METALL ZUG AG - WELCOME
Investor Presentation - March 11, 2024
Matthias Rey, CEO
Urs Scherrer, CFO
Bettine Killmer, Head of Corporate Communications & IR
Investor Presentation - March 11, 2024 | 1 |
METALL ZUG GROUP
WHAT WE PLANNED AND WHAT WE ACHIEVED 2023
Others
- Maintain Gross Profit margin despite inflationary environment and price pressure on input side
- Efficiency improvements in operations through further automation
- R&D push: Further development of microscopy (analogue and digital), renewal of Octopus 910 and further development of Eyestar 900
- Compensate pressure on material, freight and labor prices with higher sales prices
- Further increase the share of recurring revenues (service, consumables), integration of Amity products in the Belimed Protect portfolio
- Assess inorganic growth opportunities and further strategic alliances
- Selection of winning project refActory
- Start construction of SHL-Südtor
- Conclude final agreement and define construction plan for project CreaTower I
- Create sustainable positive single digit EBIT margin
- Strengthen strategic focus of Gehrig Group
Investor Presentation - March 11, 2024 | 2 |
METALL ZUG GROUP
CONTENT
- Group Financial Report 2023
- Business Units
- Infection Control
- Joint Venture with Miele
- Medical Devices
- Others
- Technologycluster & Infrastructure
- Sustainability @ Metall Zug
- Metall Zug Group - Outlook 2024
- Information for Investors
Investor Presentation - March 11, 2024 | 3 |
GROUP FINANCIAL REPORT FY 2023
METALL ZUG GROUP
OVERVIEW FY 2023
- Group net sales of CHF 494.7 million (FY 22: CHF 645.9 million; CHF 487.0 excl. Schleuniger), organic sales increase 6.4%
- Negative FX effect of CHF -16.3 million (-3.3%), acquisition- & divestment effect of CHF -7.1 million (-1.5%)
- Infection Control: Organic sales growth of 3.6% mainly due to high order backlog at the end of 2022 and growth in Service and Consumables Business
- Medical Devices: Significantly lower sales as a result of challenges in the US market, mainly due to destocking on distributors side resulting in low order entry
- Belimed Life Science: Strong sales growth of 58.6% in 2023
- Gehrig Group: Slightly higher sales mainly due to Service Business
- Operating result (EBIT) of CHF 13.8 million (FY 22: CHF 135.9 million; CHF 25.5 million excl. Schleuniger)
- Infection Control: Negative EBIT mainly due to negative FX effect and due to inflation-related wage increases and higher costs in R&D
- Medical Devices: Sharp decrease in EBIT as a result of lower net sales and increased investments in R&D
- Belimed Life Science: EBIT above 2022 and back in profit zone
- Gehrig Group: Negative EBIT as a result of increased costs
- Net result of CHF 26.7 million (FY 22: CHF 137.3 million)
Investor Presentation - March 11, 2024 | 5 |
GROUP FINANCIAL REPORT
INCOME STATEMENT
2022 excl. | 2022 | |||||
Schleuniger | ||||||
CHF million | 2023 | in % (pro-forma)* | in % | (reported) | Comment | |
Net sales | 494.7 | 100.0 | 487.0 | 100.0 | 645.9 | |
Cost of Goods and Services sold | -343.1 | -69.3 | -324.1 | -66.6 | -419.2 |
Gross profit | 151.7 | 30.7 | 162.9 | 33.4 | 226.7 | ||||
Maketing and sales expenses | -56.7 | -11.5 | -56.9 | -11.7 | -73.7 | ||||
Research and development expenses | -41.0 | -8.3 | -37.9 | -7.8 | -54.6 | ||||
Administration expenses | -53.8 | -10.9 | -52.2 | -10.7 | -65.6 | ||||
Other operating income | 13.5 | 2.7 | 15.1 | 3.1 | 109.1 | ||||
Other operating expenses | 0.1 | 0.0 | -5.5 | -1.1 | -6.0 |
2022: Includes deconsolidation impact of Schleuniger of CHF 89.7 million
2023: Includes CHF 2.1 million income from release of provision from disposal of UK pension plan
2022: Includes CHF -4.9 million expense related to UK pension plan
Operating result (EBIT) | 13.8 | 2.8 | 25.5 | 5.2 | 135.9 | ||||||||
Financial result | 17.9 | 3.6 | 19.5 | 4.0 | 8.7 | 2023: Includes result from associated companies of CHF 17.0 | |||||||
million (2022: CHF 10.2 million) | |||||||||||||
Result before taxes | 31.7 | 6.4 | 45.0 | 9.2 | 144.6 | ||||||||
Taxes | -5.0 | -1.0 | -4.7 | -1.0 | -7.3 | ||||||||
Net result | 26.7 | 5.4 | 40.3 | 8.3 | 137.3 | ||||||||
Thereof attributable to: | |||||||||||||
- Shareholders of Metall Zug AG | 22.2 | 33.0 | 130.0 | ||||||||||
- Non-controlling interest holders | 4.5 | 7.3 | 7.3 | ||||||||||
* To ensure comparability, the 2022 pro-forma figures are presented as if the merger between Schleuniger and Komax had already taken place on January 1, 2022. | |||||||||||||
Investor Presentation - March 11, 2024 | 6 |
GROUP FINANCIAL REPORT
ASSOCIATED COMPANIES
In CHF million | |||
FY 2023 | Komax | V-ZUG | Total |
Pro rata net result | 14.3 | 4.3 | 18.6 |
Adjustment to previous year's | |||
actual result | -0.4 | -1.2 | -1.6 |
Total result | 13.9 | 3.1 | 17.0 |
Book value (proportional equity) | 107.7 | 141.3 | 249.0 |
Market value (share price as of December 31) | 257.3 | 126.2 | 383.5 |
FY 2022 | Komax | V-ZUG | Total |
Pro rata net result | 5.8 | 3.6 | 9.4 |
Adjustment to previous year's | |||
actual result | n/a | 0.5 | 0.5 |
Total result | 5.8 | 4.1 | 9.9 |
Book value (proportional equity) | 105.0 | 139.6 | 244.6 |
Market value (share price as of December 31) | 330.5 | 177.2 | 507.7 |
Investor Presentation - March 11, 2024 | 7 |
GROUP FINANCIAL REPORT
NET SALES FY 23
by Business Unit | by region |
Asia/Pacific/Others |
15%
(17%)
Medical Devices
38%
(46%)
Others
24%
(17%)
Americas
35%
(41%)
Infection Control
38%
(37%)
Switzerland
17%
(12%)
Europe w/o
Switzerland
33%
(30%)
(Previous year's values in brackets - excluding Wire Processing)
Investor Presentation - March 11, 2024 | 8 |
GROUP FINANCIAL REPORT
NET SALES ANALYSIS
ORGANIC GROWTH | EXTERNAL | FX | GROUP | REPORTED |
Net sales in CHF million
Investor Presentation - March 11, 2024 | 9 |
GROUP FINANCIAL REPORT
OPERATING RESULT (EBIT) ANALYSIS
OPERATIONAL (BUs) | EXTERNAL | GROUP | REPORTED |
EBIT in CHF million
Investor Presentation - March 11, 2024 | 10 |