Glaston Oyj · OMXHEX:GLA1V
Glaston Oyj — Q3 2019 Earnings Presentation
17 slides from Glaston Oyj's earnings presentation, October 2019
Slide 1: Glaston Corporation interim report 1 Jan–30 Sept 2019
Glaston Corporation interim report 1 Jan–30 Sept 2019 CEO Arto Metsänen & CFO Päivi Lindqvist Glaston Corporation Q3 and 1–9/2019
Slide 2: Q3 – mixed quarter
Q3 – mixed quarter • Insulating glass business growing strongly, challenges in heat treatment market. • Orders received grew 3% to 45.6 MEUR. • Net Sales grew 15% to 54.5 MEUR. • Comparable EBITA totalled 3.1 (3.5) MEUR, 5.7 (7.5)% of net sales. Glaston Corporation Q3 and 1–9/2019 *All figures in pr
Slide 3: Operating environment
Operating environment Architectural glass ▪ EMEA heat treatment machines market subdued. Demand for insulating glass machines and their services and spare parts has remained at a good level. Demand for heat treatment machine services has also been good in the third quarter. ▪ The overall market situ
Slide 4: Integration progress in the quarter
Integration progress in the quarter • Integration progress faster than expected. • Sales offices in Singapore combined. • Overlapping functions, for example in the UK, the USA and China discontinued. • Integration of ICT and CRM-tools initiated. Co-operation with Tieto Corporation. • Integration of
Slide 5: Emerging Technologies Q3
Emerging Technologies Q3 ▪ Strategically significant engineering project completed, which is expected to lead to an order during the fourth quarter. ▪ Finding new innovations alongside the Heliotrope project is one of ET’s most important areas of focus, in order to balance the unit’s innovation port
Slide 6: Financial development
Financial development Glaston Corporation Q3 and 1–9/2019
Slide 7: Orders received and order book (pro forma)
Orders received and order book (pro forma) Orders received by product area Q3/19 • July–September 2019 orders received + 3%, 45.6 MEUR. 2,9 9,1 • Heat Treatment Technologies orders received -28%, 9,1 MEUR. • Bystronic glass Technologies orders +34% 16.3 MEUR. Demand for insulating glass machines was
Slide 8: Q3 Net Sales grew 15%
Q3 Net Sales grew 15% Pro forma Net Sales, M€ 180,0 +0.2% 160,0 140,0 Actual Pro forma Pro forma Pro forma Net Sales pro forma, M€ 7–9/2019 7–9/2018 1–9/2019 1–9/2018 120,0 Glaston 22.7 23.0 67.3 73.3 31.9 24.4 90.0 83.6 100,0 Bystronic glass Glaston Group 54.5 47.3 157.3 156.9 80,0 +6% +15% -18% 60
Slide 9: Net Sales distribution
Net Sales distribution Net Sales by reporting segment Geographical distribution of Net Sales Q3/19 Net Sales by Product Area Q3/19 (MEUR) Q3/19 (pro forma, MEUR) 1,8 15% 13,2 22,7 40% 17,6 31,9 45% 0,6 21,3 Glaston Bystronic glass Americas EMEA APAC Heat Treatment Technologies Bystronic glass Techno
Slide 10: Result and profitability
Result and profitability Pro forma EBITA, M€, Pro forma EBITA, % Pro Pro Pro Pro Comparable Actual forma forma forma forma 12,0 6.0% EBITA, M€ 7–9/19 7–9/18 1–9/19 1–9/18 2018 EBIT 10,0 0.0 2.0 1.2 7.3 4.4 Items affecting comparability 2.0 0.3 4.9 0.5 2.3 8,0 Comparable EBIT 2.0 2.4 6.1 7.8 6.7 Depr
Slide 11: Profitability development of Glaston Group
Profitability development of Glaston Group HT Tech. HT Services Change in fixed BYGL volume BYGL margin Q3/18 volume & margin & Q3/19 costs (GLA & growth margin volume BYGL) Please note! The picture is for illustrative purposes decline Glaston Corporation Q3 and 1–9/2019
Slide 12: Items affecting comparability
Items affecting comparability Items affecting Total comparability Q1/19 Q2/19 Q3/19 01-9/19 2019-2021 Integration costs - 1,2 1,4 2,7 7-8 MEUR Transaction costs with 0,8 0,9 0,2 1,8 approx. 3 MEUR EBIT- EBIT impact impact Other 0,5 0,5 Total 0,8 2,1 2,0 4,9 One time financing costs with earnings imp
Slide 13: Net debt and cash flow
Net debt and cash flow Net Debt MEUR and Net gearing [%] 100,0 54% 55% 53% 51% • Net debt decreased 90,0 48% and totalled 41 M€. 80,0 38% 70,0 • Gearing reduced to 60,0 53% mainly due to 50,0 17% increased cash 40,0 • Q3 operating cash 30,0 flow positive 5.7M€, 20,0 working capital 10,0 +3.4M€. 0,0
Slide 14: Glaston’s outlook 2019 unchanged
Glaston’s outlook 2019 unchanged ▪ Glaston Corporation expects that 2019 comparable pro forma EBITA will be at the 2018 level or will improve slightly on it (2018 comparable pro forma EBITA EUR 11.5 million). ▪ At the end of 2018, Bystronic glass had a significant number of orders that were recogniz
Slide 15: Thank you!
Glaston Group’s Q4 interim report and financial statement bulletin 2019 will be published 11 February 2020. Investor Relations: Joséphine Mickwitz Puh.: +358 10 500 5070 Mobile: +358 400 784889 josephine.mickwitz[at]glaston.net Thank you! Glaston Oyj Abp Q3 ja 1-9/2019
Slide 16: The Glaston-segment
The Glaston-segment Glaston segment’s third quarter in brief: • Market uncertainty and trade policy tensions continued to slow down decision-making on heat treatment machines, particularly in Europe. In North America, the market continued to be at a good level for sales of both equipment and service
Slide 17: The Bystronic glass -segment
The Bystronic glass -segment Bystronic glass segment’s third quarter in brief: • Good activity in the insulating glass machines market; automotive glass machines market was quiet. • Net sales and profitability continued to be impacted by the number of project revenue recognitions. KEY FIGURES Pro fo