2016-08-18 presentation h1 2016 13 - semperitgroup.com€¦ · highlights (p.3) outlook (p.14)...

1

SEMPERIT GROUPINVESTOR PRESENTATION H1 2016Thomas Fahnemann, CEOJohannes Schmidt-Schultes, CFO

18 August 2016

Highlights (p. 3)

Outlook (p. 14)

Appendix (p. 17)

Agenda

2

Financial Performance (p. 7)

Investor Presentation H1 2016 I 18 August 2016 I Investor Relations

Stable operational development despite strong headwind

Stable operational development through successful sales activities

Enhanced global presence and satisfying capacity utilisation

Strong performance of Industrial Sector despite declining markets

Medical Sector with weaker performance due to negative impact of Thailand JV, cost increases and price pressure

Slight drop in revenue and stable operational earnings Revenue decreases by -2.7% to EUR 438.7 million EBITDA +4.8% and unchanged EBIT1)

Net profit negatively impacted by higher financial and tax expenses

Strong performance of Industrial Sector largely compensated weaker development of Medical Sector

Revenue by segment H1 2016 (vs. H1 2015)

Sempermed39% (43%)

Semperform18% (16%)

Sempertrans19% (17%)

Semperflex24% (24%)

Europe71% (65%)

Asia, Africa, others11% (13%)

North and South America 18% (22%)

Revenue by region H1 2016 (vs. H1 2015)

1) Values for H1 2015 restated

3 Investor Presentation H1 2016 I 18 August 2016 I Investor Relations

• Satisfactorily booked capacities, despite challenging market environment

• Commodity prices started to stabilise, but weak market demand and price pressure continue

Successfully defending position in incumbent markets and winning market shares in new market segments

Good utilisation of new capacities through strategic alliances with key customers

New industrial hose factory in Odry: first trial production started

Hydraulic hoses: Strong sales performance in Europe and successful launch of new spiral hose

Semperflex: Good performance Sempertrans: Winning market shares

H1 2016 vs. H1 20151)


Sem

perf

lex

Sem

pert

rans

-10%Market

EBIT

EBITDA

Revenue

-10%Market

EBIT

EBITDA

Revenue

-1.5%

+1.2%

+0.1%

+4.7%

+9.8%

+8.1%


Challenging conditions: Global glove market is not absorbing cost increases

Negative impact of Thai JV, but all ICC arbitrations in favor of Semperit up to now

Cost reduction programme started Quality of plant ramp up above expectations,

but slight delay of volume output; start-up costs put pressure on earnings

• Good profitability development due to sales performance and cost control measures

Continuation of integration of Leeser and new extrusion line put into operation

Global market share wins in handrail business lead to strong sales volume

Semperform: Good profitabilitySempermed: Challenging conditions

H1 2016 vs. H1 20151)Se

mpe

rfor

mSe

mpe

rmed

-2%Market

EBIT

EBITDA

Revenue

+5%

-31.7%

-11.4%

Market

EBIT

EBITDA

Revenue


+10.2%

-1.2%

-12.5%


-78.1%

Highlights (p. 3)

Outlook (p. 14)

Appendix (p. 17)

Agenda

6



H1 2016: Slight drop in revenue, stable EBIT

1) Values for H1 2015 restated2) Attributable to the shareholders of Semperit AG Holding

in EUR mH1 2016 H1 20151)

(restated) %

Revenue 438.7 450.8 -2.7%

EBITDA 52.8 50.3 +4.8%

EBIT 36.2 36.2 ±0.0%

Earnings after tax 17.9 25.3 -29.3%

Profitability

EBITDA margin 12.0% 11.2% +0.8 PP

EBIT margin 8.3% 8.0% +0.3 PP

Earnings per share in EUR2) 0.87 1.23 -29.3%

Key Financials Semperit Group1)


Development of revenue and EBIT per quarter

15.2 18.6

21.0 17.6

17.7

12.8

Q1

Q2

Q3

Q4

2016

36.2

20151)

66.7

7.0%

9.0%

7.3%

= EBIT margin

8

20151)

Q2

Q3

Q4

2016

438.7

219.5

219.2

914.7

217.5

233.4

241.3

222.6

Q1

5.8%

Revenue per quarterin EUR m

EBIT per quarterin EUR m

8.5%

8.0%

1) Values for 2015 restated

8.0%


Sempertrans and Semperform with further revenue growth

Semperform

-21.8

Semperflex

450.8

H1 2016

3.7+9.7 millionIndustrial Sector

-1.6

Sempertrans

7.6

H1 2015 Sempermed

438.7

-2.7%

Revenue by segment H1 2015 vs. H1 2016in EUR m

-11.4%

Industrial Sector Medical Sector

-1.5% +4.7% +10.2%

+3.7%

= % change+3.7%


Excellent EBIT margins in Industrial Sector

36.25.00.70.036.2

Sempermed

-4.3

Semperform

-1.5

±0.0%

-0.7 millionIndustrial Sector

H1 2016Corporate Center

SempertransSemperflexH1 20151)

EBIT by segment H1 20151) vs. H1 2016in EUR m

8.3%8.0%

15.9% = EBIT margin

0.7%21.5% 11.7% 12.6%

15.9%




Negative effects on financial result in H1 2016

11

Financial result H1 2015in EUR m

-4.2

-2.6

-11.7

12.9

-2.8

Financialresult

-10.0Interest expenses

-3.5

Financialexpenses incl. FX losses and other expenses

-13.1

Financialincome incl.

FX gains and interest income

9.7

Profit/loss attribu-table to redeem-

able non-con-trolling interests

-3.1

Financial result H1 2016in EUR m


H1 2015: Financial result primarily influenced by FX gains

H1 2016: Negative impact of FX losses (mainly in Q1 2016) and higher borrowing on financial result

Development of financial result

CAPEX and Working Capital Overview

= Trade Working Capital in % of LTM revenues

12.6 11.3

3.1 4.7

7.9

4.1

3.43.4

5.3

-22.5%

Other

Sempermed

SemperformSempertransSemperflex

H1 2016

25.0

1.5

H1 2015

32.3

CAPEX per Segmentin EUR m

Components of Working Capitalin EUR m

17.6%

125.5 134.2

135.7 130.2

-95.8

+5.0%

Trade payables

Trade receivables

Inventories

30 June 2016

168.7

31 Dec 2015

160.6

-100.7

17.6% 18.7%


Highlights (p. 3)

Outlook (p. 14)

Appendix (p. 17)

Agenda

13



Outlook 2016: Challenging market conditions weigh on operational development

Continued moderate economic recovery expected in the industrialised countries

Heterogeneous picture in emerging and developing countries

No signs of stimulation of industry and investments in China, Russia and Eastern Europe

Moderate recovery of the global economy in 2016

No significant changes in market climate compared to previous year Operational results expected to be below prior year due to not satisfying

results of the Medical Sector Risk factors: uncertain outlook for commodity prices and currency risks

Industrial Sector Satisfactory order situation so far,

growing uncertainties, price pressure Focus on entry into new market segments Possible slow-down in some business units

as the year progresses

Medical Sector Focus on commissioning of the new

production capacities in Malaysia and improvements in profitability

Negative impact from joint venture in Thailand likely to continue

Markets put pressure on operational development

Growth targets

Average double-digit volume growth 2015-2020 (CAGR)


Contact and financial calendar

15

Financial Calendar 201617/11/2016 Report on Q1-3 2016

Financial Calendar 201723/3/2017 Publication of 2016 annual financial

statements and press conference26/4/2017 Annual General Meeting2/5/2017 Ex-dividend day4/5/2017 Dividend payment day16/5/2017 Report on Q1 201717/8/2017 Report on H1 201716/11/2017 Report on Q1-3 2017

Investor Relations Semperit GroupStefan Marin, Head of Investor [email protected]+43 1 79777 - 210www.semperitgroup.com/en/irModecenterstrasse 22 1031 Vienna, Austria

DisclaimerThe information provided in this presentation does not constitute an offer for the sale of securities nor an invitation to submitan offer to purchase shares of Semperit AG Holding, but exclusively serves information purposes. Rounding of differences inthe totalling of rounded amounts and percentages may arise from the automatic processing of data.

The forecasts, plans and forward-looking statements contained in this presentation are based on the knowledge andinformation available and the assessments made at the time that this report was prepared. As is true of all forward-lookingstatements, these statements are subject to risk and uncertainties. As a result, the actual events may deviate significantlyfrom these expectations. No liability whatsoever is assumed for the accuracy of projections or for the achievement of plannedtargets or for any other forward-looking statements.


Highlights (p. 3)

Outlook (p. 14)

Appendix (p. 17)

Agenda

16



In EUR m

Revenue

EBITDA

EBITDA margin

EBIT

EBIT margin

Earnings after tax

Earnings per share in EUR3)

Investments

Employees (at reporting date)

Group and Sectors: H1 2016 vs. H1 2015

H1 2016 H1 2015restated2) %

269.0 259.3 +3.7%

52.3 51.1 +2.3%

19.4% 19.7% -0.3 PP

42.7 43.4 -1.7%

15.9% 16.7% -0.8 PP

10.3 16.3 -37.1%

3,570 3,571 ±0.0%


H1 2016 H1 2015restated2) %

169.7 191.5 -11.4%

7.9 11.6 -31.7%

4.7% 6.0% -1.3 PP

1.2 5.5 -78.1%

0.7% 2.9% -2.2 PP

11.3 12.6 -10.0%

3,337 3,630 -8.1%

H1 2016H1 2015restated2)

%

438.7 450.8 -2.7%

52.8 50.3 +4.8%

12.0% 11.2% +0.8 PP

36.2 36.2 ±0.0%

8.3% 8.0% +0.3 PP

17.9 25.3 -29.3%

0.87 1.23 -29.3%

25.0 32.3 -22.5%

7,136 7,311 -2.4%

Semperit Group1)

1) Including Corporate Center (Holding, central functions, special projects): Costs of EUR 4.5m in Q1 2016 (EUR 5.1m in Q1 2015)2) Values for H1 2015 restated 3) Attributable to shareholders of Semperit AG Holding


Semperit Group per quarter

in EUR m FY 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 FY 2015 Q1 2016 Q2 2016

Revenue 858.3 217.5 233.4 241.3 222.6 914.7 219.5 219.2

EBITDA 101.9 21.8 28.5 25.1 20.8 96.2 26.7 26.1

EBITDA margin 11.9% 10,0% 12,2% 10,4% 9,4% 10.5% 12.2% 11.9%

EBIT 63.8 15.2 21,0 17.7 12.8 66.7 18.6 17.6

EBIT margin 7.4% 7,0% 9,0% 7,3% 5,8% 7.3% 8.5% 8.0%

Financial result -11.5 1.0 -5.2 -0.8 -3.0 -8.0 -5.9 -4.1

Earnings after tax 37.8 12.6 12.7 14.7 6.3 46.4 10.1 7.7

Earnings per share in EUR2) 1.85 0.61 0.62 0.72 0.31 2.26 0.49 0.38

Key Financials Semperit Group1)

1) Values for 2014 and 2015 restated2) Attributable to shareholders of Semperit AG Holding


Semperflex and Sempertrans per quarter


Revenue 202.1 55.4 52.5 48.3 47.1 203.4 52.8 53.6

EBITDA 48.5 13.6 13.3 11.0 8.3 46.1 13.3 13.9

EBITDA margin 24.0% 24.6% 25.3% 22.7% 17.6% 22.7% 25.2% 26.0%

EBIT 36.8 11.6 11.3 9.0 6.3 38.2 11.1 11.8

EBIT margin 18.2% 21.0% 21.5% 18.6% 13.4% 18.8% 21.1% 22.0%

Key Financials Semperflex1)

Key Financials Sempertrans1)


Revenue 146.4 38.9 39.0 43.9 43.1 164.9 42.6 38.9

EBITDA 20.9 4.7 5.7 6.2 6.5 23.2 5.8 5.7

EBITDA margin 14.3% 12.2% 14.6% 14.1% 15.1% 14.0% 13.6% 14.5%

EBIT 16.8 4.0 4.9 5.4 5.7 19.9 4.8 4.7

EBIT margin 11.5% 10.2% 12.5% 12.2% 13.2% 12.1% 11.3% 12.1%

1) Values for 2014 and 2015 restated


Semperform and Sempermed per quarter

Key Financials Semperform1)

Key Financials Sempermed1)


Revenue 129.0 31.8 41.7 44.0 35.3 152.8 38.2 42.8

EBITDA 18.6 3.7 10.1 7.3 3.2 24.3 6.0 7.7

EBITDA margin 14.5% 11.6% 24.2% 16.7% 9.0% 15.9% 15.6% 17.9%

EBIT 12.7 2.8 8.8 5.9 1.5 19.1 4.3 5.9

EBIT margin 9.9% 8.9% 21.2% 13.4% 4.4% 12.5% 11.2% 13.8%


Revenue 380.8 91.4 100.1 105.1 97.0 393.7 85.9 83.8

EBITDA 33.5 4.8 6.8 7.8 10.0 29.4 6.1 1.8

EBITDA margin 8.8% 5.2% 6.8% 7.5% 10.3% 7.5% 7.0% 2.2%

EBIT 17.6 1.9 3.6 4.9 6.9 17.2 2.9 -1.7

EBIT margin 4.6% 2.1% 3.5% 4.6% 7.1% 4.4% 3.3% -2.0%

1) Values for 2014 and 2015 restated


Conservative financial policy provides for solid balance sheet structure and financial flexibility

Balance sheet structure 30 June 2016

Balance sheet total: EUR 973 m

Equity

Fixedassets

Inventories

Trade receivables

Cash and cash equivalents

Liabilities from redeemable non-controlling interests

Provisions incl. social capital

Other liabilities incl. deferred taxes

Current assets

Corporate Schuldschein loan

Liabilities to banks

Cash and cash equivalents of more than EUR 133m despite investment programme and optimisation of capital structure

Financial liabilities: Syndicated loan facility of EUR 250m Corporate Schuldschein loan of EUR 136m Net debt of EUR 214m

Net debt / EBITDA of 2.16x

Equity ratio of 36.7%

Financial profile as of 30 June 2016

552

130

47

134

72

210

133

136

359

149

Equity & LiabilitiesAssets

24


Key figures consolidated income statement

Key figures income statement

in EUR m Q2 2016 Q2 2015 (restated)1) % H1 2016 H1 2015

(restated)1) %

Revenue 219.2 233.4 -6.1% 438.7 450.8 -2.7%

Changes inventories -2.9 0.9 – -3.8 3.0 –

Own work capitalised 0.9 2.1 -57.9% 2.2 3.1 -28.4%

Other operating income 4.0 4.9 -17.8% 5.7 7.0 -19.5%

Material costs -123.2 -139.5 -11.7% -247.0 -273.3 -9.6%

Personnel expenses -44.5 -42.8 +4.0% -87.9 -83.6 +5.2%

Other operating expenses -28.0 -34.1 -17.8% -57.9 -63.6 -8.9%

Share of profits from joint ventures and associated companies 0.6 3.6 -82.4% 2.8 6.9 -59.1%

EBITDA 26.1 28.5 -8.6% 52.8 50.3 +4.8%

Depreciation -8.4 -7.5 +12.9% -16.5 -14.1 +17.3%

EBIT 17.6 21.0 -16.2% 36.2 36.2 ±0.0%

Financial result -4.1 -5.2 20.2% -10.0 -4.2 >+100%

Earnings before tax 13.5 15.9 -14.9% 26.2 32.0 -18.1%

Income taxes -5.8 -3.1 +84.6% -8.3 -6.7 +23.9%

Earnings after tax 7.7 12.7 -39.2% 17.9 25.3 -29.3%

Earnings per share in EUR2) 0.38 0.62 -39.2% 0.87 1.23 -29.3%

22

1) Values for 2014 and 2015 restated2) Attributable to shareholders of Semperit AG Holding


Balance sheet structure: Assets

in EUR thousand 30/06/2016 31/12/2015ASSETSNon-current assetsIntangible assets 116,169 111,314Tangible assets 294,777 276,630Investments in joint ventures and associated companies

106,567 102,670

Other financial assets 10,926 12,372Other assets 8,557 5,275Deferred taxes 14,593 16,717

551,589 524,978Current assetsInventories 130,235 135,711Trade receivables 134,247 125,519Other financial assets 4,682 2,284Other assets 12,183 16,670Current tax receivables 7,232 6,192Cash and cash equivalents 132,964 126,430

421,543 412,806TOTAL ASSETS 973,132 937,784


Balance sheet structure: Equity and liabilities

EQUITY AND LIABILITIES 30/06/2016 31/12/2015EquityShare capital 21,359 21,359Capital reserves 21,503 21,503Revenue reserves 306,332 317,733Currency translation reserve 7,728 2,664Equity attributable to shareholders of Semperit AG Holding 356,922 363,260Non-controlling interests 1,997 1,924

358,919 365,183Non-current provisions and liabilitiesProvisions for pension and severance payments 44,329 40,775Other provisions 11,268 11,421Liabilities from redeemable non-controlling interests 46,706 44,192Corporate Schuldschein loan 132,644 132,615Liabilities to banks 204,607 162,898Other financial liabilities 1,263 862Other liabilities 814 746Deferred taxes 11,411 11,924

453,042 405,433Current provisions and liabilitiesProvisions for pension and severance payments 2,865 2,866Other provisions 13,412 19,033Corporate Schuldschein loan 3,187 1,481Liabilities to banks 6,063 5,560Trade payables 95,787 100,660Other financial liabilities 17,804 13,762Other liabilities 17,843 19,037Current tax liabilities 4,210 4,769

161,171 167,168EQUITY AND LIABILITIES 973,132 937,784

in EUR thousand


Key figures 2010 – 2015

Key performance figures

in EUR m 20101) 20111) 2012 2013 20143) 20153)

Revenue 689.4 820.0 828.6 906.3 858.3 914.7EBITDA 112.3 110.0 108.7 132.5 101.9 96.2EBITDA margin 16.3% 13.4% 13.1% 14.6% 11.9% 10.5%EBIT 82.3 80.4 72.5 87.8 63.8 66.7EBIT margin 11.9% 9.8% 8.8% 9.7% 7.4% 7.3%Earnings after tax 45.4 51.8 46.2 54.9 37.8 46.4Earnings per share (EPS)2), in EUR 2.21 2.52 2.25 2.65 1.85 2.26Gross cash flow 91.0 89.4 85.6 116.2 89.9 55.7Return on equity 12.9% 13.6% 11.4% 13.3% 8.6% 12.8%

Balance sheet key figures

in EUR m 20101) 20111) 2012 2013 20143) 2015Balance sheet total 593.5 616.7 824.5 852.1 826.3 937.8Equity2) 351.1 379.4 406.2 411.5 443.8 363.3Equity ratio 59.2% 61.5% 49.3% 48.3% 53.7% 38.7%Investments in tangible and intangible assets 52.5 45.1 41.2 49.7 67.4 71.8

Employees (at balance sheet date) 7,019 8,025 9,577 10,276 6,888 7,053

1) Values for 2011 restated (see Annual Report 2012, Notes 2.18), Values for 2010 not restated.2) Attributable to the shareholders of Semperit AG Holding3) Values for 2014 and 2015 restated


2016-08-18 presentation h1 2016 13 - semperitgroup.com€¦ · highlights (p.3) outlook (p.14)...

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