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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Geberit AG    GEBN   CH0030170408

GEBERIT AG

(GEBN)
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Geberit : Presentation on the half-year results 2020

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08/18/2020 | 01:03am EDT

H1 2020 Results

Christian Buhl, CEO

Roland Iff, CFO

18 August 2020

Agenda

  • H1 2020 at a glance
  • Outlook 2020

SLIDE 2

H1 2020 RESULTS

AUGUST 18, 2020

Key figures H1 2020

Net sales growth (in CHF)

-9.8%

EPS growth (in CHF)

-13.5%

Net sales growth (currency adj.)

-4.5%

Share buyback (in CHF)

116 million

262'000 shares bought back in H1 2020

EBITDA margin

31.5%

+70 bps vs PY

COVID-19 impact

  • Negative impact since 2nd half of March
  • Improvement since mid of May
  • Intact supply chain during crisis

SLIDE 3

H1 2020 RESULTS AUGUST 18, 2020

Net sales H1 2020 - Negative impact from COVID-19 crisis and currencies

In CHF million

Total variance: CHF -159 million (-9.8%)

1′627

73

87

1′468

Net sales

Growth

Currency

Net sales

H1 2019

in local currency

effect

H1 2020

-4.5%

-5.3%

SLIDE 4

H1 2020 RESULTS

AUGUST 18, 2020

H1 2020 net sales

Net sales in million CHF

Variance to PY in CHF

Variance to PY in c.a.

Geberit Group

1'468

-9.8%

-4.5%

By region

Europe

1'352

-8.7%

-3.3%

Far East / Pacific

40

-24.2%

-18.5%

America

47

-8.6%

-5.4%

Middle East / Africa

29

-31.6%

-25.9%

By product area

Installation & Flushing Systems

556

-10.3%

-4.8%

Piping Systems

448

-9.0%

-3.8%

Bathroom Systems

464

-9.9%

-4.6%

SLIDE 5

H1 2020 RESULTS

AUGUST 18, 2020

H1 2020 net sales - COVID-19 lockdown countries severely impacted

Europe

Inter-

national

Share of net sales

Net sales, CHF million

Net sales growth, % c.a.

Total -4.5%

Germany

34%

495

2,9%

Switzerland

10%

150

0,5%

Nordic Region

10%

148

2,2%

Eastern Europe

10%

143

1,4%

Benelux

9%

130

0,2%

Austria

6%

82

0,4%

Italy

6%

82

-25,1%

France

5%

76

-19,2%

UK / Ireland

2%

36

-34,1%

Iberian Peninsula

1%

10

-20,9%

America

3%

47

-5,4%

Far East / Pacific

3%

40

-18,5%

Middle East / Africa

2%

29

-25,9%

SLIDE 6

H1 2020 RESULTS

AUGUST 18, 2020

Q2 2020 net sales

Net sales in million CHF

Variance to PY in CHF

Variance to PY in c.a.

Geberit Group

671

-15.9%

-10.7%

By region

Europe

613

-14.9%

-9.7%

Far East / Pacific

23

-22.6%

-16.1%

America

22

-14.7%

-11.3%

Middle East / Africa

12

-42.2%

-36.8%

By product area

Installation & Flushing Systems

243

-17.9%

-12.6%

Piping Systems

206

-15.1%

-10.1%

Bathroom Systems

221

-14.2%

-9.0%

SLIDE 7

H1 2020 RESULTS

AUGUST 18, 2020

Key figures H1 2020 - Operational profitability on PY level

CHF million

H1 2020

H1 2019

% YoY

Net sales

1'468

1'627

-9.8%

EBITDA

462

501

-7.8%

Margin

31.5%

30.8%

EBIT

386

431

-10.5%

Margin

26.3%

26.5%

Net income

315

365

-13.9%

Margin

21.4%

22.4%

EPS (CHF)

8.77

10.14

-13.5%

Free cashflow

174

257

-32.3%

Margin

11.9%

15.8%

  • EBIT margin on previous year level despite substantial COVID-19 driven sales decline
    • Fast and targeted cost containment measures
    • High flexibility in production and logistics
    • Lower raw material prices
    • Sales price increases
  • Higher depreciation due to increased investments in previous years
  • Increased tax rate
  • Decline of FCF due to base effect and negative NWC impact

SLIDE 8

H1 2020 RESULTS AUGUST 18, 2020

Key figures Q2 2020 - Operational profitability slightly below PY

CHF million

Q2 2020

Q2 2019

% YoY

Net sales

671

797

-15.9%

EBITDA

202

239

-15.5%

Margin

30.1%

30.0%

EBIT

162

203

-20.4%

Margin

24.1%

25.5%

Net income

131

173

-24.4%

Margin

19.5%

21.7%

EPS (CHF)

3.65

4.81

-24.1%

Free cashflow

181

252

-28.1%

Margin

27.0%

31.6%

  • EBIT margin slightly below previous year despite substantial COVID-19 driven sales decline
    • Fast and targeted cost containment measures
    • High flexibility in production and logistics
    • Lower raw material prices
    • Sales price increases
  • Higher depreciation due to increased investments in previous years
  • Increased tax rate
  • Decline of FCF due to base effect and negative NWC impact

SLIDE 9

H1 2020 RESULTS AUGUST 18, 2020

EBITDA margin H1 2020 - Increase of margin by 70 bps

31.5%

+0.7%

-0.2%

30.8%

-1.6%

+1.8%

EBITDA

Volume and

Price effects,

Other cost

Currency effect

EBITDA

margin H1 2019

product mix effect

net

effects

margin H1 2020

  • Negative volume effect due to COVID-19 driven volume decline
  • Positive net price effect due to lower raw material prices and price increases
  • Limited other cost effect despite substantial sales decline due to fast and targeted cost containment measures and increased flexibility in operations
  • Only minor negative currency effect due to effective natural currency hedge

SLIDE 10

H1 2020 RESULTS

AUGUST 18, 2020

Agenda

  • H1 2020 at a glance
  • Outlook 2020

SLIDE 11

H1 2020 RESULTS

AUGUST 18, 2020

Outlook Geberit 2020

  • The outlook is based on the assumption of no second lockdown wave
    • Further normalization of building construction industry during the second half of the year
    • Net sales in local currencies in the second half of 2020 slightly below second half of 2019
    • Full year EBITDA margin 2020 slightly below previous year

SLIDE 12

H1 2020 RESULTS

AUGUST 18, 2020

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.

SLIDE 13

H1 2020 RESULTS

AUGUST 18, 2020

Disclaimer

Geberit AG published this content on 18 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2020 05:02:05 UTC


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Financials
Sales 2020 2 866 M 3 169 M 3 169 M
Net income 2020 577 M 638 M 638 M
Net Debt 2020 459 M 508 M 508 M
P/E ratio 2020 33,7x
Yield 2020 2,04%
Capitalization 19 430 M 21 448 M 21 484 M
EV / Sales 2020 6,94x
EV / Sales 2021 6,67x
Nbr of Employees 11 474
Free-Float 96,1%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 18
Average target price 486,47 CHF
Last Close Price 543,40 CHF
Spread / Highest target 15,0%
Spread / Average Target -10,5%
Spread / Lowest Target -34,5%
EPS Revisions
Managers
NameTitle
Christian Buhl Chief Executive Officer
Albert M. Baehny Non-Executive Chairman
Martin Ziegler Head-Operations
Roland Iff Chief Financial Officer
Felix Klaiber Head-Technology & Innovation