COMING UP Key Financials for the H1 2020 Thursday, August 13, 2020 at 10:00 a.m. (CEST) Dr Thomas Kneip, Member of the Board - Centrotec SE
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
COMING UP…
Key Financials for the H1 2020
Thursday, August 13, 2020
at 10:00 a.m. (CEST)
presented by
Dr Thomas Kneip,
Member of the Board
CENTROTEC SE H1 results 2020 13.08.2020
AGENDA
§ Market Overview & Key Financials
§ Operational Highlights
§ Outlook
German heating market demonstrates stable growth in the first half of the year, but growth slowed
down in the second half
MARKET DEVELOPMENT
Quarterly market growth rate of oil and gas heat generating units in Germany Market Impact of
[in percent compared to same quarter of previous year]
Corona Pandemia
8 • Slight, but visible decline in
market dynamics in Q2 in
6 Germany, after strong start
6
Annual into the year
growth rate
plus 2%
3 3 • Heavy impact on sales
3 markets in Southern and
2 Western Europe, as well as
0 China
0 • First sights of project
Annual
growth rate
delays and more intense
plus 3% competition in the AHU
market
-5
Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20
4
Source: BDH monthly statistics
Sales growth in all segments; Corona crisis with a limited and regional impact until now
REVENUE DEVELOPMENT
by Segment Drivers of Revenue Development
in EUR million + Continued groupwide growth in Germany and NL
7.6%*
322.3 + Climate Systems with positive development in the
299.7 27.2 heat pump, domestic heating and ventilation market
Med. Tech. & +1.3%
26.8 + Acquisition of German roof product specialist IVT in
Eng. Plastics 2019 with contribution to Gas Flue Systems sales
69.5
Gas Flue Systems 65.7 +5.7% o CHP business stabilized, but on low level
o Gas Flue Systems with a weaker 2nd quarter after
good start
- China with a very weak first quarter and slow
recovery due to corona issue
225.6 - Impact of corona crisis in several markets
Climate Systems 207.1
(Southern Europe, UK) since March
+8.9%
Drivers of Regional Sales
+ Good development in Germany, Netherlands
YtD H1 19 YtD H1 20 and Eastern Europe
Q2 152.5 156.0 +2.3% - Weak development in Spain, Italy, France, UK
and China
5
* Organic Growth Rate: H1: 6.6%; Q2: 1.2%
Strong revenue growth in Climate Systems segment drives groupwide earnings
growth in the first six month of 2020
EBIT DEVELOPMENT
by Segment Drivers of EBIT Development
[in EUR million]
16.8 Climate Systems
0.9 -28%
+ Scale effects from sales growth
+ Successful implementation of profitability improvement
5.8 project in Air Handling Units
+40%
- Negative contribution from some foreign group
companies due to corona crisis
8.1 Gas Flue Systems
Med. Tech. &
1.2 + Further sales growth in the first quarter
Eng. Plastics
+ Strong German market
Gas Flue Systems 4.1 10.2 +EAT of the first six months burdened by negative financial result of the first quarter
EAT TRANSITION H1 2019 VS. H1 2020
[in EUR million]
Comments
EAT H1 2019 6.9
Δ EBITDA 10.4
• Depreciations higher than last years due to high
Δ Depreciation 1.8 investment levels (various production buildings
upgraded, etc.)
Δ Financial Result 8.3 • After good performance of financial investments in
H1/2019 (+3.9 Mio. EUR) negative result in H1/2020
(- 4.6 Mio. EUR); Q2 result similar to previous year
Δ Tax 0.9
• Tax and tax rate increase caused by lower taxation
of negative impact from financial investments
EAT H1 2020 6.3
7Impact of corona crisis after positive development during the last year
TOTAL RETURN OF CENTROTEC FINANCIAL INVESTMENTS FUND
108 August 12, 2020
Withdrawal of
106 31.12.19 3 Mio. EUR
104
Impact of Withdrawal of
102
Corona 14 Mio. EUR
Crisis
100
Withdrawal of Withdrawal of Withdrawal of
98 5 Mio. EUR 2.5 Mio. EUR 20.7 Mio. EUR
Withdrawal of
96 minus plus 9.6 Mio. EUR
5.6 Mio. 1.1 Mio.
94 EUR in EUR in
Q1/2020 Q2/2020
92
9
9
9
9
9
9
9
9
9
0
0
0
0
0
0
0
18
19
19
19
01
01
01
01
01
01
01
01
01
02
02
02
02
02
02
02
20
20
20
20
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
8.
1.
0.
1.
28
28
31
30
31
30
31
31
30
31
29
31
30
31
30
31
.2
.3
.3
.3
1.
2.
3.
4.
5.
6.
7.
8.
9.
1.
2.
3.
4.
5.
6.
7.
12
10
11
12Overall stable key balance sheet ratios; positive operating cash flow trend
KEY BALANCE SHEET AND CASH FLOW RATIOS
Net Financial Position / Equity Equity Ratio
0.05
0.01
[percent]
48.5
44.4 43.9
-0.03 41.7 42.2
-0.04 39.3 40.5 39.9 39.1 39.0
38.8
36.1 37.1
-0.09
-0.14
-0.16
-0.23
-0.28 -0.29
-0.32
-0.36
-0.38
2/17 3/17 4/17 1/18 2/18 3/18 4/18 1/19 2/19 3/19 4/19 1/20 2/20
2/17 3/17 4/17 1/18 2/18 3/18 4/18 1/19 2/19 3/19 4/19 1/20 2/20
Net Working Capital Operating Cash Flow (YTD)
[EUR million] [EUR million]
95.8 95.4 42.0
93.1 38.2
85.3 85.2 87.8 87.2
81.9 79.5 81.2
75.4 31.6
70.3 70.1
20.5
11.7 10.1
5.2
-2.8 -2.7 -2.2 -1.1
-6.1
2/17 3/17 4/17 1/18 2/18 3/18 4/18 1/19 2/19 3/19 4/19 1/20 2/20 -10.3 9
2/17 3/17 4/17 1/18 2/18 3/18 4/18 1/19 2/19 3/19 4/19 1/20 2/20Key Investments temporarily under observation due to actual general economic situation
INVESTMENTS BY SEGMENT
Investments (excl. M&A) Key Investments
[in EUR]
-5% Climate Systems:
23.3
22.0 • Upgrade of two production halls at Wolf in Mainburg
Med. Tech. &
3.0 1.5 • IT infrastructure investments
Eng. Plastics -51%
• Various product developments
Gas Flue Systems 6.6
8.9 +36% Gas Flue Systems (including Holding):
• Building of production plant in China; to be largely
completed in Q3
• Introduction of HR IT solution for the group
Med. Tech. & Eng. Plastics
Climate Systems 13.7
11.6 -15% • New production hall prepared for Moeller Medical in
Fulda
YtD H1 19 YtD H1 20 10AGENDA
§ Market Overview & Key Financials
§ Operational Highlights
§ OutlookThe new Heat Pump line has had an extraordinary good start – and new products
have been lined up
NEW PRODUCTS
CHA-MONOBLOCK HEAT PUMP TGB-2 MULTI AIR SUPPLY
12The new CENTROTEC factory in Jiaxing has been almost completed
JIAXING FACTORY
13The Corona crisis has had less impact than expected until now
IMPLICATIONS OF CORONA PANDEMIA
Q1 Q2 H2 - insights 2021 - expectations
•Hardly any impact •Almost complete •Renovation business •Building activities,
until Mid March, shut-down of will remain on stable especially in
except China markets in France, levels, but: commercial business
•Planned building Spain, Italy and UK •New building will be reduced in the
projects were •Stabilization in the activities (public, coming 12-18
completed German core market commercial and months
•At the start of the at good levels residential) is •A second shut-down
quarter, spill-over •Break-down in public reduced would hit the markets
effects from previous and commercial •Significantly positive very hard
year, as subsidy building activity will impact from cost
scheme in Germany impact order intake reductions of the due
has been finalized more than revenues to cancelled trade
•Some inventory fairs, business trips,
build-up at marketing etc.
customers towards impact will be much
the end of the smaller in the
quarter second half of 2020
14Some of the risks from Corona have been mitigated, while others still prevail
IMPLICATIONS OF CORONA PANDEMIA ON CENTROTEC OUTLOOK
Key components have been
UPDATE
Interruption
of Supply stocked up; currently no
Chain immediate risk
Trend Indicator
Demand has not really
recovered well in FR, ES,
IT, UK, US yet. Other The risk of business
Corona interruption due to high
markets see less impact. In Interruption
Interruption infection rates has been
the long run, the dramatic
of Demand impact on of Business
Processes mitigated through the
drop in real estate
investments will impact the
Earnings implementation of a group
AHU business towards the wide hygiene and safety
concept.
end of the year and in 2021.
Unless there is a significant State-
upsurge in infection rates, this ordered
risk is currently seen less likely production
to affect our business stop 15AGENDA
§ Market Overview & Key Financials
§ Operational Highlights
§ OutlookCorona impact for the rest of the year remains difficult to predict. However, guidance
seems well reachable by now
OUTLOOK
Revenue
[in million EUR]
651.0
670 to 690 Current Assessment
Med. Tech. & 54.0
Eng. Plastics
139.6 + Strong H1 provides some buffer
Gas Flue Systems
for potentially weaker
development in the rest of the year
Climate Systems 457.4 + Careful cost management
enhances earnings performance
o Stable market development in
Germany may compensate for
some of the heavily affected
EBIT smaller markets in Europe & UK
[in million EUR]
34 to 36 - Public and commercial building
33.1 activities are likely to significantly
Med. Tech. &
3.2
Eng. Plastics decline in H2 and 2021: This will
Gas Flue Systems 10.1 affect our AHU business
Guidance should be achieved or
slightly exceeded
Climate Systems 19.8
2019 17The Annual Shareholders‘ Meeting will be held online
FINANCIAL CALENDAR 2020
August 13 Publication of Q2/2020 / Half year
November 13 Publication of Q3/2020
November 16 - 18 Deutsches Eigenkapitalforum 2020 cancelled
18Thank you! This presentation contains forward-looking statements based on current expectations, assumptions and forecasts of the executive board and on currently available information. Various known and unknown risks, unpredictable developments, changes in the economic and political environment and other presently not yet identifiable effects could result in the fact that the actual future results, financial situation or the outlook for the company differ from the estimates given here. We are not obligated to update the forward-looking statements made in this presentation unless there is a legal obligation. CENTROTEC SE Am Patbergschen Dorn 9 59929 Brilon/Germany www.centrotec.de Tel: +49 2961 96631-0 Fax: +49 2961 96631-100 ir@centrotec.de WKN 540750 ISIN DE 000 54 07506
You can also read
