Heidelberger Druckmaschinen Ag · XETR:HDD
Heidelberger Druckmaschinen — Q1 2023/24 Earnings Presentation
26 slides from Heidelberger Druckmaschinen's earnings presentation, Aug 4, 2023
Slide 1: First quarter results 2023/24
PEOPLE MAKE MACHINES SMART Heidelberger Druckmaschinen AG – First quarter results 2023/24 Dr. Ludwin Monz, CEO | Tania von der Goltz, CFO | August 4, 2023.
Slide 2: Disclaimer
Disclaimer This release contains forward-looking statements based on assumptions and estimations by the Management Board of Heidelberger Druckmaschinen Aktiengesellschaft. Even though the Management Board is of the opinion that those assumptions and estimations are realistic, the actual future devel
Slide 3: Q1 2023/24 at a glance
Q1 2023/24 at a glance Business and financial review Sustainable Packaging Outlook 3 © Heidelberger Druckmaschinen AG
Slide 4: First quarter at a glance
First quarter at a glance. Guidance confirmed by expected solid start into fiscal year 2023/24. Orders received Net sales Adj. EBITDA in % Net sales1 € 591m € 544m 7.7 % (PY: € 607m) (PY: € 530m) (PY: 4.6%) // Key developments of the first quarter fiscal year 2023/24: Overall, stable order trend – w
Slide 5: Packaging printing
Packaging printing. Structurally growing demand boosted by successful trade fair in China. // Quarterly highlights segment Packaging Solutions: Last-twelve months orders received per quarter #1 Successful Print (Packaging Solutions) April in million € China trade fair for +16.8% Asian markets 269 28
Slide 6: Business and financial review
Q1 2023/24 at a glance Business and financial review Sustainable Packaging Outlook 6 © Heidelberger Druckmaschinen AG
Slide 7: Key performance indicators
Key performance indicators. Solid EBITDA margin provides a sound start into new fiscal year. // Key takeaways: in million € FY 2022/23 Q1 FY 2023/24 Q1 change y/y 607 Orders received at previous year´s level, adjusted for currency // Orders received -3% effects (€-18m) at €608m. Positive impact from
Slide 8: Segment split
Segment split. Packaging Solutions benefited from recovery in Asia/Pacific. in million € // Orders received // Net sales // Key takeaways: +24% +8% 311 Sound customer response at Print China Packaging 267 250 247 caused a 24% increase in Packaging Solutions Solutions orders received. -20% +1% Print
Slide 9: Development of key markets
Development of key markets1. Positive development of Asia/Pacific, particularly in orders received. in €millions FY 2022/23 Q1 FY 2023/24 Q1 change y/y // Key takeaways: Orders 242 Orders received y/y lower due to the expiry of a subsidy -18% received 198 program in France, other key markets rather
Slide 10: EBITDA
EBITDA. Recovery in Asia/Pacific and improved pricing lead to an increase in earnings. in million € // Key takeaways: Q1 22/23 reported EBITDA 35 Adjusted for non-recurring items Q1 2022/23 (Disposal of property in 11 - St. Gallen of € 11m) Q1 22/23 24 adjusted EBITDA Δ Sales volume (related) y/y 5
Slide 11: EBITDA to EBT
EBITDA to EBT. Higher interest on pension provision caused slight increase in financial expenses. in million € FY 2022/23 FY 2023/24 Q1 Q1 // Breakdown financial result vs previous year: // EBITDA (+) 35 42 ∑ -7m€ ∑ -8m€ Financing related expenses Depreciation & FY 2022/23 FY 2023/24 amortization -1
Slide 12: EBT to Earnings per share
EBT to Earnings per share. Increase in deferred tax expenses caused slightly higher tax expenses. in million € FY 2022/23 FY 2023/24 Q1 Q1 // Breakdown tax result vs previous year: // EBT (+) 9 15 ∑ -4m€ ∑ -5m€ Tax result* FY 2022/23 FY 2023/24 (-expense/+ income) -4 -5 Q1 Q1 Effective tax expenses
Slide 13: Free Cashflow
Free Cashflow. Improved operating cashflow, but higher NWC needs; FCF w/o one-time effects. EBITDA to Free Cashflow Q1 2023/24 Change y/y // Comments on y/y changes: in million € EBITDA +42 18 Tax & Interest -13 2 Net working capital increased due to (production Change in net working capital -22 -13
Slide 14: Balance Sheet
Balance Sheet. Solid equity ratio, net financial position positive. in million € FY 2022/23 Q1 FY 2022/23 Q4 FY 2023/24 Q1 // Net financial position1 // Net Working Capital (NWC) // Key takeaways: +23 20%2 21%2 22%2 Net financial position positive, but 51 slightly below last year, due to 534 negativ
Slide 15: Key takeaways financial performance
Key takeaways financial performance. Successful start to challenging fiscal year 2023/2024 – HEIDELBERG showed resilience. Operating Cashflow improved due to higher profitability. Strong development in the Packaging Segment. © Heidelberger Druckmaschinen AG 15
Slide 16: Sustainable Packaging
Q1 2023/24 at a glance Business and financial review Sustainable Packaging Outlook 16 © Heidelberger Druckmaschinen AG
Slide 17: Sustainable Packaging
Sustainable Packaging. What does the future hold for sustainable packaging? // Key trends for sustainable packaging: // Brand owner shift towards sustainable materials: Share of sustainable materials in (food) packaging: Consumers behavior Consumers prefer sustainable packaging over convenience. Reg
Slide 18: Outlook
Q1 2023/24 at a glance Business and financial review Sustainable Packaging Outlook 18 © Heidelberger Druckmaschinen AG
Slide 19: Outlook
Outlook. On track to achieve all full-year targets despite of economic uncertainties. FY 2023/24 Q1 FY 2023/24 guidance Priorities for FY 2023/24: Net Sales € 544m ~ Previous year Secure solid development of orders received in tough economic conditions. (3m 2022/23: € 530m) (FY 2022/23: € 2.435bn) M
Slide 20: Key takeaways
Key takeaways. HEIDELBERG demonstrates a successful strategic positioning - growth in packaging printing. Profitability improved, further cost increases in the coming quarters. With a solid start, HEIDELBERG positions itself well for the entire year – guidance confirmed. © Heidelberger Druckmaschine
Slide 21: Backup
Backup © Heidelberger Druckmaschinen AG 21
Slide 22: Regional split
Regional split. Signs of recovery in Eastern Europe in € millions FY 2022/23 Q1 FY 2023/24 Q1 change y/y // Key takeaways: 61 Orders received increased continuing the recovery of the Orders +16% 73 previous quarter. Eastern Europe 54 Sales -24% Sales following a strong previous quarter more subdued.
Slide 23: P&L
P&L Figures in € millions Q1 2023/24 Q1 2023/24 Change in m€ Net sales 544.3 530.5 13.8 Change in inventories/other own work capitalized 50.3 56.9 -6.5 Total operating performance 594.6 587.3 7.2 Other operating income 10.9 29.1 -18.2 Cost of materials 262.8 279.8 -17.0 Personnel Costs 204.7 206.2 -
Slide 24: Reported to adjusted EBITDA
Reported to adjusted EBITDA. Figures in € millions Q1 2023/24 in €m Q1 2022/23 in €m Change in % Reported EBITDA 42.1 35.4 18.9 Acquisition-related special effects - 11.2 thereof disposal of a property in St. Gallen - 11.2 Other items - - Adjusted EBITDA 42.1 24.2 57.5 Adjusted EBITDA in % of revenu
Slide 25: Segments: Quarterly overview
Segments: Quarterly overview. Figures in € millions Q1 2024 Q1 2023 Change in m€ Incoming orders 590.9 607.2 -16.3 Print Solutions 277.2 347.7 -70.5 Packaging Solutions 311.4 249.6 61.8 Technology Solutions 2.3 9.9 -7.6 Net sales 544.3 530.5 13.8 Print Solutions 274.7 273.3 1.3 Packaging Solutions 2
Slide 26: Balance Sheet
Balance Sheet Assets Equity and Liabilities Change in Change in Figures in € millions Q1 2023/24 Q1 2022/23 Figures in € millions Q1 2023/24 Q1 2022/23 m€ m€ Non-current assets 1,015.3 958.6 56.7 Equity 514.7 405.2 109.5 Intangible assets 212.5 200.8 Issued capital 779.1 779.1 - 11.7 Capital reserve
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