Viscofan, S.a. · BME:VIS
Viscofan — H1 2020 Earnings Presentation
15 slides from Viscofan's earnings presentation, Jul 30, 2020
Slide 1: January-June 2020 results
January-June 2020 30 July 2020 January – June 2020 results 1
Slide 2: COVID-19 commitment
COVID-19 COMMITMENT Ensuring the well-being of our workers and their families. Protection protocols, including sanitation measures, social distance, mandatory use of face masks, higher cleaning and disinfection works, teleworking and increased communication. Fulfill with our responsibility by ensuri
Slide 3: 1H20 and 2Q20: Growth in the main financial figures
1H20 and 2Q20 Growth in the main financial figures % y-o-y % y-o-y € million 1H20 % y-o-y Like-for-like 1 2Q20 % y-o-y Like-for-like 1 Revenue 447.0 +9.1% +7.7% 224.9 +7.8% +8.1% EBITDA 110.3 +18.7% +19.7% 58.3 +23.9% +26.7% EBITDA margin 24.7% +2.0 p.p. +2.6 p.p. 25.9% +3.4 p.p. +4.1 p.p. Operating
Slide 4: Higher revenue driven by volume growth, price/mix and Nitta Casings contribution
Higher revenue driven by volume growth, price/mix improvement and Nitta Casings contribution REVENUE 1H20. Growth contribution (€ million) +9.1% 1H20 vs. 1H19 +13.6MN -8.0MN +33.2MN -1.7MN 447.0 409.9 +8.1 p.p. -0.4 p.p. +3.3 p.p. -1.9 p.p. Change in the Like-for-like 1 Like-for-like 1 scope of Fore
Slide 5: Growth in all reporting areas
Growth in all reporting areas REVENUE 1H20. Breakdown by geographical area1 (€ million) +9.1% +7.7% GROUP vs. 1H19 Like-for-like2 53.8% 31.4% EUROPE AND NORTH LATAM ASICA PACIFIC AMERICA 14.8% +5.3% +5.3% +17.7% +4.4% +6.2% +22.8% vs. 1H19 Like-for-like2 vs. 1H19 Like-for-like2 vs. 1H19 Like-for-lik
Slide 6: Increased organic growth momentum in the second quarter
Increased organic growth momentum in the second quarter … REVENUE. Quarterly growth contribution 2Q20 +7.8% +8.1% vs. 2Q19 Like-for-like1 +9.1 p.p. +7.0 p.p. +3.6 p.p. +3.1 p.p. +0.2 p.p. -0.4 p.p. -1.0p.p. -3.4 p.p. Like-for-like 1 Like-for-like 1 Change in the scope of casings co-generation consol
Slide 7: Leading to an all-time high in quarterly revenue
…leading to an all-time high in quarterly revenue REVENUE. Viscofan Group (€ million) CASINGS SALES (€ million) 224.9 215.7 222.1 223.9 211.7 211.9 204.4 215.9 197.0 208.6 191.2 201.2 +9.5% vs. 2Q19 1Q 2Q 3Q 4Q +7.8% CO-GENERATION REVENUE (€ million) vs. 2Q19 11.6 11.6 12.0 1Q 2Q 3Q 4Q 10.0 10.4 9.2
Slide 8: Operating results boosted by revenue growth, capacity, efficiencies and savings
Operating results are boosted by revenue growth, high production capacity, efficiencies and savings from the new technology P&L 1H20. Year-on-year change +28.2% Increase in the cost of +4.7% excluding collagen hides acquired companies Decline in the auxiliary raw materials cost +19.7% Saving
Slide 9: Double digit growth in EBITDA, reported and like-for-like
Double digit growth in EBITDA, both in reported and in like-for-like terms EBITDA 1H20. Growth contribution (€ million) +18.7% 1H20 vs. 1H19 +18.7MN +0.5MN -3.7 MN 110.3 +1.9MN 92.9 Non-recurring 94.8 +19.7 p.p. +0.5 p.p. -3.8 p.p. impact in 2Q19 (Strike in the Change in the like-for-like 1 Forex US
Slide 10: Improving the profitability of our operations
Improving the profitability of our operations. RECURRING1 EBITDA MARGIN (In %) + 0.6p.p. + 1.0p.p. + 2.5p.p. + 4.1p.p. vs. 1Q19 Like-for-like 2 vs. 2Q19 Like-for-like 2 27.5% 25.9% 23.4% 23.8% 23.4% 23.5% 23.5% 22.8% Like-for-like 2 2020 2019 1Q 2Q 3Q 4Q 1 Recurring results. Exclude in 2019 non-recu
Slide 11: Main investment projects may slow down due to COVID-19 evolution
Main investment projects expected for the year may slowdown due to the COVID-19 evolution CAPEX (€ million) CAPEX BREAKDOWN 2020e (€ million) -34.1% 1H20 vs. 1H192 comparable 22.9 15.1 1H19 1H20 This figure includes €6 Mio investment in the collagen casings plant in the US. January – June 2020 resul
Slide 12: Robust cash flow generation strengthens the balance sheet
Robust cash flow generation allows us to continue streghthening the balance sheet while shareholders´remuneration is increased NET BANK DEBT1 bridge (€ million) +73.0 +42.5 -110.3 +5.4 +43.8 +44.5 Forex and others Net bank +29.2 Net bank Net bank debt1 debt1 Shareholders´ debt1 Jun’19 Dec’19 remuner
Slide 13: To wrap-up
To wrap-up • Covid-19: The commitment of the more than 4,900 people who make up Viscofan, our solid production model, our global footprint and product portfolio allow us to maintain an essential activity such as the production of casings for the food industry. • Growth in the main financial figures
Slide 14: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures The Alternative Performance Measures included in this report are as follows: • The EBITDA, or operating profit before depreciation and • Net bank debt: This is calculated as non-current borrowings amortisation, is calculated excluding depreciation and plus
Slide 15: Appendix. Disclaimer
Appendix. Disclaimer This document may include statements This circumstance must be taken into account about intentions, expectations or forecasts mainly for all persons or entities that may have to of the Company additional to the take decision, develop or spread opinions relative mandatory financi