Zumtobel Group AG Q1 2017/ September 2017

Transcription

1 Zumtobel Group AG Q1 2017/18 05 September 2017

2 Despite stalling growth momentum Group adj. EBIT only slightly below prior year Financials Q1 FY 2017/18 at a glance Group revenues fx-adjusted 0.7% below prior year Revenues from the sale of LED products increase by 8.0% and the LED share of Group revenues stands now at 77.5%. Group adj. EBIT decreases from EUR 20.1 million to EUR 18.2 million driven by: missing contribution from revenues growth ongoing price pressure negative FX transaction effect (GBP) higher selling expenses...but supported by our efforts to improve the cost position Ground-breaking for the new production plant in Serbia Revenue and earnings guidance for the full 2017/18 financial year confirmed Q1 2017/

3 FX-adjusted revenues at prior year level Lighting Segment Revenue and EBIT development Lighting Segment Revenues Adjusted EBIT 1) -1.6% (fx-adj. +0.1%) % 5.4% 9.1% % 2.8% Q1 Q2 Q3 Q4 Revenues 2016/17 Revenues 2017/18 Q1 Q2 Q3 Q4 Adjusted EBIT 2016/17 Adjusted EBIT 2017/18 in EUR million Adjusted EBIT 2016/167 Adjusted EBIT 2017/18 as a % of revenues Revenues FY 2016/17 EUR million (minus 2.8%) Adjusted EBIT FY 2016/17 EUR 53.5 million (margin of 5.3%) 1) Reported EBIT adjusted for special effects 3

4 Higher profitability despite lower revenues Components Segment Revenue and EBIT development Components Segment Revenues Adjusted EBIT 1) -8.7% (fx-adj. -6.6%) % 9.0% % 10.3% 9.2% Q1 Q2 Q3 Q4 Revenues 2016/17 Revenues 2017/18 Q1 Q2 Q3 Q4 Adjusted EBIT 2016/17 Adjusted EBIT 2017/18 in EUR million Adjusted EBIT 2016/17 Adjusted EBIT 2017/18 as a % of revenues Revenues FY 2016/17 EUR million (minus 8.1%) Adjusted EBIT FY 2016/17 EUR 39.6 million (margin of 10.5%) 1) Reported EBIT adjusted for special effects Q1 2017/

5 Lack of revenue growth leads to slightly lower profitability Zumtobel Group Revenue and EBIT development Zumtobel Group Revenues Adjusted EBIT 1) -2.6% (fx-adj. -0.7%) 6.2% 9.4% % % 3.1% Q1 Q2 Q3 Q4 Revenues 2016/17 Revenues 2017/18 Q1 Q2 Q3 Q4 Adjusted EBIT 2016/17 Adjusted EBIT 2017/18 in EUR million Adjusted EBIT 2016/17 Adjusted EBIT 2017/18 as a % of revenues Revenues FY 2016/17 EUR 1.303,9 million (minus 3.9%) Adjusted EBIT FY 2016/17 EUR 72.4 million (margin of 5.6%) 1) Reported EBIT adjusted for special effects 5

6 Simplified illustration to highlight main building blocks of the adj. EBIT development Zumtobel Group adj. EBIT Q1 2016/17 vs. Q1 2017/18 No change in Gross profit margin (40.9%) but lower revenues lead to lower absolute Gross profit. Efficiency gains through group-wide bundling of R&D capacities Increase selling / marketing expenses Adj. EBIT Q1 2016/17 Gross profit (before R&D) R&D SG&A Adj. EBIT Q1 2017/18 [in EUR million] 6

7 Net profit for the period at EUR 9.8 million Zumtobel Group Income statement in EUR million Q1 2017/18 Q1 2016/17 Change in % Revenues Cost of goods sold 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 <-100 Profit before tax Income taxes Net profit for the period Special effects related to adjustments to the global plant network Deteriorating financial result caused by FX volatility (mainly GBP and USD) Earnings per share ( in EUR)

8 Working capital below prior year level Zumtobel Group Working capital Working capital in % of rolling 12-month revenues 20.4% 20.1% 18.7% 19.2% 18.0% 18.9% 18.2% 17.0% 16.9% Working capital at EUR million as of 31 July 2017 (31 July 2016: EUR million) In % of rolling 12-month revenues, working capital down to 18.0% (Q1 PY: 18.7%) Decrease in inventories (~ EUR 5 million), decrease in receivables (~ EUR 20 million), and decrease in payables (~ EUR11 million) Q1 Q2 Q3 Q4 FY 2015/16 FY 2016/17 FY 2017/18 8

9 Benelux & CEE, Austria, Italy and Asia are the major growth drivers in Q1 2017/18 Zumtobel Group Regional revenue distribution Q1 2017/18 Revenues in EUR million Change in % nominal FX adjusted Total D/A/CH Northern Europe Benelux & Eastern Europe Southern Europe Asia & Pacific Middle East & Africa America

10 ZGS revenues grow by 9.5% to EUR 43.3 million Zumtobel Group ZGS revenue development Zumtobel Group +9.5% ZGS revenues Evolved customer needs drive new integral service offerings ZGS bundles all services of the Zumtobel Group within one business unit ZGS share of group revenues increases to 13.7% (Q1 FY 2016/17: 12.1%) Turn Key solutions as well as connectivity systems (incl. emerging lighting) are the biggest revenues drivers within the ZGS offering Q1 Q2 Q3 Q4 ZGS revenues 2016/17 ZGS revenues 2017/18 10

11 Revenue and earnings guidance for the full 2017/18 financial year confirmed Zumtobel Group Outlook The visibility in our business remains low and the regional differences are substantial Professional Lighting industry growth momentum is lagging behind original expectations Negative currency effects should gradually decline, and we assume the Components Segment will return to a moderate growth course over the coming months We are currently unable to predict with certainty whether the improved economic outlook will be strong enough for demand to regain the necessary and expected momentum during the second half-year Against this backdrop, we are confirming our communicated guidance for the 2017/18 financial year with a slight improvement in revenues (FY 2016/17: EUR 1,303.9 million) and adjusted Group EBIT (FY 2016/17: EUR 72.4 million) Q1 2017/

12 Financial Calendar 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) March 6, 2018 Report on the First Three Quarters 2017/18 (1 May January 2018) June 28, 2018 Annual Results 2017/18 (1 May April 2018) July 17, 2018 July 27, 2018 July 31, 2018 August 1, 2018 August 2, 2018 Record Date fort he Annual General Meeting 42 nd Annual General Meeting Ex-Dividend Day Record Date Dividende Dividend Payout Day September 4, 2018 Report on the First Quarter 2018/19 (1 May July 2018) Q1 2017/

13 Free cash flow at minus EUR 26.4 million Zumtobel Group Cash flow statement in EUR million Q1 2017/18 Q1 2016/17 Cash flow from operating results Change in working capital Change in other operating items Taxes paid/received Cash flow from operating activities Proceeds from the sale of non-current assets Capital expenditures on non-current assets Free cash flow development (cumulative figures in EUR million) Change in current and non-current financial assets 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 2016/17 FY 2017/18 13

14 Continued solid balance sheet structure and secured liquidity position Zumtobel Group Key balance sheet data in EUR million 31 July April 2017 Total assets 1,018,7 1,019.6 Net debt Equity Equity ratio in % Gearing in % Investments Working capital As a % of rolling 12 months revenues Net debt totalled EUR million as of 31 July 2017 (31 July 2017: EUR million) Secure liquidity position backed by: Syndicated credit facility with a term ending November 2021 and a max. volume of EUR 300 million (EUR 90 million drawn by 31 July 2017) Two bilateral bank credit agreements of EUR 40 million each with a term extending to September 2018 respectively January 2020 (fully drawn by 31 July 2017) Uncommited lines of credit totalling EUR 84.7 million as of 31 July

15 LED share of group revenues increases to 77.5% (Q1 PY: FY 2015/16: 69.9%) Zumtobel Group LED revenue development Zumtobel Group +8.0% LED revenues LED revenues in Q1 FY 2017/18 grow by 8.0% to EUR million LED share of group revenues increases to 77.5% (Q1 PY: 69.9%) Lighting Segment increases sales with LED products by 9.5% to EUR million (LED Penetration 77.0%) LED sales in Components Segment flat (minus 1.1%) (LED Penetration 81.2%) Q1 Q2 Q3 Q4 LED revenues 2016/17 LED revenues 2017/18 15

16 Supplement data regarding Segment Reporting Zumtobel Group Segment Reporting Lighting Segment Components Segment Reconciliation Group in TEUR Q1 2017/18 Q1 2016/17 Q1 2017/18 Q1 2016/17 Q1 2017/18 Q1 2016/17 Q1 2017/18 Q1 2016/17 Net revenues External revenues Inter-company revenues Operating profit/loss Investments Depreciation Q1 2017/

17 Five-Year Overview in EUR million 2016/ / / / /13 Revenues 1, , , , ,243.6 Adjusted EBIT as a % of revenues Net profit/loss for the period as a % of revenues Total assets 1, , , , 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) 6,562 6,761 7,234 7,291 7,162 Q1 2017/

18 Many thanks for your attention!

19 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) Annual Results 2016/17 23 June