COMPANY PRESENTATION SEMPERIT AG HOLDING. Vienna, August 9, 2011

Transcription

1 COMPANY PRESENTATION SEMPERIT AG HOLDING Vienna, August 9,

2 2 HIGHLIGHTS & MARKET ENVIRONMENT

3 Key Highlights: Profit-Oriented Growth Solid growth despite challenging raw material environment Market share gains in strategic growth areas Raw material cost increases effectively passed on to customers Revenue up 23% from prior-year level 14% based on selling price increases 9% from volume growth Operating result (EBIT) +9% Due to active raw material management and flexibility in raw material use Organic growth Sempermed: Start of glove production in Surat Thani, Thailand in April 2011 Semperflex: New Brazilian sales company Groundwork laid for further growth projects 3

4 Challenging Raw Material Situation Natural rubber Q strong demand by car/tire industry Sharp increase in prices Q price decline after overheating Prices level off at mid-year 2011 Synthetic rubber Shortage due to capacities taken off the market 2008/09 Surge in prices as of Q2 Butadiene +88% in H High volatility and quantitative shortage Adjustment of raw material use based on active raw material management in terms of inventory policy and changes in raw material mix Source: Wirtschaftsverband der deutschen Kautschukindustrie e.v. 4

5 5 SEGMENT REPORTING

6 Semperit AG Holding Semperit AG Holdling Revenue EUR million (+22.9%) EBIT EUR 41.8 million (+8.6%) EBIT-Margin 10.3% (-1.4 pp) MEDICAL INDUSTRIAL Revenue EBIT Margin EUR million (+17.4%) EUR 19.4 million (-3.6%) 10.9% (-2.4 pp) Revenue EBIT Margin EUR million (+27.7%) EUR 26.3 million (+44.6%) 11.6% (+1.4 pp) Significant growth at solid profitability 6

7 Revenue increased in all regions Revenue by region Umsatz H nach Regionen Rest of Rest the World der Welt 3% America Amerika 22% Österreich Austria 5% Rest of the World America Asia Rest of Europe EU (excl. Austria) Austria Asia Asien 12% Rest Restliches of Europe Europa 8% EU ohne Österreich 50% EU (excl. Austria) Revenue H Revenue H

8 8 SECTOR MEDICAL

9 Medical: Stable Market Development Steady market development for medical products Safeguarding profitability despite volatile raw material prices Implementation of selling price increases to pass on raw material price hikes Flexibilisation of production based on increased use of synthetic latex during high price phase for natural latex Focus on securing sufficient raw material supplies Slight easing of raw material situation led to improved profit margin in Q2 compared to Q

10 Sempermed 1-6/ /2010 Change 1) Revenue (in EUR million) % EBITDA (in EUR million) % Depreciation and amort. (in EUR million) (5.0) (4.8) +2.6% EBIT (in EUR million) % Investments (in EUR million) % 1) Corresponds to actual percentage change calculated on basis of non-rounded, accurate figures. Revenue of the Sempermed division in EUR million % % Revenue growth mainly due to selling price increases. Only moderate rise in output by using more nitrit 10 Umsatz Revenue H Volumen Preis Price Umsatz Revenue H H H1 2011

11 11 SECTOR INDUSTRIAL

12 Industrial: Strong Market Position for Semperit Good demand in all relevant markets Above-average economic momentum in Q1 Consolidation in Q2 Attractive volume growth, high level of incoming orders Partial success in passing on raw material price increases Revenue Volume Price Revenue H H

13 Semperflex Full capacity utilisation based on ongoing strong order book and dynamic volume growth Excellent order situation for hydraulic hoses until the end of 2011 Rising raw material prices partly passed on to the market via two selling price increases 1-6/ /2010 Change 1) Revenue (in EUR million) % EBITDA (in EUR million) % Depreciation and amort. (in EUR million) (5.2) (5.6) -6.2% EBIT (in EUR million) % Investments (in EUR million) % 1) Corresponds to actual percentage change calculated on basis of non-rounded, accurate figures. 13

14 Semperform Good order and revenue development, increasing sales volumes Gratifying business development for industrial moulded goods and considerable gains for special applications (cable car track support system, ski membranes, sponge rubber) Raw material price hikes could not be passed on in all business segments 1-6/ /2010 Change 1) Revenue (in EUR million) % EBITDA (in EUR million) % Depreciation and amort. (in EUR million) (2.6) (2.8) -8.4% EBIT (in EUR million) % Investments (in EUR million) % 1) Corresponds to actual percentage change calculated on basis of non-rounded, accurate figures. 14

15 Sempertrans Gratifying revenue and earnings development based on good economic development of the mining sector Restructuring and sales relocation measures show effects High capacity utilisation in India and Poland Further expansion of customer base in China 1-6/ /2010 Change 1) Revenue (in EUR million) % EBITDA (in EUR million) n.a. Depreciation and amort. (in EUR million) (1.8) (1.6) +9.8% EBIT (in EUR million) 3.2 (0.2) n.a. Investments (in EUR million) % 1) Corresponds to actual percentage change calculated on basis of non-rounded, accurate figures. 15

16 16 FINANCIALS

17 Semperit AG Holding Key Figures H / /2010 Change 1) Revenue (in EUR million) % EBITDA (in EUR million) % EBIT (in EUR million) % Earnings after tax (in EUR million) % Earnings per share (in EUR) % Return on equity 2) in % 15.0% 13.4% +1.6% 3) Investments (in EUR million) % Employees 4) 7,767 7, % 1) Corresponds to actual percentage change calculated on basis of non-rounded, accurate figures. 2) Calculated on the basis of the full-year projection; 7.5% isolated for H (H1 2010: 6.7%) 3) Percentage points 4) At balance sheet date 1) 17

18 Profit-Oriented Growth Income statement in EUR million 1-6/ /2010 Change 1) Revenue % Operating revenue % Other operating income % Material costs (254.7) (189.6) +34.3% Personnel expenses (59.6) (52.8) +12.8% Other operating expenses (57.1) (55.7) +2.5% EBITDA % Depreciation and amortisation (14.6) (14.9) -1.9% EBIT % Financial results (8.2) (8.1) +0.7% EBT % Income taxes (8.1) (8.4) -3.8% Earnings after tax % 1) Corresponds to actual percentage change calculated on basis of non-rounded, accurate figures. 18

19 Ongoing Strong Balance Sheet Balance sheet in EUR million Change 1) ASSETS Non-current assets % Inventories % Trade receivables % Other current assets and deferred taxes % Balance sheet total % EQUITY AND LIABILITIES Capital and reserves % Liabilities from redeemable non-controlling shares % Provisions incl. social capital % Liabilities incl. deferred taxes % Balance sheet total % 1) Corresponds to actual percentage change calculated on basis of non-rounded, accurate figures. 19

20 High Cash Needs due to Raw Material Management Cash flow in EUR million 1-6/ /2010 Change 1) Gross cash flow % Cash flow from operating activities ) Cash flow from investing activities ) Cash flow from financing activities ) Net increase/decrease in cash and cash equivalents Cash and cash equivalents at the end of the period ) % 1) Corresponds to actual percentage change calculated on basis of non-rounded, accurate figures. 2) Absolute change in EUR million due to negative basis. 20

21 21 STRATEGY

22 Semperit Strategy Overview MEDICAL Stable growth largely cyclically independent INDUSTRIAL Growth close to/above GDP industrial business cycles Growth based on capacity expansion Cost and raw material management Opening up new markets in established regions Extended customer service Active customer management Selective acquisitions Central growth platform for health care Leadership position in clearly-defined industrial segments 22

23 Medical: Expansion of Global Market Position by 2015 Examination gloves Global market share about 8% Production of 11.2 billion pieces Surgical gloves Global market share about 7% Production of 130 million pairs Strategy realisation based on Expansion of existing production facilities Greenfield projects Expanded sales in South America and Asia Securing of raw material supplies Extended customer service Acquisitions Examination gloves Global market share about 12% Production of 23 billion pieces Surgical gloves Global market share about 8% Production of 160 million pairs 23

24 Industrial: Growth in selective industry areas by 2015 Semperflex Good market position in attractive growth environment Semperform Stable position in niche applications Sempertrans 20% market share in Europe, presence in emerging markets Strategic objectives achieved by Capacity expansion Partnerships Expanded sales in China Securing raw material supplies Extended customer service Acquisitions Hydraulic hoses: No. 2 worldwide Industrial hoses: No. 1 in Europe Window profiles: No.1 in Europe Handrails and specialties Secure no. 1 position Cost optimisation for moulded goods Expand global market share to No. 4 or 5 and safeguard Assume profit leadership 24

25 25 OUTLOOK

26 Investments Segment Measure Location Capacity Medical Sempermed Construction of production facility for examination gloves Trang, Thailand Sempermed Completion phase Surat Thani, Thailand Sempermed Joint venture for porcelain dip moulding 3 billion pairs (Option for 4.5 billion) 3 billion pairs (Option for 4.7 billion) as of Malaysia 2013 Industrial Semperflex Expansion of existing plant Thailand up to +15% H Semperflex Expansion of existing plant China up to +15% H Semperflex Expansion of existing plant Czech Rep. approx. +20% H Sempertrans Expansion of existing plant India +30% 2012 Semperform Expansion of existing plant China approx. +15% 2012 Investment volume: Medical: up to EUR 35 million Industrial: EUR 10 million 26

27 Market in H Medical: Good demand, intensified price competition Industrial: Consolidation of demand at a high level Raw materials: Continuing volatility requires active raw material management Changed procurement policy to favour long-term contracts Pro-active inventory policy Flexible raw material use Further selling price adjustments expected in some divisions Productivity and efficiency improvement measures Gratifying capacity utilisation based on full order books Clear revenue growth in entire year 2011 expected compared to 2010 H2 earnings development dependent on raw material price trends 27

28 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. 28