Investor Presentation FY 2013

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Investor Presentation FY 2013

  1. 1. 1 SEMPERIT GROUP INVESTOR PRESENTATION FY 2013 27 March 2014
  2. 2. Key Highlights Operational Development Financial Performance Outlook Agenda 2 Investor Presentation I 27 March 2014 I Investor Relations
  3. 3. Excellent financial year 2013 3  Growth and high profitability in a difficult economic environment  Revenue up +9.4% to EUR 906.3m in 2013 (2012: EUR 828.6m)  Record levels for EBITDA (EUR 132.5m) and EBIT (EUR 87.8m)  Proposed dividend: EUR 0.90 basic dividend/share (2012: EUR 0.80) + one-time EUR 0.30 anniversary bonus/share Best year in the history of Semperit  Latexx Partners successfully integrated within one year  Sales and marketing activities stepped up in all segments worldwide  Successful introduction of new products  Winning strategic customers and expansion of market shares  Active strategic raw material management and rigorous cost discipline take effect Success through implementation of strategic growth projects Investor Presentation I 27 March 2014 I Investor Relations
  4. 4. Market environment: weak economic environment 2013 4  Unchanged strained economic environment  Medical Sector largely independent of economic cycles  Industrial Sector: customers predominantly influenced by weak economic development Difficult macroeconomic environment 2013  Weak demand leads to further price decreases for the most important raw materials  Semperit takes advantage of the price situation with strategic raw material management Declining raw material prices Investor Presentation I 27 March 2014 I Investor Relations GDP Growth in % 1.6% 1.8% 9.3% -0.2% 2.7% 7.8% 0.0% 1.8% 7.7% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% EU USA China 2011 2012 2013 Source: World Bank, European Commission
  5. 5. Key Highlights Operational Development Financial Performance Outlook Agenda 5 Investor Presentation I 27 March 2014 I Investor Relations
  6. 6.  Population increase to 9.6 billion people by 2050 (2013: 7.2 billion).1)  Growing prosperity in emerging markets.  Improved hygiene standards in the emerging markets.  Increasing life expectancy and shift in age pyramid in industrialised nations. Medical Sector: Megatrends as long-term growth drivers 6 Growth market healthcare 1) UNO Consumption of examination gloves per capita and year in units 150 - 160 60 - 70 25 - 30 10 - 20 USA Europe Latin America Asia Source: Semperit Investor Presentation I 27 March 2014 I Investor Relations
  7. 7. Sempermed 2013: Global Growth 7  Successful integration of Latexx Partners enables growth  Sempermed headquarters in Singapore has proven successful  Sempermed grows faster than the market  Capacity utilisation of production facilities above 80%  Examination gloves with strong demand in Europe and the USA  Strong development of application areas industrial and consumer goods Business Development Investor Presentation I 27 March 2014 I Investor Relations
  8. 8. Industrial Sector Megatrends as long-term growth drivers 8 Urbanisation, energy consumption & expansion of infrastructure drive growth  Energy and raw material requirements Semperflex SemperformSempertrans  Infrastructure and industrialisation  Urbanisation and mobility 2 3 4 5 6 2000 2005 2010 2015 2020 2025 Coal Oil Gas Regional demand for construction machinery (in USD bn) Global construction markets until 2025 (in USD bn) Global demand for primary energy sources (in bn tonnes) 8.8 15.0 5 10 15 20 2012 2025 Source: www.statista.com Source: Wood Mackenzie, IEA (International Energy Agency) Source: Global Construction 2025 +70% 34.7 25.8 20.8 4.5 4.6 43.9 39.4 24.5 8.0 6.1 China North America Europe India Latin America 2011 2015 Investor Presentation I 27 March 2014 I Investor Relations
  9. 9. Semperflex 2013: Market share gains in Europe and Asia 9  Growth despite weak economy  Increased internationalisation and sales campaign successful  Optimal use of market consolidation to win new customers  Hydraulic hoses: strong business in Europe and recovery in the USA  Industrial hoses: expansion of the leading market position in Europe and first strategic steps in the USA and Asia Business Development Investor Presentation I 27 March 2014 I Investor Relations
  10. 10. Sempertrans 2013: New strategy and the right products prove successful 10  Very good development confirms sustainable turnaround  Internationalisation with increased sales activities in South America, Asia and Africa continued  Major contracts for a new energy-saving conveyor belt with German energy company RWE and in Poland  Very good capacity utilisation and start of capacity expansion in Bełchatów/Poland Business Development Investor Presentation I 27 March 2014 I Investor Relations
  11. 11. Semperform 2013: Filling attractive growth niches 11  Double-digit volume growth in relevant market niches  Sales and marketing activities strengthened further  Expansion of market shares in building profiles, industrial moulded parts and handrails  Production capacities fully utilised Business Development Investor Presentation I 27 March 2014 I Investor Relations
  12. 12. Key Highlights Operational Development Financial Performance Outlook Agenda 12 Investor Presentation I 27 March 2014 I Investor Relations
  13. 13. Best financial year in company history 13 2013 2012 % 434.9 383.5 +13.4% 58.7 41.5 +41.2% 13.5% 10.8% +2.7 pp 36.6 27.6 +32.7% 8.4% 7.2% +1.2 pp in EUR m Revenue EBITDA EBITDA margin EBIT EBIT margin Earnings after tax Earnings per share in EUR2) CAPEX Employees (at reporting date) Medical Sector Industrial Sector 2013 2012 % 471.5 445.1 +5.9% 90.1 80.2 +12.4% 19.1% 18.0% +1.1 pp 67.7 58.2 +16.3% 14.4% 13.1% +1.3 pp 2013 2012 % 906.3 828.6 +9.4% 132.5 108.7 +21.9% 14.6% 13.1% +1.5 pp 87.8 72.5 +21.1% 9.7% 8.8% +0.9 pp 54.9 46.2 +18.8% 2.65 2.25 +17.8% 49.7 41.2 +20.6% 10,276 9,577 +7.3% Semperit Group1) 1) Including Corporate Center: costs of EUR 16.6m in 2013 (EUR 13.4 m in 2012) 2) Attributable to the shareholders of Semperit AG Holding Investor Presentation I 27 March 2014 I Investor Relations
  14. 14. Medical Sector: Significant increases in revenue and earnings 14 2013 2012 Change Revenue in EUR m 434.9 383.5 +13.4% EBITDA1) 58.7 41.5 +41.2% EBITDA margin 13.5% 10.8% +2.7 pp Depreciation -22.0 -13.9 +58.2% EBIT 36.6 27.6 +32.7% EBIT margin 8.4% 7.2% +1.2 pp Significant improvement of profitability • Growth in sales and revenue • Negative price effect due to low raw material costs • Increase in earnings due to improvements in sales management and strict cost management • Depreciation related to growth has negative effect on EBIT Key Financials Sempermed Investor Presentation I 27 March 2014 I Investor Relations Sales of examination gloves in billion units + 31% 10.6 11.2 11.5 12.3 13.5 17.7 0 5 10 15 20 2008 2009 2010 2011 2012 2013
  15. 15. Industrial Sector Growth and high profitability in all segments 15 Semperflex Sempertrans Semperform  Volume growth through implementation of strategic customer initiatives  Efficient raw material purchasing and anticipating production planning  Focus on more profitable steel- reinforced conveyor belts  Volume growth and full utilisation of European plants  Increased volume due to strong sales performance  High capacity utilisation, active procurement and pricing policy, lean cost management in EUR m 2013 2012 Change (%) Revenue 186.1 180.6 +3.1% EBIT 29.7 27.6 +7.6% EBIT margin 16.0% 15.3% +0.7 pp Double-digit margins in all segments despite weak economy in EUR m 2013 2012 Change (%) Revenue 154.5 143.8 +7.5% EBIT 19.4 16.0 +21.3% EBIT margin 12.5% 11.1% +1.4 pp in EUR m 2013 2012 Change (%) Revenue 130.8 120.7 +8.4% EBIT 18.6 14.6 +27.3% EBIT margin 14.2% 12.1% +2.1 pp Investor Presentation I 27 March 2014 I Investor Relations
  16. 16. Excellent cash position and high internal financing capability 16 Cash flow in EUR m  Cash flow from operating activities up 29% to EUR 137.2m  Cash flow from investing activities at EUR -47.8m after EUR -151.6m in 2012 (Acquisition of Latexx Partners in 2012)  Cash flow from financing activities amounting to EUR -32.4m (2012: EUR 80.7m) was characterised by:  Issue of Corporate Schuldschein loan  Repayment of credit lines  Dividend payments  Increase in shareholding in Latexx Partners from 85% to 98%  Cash and cash equivalents rise by 37% to EUR 182.6m (2012: EUR 133.3m). Highlights 2013 Investor Presentation I 27 March 2014 I Investor Relations 133.3 -7.7 182.6 Currency effects Other Items -10.7 Latexx Partners -19.5 CAPEX Dividend -16.5 Repayment of credits -108,4 Corp. Schuldschein loan +124,6 -49,6 Working capital +21.0 Cash flow from results +116,2 Cash and cash equivalents 1.1.2013 Cash and cash equivalents 31.12.2013 +116.2 -108.4 +124.6 -49.6
  17. 17. Excellent financial stability 17 in EUR m 2013 2012 Change Balance sheet total 852.1 824.5 +3.4% Equity1) 411.5 406.2 +1.3% Equity ratio 48.3% 49.3% -1.0 pp in EUR m 2013 2012 Change Cash and cash equivalents 31.12. 182.6 133.3 +36.9% Liabilities to banks and Schuldscheindarlehen 139.3 118.5 +20.8m Net liquidity 43.3 14.8 +28.5m 2013 2012 Change Dividend proposal (EUR) 0.90 + 0.30 0.80 +50.0% Payout ratio2) 33.9% 35.6% -1.7 pp Total amount (EUR m) 24.7 16.5 +50.0% High equity ratio Net liquidity almost tripled Higher basic dividend and bonus 1) Attributable to the shareholders of Semperit AG Holding 2) In relation to basic dividend (in relation to total dividend of EUR 1.2 /share: 45.2%). The calculation of the payout ratio is based on earnings after tax. . Investor Presentation I 27 March 2014 I Investor Relations
  18. 18. Investments in further growth 18 CAPEX 2013 Projects 2014  CAPEX of approx. EUR 50-60m planned  Focus on capacity expansion in Poland/Bełchatów (start of construction 2013) and Czech Republic/ Odry (start of construction 2014)  CAPEX of EUR 49.7m (2012: 41.2m)  Replacement and expansion investments in Thailand, Malaysia, Poland, Czech Republic, Hungary and Austria Investment volume EUR 40m Investment volume EUR 10m Investor Presentation I 27 March 2014 I Investor Relations CAPEX and depreciation 2011-2013 in EUR m 45.1 41.2 49.7 29.7 36.2 44.7 0 20 40 60 2011 2012 2013 Investments Depreciation
  19. 19. Performance of the Semperit share 19 Semperit share vs. ATX 2013 in EUR m Key figures Semperit share 26 28 30 32 34 36 38 40 Jan Feb March April May June July Aug Sep Oct Nov Dec 2013 ATX +6.1% Semperit +14.8% Key figures 2013 2012 Share price at 31.12. in EUR 36.00 31.36 Lowest price in EUR 26.86 26.65 Highest price in EUR 38.22 33.90 Market capitalisation at 31.12. in EUR m 740.6 645.2 Price/earnings ratio 13.6 13.9 Earnings per share in EUR 2.65 2.25 Dividend per share in EUR 0.90 0.80 Dividend payout ratio basic dividend 33.9% 35.6% Anniversary bonus in EUR 0.30 – Dividend payout ratio incl. anniversary bonus 45.2% 35.6% Investor Presentation I 27 March 2014 I Investor Relations
  20. 20. Key Highlights Operational Development Financial Performance Outlook Agenda 20 Investor Presentation I 27 March 2014 I Investor Relations
  21. 21. Outlook 2014: Focus on capacity expansion and organic growth 21 Satisfactory development of the Semperit Group expected Unchanged growth targets  Continuation of today’s good order situation  Currently high capacity utilisation – expansions will be available as of the first half of 2015  Satisfactory development of revenue and earnings expected  CAPEX of roughly EUR 50-60 million with a focus on capacity expansion in Poland and the Czech Republic  No significant growth impulses expected on the economy side  Raw material prices at historic low – no further decline to be expected  Double-digit average revenue growth 2010-2015 (CAGR)  EBITDA margin of 12 - 15%  EBIT margin of 8 - 11% Largely unchanged market environment Investor Presentation I 27 March 2014 I Investor Relations
  22. 22. 22 SEMPERIT GROUP INVESTOR PRESENTATION FY 2013 27 March 2014
  23. 23. Contact and Financial Calendar 23 Investor Presentation I 27 March 2014 I Investor Relations Investor Relations investor@semperitgroup.com +43 1 79777 - 210 www.semperitgroup.com/en/ir Modecenterstrasse 22 1031 Vienna, Austria Financial calendar 2014 of Semperit 29 April 2014 Annual general meeting, Vienna 6 May 2014 Ex-dividend day 8 May 2014 Dividend payment day 20 May 2014 Report on Q1 2014 19 August 2014 Report on H1 2014 18 November 2014 Report on Q1-3 2014 Disclaimer The information provided in this presentation does not constitute an offer for the sale of securities nor an invitation to submit an offer to purchase shares of Semperit AG Holding, but exclusively serves information purposes. The forecasts, plans and forward-looking statements contained in this report are based on the knowledge and information available and the assessments made at the time that this report was prepared. As is true of all forward-looking statements, these statements are subject to risk and uncertainties. As a result, the actual events may deviate significantly from these expectations. No liability whatsoever is assumed for the accuracy of projections or for the achievement of planned targets or for any other forward-looking statements.
  24. 24. Key Highlights Operational Development Financial Performance Outlook Agenda 24 Appendix Investor Presentation I 27 March 2014 I Investor Relations
  25. 25. Income Statement 25  Underproportional increase in material costs due to active raw material management and lower raw material prices  Increase in personnel expenses due to higher number of employees (esp. Latexx Partners)  Higher other operating expenses due to higher maintenance costs, outgoing freight and strategic projects  Higher depreciation due to growth (new capacities in Surat Thani, Latexx Partners)  Tax rate rises from 16.7% to 18.7%  Higher basic dividend (EUR 0.90/share) + one- time anniversary bonus (EUR 0.30/share) result in a payout ratio of 45.2% in EUR m 2013 2012 Change Revenue 906.3 828.6 +9.4% Changes in inventories 9.4 --1.9 - Own work capitalised 1.0 1.6 -39.3% Other operating income 24.4 32.8 -25.6% Material costs -510.7 -501.0 +1.9% Personnel expenses -152.8 -127.4 +19.9% Other operating expenses -145.8 -124.1 +17.4% EBITDA 132.5 108.7 +21.9% Depreciation and amortisation -44.7 -36.2 +23.6% EBIT 87.8 72.5 +21.1% Financial result -16.9 -14.0 +20.1% EBT 70.9 58.5 +21.3% Income taxes -16.0 -12.2 +30.9% Earnings after tax 54.9 46.2 +18.8% EPS (EUR) 2.65 2.25 +17.8% DPS (EUR) 1.20 0.80 +50.0% Key figures income statement 2013 vs. 2012 Highlights 2013
  26. 26. Solid balance sheet structure 26 in EUR m 2013 2012 Change Assets 372.7 391.1 -4.7% Inventories 148.4 142.5 +4.2% Trade receivables 111.2 120.2 -7.4% Other assets incl. deferred taxes 219.7 170.8 +28.7% Total assets 852.1 824.5 +3.4% in EUR m 2013 2012 Change Equity 414.2 428.0 -3.2% Liabilities from redeemable non- controlling interests 102.4 110.1 -7.0% Provisions incl. social capital 73.7 64.8 +13.6% Corporate Schuldschein loan 125.8 0.0 - Liabilities incl. deferred taxes 136.1 221.6 -38.6% Equity & Liabilities 852.1 824.5 +3.4% Highlights 2013Balance sheet indicators 2013 vs. 2012  Balance sheet total increases primarily due to higher cash and cash equivalents (EUR 182.6m)  Property, plant and equipment declines by 4.2% to EUR 256.6m due to depreciation and currency effects  Trade working capital declines from EUR 212.1m to EUR 186.6m  Equity EUR 411.5m (excl. non-controlling interests)  Liabilities increased by EUR 41.5m to EUR 438m, especially due to the Corporate Schuldschein loans. Investor Presentation I 27 March 2014 I Investor Relations

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