Georg Fischer AG · SIX:GF
Georg Fischer — H1 2010 Earnings Presentation
26 slides from Georg Fischer's earnings presentation, Jul 19, 2010
Slide 1: Mid-Year Report as per 30 June 2010
Mid-Year Report as per 30 June 2010 Georg Fischer Ltd Yves Serra Presentation for the CEO telephone conference Roland Abt CFO 19 July 2010, 10:00 a.m.
Slide 2: Agenda
Agenda Overview 1st semester 2010 CEO Financial statements CFO Outlook CEO Questions & answers 19.07.2010 Mid-Year Report as per 30 June 2010, Georg Fischer Ltd 2
Slide 3: Overview 1st semester 2010
Mid-Year Report as per 30 June 2010 Georg Fischer Ltd Yves Serra Overview 1st semester 2010 CEO
Slide 4: Overview 1st semester 2010
Overview 1st semester 2010 Strong improvement in sales and profitability Cost base greatly reduced All three corporate groups with double digit growth 19.07.2010 Mid-Year Report as per 30 June 2010, Georg Fischer Ltd 4
Slide 5: Key figures 1st semester 2010
Key figures 1st semester 2010 Sales +17% (+23% in LC) EBIT CHF 73 million Net profit CHF 41 million Free cash flow CHF -6 million Equity ratio as per 30.06.2010 36% 19.07.2010 Mid-Year Report as per 30 June 2010, Georg Fischer Ltd 5
Slide 6: A strong turnover increase, specially in Asia
A strong turnover increase, specially in Asia Corporation +23% Americas +30% Europe +18% million CHF Asia & Australia China: 12% (10%) China +49% 18% (16%) 11% Europe Europe Americas (10%) Asia & 71% (74%) Australia +42% Growth in %: Adjusted for changes in scope of consolidation and stated at previ
Slide 7: Cost base sustainably reduced, on target
Cost base sustainably reduced, on target 430 430 Target CHF 350 million 2009 2010 2011 2012 Temporary cost savings Sustainable cost savings 19.07.2010 Mid-Year Report as per 30 June 2010, Georg Fischer Ltd 7
Slide 8: GF Piping Systems
GF Piping Systems Back to double digit margins Sales up 10% overall Leading supplier of piping despite the hard winter systems made of plastic Strong growth in Asia and metal. (+45%) Clear recovery in US / Europe EBIT more than doubled1) at CHF 65 million (11.1% ROS) Geothermal heating syste
Slide 9: GF Automotive
GF Automotive Capitalizing on a strong market recovery Sales up 25% (35% in LC), Top manufacturer of cast plant load improved components and systems in Premium car segment iron and light metal for the specially strong automotive industry. Truck business clearly recovering but still at low leve
Slide 10: GF AgieCharmilles
GF AgieCharmilles On track to profitability Order intake 53% above Top supplier of machine tools for 2009, specially driven by moulds, dies and high precision Asia components manufacture. Sales up 11% Plants better loaded Restructuring fully implemented Operating loss1) sharply reduced fro
Slide 11: Consolidated Financial Statements
Mid-Year Report as per 30 June 2010 Georg Fischer Ltd Roland Abt Consolidated Financial CFO Statements
Slide 12: Income statement
Income statement 1st Sem. 1st Sem. Δ million CHF 2010 2009 in % Sales 1 691 1 448 17 Gross value added 609 484 26 Personnel expenses -460 -465 -1 EBITDA 149 19 684 Depreciation, amortisation -76 -82 -7 EBIT before special charges 73 -63 - Special charges - -59 - EBIT 73 -122 - Financial result -19 -
Slide 13: Sales 1st Semester 2010
Sales 1st Semester 2010 million CHF 1st Sem. 1st Sem. Growth 1) 2010 2009 in % LC in % GF Piping Systems 584 529 10 14 GF Automotive 781 626 25 35 GF AgieCharmilles 326 293 11 14 Corporation 1 691 1 448 17 23 1) Adjusted by changes in scope of consolidation and stated at previous year‘s foreign exch
Slide 14: EBIT 1st Semester 2010
EBIT 1st Semester 2010 million CHF 1st Sem. 1st Sem. 2010 20091) GF Piping Systems 65 30 GF Automotive 20 -44 GF AgieCharmilles -7 -46 Corporation 73 -63 ROS in % 1) 4.3 -4.4 1) In the year 2009 based on EBIT before special charges 19.07.2010 Mid-Year Report as per 30 June 2010, Georg Fischer Ltd 14
Slide 15: Currency impact
Currency impact million CHF 1st Sem. 1st Sem. 2010 2009 Euro -52 -63 US-Dollar -8 9 Asian -9 16 Others 6 -21 Sales -63 -59 Euro -14 -10 US-Dollar 1 - Asian - 1 Others - -1 EBIT -13 -10 19.07.2010 Mid-Year Report as per 30 June 2010, Georg Fischer Ltd 15
Slide 16: Statement of financial position: Assets
Statement of financial position: Assets million CHF 30.06. 31.12. % % 2010 2009 Property, plant, equipment 1 010 1 106 Intangible assets 273 277 Other financial assets 7 8 Deferred tax assets 53 56 Non-current assets 1 343 43 1 447 50 Inventories 600 614 Trade accounts receivable 568 431 Other curre
Slide 17: Statement of financial position: Liabilities and equity
Statement of financial position: Liabilities and equity million CHF 30.06. 31.12. % % 2010 2009 Share capital 82 82 Share premium 182 181 Retained earnings 821 844 Minority interests 41 45 Equity 1 126 36 1 152 40 Non-current liabilities 928 750 Current liabilities 1 045 1 013 Liabilities 1 973 64 1
Slide 18: Statement of cash flows
Statement of cash flows million CHF 1st Sem. 1st Sem. 2010 2009 EBITDA 149 19 Changes in net working capital -110 -38 Taxes / interest paid -21 -34 Other changes 11 8 Cash flow from operating activities 29 -45 Investments in property, plant and equipment (Capex) -35 -72 Cash flow from acquisitions -
Slide 19: Net debt and free cash flow
Net debt and free cash flow million CHF Net debt ratio 0.7x 0.6x 1.4x 19.7x 2.4x 1'000 300 298 243 800 200 94 600 546 100 485 472 400 324 0 264 -6 200 -100 0 -197 -200 2006 2007 2008 2009 30.06.2010 Net debt Free cash flow 19.07.2010 Mid-Year Report as per 30 June 2010, Georg Fischer Ltd 19
Slide 20: Key figures
Key figures 1st Sem. 1st Sem. 2010 2009 Δ Sales in % 17 -39 Δ Sales in LC in % (organic growth) 1) 23 -38 Return on Sales (EBIT margin) in % 2) 4.3 -4.4 Net profit in % of sales 2.4 -9.6 ROIC in % 7.2 -13.2 Return on equity in % 7 -21 Earnings / loss per share (EPS) 9 -35 Equity ratio in % 36 41 Num
Slide 21: Outlook
Mid-Year Report as per 30 June 2010 Georg Fischer Ltd Yves Serra Outlook CEO
Slide 22: Upsides & Downsides 2nd Semester 2010
Upsides & Downsides 2nd Semester 2010 Upsides Downsides Order intake higher than Swiss Franc further sales appreciation Truck market now Market recovery recovering sustainable? Full restructuring plan Raw material’s price effect on cost base hikes 19.07.2010 Mid-Year Report as per 30 Jun
Slide 23: Outlook
Outlook Assuming demand continues to recover Current growth and profit momentum to be kept for 2010 Mid-term objectives also confirmed (8% ROS in 2012) 19.07.2010 Mid-Year Report as per 30 June 2010, Georg Fischer Ltd 23
Slide 24: Key topics 2010
Key topics 2010 ► Continue investing in growing markets (specially Asia) ► Keep growing GF Piping Systems over-proportionally ► Strive to balance costs and revenues in Euros ► Keep innovation tempo in all three groups 19.07.2010 Mid-Year Report as per 30 June 2010, Georg Fischer Ltd 24
Slide 25: Adding Quality to People's Lives
Adding Quality to People's Lives Mobility Precision Comfort 19.07.2010 Mid-Year Report as per 30 June 2010, Georg Fischer Ltd 25
Slide 26: Disclaimer
Disclaimer This document is for presentation The management of Georg Fischer purposes only and should not be does not accept any liability whatsoever construed as an offer, invitation or with respect to the use of this solicitation to subscribe for, purchase presentation. or sell any investment. Nei