GEBERIT AG Analysts and media conference
Full year results 2023
Christian Buhl, CEO
Tobias Knechtle, CFO
March 13, 2024
Agenda
Overview
Sales development
Financial results
Building construction outlook
Geberit outlook
Summary
SLIDE 2
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
Key figures 2023
Net sales (c.a.)EBITDA margin
-4.8% | 29.9% | |
vs. PY | +310 bps vs. PY | |
EPS (c.a.) | Free cashflow | |
-3.7% | +11.3% | |
vs. PY | vs. PY | |
Relative CO2 emissions | Dividend2 (CHF) | |
-15.6% | 12.70 | |
vs. PY | +0.8% vs. PY |
- Net sales decline in local currencies due to volume contraction of -13%
- EBITDA margin increase due to operational flexibility and consequent price management
- Currency-adjusteddecline of EPS due to a favorable one-time tax effect in 2022
- Double-digitincrease of free cashflow - thereof 106% distributed to shareholders1
- Double-digitreduction of relative CO2 emissions
- Increased dividend to CHF 12.70
SLIDE 3 | 1 | Dividend payment and share buybacks |
ANALYSTS CONFERENCE - FY 2023 | 2 | Proposal to annual general meeting |
MARCH 13, 2024
Key figures 2023 - Sales & Marketing
Customer contacts | Customer trainings | ||||
[# contacts] | [# participants] | ||||
+3% | +111% | ||||
450'000 | 78'000 | ||||
435'000 | |||||
37'000 |
2019 | 2023 | 2019 | 2023 | |||
Customer events | Digital B2C leads | |||||
[# participants] | [# newly generated leads] | |||||
+94% | 61'000 | +2'043% | 30'000 | |||
31'500 | ||||||
1'400 | ||||||
2019 | 2023 | 2019 | 2023 |
SLIDE 4
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
- Customer contacts stable on high level
- Customer trainings and events with significant increase
- B2C lead generation driven by dedicated new initiative
Marketing 2023 - Selected activities
M ax
M ust er
Launch of online training platform
- eLearning platform "Geberit Digital Campus" for customers launched in CH, DE, AT
- 5 eLearning modules on Geberit core competencies (drinking water hygiene, wastewater hydraulics, sound insulation, fire protection, bathroom planning)
Product data portal
- Launch of data exchange (DEX) portal to provide technical product data to customers
- Coverage of key international/national standards (IGH, DQR, Fab-Dis, BMDG, and BMEcat)
Presence at fairs and exhibitions
- Further roll-out and extension of the "House of Geberit"
- Presence at ISH and several country/local fairs
SLIDE 5
ANALYSTS CONFERENCE - FY 2023 MARCH 13, 2024
Marketing 2023 - Marketing expenses
CHF million
Digital
Others
% of net sales
118 | 110 | |||
95 | 99 | |||
84 | ||||
25% | ||||
75% | ||||
2019 | 2020 | 2021 | 2022 | 2023 |
3.8% | 3.2% | 3.2% | 2.9% | 2.7% |
SLIDE 6
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
- Marketing spend below 2022 driven by
- negative currency effect
- efficiency gains
- reduction of B2C media activities
- 25% of total marketing spend for digital tools and digital channels
Innovations 2023 - New product introductions
New Acanto WC | Type 208 flush valve | Monolith Plus | Shower drain channel | |||
CleanLine 50 | ||||||
"Best-in-class" | Optimized hydraulic | Design-oriented WC | High-quality width- |
performance: Flushing, | properties, unlimited | flushing cistern: Improved | adjustable asymmetrical |
noise, installation | backward-compatibility | lighting, user experience | shower drain channel |
"The new mid-level | "New core for 8cm | "Real eye-catcher" | "Mid-segment slim |
champion" | concealed cistern" | shower channel" | |
SLIDE 7
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
Innovation 2023 - Continuous investments in innovation pipeline
R&D expenditure
CHF million
77 | 75 | 78 | 72 | 70 |
2019 | 2020 | 2021 | 2022 | 2023 |
2.5% | 2.5% | 2.3% | 2.1% | 2.3% |
R&D performance
# new patents
37 | 41 | |||
29 | 27 | |||
25 | Ø 32 |
% of net sales
- Stable R&D expenditure in 2023
- Lower R&D spend in 2022/23 due to Geberit FlowFit development in previous years
- Peak of patents in 2020/21 driven by new flushing technologies combining competence behind and in front of the wall
2019 | 2020 | 2021 | 2022 | 2023 |
SLIDE 8
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
CAPEX 2023
CHF million
+27% | ||||
197 | ||||
167 | 169 | 7% | ||
150 | 155 | |||
52% | ||||
41% | ||||
2019 | 2020 | 2021 | 2022 | 2023 |
5.4% | 5.0% | 4.9% | 4.6% | 6.4% |
SLIDE 9
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
New products
Modernization & rationalization
Capacity expansion
% of net sales
- Record high CAPEX in 2023 due to
- strategic plant expansions in Pfullendorf and Lichtenstein
- new customer center in Pfullendorf
CAPEX 2023 - Selected examples
Capacity expansion FlowFit, Jona (CH)
- Additional injection molding machines and assembly lines
- Increase of capacity for FlowFit by 80%
- CAPEX: CHF 8 million (2022 - 2023)
- Payback: 4 years
Modernization Mapress production, Langenfeld (DE)
- New machinery and equipment for stainless steel fitting production
- Increase of efficiency, flexibility, quality and shorter lead times
- CAPEX: EUR 6 million (2022 - 2023)
- Payback: 5.8 years
Flexible fuel system, Haldensleben (DE)
- Securing business continuity in case of Natural Gas (NG) shortages
- Installation of tank and mixing system for LPG as alternative to NG
- Possibility of full LPG supply for entire plant from 2023
- CAPEX: EUR 3 million
SLIDE 10
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
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Geberit AG published this content on 13 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2024 11:23:23 UTC.
