Mutares Se & Co. Kgaa · XETR:MUX
Mutares Se & Co. Kgaa — Q3 2023 Earnings Presentation
23 slides from Mutares Se & Co. Kgaa's earnings presentation, Nov 9, 2023
Slide 1: Earnings Call Q3 2023
Earnings Call Q3 2023 November 9th, 2023 1
Slide 2: Agenda
Company & Business Model Key Highlights of Q3 2023 Financials of Q3 2023 Outlook 2
Slide 3: Clear identity and strong performance
Clear identity and strong performance First in mind first in choice for private equity carve-outs Development of Mutares Group Revenues and European focus with Mutares Holding Net Income global expansion 10 bn Group Revenues (EUR) ca. Holding Net Income (EUR, unconsolidated) Portfolio growth drive
Slide 4: ROIC target of 7-10x
ROIC target of 7-10x Creating successful turnarounds with our unique value creation lifecycle Value creation Invested capital as of September 30, 2023: EUR 314 million Harvesting Optimization Realignment Transformation to a profitable Investing in a successful company Acquisition Seller provides cas
Slide 5: Portfolio of companies with annualized revenues of over EUR 6 billion
Portfolio of 29 companies with annualized revenues of over EUR 6 billion Well diversified portfolio across four segments Automotive & Engineering & Goods & Retail & Mobility Technology Services Food early-cyclical late-cyclical non-cyclical cyclical ca. EUR 2.2 bn sales ca. EUR 1.4 bn sales ca. EUR
Slide 6: Mutares only OEM portfolio company with approx. EUR 120 million of revenues
Mutares only OEM portfolio company with approx. EUR 120 million of revenues Transformation guidance confirmed with an improvement of EUR 11 million in EBITDA in 10 months Leading manufacturer and distributor of 2 & 3 wheelers worldwide Leading French Manufacturer of two and three wheelers ICE and el
Slide 7: Agenda: Key Highlights of Q3 2023
Company & Business Model Key Highlights of Q3 2023 PMTC, MMTB, NEM, Palmia oder Frigo Financials of Q3 2023 Outlook 7
Slide 8: Key highlights of Q3 2023
Key highlights of Q3 2023 Development well on track with high transaction activity Buy-side Transactions Sell-side Transactions Signing Closing *) **) Capital Market Expansion Share Price + 53% Development (01.01.2023 – 30.09.2023) Expansion to USA & China *) Closed after 30/09/2023; **) Put-option
Slide 9: Agenda: Financials of Q3 2023
Company & Business Model Key Highlights of Q3 2023 Financials of Q3 2023 Outlook 9
Slide 10: Key financials for Mutares Group and Mutares Holding of Q3 2023
Key financials for Mutares Group and Mutares Holding of Q3 2023 Net Income of Mutares Holding benefiting in particular from the exit of Special Melted Products (“SMP”) Q3 2023 Q3 2022 EUR million Q1 2023 Q2 2023 Q3 2023 Δ 2023e YTD YTD Mutares Group 4,800 - Revenues 1,108.0 1,165.6 1,128.9 3,402.5 2
Slide 11: Segment Financials: Overview
Segment Financials: Overview Profitability in the Group YTD well on track besides lower activity during the summer months Q3 2023 Q3 2022 EUR million Q1 2023 Q2 2023 Q3 2023 Δ YTD YTD Automotive & Mobility Revenues 448.7 483.3 425.1 1,357.1 707.8 649.3 Adjusted EBITDA -6.9 18.4 -10.7 0.8 -47.9 48.7
Slide 12: Segment Financials: Automotive & Mobility
Segment Financials: Automotive & Mobility Substantial improvement in Adjusted EBITDA in light of successful transformation and improved market environment *) Revenue Bridge 1,357.1 558.6 707.8 90.7 Q3 2023 Q3 2022 EUR million Q1 2023 Q2 2023 Q3 2023 Δ YTD YTD Revenues 448.7 483.3 425.1 1,357.1 707.8
Slide 13: Segment Financials: Engineering & Technology
Segment Financials: Engineering & Technology Successful exit of SMP; NEM Energy Group with positive impact, but still low activity in construction business Revenue Bridge *) 880.3 -18.7 714.6 -147.0 Q3 2023 Q3 2022 EUR million Q1 2023 Q2 2023 Q3 2023 Δ YTD YTD Revenues 263.1 231.3 220.3 714.7 880.3
Slide 14: Segment Financials: Goods & Services
Segment Financials: Goods & Services1) Turnaround in Adjusted EBITDA led by progress in transformation programs across the segment Revenue Bridge 713.1 485.2 220.6 7.3 Q3 2023 Q3 2022 EUR million Q1 2023 Q2 2023 Q3 2023 Δ YTD YTD Revenues 190.4 239.6 283.0 713.0 485.2 227.8 Q3 2022 Organic M&A Q3 20
Slide 15: Segment Financials: Retail & Food
Segment Financials: Retail & Food1) New segment with beginning of H2 2023 2) Revenue Bridge 608.6 617.7 -5.4 14.5 Q3 2023 Q3 2022 EUR million Q1 2023 Q2 2023 Q3 2023 Δ YTD YTD Revenues 207.0 211.6 199.1 617.7 608.6 9.1 Q3 2022 Organic M&A Q3 2023 YTD activity YTD Cost of material -118.5 -111.4 -103.
Slide 16: Current portfolio allocation to the value creation life cycle
Current portfolio allocation to the value creation life cycle Diversified portfolio in Realignment, Optimization and Harvesting phases As of November 2023 Revenues Adj. EBITDA (Q3 2023, EURm) (Q3 2023, EURm) 36.0 Harvesting 601.9 237.1 +6.0% 186.6 178.2 17.1 (Adj. EBITDA/ 11.2 Revenues) 7.7 Q1 Q2 Q3
Slide 17: Agenda: Outlook
Company & Business Model Key Highlights of Q3 2023 Financials of Q3 2023 Outlook 17
Slide 18: Investment summary
Investment summary Attractive access to the private equity market Attractive dividend strategy Successful track record & High transparency proven industry knowledge Focus on growth Strong share and bond performance Family and owner managed company Sustainability oriented 18
Slide 19: We deliver what we promise and will continue the growth path towards 2028
We deliver what we promise and will continue the growth path towards 2028 Difficulties and uncertainties are Mutares opportunities and sweet spots Revenues Net Income Updated dividend strategy: Mutares Group Mutares Holding Minimum dividend of EUR 2.00 per share and fiscal year 2019 EUR 1.0 bn EUR 2
Slide 20: Q&A
Q&A Thank you for your questions. If you want to ask a question, please register in the contact section in the webcast to receive the telephone dial ins. Please mute yourself on the webcast. 20
Slide 21: Appendix: Group Financials
Appendix: Group Financials Condensed consolidated statement of profit and loss EUR million Q3 2023 Q3 2022 YTD YTD Revenues 3,402.5 2,677.6 +/- Change in inventories 36.4 -6.1 Other income 599.4 258.4 Cost of material -2,081.0 -1,729.1 Personnel expenses -935.9 -642.9 Other expenses -492.7 -408.7 EB
Slide 22: Appendix: Group Financials
Appendix: Group Financials Condensed consolidated balance sheet EUR million 30/09/2023 31/12/2022 EUR million 30/09/2023 31/12/2022 Intangible assets 175.1 143.9 Total equity 1,057.2 714.0 PP&E 1,038.7 764.2 Financial liabilities 627.6 480.0 Right of use assets 405.0 375.6 Provisions 251.2 213.7 Oth
Slide 23: Disclaimer
This document has been prepared by Mutares SE & Co. KGaA solely for the use in this presentation. The information contained in this document has not been independently verified. No representation or warranty - whether expressed or implied – is made as to, and no reliance should be placed on, the fai
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