Geberit Ag · SIX:GEBN
Geberit — H1 2019 Earnings Presentation
16 slides from Geberit's earnings presentation, Aug 15, 2019
Slide 1: H1 2019 Results
H1 2019 Results Christian Buhl, CEO Roland Iff, CFO August 15, 2019
Slide 2: Agenda
Agenda • H1 2019 at a glance • Building industry outlook 2019 • Outlook 2019 SLIDE 2 H1 2019 RESULTS AUGUST 15, 2019
Slide 3: Good first half of 2019 with further improved profitability
Good first half of 2019 with further improved profitability Sales growth Sales growth EBITDA margin (in CHF) (in local currencies) -0.2% +3.1% 30.8% (+100 bps vs. PY) Earnings per share Free cashflow growth IFRS 16 effect growth • EBITDA margin +60 bps • Assets & liabilities of +2.4% +35.4% CHF 67 &
Slide 4: Sales H1 2019 – Good sales growth
Sales H1 2019 – Good sales growth CHF million Total variance: CHF -3 million (-0.2%) 51 -54 1′630 1′627 Sales Growth Currency Sales H1 2018 in local currency effect H1 2019 +3.1% -3.3% SLIDE 4 H1 2019 RESULTS AUGUST 15, 2019
Slide 5: Sales H1 2019 – Sales growth in all regions except MEA
Sales H1 2019 – Sales growth in all regions except MEA Sales and currency adjusted sales growth H1 2019 by region, in CHF million and % Europe CHF 1’481 million America +3.2% Far East / Pacific CHF 52 million +0.1% Middle East / Africa CHF 53 million CHF 42 million +11.5% -4.0% Total CHF 1’627 milli
Slide 6: Sales H1 2019 – Sales growth in most markets
Sales H1 2019 – Sales growth in most markets Share of sales Sales, CHF million Sales growth, % c.a. Total 3.1% Germany 32% 511 4.9% Nordic Region 10% 157 1.5% Eastern Europe 9% 153 -0.3% Switzerland 9% 149 2.0% Benelux 8% 138 5.2% Europe Italy 7% 116 -1.2% France 6% 100 0.9% Austria 5% 86 5.3% UK /
Slide 7: Sales H1 2019 – Sales per product area
Sales H1 2019 – Sales per product area Variance to prior year Share of sales Sales, CHF million % CHF % c.a. Installation & 38% 620 1.1% 4.6% Flushing Systems Piping Systems 30% 492 3.2% 6.7% Bathroom Systems 32% 515 -4.6% -1.7% SLIDE 7 H1 2019 RESULTS AUGUST 15, 2019
Slide 8: Key figures H1 2019 – Improved profitability
Key figures H1 2019 – Improved profitability CHF million H1 2019 H1 2018 % YoY • Improved operational profitability despite significant Sales 1’627 1’630 -0.2% tariff increases due to EBITDA 501 485 3.3% − Sales price increases Margin 30.8% 29.8% − Volume growth and improved product mix Adj. EBIT 43
Slide 9: Key figures Q2 2019 – Negative currency effect
Key figures Q2 2019 – Negative currency effect CHF million Q2 2019 Q2 2018 % YoY • Sales growth in local currencies of +2.6% Sales 797 807 -1.3% • Positive effects EBITDA 239 240 -0.3% Margin 30.0% 29.7% − Increased sales prices Adj. EBIT 203 208 -2.4% − Efficiency gains and cost discipline Margin 2
Slide 10: EBITDA margin H1 2019 – Increase of margin by 100 bps
EBITDA margin H1 2019 – Increase of margin by 100 bps 1.2% -1.4% 30.8% 0.6% +0.7% 29.8% -0.1% EBITDA Volume and Price effects, Other cost Currency effect IFRS 16 EBITDA margin H1 2018 product mix effect net effects margin H1 2019 • Positive impact from volume and product mix effect • Positive net pr
Slide 11: Agenda
Agenda • H1 2019 at a glance • Building industry outlook 2019 • Outlook 2019 SLIDE 11 H1 2019 RESULTS AUGUST 15, 2019
Slide 12: Building industry outlook 2019
Building industry outlook 2019 Europe Overall favourable but mixed construction market environment North America Middle East / Africa Asia Pacific Moderate improvement of Stagnation in South Africa and Mixed picture across the region institutional sector weak environment in Gulf SLIDE 12 H1 2019 RES
Slide 13: Building industry outlook 2019 – Europe
Building industry outlook 2019 – Europe Mixed construction market environment • Confident about demand in Germany – limited qualified installation capacity most likely remains a bottleneck • Switzerland, slight decline from high level • Nordic Region at best stagnation – positive for Denmark and Nor
Slide 14: Agenda
Agenda • H1 2019 at a glance • Building industry outlook 2019 • Outlook 2019 SLIDE 14 H1 2019 RESULTS AUGUST 15, 2019
Slide 15: Outlook Geberit 2019
Outlook Geberit 2019 • Full year sales growth in local currencies of 3% – 4% • Full year EBITDA-margin of 28% – 29% SLIDE 15 H1 2019 RESULTS AUGUST 15, 2019
Slide 16: Disclaimer
Disclaimer While Geberit is making great efforts to include accurate and up-to-date information, we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the information provided in this handout and disclaim any liability for the use of it. The statements