Viscofan, S.a. · BME:VIS
Viscofan — 9M22 Earnings Presentation
17 slides from Viscofan's earnings presentation, October 2022
Slide 1: 2022 Results
2022 i Vischfan fsa odand wl Results
Slide 2: Disclaimer
Disclaimer This document may include statements about This circumstance must be taken into account mainly intentions, expectations or forecasts of the for all persons or entities that may have to take Company additional to the mandatory financial decision, develop or spread opinions relative to valu
Slide 3: Highlights 3Q22
Highlights 3Q22 €305.3 €68.0 €40.2 €69.5 million million million million Revenue EBITDA Net profit Capex 9M22 +24.3% +6.1% +12.8% +75.8% Highlights Revenue EBITDA and Net Profit Capex and Debt To wrap up 3
Slide 4: Keeping up solid revenue growth
Keeping up solid revenue growth Double-digit growth rate in all business divisions Group revenue. Quarterly 2020 2021 2022 € million 305.2 305.3 262.9 257.8 245.6 237.5 240.3 222.1 228.4 224.9 224.9 +11.9% +22.9% +19.8% + 15.1% +17.2% + 28.5% +31.0% + 24.3% +16.6% vs. 1Q21 vs. 2Q21 vs. 3Q21 +71.1% +
Slide 5: Sound growth in the third quarter
Sound growth in the third quarter Driven by volume, price, energy, and fx Quarterly revenue Growth contribution (p.p.) +28.5% +24.3% +14.7p.p. +15.1% +10.1p.p. +8.4p.p. +8.3p.p. +7.0p.p. +5.5p.p. +5.8p.p. +5.1p.p. +3.0 p.p. Like-for-like 1 Like-for-like 1 Reported revenue TB and NB energy Forex grow
Slide 6: Positive contribution from all businesses
Positive contribution from all businesses 9M22 revenue rose by 22.8% year-on-year Revenue 9M22 Breakdown by business division 702.2 New 593.6 Traditional 104.6 Business. TB Business. NB 86.1 + 18.3% + 21.5% vs. 9M21 9M21 9M22 Group 9M21 9M22 vs. 9M21 €873.4 80% million 12% 8% 66.6 31.7 109.9% + Ener
Slide 7: Growth in all geographical areas
Growth in all geographical areas Strong global growth Revenue 9M22 363.1 Breakdown by geographical area1 274.8 296.4 219.5 NAM EMEA + 12.0% + 25.2% + 22.5% + 19.9% Like-for-like2 vs. 9M21 9M21 9M22 9M21 9M22 vs. 9M21 Like-for-like2 31% 42% Group €873.4 million 13% 91.8 114.1 SAM 14% APAC 103.8 121.4
Slide 8: Double-digit growth rate in revenue in 9M22
Double-digit growth rate in revenue in 9M22 Outperforming expectations for the year Revenue 9M22 € million +56.4 +34.2 873.4 +71.4 711.4 +22.8% +10.0 p.p. +4.8 p.p. +8.0 p.p. Lile-for-like 1 Like-for-like 1 Forex TB and NB energy 9M21 9M22 1 Like-for-like: For comparative purposes, like-for-like gro
Slide 9: Higher EBITDA growth pace in Q3
Higher EBITDA growth pace in Q3 Driven by volume, prices, energy, efficiencies and forex Reported quarterly EBITDA € million Price improvement 68.0 New rise to offset costs 63.8 64.8 64.1 61.1 57.6 57.8 Improvement Efficiencies and actions in cost control 2H22 +0.3% +1.5% +6.1% Forex vs. 1Q21 vs. 2Q
Slide 10: Inflation impacts all cost lines
Inflation impacts all cost lines Higher volumes, selling price, and efficiencies are transferred to EBITDA P&L 9M22 Year-on-year change +28% increase in the +70% rise in energy price of raw materials costs +74% co-generation gas and +45% growth in CO2 emission allowances transport costs +37.8% +36.1
Slide 11: Growth in cumulative EBITDA
Growth in cumulative EBITDA In line with the guidance for the year EBITDA 9M22 € million +23.0 -17.9 190.6 185.5 +2.7% Like-for-like Forex -9.6 p.p. +12.3p.p. 9M21 9M22 Highlights Revenue EBITDA and Net Profit Capex and Debt To wrap up 11
Slide 12: Growth in Net Profit
Growth in Net Profit Positive exchange differences and stable tax rate EBIT to NET PROFIT. 9 Months € million 9M22 9M21 % y-o-y Reported EBIT 132.8 131.3 +1.2% Financial result +5.5 +0.02 n.a. Effective tax rate 24.0% 24.0% Tax -33.2 -31.5 +5.4% 9M21 9M22 Net profit 105.1 99.8 +5.4% Highlights Reven
Slide 13: High transformational activity
High transformational activity Investment in equipment and working capital maintaining a strong balance sheet Capex 9M22 Net Bank Debt 1 € million € million Spain (2Q22) 0.2x Collagen Serbia (2Q22) casings capacity Net Bank Debt China (3Q22e) / EBITDA increase Germany (3Q22) USA (1Q23e) €69.5 Conver
Slide 14: To wrap-up
To wrap-up 1 2 3 4 Strengthening the Higher volumes, price Revenue and EBITDA High investment pace in leadership in a difficult increases, operational improvement in the a context of strong and uncertain strength, and forex quarter that allow to market growth and environment thanks to a offset the s
Slide 15: Appendix. P&L. Third Quarter
Appendix. P&L. Third Quarter Like-for-like1 € million 3Q22 3Q21 % y-o-y % y-o-y Revenue 305.3 245.6 +24.3% +14.2% EBITDA 68.0 64.1 +6.1% -10.5% EBITDA margin 22.3% 26.1% -3.8p.p. -5.6p.p. Operating profit 48.5 46.2 +4.9% Profit before taxes 49.8 47.3 +5.2% Taxes -9.6 -11.7 -18.0% Net profit 40.2 35.
Slide 16: Appendix. P&L. 9 months
Appendix. P&L. 9 months Like-for-like1 € million 9M22 9M21 % y-o-y % y-o-y Revenue 873.4 711.4 +22.8% +14.8% EBITDA 190.6 185.5 +2.7% -9.6% EBITDA margin 21.8% 26.1% -4.3p.p. -5.6p.p. Operating profit 132.8 131.3 +1.2% Profit before taxes 138.3 131.3 +5.4% Taxes -33.2 -31.5 +5.4% Net profit 105.1 99
Slide 17: 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