q4 & fy2018 financialresults · capacity for top kitchen producers in ger (nobilia, leicht,...

Q4 & FY 2018

FINANCIAL RESULTS

Investor presentation

Tom K. Schäbinger (CEO)

Dr Nico Reiner (CFO)

EXPERIENCED & COMMITTED

MANAGEMENT TEAM

2

Tom K. SchäbingerCEO

Dr Nico ReinerCFO

2018 STRONG RESULTS

3

Sales revenues

EUR 1062.5m

+ 5.6% y/y

Adjusted

EBITDA*

EUR 141.9m

+ 12.0% y/y

*Adjusted EBITDA = EBITDA adjusted for clearly identifiable material true one-offs and exceptional items. Please refer to appendix for more details

Higher raw

material costs

successfully

recovered

through end

product price

adjustment &

strict cost

control

On track to

deliver

2021 strategic

goals:

EUR 1.3 bn

in revenues

EBITDA margin

above 16%

New strategic

initiatives

for sales growth

& productivity

increase

+ 3.3% y/y

increase

in High Value

Added Products

sales

CAPEX

supports

strategic

initiatives

Financial results

Market environment

Strategy implementation

Outlook

The World Academy TWA | King Abdullah Economic CityDuropal HPL | Duropal HPL magnet | DecoBoard

© Paul Ott, Graz


© Paul Ott, Graz

Q4 & FY 2018

FINANCIAL RESULTS

STRONG SALES PERFORMANCE

6

255.5 262.8

Q4 2017 Q4 2018

1 006.4 1 062.5

FY 2017 FY 2018

Revenue (EUR m)

Strong sales growth in FY 2018 driven by higher prices (pass-through of raw material prices)

& growth in produced volumes of all products categories. Also, low margin sales of externally sourced products stopped

Q4’18: strong sales in October and November but December a bit weaker due to de-stocking by customers and German macro

+5.6%+2.9%

GROWTH IN ALL PRODUCT CATEGORIES

7

High value added products revenue growth at 3.3% in 2018 with growth recorded in all major product lines: specialised

construction chipboard, coloured MFC, HPL, HPL Compact and worktops

Basic products grow 6.8%

64% of revenue generated by growing sales of value-added products

Revenue breakdown by product

48%

16%

19%

11%6%Laminated/lacquered board

HPL & elements

Raw PB

Raw MDF/HDF

Other (incl. Silekol)

352 376

578 597

109125

2017 2018

Other (incl. Silekol)

High value addedproducts

Basic products

Revenue breakdown by product category (in EUR m)

+3.3%

+6.8%

+14.7%

SALES DIRECTED TO MOST ATTRACTIVE

EU MARKETS

8

Revenue breakdown by market (FY ‘18)

45%

22%

24%

6%3%

DACH

Other Western Europe

Poland

Other Eastern Europe

Beyond Europe33

38

53

217

437

35

41

63

241

464

37

41

59

253

503

France

Netherlands

UK

Poland

DACH

2018 2017 2016

Sales by region (FY ’18, in EUR m)

DACH & other Western European markets account for 67% of Group sales

RAW MATERIALS PRICES UP STRONGLY

IN 2018, BUT DROP EXPECTED FOR 2019

9

15%

11%

8%

4%

0%

5% 5%

8%

0%

5%

10%

15%

20%

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Electricity y/y change (%)

-7%

-1%

1%4%

6% 5% 7% 5%

-10%

-5%

0%

5%

10%

15%

20%

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Wood y/y change (%)

17%

36%

16%20%

-1% -3%

19% 21%

-10%

0%

10%

20%

30%

40%

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Glue y/y change (%)

-2% -1% -2%

3% 3%6%

8%6%

-5%

0%

5%

10%

15%

20%

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Paper y/y change (%)

Wood

Chemicals

PaperEnergy

Material cost structure

RAW MATERIALS PRICE INCREASE SUCCESSFULLY RECOVERED THROUGH

END-PRODUCT PRICE INCREASE IN 2018. END-2018 SALES PRICE

DECLINES SLIGHTLY PREDATING 2019 RAW MATERIAL PRICE DECLINES

10* Base on January 2016 =100

90

95

100

105

110

115

120

125

Jan16

Mar16

May16

Jul16

Sep16

Nov16

Jan17

Mar17

May17

Jul17

Sep17

Nov17

Jan18

Mar18

May18

Jul18

Sep18

Nov18

Raw chipboard

85

90

95

100

105

110

Jan16

Mar16

May16

Jul16

Sep16

Nov16

Jan17

Mar17

May17

Jul17

Sep17

Nov17

Jan18

Mar18

May18

Jul18

Sep18

Nov18

MFC

80859095

100105110115120125

Jan16

Mar16

May16

Jul16

Sep16

Nov16

Jan17

Mar17

May17

Jul17

Sep17

Nov17

Jan18

Mar18

May18

Jul18

Sep18

Nov18

MDF raw HDF raw

80

85

90

95

100

105

110

Jan16

Mar16

May16

Jul16

Sep16

Nov16

Jan17

Mar17

May17

Jul17

Sep17

Nov17

Jan18

Mar18

May18

Jul18

Sep18

Nov18

HPL Worktops

Index price to customers

HIGHER PROFITABILITY

DELIVERED IN FY2018

11

Solid growth of adjusted EBITDA in 2018 as result of sales growth, material price pass through, cost out and productivity

enhancement

Q4’18: strong sales in October and November but December a bit weaker due to de-stocking by customers and German macro

* Reconciliation of adjusted EBITDA is available in the appendix.

Adjusted EBITDA* (EUR m), EBITDA margin (%)

33.4 34.4

13.1% 13.1%

0%

5%

10%

15%

0

5

10

15

20

25

30

35

40

Q4 2017 Q4 2018

126.7141.9

12.6%13.4%

0,0%

5,0%

10,0%

15,0%

0

50

100

150

FY 2017 FY 2018

+12.0%+3.0%

2018 EBITDA BRIDGE

12

Strong focus on pricing in order to pass-through the increase of raw materials cost

Improved volumes, prices & product mix offset visible increase in raw material & production costs

Improvement in SG&A continues

* Includes price & volume effectsReconciliation to reported EBITDA is presented in the appendix

Adjusted EBITDA* (EUR m)

Q4’18 EBITDA BRIDGE

13

Improved volumes, prices & product mix more than compensated for higher production costs

Improvement in SG&A continues

Other incl. bonus, freight outs and other expenses

* Includes price & volume effectsReconciliation to reported EBITDA is presented in the appendix

Adjusted EBITDA* (EUR m)

STRONG PERFORMANCE

OF QUARTERLY ADJUSTED EBITDA*

14

1

30.8 29.931.4

33.4

36.5

33.5

37.3

34.4

Q1 2017 Q1 2018 Q2 2017 Q2 2018 Q3 2017 Q3 2018 Q4 2017 Q4 2018

(EUR m)

* EBITDA reconciliation in the appendix

(EUR m) Q4’17 Q4’18 Δ 2017 2018 Δ

Revenue 255.5 262.8 +2.9% 1 006.4 1 062.5 +5.6%

Gross profit 56.4 55.7 (1.3%) 230.9 238.9 +3.4%

Gross profit margin (%) 22.1 21.2 (0.9 p.p.) 22.9 22.5 (0.4 p.p.)

Selling expenses (28.3) (33.5) +18.4% (131.8) (131.7) (0.1%)

G&A expenses (13.3) (12.5) (6.5%) (52.0) (49.6) (4.5%)

SG&A (% of sales) 16.3 17.5 1.2 p.p. 18.3 17.1 (1.2 p.p.)

Reported EBITDA 23.8 29.2 +22.7% 120.0 133.8 +11.5%

Adjusted EBITDA 33.4 34.4 +3.0% 126.7 141.9 +12.0%

Adj. EBITDA margin (%) 13.1 13.1 0.0 p.p. 12.6 13.4 +0.8 p.p.

D&A 18.7 21.5 +15.0% 73.9 79.0 +6.9%

EBIT 5.0 7.7 54.0% 46.1 54.8 +18.9%

EBIT margin (%) 1.9 2.9 +1.0 p.p. 4.6 5.2 0.6 p.p.

Net profit (1.9) (9.7) - 17.1 5.9* (65.5%)*

15

CONTINUOUS PROFITABLE GROWTH

* y/y changes in net profit resulting mainly from impact of FX valuations (EUR 4.7m) and deferred tax adjustment (EUR 5.2m); both are non-cash events

EFFICIENT WORKING CAPITAL

MANAGEMENT

16

19.9

(9.0)

23.0

-10,0%-10,0

90,0

2016 2017 2018

Net working capital after factoring % of sales

2.1% 2.2%

-0.9%

Working capital after factoring (EUR m)

8.7 7.3 7.0

91.9 96.3116.3

(80.7)(112.6) (100.3)

2016 2017 2018

Trade receivables Inventories Trade payables

19.9 -9.023.0

Working capital is managed efficiently through use of factoring

Q4 increase in working capital reflects higher inventories in December, a result of de-stocking by clients

See near-term opportunities to lower inventories of finished goods and raw materials

CASH FLOW PERFORMANCE

17

Significant growth investments (high value added products and increase of recycled wood consumption) and cash distributions to shareholders

Net debt ratio reached peak end of 2018; expected to decline in subsequent quarters as result of working capital and capex decrease

Cash from operating activities Income tax paid Net cash from operating activities

Net cash used in investing activities

Net cash used in financing activities

Total cash flows

Pfleiderer Group cash flow in 2018 (EUR m)

98.6

(27.0)

71.6

(85.1)

(36.8) (50.4)

(EUR m) End-2017 End-2018 ex. SBB End-2018

Net debt 254.8 274.2 398.6

Net debt / EBITDA 2.12x 2.05x 2.98x

2018 STRONG RESULTS

18

Sales revenues

EUR 1062.5m

+ 5.6% y/y

*Adjusted EBITDA = EBITDA adjusted for clearly identifiable material true one-offs and exceptional items. Please refer to appendix for more details

Higher raw

material costs

successfully

recovered

through end

product price

adjustment &

strict cost

control

+ 3.3% y/y

increase

in High Value

Added Sales

Continued

quarterly

improvement in

EBITDA

Adjusted

EBITDA

EUR 141.9m

+ 12% y/y

Adjusted

EBITDA

margin

13.4%

+ 0.8 p.p y/y

CF impacted

by cash

distributions

to shareholders

and growth

capex

MARKET ENVIRONMENT


© Paul Ott, Graz

MARKET OUTLOOKRobust long term growth but facing short-term challengesCompany maintains strong market position

Robust long-term growth prospects fuelled by end-market demand, and healthy GDP growth prospects of German and Polish

economies

In the near-term, we see the following challenges:

Softening GDP forecasts for several key markets – GDP expected to decelerate to 1.1% in Germany and 1.5% in EU-28.

Stable demand forecast on premium product markets (e.g. kitchen tops)

Capacity for top kitchen producers in GER (Nobilia, Leicht, Nolte, Pino, Häcker, Schüller, Schmidt, Rotpunkt) expected to

grow in double digits to over 2 mln units in 2021 (vs. 2018) driven by strong export growth in overseas markets

Furniture market still growing, but at lower pace. During last 4 months, customers destocked in expectations of lower

growth

Additions in raw PB and MFC to support long-term growth but could create some short-term price pressure

Consequently, PFL continues to focus on implementing commercial & operational initiatives, including growth of (less

cyclical) high value added products, cost out, labour and asset productivity improvements

20

MACRO OUTLOOK FOR GERMANY

Manufacturing production (y/y change) German manufacturing PMI GDP growth (y/y change)

Stability on the market expected in coming years in DACH region

Source: own estimation based on reliable market data providers

5,8%2,6%

4,4%2,5%

4,1%3,7%0,8%

-1,0%-0,4%

0,9%

-4,6%-4,0%

Jan'18

Feb'18

Mar'18

Apr'18

May'18

Jun'18

Jul'18

Aug'18

Sep'18

Oct'18

Nov'18

Dec'18

2,1% 2,0%

1,1%

0,6%

Q1 '18 Q2 '18 Q3 '18 Q4 '18

40

45

50

55

60

65

Jan'18

Feb'18

Mar'18

Apr'18

May'18

Jun'18

Jul'18

Aug'18

Sep'18

Oct'18

Nov'18

Dec'18

Jan'19

Feb'19

Mar'19

3,14 3,19 3,24 3,28 3,28 3,23

2016 2017 2018 2019 2020 2021

77,22 78,49 79,84 80,75 81,06 80,85

2016 2017 2018 2019 2020 2021

+1.7% +1.7% +1.1% +1.4% -0.3%

+1.7% +1.5% +1.0% -1.4%0.0%

MFC market DACH (M cbm)

CAGR 2018-2021: -0.1%

HPL/CPL market DACH (M m2)CAGR 2018-2021: 0.4%

21

PRODUCTION CONTINUES TO GROW

IN POLANDManufacturing production (y/y change) Poland manufacturing PMI

GDP growth (y/y change)

8,6%7,4%

1,8%

9,3%

5,4%6,8%

10,3%

5,0%

2,8%

7,4%

4,7%

2,8%

6,1%6,9%

Jan'18

Feb'18

Mar'18

Apr'18

May'18

Jun'18

Jul'18

Aug'18

Sep'18

Oct'18

Nov'18

Dec'18

Jan'19

Feb'19

40

45

50

55

60

Jan'18

Feb'18

Mar'18

Apr'18

May'18

Jun'18

Jul'18

Aug'18

Sep'18

Oct'18

Nov'18

Dec'18

Jan'19

Feb'19

Mar'19

4,6%4,2%

5,4%5,0%

5,3%5,1% 5,1%

4,9%

3%

4%

5%

6%

Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18

22

POLISH FURNITURE MARKET OUTLOOK

Source: GUS, Forestor (large producers – at least 50 employees)

Production of kitchen furniture continues to grow but at lower pace

Production of living room furniture slowed down near end-2018

Major producers report decline in output in Q1 2019

Polish producers reliant on biggest retailers:

• IKEA (700 cbm of particleboard)

• Bega (600 cbm)• Jysk (100 cbm)• Lutz (75 cbm)• Trend Team (60 cbm)

393723

1 0921 436

1 7892 190

2 5302 956

3 3203 747

4 1744 527

8,0%1,5%

-3,7% -0,1% 0,6% 0,9% 1,6% 5,9% 6,8% 6,5% 6,7% 7,5%

-100%

-50%

0%

0

2 000

4 000

01 '18 02 '18 03 '18 04 '18 05 '18 06 '18 07 '18 08 '18 09 '18 10 '18 11 '18 12 '18

Kitchen furniture production (’000 pieces, cumul.) y/y change (%)

2 4605 143

7 95810 307

12 59015 063

17 28519 790

22 66025 474

28 10530 225

4,1%9,9% 11,1% 11,2% 9,0% 9,9% 8,8% 8,3% 7,0% 4,5% 1,0% -1,4%

-100%

-50%

0%

0

10 000

20 000

30 000

40 000

01 '18 02 '18 03 '18 04 '18 05 '18 06 '18 07 '18 08 '18 09 '18 10 '18 11 '18 12 '18

Living room furniture production (’000 pieces, cumul.) y/y change (%)

23

STRONG PLAYER IN POLAND

Pfleiderer31%

Swiss Krono14%

Forte11%

Egger*4%

Kronospan40%

Capacity share (%)

Pfleiderer**9%

Kronospan52%

Homanit17%

Swiss Krono13%

IKEA9%

Capacity share (%)

Particleboard capacity in Poland

4.5M m3

MDF/HDF capacity in Poland

2.9M m3

* Soon in operation; assumption 1/3rd of total planned capacity** Pfleiderer produces only HDF, with a market estimated at ca. 1M m3

No. 2

No. 5

24Source: company internal calculation based on data of reputable market research provider

25

Pfleiderer21%

Egger22%

Kronospan14%

Sonae Arauco11%

Swiss Krono6%

Other26%

Capacity share (%)

Pfleiderer8%

Kronospan25%

Sonae Arauco19%

Swiss Krono18%

Egger16%

Other 14%

Capacity share (%)

Particleboard capacity in DACH

8.7M m3

MDF/HDF capacity in DACH

4.7M m3

No. 2

No. 5

Source: company internal calculation based on data of reputable market research provider

STRONG PLAYER IN DACH


© Paul Ott, Graz

STRATEGY

IMPLEMENTATION

\

STRATEGY CONFIRMED

27

Currently we are delivering 13.4% adj. EBITDA marginWith the implementaton of our strategy

we plan to deliver 16% EBITDA margin in 2021

2021 Revenue target raised to >EUR 1.3B

2021 EBITDA margin target >16% confirmed

In 2018, we conducted a bottom-up detailing of the Pfleiderer Strategy

Together with one of the TOP 3 strategy consulting firmswe have uncovered further possible upsides

28

PFLEIDERER STRATEGY

– THE DIAMOND APPROACHSHAREHOLDER VALUE Lean organization

Sound financial basis

Active investor relations

Attractive dividend policy

Available net cash will be

distributed to shareholders

OPERATIONS

PEOPLE

Target oriented leadership (MBO)

New Management Team

Lean organization

People recruitment and development

Talent program

Succession plan

COMMERCIAL Sales & Marketing

Market segmentation &

strategy

Organic growth & value-added

product strategy

Sales excellence program

New Design Collection

Target group marketing

PFL Academy PFLDIAMOND

APPROACHCORPORATE CULTURE

Empowerment

Cost consciousness

Diversified workforce

International management

approach

Employee survey

Mid-term programs

Lean Six Sigma

Procurement excellence

World class manufacturing

Next 12 months

Uptime & productivity

Capacity ext. / debottlenecking

Value-added technologies

Procurement savings

NWC optimization

Continuous Improvement

program

ON TRACK TO DELIVER STRATEGIC GOALS

29

•Share of Wallet, New Customers, New Products, New Segments, Overseas – all in Value Added Products

STRENGTHEN SALES AND MARKET POSITION

•Grow share of HVAP in 2021 vs. 2018

FOCUS ON HIGH VALUE-ADDED PRODUCTS

•Higher utilisation of recycled wood, further decrease G&A costs, improve plant performance

INCREASE PRODUCTION EFFICIENCY

•Adj. EBITDA margin up to 16% in 2021 from 13.4% in 2018

INCREASE EBITDA MARGIN

30

CLEAR STEPS TO DELIVER

PROFITABLE GROWTH

Baseline/market driven growth

• Base/ market driven growth of Core (panel) business

• Base growth of Silekol(Chemicals) business

• Base growth of other (e.g. external freight services)

Commercial initiatives

• Increase of Share of Wallet (SoW) with existing customers

• New customer acquisitions

• Expansion into new geographies

• Expansion into new segments

• Introduction of new products

• Margin improvement

Operations initiatives

• Reduction of wood and other direct cost

• Improvement of plant performance

• Reduction of indirect spend

• Optimization of overhead and support functions (G&A)

Additional Poland initiatives

• Increase of wood recycling

• Acceleration of Silekolgrowth

III

I

II

32

MACRO OUTLOOK SOFTENING,

BUT REMAINS ROBUST

GDP growth on main markets (2019 est.)*

3.5%1.1%

1.1%DACH

3.5%Poland

1.1%Germany

1.5%EU-28

*Source: European Commission

33

OUTLOOK FOR COMMODITIES’ PRICES

PAPER

• Paper prices expected to be flat

ENERGY

• In Poland 100% prices hedged for 2019 and 60% hedged for 2020

• Natural hedging in Germany thanks to energy production

CHEMICALS

• Prices expected to decline as crude below levels from Q3 2018

• Positive price outlook for resins, urea & methanol

WOOD

• In Poland after increase over last 6 months wood prices expected to decline

• In Germany prices expected to decline

CONTINUING ON THE RIGHT PATH

34

Pfleiderer is a leading player

Pfleiderer will further

strengthen its market position

Our strategic implementation plan is on track

and will continue to improve

results

KEY TAKEAWAYS

35

More challenging market environment with decelerating growth in Poland& DACH

2

Improving profitability and cost structure; maintaining cost discipline1

Expected impact on prices from new capacities in Poland and the region3

Raw material prices expected to decline in 20196

Smart pricing strategy & diversified client base provides future upside5

Cont’d strong focus on value-added products with superior profitability4

On track to reach upgraded 2021 strategic goals7

MANAGEMENT BOARD

36

Tom K. SchäbingerCEO

Dr Nico ReinerCFO

3

6

Dr Frank HerrmannCOO

Stefan ZinnCCO

CEO of Pfleiderer Group since June 2017. Earlier acted as CEO of Bundy

Refrigeration Group, Managing partner of TS Trust GmbH and CEO (and other high managerial positions) at paper producer Mondi.

CFO of Pfleiderer Group since April 2018.

In 2014-2018 CFO and Board Member at Al-KO Kober SE. In 2005-2014

CFO and a Board Member at Schueco International

KG.

Recently worked as COO at Madrid-based URSA

Insulation. He started hiscareer in consulting incl.

PwC and Bain. Later served as CEO of Schiedel AG (Braas Monnier Group), and was a member of the

Group Executive Committee at Braas

Monier.

In managerial sales positions at Pfleiderer

Group since 2013. Responsible for export

sales Core West segment since 2017 and from overall sales in Core

West since 2018. Promoted to CCO in January 2019.

To join the

Management

Board on May

1, 2019

To join the

Management

Board on May

1, 2019

38

REPORTED & ADJUSTED EBITDA

RECONCILIATION

(EUR m) 2017 2017 2017 2017 2018 2018 2018 2018

Reconciliation Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Reported EBITDA 30.8 35.3 30.1 23.7 36.5 32.9 35.2 29.2

Add/deduct derecognition of EEG liabilities

1.0 -5.4

Add back anti-trust related expenses

0.3 1.3 9.5 0.2 0.1 0.7

Add back Sales & OperationalGrowth Consulting Costs

2.0 2.8

Damage Gütersloh 0.7

Add back ALNO provision 0.6 0.1

Other 0.1 0.9

Adjusted EBITDA 32.1 29.9 31.4 33.4 36.5 33.6 37.3 34.4

QUARTERLY REPORTED EBITDA

DEVELOPMENT

39

30.8

35.3

30.1

23.7

36.5

32.9

35.2

29.2

Q1 2017 Q1 2018 Q2 2017 Q2 2018 Q3 2017 Q3 2018 Q4 2017 Q4 2018

(EUR m)

More informationwww.pfleiderer.com

DISCLAIMER

41

This document and the information contained herein (unless otherwise indicated) has been prepared by Pfleiderer Group SA (the “Issuer”) solely for informational purposes. For the purposes of this notice, the presentation that follows shall

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representation is given that the assumptions disclosed in this Presentation upon which Forward-looking Statements may be based are reasonable. The recipient acknowledges that circumstances may change and the contents of this

Presentation may become outdated as a result.

The presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire the Issuer or the Issuer´s securities, or an inducement to enter into

investment activity in any jurisdiction in which such offer, solicitation, inducement or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction. No part of this

presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation is not for publication, release or distribution in any

jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction nor should it be taken or transmitted into such jurisdiction.

IR Contact

Bartek Godlewski

@:[email protected]

M: +48 795 529 424

Coiffeur Panzerhalle | Salzburg | AustriaDuropal HPL Individual

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