Rockwool A/s Class A · OMXCOP:ROCK_A
Rockwool A/s Class A — ROCKWOOL International — Q3/9M 2019 Earnings Presentation
16 slides from Rockwool A/s Class A's earnings presentation, 2019
Slide 1: Q3/9M 2019 Financial Results
Q3/9M 2019 Financial Results 1
Slide 2: Forward-looking statement
Forward-looking statement The statements on the future in this presentation, including expected sales and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the Group, e.g. the global economic environment, including interest and exchang
Slide 3: Highlights Q3 YTD
Highlights Q3 YTD Sales of Sales increase in local currencies EUR 2,042 million 3.2% up 4.1% in reported figures EBIT of EBIT margin of EUR 278 million 13.6% up 7.8% over last year up 0.4 percentage points Free cash flow of Net profit EUR 1 million EUR 213 million down from EUR 138 million last year
Slide 4: Highlights Q3
Highlights Q3 Sales of Sales increase in local currencies EUR 706 million 0.9% up 2.1% in reported figures EBIT of EBIT margin of EUR 100 million 14.1% up 2.8% over last year up 0.1 percentage points Free cash flow of Net profit EUR 73 million EUR 77 million down from EUR 110 million last year impro
Slide 5: Q3 YTD sales growth of 3.2%
Q3 YTD sales growth of 3.2% NET SALES EURm Sales grew 3.2% in local currencies, and reached EUR 2,042 million. +3.2% +4.1% Sales increased 4.1% in reported figures with a positive currency effect of 0.9 percentage points. Reported figures 1,962 2,042 Local currencies Q3 2018 YTD Q3 2019 YTD NET SALE
Slide 6: Q3 sales growth of 0.9%
Q3 sales growth of 0.9% NET SALES EURm Sales grew 0.9% in local currencies, and reached EUR 706 million. +0.9% +2.1% Sales increased 2.1% in reported figures with a positive currency effect of 1.2 percentage points. Reported figures 692 706 Local currencies Q3 2018 Q3 2019 Insulation down 2.3% in lo
Slide 7: Regional sales development Q3
Regional sales development Q3 Growth in local currencies Key developments Share of sales* Western Europe ▪ Especially France and UK performing well ▪ Germany had a difficult quarter +3.8% 59% +3.7% incl. FX effect ▪ General decline in region CEE incl. Russia ▪ Growth in Russia -9.9% ▪ Positive curre
Slide 8: Profitability Q3
Profitability Q3 +3.5% +2.8% EBITDA up 3.5% to EUR 142 million EBITDA & EBIT EURm 144 142 ▪ EBITDA margin of 20.1% compared to 19.8% in 132 137 125 the same quarter last year. 119 120 109 112 97 102 100 91 EBITDA ▪ Adjusted for the IFRS 16 reclassification, EBITDA 76 73 83 77 70 EBIT margin decrease
Slide 9: Good underlying profitability in both segments in Q3
Good underlying profitability in both segments in Q3 -1.9% EBIT EURm 78 77 +22.5% Insulation EBIT decreased 1.9% to EUR 77 million in Q3. Q3 2018 Q3 2019 ▪ EBIT margin decreased 0.4 percentage points to 23 12.4%. 19 ▪ Affected by start-up costs for the new factories. Insulation Systems Systems EBIT
Slide 10: Increased investment activities in Q3
Increased investment activities in Q3 Investments totaled EUR 120 million in Q3 2019 (Q3 2018: EUR 52 million). ▪ Capacity investments mainly relate to ongoing factory projects in the United States (West Virginia) and the expansion in Germany. INVESTMENTS Capacity Program EURm Maintenance CAPEX 120
Slide 11: Free cash flow – Q3
Free cash flow – Q3 ▪ Cash flow from operations before financial items and tax was EUR 217 million in Q3 2019, which is EUR 38 million higher than same period FREE CASH FLOW last year. EURm Q3: EUR -37m 128 ▪ NWC decreased to 9.4% (LY: 9.6%) of net sales, 110 increasing from EUR 250 million end of Q
Slide 12: Outlook for 2019
Outlook for 2019 12
Slide 13: Outlook for full year 2019
Outlook for full year 2019 Net sales is expected to be at the 1. Sales lower end of the guidance of growth of 2-5% in local currencies. The EBIT margin is still expected 2. EBIT at around the same level as last year (12.8%).* Investment expenditure excluding 3. Investment acquisitions is still expec
Slide 14: Key figures for the Group
Key figures for the Group YTD YTD EURm Q3 2019 Q3 2018 YoY (%) Q3 2019 Q3 2018 YoY (%) FY 2018 Income statement Net sales 706 692 2.1% 2,042 1,962 4.1% 2,671 EBITDA 142 137 3.5% 406 382 6.4% 507 EBIT 100 97 2.8% 278 258 7.8% 341 Profit before tax 98 95 3.4% 270 250 8.3% 335 Profit for the period 77
Slide 15: Questions?
Questions? 15
Slide 16: ROCKWOOL International A/S
ROCKWOOL International A/S Hovedgaden 584 DK-2640 Hedehusene Denmark CVR No. 54879415 Tel: +45 46 56 03 00 www.rockwoolgroup.com 16
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