Perspectives PERSPECTIVES - Heidelberger Druckmaschinen AG
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Perspectives
Heidelberger Druckmaschinen AG - First Quarter Results FY 2021/2022
Rainer Hundsdörfer, CEO | Marcus A. Wassenberg, CFO | Wiesloch, August 4 th, 2021
PERSPECTIVES
Heidelberg is back ― as promised.
Successful first quarter completed.
Broad market recovery due to Strong quarter with premiere of new
increasing willingness to invest machine and successful trade show
in China fills order backlog
Transformation streamlines structures E-mobility continues to record high
and makes a sustainable contribution growth ― expansion planned
Site optimisation progresses and Confidence that the full-year targets
further reduces costs will be achieved
© Heidelberger Druckmaschinen AG
2
Upward trend continues.
Incoming orders exceed expectations.
FY 19/20 FY 20/21
• Order intake in Q1 marked by
648 636 652 broad market recovery
615
557 579
518
462 • Successful trade show in China
346
already increases incoming orders
• Germany records particularly
strong recovery
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
// Order development good basis for full-year targets.
© Heidelberger Druckmaschinen AG 3
Strategy update.
Positive development of our growth areas in the first quarter.
Strong growth in Packaging, especially in the Chinese
market, in the first quarter
E-mobility sales tripled in the first quarter compared to
the previous year
Around 14% of quarterly sales comes from recurring
contract business
4
// Strategic initiatives safeguard growth.
© Heidelberger Druckmaschinen AG 4Q1 FY 21/22.
Strong order book, increasing sales & positive free cash flow.
Order backlog Sales EBITDA*
840 441 40
605 330
15
#1 3m FY 21 3m FY 22
#2 3m FY 21 3m FY 22
#3 3m FY 21 3m FY 22
Result after taxes Free cash flow Financial liabilities
29
271
5 214
-14 -63
#4 3m FY 21 3m FY 22 #5 3m FY 21 3m FY 22 #6 12m FY 21 3m FY 22
// On the road to sustainable profitability.
© Heidelberger Druckmaschinen AG
FY 21 incl. income of € 73m from the reorganisation of the company pension scheme 5Operating profitability improved.
Substantial effects from transformation and sales recovery.
€m // EBITDA // Essential factors
40 40Q1 FY 20/21
35 (1)
(1) - Lower compensation from short-time work (approx.
€ 35m)
73 (2)
(2) - Reorganisation of the pension scheme (approx. € 73m)
30
(3) (3) + Savings of structural costs (approx. € 30m)
30 (4) + Volume & margin improvements (approx. 30m€)
(4)
Net Other + Net Other mainly elimination of expenses for
15 restructuring
15 Q1 FY 21/22
© Heidelberger Druckmaschinen AGBalance sheet.
NWC significantly optimized – financial liabilities reduced.
> Assets FY 2021 FY 2021 FY 2022 > Equity and liabilities FY 2021 FY 2021 FY 2022
30-06-2020 31-03-2021 30-06-2021 30-06-2020 31-03-2021 30-06-2021
Fi gures i n mEUR Fi gures i n mEUR
1 3
Fixed assets 943 902 874 Equity 157 109 82
Current assets 1.416 1.150 1.170 Provisions 1.291 1.253 1.242
2 3
thereof inventories 699 542 610 thereof provisions for pensions 958 946 955
thereof trade receivables 200 246 211 Other liabilities 966 743 767
thereof receivables from customer financing 45 44 42 thereof financial liabilities 464 271 214
2
thereof cash and cash equivalents 342 204 173 thereof contractual liabilities 181 202 259
1
Deferred tax assets, prepaid expenses, other 121 117 108 thereof trade payables 166 146 159
thereof deferred tax assets 68 61 61 thereof other payables 148 119 130
thereof income tax liabilities 15 15 15 Income tax liabilities 66 64 62
Total assets 2.480 2.169 2.152 Total equity and liabilities 2.480 2.169 2.152
Equity ratio 6% 5% 4%
4
Net debt 122 67 41
(1) Fixed assets reduced due to reclassification to assets held for sale (Property in Brentford, UK). Property sale in Wiesloch, Germany, reduced assets held for sale at the
same time.
(2) Net working capital lowered to € 465m as of Jun 30, 2021 (Jun 30, 2020: € 617m; March 31, 2021: € 505m).
(3) Equity slightly reduced due to reduction in the domestic interest rate (from 1.4% at March 31, 2021 to 1.3% at Jun. 30, 2021) and net loss. Parent company HDM AG
~28% equity ratio.
© Heidelberger Druckmaschinen AGFinancing framework.
Significant reduction in net financial debt.
// Essential factors: Financial framework // Maturity profile as of 30
June 2021
• Net financial debt further reduced to €m 398
€41m and at historically low level. 38( 10%)
• Repayment of financial liabilities, 289
2
also through cash-in from asset
disposals. 251( 63%)
• Interest expense significantly
251
reduced.
30( 8%) 74
• Availability of the RCF:
30
approx. ¾ as of 30 June 2021. 63( 16%) Others
RCF
EIB
CB 19 11
27
25
6 5 2
17( 4%) REL 17 19
30-Jun-2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
© Heidelberger Druckmaschinen AG
8New segmentation makes potentials more transparent.
Equal recovery in core business ― new business areas growing.
Customer
Segment
Print Solutions Packaging Solutions Technology Solutions
Printed
Customer Zaikio**
Folding Electronics
Commercial Digital Label
Category Carton
E-Mobility
3m FY 21 3m FY 22 3m FY 21 3m FY 22 3m FY 21 3m FY 22
Net Orders 190,4 +86% 354,6 152,2 +89% 288,4 3,4 +174% 9,3
Net Sales 186,2 +28% 238,3 140,0 +38% 193,6 3,4 +174% 9,3
EBITDA in %* 14,2% 3,2% 9,8% 3,2% -8,6% 13,1%
© Heidelberger Druckmaschinen AG
*FY 21 incl. income in the amount of € 73m from the reorganisation of the company pension scheme **First consolidation planned in the second half of the yearSolid basis after three months.
Outlook for the current FY 2021/22.
• Noticeable recovery of the
26% of the lifecycle turnover
20% market share markets – challenges remain
Sales > € 2 billion
for private charging • Strategic initiatives secure
systems in Germany growth
• Increasing quality of
operating result
EBITDA margin 6-7% • Asset management projects
will be continued
• Price increase to compensate
for rising material & logistics
costs
// Slight after-tax profit expected in the current year.
© Heidelberger Druckmaschinen AG 10Perspectives.
Creating added value for customers, shareholders and employees.
Broad market recovery noticeable Consistent implementation of the
in incoming orders. transformation sustainably
reduces structural costs.
Focus on cash management Operating profitability already
to generate substantial cash rises significantly in the first
flows on a sustainable basis. quarter.
Net financial debt at historically Wallbox growth continues
low level. unabated, next steps initiated.
© Heidelberger Druckmaschinen AG 11Backup © Heidelberger Druckmaschinen AG 12
3m FY 20/21.
Key figures.
€m 3m 20/21 3m 21/22 Δ PY
Incoming orders 346 652 +89%
Sales 330 441 +34%
EBITDA 40 15 -25
EBIT 20 -4 -24
Financial result -13 -8 +5
EBT 6 -12 -18
Net result after taxes 5 -14 -19
Free cash flow -63 29 +92
© Heidelberger Druckmaschinen AG 13Regions.
Broad-based market recovery with Europe & Asia/Pacific in lead.
Incoming orders by region 3m 21/22 (3m 20/21)
€m
652
700
South America
11
600 97 Eastern Europe
1.7%
500 79 12.1% (1.4%)
(13.9%) EMEA
400 346
204 North America 14.9% 40.2%
5
300 63 (18.2%) € 652 (33.8%)
(€ 346m)
48
200
114 31.3%
262 (32.9%)
100
117
0
3m 20/21 3m 21/22 13.9%
(11.2%) Asia/Pacific
EMEA Asia/Pacific Eastern Europe North America South America
© Heidelberger Druckmaschinen AG 14You can also read
