Rockwool A/s Class A · OMXCOP:ROCK_A
Rockwool A/s Class A — H1 2023 Earnings Presentation
17 slides from Rockwool A/s Class A's earnings presentation, Aug 31, 2023
Slide 1: H1/Q2 2023 Financial results
H1/Q2 2023 Financial results 31 August 2023
Slide 2: Forward-looking statement
Forward-looking statement The statements on the future in this presentation, including expected sales and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the Group, e.g. the global economic environment, including interest and exchang
Slide 3: H1 highlights
H1 highlights Sales Sales decrease in local currencies 1783 MEUR 7% down 8% in reported figures EBIT EBIT margin 237 MEUR 13.3% up 2% up 1.3 percentage points Free cash flow EBIT before Ukraine donation* 264 MEUR 107 MEUR up 13%, with EBIT margin of 14.8% up 155 MEUR *) Excluding donation of 27 MEUR
Slide 4: Q2 highlights
Q2 highlights Sales Sales decrease in local currencies 917 MEUR 7% down 10% in reported figures EBIT EBIT margin 133 MEUR 14.5% up 1% up 1.6 percentage point EBIT before Ukraine donation* Free cash flow 147 MEUR 119 MEUR up 11%, with EBIT margin of 16% up 99 MEUR *) Excluding the Q2 portion of the t
Slide 5: H1 sales down seven percent driven by lower demand
H1 sales down seven percent driven by lower demand Net sales Net sales per business segment MEUR MEUR H1 2022 H1 2022 -7% H1 2023 Local currencies H1 2023 Local currencies H1 2023 Reported figures -9% -9% H1 2023 Reported figures -8% 1531 1387 1942 1783 +1% -4% 411 396 H1 2022 H1 2023 Insulation Sys
Slide 6: Q2 sales down seven percent over LY, while up vs. Q1
Q2 sales down seven percent over LY, while up vs. Q1 Net sales Net sales per business segment MEUR MEUR Q2 2022 -7% Q2 2022 Q2 2023 Local currencies Q2 2023 Local currencies Q2 2023 Reported figures -8% -11% Q2 2023 Reported figures -10% 807 723 1018 917 -2% -8% 211 194 Q2 2022 Q2 2023 Insulation Sy
Slide 7: Q2 regional sales development
Q2 regional sales development Growth in local currencies Key developments Geographic share of sales MEUR, reported figures In many markets, sales decreased Western Europe compared to same period last year. Western Europe Eastern Europe and Russia -8% France, Spain, and United Kingdom North Ameri
Slide 8: Q2 profitability improved
Q2 profitability improved EBITDA & EBIT +3% EBITDA / EBIT margin (%) +1% MEUR 187 194 160 165 164 20.6% 157 155 21.2% 146 19.7% 18.9% 131 131 133 EBITDA 18.4% 17.2% 17.2% 16.8% EBITDA margin 111 105 104 14.3% 13.0% 14.5% 95 102 101 EBIT 13.2% 12.0% EBIT margin 12.9% 11.2% 11.0% 10.5% 68 6.8% Q2 21 Q
Slide 9: Q2 profitability by business segment
Q2 profitability by business segment EBIT MEUR EBIT margin (%) +0% 110 110 Q2 2022 20.1% Q2 2023 +7% 14.4% 11.8% 11.6% 13.7% 12.1% 11.9% 12.4% Systems 7.7% 11.6% Insulation 23 10.6% 11.2% 10.4% 21 9.4% 10.0% 9.5% 8.4% 5.8% Insulation Systems Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Insu
Slide 10: Q2 investment activities
Q2 investment activities Investments excluding acquisitions and grants totalled 67 MEUR in Q2 2023, compared to 85 MEUR in Q2 2022. The sustainability investment for conversion to electrical melter in Flumroc (Switzerland), preparations for the new factory in Soissons (France), additional Rockpane
Slide 11: Q2 free cash flow
Q2 free cash flow Q2 free cash flow was 119 MEUR, compared to 20 MEUR in Q2 2022. Free cash flow MEUR Net working capital was 13.4 percent (Q2 2022: +99 MEUR 14.1 percent) of net sales and ended at 502 MEUR, same level as Q2 2022. 119 Trade receivables decreased compared to last year 93 but remain a
Slide 12: Outlook 2023
Outlook 2023 12
Slide 13: Outlook full year 2023
Outlook full year 2023 1 Sales Sales decline up to eight percent in local currencies, changed from previously up to 10 percent decline. 2 EBIT EBIT margin around 13 percent, changed from previously around 12 percent. 3 Investment Investment level around 325 MEUR excluding acquisitions, changed from
Slide 14: Outlook full year 2023 and overview of changes
Outlook full year 2023 1 Sales Sales decline up to eight percent in local currencies, changed from previously up to 10 percent decline. 2 EBIT EBIT margin around 13 percent, changed from previously around 12 percent. 3 Investment Investment level around 325 MEUR excluding acquisitions, changed from
Slide 15: Key figures for the Group
Key figures for the Group MEUR Q2 Q2 YoY (%) H1 H1 YoY (%) FY 2023 2022 2023 2022 2022 Income statement Net sales 917 1 018 -10.0% 1 783 1 942 -8.2% 3 907 EBITDA 194 187 3.4% 358 342 4.4% 638 EBIT 133 131 1.3% 237 233 1.5% 402 Profit before tax 137 86 58.9% 243 169 43.9% 358 Profit for the period 10
Slide 16: Questions?
Questions? ZN Rockwoor
Slide 17: Thank you
Thank you ROCKWOOL A/S Hovedgaden 584 2640 Hedehusene Denmark CVR No. 54879415 Tel.: +45 46 56 03 00 www.rockwool.com 17