Starragtornos Group Ag · SIX:STGN
Starragtornos — H1 2024 Earnings Presentation
23 slides from Starragtornos's earnings presentation, Jul 25, 2024
Slide 1: Half-year Results Conference 2024
Half-year Results Conference 2024 Conference call and audio webcast for media, analysts, and investors 1 Thursday, July 25, 2024 – 10:00
Slide 2: Shaping the future of the global metal-cutting machine tool industry
Shaping the future of the global metal-cutting machine tool industry Half-year Results Conference 2024 25-07-2024 2
Slide 3: Agenda
Half-year Results Conference 2024 Agenda 01 Business review Martin Buyle, CEO 02 Financial review Stéphane Pittet, CFO 03 Outlook 2024 Martin Buyle, CEO 25-07-2024 3
Slide 4: Business review
Business review Martin Buyle, CEO Half-year Results Conference 2024 25-07-2024 4
Slide 5: StarragTornos Group records pleasingly stable order intake and temporary decline in sales and EBIT
Half-year Results Conference 2024 StarragTornos Group records pleasingly stable order intake and temporary decline in sales and EBIT • Marked increase in order intake in the Aerospace target market • Promising product launches in both divisions • Successful opening of the new production plant in Tai
Slide 6: Key figures
Half-year Results Conference 2024 Key figures Interim Financial Statements Pro forma3) Unaudited, in CHF 2024 20234) 2023 million1) 01.01. – 30.06. 01.01. – 30.06. Change (%) 01.01. – 30.06. Change (%) Order intake2) 255.5 183.4 39.3% 263.0 -2.9% Net sales 254.9 199.9 27.6% 295.6 -13.8% EBIT2) 9.5 1
Slide 7: Order intake by target markets
Half-year Results Conference 2024 Order intake by target markets 2024 2023 +/-% 01.01. – 30.06. 01.01. – 30.06. Aerospace 41.2 24.7 +66.8% Med Tech & Dental 18.2 24.9 -26.9% Luxury Goods 41.0 64.5 -36.4% Energy 11.5 3.5 +228.6% Transportation 18.7 30.2 -38.1% Industrial 55.6 47.7 +16.6% Total Machin
Slide 8: Order intake by region
Half-year Results Conference 2024 Order intake by region 2024 2023 +/-% 01.01. – 30.06. 01.01. – 30.06. Europe 128.3 135.5 -5.3% Switzerland 32.0 55.9 -42.8% Americas 27.6 20.2 +36.6% Asia 30.3 39.8 -23.9% Total Machines 186.2 195.5 -4.8% Service 69.3 67.6 +2.5% Total 255.5 263.1 -2.9% Pro forma fig
Slide 9: Net sales (machines and service)
Half-year Results Conference 2024 Net sales (machines and service) 2024 2023 +/-% 01.01. – 30.06. 01.01. – 30.06. Machines 191.5 229.2 -16.4% Service 63.4 66.4 -4.5% Total 254.9 295.6 -13.8% Pro forma figures in CHF million (non-audited) 25-07-2024 9
Slide 10: Financial review
Financial review Stéphane Pittet, CFO Half-year Results Conference 2024 25-07-2024 10
Slide 11: At a glance – 5-year comparison
Half-year Results Conference 2024 At a glance – 5-year comparison Order intake Order backlog Net sales EBIT 565 395 499 583 590 464 529 341 350 315 400 46,4 201 255 291 255 29,6 12,1 9,5 2.6% 5.9% 8.2% 3.7% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 202
Slide 12: Order backlog ensures capacity utilization
Half-year Results Conference 2024 Order backlog ensures capacity utilization Order intake H2 Order intake H1 Order backlog 583 590 529 • Order intake 2024: Contrasted situation, with areas overperforming (e.g. Aerospace), 288 and others affected by the 329 economical downturn (e.g. 266 Luxury Goods)
Slide 13: Shortfall in sales in 2024 -13.8%, foreign currency adjusted -12.6%
Half-year Results Conference 2024 Shortfall in sales in 2024 -13.8%, foreign currency adjusted -12.6% Net sales -13.8% 296 37 255 3 • Order entry overweighted in areas with long production cycles affects the sales in the short term • Limited impact of currency evolution in the first half year 2023 H
Slide 14: Income statement
Half-year Results Conference 2024 Income statement Revenues Expenses 296 296 • Although sales are decreasing 255 255 by 13.8%, the gross margin in -18.9% percent has slightly increased 133 Net sales 108 Material/inventory • Saving measures only change 0.3% marginally impact the first half Personnel
Slide 15: Balance sheet: Strong financial base
Half-year Results Conference 2024 Balance sheet: Strong financial base Assets Liabilities 60 33 94 65 • Net debt evolution of CHF +36 Cash million related to the sharp 132 Receivables 114 increase in working capital 166 Inventories 151 • Part of the increase linked to Fixed assets finished products,
Slide 16: EBIT bridge
Half-year Results Conference 2024 EBIT bridge 23,4 The EBIT is influenced by two extraordinary impacts: • The methodology for the calculation of the depreciation on the inventory has been updated 17,9 with a positive impact of CHF 4.9 million 0.3 0.4 0.4 9,5 • In relation with the merger, we 2,5 2,7
Slide 17: Free cashflow
Half-year Results Conference 2024 Free cashflow 6,6 6,1 • Operating cash flow strongly affected by the increase in 46.8 working capital • Trend to be reverted in the second half of 0.6 1.2 -33,5 the year 9.1 0.1 -42,5 Net profit Depreciation Change in Long-term Other Operating Invest- Disinvest- Fre
Slide 18: In a nutshell
Half-year Results Conference 2024 In a nutshell • Very good resistance in the order intake (-2.9% pro forma) • Reduction in net sales (-13.8% pro forma) and EBIT (-59.3% pro forma) • Extraordinary impacts of CHF +4.9 million related to the calculation of inventory and CHF -2.9 million related to the
Slide 19: Outlook 2024
Outlook 2024 Martin Buyle, CEO Half-year Results Conference 2024 25-07-2024 19
Slide 20: Outlook 2024
Half-year Results Conference 2024 Outlook 2024 • Specific forecasts remain challenging due to unpredictable global economic developments • Weakening demand in some target markets is expected to persist until the end of the year • Order intake in the 2024 financial year is expected to be comparable t
Slide 21: Corporate calendar
Half-year Results Conference 2024 Corporate calendar • January 30, 2025 Order intake and net sales 2024 • March 14, 2025 Annual Report 2024 / Media and analyst conference, Zurich • April 17, 2025 Annual General Meeting, Rorschach Martin Buyle, CEO Stéphane Pittet, CFO www.starragtornos.com 25-07-202
Slide 22: Thank you for your attention
-L -StarragTornos Thank you for your attention
Slide 23: Disclaimer
Disclaimer The contents of this document, including all statements made therein, are based on estimates, assumptions and other information currently available to the management of StarragTornos Group. This document contains certain statements related to the future business and financial performance