Heidelberger Druckmaschinen Ag · XETR:HDD
Heidelberger Druckmaschinen — FY2023/24 Earnings Presentation
29 slides from Heidelberger Druckmaschinen's earnings presentation, Jun 11, 2024
Slide 1: Tradition ∙ Innovation ∙ Change
Tradition ∙ Innovation ∙ Change Dr. Ludwin Monz, CEO | Tania von der Goltz, CFO | June 11, 2024
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: FY 2023/24 at a glance
FY 2023/24 at a glance Business and financial review Value Creation Program Outlook 3 © Heidelberger Druckmaschinen AG
Slide 4: FY 2023/24 – delivered on promised results
FY 2023/24 – delivered on promised results. Guidance achieved: Financial discipline paved the way for a successful year. Orders received Net sales Adj. EBITDA in % Net sales1 Free Cashflow No guidance On prior year´s level On prior year´s level No guidance € 2,228m € 2,395m 7.2% € 56m Fx-adj 2,342m
Slide 5: Unfold your potential.
Unfold your potential. Drupa 2024 was a successful event for HEIDELBERG. © Heidelberger Druckmaschinen AG 5
Slide 6: Drupa innovations show HEIDELBERG has advanced its strategic position
Unfold your potential. Drupa innovations show HEIDELBERG has advanced its strategic position. Jetfire Boardmaster HEIDELBERG's first Flexo technology will help commercial inkjet press expanding the addressable strategically advances our market in packaging portfolio. The cooperation printing. The Bo
Slide 7: The future is hybrid.
The future is hybrid. HEIDELBERG Jetfire is going to be the strategic leap forward. HEIDELBERG capitalizes on its unique …strengthening it´s future prospects in commercial printing by assets… increasing the addressable market towards digital printing. Industry-leading Global Sales & Service network
Slide 8: Business and financial review
FY 2023/24 at a glance Business and financial review Value Creation Program Outlook 8 © Heidelberger Druckmaschinen AG
Slide 9: Key performance indicators (Q4 FY2023/24)
Key performance indicators (Q4 FY2023/24). Orders received with sequential improvement – strongly positive Free Cashflow. Key takeaways: in million € Q4 FY 2022/23 Q4 FY 2023/24 change y/y 573 Adjusted for fx-effects at € 605m. Sequential improvement (quarter- // Orders received +3.7% on-quarter +20
Slide 10: Segment split (FY2023/24)
Segment split (FY2023/24). Packaging with strong performance – share of group sales increased to 52%. in million € ACT FY 2022/23 ACT FY 2023/24 Orders received Net sales Adj. EBITDA in % Key takeaways: +3.1% +7.0% -10 bps Tailwind from product innovations, Sheetfed and // Packaging Flexographic wit
Slide 11: Regions (FY2023/24)
Regions (FY2023/24). Americas recorded a slight y/y growth in sales, EMEA with a stable trend. in million € ACT FY 2022/23 ACT FY 2022/23 change y/y Key takeaways: Orders 1.241 Strong development in Orders received in Eastern Europe -8.9% received 1.131 fx-adj. -9.2% cushioned by weaker trend in Sou
Slide 12: EBITDA bridge (FY2023/24)
EBITDA bridge (FY2023/24). Value Creation Program safeguarded a resilient y/y EBITDA development. in million € Key takeaways: FY 2022/23 reported EBITDA 209 Adjusted for non-recurring item in Q1 FY 2022/23 (Disposal of property in Non-recurring items 34 St. Gallen of € 11.8m and Wiesloch-Walldorf €
Slide 13: EBITDA to EBT (FY2023/24)
EBITDA to EBT (FY2023/24). Higher interest on pension provision caused increase in financial expenses. in million € FY 2022/23 FY 2023/24 // Breakdown net financial result: // Reported EBITDA 209 168 in million € ∑ -19.2 ∑ -36.5 Financing related expenses FY 2022/23 FY 2023/24 Interest expenses on f
Slide 14: EBT to Earnings per share (FY2023/24)
EBT to Earnings per share (FY2023/24). Effective taxes y/y lower due to release of a transfer pricing provision. in million € FY 2022/23 FY 2023/24 Breakdown Tax result: in million € ∑ -20 ∑ -16 // EBT 112 55 FY 2022/23 FY 2023/24 Effective tax expenses on income* Tax result* -20 -16 (-expenses/+ in
Slide 15: Operating Cashflow (FY2023/24)
Operating Cashflow (FY2023/24). Strong y/y improvement – stable adj. EBITDA and Working Capital discipline. Adj. EBITDA to Operating Cashflow FY 2023/24 Change y/y Comments on y/y changes: in million € EBITDA 172 -4 Adjusted EBITDA on prior year level, (adjusted figures) withstanding substantial mar
Slide 16: Free Cashflow (FY2023/24)
Free Cashflow (FY2023/24). Highest FCF in over 10 years when excluding non-recurring items in prior years. Change y/y Operating to Free Cashflow FY 2023/24 incl. non-rec. items excl. non-rec. items Comments on y/y changes: in million € Operating Comments on Operating Cashflow, s. 90 57 57 Cashflow p
Slide 17: Balance Sheet (FY2023/24)
Balance Sheet (FY2023/24). Slight increase in equity – strong net cash position expanded. Equity (equity ratio in %) Net financial position1 in million € 23,1% 24,9% in million € 11,1% Positive FCF of € 56m Net income of € 39m contributing to net cash 514 527 increased equity. position. 440 77 Incre
Slide 18: Value Creation Program
FY 2023/24 at a glance Business and financial review Value Creation Program Outlook 18 © Heidelberger Druckmaschinen AG
Slide 19: Value creation program is paying off
Value creation program is paying off. HEIDELBERG demonstrates financial strength. HEIDELBERG demonstrated to deliver on its capital market guidance – even 7.2% during weak market conditions. The value creation program enabled to maneuver Adjusted EBITDA-margin in a set-up with a high fixed cost basi
Slide 20: Value Creation Program – Priorities for FY 2024/25
Value Creation Program – Priorities for FY 2024/25. Continuous improvement to secure HEIDELBERGs financial performance. • Holistic and continuous implementation of short-term profitability and cash flow measures (e.g., sales, purchasing, administration, inventory) #1 Secure short-term performance •
Slide 21: Outlook
FY 2023/24 at a glance Business and financial review Value Creation Program Outlook 21 © Heidelberger Druckmaschinen AG
Slide 22: Guidance FY 2024/25
Guidance FY 2024/25. Drupa: Solid upswing in orders compensates for shortfall in Q3 FY 2023/24. Quarterly order intake Q1-Q4 FY 2023/24 + expectation Q1 FY 2024/25 in million € Expectation: Including Print China trade ~ € 650m + € 300m fair Soft orders collected, to turn into firm orders over next m
Slide 23: Guidance FY 2024/25 – expected quarterly seasonality vs prior years
Guidance FY 2024/25 – expected quarterly seasonality vs prior years. Weak start expected to be followed by a strong second half-year. Net Sales Key takeaways: Historical quarterly Lower/Higher in FY seasonality last 10 FY 2024/25 (indication) Historical patterns: Sales usually tend to be stronger in
Slide 24: Guidance FY 2024/25
Guidance FY 2024/25. Continued stable development outperforming peer group. Net Sales Adj. EBITDA (constant currencies) (in % of Net sales) Key takeaways: Sales will be affected by a decline FY 2024/25 ~ previous year ~ previous year in volumes, compensated by pricing initiatives. Guidance Adjusted
Slide 25: Key takeaways
Key takeaways. HEIDELBERG has advanced its strategic position in both segments offering new prospects. The Value Creation Program secured a resilient financial performance – strong operating improvement in Free Cashflow. HEIDELBERG is well prepared for the future, continuous focus on financial disci
Slide 26: P&L
P&L Figures in € millions Change Q4 Q4 Change FY 2023/24 FY 2022/23 in m€ FY 2023/24 FY 2022/23 in m€ Net sales 2,395.2 2,434.5 -39.3 0. 0 709.6 705.4 4.2 Change in inventories/other own work -59.4 0.8 -60.2 0. 0 -143.4 -64.8 -78.6 capitalized Total operating performance 2,335.8 2,435.4 -99.5 566.2
Slide 27: Reported to adjusted EBITDA
Reported to adjusted EBITDA. Figures in € millions Change Q4 Q4 Change FY 2023/24 FY 2022/23 in % FY 2023/24 FY 2022/23 in % Reported EBITDA 167.8 209.5 -19.9 32.9 65.3 -49.6 Reported EBITDA in % of Net sales 7.0 8.6 -160bps 4.6 9.3 -470bps Acquisition-related special effects thereof disposal of a p
Slide 28: Segments: Quarterly overview
Segments: Quarterly overview. Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL y/y FY 2023/24 FY 2023/24 FY 2023/24 FY 2023/24 FY 2023/24 FY 2022/23 FY 2022/23 FY 2022/23 FY 2022/23 FY 2022/23 Change in m€ Orders received 590.9 593.5 507.7 595.8 2,288.0 607.2 622.2 629.6 573.5 2,432.5 - 144.6 Print Solutions 277
Slide 29: Balance Sheet
Balance Sheet. Assets Equity and Liabilities 31.03.2024 31.03.2023 Change 31.12.2023 31.03.2023 Change in in m€ m€ Non-current assets 1.010,4 1.028,4 -18,1 Equity 526,9 513,6 13,3 Intangible assets 217,4 210,1 7,3 Issued capital 779,1 779,1 - Property, plant and equipment 664,9 683,1 -18,2 Capital r
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