q1 2019 financial results - pfleidererq1 2019 financial results sales performance 8 268.8 262.3 q1...
TRANSCRIPT
Q1 2019
FINANCIAL RESULTS
Investor presentation
Tom K. Schäbinger (CEO)
Zbigniew Prokopowicz (Interim CEO)
Dr Nico Reiner (CFO)
Dr Frank Herrmann (COO)
MANAGEMENT BOARD
2
Tom K. Schäbinger
CEO
Dr Nico Reiner
CFO
Dr Frank Herrmann
COO
Stefan Zinn
CCO
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 his
career 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.
Zbigniew Prokopowicz
Supervisory Board Chair
Chairman of Pfleiderer’s
Supervisory Board since June
2016. Earlier CEO of
Polenergia, CEO of Mondi
Packaging and Chairman of
the Supervisory Board of
Opoczno SA. He managed
companies in different
industries, e.g. automotive,
paper, packaging and energy.
To step down
on May 31st
Interim CEO
as of May 31st
DR FRANK HERRMANN – NEW COO
3
Dr Frank Herrmann joins Pfleiderer with a strong industrial background, having
previously served in the role of COO at Madrid-headquartered URSA Insulation
S.A., a leading European insulation provider.
He holds a degree in industrial engineering form TU Darmstadt and completed his
doctorate degree at TU Clausthal.
He started his career as a tool & die maker at Ymos AG and later worked at
PricewaterhouseCoopers, Gemini Consulting and Bain & Company, where he left as
a Senior manager, having spent eight years in their Frankfurt, Munich, Zurich and
London offices.
Following his consulting career, he was a Member of the Group Executive
Committee at Braas Monier Building Group and served in various leadership
positions, including more than four years as CEO, of Austrian gas flue management
company Schiedel International.
STEFAN ZINN – NEW CCO
4
Stefan Zinn has been working in managerial sales positions at Pfleiderer Group
since 2013.
From 2017, he was responsible for export sales in the company’s Core West
segment and from 2018 for overall sales in Core West.
Stefan Zinn was promoted Chief Commercial Officer in January 2019 and is
responsible in particular for sales in Core West, export sales and marketing.
From 1994 to 2012, Stefan Zinn worked in various managerial positions in the
printing industry with a focus on coated self-adhesive and digital print media
products.
He started his career in 1991 at family-owned consulting firm Rolf Zinn & Partner
Unternehmensberatung GmbH.
He holds a degree in business administration from Julius-Maximilian University,
Würzburg.
Q1 2019 HIGHLIGHTS
5
*Adjusted EBITDA = EBITDA adjusted for clearly identifiable material true one-offs and exceptional items. Please refer to appendix for more details
Sales revenues
EUR 262.3m
-2.4% y/y
Adjusted
EBITDA*
EUR 27.9m
-25.2% y/y
+1.8% y/y
increase
in Value Added
Products sales
Improving raw
materials
outlook;
strict cost
control
continues
New strategic
initiatives
for sales growth
& productivity
increase
CAPEX
supports
strategic
initiatives
Financial results
Market environment
Strategy implementation
Outlook
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The World Academy TWA | King Abdullah Economic City
Duropal HPL | Duropal HPL magnet | DecoBoard
© Paul Ott, Graz
Q1 2019
FINANCIAL RESULTS
SALES PERFORMANCE
8
268.8 262.3
Q1 2018 Q1 2019
Revenue (EUR m)
Sales increased y/y in March; first two months of the year suffered from stoppage of Baruth plant due to fire
In basic products, lower prices of raw chipboard due to high competition
Robust growth contribution from value-added products
-2.4%
98.4 85.3
149.6152.3
29.2 33.4
Q1 2018 Q1 2019
Other (Silekol, Energy etc)
Value-added products
Basic products
Q1 2019 SALES PERFORMANCE
9
Robust demand form kitchen industry, which continues to expand production
Basic products impacted by de-stocking, fire at Baruth plant and market competition
66% of revenue generated by growing sales of value-added products
Revenue breakdown
by product
50%
16%
18%
8%
8%Laminated/lacquered board
HPL & elements
Raw PB
Raw MDF/HDF
Other (incl. Silekol)
Revenue breakdown
by product category (in EUR m)*
+1.8%
-13.3%
+14.4%
* Gross sales before sales reduction
SALES GENERATED FROM THE MOST
ATTRACTIVE EU MARKETS
10
Revenue breakdown by market (Q1 ‘19)
46%
22%
24%
6%2%
DACH
Other Western Europe
Poland
Other Eastern Europe
Beyond Europe9
10
13
64
129
8
10
15
64
124
France
Netherlands
UK
Poland
DACH
Q1 2019 Q1 2018
Sales by region (Q1 ’19, in EUR m)
DACH & other Western European markets account for 68% of Group sales
RAW MATERIALS PRICES UP STRONGLY
IN 2018, BUT DECLINE EXPECTED FOR 2019
11
15%
11%
8%
4%
0%
5% 5% 5%
14%
0%
5%
10%
15%
20%
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Electricity y/y change (%)
-7%
-1%
1%4%
6% 5% 7% 5%
1%
-10%
-5%
0%
5%
10%
15%
20%
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Wood y/y change (%)
17%
36%
16%20%
-1% -3%
19% 21%
9%
-10%
0%
10%
20%
30%
40%
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Glue y/y change (%)
-2% -1% -2%
3% 3%6%
8%6% 6%
-5%
0%
5%
10%
15%
20%
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Paper y/y change (%)
Wood
Chemicals
PaperEnergy
Material cost structure
VALUE-ADD PRICES UP IN Q1;
MIXED PRICE DEVELOPMENT IN BASIC PRODUCTS
12* Base on January 2016 =100
90
95
100
105
110
115
120
125
Jan16
Apr16
Jul 16 Oct16
Jan17
Apr17
Jul 17 Oct17
Jan18
Apr18
Jul 18 Oct18
Jan19
Apr19
Raw chipboard
80859095
100105110115120125
Jan16
Apr16
Jul 16 Oct16
Jan17
Apr17
Jul 17 Oct17
Jan18
Apr18
Jul 18 Oct18
Jan19
Apr19
MDF raw HDF raw
Index price to customers
85
90
95
100
105
110
Jan16
Apr16
Jul 16 Oct16
Jan17
Apr17
Jul 17 Oct17
Jan18
Apr18
Jul 18 Oct18
Jan19
Apr19
MFC
80
85
90
95
100
105
110
115
Jan16
Apr16
Jul 16 Oct16
Jan17
Apr17
Jul 17 Oct17
Jan18
Apr18
Jul 18 Oct18
Jan19
Apr19
HPL Worktops
EBITDA PERFORMANCE
13
Loss of sales volume (incl. Impact of Baruth) had adverse effect on earnings
Improving raw materials outlook
* Reconciliation of adjusted EBITDA is available in the appendix.
** Impact from IFRS 16 supported Q1 2019 EBITDA by EUR 2.2m
-43.0%
Adjusted EBITDA* (EUR m) & margin (%)
37.3
27.9**
13.9%
10.6%
0.0%
5.0%
10.0%
15.0%
0
5
10
15
20
25
30
35
40
Q1 2018 Q1 2019
-25.2%
Reported EBITDA* (EUR m) & margin (%)
36.5
20.8**
13.6%
7.9%
0.0%
5.0%
10.0%
15.0%
0
5
10
15
20
25
30
35
40
Q1 2018 Q1 2019
Q1’19 EBITDA BRIDGE
14
Sales volumes negatively affected by Baruth fire & market competition in basic products segment
Higher costs of raw materials and energy burdens Q1’19 results
Improvement in SG&A lines continues even considering a favourable impact resulting from IFRS 16
Positive price-mix contribution driven by strength in value-added products
* Reconciliation to reported EBITDA is presented in the appendix
Adjusted EBITDA* (EUR m)
PRODUCTION INTERRUPTION FOLLOWING FIRE AT
BARUTH PLANT IMPACTED JAN-FEB’19;
P&L IMPACT CONTAINED
15
January 4 – deflagration & fire occurred in sifting area; no casualties, but production of MDF/HDF stopped in
January 2019.
Two belt scales destroyed – need to switch to different mode of choosing proportion of raw materials, scobs &
adhesive in production process in order to restart plant quickly
Production resumed in February, but higher cost of production related to the need to calibrate production
process & higher volume of adhesive used
Lower production and sale of electricity
(EURm) Q1 2019
Net sales loss (8.3)
Extraordinary write-off (0.8)
Impact on EBIT (2.7)
Impact on EBITDA (1.9)
Impact of fire damage at Pfleiderer Baruth
(EUR m) Q1’18 Q1’19 Δ
Revenue 268.8 262.3 -2.4%
Gross profit 62.7 45.6 -27.3%
Gross profit margin (%) 23.3% 17.4% -5.9 p.p.
Selling expenses (33.4) (33.9) +1.5%
G&A expenses (12.7) (12.5) -1.6%
SG&A (% of sales) 17.2% 17.7% +0.5 p.p
Reported EBITDA 36.5 20.8 -43.0%
Adjusted EBITDA 37.3 27.9 -25.2%
Adj. EBITDA margin (%) 13.9 10.6 -3.3 p.p.
D&A 18.5 23.3 +25.9%
EBIT 18.0 (2.5) -
EBIT margin (%) 6.7 (0.9) -7.6 p.p.
Net profit 7.3 -11.0 -
16
Q1 2019 P&L
Revenues and profits in Q1 2019 affected by Baruth plant fire
EFFICIENT WORKING CAPITAL
MANAGEMENT
17
31.2 23.9
-0.9
20.6
-10.0%-10.0
90.0
Q1 2016 Q1 2017 Q1 2018 Q1 2019
Net working capital after factoring % of sales
12.7%
9.5%
-0.3%
7.9%
Working capital after factoring (EUR m)
26.6 33.6 21.6 23.3
90.297.4
97.6115.0
-85.6-107.1 -120.1 -117.7
2016 2017 2018 2019
Trade receivables Inventories Trade payables
23.9 -0.920.6
Working capital is managed efficiently through use of factoring
High level of inventories results from de-stocking by clients
See near-term opportunities to lower inventories of finished goods and raw materials
31.2
CASH FLOW PERFORMANCE
18
Adverse effect of IFRS 16 on reported net debt levels
Net debt ratio expected to decline in subsequent quarters as result of working capital and capex decrease
Cash from operating activities
Income tax paid Net cash used in investing activities
Net cash used in financing activities
Total cash flows
Pfleiderer Group cash flow (EUR m)
21.2
(2.9)
(17.1)
(13.1) (12.0)
Cash from operating activities
Income tax paid Net cash used in investing activities
Net cash used in financing activities
Total cash flows
20.5
(2.1)
(21.7)
(23.3) (26.6)
(EUR m) End-2018 End-Q1 (IFRS 16)
Net debt (1) 398.6 407.7
Net debt / EBITDA 2.98x 3.45x
(1) Net debt: Short and long term financial liabilities, less leasing liabilities under IFRS 16 less cash & cash equivalents
Q1 2018 Q1 2019
MARKET ENVIRONMENT
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MARKET OUTLOOKRobust long term growth but facing short-term challenges
Company 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 trends:
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. At the beginning of the year customers continued to destock,
anticipating declining raw material prices
Additions in raw PB and MFC to support long-term growth but 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
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
2.1% 2.0%
1.1%
0.6% 0.7%
Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19
40
45
50
55
60
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
Apr'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
German Unemployment rate
3.3% 3.3% 3.3%
3.2% 3.2% 3.2%
Oct '18 Nov '18 Dec '18 Jan '19 Feb '19 Mar '19
PRODUCTION CONTINUES TO GROW
IN POLANDManufacturing production (y/y change) Poland manufacturing PMI
GDP growth (y/y change)
1.8%
9.3%
5.4%6.8%
10.3%
5.0%
2.8%
7.4%
4.7%2.8%
6.1% 6.9%5.6%
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
40
45
50
55
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
Apr'19
4.6%4.2%
5.4%5.0%
5.3%5.1% 5.1%
4.9%4.6%
3%
4%
5%
6%
Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19
22Source: GUS, Markit Economics, Eurostat
Poland unemployment rate
3.9% 3.8%3.7%
3.6%3.5%
3.4%
Oct '18 Nov '18 Dec '18 Jan '19 Feb '19 Mar '19
POLISH FURNITURE MARKET OUTLOOK
Source: own estimation based on reliable market data providers
Production of kitchen furniture
continues to grow but at lower
pace
Production of living room furniture
slowed down near end-2018
Polish producers reliant on
biggest retailers:
• IKEA (700 cbm of particle
board)
• 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
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STRATEGY
IMPLEMENTATION
\
STRATEGY CONFIRMED
25
In 2018 we delivered a 13.4% adj. EBITDA margin
With 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 firms
we have uncovered further possible upsides
26
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
BUILDING BLOCKS
TO ACHIEVE OUR TARGETS
27
•Share of Wallet, New Customers, New Products, New Segments, Overseas – all in Value Added Products
STRENGTHEN SALES AND MARKET POSITION
•Grow share of High-Value-Added Products 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
IMPLEMENTATION
OF STRATEGIC INITIATIVES
28
We ran an extensive bottom-up exercise to define savings measures vs 2018. Both recurrent, but also one-time for
2019 (to compensate for sales challenges).
The team confirmed significant savings potential, and immediately went into implementation where possible. You
can see that the yearly run-rate and the 2019 effective ambitions are close.
Implementation is on a successful track – the team managed to already secure almost half of the savings for 2019,
while there are still other big and small items being addressed.
Given our current progress, we feel high confidence in achieving the projected savings vs 2018
Summary of current situation
IMPLEMENTATION
OF STRATEGIC INITIATIVES
29
Direct spend Labor efficiency Indirect spend G&A
Confirmed annualized savings 2019 effective savings 2019 secured savings
Raw materials mix
and prices
Energy volumes and
prices
Recipe composition
Process loss
improvements
Uptime increase
Productivity
improvements
Personnel cost
savings (external
and internal)
Production and
maintenance
Packaging and
containers
Facility management
Marketing
Fleet and fuel
IT / telco
Improvements in
quality and speed
of processes
(finance, HR)
Labor efficiency
Automation / digital
readiness
Annualised sustainable savings of up to EUR 30m, with substantial part already in 2019
Fo
cu
s a
reas
Savin
gs
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OUTLOOK
31
MACRO OUTLOOK SOFTENING,
BUT REMAINS ROBUST
GDP growth on main markets (2019 est.)*
4.2%0.5%
0.7%
DACH
4.2%
Poland
0.5%
Germany
1.4%
EU-28
*Source: European Commission Spriing 2019 forecast
32
OUTLOOK FOR RAW MATERIALS’ PRICES
PAPER
• Slightly decreasing prices thanks to falling
prices of titandioxid
ENERGY
• In Poland 100% prices hedged for 2019
and 60% hedged for 2020
• Natural hedging in Germany thanks to
energy production
CHEMICALS
• Crude price increases, but lower y/y
• Harvest & fertilizer season ended – higher
supply of urea
• Balanced supply and demand of methanol
– no pressure on methanol prices
• Due to reduced prices of methanol and
urea also decreasing prices of resins
• Uncertainity of crude oil price increase
impact
WOOD
• Stable wood prices, expectation of
reducing prices in Q2 in forest wood and
pulp wood
• Good availiability of recycling wood
KEY TAKEAWAYS
33
More challenging market environment with decelerating growth in Poland
& DACH2
Improved cost structure & maintained 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
Clear focus & action plans to deliver 2021 strategy goals7
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APPENDIX
The World Academy TWA | King Abdullah Economic City
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© Paul Ott, Graz
35
REPORTED & ADJUSTED EBITDA
RECONCILIATION
(EUR m) 2018 2019
Reconciliation Q1 Q1
Reported EBITDA 36.5 20.8
Add back Sales & Operational Growth Consulting Costs 4.9
Fire damage Baruth plant 1.9
Add back severance payments 0.3
Other 0.8
Adjusted EBITDA 37.3 27.9
More information
www.pfleiderer.com
DISCLAIMER
37
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 sha ll
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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 solic itation 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
M: +48 795 529 424
Coiffeur Panzerhalle | Salzburg | Austria
Duropal HPL Individual
DecoBoard Individual P2
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