powerpoint-präsentation€¦ · deteriorating market outlook and remaining political risks...

H1 2019/20M a n a g e m e n t P r e s e n t a t i o n

Beijing Daxing International Airport – China

3 D e c e m b e r 2 0 1 9

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• Group revenues grow by 1.5% (FX-adj. plus 1.0%)

− Lighting Segment: plus 1.5% - promising growth in core DACH-region

(+5.3%)

− Components Segment revenues slightly above previous year level (0.8%)

but price pressure remains high

− Third continuing quarterly growth after 13 quarters of decline

• Adj. EBIT increase from EUR 24.8 million to EUR 43.9 million

− Improvement based on slight revenue growth – especially in margin-

strong core markets – and cost saving measures

− Gross profit EUR 10.7 million above PY

− Selling & administrative costs EUR 6.8 million below PY

• Net profit at EUR 24.7 million (PY: EUR 8.8 million)

− One-off costs of EUR 7.2 million (PY EUR 5.6 million)

• Guidance 2019/20 confirmed

− Slight increase in revenues & adj. EBIT margin of 3-5%, in spite of

deteriorating market outlook and remaining political risks (e.g.BREXIT)

H1 2019/20 results

Financials H1 2019/20:

Zumtobel Group confirms slight growth

and improvement of profitability

3

L i g h t i n g S e g m e n t s h ow s e n c o u r a g i n g E B I T i m p r ove m e n t i n H 1 2 0 1 9 / 2 0

L i g h t i n g S e g m e n t – R e v e n u e a n d E B I T d e v e l o p m e n t

Q1 Q2 Q3 Q4

219.5230.5222.6

199.9

223.8234.2

Q1 Q2 Q3 Q4

L I G H T I N G S E G M E N T

R E V E N U E S A D J U S T E D E B I T 1 )

Revenues H1 2019/20 EUR 456.7 million (plus 1.5%)

Revenues H1 2018/19 EUR 450.0 million

Adjusted EBIT H1 2019/20 EUR 39.9 million (margin of 8.7%)


8.1

11.2

-0.72.4

13.5

26.4

6.1%

3.7%4.9%

-0.3%

1.4%

(fx-adj. 0.9%)

1.1%

Revenues 2018/19

In EUR million

Revenues 2019/20

In EUR millionAdjusted EBIT 2018/19

Adjusted EBIT 2019/20

in EUR million

1) Reported EBIT

adjusted for

special effects



as a % of revenues

H1 2019/20 results

1.6%

(fx-adj. 1.0%)

11.3%

4

S t a b i l i z a t i o n o f t o p l i n e ; P r i c e p r e s s u r e r e m a i n s d r a g o n E B I T m a r g i n

C o m p o n e n t s S e g m e n t – R e v e n u e a n d E B I T d e v e l o p m e n t

Q1 Q2 Q3 Q4

89.4 86.689.383.3

88.988.0

Q1 Q2 Q3 Q4

C O M P O N E N T S S E G M E N T

-0.1%

(fx-adj. +0.6%)






8.1 7.8

3.5

6.06.47.0

9.0%

4.2%

8.1%

7.2%

9.0%

Revenues 2018/19

In EUR million

Revenues 2019/20

In EUR millionAdjusted EBIT 2018/19


in EUR million

1) Reported EBIT

adjusted for

special effects



as a % of revenues

H1 2019/20 results

1.6%

(fx-adj. 0.7%)7.9%

5

S l i g h t g r ow t h a n d s av i n g m e a s u r e s l e a d t o i m p r ove m e n t o f p r o f i t a b i l i t y

Z u m t o b e l G r o u p – R e v e n u e a n d E B I T d e v e l o p m e n t

Q1 Q2 Q3 Q4

293.1 302.0296.4

268.7

298.2307.4

Q1 Q2 Q3 Q4

Z U M T O B E L G R O U P

1.1%

(fx-adj. 0.9%)


Revenues 2018/19

In EUR million

Revenues 2019/20

In EUR million







in EUR million

1) Reported EBIT

adjusted for

special effects



as a % of revenues

10.0

14.8

-0.9

3.7

15.8

28.1

3.4%4.9%

-0.3%

1.3%

5.3%

H1 2019/20 results

1.8%

(fx-adj. 1.1%)

9.1%

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M a i n b u i l d i n g b l o ck s o f t h e a d j . E B I T d eve l o p m e n t

Z u m t o b e l G r o u p – A D J . E B I T B r i d g e

Adj. EBIT

H1 2018/19

R&D Adj. EBIT

H1 2019/20

[in EUR million]

∆ Gross profit

(before R&D)

OthersSelling & Administration

Selling and Administration

expenses favorably influenced

by saving measures

Increased own work

capitalized and lower

personnel costs

+1.7+10.7

+6.8 -0.0

24.8

15.8

H1 2019/20 results

Improved Gross Profit

due to slight growth –

particularly in higher

margin markets – and

cost reductions in COGS

43.9

7

N e t p r o f i t i n c r e a s e d f r o m E U R 8 . 8 t o 2 4 . 7 m i l l i o n

Z u m t o b e l G r o u p – I n c o m e s t a t e m e n t

in EUR million H1 2019/20 H1 2018/19 Change in %

Revenues 603.8 595.1 1.5

Cost of goods sold -403.2 -406.5 -0.8

Gross profit (incl. development) 200.6 188.6 6.4

as a % of revenues 33.2 31.7

SG&A expenses -156.7 -163.8 -4.3

Adjusted EBIT 43.9 24,8 77.1


Special effects -7.2 -5.6 -28.3

EBIT 36.7 19.1 91.4


Financial results -5.5 -7.6 26.6

Profit before tax 31.1 11.6 >100

Income taxes -6.4 -2.8 <-100

Net profit for the period 24.7 8.8 >100

Earnings per share ( in EUR) 0.57 0.20 >100

H1 2019/20 results

8

Fr e e c a s h f l ow a t E U R 3 4 . 2 m i l l i o n ( P Y E U R 9 . 0 m i l l i o n )

(cumulative figures in EUR million)

in EUR million H1 2019/20 H1 2018/19

Cash flow from operating results 68.3 45.3

Change in working capital -7.9 0.5

Change in other operating items -0.5 -2.7

Taxes paid/received -1.5 -1.6

Cash flow from operating activities 58.4 41.6

Proceeds from the sale

of non-current assets0.5 0.6

Capital expenditures

on non-current assets-24.6 -33.3

Change in current and

non-current financial assets0.0 0.1

Cash flow from investing activities -24.2 -32.6

Free cash flow 34.2 9.0

F R E E C A S H F L O W D E V E L O P M E N T

FY 2018/2019 FY 2019/2020

Q1 H1 Q1-Q3 FY

34.2

-6.2

9.0

-8.9

3.4

9.9

H1 2019/20 results

Z u m t o b e l G r o u p – C a s h F l o w S t a t e m e n t

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S o l i d b a l a n c e s h e e t s t r u c t u r e ( i n c r e a s e o f n e t d e b t d u e t o I F R S 1 6 )

Z u m t o b e l G r o u p – K e y b a l a n c e s h e e t d a t a

Net debt totalled EUR 173.1 million as of 31 October 2019

(30 April 2019: EUR 148.7 million)

Solid liquidity position backed by:

• Consortium credit agreement with a term ending Nov. 2022 and a max.

volume of EUR 200 million, whereof EUR 20 million drawn

• Short-term bilateral credit agreement with a volume of EUR 40 million

(bullet repayment in January 2020; fully drawn)

• Two long-term credit agreements of EUR 40 million each with the

European Investment Bank (EIB) (bullet repayment in September 2024,

respectively February 2025; both fully drawn)

• Uncommitted lines of credit totalling EUR 63.7 million

Financial covenants attached to:

• Debt coverage ratio (=net debt/EBITDA) < 3.55

✓ 2.01 as of 31 October 2019

• Equity ratio > 23.5%

✓ 28.2% as of 31 October 2019

→ Testing of covenants on 31 Oct as well 30 April

in EUR million 31 October 2019 30 April 2019

Total assets 989.5 920.9

Net debt 173.1 148.7

Equity 278.7 262.8

Equity ratio in % 28.2 28.5

Gearing in % 62.1 56.6

Investments 24.6 66.2

Working capital 181.5 172.8

As a % of rolling

12 months revenues12.3 14.8

H1 2019/20 results

10

I m p l e m e n t a t i o n o f I F R S 1 6 i n H 1 2 0 1 9 / 2 0 : E U R 8 . 1 m i l l i o n E B I T DA e f fe c t

Z u m t o b e l G r o u p – i m p l e m e n t a t i o n o f I F R S 1 6

• Extension of the Balance Sheet

− Recognition of “Right of Use Asset“

− Recognition of „Lease Liability“

• Impact on Income Statement

− Increase of EBITDA: No expenses for rent / leasing

− Increase of EBIT: Expenses for Rent / Leasing are broken down into

depreciation of “Right of Use Asset” and interest on “Lease Liability”

− Decrease of interest result: interest on “Lease Liability”

• Change in accounting standard has no impact on underlying cash flows

Income Statement In EUR million

EBITDA 8.1

Depreciation (7.5)

EBIT 0.6

Interest Result (1.1)

Net Income (0.5)

Balance Sheet In EUR million

Change of net debt 48.2

H1 2019/20 results

11

T h i r d q u a r t e r o f g r ow t h

Z u m t o b e l G r o u p – S a l e s d e v e l o p m e n t b y Q u a r t e r v s P Y P e r i o d i n %

-2.6

-4.9

Q3

-4.7

5.9

Q1

5.8

5.0

Q3 Q1Q2

2.8

Q4 Q2

-0.9

Q4Q2Q1

-0.6

Q3 Q4

-10.1

Q2

-7.3

Q3

-12.7

-7.6

Q1

-1.7

-5.3

Q4

3.4

1.1

Q1 Q2

1.8

2015/16 2016/17 2017/18 2018/19

Positive trend in Q on Q revenue

development since Q4 17/18 with a

first time growth in Q4 18/19

2019/20

H1 2019/20 results

12

S l i g h t i m p r ove m e n t o f r eve n u e s d e s p i t e ch a l l e n g i n g m a r ke t e nv i r o n m e n t

Z u m t o b e l G r o u p – R e g i o n a l r e v e n u e d i s t r i b u t i o n

in EUR million Q2 2019/20 Change in % H1 2019/20Change in %

nominal FX adjusted

D/A/CH 101.5 5.5 194.4 5.5 4.0

Northern Europe 62.1 -2.5 123.9 -2.2 -1.3

Benelux &

Eastern Europe49.5 4.6 95.6 3.4 3.6

Southern Europe 42.1 0.4 89.3 -1.5 -1.5

Asia & Pacific 29.7 -6.0 60.0 -2.7 -2.9

Middle East & Africa 15.1 2.8 26.1 -4.6 -7.1

America 7.6 13.1 14.6 20.3 16.0

Total 307.4 1.8 603.8 1.5 1.0

H1 2019/20 results

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Z u m t o b e l G r o u p O u t l o o k : 2 0 1 9 / 2 0 w i l l b e a p e r i o d o f t r a n s fo r m at i o n

G u i d a n c e 2 0 1 9 / 2 0 a n d m e d i u m - t e r m g o a l

• For the 2019/20 financial year, the Management Board expects – in spite of the challenging market environment – a slight increase in revenues as well

as an improvement in the adjusted EBIT margin to 3-5% (FY 2018/19: 2.4%).

• The medium-term goal to generate an EBIT margin of roughly 6% by the 2020/21 financial year remains intact.

Gross Profit

• Slight increase in revenues

• Improved margins: FOCUS markets as well

as sustainable and profitable applications

• Improved production costs: Ramp up of

production plant in Nis/ Serbia

Action plan to generate EBIT margin of 6%

SG&A

• Lean organisation for competitive cost

base in administration & sales

• Digitalisation of business processes

2.4%

Gross ProfitFY 2018/19 SG&AGross Profit

~1%

~1%

FY 2020/21FY 2019/20

~1%

~0.5%

SG&A

3-5%

6%

H1 2019/20 results

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F i n a n c i a l C a l e n d a r

Z u m t o b e l G r o u p

3 December 2019 Half-Year Financial Report 2019/20 (1 May 2019 – 31 October 2019)

3 March 2020 Interim Report Q1–Q3 2019/20 (1 May 2019 – 31 January 2020)

25 June 2020 Annual Results 2019/20 (1 May 2019 – 30 April 2020)

14 July 2020 Record Date for the Annual General Meeting

24 July 2020 44th Annual General Meeting of Zumtobel Group AG

28 July 2020 Ex-Dividend Day

29 July 2020 Record Date Dividend

31 July 2020 Dividend Payout Day

1 September 2020 Interim Report Q1 2020/21 (1 May 2020 – 31 July 2020)

1 December 2020 Half-Year Financial Report 2020/21 (1 May 2020 – 31 October 2020)

2 March 2021 Interim Report Q1–Q3 2020/21 (1 May 2020 – 31 January 2021)

H1 2019/20 results

Back-up

16

Wo r k i n g c a p i t a l b e l ow p r i o r ye a r l eve l

Z u m t o b e l G r o u p – W o r k i n g c a p i t a l

Q1 Q2 Q3 Q4

• Working capital at EUR 181.5

million as of 31 October 2019

(30 April 2019: EUR 172.8

million)

• In % of rolling 12-month

revenues, working capital

down to 12.3% (PY: 15.9%)

FY 2017/2018 FY 2018/2019 FY 2019/2020in % of rolling 12-month revenues

18.0%17.3%

17.9%

15.7%16.7%

15.9%15.1% 14.9%15.1%

H1 2019/20 results

12.3%

17

S u p p l e m e n t d a t a r e g a r d i n g S e g m e n t Re p o r t i n g


Lighting Segment Components Segment Reconciliation Group

in TEUR H1 2019/20 H1 2018/19 H1 2019/20 H1 2018/19 H1 2019/20 H1 2018/19 H1 2019/20 H1 2018/19

Net revenues 456,742 449,998 177,283 175,957 -30,188 -30,832 603,836 595,122

External revenues 456,635 448,127 146,904 146,981 297 15 603,836 595,121

Inter-company revenues 106 1,871 30,087 28,976 -30,193 -30,847 0 0

Adjusted EBIT 39,888 19,382 13,374 15,889 -9,374 -10,490 43,889 24,781

Special effects -9,517 -4,791 318 -407 1,970 -435 -7,229 -5,632

Operating profit/loss 30,371 14,591 13,692 15,481 -7,403 -10,925 36,660 19,148

Investments 11,701 18,663 8,128 12,409 4,807 2,238 24,636 33,309

Depreciation -21,781 -17,766 -6,988 -6,163 -2,803 -2,053 -31,571 -25,982

H1 2019/20 results

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F i ve - Ye a r O ve r v i e w


in EUR million 2018/19 2017/18 2016/17 2015/16 2014/15

Revenues 1,162.0 1,196.5 1,303.9 1,356.5 1,312.6

Adjusted EBIT 27.6 19.7 72.4 58.7 66.5

as a % of revenues 2.4 1.6 5.6 4.3 5.1

Net profit/loss for the period -15.2 -46.7 25.2 11.9 11.9

as a % of revenues -1.3 -3.9 1.9 0.9 0.9

Total assets 920.9 986.1 1,019.6 1,068.6 1,086.3

Equity 262.8 268.3 334.0 333.2 322.6

Equity ratio in % 28.5 27.3 32.8 31.2 29.7

Net debt 148.7 146.3 91.0 134.8 148.2

Cash flow from operating results 56.8 53.5 116.8 84.8 103.1

Investments 66.2 69.0 45.2 58.4 76.6

as a % of revenues 5.7 5.8 3.5 4.3 5.8

R&D total 66.2 73.4 82.4 87.9 79.0

as a % of revenues 5.7 6.1 6.3 6.5 6.0

Headcount incl. contract worker

(full-time equivalent)5,878 6,224 6,562 6,761 7,234

H1 2019/20 results

19

Thank you

Z U M T O B E L G R O U P A G

I n v e s t o r R e l a t i o n s

T e l . : + 4 3 ( 5 5 7 2 ) 5 0 9 - 1 1 2 5

e m a n u e l . h a g s p i e l @ z u m t o b e l g r o u p . c o m

w w w . z u m t o b e l g r o u p . c o m

mailto:[email protected]

http://www.zumtobelgroup.com/

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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 statem ents

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 s tatements.

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 arisi ng, 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 opinion s

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.

D i s c l a i m e r

H1 2019/20 results

powerpoint-präsentation€¦ · deteriorating market outlook and remaining political risks...

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