dormakaba Holding AG · SIX:DOKA
dormakaba — H1 2019/20 Earnings Presentation
29 slides from dormakaba's earnings presentation, Mar 4, 2020
Slide 1: Half-year results 2019/20
Riet Cadonau, Chairman & CEO Bernd Brinker, CFO Zurich/Switzerland, 4 March 2020 Half-year results 2019/20 (1 July – 31 December 2019)
Slide 2: Disclaimer
Disclaimer This communication contains certain forward-looking statements including, but not limited to, those using the words “believes”, “assumes”, “expects” or formulations of a similar kind. Such forward-looking statements are made on the basis of assumptions and expectations that the company be
Slide 3: Agenda
Agenda Half-year results 2019/20 at a glance Slide 3 Riet Cadonau Financial results and outlook Slide 13 Bernd Brinker 3 Presentation on half-year results 2019/20 04.03.2020
Slide 4: Half-year results 2019/20 in brief
Half-year results 2019/20 at a glance Half-year results 2019/20 in brief • Sales of CHF 1,385.7 million • Impact from currency translation -2.1% and from M&A +0.5% • Organic sales growth of 0.8% • EBITDA at CHF 214.1 million, affected by extraordinary non-recurring costs • EBITDA margin 15.5% • Net
Slide 5: AS AMER: Organic sales growth, slightly lower profitability
Half-year results 2019/20 at a glance AS AMER: Organic sales growth, slightly lower profitability CHF million HY 2019/20 HY 2018/19 Variance • Growth was driven by Door Hardware, Safe Locks, Interior Total segment sales 416.3 402.1 +3.5% Glass Systems and by the Lodging Systems business in North Ame
Slide 6: AS APAC: Stagnating organic sales, profitability slightly lower
Half-year results 2019/20 at a glance AS APAC: Stagnating organic sales, profitability slightly lower CHF million HY 2019/20 HY 2018/19 Variance • Growth mainly in Product Clusters Safe Locks, Electronic Access & Data, Services and Entrance Systems Total segment sales 230.5 236.5 -2.5% Third-party s
Slide 7: AS DACH: Moderate organic sales growth, lower profitability
Half-year results 2019/20 at a glance AS DACH: Moderate organic sales growth, lower profitability CHF million HY 2019/20 HY 2018/19 Variance • Good growth in Austria and particularly in Switzerland. Growth in Germany was slightly negative, mainly due to delays in the Total segment sales 415.6 430.0
Slide 8: AS EMEA: Organic sales growth, higher profitability
Half-year results 2019/20 at a glance AS EMEA: Organic sales growth, higher profitability CHF million HY 2019/20 HY 2018/19 Variance • High single-digit growth rates in Central and Eastern Europe where the business gained several new projects and market Total segment sales 374.5 381.1 -1.7% demand w
Slide 9: Key & Wall Solutions: Organic sales growth, higher profitability
Half-year results 2019/20 at a glance Key & Wall Solutions: Organic sales growth, higher profitability CHF million HY 2019/20 HY 2018/19 Variance Segment: • Good organic growth and margin improvement Total segment sales 198.9 197.3 +0.8% • Performance driven by Movable Walls, which experienced very
Slide 10: Changes in the Executive Committee
Changes in Management Changes in the Executive Committee • Steve Bewick (53) has taken over as COO AS EMEA as of 1 January 2020. • Michael Kincaid (58), Chief Executive Officer (COO) AS AMER, and Jörg Lichtenberg (55), Chief Manufacturing Officer (CMO), will step down from their respective positions
Slide 11: BEST Switch Core - The first small format interchangeable core for mobile access
Innovation BEST Switch™ Core - The first small format interchangeable core for mobile access 1) Wake Core • Expands applications and verticals for affordable electronic access • Access rights are updated wirelessly via mobile phone • Simple & affordable retrofit to mechanical key/locks (installs in
Slide 12: Agenda
Agenda Half-year results 2019/20 at a glance Slide 3 Riet Cadonau Financial results and outlook Slide 13 Bernd Brinker 12 Presentation on half-year results 2019/20 04.03.2020
Slide 13: Key figures
Financial results and outlook Key figures CHF million, except where indicated HY 2019/20 HY 2018/19 Variance • Organic sales growth of 0.8% Net sales 1,385.7 1,396.5 -0.8% • Negative currency translation impact on net - thereof: organic sales growth 0.8% 2.1% sales of 2.1% due to stronger CHF - ther
Slide 14: Sales development
Financial results and outlook Sales development 1’396.5 • Negative impact on net sales from currency translation (-2.1%) due to stronger CHF against most other major currencies 7.1 1’385.7 • Organic growth of 0.8%, strongest contribution by Key & Wall Solutions, AS AMER and AS EMEA 10.5 • Organic gr
Slide 15: EBITDA development
Financial results and outlook EBITDA development 223.0 • EBITDA decreased by CHF 8.9 million vs PY (-4.0%) o Main negative drivers of H2 FY 2018/19 (external as well as internal) 219.1 continued to play a role -3.9 o Lower volume impacted AS DACH performance o In addition, extraordinary non-recurrin
Slide 16: Income Statement (condensed)
Financial results and outlook Income Statement (condensed) CHF million HY 2019/20 % HY 2018/19 % Variance in % • Gross margin basically unchanged Net sales 1,385.7 100.0 1,396.5 100.0 -0.8 • Higher S&M reflecting growth investments in markets, while lower G&A indicating further Gross margin 589.0 42
Slide 17: Cash Flow
Financial results and outlook Cash Flow CHF million HY 2019/20 HY 2018/19 • Significantly higher cash generated from operations and net cash from operating activities, driven by improved Cash generated from operations 192.1 149.1 working capital management Net cash from operating activities 139.1 10
Slide 18: Net debt
Financial results and outlook Net debt HY ended FY ended HY ended • Higher net debt by CHF 71.4 million as a result of CHF million 31.12.2019 30.06.2019 31.12.2018 dividend payments for FY 2018/19 and M&A, which Cash and cash equivalents 100.2 122.4 133.9 exceeded operating cash flow of the reportin
Slide 19: Guidance and business outlook for financial year 2019/20
Financial results and outlook Guidance and business outlook for financial year 2019/20 Market Since the beginning of financial year 2019/20, the macroeconomic and geopolitical environment Environment has continued to become more challenging. • Americas: Good growth in North America (subject to poten
Slide 20: Thank you for your attention - Q&A
Thank you for your attention - Q&A dormakaba Holding AG Hofwisenstrasse 24 8153 Rümlang Switzerland www.dormakaba.com
Slide 21: Thank you for your attention.
Thank you for your attention. dormakaba Holding AG Hofwisenstrasse 24 8153 Rümlang Switzerland www.dormakaba.com
Slide 22: IR Agenda 2020
IR Agenda 2020 • Kepler Cheuvreux’s 21th Swiss Seminar 27 March 2020 • MainFirst Swiss Equity Conference, Interlaken 10 June 2020 • Publication and presentation of FY results 2019/20, Zurich 03 September 2020 • Annual General Meeting, Regensdorf 20 October 2020 • Credit Suisse Swiss Small & Mid Cap
Slide 23: Now online: Half-year Report as well as dormakaba newsroom and blog
Now online: Half-year Report as well as dormakaba newsroom and blog Half-year Report 2019/20 dormakaba newsroom dormakaba blog Read more online about the results of News from around the world about our business, Find insights and inspiration from the the first half of financial year 2019/20 products
Slide 24: Appendix
Appendix dormakaba
Slide 25: Appendix
Appendix • dormakaba in a nutshell • Segment Split – Key & Wall Solutions • Currency exposure 25 Presentation on half-year results 2019/20 04.03.2020
Slide 26: Presentation on half-year results 2019/20
26 Presentation on half-year results 2019/20 06.03.2019
Slide 27: Segment Split – Key & Wall Solutions
Segment Split – Key & Wall Solutions Business Units Key Systems Movable Walls Change on Change on CHF million HY 2019/20 % HY 2018/191) % previous year HY 2019/20 % HY 2018/191) % previous year in % in % Net sales third parties 105.5 113.8 -7.3% 86.0 76.3 12.7% Intercompany sales 2.2 2.0 5.2 5.2 Tot
Slide 28: Currency exposure
Currency exposure As every globally active group, dormakaba is exposed to currency risks. The currency profile of dormakaba shows a broad balance between sales and cost per region (= natural hedge) Sales per currency regions Cost per currency regions 30% 28% 34% 32% USD USD EUR EUR CHF CHF Other Oth
Slide 29: Disclaimer
Disclaimer This communication contains certain forward-looking statements including, but not limited to, those using the words “believes”, “assumes”, “expects” or formulations of a similar kind. Such forward-looking statements are made on the basis of assumptions and expectations that the company be