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Semperit Group Investor Presentation H1 2013

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  • 1. H1 2013 SEMPERIT GROUP INVESTOR PRESENTATION 13 August 2013 1
  • 2. Key Highlights H1 2013: Excellent revenue and earnings growth Investor Presentation I 13 August 2013 I Investor Relations2  Revenue growth of +10.2% to EUR 451.4m in H1 2013  Strong performance and higher profitability in both sectors despite tense environment  Double digit earnings growth: EBITDA +21.9% to EUR 65.8m, EBIT +16.5% to EUR 43.7m Best half-year results despite weak economy Revenue by segments H1 2013 (vs. H1 2012) Sempermed 48% (44%) Semperform 14% (15%) Semper- trans 18% (17%) Semperflex 20% (23%) Europe 62% (60%) Asia, Africa, RoW 16% (15%) North & South America 22% (25%)  Raw material markets with lower prices due to weak demand in H1 2013  First signs of bottoming out by the middle of the year Medical Sector  Unchanged growth of the gloves market (non-cyclical trend)  Price pressure continued due to overcapacities and competition Industrial Sector  Relevant customer industries (energy, construction, engineering) were still influenced by weak economy  Semperit gained market shares and achieved excellent profitability Lower prices for raw materials Economic impact on Semperit Group Revenue by regions H1 2013 (vs. H1 2012)
  • 3. Medical Sector: Global growth primarily based on Latexx Partners integration Investor Presentation I 13 August 2013 I Investor Relations3  Average market growth of 5-7% p.a.  Global demand for nitrile gloves is growing faster than for natural latex gloves  Continued pricing pressure due to excess capacity  Higher sales volumes due to Latexx Partners and generally better sales performance  Sales of examination gloves increased at double-digit rates  Growth in medical as well as non-medical areas (industrial and consumer goods sector)  Sempermed headquarters in Singapore now fully operational  Good demand for surgical gloves in core markets  Overall capacity utilisation in Sempermed above 80% Market Business development Integration of Latexx Partners  Integration of Latexx Partners well proceeding  Delisted in June 2013, remaining shareholders can sell their shares at unchanged conditions until August 30, 2013  Semperit holds a stake of more than 96% (fully diluted, as of 30.06.2013)
  • 4. Industrial Sector: Strong performance despite weak economy Investor Presentation I 13 August 2013 I Investor Relations4  Semperflex performed satisfactorily in a difficult economic environment  Good orders and almost fully utilised capacity in Europe  Gradual recovery in North America and Asia, except China  Hydraulic Hoses: market share and new customers gained despite shrinking markets  Industrial Hoses: higher market shares, first sales in Asia and the USA  Business driven by long-term megatrends and new products  Satisfactory demand but project business slower than H1 2012  EUR 40m investment in Polish plant Belchatow in the next years  Capacities well utilised until Q4 2013 Semperflex Sempertrans  Positive development despite difficult market and negative price effects  Volume growth in almost all business units  Construction profiles with increased market share in Europe  Handrails with expanded ASM market shares in US and Europe Semperform
  • 5. Financial Performance 5
  • 6. H1 2013: Best first half-year in company history Investor Presentation I 13 August 2013 I Investor Relations6 1) Including Corporate Center: costs of EUR 7.8m in H1 2013 (EUR 6.3m in H1 2012) 2) Earnings per share attributable to shareholders of Semperit AG Holding H1 2013 H1 2012 % 218.3 182.2 +19.8% 28.2 18.5 +52.9% 12.9% 10.1% +2.8 pp 17.1 12.3 +39.6% 7.8% 6.7% +1.1 pp in EUR m Revenue EBITDA EBITDA margin EBIT EBIT margin Earnings after tax Earnings per share in EUR2) CAPEX Employees (per reporting date) Medical Sector Industrial Sector H1 2013 H1 2012 % 233.1 227.6 +2.4% 45.1 41.6 +8.6% 19.4% 18.3% +1.1 pp 34.3 31.5 +9.0% 14.7% 13.8% +0.9 pp H1 2013 H1 2012 % 451.4 409.8 +10.2% 65.8 53.9 +21.9% 14.6% 13.2% +1.4 pp 43.7 37.5 +16.5% 9.7% 9.2% +0.5 pp 28.2 23.9 +18.3% 1.36 1.16 +17.3% 19.9 16.7 +18.9% 10,039 8,115 +23.7% Group Total1)
  • 7. Q2 2013: Highlights of a new record quarter Investor Presentation I 13 August 2013 I Investor Relations7 1) Including Corporate Center: costs of EUR 4.5m in Q2 2013 (EUR 4.4m in Q2 2012) 2) Earnings per share attributable to shareholders of Semperit AG Holding Q2 2013 Q2 2012 % 111.6 94.2 +18.4% 16.0 11.9 +33.9% 14.3% 12.7% +1.6 pp 10.0 8.6 +17.0% 9.0% 9.1% -0.1 pp in EUR m Revenue EBITDA EBITDA margin EBIT EBIT margin Earnings after tax Earnings per share in EUR2) CAPEX Employees (per reporting date) Medical Sector Industrial Sector Q2 2013 Q2 2012 % 124.7 113.7 +9.6% 24.9 21.9 +13.3% 19.9% 19.3% +0.6 pp 19.4 16.8 +15.2% 15.6% 14.8% +0.8 pp Q2 2013 Q2 2012 % 236.2 208.0 +13.6% 36.4 29.6 +23.2% 15.4% 14.2% +1.2 pp 24.9 21.0 +18.9% 10.6% 10.1% +0.5 pp 15.8 12.3 +28.5% 0.76 0.60 +27.4% 10.1 8.2 +23.4% 10,039 8,115 +23.7% Group Total1)
  • 8. Medical Sector: Revenue and earnings growth in highly competitive markets Investor Presentation I 13 August 2013 I Investor Relations8 in EUR m H1 2013 H1 2012 % Revenue 218.3 182.2 +19.8% EBITDA 28.2 18.5 +52.9% EBITDA margin 12.9% 10.1% +2.8 pp Depreciation -11.1 -6.2 +79.2% EBIT 17.1 12.3 +39.6% EBIT margin 7.8% 6.7% +1.1 pp H1 2013: stable upward performance  Increase in revenue by 19.8% to EUR 218.3m  Higher sales volumes were partly offset by negative price effects  Significant increase in earnings and margins – driven by Latexx Partners and no adverse operational effects in H1 2013  EBIT impacted by higher depreciation (new capacities in Thailand and consolidation effect of Latexx Partners) and impairment charge of EUR 0.6m on Brazilian customer base  Latexx Partners EPS accretive in H1 2013 Key Financials Sempermed Q2 2013 Q2 2012 % 111.6 94.2 +18.4% 16.0 11.9 +33.9% 14.3% 12.7% +1.6 pp -6.0 -3.4 +76.9% 10.0 8.6 +17.0% 9.0% 9.1% -0.1 pp
  • 9. Industrial Sector: High profitability despite weak market environment Investor Presentation I 13 August 2013 I Investor Relations9 Semperflex Sempertrans Semperform  Revenue down by 5.8% due to weak market environment, especially Asia  Flexible capacity and cost management led to continued high profitability  Nearly unchanged EBITDA margin of 22.9% (H1 2012: 23.2%)  Revenue up by 10.0%: supported by end of strike in India, impacted by lower raw material prices  Strong profit growth and further margin improvement  EBITDA margin increased to 15.2% vs. 11.3% in H1 2012  Revenue and profit growth despite economic headwind  Volume increases were partly offset by negative price effects  EBITDA margin improved to 19.5% vs. 18.7% in H1 2012 in EUR m H1 2013 H1 2012 % Q2 2013 Q2 2012 % Revenue 90.4 96.0 -5.8% 48.0 48.3 -0.5% EBIT 14.8 16.9 -12.5% 7.9 8.7 -10.1% EBIT margin 16.4% 17.6% -1.2 pp 16.4% 18.1% -1.7 pp Strong double-digit margins in all segments in EUR m H1 2013 H1 2012 % Q2 2013 Q2 2012 % Revenue 78.4 71.3 +10.0% 41.2 32.3 +27.4% EBIT 9.8 6.0 +63.0% 5.3 2.8 +91.0% EBIT margin 12.5% 8.4% +4.1 pp 12.8% 8.6% +4.2 pp in EUR m H1 2013 H1 2012 % Q2 2013 Q2 2012 % Revenue 64.3 60.3 +6.6% 35.4 33.1 +6.9% EBIT 9.7 8.5 +13.9% 6.3 5.3 +17.4% EBIT margin 15.1% 14.2% +0.9 pp 17.7% 16.1% +1.6 pp
  • 10. Strong cash flow, still net liquidity, very solid balance sheet Investor Presentation I 13 August 2013 I Investor Relations10 1) excl. non-controlling interests 2) H1 2012 adjusted, see notes of interim report in EUR m H1 2013 H1 20122) % Cash flow from operating activities 52.6 45.9 +14.5% Cash flow from investment activities -35.1 -16.7 +110.7% Cash flow from financing activities -37.8 -17.1 +121.4% Equity ratio above 50% Still net liquidity Increased Cash flow from operating activities in EUR m 30.6.2013 31.12.2012 % 31.3.2013 Cash and cash equivalents 111.9 133.3 -16.1% 145.5 Bank liabilities 107.7 118.5 -9.1% 112.6 Net liquidity 4.2 14.8 -71.7% 32.9 in EUR m 30.6.2013 31.12.2012 % 31.3.2013 Total assets 815.2 824.5 -1.1% 867.4 Equity1) 411.1 406.2 +1.2% 427.7 Equity ratio 50.4% 49.3% +1.1pp 49.3%
  • 11. Outlook 11
  • 12. Outlook Investor Presentation I 13 August 2013 I Investor Relations12 Development of Semperit Group Unchanged targets  Group: Continuation of overall satisfactory demand for all Semperit products – only affected by the usual seasonality in Q3 and Q4  Medical Sector: Further growth through integration of Latexx Partners, additional operational and organisational steps to support growth  Industrial Sector: Continuation of H1 2013 development in all industrial segments despite economic headwinds in most of the relevant markets  CAPEX: About EUR 50m in 2013 includes initial investments for expansion of Sempertrans plant in Poland  No economic rebound expected in general  Slight stimulation of demand in selective markets  Continuation of stable interest rates in the eurozone expected, confidence regarding the development of the Euro  Average double digit growth from 2010-2015 (CAGR)  EBITDA margin of 12 - 15%  EBIT margin of 8 - 11 % Market view
  • 13. Contact and Financial calendar Investor Presentation I 13 August 2013 I Investor Relations13 Investor Relations investor@semperitgroup.com +43 1 79777 - 210 www.semperitgroup.com/en/ir Modecenterstrasse 22 1031 Vienna, Austria Financial calendar 2013 of Semperit November 12, 2013 Report on Q1-3 2013 Financial calendar 2014 of Semperit March 27,2014 Publication of FY 2013 and press conference April 29, 2014 Annual general meeting, Vienna May 6, 2014 Ex-dividend day May 8, 2014 Dividend payment day May 20, 2014 Report on Q1 2014 August 19, 2014 Report on H1 2014 November 18, 2014 Report on Q1-3 2014Disclaimer 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.
  • 14. APPENDIX 14
  • 15. Significant improvements in revenue and earnings Investor Presentation I 13 August 2013 I Investor Relations15 1) 2012 figures adjusted, see notes of interim report Highlights H1 2013  Highest revenue in a first half-year ever (+10.2% compared to H1 2012)  Material costs with a lower increase than revenue due to efficient raw material management  Personnel expenses grew due to rise in employees (esp. Latexx Partners takeover)  Other operating expenses went up in line with higher revenue  Increase in depreciation due to new capacities in Thailand (installed mainly throughout 2012), consolidation of Latexx Partners and an impairment charge of the Brazilian customer base (EUR 0.6m)  Financial Result declined slightly due to higher financial expenses  Tax rate fell slightly from 20.8% to 19.6% in EUR m H1 2013 H1 20121) % Q2 2013 Q2 20121) % Revenue 451.4 409.8 +10.2% 236.2 208.0 +13,6% Other op. Income 12.4 15.5 -20.0% 5.9 6.2 -4.8% Material costs -264.1 -255.2 +3.5% -133.1 -130.6 +1.9% Personell expenses -76.6 -62.7 +22.2% -39.3 -32.7 +20.2% Other op. expenses -68.0 -62.4 +9.0% -35.4 -29.9 +18.4% EBITDA 65.8 53.9 +22.1% 36.4 29.6 +23.0% Depreciation -22.1 -16.4 +34.8% -11.5 -8.6 +33,7% EBIT 43.7 37.5 +16.5% 24.9 21.0 +18.6% Financial Result -7.0 -5.7 +22.8% -4.0 -4.3 -7.0% EBT 36.7 31.8 +15.4% 21.0 16.7 +25.7% Income taxes -8.5 -7.9 +7.6% -5.2 -4.4 +18.2% Earnings after tax 28.2 23.9 +18.0% 15.8 12.3 +28.5% EPS (EUR) 1.36 1.16 +17,2% 0.76 0.60 +26.7% Key Figures Income Statement
  • 16. Continued financial strength Investor Presentation I 13 August 2013 I Investor Relations16 Highlights H1 2013  Balance sheet total declined by 1.1%  Cash and cash equivalents declined from EUR 133m to EUR 112m due to dividend payments, the acquisition of further Latexx Partners-shares and partial repayment of the framework loan  Improved capital structure  Equity ratio (excl. non-controlling interests) of 50.4% vs. 49.3% (12/2012)  Return on equity 13.6% (H1 2012: 12.2%), extrapolated for the full year  Increase in Trade Working Capital from EUR 212m to EUR 222m driven by higher business volume in EUR m 30.6.2013 31.12.2012 % 31.3.2013 Fixed Assets 382.9 391.1 -2.1% 399.0 Inventories 154.2 142.5 +8.2% 159.4 Trade accounts receivable 131.8 120.2 +9.7% 128.7 Current assets incl. def. taxes 146.3 170.8 -14.3% 180.4 ASSETS 815.2 824.5 -1.1% 867.4 Key Figures Balance Sheet in EUR m 30.6.2013 31.12.2012 % 31.3.2013 Equity1) 417.3 428.0 -2.5% 448.2 Liablities from shares 108.0 110.1 -1.9% 121.1 Provisions incl. social capital 63.4 64.8 -2.1% 66.9 Other liablities incl. def. tax 226.5 221.6 -2.2% 231.2 EQUITY & LIABILITIES 815.2 824.5 -1.1% 867.4 1) incl. non-controlling interests
  • 17. Long-term financial facilities established Investor Presentation I 13 August 2013 I Investor Relations17 Highlights  Corporate Schuldschein loan issued in July 2013 (EUR 125m)  Tranches of the corporate Schuldschein loan mature in 2018, 2020 and 2023  Credit facilities in place in Austria (EUR 180m facility), no utilisation as of July 31, 2013  Local credit facilities in Malaysia and the US (in total EUR 16m equivalent) are rolled over regularly Maturity profile of Schuldschein loan as of 31 July 2013 0 10 20 30 40 50 60 70 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 in EUR m