IR presentation. for 3. quarter 2015

Transcription

1 IR presentation for 3. quarter 2015 November 6th, 2015

2 Agenda technotrans business model technotrans strategy technotrans finances and outlook technotrans share page 2

3 technotrans group of companies leading system supplier with the core competence of liquid technology customer-specific solutions for temperature control and filtration as well as pumping and spraying technology for/with fluids 112 extensive range of individual services world-wide page 3

4 On five continents anchored Production site (5) Sales/Services (13) Turnover in million E E Seite 4

5 Business model 67% of turnover in employees Technology 33% of turnover in employees Services 3 Business Units: temperature control 70% fluid conditioning 15% ink & fluid technology 15% spare parts services (maintenance, repairs, installations, technical documentation) page 5

6 BU temperature control Industrial chillers Battery cooling Process chillers 19 rack chiller Temperature control unit Dampening solutions page 6

7 BU fluid conditioning Filtration system Water treatment Coolant preparation Separation page 7

8 BU ink & fluid conditioning Ink supply Spraying technology Spray lubrication Spray lubrication page 8

9 Services Installations Spare parts & filter material Repairs Maintenance page 9

10 Technical documentation (gds) A full range of services from one source docuglobe CMS / editing system authordesk author support Research & Development Technical documentation Sprachenwelt Provision of translation Consulting & CE support services page 10

11 Segment technology Products and markets Product portfolio Dampening solution systems Ink supply Industrial cooling solutions Preparation of cooling lubricants Spray lubrication systems X-ray and scanner temperature control Battery/converter cooling Market overview Printing industry Laser industry Stamping and forming technology Tooling industry Battery and converter Medical and scanner technology Positioning World market leader in printing and laser cooling Extension of market share in stamping and forming technology as well as tooling industry Additional growth potential in battery, converter, medical and scanner technology Exploiting synergies by using overall platform strategies and standardisation of components page 11

12 Segment services Products and markets Product portfolio Spare parts Hotline Modernisation Maintenance Installations Engineering Technical documentation Market overview Printing industry Laser industry Stamping and forming technology Tooling industry Battery and converter Medical and scanner technology Positioning Continuous expansion of the installed base world-wide World market leader for services in the printing industry Extension of service activities in the stamping and forming technology as well as the tooling industry Additional demand for services and installation within the battery, converter, medical and scanner technology Long-term stable business development through own technotrans components page 12

13 Market and prospects Leading position in key markets Print World market leader for peripheral solutions World market (equipment sales): percent CAGR up until 2017 (NPES), stable market Industry in transition: digital and flexographic printing gaining in importance compared with classic offset printing, high market share gains expected up to 2018 (Smithers Pira) Laser cooling World market leader World market for laser applications percent CAGR up until 2019 (Strategies Unlimited) Dynamic growth expected for high-power diode lasers and fibre lasers High growth potential also for contract laser welding (additive manufacturing) page 13

14 Market and prospects Expansion in promising markets Stamping and forming technology, machine tools Expansion of market position in the niche for temperature control, filtration and lubrication German mechanical engineering market heading for + 2 percent growth in 2015 (VDMA) Growth markets Projects in new markets: battery cooling for buses and rail, converter cooling with Siemens Scanner technology in aviation safety: + 7 percent CAGR up until 2020 (homelandsecurityresearch) Medical technology / magnetic resonance tomography: percent CAGR up until 2017 (TMR) page 14

15 Reference customers page 15

16 Agenda technotrans business model technotrans strategy technotrans finances and outlook technotrans share page 16

17 Strategy Long-term growth strategy high investments mainly new technologies: - medical care - safety - storage - semiconductor product diversification optimising and summarising platform strategy generating volume: - offset print - digital print - flexo print product diversification optimising and summarising platform strategy generating volume: - laser - turning/milling/grinding/ polishing - cutters/presses page 17 Expansion/development of service business - print - machinery & plant engineering - new growth markets - technical documentation (gds)

18 Strategy Organic growth 35% 112 million 150 million 50% 50% 65% Print Non-Print Print Non-Print Revenue growth consistently better than the market Target: EBIT margin = 10 percent page 18

19 The corporate strategy Non-organic growth / growth-driving acquisitions 112 million Termotek GmbH, Baden-Baden, Germany A technotrans company since employees, revenue m Products ranging from air-to-water heat exchangers for low-power lasers, specifically for medical applications, and air-to-water compressor-based chillers for diode lasers in the medium performance range (up to 200 watts), through to air-to-water compressor-based chillers for high-power diode lasers. KLH Kältetechnik GmbH, Bad Doberan, Germany / Taicang, PRC A technotrans company since employees, revenue m KLH Kältetechnik GmbH has specialised in universal cooling systems from 0.8 kw to 300 kw as well as energy-conscious industrial cooling equipment and plant engineering up to 1 MW. Revenue EUR million Focus international growth Low / no liabilities to banks Double-digit rate of return Acquisition Profile Equity ratio above 30 % Investment criteria Broad customer structure Cash flow orientation Stable business model Successful product range Niche positioning page 19

20 Agenda technotrans business model technotrans strategy technotrans finances and outlook technotrans share page 20

21 Finances and outlook million Turnover since CAGR +6,6% (120) E Guidance 2015: M Revenue in the upper end of the range expected page 21

22 Finances and outlook EBIT / EBIT-Margin since 2006 million % 9.1% (7.3%) % 6.1% 4.9% % 3.5% 0.0% (8.8) E % 13,0% 8,0% 3,0% -2,0% -7,0% -12,0% -17,0% Guidance 2015: EBIT-Margin 6,8 7,3 percent Target: margin in the upper end of the range page 22

23 Finances and outlook EPS Earnings per Share Equity/Equity ratio 2 1,5 1 0,5 0-0, million % % % % % % % % % ,0% 60,0% 50,0% 40,0% 30,0% 20,0% -1,5-1, ,0% ,0% Free Cash Flow million Net debt million page 23

24 Finances and outlook turnover development 2014/2015 quarters (in million ) +12.1% Turnover and EBIT by quarters technotrans grows according to plan Q1 Q2 Q3 Q4 EBIT-development 2014/2015 quarters (in million ) +33.0% , Q3 2015/2014 turnover +12.1% EBIT +33.0% strong growth in new markets Q3 2015/2014 EBIT-margin reaches 7.5 % (previous year: 6.3%) Q1 Q2 Q3 Q4 page 24

25 3,5 2,7 1,9 1,1 0,3-0,5 7,0% 5,5% 4,0% 2,5% 1,0% -0,5% -2,0% -3,5% -5,0% Finances and outlook turnover development 2014/2015 by quarters (in million ) Services Technology Turnover and EBIT by segments Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 EBIT development 2014/2015 by quarters (in million ) 7.0% 5.2% 5.8% 6.3% % 7.2% 7.5% Services Technology 1.7 technology (67%) growth of turnover +14.0% YTD positive segment result in 9M 1.8 million YTD (EBIT-margin = 2.9%) services (33%) turnover +6.7% YTD segment result stable in 1. HY 5.0 million (EBIT-margin = 16.4%) Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 page 25 * EBIT-margin in total

26 Finances and outlook Key figues at a glance Earning figures (in million ) 9M M 2015 Δ in % Turnover EBITDA EBIT EBIT-margin in % Net profit for the period* Balance sheet figures (in million ) 9M M 2015 Δ in % Balance sheet capital Equity Equity ratio in % Net debt Working Capital Net profit per share * Profit attributable to technotrans AG shareholders Cashflow key figures (in million ) page 26 9M M 2015 Δ in % Operational cashflow CF from investing activities CF from financing activities Free Cash Flow Cash and cash equivalents Other key figures 9M M 2015 Δ in % Employees Interim results confirmed expectations stable equity ratio - double-digit growth in sales and profit situation profit situation - positive cash flow financial situation - strong balance sheet

27 Finances and outlook Stabile financial framework million credit line 18.8 ample leeway to finance current business and also for potential acquisitions currently no drawdown of the assured and granted creditlines (no covenants) loan financial framework short-term portion long-term portion drawdown cash balanced mix of terms for loans raised (collateralised) net liquidity 9.2 million average weighted interest rate of 3.1 % p.a. for borrowing in 2015 page 27

28 Finances and outlook Economy and industry World economy 2015 Forecast World economy (IMF) 3.1 % Eurozone 1.5 % Germany 1.5 % USA 2.6 % 2016: +3.6% In the short term, worldwide growth will be moderate and inconsistent. There are downward risks for the growth forecasts due to the low oil and raw material prices, China s more marked slowdown, growing volatility in financial markets and the impact of a further appreciation in the dollar. China 6.8 % Forecasts for the global economy downgraded Geopolitical risks persist Page 28

29 Finances and outlook technotrans group: outlook 2015 turnover EUR 120 m financial result slight improvement Investments < 2 percent of turnover turnover EBITmargin financial result tax ratio (group) investments free cashflow guidance 2015 EBIT-margin 7.3 percent tax ratio (group) 30 percent free cashflow > 6 million EUR page 29

30 Agenda technotrans business model technotrans strategy technotrans finances and outlook technotrans share page 30

31 technotrans share Overview 6.3% 5.6% 4.5% 3.0% Key data technotrans share ISIN/Code DE000A0XYA7/AOXGA establishment/ipo 1970/1998 financial year share capital 6,907, % Freefloat Objectif Small Cap technotrans AG Midlin NV Baring Asset Management (own shares) number of shares 6,907, number of shares (free float) stock markets designated Sponsors index 6,518,621 XETRA, Frankfurt Bankhaus Lampe / equinet Prime Standard director s holdings Henry Brickenkamp 47,037 Dirk Engel 20,000 Christof Soest 18,764 supervisory board 70,526 market capitalisation: as of November 5th, 2015 EUR 120 million page 31

32 technotrans share Share performance and analyst estimates Share performance January 1st, 2014 September 30th, 2015 Research Bankhaus Lampe buy Warburg Research buy equinet buy HSBC hold Hauck + Aufhäuser buy Gordon Schönell price target Eggert Kuls price target Thomas Rau price target Richard Schramm price target Nils-Peter Gehrmann price target technotrans SDAX TecDAX dividend policy: distribution of approx. 50 percent of the consolidated net earnings for the year 2014 calendar Interim Report (1-9/2015) Annual Report 2015 page 32 Banks as well as investment companies confirm a good potential for the share s development Interim Report (1-3/2016) Interim Report (1-6/2016) Interim Report (1-9/2016)

33 Investment highlights Why investing in technotrans shares is an attractive proposition: You are investing in a successful business model designed for the long term, from a German mid-cap business. You are investing in a strategy, that targets a steady development in value and healthy profits. You are investing in innovation and enterpriseled growth in an international environment Page 33

34 The management Henry Brickenkamp Chief Executive Officer DOB 1968 Sales director since 2005, Board of Management member since 2006 Responsible for Products & Markets Dirk Engel Chief Financial Officer DOB 1967 Head of finance and accountancy since 2004, Board of Management member since 2006 Responsible for Finance & Administration Christof Soest Chief Technology Officer DOB 1964 Board of Management member since 2011 Responsible for Technology & Operations Page 34

35 Your Questions? Disclaimer Any forward-looking statements contained in this presentation represent our best judgement as to what will occur in the future. The Company`s actual results could differ materially from those presented and will depend on a number of competitive and economic factors, some of which will be outside the control of the company.