Zumtobel Group AG H1 2016/ December 2016

Transcription

1 Zumtobel Group AG H1 2016/ December 2016

2 Nr. 2 Substantial increase in profitability despite lower revenues Financials H1 FY 2016/17 at a glance Fx-adjusted decline of 1.5% in Group revenues with very different regional trends LED share of Group revenues increases to 71.8% (H1 PY 61.8%) Group adj. EBIT increases by 23.0% to EUR 52.0 million (PY EUR 42.3 million) driven by improved cost structure in nearly all functional areas. The main contributions come from: Increase in plant efficiency based on our restructuring measures Good ramp-up of newly introduced products with better profitability Reduction in selling expenses Absence of several temporary negative effect from H1 PY (Spenny, CHF-Hedge) Significant positive free cash flow of EUR 41.5 million (PY minus EUR 24.9 million) Outlook on 2016/17: slight improvement in adjusted Group EBIT (PY EUR 58.7 million)

3 Nr. 3 Improved operations efficiency and better mix fuel profitability Lighting Segment Revenue and EBIT development Lighting Segment Revenues Adjusted EBIT 1) 9.1% -2.4% (fx-adj. +1.1%) -3.7% fx-adj. -0.3%) 6,3% 8.5% % % 3.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues 2015/16 In EUR million Revenues 2016/17 In EUR million Adjusted EBIT 2015/16 Adjusted EBIT 2016/17 in EUR million Adjusted EBIT 2015/16 Adjusted EBIT 2016/17 as a % of revenues Revenues H1 FY 2016/17 EUR million (minus 3.1%) Revenues H1 FY 2015/16 EUR million Adjusted EBIT H1 FY 2016/17 EUR 39.9 million (margin of 7.7%) Adjusted EBIT H1 FY 2015/16 EUR 34.0 million (margin of 6.4%) 1) Reported EBIT adjusted for special effects

4 Nr. 4 Currency and disposal of signage business burden growth dynamic Components Segment Revenue and EBIT development Components Segment Revenues Adjusted EBIT 1) 13.6% -11.1% (fx-adj. -8.2%) % fx-adj. -9.3%) % 9.0% % % 6.7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues 2015/16 In EUR million Revenues 2016/17 In EUR million Adjusted EBIT 2015/16 Adjusted EBIT 2016/17 in EUR million Adjusted EBIT 2015/16 Adjusted EBIT 2016/17 as a % of revenues Revenues H1 FY 2016/17 EUR million (minus 11.5%) Revenues H1 FY 2015/16 EUR million Adjusted EBIT H1 FY 2016/17 EUR 21.5 million (margin of 11.3%) Adjusted EBIT H1 FY 2015/16 EUR 22.7 million (margin of 10.5%) 1) Reported EBIT adjusted for special effects

5 Nr. 5 Substantial positive effects form restructuring and cost saving measures Zumtobel Group Revenues and EBIT development Zumtobel Group Revenues Adjusted EBIT 1) -4.9% (fx-adj. -1.4%) -5.0% fx-adj. -1.6%) % 3.9% 9.4% 8.0% % 3.1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues 2015/16 In EUR million Revenues 2016/17 In EUR million Adjusted EBIT 2015/16 Adjusted EBIT 2016/17 in EUR million Adjusted EBIT 2015/16 Adjusted EBIT 2016/17 as a % of revenues Revenues H1 FY 2016/17 EUR million (minus 4.9%) Revenues H1 FY 2015/16 EUR million Adjusted EBIT H1 FY 2016/17 EUR 52.0 million (margin of 7.8%) Adjusted EBIT H1 FY 2015/16 EUR 42.3 million (margin of 6.0%) 1) Reported EBIT adjusted for special effects

6 Nr. 6 Simplified illustration to highlight main building blocks of the adj. EBIT development Zumtobel Group adj. EBIT H1 FY 2015/16 vs. H1 FY 2016/17 Lower revenues and price pressure overcompensated by operations efficiency gains, better mix and material savings (plus absence of Spenny issue and negative CHF-Hedge) No further build-up of R&D despite lower capitalisation 5.6 Reduction in selling expenses [in EUR million] Adj. EBIT H1 2015/16 Gross profit (before R&D) R&D SG&A Adj. EBIT H1 2016/17

7 Nr. 7 Higher special effects and deteriorating financial results Zumtobel Group Income statement in EUR million H1 2016/17 H1 2015/16 Change in % Revenues Cost of goods sold ,1-9.5 Gross profit (w/o development) as a % of revenues R&D SG&A expenses Adjusted EBIT as a % of revenues Special effects EBIT as a % of revenues Financial results Profit before tax Income taxes Net profit or loss for the period Special effects related to adjustments to the global plant network (Usingen) and ongoing restructuring (finetuning) of the sales organisation Deteriorating financial result caused by FX volatility (mainly GBP) Earnings per share ( in EUR)

8 Nr. 8 Significant positive Free cash flow Zumtobel Group Cash flow statement in EUR million H1 2016/17 H1 2015/16 Cash flow from operating results Change in working capital Change in other operating items Taxes paid/received Cash flow from operating activities Free cash flow development (cumulative figures in EUR million) Proceeds from the sale of non-current assets Capital expenditures on non-current assets Change in current and non-current financial assets Change in liquid funds from changes in the consolidation range Assets held for sale Cash flow from investing activities Free cash flow Cash flow from financing activities Effects of exchange rate changes on cash and cash equivalents Change in cash and cash equivalents Q1 H1 Q1-Q3 FY FY 2015/16 FY 2016/17

9 Nr. 9 Sound development in Benelux & CEE, Austria, Italy and the USA Zumtobel Group Regional revenue distribution Revenues in EUR million Q2 2016/17 H1 FY 2016/17 Change in % Revenues in EUR million Change in % nominal FX adjusted D/A/CH Northern Europe Benelux & Eastern Europe Asia & Pacific Zumtobel Group Regional revenue distribution Middle East & Africa America 2.9% 9.7% 4.3% 30.3% D/A/CH Southern Europe Asia & Pacific Southern Europe 14.1% Middle East & Africa % 25.8% America Total Benelux & Eastern Europe Northern Europe

10 Nr. 10 Guidance for 2016/17 unchanged: slight improvement in adjusted Group EBIT Zumtobel Group Outlook Generally a more challenging industry environment than a year ago Continuing low visibility and high volatility in the market with widely different trends on a regional level Negative foreign exchange effects (esp. GBP) will influence the development of revenues and earnings in H2 Based on the solid first half-year results and the substantial improvement of the cost structure, the Management Board of the Zumtobel Group continues to expect a slight improvement in adjusted Group EBIT for the full year (PY EUR 58.7 million) Activities for 2016/17 will focus on continuation of strategic reorientation and implementation of all necessary restructuring measures

11 Nr. 11 Financial Calendar March 7, 2017 Report on the First Three Quarters 2016/17 (1 May 2016 to 31 January 2017) June 23, 2017 Annual Results 2016/17 July 11, 2017 July 21, 2017 Record Date Annual General Meeting 41 st Annual General Meeting of Zumtobel Group AG July 31, 2017 Ex-Dividend Day August 1, 2017 Record Date Dividend August 2, 2017 Dividend Payout Day September 5, 2017 Report on the First Quarter 2017/18 (1 May July 2017) December 5, 2017 Report on the First Half-Year 2017/18 (1 May October 2017)

12 H1 2016/17 06 December 2016 Thank you for your attention! Nr. 12

13 Nr. 13 LED share of group revenues increases to 71.8% (H1 2015/16: 61.8%) Zumtobel Group LED revenue development Zumtobel Group 10.4% XXX LED revenues 10.4% LED revenues in H1 2016/17 grow by 10.4% to EUR million LED share of group revenues increases to 71.8% (H1 2015/16: 61.8%) Lighting Segment increases sales with LED products by 14.3% to EUR million (LED Penetration 71.2%) LED sales in Components Segment decline by 1.2% to EUR million due to sale of signage business (LED Penetration 76.1%) Q1 Q2 Q3 Q4 LED revenues 2015/16 In EUR million LED revenues 2016/17 In EUR million

14 Nr. 14 Working capital below prior year level Zumtobel Group Working capital Working capital in % of rolling 12-month revenues 19.0% 20.4% 20.1% 19.2% 18.7% 18.0% 18.9% 18.9% 17.8% 17.0% Working capital at EUR million as of October 2016 (H1 2015/16: EUR million) In % of rolling 12-month revenues, working capital down to 19.2% (H1 2015/16: 20.1%) Decrease in inventories (~ EUR 14 million vs. H1 PY), decrease in receivables (~ EUR 14 million vs. H1 PY) and decrease in payables (~ EUR 10 million vs. H1 PY) Q1 Q2 Q3 Q4 FY 2014/15 FY 2015/16 FY 2016/17

15 Nr. 15 Continued solid balance sheet structure and secured liquidity position Zumtobel Group Key balance sheet data in EUR million 31 October April 2016 Total assets 1, ,068.6 Net debt Debt coverage ratio Equity Equity ratio in % Gearing in % Investments Working capital As a % of rolling 12 months revenues Net debt totalled EUR million as of 31 October 2016 (H1 2015/16: EUR million) Secure liquidity position backed by: Consortium credit agreement with a term ending November 2021 and a max. volume of EUR 300 million (EUR 90 million drawn by 31 October 2016) Two bilateral bank credit agreements of EUR 40 million each with a term extending to September 2018 respectively January 2020 (fully drawn by 31 October 2016) Unsecured lines of credit totalling EUR 89.5 million as of 31 October 2016

16 Nr. 16 Five-Year Overview in EUR million 2015/ / / / /12 Revenues 1, , , , ,280.3 Adjusted EBIT as a % of revenues Net profit/loss for the period as a % of revenues Total assets 1, , , ,036.3 Equity Equity ratio in % Net debt Cash flow from operating results Investments as a % of revenues R&D total as a % of revenues Headcount incl. contract worker (full-time equivalent) 6,761 7,234 7,291 7,162 7,456

17 Nr. 17 Disclaimer The facts and information contained herein constitute forward-looking statements as of the date they were made and based upon assumptions as to future events or circumstances that may not prove to be complete or accurate. By their nature, these statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and are difficult to predict. Therefore, actual outcomes or results may differ materially from what is expressed, implied or forecasted in these statements. Neither Zumtobel Group AG nor any of its directors, officers, employees or advisors nor any other person makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the facts and information contained in this document or the related oral presentation thereof, including responses to questions following the presentation. Neither Zumtobel Group AG nor any of its directors, officers, employees and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this document, the facts and/or information. Whilst all reasonable care has been taken to ensure the facts stated herein are accurate and that the assumptions and opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to, and overview of, the business of Zumtobel Group AG as of the date this document was made. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by Zumtobel Group AG as being accurate. Contacts: Investor Relations Tel.: +43 (5572)