Ariston Holding Nv · MIL:ARIS
Ariston Holding Nv — Q1 2023 Earnings Presentation
12 slides from Ariston Holding Nv's earnings presentation, May 3, 2023
Slide 1: First Quarter 2023 Results Analyst Presentation
2023 FIRST QUARTER RESULTS ANALYST May 3rd, 2023 PRESENTATION 1
Slide 2: Our Key Investment Thesis and How It Played Out in Q1 2023
OUR KEY INVESTMENT THESIS … AND HOW IT PLAYED OUT IN Q1 2023 1 2 3 4 5 CHAMPION OF UNIQUELY BALANCED GLOBAL FOOTPRINT OF PROFITABLE GROWTH SOLID FINANCIAL SUSTAINABLE COMMITMENT TO 40+ MARKETS COMBINING STEADY PERFORMANCE AT TOP- COMFORT ACROSS ALL BOTH HOT WATER SUPPORTED BY AN ORGANIC EXPANSION AN
Slide 3: New in Q1 2023
NEW IN Q1 2023 USA HEAT PUMP WATER HEATERS • Launch of the first American Standard HPWH in USA • Production line in Mexico • Available in 50 & 80 gal size • Demand-Response ready • High efficiency and low noise • Integrated leak sensor and optional shut-off valve • Aqua Comfort link mobile APP WOLF
Slide 4: Net Revenue by Division
Q1 2023 NET REVENUE BY DIVISION 4 KEY COMMENTS €M Q1 2023 Q1 2022 Change o/w M&A • Like-for-like growth generally driven by price (mostly carryover from 2022) and mix Thermal Comfort 713.6 507.7 +40.5% 188.3 • Thermal comfort: growth driven by heating in central European countries (both Wolf and Elc
Slide 5: Net Revenue by Area
Q1 2023 NET REVENUE BY AREA 4 KEY COMMENTS €M Q1 2023 Q1 2022 Change o/w M&A • Continuing growth momentum in Europe driven by Wolf-Brink and also +7% organic Europe 570.0 357.2 +59.6% 186.6 • Americas negative despite favourable FX, due to weak market demand in both heating and water-heating, and
Slide 6: Financials
Q1 2023 FINANCIALS €M M&A EBIT ADJUSTED & NET WORKING NET REVENUE P R E - TA X P R O F I T EBITDA ADJUSTED C A P I TA L +37.6% 760 99 +41.9% +40.6% +73.9% 188 13.0% 552 70 12.7% 63 8.3% 494 571 +46.0% 15.9% 73 44 8.0% 50 9.6% 284 13.1% 9.1% Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 31/03/2022
Slide 7: Condensed Income Statement
Q1 2023 CONDENSED INCOME STATEMENT 4 KEY COMMENTS €M Q1 2023 Q1 2022 Change • Organic net revenue increase mainly driven Net revenue 759.7 552.1 +37.6% by Thermal Comfort with a focus on Central Europe EBITDA adjusted 98.6 70.1 +40.6% • Cost inflation fully compensated for by 2022 % on net revenue 1
Slide 8: Cash Flow
Q1 2023 CASH FLOW 4 KEY COMMENTS €M Q1 2023 Q1 2022 Change EBITDA 97.3 67.2 +44.6% • Net working capital absorption lower than Q1 2022 despite much larger perimeter with Wolf-Brink acquisition. Containment effort Provisions and write-downs 2.4 4.4 -45.5% still ongoing amidst seasonal increase Change
Slide 9: Business Seasonality
BUSINESS SEASONALITY NET REVENUE E B I T A D J U S T4 E D C U M U L AT E D F C F Quarterly weight on FY Quarterly weight on FY Quarterly trend Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017-22 avg 2017-22 avg 2017-22 avg Demand for heating-related products is Operating leverage gives margins an even
Slide 10: Total Net Financial Indebtedness
TOTAL NET FINANCIAL INDEBTEDNESS REFERENCE: ESMA 32-382-1138 GUIDELINES 4 KEY COMMENTS €M 31/03/2023 31/12/2022 31/03/2022 At 31 March 2023: Liquidity 363.2 1,011.6 592.9 • Cash-out to acquire Wolf-Brink on Jan 2nd • €460M additional committed unused credit minus: Current financial indebtedness (88.
Slide 11: Outlook for the Rest of 2023
OUTLOOK FOR THE REST OF 2023 MID-TERM GUIDANCE TOP LINE OVER THE CYCLE: • Previous outlook: organic in line with mid-term guidance and >30% addition from Wolf-Brink • MID-SINGLE-DIGIT ORGANIC GROWTH • Overall growth expectations unchanged at Group level, though more skewed (INCLUDES FX) in favour of
Slide 12: Disclaimer
Disclaimer This document contains forward-looking statements that relate to future events and future operating, economic and financial results of Ariston Group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circums