUR 846.6 mn) − Lighting Segment revenues at EUR 677.3 mn (plus 8.5%) − Components Segment at EUR 279.8 mn (plus 5.2%) Group Group EBIT − Strong revenue contributions, especially from revenues above Switzerland
Slide 5: Lighting Segment: Positive Q3 development with revenues and EBIT above prior year
LIGHTING SEGMENT POSITIVE Q3 DEVELOPMENT WITH BOTH REVENUES AND EBIT ABOVE PRIOR YEAR LEVEL REVENUES IN EUR MN EBIT IN EUR MN fx-adj. fx-adj. fx-adj. 4.0% 9.9% 5.4% 10.6% 7.5% 7.0% 6.6% 13.0% 5.8% 5.3% 7.4% 5.8% 2.9% 226.5 235.0 212.4 215.8 220.2 24.9 208.1 204.0 15.9 16.7 15.1 11.1 11.8 6.3 Q1 Q2 Q
Slide 6: Components Segment: Q3 revenues dropped due to high customer inventory
COMPONENTS SEGMENT Q3 REVENUES DROPPED TO DUE HIGH INVENTORY LEVELS AT OUR CUSTOMERS REVENUES IN EUR MN EBIT IN EUR MN fx-adj. fx-adj. fx-adj. 12.6% 12.5% 13.7% –6.5% 9.3% 9.4% 6.0% 11.9% 12.5% –8.3% 9.2% 9.0% 7.4% 103.2 93.9 97.1 92.2 90.3 11.4 83.5 82.8 8.6 8.9 8.8 7.6 7.7 4.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 7: Solid Q3 results in a difficult market environment
ZUMTOBEL GROUP SOLID Q3 RESULTS IN A DIFFICULT MARKET ENVIRONMENT REVENUES IN EUR MN EBIT IN EUR MN fx-adj. fx-adj. fx-adj. 10.1% 6.6% 11.0% 2.1% 6.9% 6.2% 5.4% 8.4% 13.0% 1.9% 2.8% 6.1% 6.0% 313.7 314.1 301.7 31.7 289.3 278.0 279.2 284.4 20.1 19.0 17.3 17.2 14.9 8.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021/22
Slide 8: Zumtobel Group EBIT development Q1-Q3 2022/23
ZUMTOBEL GROUP EBIT DEVELOPMENT Q1-Q3 2022/23 INCREASE IN NET SALES MORE THAN OFFSET HIGHER MATERIAL EXPENSES, ENERGY AND LABOUR COSTS AS WELL AS THE USD APPRECIATION EBIT BRIDGE IN EUR MN / AS % OF SALES 6.2% +1.3 pp 7.5% 65.0 -34.4 68.0 -14.8 52.2 Mainly due to USD appreciation, higher raw Mainly
Slide 9: Income statement
STRONG EBIT AND NET PROFIT GROWTH IN Q1-Q3 2022/23 ZUMTOBEL GROUP – INCOME STATEMENT IN EUR MN Q1-Q3 2022/23 Q1-Q3 2021/22 CHANGE IN % Revenues 912.2 846.6 7.7 Cost of goods sold –597.4 –562.4 6.2 Gross profit (incl. development) 314.7 284.2 10.8 as a % of revenues 34.5 33.6 SG&A expenses –246.8 –23
Slide 10: Cash flow statement
STRONG CASH FLOW FROM OPERATING RESULTS OF EUR 109.5 MN ZUMTOBEL GROUP – CASH FLOW STATEMENT IN EUR MN Q1-Q3 2022/23 Q1-Q3 2021/22 Highlights: Cash flow from operating results 109.5 94.6 • Inventories should have peaked Change in working capital –3.4 –39.5 • Strong operating cash flow due to excelle
Slide 11: Solid balance sheet: strong equity ratio and debt coverage ratio
SOLID BALANCE SHEET: STRONG EQUITY RATIO AND DEBT COVERAGE RATIO AT ALL-TIME LOW: 0.62 ZUMTOBEL GROUP – KEY BALANCE SHEET DATA IN EUR MN 31 January 2023 30 April 2022 Solid liquidity position backed by: Total assets 1,005.9 1,005.4 • Consortium credit agreement with a term ending in December 2027 an
Slide 12: Increase in sales for the 8th quarter in succession
INCREASE IN SALES FOR THE 8TH QUARTER IN SUCCESSION ZUMTOBEL GROUP – SALES DEVELOPMENT BY QUARTER VS PY PERIOD IN % 15.4 14.6 13.0 9.6 3.4 8.4 1.1 1.8 1.9 5.1 5.8 -0.5 -1.7 -2.6 -7.3 -7.6 -5.3 -8.8 -10.1 -12.7 -12.7 -13.9 -15.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 201
Slide 13: Group revenues up by 7.7% in the first nine months
GROUP REVENUES UP BY 7.7% IN THE FIRST NINE MONTHS ZUMTOBEL GROUP – REGIONAL REVENUE DISTRIBUTION CHANGE IN % IN EUR MN Q3 2022/23 CHANGE IN % Q1-Q3 2022/23 NOMINAL FX ADJUSTED D/A/CH 96.9 11.5 305.3 14.8 12.4 Northern and Western Europe 68.1 –0.8 221.3 5.9 6.2 Southern and Eastern Europe 77.3 –0.8
Slide 14: Update on FY 2022/23 outlook
UPDATE ON FY 2022/23 OUTLOOK Revenue increase of 4 – 8% Key assumptions: • No major disruptions EBIT margin of 5 – 7% (previously: 4 – 6%) CAPEX of ~EUR 70 mn Q1-Q3 2022/23 results 14
Slide 15: Back up
BACK UP Q1-Q3 2022/23 results 15
Slide 16: Financial calendar
FINANCIAL CALENDAR DATE SUBJECT PERIOD 29 June 2023 Annual Results 2022/23 1 May 2022 – 30 April 2023 18 July 2023 Record Date for the Annual General Meeting 28 July 2023 47th Annual General Meeting 1 August 2023 Ex-Dividend Day 2 August 2023 Record Date Dividend 4 August 2023 Dividend Payout Day 6
Slide 17: Working capital development
WORKING CAPITAL DEVELOPMENT ZUMTOBEL GROUP – WORKING CAPITAL 19.7 18.4 18.4 17.6 17.3 17.1 17.4 16.2 16.2 16.3 14.6 • Working capital at EUR 211.7 mn as of 31 January 2023 (30 April 2022: EUR 211.3 mn) • In % of rolling 12-month revenues, working capital at 17.4% (PY: 17.1%) Q1 Q2 Q3 Q4 FY 2020/21 F
Slide 18: Supplementary data for segment reporting
SUPPLEMENTARY DATA FOR SEGMENT REPORTING ZUMTOBEL GROUP Lighting Segment Components Segment Reconciliation Group Q1-Q3 Q1-Q3 Q1-Q3 Q1-Q3 Q1-Q3 Q1-Q3 Q1-Q3 Q1-Q3 IN EUR MN 2022/23 2021/22 2022/23 2021/22 2022/23 2021/22 2022/23 2021/22 Net revenues 677.3 624.5 279.8 265.9 –45.0 –43.8 912.2 846.6 Exte
Slide 19: Five-year overview
FIVE-YEAR OVERVIEW ZUMTOBEL GROUP IN EUR MN 2021/22 2020/21 2019/20 2018/19 2017/18 Revenues 1,148.3 1,044.5 1,131.3 1,162.0 1,196.5 EBIT 60.8 43.4 35.1 2.7 –7.3 as a % of revenues 5.3 4.2 3.1 0.2 –0.6 Net profit/loss for the period 45.8 45.6 14.5 –15.2 –46.7 as a % of revenues 4.0 4.4 1.3 –1.3 –3.9
Slide 20: Zumtobel Group AG
ZUMTOBEL GROUP AG Investor Relations investorrelations@zumtobelgroup.com www.zumtobelgroup.com Q1-Q3 2022/23 results 20