Wacker Neuson Se · XETR:WAC
Wacker Neuson — FY2023 Earnings Presentation
17 slides from Wacker Neuson's earnings presentation, Mar 26, 2024
Slide 1: Wacker Neuson Group – Full Year 2023 Conference Call
Wacker Neuson Group – Full Year 2023 Conference Call Dr. Karl Tragl (CEO), Christoph Burkhard (CFO) March 26, 2024
Slide 2: Nobody is perfect, but a team can be!
Nobody is perfect, but a team can be! 2
Slide 3: Overview Q4/23 // Fiscal year 2023
Overview Q4/23 // Fiscal year 20231 Q4/2023 Full year 2023 Revenue EBIT margin NWC ratio FCF Revenue EBIT margin NWC ratio FCF € 641.0 m 5.1% 33.9% € 16.0 m € 2,654.9 m 10.3% 32.8% € -24.9 m (+4.8% yoy) (py: 9.4%) (py: 29.4%) (py: € 19.6 m) (+17.9% yoy) (py: 9.0%) (py: 31.9%) (py: €-130.8 m)2 ✓
Slide 4: Full year 2023: Europe and Americas with double-digit growth
Full year 2023: Europe and Americas with double-digit growth [€ m] +16% +18% 2,022.4 76% 1,709.9 of Group revenue1 1,477.5 21% 2021 2022 2023 3% EUROPE of Group revenue1 of Group revenue1 [€ m] +21% 556.5 +40% -9% 459.1 [€ m] +39% 83.4 328.6 76.0 60.1 2021 2022 2023 AMERICAS 2021 2022 2023 APAC 1 FY
Slide 5: Free cash flow impacted by higher net working capital
Free cash flow impacted by higher net working capital -24.9 €m 365.8 €m Free cash flow Net financial debt1 56.7 % 0.9 Net financial debt / EBITDA2 Equity Ratio 1 Net financial debt = Non-current financial liabilities + Current liabilities to banks + Current portion of non-current liabilities - Cash
Slide 6: Continuity in paying attractive dividends
Continuity in paying attractive dividends Dividend per share and payout ratio 5.00 45% 48% 42% 4.50 4.00 3.50 3.00 2.73 2.50 2.10 1.99 2.00 1.50 1.00 1.15 1.00 0.90 0.50 0.00 2021 2022 2023 Earnings per share in € Dividend per share in € Payout ratio ▪ Dividend policy with focus on shareholders enjo
Slide 7: Business Outlook Guidance for 2024
Business Outlook Transportation costs pick up again CEMA1 Business climate index for the European agricultural machinery sector remained negative, economic forecasts burden the developments Order backlog decreases due to economic downturn Guidance for 2024 CECE1 ▪ Revenue between € 2,400 and 2,600 m
Slide 8: Strategy 2030 Implementation
Strategy 2030 Implementation 8
Slide 9: Financial calendar and contact
Financial calendar and contact 07 May 2024 Publication of Quarterly Statement Q1/2024, Earnings Call 13 May 2024 Berenberg Virtual Fireside Chat 15 May 2024 Annual General Meeting, Munich 16–17 May 2024 HAIB Stockpicker Summit 2024, Kitzbühel 06 June 2024 Warburg Highlights Conference, Hamburg 13 Au
Slide 10: Appendix
Appendix Wacker Neuson SE, FY 2023 Management Call & Webcast, March 26, 2024 10
Slide 11: Challenging Q4/23 for the Wacker Neuson Group
Challenging Q4/23 for the Wacker Neuson Group Growth and profitability decrease due to economic slowdown Comments on Q4/23 Revenue EBIT +4.8% Revenue +4.8% yoy (adj. for FX effects : +5.8%) [€ m] margin ▪ Economic slowdown in construction industry increasingly noticeable in the 800 699 20% 700 667 6
Slide 12: Another successful year for the Wacker Neuson Group
Another successful year for the Wacker Neuson Group Strong revenue growth, increased EBIT margin Comments on full year 2023 Revenue +17.9% yoy (adj. for FX effects : +19.1%) Revenue EBIT -0.6% CAGR +20.7% +17.9% ▪ Double-digit growth despite economic slowdown, driven by Europe and [€ m] margin North
Slide 13: Regions and business areas revenue and EBIT developments
Regions and business areas revenue and EBIT developments Revenue growth driven by Europe and Americas segments Comments on FY 2023 Revenue [€ m] Revenue Europe (EMEA) +18.3% yoy (adj. for FX effects +18.4%) Share yoy EBIT1 Europe 2,022.4 76% +18% 271.3 ▪ Solid double-digit revenue growth despite eco
Slide 14: Sporadic supply chain bottlenecks driving inventories
Sporadic supply chain bottlenecks driving inventories Inventories Trade receivables Inventory DIO1 Trade receivables DSO2 [€ m] [Days] [€ m] [Days] 1,000 400 500 200 783 819 405 393 742 774 377 800 673 679 400 343 347 300 322 150 609 294 301 600 544 300 490 238 143 154 141 200 100 123 123 132 133 13
Slide 15: NWC ratio impacted by economic slowdown
NWC ratio impacted by economic slowdown Net working capital Operating cash flow Net working capital Net working capital Cash flow from operating activities [€ m] [as % of revenue]1 [€ m] FY 2023: € 113 m 1,000 884 919 100% 150 870 761 802 110 800 719 80% 60 674 100 595 70 600 498 60% 22 50 29 34% 36
Slide 16: Robust financial structure with substantial equity ratio
Robust financial structure with substantial equity ratio Net financial debt1 and gearing2 Net financial debt/EBITDA3 Net financial debt1 Net financial debt/ Gearing2 [€ m] EBITDA3 1.2 100% 1.2 400 376 366 353 1.0 0.9 80% 0.8 300 254 258 0.8 0.7 0.7 0.7 235 60% 211 0.6 200 0.6 24% 25% 24% 40% 16% 19%
Slide 17: The Wacker Neuson Share
The Wacker Neuson Share Share price development vs. relevant indices1 Dividend payout 300% 4.00 41% 48% 53% 0% 48% 42% 45% 3.50 +12% 3.00 2.73 150% 2.50 2.10 3 2.06 1.99 125% 2.00 0.65 2 1.50 1.25 1.26 1.15 100% 1.10 1.00 1.00 0.50 0.90 75% 0.60 0.60 0.50 1.41 0.20 0.60 0.00 50% 0.00 Dec-22 Jan-23 F