Aalberts N.v. · EURONEXT:AALB
Aalberts — Aalberts Indus Nv Ord — H1 2024 Earnings Presentation
30 slides from Aalberts's earnings presentation, Jul 25, 2024
Slide 1: Results first half 2024
results first half 2024 Utrecht, 25 July 2024
Slide 2: Today's presenters
today’s presenters our management board chief executive officer chief financial officer director investor relations Stéphane Simonetta Arno Monincx Rutger Relker 25 July 2024 Aalberts N.V. | interim results 2024 3
Slide 3: Agenda
agenda key highlights financial development strategic priorities outlook questions & answers Aalberts N.V. | interim results 2024 4
Slide 4: Key highlights
key highlights Stéphane Simonetta – CEO
Slide 5: Executive summary
executive summary sales at EUR 1,619 million (-6%), organic revenue growth is (-3.9%) compared to last year 15% EBITA margin in challenging market, EBITA at EUR 242 million with 63.8% added value structural cost savings and inventory reduction plans are in place CAPEX flat vs last year at EUR 117 mi
Slide 6: Operational development
operational development eco-friendly buildings semicon efficiency sustainable transportation industrial niches o lower activity in Europe, o growth continued with o good performance o lower activity especially in Germany volatile demand o lower demand in o reduced demand in o decrease end-user deman
Slide 7: Financial development
financial development Arno Monincx - CFO
Slide 8: Financial development
financial development revenue EBITA margin earnings per share cash flow from operations (in EUR million) (% of revenue) before amortisation (in EUR million) (in EUR) organic (0.4) (6%) (17%) (3.9%) 1,717 1.71 221 15.4 1,619 1.61 182 15.0 1H2023 1H2024 1H2023 1H2024 1H2023 1H2024 1H2023 1H2024 o buil
Slide 9: 1H2024 focus on end markets
1H2024 | focus on 4 end markets revenue per end market revenue per region (in %) (in %) 17 11 5 17 23 51 15 61 eco-friendly buildings 51% Western Europe 61% semicon efficiency 15% America 23% sustainable transportation 17% Eastern Europe 11% industrial niches 17% APAC, Middle East, Africa 5% 25 July
Slide 10: Revenue bridge
revenue bridge o divestment Disptek in 2023 o positive translation impact mainly GBP and PLN o organic revenue decline (3.9%) 25 July 2024 Aalberts N.V. | interim results 2024 11
Slide 11: EBITA bridge
EBITA bridge o divestment Disptek in 2023 o positive translation impact mainly GBP and PLN o organic EBITA decline mainly building technology, driven by lower volume o industrial technology improved EBITA margin on slightly lower volume base 25 July 2024 Aalberts N.V. | interim results 2024 12
Slide 12: Building technology
building technology revenue organic revenue growth EBITA margin capital expenditure (in EUR million) (% of revenue) (% of revenue) (in EUR million) (6%) (5.2) (1.0) 13% 932 47 14.0 41 873 13.0 -1.5 -6.7 1H2023 1H2024 1H2023 1H2024 1H2023 1H2024 1H2023 1H2024 o added value margin improved thanks to r
Slide 13: Industrial technology
industrial technology revenue organic revenue growth EBITA margin capital expenditure (in EUR million) (% of revenue) (% of revenue) (in EUR million) (5%) (16.4) 0.3 (7%) 16 17.8 75 785 17.5 70 746 -0.4 1H2023 1H2024 1H2023 1H2024 1H2023 1H2024 1H2023 1H2024 o organic decline of 0.4% vs strong 1H202
Slide 14: 1H2024 regional revenue per reporting segment
1H2024 | regional revenue per reporting segment building technology industrial technology (in %) (in %) 5 6 6 14 18 27 54 70 Western Europe 54% Western Europe 70% America 27% America 18% Eastern Europe 14% Eastern Europe 6% APAC, Middle East, Africa 5% APAC, Middle East, Africa 6% 25 July 2024 Aalbe
Slide 15: Strategic priorities
strategic priorities Stéphane Simonetta - CEO
Slide 16: Strategy deployment
strategy deployment 25 July 2024 Aalberts N.V. | interim results 2024 17
Slide 17: Strategic priorities
strategic priorities 1 2 3 4 continue portfolio increase organic relentless pursuit of drive sustainable optimisation revenue growth operational excellence entrepreneurship o 3 priorities on M&A o market growths o pricing excellence o Health and Safety active funnel and » US & APAC accelerate M&A o
Slide 18: Outlook
outlook Stéphane Simonetta - CEO
Slide 19: Looking forward to second half 2024
looking forward to second half 2024 on the industrial side, we are confident with in the building sector, there are still the long-term growth agenda of the semicon many growth opportunities in the USA industry, while we anticipate on a mixed and Asia, while Europe will likely continue picture in su
Slide 20: Outlook
outlook o we are executing our strategy Aalberts ‘accelerates unique positioning’, realising our objectives o we will continue to focus on » organic revenue growth » operational excellence » portfolio optimisation » sustainable entrepreneurship 25 July 2024 Aalberts N.V. | interim results 2024 21
Slide 21: Capital market day
capital market day o on Tuesday 10 December 2024 we will give an update of the Aalberts strategy o the capital markets day, will take place at our head office in Utrecht (the Netherlands) 25 July 2024 Aalberts N.V. | interim results 2024 22
Slide 22: Questions & answers
questions & answers aalberts.com/investors
Slide 23: Appendix
appendix aalberts.com/investors
Slide 24: Aalberts strategy & objectives
Aalberts strategy & objectives accelerating unique positions with mission-critical technologies, high entry barriers and pricing power creating sustainable profitable growth with high added-value margins, EBITA margins and innovation rates driving operational excellence and portfolio optimisation co
Slide 25: Strategic actions 2022-2026
strategic actions 2022-2026 » further optimise existing portfolio continue portfolio » finalise existing divestment programme 1 optimisation » additional divestment programme EUR 250-300 million revenue » strengthen positions through bolt-on acquisitions, EUR 250-500 million revenue » focus on 4 tec
Slide 26: Environmental performance
environmental performance 25 July 2024 Aalberts N.V. | interim results 2024 27
Slide 27: Reporting per business segment
reporting per business segment building technology 1H2024 1H2023 delta revenue (in EUR million) 872.8 931.9 (6%) organic revenue growth (in %) (6.7) (1.5) (5.2) EBITA (in EUR million) 113.0 130.9 (14%) EBITA margin (%) 13.0 14.0 (1.0) capital expenditure (in EUR million) 46.7 41.2 13% industrial tec
Slide 28: Condensed consolidated income statement
condensed consolidated income statement in EUR million 1H2024 1H2023 revenue 1,618.9 1,717.2 EBITDA 317.3 333.4 depreciation (75.1) (69.2) EBITA 242.2 264.2 net finance cost (13.8) (20.2) income tax expense (49.9) (52.8) non-controlling interests (0.9) (2.5) net profit before amortisation 177.6 188.
Slide 29: Condensed consolidated balance sheet
condensed consolidated balance sheet In EUR million 30.6.2024 31.12.2023 30.6.2023 total non-current assets 2,788 2,707 2,731 total current assets 1,515 1,431 1,552 total assets 4,303 4,138 4,283 total equity 2,566 2,517 2,379 total non-current liabilities 675 726 811 total current liabilities 1,062
Slide 30: Free cash flow
free cash flow in EUR million (before exceptionals) 1H2024 1H2023 delta EBITDA 317.3 333.4 (16.1) gain on disposal of subsidiaries (0.6) - (0.6) result on sale of equipment (0.7) (4.2) 3.5 changes in provisions (2.2) (3.6) 1.4 changes in provisions exceptional - 1.1 (1.1) changes in working capital
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