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.
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H1 2020 RESULTS
AUGUST 18, 2020
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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