Ctt Systems Ab · OMXSTO:CTT
Ctt Systems Ab — Q3 2019 Earnings Presentation
20 slides from Ctt Systems Ab's earnings presentation, Oct 25, 2019
Slide 1: Earnings Conference Call Q3 2019 CTT Systems AB
OCTOBER 25, 2019 EARNINGS CONFERENCE CALL Q3 2019 CTT SYSTEMS AB
Slide 2: Torbjörn Johansson, CEO and Daniel Ekstrand, CFO
TORBJÖRN JOHANSSON DANIEL EKSTRAND CEO CFO 2
Slide 3: Humidity Control in Aircraft
Humidity Control in Aircraft For a better climate – in the aircraft cabin and in the sky De-Humidifiers Humidifiers 3
Slide 4: Q3 2019
Q3 2019 A 4
Slide 5: Q3 2019 Financials in short
Q3 2019 Financials in short EBIT at record-level and best EBIT margin so far 3% Net Sales of 84 MSEK (81), up 3 % versus previous year Operating Profit (EBIT) of 39 MSEK (27), up 43 % Adj. Operating Profit (Adj. EBIT), 34 MSEK (27) EBIT Margin 47 % (33), 41 % adjusted EPS 2.31 SEK (1.73),
Slide 6: Net Sales Bridge, YoY
Q3 2019 Net Sales Bridge, YoY Organic growth -1 % FX Effect 4 % 3 % Net Sales growth 83.4 Higher Aftermarket sales Retrofit and IP were weaker 6
Slide 7: Sales Mix
Q3 2019 | Sales Mix Q318 Non-Core; 4% IP; 8% Q319 Non-Core; 3% IP; 4% OEM; 41% Aftermarket; 38% OEM; 44% y, Retrofit; 8% VIP. Aftermarket; 48% Retrofit; 0% VIP; 1% . SYSTEMS
Slide 8: Adjusted EBIT Profit Bridge
Q3 2019 Adjusted EBIT Profit Bridge Volume, price, Higher USD/SEK contributed with 3.5 MSEK of total 2.5 MSEK Net Sales gain MSEK Q318 mix and other Currency Q319 Change Net Sales 80.9 -1.0 3.5 83.4 2.5 Adj. EBIT 27.1 2.8 4.3 34.2 7.1 Adj. EBIT MARGIN 33% 41% The adjusted EBIT improvement of 7.1 MSE
Slide 9: Free Cash Flow
Q3 2019 Free Cash Flow Improved Operating Free Cash Flow YoY due to EBIT increase 9 MSEK from decrease in AR, partly offset by decrease in AP 5 MSEK from sale of electronics department in Gustavsberg Financial Performance Change in Cash Q319 Q318 Earnings before tax reconsiled to cash 35.2 28.
Slide 10: Order Intake & Backlog
Q3 2019 Order Intake & Backlog Q3 order intake of 72 MSEK (72) MSEK Q318 Q319 Backlog decreases to 138 MSEK (222) Order intake 72.0 71.6 Declining dehumidifier backlog to Boeing 787 Previous year higher than normal Backlog 221.7 137.9 Drop in VIP & Retrofit orders USD/SEK 8.86 9.80 Growi
Slide 11: Jan-Sep 2019
JAN-SEP 2019 A 11
Slide 12: Jan-Sep 2019 Financials in short
Jan-Sep 2019 Financials in short Net Sales of 271 MSEK (221), up 22 % versus previous year 22 % Operating Profit (EBIT) of 95 MSEK (66), up 45 % EBIT Margin 35 % (30) EPS 5.85 SEK (4.05), up 44 % Operational cash flow of 75 MSEK (42) 45 % 44 % 12
Slide 13: Rolling 4Q
ROLLING 4Q A 13
Slide 14: Rolling 4Q Financials in short
Rolling 4Q Financials in short Net Sales of 365 MSEK (285), up 28 % versus previous Rolling 4Q 28 % Operating Profit (EBIT) of 120 MSEK (79), up 51 % EBIT Margin 33 % (28) EPS 7.36 SEK (4.83), up 52 % Operational cash flow of 94 MSEK (61), up 53 % 52 % 51 % 14
Slide 15: Rolling 4Q Net Sales Bridge
Rolling 4Q Net Sales Bridge 28 % Net Sales growth 365.0 Strong OEM & Aftermarket sales VIP sales increased Retrofit was slightly weaker 15
Slide 16: Outlook
OUTLOOK A 16
Slide 17: Q4 Forecast
Q4 Forecast Net Sales forecasted to be 83 - 88 MSEK (94) Dehumidifier deliveries to Boeing 787 will end in December 2019. Non-core revenues from divested electronics business ended in Q3. 83-88 17
Slide 18: Revenue Guidance (4Q rolling)
Revenue Guidance (4Q rolling) Repeating the Q2 2019 guidance: 12-month rolling revenues (currency adjusted) flattening at current level or slightly lower for upcoming 3 – 5 quarters NET INCOME (ROLLING 4Q) 380 360 Reasons for flattening curve: 340 320 Strong comparing Quarter-On-Quarter (QOQ) 300
Slide 19: FY2019E Performance Outlook 2019
FY2019E Performance Outlook 2019 Repeating Q2 outlook for humidifier / dehumidifier deliveries in 2019 Humidifiers Dehumidifiers Airliner Deliveries 15 - 25 % -5 - 5 % Population / accumulated airliner deliveries 20 - 25 % 10 - 15 %
Slide 20: Q&A
Q&A 20