Glaston Oyj · OMXHEX:GLA1V
Glaston Oyj — Q4 2020 Earnings Presentation
28 slides from Glaston Oyj's earnings presentation, February 2021
Slide 1: January–December 2020 Glaston Corporation
January– December 2020 Glaston Corporation Order intake improved in Q4 compared to previous quarters. Comparable EBITA satisfactory for an exceptional year.
Slide 2: Content
Content • CEO introduction • Q4/2020 highlights • Financial development • Outlook 2021
Slide 3: Anders Dahlblom – new CEO & President
Anders Dahlblom – new CEO & President • Born 1974 • M.Sc. (Econ.) • Strong track record within process and construction industry • 20 years of experience in international business • Worked for several PE owners and before joining Glaston for a US publicly traded company
Slide 4: New Chairman of the Board of Directors
New Chairman of the Board of Directors Veli-Matti Reinikkala • Born 1957 • eMBA, Non-executive Director • Independent of the company and its significant shareholders • Various managerial positions at ABB Group in Switzerland, China and the US during the years 1993−2015 • Key positions of trust: Fort
Slide 5: New segments as of 1 January 2021
New segments as of 1 January 2021 Glaston Heat Treatment Glaston Insulating Glass Glaston Automotive & Technologies Technologies Display Technologies 5 Glaston Corporation 9 February 2021 January–December 2020
Slide 6: Q4 / 2020 Highlights
January–December 2020 Q4 / 2020 HIGHLIGHTS
Slide 7: Q4 and full-year 2020 highlights
Q4 and full-year 2020 highlights • Q4 orders received were up +6% compared to the same period in 2019 o Q4: EUR 52.1 (49.2) million o FY: EUR 153.5 (pro forma 184.6) million • Net sales for the fourth quarter and for the full year decreased o Q4: EUR 38.3 (47.3) million o FY: EUR 170.1 (pro forma 20
Slide 8: Architectural market Q4
Architectural market Q4 EMEA Americas Asia • Strong positive development continued in the • In North America, market recovery continued • Market activity in China continued to grow; Insulating Glass equipment market • Heat Treatment equipment market activity good development in the mid-range market
Slide 9: Automotive market Q4
Automotive market Q4 • Activity in the automotive glass market increased in the fourth quarter, particularly in China, as automotive production returned close to pre-pandemic levels • Demand was particularly noted in areas outside the traditional Automotive sector, from customers producing glass for
Slide 10: Financial Development
FINANCIAL DEVELOPMENT
Slide 11: Group orders received recovered strongly in Q4 2020
Group orders received recovered strongly in Q4 2020 Group orders received, M€ and yoy% Orders received by product area, M€ and yoy% 1,4 -30 % 34,1 -16 % 57,1 9% 184,6 -40 % 53,6 -17 % 7,3 153,5 Heat Treatment Technologies 6% Insulating Glass Technologies 1% 45,3 45,6 49,2 45,6 -27 % 52,1 Automotive
Slide 12: Group net sales in Q4 reflected the low order intake earlier in the year
Group net sales in Q4 reflected the low order intake earlier in the year Group net sales, M€ and yoy% Net sales by product area, M€ and yoy% -0,9 -28 % 40,2 -13 % 58,1 -54 % 12,5 17 % 60,3 204,6 -17 % 170,1 Heat Treatment Technologies -16 % Insulating Glass Technologies 58,4 6% 48,9 54,5 -34 % -19 %
Slide 13: EMEA region developed positively whereas other regions declined in 2020
EMEA region developed positively whereas other regions declined in 2020 Net sales by region M€, yoy% and share of total EMEA 94.4 MEUR 56% +5% 26% Americas 18% 44.7 MEUR -37% APAC 30.9 MEUR -29% 13 Glaston Corporation 9 February 2021 January–December 2020
Slide 14: Comparable EBITA recovered in Q4, full-year impacted by the volume decline
Comparable EBITA recovered in Q4, full-year impacted by the volume decline EBITA, M€ and yoy% EBITA margin% 12,1 -36 % 7,7 6,3 % 6,2 % 5,9 % 5,7 % 5,2 % 5,4 % 4,6 % 4,8 % 4,3 % 3,6 % 3,6 -27 % -35 % -16 % 2,8 3,1 2,5 2,0 2,3 -58 % 2,1 1,3 FY 2019 FY 2020 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 20
Slide 15: Heat Treatment
Heat Treatment
Slide 16: Orders recovered in Q4 2020
Orders recovered in Q4 2020 • After very low Q2 and especially Q3 order MEUR FY Chg* Q4 Chg* received approached more normalized levels 2020 2020 in Q4 Order intake 56.1 -26% 20.7 -10% • Low order intake impacted net sales Order backlog 29.5 -16% Net sales 61.6 -25% 14.9 -28% • Volume decline was pa
Slide 17: Insulating Glass
Insulating Glass
Slide 18: Strong performance throughout the year
Strong performance throughout the year • Full year order intake growth despite the MEUR FY FY Q4 Q4 circumstances, Q4 again beating earlier 2020 yoy% 2020 yoy% numbers Order intake 75.7 +4% 22.2 +23% • Net sales improvement boosting EBITA, also Order backlog 26,1 -16% EBITA margin higher than FY 201
Slide 19: Automotive & Emerging Technologies
Automotive & Emerging Technologies
Slide 20: Making progress from low levels
Making progress from low levels • After long period of low order intake several MEUR FY FY Q4 2020 Q4 smaller machine orders were received in Q4, 2020 yoy% yoy% also services saw clear recovery Order intake 20.2 -32% 8.8 +14% • Net sales were suffering as a result of the Order backlog 8.3 -34% perio
Slide 21: Good working capital performance contributed to positive cash flow and net debt
Good working capital performance contributed to positive cash flow and net debt returned to end of 2019 level Net debt, M€ Net gearing, % 55% 55% 53% 54% 52% 51% 52% 49% 49% 45% 38% 17% 43,8 41,0 33,0 37,2 37,4 37,2 33,6 17,7 18,1 19,3 13,9 8,4 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Slide 22: Priorities and Outlook 2021
PRIORITIES AND OUTLOOK 2021
Slide 23: Key priorities 2021
Key priorities 2021 • Strategy review o Value creation o Where to play and customer experience o Profitable organic growth • Realize full potential of integration o Commercial potential, equipment and services o Ways of working and operational excellence • Leadership and execution o One aligned Glas
Slide 24: Glaston's outlook for 2021
GLASTON’S OUTLOOK FOR 2021 • Based on the expected continued market recovery, Glaston Corporation estimates, that its net sales and comparable EBITA will improve in 2021 from the levels reported for 2020. • In 2020, Group net sales totaled EUR 170.1 million and comparable EBITA was EUR 7.7 million.
Slide 25: Questions
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Slide 26: Financial reports in 2021
Financial reports in 2021 Interim report January-March 2021 Thursday, 29 April 2021 Half year financial report January-June 2021 Thursday, 5 August 2021 Interim report January-September 2021 Thursday, 28 October 2021 Financial Statements 2020 and Annual Report 2020 Week 12 Annual General Meeting Tue
Slide 27: Forward-looking statements
This fourth quarter interim report provides future prospects involving risk and uncertainty factors, and other factors as a result of which the performance, operation, or achievements of Glaston may substantially deviate from the estimates. Forward-looking statements relating to future prospects are
Slide 28: Thank you!
> www.glaston.net Thank you! IR-contact: pia.posio@glaston.net