Q1 2020 Results
Christian Buhl, CEO
Roland Iff, CFO
April 30, 2020
Key figures Q1 2020
Net sales growth (in CHF)
-3.9%
EPS growth (in CHF)
-4.3%
Net sales growth (currency adj.)
+1.5%
Share buyback (in CHF)
116 million
261'543 shares in Q1
EBITDA margin
32.6%
+100 bps vs PY
COVID-19 impact
- Negative impact since 2ndhalf of March
- Almost all countries affected by lower demand
- Supply chain intact
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Q1 2020 RESULTS APRIL 30, 2020
Net sales Q1 2020 - Positive net sales growth in local currencies in Q1 2020
In CHF million
Total variance: CHF -33 million (-3.9%)
830 | 12 |
45
798
Net sales | Growth | Currency | Net sales |
Q1 2019 | in local currency | effect | Q1 2020 |
+1.5% | -5.4% |
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Q1 2020 RESULTS
APRIL 30, 2020
Q1 2020 net sales
Net salesin million CHF | Variance to PY in CHF | Variance to PY in c.a. | |
Geberit Group | 798 | -3.9% | +1.5% |
By regions | |||
Europe | 739 | -2.8% | +2.7% |
Far East / Pacific | 17 | -26.3% | -21.6% |
America | 25 | -2.2% | +0.8% |
Middle East / Africa | 17 | -21.3% | -15.3% |
By product areas | |||
Installation & Flushing Systems | 314 | -3.4% | +2.2% |
Piping Systems | 241 | -3.1% | +2.3% |
Bathroom Systems | 243 | -5.5% | -0.2% |
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Q1 2020 RESULTS
APRIL 30, 2020
Key figures Q1 2020 - Strong profitability
CHF million | Q1 2020 | Q1 2019 | % YoY |
Net sales | 798 | 830 | -3.9% |
EBITDA | 260 | 262 | -0.7% |
Margin | 32.6% | 31.6% | |
EBIT | 224 | 227 | -1.6% |
Margin | 28.0% | 27.4% | |
Net income | 184 | 192 | -4.4% |
Margin | 23.0% | 23.1% | |
EPS(CHF) | 5.10 | 5.33 | -4.3% |
Free cashflow | -7.1 | 5.3 | -234.0% |
Margin | -0.9% | 0.6% |
- Further improved profitability despite significant tariff increases due to
- Lower raw material prices
- Positiveone-time effects on raw material costs
- Efficiency projects
- Cost discipline
- Sales price increases
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Q1 2020 RESULTS APRIL 30, 2020
EBITDA margin Q1 2020 - Increase of margin by 100 bps
-0.5%
32.6%
+1.6% | -0.2% |
31.6%+0.1%
EBITDA | Volume and | Price effects, | Other cost | Currency effect | EBITDA |
margin Q1 2019 | product mix effect | net | effects | margin Q1 2020 |
- Positive net price effect due to lower raw material prices
- Positiveone-time effects on raw material costs
- Negative other cost effects mainly driven by tariff increases of personnel costs
- Only minor negative currency effect due to effective natural hedge
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Q1 2020 RESULTS
APRIL 30, 2020
COVID-19 implications on Geberit - Status per April 30, 2020
-
Negative impact on demand in 2ndhalf of March and April in almost all countries
−Severe decline in countries with "shutdown" of construction sites (IT, UK, ES, FR, IN, ZA)
Demand
−Substantial declinein other "open" countries due to COVID-19 driven restrictions on construction activities
- Showrooms starting tore-open again in several countries
Supply Chain
Priorities
Outlook
- Overall intact and running on normal level - all products available
- Two smaller sites closed by governmental decrees per end of April: Gaeta (IT) and Pune (IN)
- Continuity - Execution of strategic and operational initiatives as planned, e.g. R&D projects
- No restructuring - Investment of margin during period of lower demand
- Adaption of organization to current market realities and demand fluctuation
- No outlook possible due to fast moving and unpredictable implications ofCOVID-19 crisis
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Q1 2020 RESULTS APRIL 30, 2020
Disclaimer
While Geberit is making great efforts to include accurate and up-to-date information, we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the information provided in this handout and disclaim any liability for the use of it.
The statements in this presentation relating to matters that are not historical facts are forward-looking statements that are not guarantees of future performance and involve risks and uncertainties, including but not limited to: future global economic conditions, foreign exchange rates, regulatory rules, market conditions, the actions of competitors and other factors beyond the control of the company.
All financial information included is unaudited and is prepared under the same recognition and measurement principles applied for the audited annual financial statements.
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Q1 2020 RESULTS
APRIL 30, 2020
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Geberit AG published this content on 30 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2020 08:22:07 UTC