Viscofan, S.a. · BME:VIS
Viscofan — 1H23 Earnings Presentation
20 slides from Viscofan's earnings presentation, July 2023
Slide 1: Results January-June 2023
Results January-june;2 023 ( Visch yf a
Slide 2: Disclaimer
Disclaimer This document may include statements about This circumstance must be taken into account mainly intentions, expectations or forecasts of the for all people or entities that may have to take decision, Company additional to the mandatory financial develop or spread opinions relative to value
Slide 3: Highlights 1H23
Highlights 1H23 €628.6 €129.4 €62.9 €19.4 million million million million Revenue EBITDA Net profit Capex 1H23 +10.7% +5.6% -3.1% -52.4% Highlights Revenue EBITDA and Net profit Balance Sheet and Priorities To wrap-up 3
Slide 4: Revenue growth for another quarter yet
Revenue growth for another quarter yet Combining growth in Traditional Business and New Business Group Revenue. Quarterly 2021 2022 2023 € million 327.7 320.2 308.3 305.2 305.3 262.9 257.8 245.6 237.5 228.4 +15.2% +6.0% + 17.3% +28.5% + 4.9% +6.8% vs. 1Q22 vs. 2Q22 +23.3% -9.1% 1Q 2Q 3Q 4Q Tradition
Slide 5: Strength in like-for-like growth
Strength in like-for-like growth Driven by higher prices against lower energy revenue and a negative forex impact Quarterly revenue Growth contribution (p.p.) +17.3 % +14.1p.p. +8.1 p.p. +4.9% +1.5 p.p. +1.7 p.p. -0.7p.p. -2.5 p.p. Like-for-like 1 Like-for-like 1 Reported revenue TB and NB 2 energy
Slide 6: Double-digit growth in revenue in 1H23
Double-digit growth in revenue in 1H23 In line with the objectives set for the year Revenue 1H23 € million +61.8 +1.8 -3.0 628.6 568.0 +10.7% +10.9 p.p. +0.3 p.p. -0.5p.p. Like-for-like 1 Like-for-like 1 Forex TB and NB energy 1H22 1H23 1 Like-for-like: For comparative purposes, like-for-like growth
Slide 7: SAM and EMEA engine of growth
SAM and EMEA engine of growth Against a weakest than expected performance in the U.S. and in China Revenue 1H23 Breakdown by geographical area 1 274.0 189.7 239.3 181.0 NAM EMEA + 4.3% + 4.8% +14.5% 14.4% + Like-for-like2 vs. 1H22 1H22 1H23 1H22 1H23 vs. 1H22 Like-for-like2 30% 44% Group €628.6 mill
Slide 8: Double-digit growth in main business
Doble-digit growth in main business With a negative outlook in the remuneration of co-generation electricity Revenue 1H23 Breakdown by business division 506.8 New 459.5 Traditional 79.9 Business. TB Business. NB 68.4 +10.3% + 16.8% vs. 1H22 1H22 1H23 Group 1H22 1H23 vs. 1H22 €628.6 81% million 13% 6
Slide 9: Growth in operating results
Growth in operating results Strong revenues to offset higher energy, raw material and personnel costs P&L 1H23 Year-on-year change +14% raw materials price +15% higher energy increase costs +94% gas cogeneration +4% increase in the -14% decrease in and CO2 alowances average workforce transportation
Slide 10: Like-for-like growth
Like-for-like growth Offseting inflation and the start-up of US investments in Q1 EBITDA 1H23 EBITDA Margin 1H23 Like-for-like and forex breakdown Percentage +12.0 -5.2 129.4 21.6% 21.3% 20.6% 122.6 Like-for-like 1 Forex +9.8p.p. -4.2p.p. -1.0p.p. -0.3p.p. +5.6% vs. 1H22 Like-for-like1 1H22 1H23 1H2
Slide 11: Quarterly EBITDA growth is maintained
Quarterly EBITDA growth is maintained Recovering profitability Quarterly EBITDA Quarterly EBITDA margin € million Percentage 2022 2023 2023 Like-for-like1 2023 2023 Like-for-like1 76.6 73.1 67.6 68.0 64.8 22.3% 61.7 21.1% 57.8 20.0% +6.9% +4.4% +12.9% -2.0p.p. -0.1p.p. +1.1p.p. vs. 1Q22 vs. 2Q22 Lik
Slide 12: Operating growth but lower Net profit
Operating growth but lower Net profit Impacted by the sharp increase in negative exchange rate differences EBIT-Net Profit evolution € million € million 1H23 1H22 % y-o-y Main components of Reported EBIT 88.1 84.4 +4.5% financial results 1H22 1H23 +4.0 Financial result -10.7 +4.2 c.s. -0.5 -2.9 Taxe
Slide 13: Advancing in Beyond25 projects
Advancing in Beyond25 projects In a year with lower investment needs Capex 1H23 and 2023e New converting plant € million in Thailand Start-up of the new technology in the US €19.4 €75.0 Million Million Energy Capex 2023e Capex 1H23 diversification -52.4% vs 1H22 -40% vs 2022 Increased capacity of pl
Slide 14: Net bank debt change
Net bank debt change Financing investment and working capital requirements and higher dividends Net bank debt1 bridge € million Special focus on inventory adjustment in 2H23 +2 p.p. of expected improvement in the ratio over sales +15.2 +144.2 +24.9 +101.3 -129.4 +92.4 Forex and Shareholder others re
Slide 15: Guidance 2023
Guidance 2023 US$/€: 1.07 Guidance February23 Update 1H23 € million y-o-y change y-o-y change Revenue +9% / +12% +9% / +12% EBITDA 6% / +9% +6% / +9% Higher exchange Net profit +10% / +15% +4% / +6% differentes than expected Capex €75 Mio €75 Mio Highlights Revenue EBITDA and Net profit Balance Shee
Slide 16: Priorities 2H23
Priorities 2H23 € Forex risk The reduction in co-generation sales has a neutral impact in operating profit Volume recovery in APAC and North America Costs and raw materials savings together with operational improvements 2 p.p. reduction in the working capital over sales ratio Highlights Revenue EBIT
Slide 17: To wrap-up
To wrap-up 1 2 3 4 All-time high in Positive performance Sound profitability Expectations to achieve revenue and EBITDA in of the transformation improvement thanks to all-time high in revenue, a second quarter driven projects, especially in cost control and the EBITDA and Net profit in by commercial
Slide 18: Appendix. P&L. Second Quarter
Appendix. P&L. Second Quarter Like-for-like1 € million 2Q23 2Q22 % y-o-y % y-o-y Revenue 320.2 305.2 +4.9% +7.4% EBITDA 67.6 64.8 +4.4% +12.9% EBITDA margin 21.1% 21.2% -0.1p.p. +1.1p.p. Operating profit 47.0 45.5 +3.3% Profit before taxes 44.2 50.5 -12.5% Taxes -7.1 -13.1 -45.8% Net profit 37.1 37.
Slide 19: Appendix. P&L. First Half
Appendix. P&L. First Half Like-for-like1 € million 1H23 1H22 % y-o-y % y-o-y Revenue 628.6 568.0 +10.7% +11.2% EBITDA 129.4 122.6 +5.6% +9.8% EBITDA margin 20.6% 21.6% -1.0p.p. -0.3p.p. Operating profit 88.1 84.4 +4.5% Profit before taxes 77.4 88.5 -12.6% Taxes -14.5 -23.6 -38.6% Net profit 62.9 64.
Slide 20: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures The Alternative Performance Measures included in this report are as follows: • The EBITDA, or operating profit before depreciation and • Net bank debt: This is calculated as non-current borrowings amortization, is calculated excluding depreciation and plus