Zumtobel Group Ag · VIE:ZAG
Zumtobel — FY2023/24 Earnings Presentation
24 slides from Zumtobel's earnings presentation, Jul 3, 2024
Slide 1: FY 2023/24 Management Presentation
FY 2023/24 MANAGEMENT PRESENTATION 3 July 2024 1
Slide 2: Disclaimer
DISCLAIMER The facts and information contained herein constitute forward-looking statements as of the date they were made and based upon assumptions as to future events or circumstances that may not prove to be complete or accurate. By their nature, these statements involve risk and uncertainty beca
Slide 3: FY 2023/24 Financial Overview
FY 2023/24 FINANCIAL OVERVIEW • Group revenues decline by 6.8% to EUR 1,127.0 mn (PY: EUR 1,209.2 mn) − Lighting Segment revenues at EUR 889.3 mn (–1.5%) − Components Segment at EUR 299.4 mn (–18.5%) − Good revenue contributions especially from Switzerland • Adj. EBIT at EUR 57.3 mn (PY: EUR 84.3 mn
Slide 4: Project references
Mapei Stadium, Italy Office New York Times, USA Four Frankfurt, Germany City of Sarajevo, Bosnia and 4 Herzegovina Ospedale Galeazzi, Italy Light + Building, Germany Volvo Trucks Ghent, Belgium
Slide 5: Our three domains for creating smart buildings
OUR THREE DOMAINS FOR CREATING SMART BUILDINGS Smart Lighting WE CREATE A UNIQUE VALUE PROPOSITION Enlighted LiteCom IN THE LIGHTING INDUSTRY Smart Smart Space Emergency LynX + Siemens as strategic partner in all three domains FY 2023/24 results + Services transform a system into a solution 5
Slide 6: We move up the value chain into smart building business
WE MOVE UP THE VALUE CHAIN INTO SMART BUILDING BUSINESS Components Lighting brands Luminaires Smart Building Solutions Partnership Partnership VALUE CHAIN FY 2023/24 results 6
Slide 7: Energy Performance of Buildings Directive (EPBD)
ENERGY PERFORMANCE OF BUILDINGS DIRECTIVE (EPBD) AUTOMATED LIGHTING CONTROLS & MANDATORY CO2 CALCULATION WHAT IS OUR CONTRIBUTION - Updated directive, adopted in 2024, national law in 2026 - Mandatory lighting control - CO2 life cycle calculation for all new professional buildings - Automated wirele
Slide 8: Lighting Segment: Despite low momentum, adjusted EBIT declined only slightly
LIGHTING SEGMENT DESPITE LOW MOMENTUM, ADJUSTED EBIT DECLINED ONLY SLIGHTLY REVENUES IN EUR MN ADJUSTED EBIT IN EUR MN fx-adj. fx-adj. fx-adj. fx-adj. 11.7% –0.3% –0.8% –3.3% –0.7% 7.7% 10.6% 7.0% 7.2% –1.0% –2.0% –3.2% 0.1% 7.4% 5.5% 6.0% 226.5 224.1 235.0 230.3 26.9 215.8 208.9 225.8 226.0 24.9 16
Slide 9: Components Segment: Q4 revenue still impacted by low demand
COMPONENTS SEGMENT Q4 REVENUE STILL IMPACTED BY LOW DEMAND REVENUES IN EUR MN ADJUSTED EBIT IN EUR MN fx-adj. fx-adj. fx-adj. fx-adj. 9.4% 8.7% –23.0% –16.5% –12.5% –10.6% 7.4% 6.0% –25.4% –20.0% –14.8% –12.2% 4.3% 3.7% 2.9% 103.2 -1.9% 93.9 82.8 87.4 77.0 75.1 76.8 8.9 70.5 7.6 7.6 4.9 3.2 2.8 2.2
Slide 10: Zumtobel Group: Decline in sales eased over the quarters
ZUMTOBEL GROUP DECLINE IN SALES STILL IMPACTED BY THE COMPONENTS SEGMENT BUT EASED OVER THE QUARTERS REVENUES IN EUR MN ADJUSTED EBIT IN EUR MN fx-adj. fx-adj. fx-adj. fx-adj. 10.1% –7.6% –6.1% –6.0% –3.5% 6.1% 6.0% 5.5% 8.8% –9.0% –8.0% –6.6% –3.4% 5.1% 4.0% 313.7 314.1 31.7 2.2% 285.6 288.9 284.4
Slide 11: Adjusted EBIT bridge
ZUMTOBEL GROUP REVENUE DECLINE PARTLY COMPENSATED BY BETTER COGS BUT PERSONNEL COSTS STILL IMPACTING RESULT ADJUSTED EBIT BRIDGE IN EUR MN / AS % OF SALES 7.0% –1.9pp 5.1% Mainly due to country mix as well as lower raw material and 84.3 transport costs as well as less obsolescence 30.5 57.3 -10.1 Ma
Slide 12: Adjusted gross profit margin increased to 35.8%
ADJUSTED GROSS PROFIT MARGIN INCREASED TO 35.8% WHILE ADJUSTED EBIT MARGIN WAS NEGATIVELY IMPACTED ZUMTOBEL GROUP – INCOME STATEMENT IN EUR MN FY 2023/24 FY 2022/23 CHANGE IN % Special effects of EUR –7.8 mn recorded in Revenues 1,127.0 1,209.2 –6.8 2023/24, thereof: Adjusted cost of goods sold –723
Slide 13: Cash flow in 2023/24 slightly above previous year level
CASH FLOW IN 2023/24 SLIGHTLY ABOVE PREVIOUS YEAR LEVEL ZUMTOBEL GROUP – CASH FLOW STATEMENT IN EUR MN FY 2023/24 FY 2022/23 Cash flow from operating results 105.8 140.2 Change in working capital 6.4 –23.8 Change in other operating items –2.3 –1.8 Taxes paid/received –7.7 –8.3 Cash flow from operati
Slide 14: Solid balance sheet: strong equity ratio and debt coverage ratio
SOLID BALANCE SHEET: STRONG EQUITY RATIO AND DEBT COVERAGE RATIO ZUMTOBEL GROUP – KEY BALANCE SHEET DATA IN EUR MN 30 April 2024 30 April 2023 Solid liquidity position backed by: Total assets 987.2 1,002.4 • Consortium credit agreement with a term ending in December 2028 and a volume of EUR 125 mn N
Slide 15: Current market outlook
CURRENT MARKET OUTLOOK Growth in non-residential construction Development of non-residential construction in 2025 until 2026 • Non-residential construction prospects have been once more revised down for 2024, 2.5 1.6 1.8 1.3 whereas new-built is going to decline and renovation is expected to grow –0
Slide 16: FY 2024/25 outlook
FY 2024/25 outlook Revenue at Adjusted least slightly CAPEX excl. IFRS 16 EBIT margin above previous ~EUR 60 mn of 3 – 6% year FY 2023/24 results 16 Tower One, Frankfurt am Main, Germany
Slide 17: Tower One, Frankfurt am Main, Germany
FY 2023/24 results 17 Tower One, Frankfurt am Main, Germany
Slide 18: Back Up
BACK UP FY 2023/24 results ZUMTOBEL Group
Slide 19: Group revenues down by 6.8% in 2023/24
GROUP REVENUES DOWN BY 6.8% IN 2023/24 ZUMTOBEL GROUP – REGIONAL REVENUE DISTRIBUTION CHANGE IN % IN EUR MN Q4 2023/24 CHANGE IN % FY 2023/24 NOMINAL FX ADJUSTED D/A/CH 99.2 –4.5 403.4 –1.4 –2.7 Northern and Western Europe 70.7 0.7 264.9 –9.1 –8.7 Southern and Eastern Europe 74.7 –9.5 298.6 –8.6 –6.
Slide 20: Financial calendar
FINANCIAL CALENDAR DATE SUBJECT PERIOD 23 July 2024 Record Date for the Annual General Meeting 2 August 2024 48th Annual General Meeting 6 August 2024 Ex-Dividend Day 7 August 2024 Record Date Dividend 9 August 2024 Dividend Payout Day 5 September 2024 Interim Report Q1 2024/25 1 May 2024 – 31 July
Slide 21: Working capital development
WORKING CAPITAL DEVELOPMENT ZUMTOBEL GROUP – WORKING CAPITAL 21.0 19.7 19.7 19.8 20.0 19.2 18.4 18.4 17.1 17.4 16.2 16.2 • Working capital at EUR 225.6 mn as of 30 April 2024 (30 April 2023: EUR 231.7 mn) • In % of rolling 12-month revenues, working capital at 20.0% (PY: 19.2%) Q1 Q2 Q3 Q4 FY 2021/2
Slide 22: Supplementary data for segment reporting
SUPPLEMENTARY DATA FOR SEGMENT REPORTING ZUMTOBEL GROUP Lighting Segment Components Segment Reconciliation Group IN EUR MN FY 2023/24 FY 2022/23 FY 2023/24 FY 2022/23 FY 2023/24 FY 2022/23 FY 2023/24 FY 2022/23 Net revenues 889.3 903.1 299.4 367.3 –61.8 –61.2 1,127.0 1,209.2 External revenues 888.5
Slide 23: Five-year overview
FIVE-YEAR OVERVIEW ZUMTOBEL GROUP IN EUR MN 2023/24 2022/23 2021/22 2020/21 2019/20 Revenues 1,127.0 1,209.2 1,148.3 1,044.5 1,131.3 Adjusted EBIT 57.3 84.3 60.8 45.5 53.9 as a % of revenues 5.1 7.0 5.3 4.4 4.8 EBIT 49.5 84.3 60.8 43.4 35.1 as a % of revenues 4.4 7.0 5.3 4.2 3.1 Net profit/loss for
Slide 24: Zumtobel Group AG
ZUMTOBEL GROUP AG Investor Relations investorrelations@zumtobelgroup.com www.zumtobelgroup.com FY 2023/24 results 24