Vaisala Oyj Class A · OMXHEX:VAIAS
Vaisala Oyj Class A — Q4 2020 Earnings Presentation
21 slides from Vaisala Oyj Class A's earnings presentation, Feb 19, 2021
Slide 1: Challenging year ended with strong order intake
Challenging year ended with strong order intake Kai Öistämö, President and CEO
Slide 2: Fourth quarter 2020 highlights
Fourth quarter 2020 highlights ▪ Orders received EUR 111.9 (103.3) million, +8% ▪ With comparable FX rates +11% ▪ Order book EUR 137.8 (139.0) million, -1% ▪ Net sales EUR 106.9 (118.1) million, -10% ▪ With comparable FX rates -7% ▪ Gross margin 55.8 (56.0) % ▪ Operating result EUR 12.2 (17.7) milli
Slide 3: Vaisala Q4 orders received increased by 8%
Vaisala Q4 orders received increased by 8% MEUR 120 113.0 111.9 105.1 103.3 98.0 +11% 100 95.9 89.7 with comparable 36.8 85.3 41.1 FX rates 34.5 37.1 80 34.8 32.1 37.5 35.3 60 40 76.2 70.7 66.2 70.8 Increased in 63.2 63.8 52.2 50.0 both business 20 areas 0 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q
Slide 4: Vaisala Q4 order book decreased by 1% Y/Y
Vaisala Q4 order book decreased by 1% Y/Y MEUR 160 150.9 151.7 154.4 141.6 145.3 17.4 16.2 139.0 137.8 18.2 134.6 17.2 +2% Q/Q 16.8 19.1 18.0 17.4 Book-to-bill 1.0 120 80 132.8 134.3 138.3 122.3 122.5 128.1 119.8 117.2 40 0 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Weather and Environment Indu
Slide 5: Vaisala Q4 net sales decreased by 10%
Vaisala Q4 net sales decreased by 10% MEUR 118.1 Net sales by region 120 105.2 14.9 106.9 96.1 -7% 100 12.0 91.4 94.0 14.0 87.2 with comparable 84.2 12.0 23.2 12.5 rates 21.7 12.7 15.7 80 13.0 13.7 35% 35% 16.9 11.3 17.7 11.5 14.6 (37) 60 (34) Net sales decreased in all 40 80.0 77.2 regions 67.3 71.
Slide 6: Vaisala Q4 operating result decreased following decrease in net sales
Vaisala Q4 operating result decreased following decrease in net sales MEUR % 60 24 1.9 MEUR 48.9 amortization 50 20.7% 48.0 20 of intangible 44.7 44.0 43.0 assets 40.7 40.6 40 36.7 16 15.0% 15.5% 30 Gross margin 11.4%12 55.8% 19.5 20 17.7 8.7% 8 7.5%16.3 6.0% 12.2 10 7.2 7.9 4 OPEX decreased due 5.2
Slide 7: Business areas
Business Business areas areas Business areas
Slide 8: Weather and Environment Q4 – strong order intake
Weather and Environment Q4 – strong order intake ▪ Orders received increased by 7% Order book +2% MEUR Q4/20 Q4/19 Change - Increase with comparable FX rates 9% Q/Q Book-to-bill 1.1 Orders received 70.8 66.2 7% - Orders received increased mainly in Latin America and Europe Order book 119.8 122.3 -2%
Slide 9: Industrial Measurements Q4 – back to growth path
Industrial Measurements Q4 – back to growth path ▪ Orders received increased by 11% Order growth MEUR Q4/20 Q4/19 Change wide-ranging - Increase with comparable FX rates 14% Orders received 41.1 37.1 11% - Orders received strong in all regions and especially in Americas region and China Order book 1
Slide 10: January–December 2020
January– January– December December2020 2020
Slide 11: Vaisala 2020 – good resilience in difficult market environment
Vaisala 2020 – good resilience in difficult market environment MEUR MEUR 2020 2019 2018 450 419.4 Orders received 382.8 419.4 334.2 403.6 400 382.8 379.5 Order book 137.8 139.0 120.6 348.8 350 334.2 Net sales 379.5 403.6 348.8 Gross margin % 56.1 54.8 53.1 300 Operating expenses 169.2 177.3 148.3 25
Slide 12: Weather and Environment 2020 – decrease in net sales due to challenging market environment
Weather and Environment 2020 – decrease in net sales due to challenging market environment MEUR MEUR 2020 2019 2018 300 276.2 261.3 Orders received 236.9 276.2 215.2 250 236.9 232.3 235.5 Order book 119.8 122.3 104.9 215.2 Net sales 235.5 261.3 232.3 200 Products 137.4 149.0 125.4 Projects 59.3 73.2
Slide 13: Industrial Measurements 2020 – strong performance
Industrial Measurements 2020 – strong performance MEUR 160 MEUR 2020 2019 2018 143.2 146.0 142.3 143.9 Orders received 146.0 143.2 119.0 140 Order book 18.0 16.8 15.7 119.0 116.4 120 Net sales 143.9 142.3 116.4 100 Products 129.9 129.5 105.1 80 Services 14.1 12.8 11.4 Gross margin % 64.4 63.9 62.1 6
Slide 14: 2020 cash flow: changes in net working capital decreased cash flow from operating activities
2020 cash flow: changes in net working capital decreased cash flow from operating activities MEUR 40.0 32.833.6 32.3 27.4 Cash and cash equivalents 30.0 End Q4/2020: 45.4 MEUR End Q4/2019: 56.4 MEUR 20.0 10.0 0.0 -3.5 -2.3 -10.0 -7.5 -8.2 -9.0 -10.0 -13.9 -20.0 -18.1 -20.0 -30.0 -25.4 -31.0 -33.6 -4
Slide 15: Strong financial position
Strong financial position MEUR 2020 2019 2018 Equity per share 5.70 5.52 5.11 Return on equity % 16.3 17.7 16.0 Solvency ratio % 59.0 55.7 55.6 Capital expenditure 31.0 26.8 14.5 Cash and cash equivalents 45.4 56.4 72.7 Interest-bearing liabilities 57.0 51.5 40.5 Gearing % 5.7 -2.4 -17.6 15 19-Feb-2
Slide 16: Dividend development 2010–2020
Dividend development 2010–2020 EUR 1.20 1.00 0.80 0.50 0.62 0.60 0.40 0.55 0.58 0.61 0.61 0.45 0.45 0.45 0.48 0.50 0.20 0.33 0.33 0.00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* Dividend Return of capital/Additional dividend * Boards’ proposal All dividends have been adjusted to reflect
Slide 17: Market development and business outlook for 2021
Marketoutlook Market development and business and business outlook outlook for 2021
Slide 18: Market development
Market development ▪ COVID-19 pandemic will continue to cause significant uncertainty in 2021. Still, the global economy is expected to continue to recover in 2021. ▪ Market for high-end industrial instruments is expected to recover after weak 2020. Life science and power industry market is expected
Slide 19: Business outlook for 2021
Business outlook for 2021 ▪ Vaisala estimates that its full-year 2021 net sales will be in the range of EUR 370–400 million and its operating result (EBIT) will be in the range of EUR 30–45 million MEUR Net sales MEUR Operating result 450 50 44.8 40 400 403.6 32.8* 40.9 38.9 41.1 379.5 30 350 348.8
Slide 20: Questions welcome!
Questions Questions welcome! welcome!
Slide 21: VAISALA
VAISALA