INTERIM REPORT H1/2018

Transcription

1 INTERIM REPORT H1/2018 MIKA VIRTANEN, CEO ILKKA MIETTINEN, CFO 16 AUGUST 2018

2 ROBIT A GENUINE GROWTH COMPANY GROWTH COMPANY ~26% p.a. 19 ~150 Organic and structural growth Sales growth of last 12 years Own sales & service points worldwide Dealers globally 4 MARKET SEGMENTS 6 PRODUCT OFFERING Mining, Construction, Well Drilling, Tunneling Manufacturing plants forming global footprint Top Hammer Down the Hole Digital Services Strong brand strategy Robit Plc - Growth Company 2

3 HIGHLIGHTS H1/2018 PROS CONS Top Hammer business continued strongly with growth of +18% Down the Hole sales development -9% from comparative period Strong growth in EMEA and CIS & East Australasian growth challenging New major production facility in Korea in full use Profitability Operational cash flow NWC requires continuous focus Robit Plc - Growth Company 3

4 RESULTS H1/2018 NET SALES EBITDA EBITDA (adj.) EBITA EBITA (adj.) H1/ ,1 EURm H1/2018-0,9 EURm (-2,2%) H1/2018 0,1 EURm (0,2%) H1/2018-3,2 EURm (-7,4%) H1/2018-2,2 EURm (-5,0%) H1/ ,6 EURm H1/2017 1,3 EURm (3,1%) H1/2017 2,9 EURm (6,8%) H1/2017-0,8 EURm (-1,9%) H1/2017 0,8 EURm (1,8%) Adjustments consist of re-structuring expenses 1,0 EURm in Robit Plc - Growth Company 4

5 NET SALES, EURm 88,2 64,1 30,7 34,0 38,3 45,6 42,6 43, H1/2017 H1/2018 Robit Plc - Growth Company 5

6 REGIONAL SALES DEVELOPMENT H1/2018 Robit sales & service point H1/2017 Net sales M Growth% 16,7 14,7 12,7 7,0 6,6 2,2 2,9 6,1 11,3 5,6-6% +14% +32% -8% -11% AMERICAS EMEA CIS & EAST ASIA AUSTRALASIA Robit Plc - Growth Company 6

7 PROFITABILITY DEVELOPMENT 7,5 ADJUSTMENTS CONSIST OF THE FOLLOWING ITEMS 3,3 3,8 3,4 Restructuring expenses 1,0 EURm EBITA (EURm) 1,9-0,9 0,8-2,2 EBITA WAS ALSO AFFECTED BY Adverse fx-impact Korean new plant ramp-up expenses Competition and ambitious pricing in some markets H1/2017 H1/2018 Robit Plc - Growth Company 7

8 KEY FINANCIALS Equity ratio, % Net interest-bearing debt 40,0 71,5 % 36,9 80,0 % 71% 52,9 % 30,0 60,0 % 47% 45% 58% 57% 55% EURm 20,0 10,0 0,0 6,9 8,4 % 7,7 15,2 % 12,9 40,0 % 20,0 % 0,0 % -10,0-4,1 % -3,9-20,0 % H1/2017 H1/ ,0-30,0 Net debt, EURm -40,0 % -46,1 % -22,1 Net gearing, % -60,0 % H1/ H1/2018 CAPITAL EXPENDITURE 4,1 EURm Korean plant investment was 3,2 EURm. The rest of the investments consist of some other minor capital expenditure. Robit Plc - Growth Company 8

9 CASH FLOW, EURm (NET CASH FROM OPERATING ACTIVITIES) Positive operational cash flow 2,8 2,9 Focus on working capital continues 1,4 0,7 1,1 0,3 0,1-1, H1/2017 H1/2018 Robit Plc - Growth Company 9

10 HUMAN RESOURCES Number of employees at the end of period Age distribution at the end of period Sales & Administration Production H1/2017 H1/2018 below over 60 77% of personnel outside Finland

11 SHARE INFORMATION ,3 (0,4%) EURm SHAREHOLDERS OWN SHARES MARKET CAP NO. MAJOR SHAREHOLDERS PER 29 JUNE 2018 NUMBER OF NOSH IN % OF MKT VALUE SHARES MILLION SHARES (EURM) 1 Five Alliance Oy ,41 20,91 21,60 2 Skandinaviska Enskilda Banken AB (Publ) Helsinki ,51 11,89 12,28 Branch (Nominee Registered) 3 Keskinäinen Työeläkevakuutusyhtiö Varma ,66 7,86 8,12 4 Keskinäinen Työeläkevakuutusyhtiö Elo ,57 7,46 7,71 5 Fondita Nordic Micro Cap Placeringsfond ,41 6,69 6,91 6 OP-Suomi -Sijoitusrahasto ,41 6,68 6,90 7 Sijoitusrahasto Aktia Capital ,01 4,80 4,96 8 Svenska Handelsbanken AB (Publ) Filial Verksamheten i ,00 4,77 4,92 Finland (Nominee Registered) 9 Nordea Bank AB (Publ), Finnish Branch (Nominee ,63 3,00 3,10 Registered) 10 Keskinäinen Eläkevakuutusyhtiö Ilmarinen ,48 2,25 2,33 Top ,57 88,09 91,01 Rest of the shareholders ,51 11,91 12,30 SHARE INFORMATION EUR 5,70 EUR 4,90 20/05/ /06/2018

12 OFFERING HIGHLIGHTS ROTARY BIT SERIES Major global market Robit has a complete tool portfolio EVOLUTION BIT SERIES New generation of Robit Top Hammer bits Positive feedback from customers COMPLETE DRILLING TOOL SOLUTIONS Continuous development of complete drilling tool solutions for especially foundation piling applications Robit Plc - Growth Company 12

13 ROBIT 4.0 GROWTH CONCEPT SALES BRANDING & MARKETING OPERATIONAL EXCELLENCE DIGITAL BUSINESS STRUCTURAL GROWTH Sales growth through implemented distributor concept Executing Robit way of working with distributors One strong brand strategy Robit Parallel brand Halco Offering rationalization and modularization Own automated manufacturing focus on critical items Significant cost saving and increase of products availability Complete solution offering to support sales growth Further testing and development with customers Continued analysis for structural growth via acquisitions Executing best value promise Increased outsourcing Robit Plc - Growth Company Robit Plc - Growth Company 13

14 SHAREHOLDER VALUE CREATION GROWTH PROFITABILITY NET WORKING CAPITAL EFFICIENCY Distribution development is the key Offering coverage Acquisitions Pricing optimization Sourcing initiatives Eye on fixed costs Inventory optimization Continous receivable collection Focus on contract and payment terms

15 PROSPECTS FOR 2018 Restructuring activities made during financial year will improve the company's cost structure during the second half-year. New Korean factory will increase availability. Market demand to remain on a good level. Robit Plc - Growth Company Robit Plc - Growth Company 15

16 Q&A