Q Presentation. Flemming H. Tomdrup, Group CEO. 29 November 2012, Danske Bank Markets - Copenhagen Winter Seminar

Transcription

1 Q Presentation Flemming H. Tomdrup, Group CEO 29 November 2012, Danske Bank Markets - Copenhagen Winter Seminar

2 1 Group strategy #1 in Technical Wholesale The results we achieved in Q The results we expect in 2012 and

3 Group strategy #1 in Technical Wholesale We aim at creating operational excellence Enterprises / functions Our strategy will ensure that we as a group: Strengthen our position as one of Northern Europe s leading technical wholesalers within electrical, plumbing and ventilation products, Day-to-day operations Company programmes Local projects Profit more from our business model which offers competitive logistics, product and service solutions, Benefit maximally from daily operations by utilising our employees strong individual skills to create high-performance teams, Are seen by customers as their preferred technical wholesaler, In time become one of the most profitable enterprises within our industry. 3

4 Group strategy #1 in Technical Wholesale Group company programmes Blue Energy Sales Excellence People Development Solar Way Local strategic projects 4

5 Group strategy #1 in Technical Wholesale Strategic direction focuses on three areas Acumen It s all about: Digitalisation Standardisation Simplification Operations People 5

6 Group strategy #1 in Technical Wholesale Go-to-market strategy New markets Solar s business model Service offer Structure Size Characteristics Market segmentation Customer segmentation Customer drivers Product offer Go-to-market strategy Operational objectives KPIs Logistics offer 6

7 Group strategy #1 in Technical Wholesale Short-term financial objectives Financial ratios Period Financial objectives EBITA margin % ROIC excl. amortisation 2015 >14% NWC/revenue LTM 2015 <13% Equity ratio % Gearing (NIBD/EBITDA) x Dividend yield (PAT) % Short-term financial objectives Prerequisites: Average growth exceeding 3% for this period and stabilisation of the Dutch market in Long-term financial objectives EBITA margin of 5-6%. Prerequisites: Average growth exceeding 4%. 7

8 The actual figures and guidance Q Guidance 2012 and

9 Organic growth of -0.1% in Q3 when adjusted for working days - revenue developed as expected Organic growth Q Q % 6% 5% 4% Revenue m Revenue growth % Organic growth % % 2% 1% 0% -1% -2% Q1 Q2 Q3 Q4 FY

10 Strong growth in Denmark due to solar panels The Dutch and German markets are decreasing Market update In Denmark, we saw increased business opportunities within renewable energy and energy efficiency. Our market position in Norway was improved again. Solar Nederland s results were negatively impacted by changes to the customer mix and pricing pressure in the much declining market. Overall, our Dutch enterprises held their market positions. million Revenue Org. growth Denmark % Sweden % Norway % The Netherlands % Other % Group % 10

11 Gross profit margin 0.5% up compared to Q Gross profit margin 22,0% 21,5% 21,0% 20,5% Q Q Revenue m Revenue growth % Organic growth % Gross profit m Gross profit margin ,0% 19,5% Q1 Q2 Q3 Q4 FY Gross profit in Solar Norge went up from 21.0% in Q to 23.2%. Fierce price competition in the Netherlands. Denmark delivered according to plan. 11

12 Normalised EBITA of 13.9m in Q EBITA margin Q Q ,5% 4,1% 3,7% 3,3% Revenue m Revenue growth % Organic growth % ,9% Gross profit m ,5% 5,0% 4,0% 3,0% 2,0% 1,0% 0,0% Q311 COGS EOC Staff Debt. Deprec. Q312 Q1 Q2 Q3 Q4 FY Gross profit margin EBITA m EBITA margin Solar 8000 costs of 1.1m in Q and 1.3m in Q

13 Normalised EBITA of 31.7m in 9M 2012 EBITA margin 9M M ,5% Revenue m 1, , ,3% 2,1% 1,9% Revenue growth % Organic growth % ,7% Gross profit m ,5% 3,0% 2,0% 9M11 COGS EOC Staff Debt. Deprec. 9M12 Gross profit margin EBITA m EBITA margin ,0% 0,0% Q1 H1 9M FY Solar 8000 costs of 5.7m in 9M 2012 and 3.4m in 9M Restructuring costs of 1.0m. 13

14 Gearing unchanged at 2.2 Adjusted for acquisitions in Sep 2011, NWC was 14.7% Net working capital (NWC) Net interest-bearing debt (NIBD) million Acquisition of Vegro and Eltomont Acquisition of operations from Otra Acquisition of enterprises in NL, BE, DE, AU 19% 18% 17% 16% 15% million Acquisition of Vegro and Eltomont Acquisition of enterprises in NL, BE, DE, AU No. times 3,3 3,1 2,9 2,7 2,5 2, % 13% Acquisition of operations from Otra 2,1 1, % 100 1, H112 9M12 NWC NWC/Revenue LTM 11% H112 9M12 NIBD NIBD/EBITDA LTM 1,5 14

15 Guidance 2012: Revenue 1,710m, EBITA 44m 2012 expectations: Expected Solar 8000 implementation costs of approx. 7m and restructuring costs of approx. 2m. We expect low growth. For the year, revenue expectations equal organic growth of approximately 1%. Net working capital at approx. 14% on average. Revenue million E 2013E low Revenue EBITA EBITA million 2013E high

16 Guidance 2013: Revenue 1,720-1,770m, EBITA 42-51m 2013 expectations: Expected Solar 8000 implementation costs of approx. 4m and restructuring costs of approx. 2m. The lower expectation level equals a no-growth scenario, while the upper expectation level equals positive organic growth of some 3%. Net working capital below 14% on average. 16