H Results. 12 August 2015

Transcription

1 H Results

2 Agenda Agenda H at a glance Building industry outlook 2015 Outlook

3 Stable operating margins Group net sales increase of 20.1% to CHF million In local currencies, net sales increased by 2.5% organically, i.e., excluding Sanitec Sanitec s H net sales decreased by -1.5% in local currencies vs. H Adjusted EBITDA increased by 5.5%, reaching an adj. EBITDA margin of 28.5% Adjusted EBIT increased by 3.2%, reaching an adj. EBIT margin of 24.9% Adjusted net income decreased by -1.2%, adj. net income margin reached 20.6% Adjusted earnings per share decreased by -0.7% to CHF 7.20 Acquisition and integration related cost of CHF 58 million on EBIT level 3

4 Changes in reporting 2015 vs Sales reporting changed from sales to net sales (revenue from sales) Ceramics and Complementary Products added as a new product area H consolidated results include 6 months of former Geberit and 5 months of Sanitec Sales reporting shows the following growth details: Total growth (including 5 months of Sanitec) Organic/currency adjusted growth (excluding Sanitec and with exchange rates as in 2014) Financial results published and commented adjusted for costs and charges related to the Sanitec acquisition and integration 4

5 Substantial negative currency effects Total variance: + CHF 219 million (+ 20.1%) Net sales H Organic growth in local currency Currency effect Sanitec (Feb. to Jun.) Net sales H % % % 5

6 Positive sales development in all regions Net sales growth by region in % (currency adjusted / organic) Total 2.5% Europe 1.4% America 11.2% Far East / Pacific 9.2% Middle East / Africa 25.2% Note: Figures from Sanitec not included in organic development 6

7 European net sales substantially impacted by Swiss currency rebate Region Net sales Variance to prior year CHF million % CHF % c.a. / org. Total Europe 1' % 1.4% Germany % 3.2% Switzerland % -8.3% Nordic Region % 7.9% Central- / Eastern Europe % 4.0% Benelux % 3.8% Italy % -1.5% France % -1.1% Austria % 1.9% UK / Ireland % 9.5% Iberian Peninsula % 4.4% Note: Sanitec net sales included as of February (excluded in organic development) 7

8 Sanitary and piping systems with positive sales growth Product lines Net sales Variance to prior year CHF million % CHF % c.a. / org. TOTAL 1' % 2.5% Sanitary Systems % 4.1% Installation Systems % 4.4% Cisterns and Mechanisms % 2.7% Faucets and Flushing Systems % 6.8% Waste Fittings and Traps % 1.2% Piping Systems % 0.3% Supply Systems % -1.5% Building Drainage Systems % 3.7% Ceramics and Complementary Products na na Bathroom Ceramics na na Ceramics Complentary Products 79.8 na na Note: Sanitec net sales included as of February (excluded in organic development) 8

9 H margin dilution driven by consolidation of Sanitec CHF million H H % YoY Net sales 1' ' % Operating profits significantly negatively impacted by strengthened Swiss Franc Margin dilution due to consolidation of Sanitec business Stable operating margins for the original Geberit business Improved operating margins for Sanitec standalone business Adj. EBITDA % Margin in % of net sales 28.5% 32.5% EBITDA % Adj. EBIT % Margin in % of net sales 24.9% 29.0% EBIT % Adj. net income % Margin in % of net sales 20.6% 25.0% Net income % Adj. EPS (CHF) % EPS (CHF) % Free cashflow % Margin in % of net sales 11.2% 16.0% 9

10 Q margin dilution driven by consolidation of Sanitec CHF million Q Q % YoY Net sales % Adj. EBITDA % Margin in % of net sales 28.1% 32.1% Sanitec acquisition overcompensating negative currency impact EBITDA % Adj. EBIT % Margin in % of net sales 24.3% 28.5% EBIT % Adj. net income % Margin in % of net sales 20.0% 24.4% Net income % Adj. EPS (CHF) % EPS (CHF) % 10

11 EBITDA margin analysis 32.5% +0.4% +0.3% 32.3% -0.7% -0.2% -3.8% 28.5% -3.3% 25.2% EBITDA margin H Volume and product mix effect Other cost effects Price effects, net Currency effect Adj./org. EBITDA margin H Sanitec (as of Feb.) Adj. EBITDA margin H Acqui. and integration costs of Sanitec EBITDA margin H Positive volume and product mix effect Higher personnel expenses Positive net impact of purchase and sales prices despite 10% currency rebate in Switzerland as of February Margin dilution due to consolidation of Sanitec as of February Adjustments for acquisition and integration related costs of Sanitec of CHF 44 million 11

12 Acquisition and integration related costs of Sanitec Acquisition and integration related costs Transaction costs Integration costs Inventory revaluation charge* Total cost on EBITDA level Amortization charges for intangibles* Total cost on EBIT level Financing costs Tax benefits Total cost on net income level H CHF million FY 2015 estimate CHF million 7 15 to to -20 * Related to purchase price allocation 12

13 Raw materials price development Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Polystyrene Polyethylene Aluminum Copper Nickel Index: December 2010 =

14 Agenda Agenda H at a glance Building industry outlook 2015 Outlook

15 Building industry outlook 2015 Europe No overall recovery expected Overall, no recovery of European markets expected Positive and resilient markets in Germany, UK and Poland Switzerland at high volume with price pressure due to strengthened CHF Cautious outlook for Austria Moderate improvement in the Netherlands No significant recovery in Belgium, Nordics, Spain and Portugal Weak and declining markets in France and Italy Mixed picture in Central-/Eastern Europe substantial decline in Russia and Ukraine 15

16 Building industry outlook 2015 North America No recovery at relevant scale in US institutional sector Recovery in residential construction No significant recovery of institutional sector Solid growth of commercial sector 16

17 Building industry outlook 2015 Asia / Pacific Significant downward trend of residential sector in China Further decreasing of residential sector in China India generally positive Mixed picture in North & South East Asia Moderate growth in Australia 17

18 Building industry outlook 2015 Middle East / Africa Gulf region and South Africa as growth drivers Continued positive trend in the Gulf region Good prospects in South Africa Continued political uncertainty in Northern Africa and Near East 18

19 Agenda Agenda H at a glance Building industry outlook 2015 Outlook

20 Outlook 2015 Outlook Geberit 2015 The general picture for the building industry remains mixed and challenging with overall construction volume contraction in Europe Organic group net sales growth in local currencies of 2-3% Net sales of Sanitec on previous year s level Adjusted EBITDA-margin for the whole year around 26% 20

21 Disclaimer Disclaimer While Geberit is making great efforts to include accurate and up-to-date information, we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the information provided in this handout and disclaim any liability for the use of it. The statements in this presentation relating to matters that are not historical facts are forward-looking statements that are not guarantees of future performance and involve risks and uncertainties, including but not limited to: future global economic conditions, foreign exchange rates, regulatory rules, market conditions, the actions of competitors and other factors beyond the control of the company. All financial information included is unaudited and is prepared under the same recognition and measurement principles applied for the audited annual financial statements for the year ended December 31,