Colt Cz Group Se · PSECZ:COLT
Colt Cz — H1 2024 Earnings Presentation
25 slides from Colt Cz's earnings presentation, 2024
Slide 1: Colt CZ Group SE Financial Results 6M 2024
COLT CZ GROUP SE FINANCIAL RESULTS 6M 2024 INVESTOR PRESENTATION
Slide 2: Legal Disclaimer
LEGAL DISCLAIMER IMPORTANT – YOU MUST READ THE FOLLOWING BEFORE CONTINUING This presentation (the “Presentation”) has been prepared by Colt CZ Group SE, with its registered office at náměstí Republiky 2090/3a, Nové Město, 110 00 Praha 1, Identification Number 291 51 961, registered in the Commercial
Slide 3: Agenda and Today's Presenters
AGENDA AND TODAY'S PRESENTERS AGENDA PRESENTERS JAN DRAHOTA 1 6M 2024 AT A GLANCE Chairman of the Board of Directors CEO of Colt CZ Group SE DENNIS VEILLEUX 2 FINANCIAL HIGHLIGHTS Member of the Board of Directors President of Colt CZ North America IMPACT OF S&B ACQUISITION ON FINANCIAL JAN ZAJÍC 3 P
Slide 4: Record H1 2024 at a Glance
RECORD H1 2024 AT A GLANCE REVENUES ADJUSTED EBITDA CZK 9,690 m CZK 1,981 m ↑ 41.2% vs 6M 2023 ↑ 35.3% vs 6M 2023 ADJUSTED NET PROFIT ADJUSTED EPS1 CZK 1,015 m CZK 25 ↓ 15.3% vs 6M 2023 ↓ 28.4% vs 6M 2023 ACTUAL RESULTS ABOVE HALF YEAR GUIDANCE Notes: Financial results are unaudited 1 1- basic EPS b
Slide 5: Notable Events
NOTABLE EVENTS Acquisition Sellier & Bellot successfully closed, a new shareholders structure as of June 30, 2024: Česká zbrojovka Partners SE – 52.81% CBC Europe S.à r.l. – 26.76% Free float – 20.43% Transfer of technology contract to produce the CZ BREN 2 rifles in Ukraine signed with Ukroboronpro
Slide 6: 6M 2024 Performance Above the Upper Range of the Guidance
6M 2024 PERFORMANCE ABOVE THE UPPER RANGE OF THE GUIDANCE 6M REVENUES GUIDANCE VS. ACTUAL In CZK m 11,800-12,000 12,528 8,686 9,000-9,200 9,690 8,400-8,600 6M 2024 Colt CZ without S&B 6M 2024 Colt CZ post acquisition HY 2024e Colt CZ pro forma S&B consolidated full HY S&B consolidated since May 16,
Slide 7: Revenues – Regional Breakdown Impacted by S&B Sales
REVENUES – REGIONAL BREAKDOWN IMPACTED BY S&B SALES REVENUE BREAKDOWN1 BY GEOGRAPHY REVENUE BREAKDOWN1 BY GEOGRAPHY – SEGMENTS 6M 2024 61% 50% 47% 43% 23% 23% 23% 20% 20% 14% 13% 11% 10% 5% 6% 5% 4% 4% 3% 4% 4% 1% 1% 1% 2% 1% 1% 0% USA Czech Rep. Canada Europe2 Asia Other Africa USA Czech Rep. Canad
Slide 8: 6M 2024 Customers Segments Split 50:50
6M 2024 CUSTOMERS SEGMENTS SPLIT 50:50 6M 2023 REVENUES BY TYPE OF CUSTOMER 6M 2024 FIREARMS1 FIREARMS1 48% 52% 38% 38% 6M 49% 6M 51% 62% 2023 2024 62% AMMUNITION1 36% 64% Commercial Military and Law Enforcement Notes: Financial results are unaudited 8 1 – In percentage of total revenues
Slide 9: Q2 2024 Was the Strongest Quarter in Group's History
Q2 2024 WAS THE STRONGEST QUARTER IN GROUP’S HISTORY BREAKDOWN BY UNITS SOLD QUARTERLY REVENUES & ADJ. EBITDA SEASONALITY In ‘000 units In CZK m 6,023 +2.8% 4,945 315 323 4,370 3,848 3,554 3,496 3,667 118 137 3,171 3,050 3,013 1492 1024 955 840 895 197 186 781 683 546 488 471 6M 2023 6M 2024 Q1 2022
Slide 10: 6M 2024 Net Profit Affected by Financial Results and One-Off Adjustments
6M 2024 NET PROFIT AFFECTED BY FINANCIAL RESULTS AND ONE-OFF ADJUSTEMENTS ADJUSTED NET PROFIT1 ADJUSTED EARNINGS PER SHARE2 In CZK m In CZK -15.3% -28.4% 1,198 35 152 5 1,015 25 557 10 30 15 6M 2023 6M 2024 6M 2023 6M 2024 Adjustments1 Net profit Adjustments1 EPS COMMENTS 6M 2024 net profit impacted
Slide 11: Capex in Line with 2024 Guidance
CAPEX IN LINE WITH 2024 GUIDANCE CAPITAL EXPENDITURES1 CAPEX GEOGRAPHICAL SPLIT FIREARMS AMMUNITION CZK m/% In CZK m In CZK m In CZK m Guidance2 4.8% 5.9% 4.7% 6.2% 4.0% ≤ 5.0% 57.6% 18.2% 1,000-1,200 279 104 1 924 236 61 112 60 680 106 633 106 6M 6M 2023 130 2024 210 383 112 331 166 130 44 FY 2020
Slide 12: Total Indebtedness Affected by Acquisition Financing for S&B
TOTAL INDEBTEDNESS AFFECTED BY ACQUISITION FINANCING FOR S&B EXPECTED DEBT MATURITY PROFILE (INC. ACQUISITION FINANCING) NET FINANCIAL DEBT1 & NET LEVERAGE RATIO2 In CZK bn/EUR m In CZK m EUR m CZK bn 3,16 5,000 2,80 200 5 000 184 4 000 150 15,642 3 000 100 2 205 1,20 1,998 2 000 7,465 51 51 51 51 5
Slide 13: FY 2024 Guidance Confirmed
FY 2024 GUIDANCE CONFIRMED – STRONG ORGANIC GROWTH WITH INCREASED SEASONALITY, POSITIVE EFFECTS OF S&B ACQUISITION GUIDANCE In CZK m +9.0%-19.8% +8.3%-24.7% +34.6%-48.1% +41.1%-54.2% +54.8%-68.3% +70.6%-83.7% 23,000-25,000 20,000-22,000 16,200-17,800 5,200-5,600 3,300-3,800 4,300-4,700 FY 2024e Colt
Slide 14: Acquisition of Sellier & Bellot – D&A Impact
ACQUISITION OF SELLIER & BELLOT – D&A IMPACT D&A IMPACT In CZK m 560 594 594 594 527 344 142 373 62 373 385 - - - - - - 6M 2023 6M 2024 2024e 2025e 2026e 2027e 2028e-2039e 2040e-2044e D&A D&A PPA COMMENTS Increase in Amortization due to Purchase Price Allocation of S&B acquisition significantly affe
Slide 15: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION Mb COLT CZGROUP
Slide 16: Appendix
APPENDIX COLT CZGROUP iy
Slide 17: Ownership Structure Changes and Capital Increases
OWNERSHIP STRUCTURE CHANGES AND CAPITAL INCREASES 31 DEC 2023 16 MAY 2024 24 JUNE 2024 23 AUG 2024 CAPITAL INCREASE SELLIER & BELLOT CAPITAL INCREASE ESOP (60% OF TOTAL ACQUISITION DIVIDEND ALLOCATION) 24.60% 27.71% 26.76% 26.33% #35,157,410 #48,633,850 #50,368,950 #52,563,028 SHARES SHARES 54.51% S
Slide 18: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION In CZK ‘000 6M 2024 6M 2023 Operating profit 898,774 924,719 Depreciation and amortization 560,821 373,433 EBITDA 1,459,595 1,298,152 ESOP related costs 382,185 161,179 M&A costs1 962 4,865 S&B inventory step up 110,000 - S&B commodity hedging 28,016 - Adjusted EBITDA
Slide 19: Adjusted Net Profit Reconciliation
ADJUSTED NET PROFIT RECONCILIATION In CZK ‘000 6M 2024 6M 2023 Earnings before tax 794,788 1,352,073 Tax expenses (185,170) (350,459) Net income 609,618 1,001,614 Earn-out revaluation - 26,818 ESOP related costs 382,185 161,179 M&A costs1 962 4,865 S&B inventory step up 110,000 - S&B commodity hedgi
Slide 20: Consolidated Profit and Loss Statement
CONSOLIDATED PROFIT AND LOSS STATEMENT In ‘000 CZK 30 Jun 2024 30 Jun 2023 Revenues from the sale of own products, goods and services 9,690,015 6,860,236 Other operating income 67,122 51,590 Change in inventories developed internally 217,161 408,960 Own work capitalized 406,861 92,814 Raw materials
Slide 21: Consolidated Balance Sheet 1/2
CONSOLIDATED BALANCE SHEET 1/2 In CZK ‘000 30 Jun 2024 31 Dec 2023 ASSETS Non-current assets Intangible assets 11,016,408 3,413,881 Goodwill 8,177,929 2,547,480 Property, plant and equipment 9,464,243 4,281,449 Advance payment for financial investment - 2,690,040 Equity-accounted securities and inve
Slide 22: Consolidated Balance Sheet 2/2
CONSOLIDATED BALANCE SHEET 2/2 In CZK ‘000 30 Jun 2024 31 Dec 2023 EQUITY AND LIABILITIES Capital and reserves Share capital 5,037 3,516 Share premium 9,970,661 1,942,818 Capital funds 1,641,512 1,641,512 Cash flow hedge reserve 420,376 599,816 Foreign exchange translation reserve (117,160) (142,688
Slide 23: Consolidated Cash Flow Statement
CONSOLIDATED CASH FLOW STATEMENT In ‘000 CZK 30 Jun 2024 30 Jun 2023 Cash flows from principal economic activity (operating activity) Profit from ordinary activity before tax 794,788 1,352,073 Depreciation/amortization of non-current assets 560,821 373,433 Change in allowances and provisions 24,940
Slide 24: Colt CZ Group Structure as of 30/06/2024
COLT CZ GROUP STRUCTURE AS OF 30/06/2024 100% Colt CZ Group SE 291 51 961, Czech Republic 100% 100% 100% 100% 100% 100% 100% 100% 100% Colt CZ Defence Česká zbrojovka Colt CZ Insurance Colt CZ Group swissAA CZG VIB Colt CZ Group Vocatus Investment EHC-4M, Solutions s.r.o. a.s. Limited International
Slide 25: Thank You
THANK YOU Colt CZ Group SE náměstí Republiky 2090/3a 110 00 Prague 1, Czech Republic www.coltczgroup.com info@coltczgroup.com