q1 2019 financial results - pfleidererq1 2019 financial results sales performance 8 268.8 262.3 q1...

Q1 2019

FINANCIAL RESULTS

Investor presentation

Tom K. Schäbinger (CEO)

Zbigniew Prokopowicz (Interim CEO)

Dr Nico Reiner (CFO)

Dr Frank Herrmann (COO)

MANAGEMENT BOARD

2

Tom K. Schäbinger

CEO

Dr Nico Reiner

CFO

Dr Frank Herrmann

COO

Stefan Zinn

CCO

CEO of Pfleiderer Group

since June 2017. Earlier

acted as CEO of Bundy

Refrigeration Group,

Managing partner of TS Trust

GmbH and CEO (and other

high managerial positions)

at paper producer Mondi.

CFO of Pfleiderer Group

since April 2018.

In 2014-2018 CFO and

Board Member at Al-KO

Kober SE. In 2005-2014

CFO and a Board Member

at Schueco International

KG.

Recently worked as COO

at Madrid-based URSA

Insulation. He started his

career in consulting incl.

PwC and Bain. Later

served as CEO of Schiedel

AG (Braas Monnier Group),

and was a member of the

Group Executive

Committee at Braas

Monier.

In managerial sales

positions at Pfleiderer

Group since 2013.

Responsible for export

sales Core West

segment since 2017 and

from overall sales in Core

West since 2018. Promoted

to CCO in January 2019.

Zbigniew Prokopowicz

Supervisory Board Chair

Chairman of Pfleiderer’s

Supervisory Board since June

2016. Earlier CEO of

Polenergia, CEO of Mondi

Packaging and Chairman of

the Supervisory Board of

Opoczno SA. He managed

companies in different

industries, e.g. automotive,

paper, packaging and energy.

To step down

on May 31st

Interim CEO

as of May 31st

DR FRANK HERRMANN – NEW COO

3

Dr Frank Herrmann joins Pfleiderer with a strong industrial background, having

previously served in the role of COO at Madrid-headquartered URSA Insulation

S.A., a leading European insulation provider.

He holds a degree in industrial engineering form TU Darmstadt and completed his

doctorate degree at TU Clausthal.

He started his career as a tool & die maker at Ymos AG and later worked at

PricewaterhouseCoopers, Gemini Consulting and Bain & Company, where he left as

a Senior manager, having spent eight years in their Frankfurt, Munich, Zurich and

London offices.

Following his consulting career, he was a Member of the Group Executive

Committee at Braas Monier Building Group and served in various leadership

positions, including more than four years as CEO, of Austrian gas flue management

company Schiedel International.

STEFAN ZINN – NEW CCO

4

Stefan Zinn has been working in managerial sales positions at Pfleiderer Group

since 2013.

From 2017, he was responsible for export sales in the company’s Core West

segment and from 2018 for overall sales in Core West.

Stefan Zinn was promoted Chief Commercial Officer in January 2019 and is

responsible in particular for sales in Core West, export sales and marketing.

From 1994 to 2012, Stefan Zinn worked in various managerial positions in the

printing industry with a focus on coated self-adhesive and digital print media

products.

He started his career in 1991 at family-owned consulting firm Rolf Zinn & Partner

Unternehmensberatung GmbH.

He holds a degree in business administration from Julius-Maximilian University,

Würzburg.

Q1 2019 HIGHLIGHTS

5

*Adjusted EBITDA = EBITDA adjusted for clearly identifiable material true one-offs and exceptional items. Please refer to appendix for more details

Sales revenues

EUR 262.3m

-2.4% y/y

Adjusted

EBITDA*

EUR 27.9m

-25.2% y/y

+1.8% y/y

increase

in Value Added

Products sales

Improving raw

materials

outlook;

strict cost

control

continues

New strategic

initiatives

for sales growth

& productivity

increase

CAPEX

supports

strategic

initiatives

Financial results

Market environment

Strategy implementation

Outlook

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© Paul Ott, Graz



© Paul Ott, Graz

Q1 2019

FINANCIAL RESULTS

SALES PERFORMANCE

8

268.8 262.3

Q1 2018 Q1 2019

Revenue (EUR m)

Sales increased y/y in March; first two months of the year suffered from stoppage of Baruth plant due to fire

In basic products, lower prices of raw chipboard due to high competition

Robust growth contribution from value-added products

-2.4%

98.4 85.3

149.6152.3

29.2 33.4

Q1 2018 Q1 2019

Other (Silekol, Energy etc)

Value-added products

Basic products

Q1 2019 SALES PERFORMANCE

9

Robust demand form kitchen industry, which continues to expand production

Basic products impacted by de-stocking, fire at Baruth plant and market competition

66% of revenue generated by growing sales of value-added products

Revenue breakdown

by product

50%

16%

18%

8%

8%Laminated/lacquered board

HPL & elements

Raw PB

Raw MDF/HDF

Other (incl. Silekol)

Revenue breakdown

by product category (in EUR m)*

+1.8%

-13.3%

+14.4%

* Gross sales before sales reduction

SALES GENERATED FROM THE MOST

ATTRACTIVE EU MARKETS

10

Revenue breakdown by market (Q1 ‘19)

46%

22%

24%

6%2%

DACH

Other Western Europe

Poland

Other Eastern Europe

Beyond Europe9

10

13

64

129

8

10

15

64

124

France

Netherlands

UK

Poland

DACH

Q1 2019 Q1 2018

Sales by region (Q1 ’19, in EUR m)

DACH & other Western European markets account for 68% of Group sales

RAW MATERIALS PRICES UP STRONGLY

IN 2018, BUT DECLINE EXPECTED FOR 2019

11

15%

11%

8%

4%

0%

5% 5% 5%

14%

0%

5%

10%

15%

20%

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Electricity y/y change (%)

-7%

-1%

1%4%

6% 5% 7% 5%

1%

-10%

-5%

0%

5%

10%

15%

20%

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Wood y/y change (%)

17%

36%

16%20%

-1% -3%

19% 21%

9%

-10%

0%

10%

20%

30%

40%

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Glue y/y change (%)

-2% -1% -2%

3% 3%6%

8%6% 6%

-5%

0%

5%

10%

15%

20%

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Paper y/y change (%)

Wood

Chemicals

PaperEnergy

Material cost structure

VALUE-ADD PRICES UP IN Q1;

MIXED PRICE DEVELOPMENT IN BASIC PRODUCTS

12* Base on January 2016 =100

90

95

100

105

110

115

120

125

Jan16

Apr16

Jul 16 Oct16

Jan17

Apr17

Jul 17 Oct17

Jan18

Apr18

Jul 18 Oct18

Jan19

Apr19

Raw chipboard

80859095

100105110115120125

Jan16

Apr16

Jul 16 Oct16

Jan17

Apr17

Jul 17 Oct17

Jan18

Apr18

Jul 18 Oct18

Jan19

Apr19

MDF raw HDF raw

Index price to customers

85

90

95

100

105

110

Jan16

Apr16

Jul 16 Oct16

Jan17

Apr17

Jul 17 Oct17

Jan18

Apr18

Jul 18 Oct18

Jan19

Apr19

MFC

80

85

90

95

100

105

110

115

Jan16

Apr16

Jul 16 Oct16

Jan17

Apr17

Jul 17 Oct17

Jan18

Apr18

Jul 18 Oct18

Jan19

Apr19

HPL Worktops

EBITDA PERFORMANCE

13

Loss of sales volume (incl. Impact of Baruth) had adverse effect on earnings

Improving raw materials outlook

* Reconciliation of adjusted EBITDA is available in the appendix.

** Impact from IFRS 16 supported Q1 2019 EBITDA by EUR 2.2m

-43.0%

Adjusted EBITDA* (EUR m) & margin (%)

37.3

27.9**

13.9%

10.6%

0.0%

5.0%

10.0%

15.0%

0

5

10

15

20

25

30

35

40

Q1 2018 Q1 2019

-25.2%

Reported EBITDA* (EUR m) & margin (%)

36.5

20.8**

13.6%

7.9%

0.0%

5.0%

10.0%

15.0%

0

5

10

15

20

25

30

35

40

Q1 2018 Q1 2019

Q1’19 EBITDA BRIDGE

14

Sales volumes negatively affected by Baruth fire & market competition in basic products segment

Higher costs of raw materials and energy burdens Q1’19 results

Improvement in SG&A lines continues even considering a favourable impact resulting from IFRS 16

Positive price-mix contribution driven by strength in value-added products

* Reconciliation to reported EBITDA is presented in the appendix

Adjusted EBITDA* (EUR m)

PRODUCTION INTERRUPTION FOLLOWING FIRE AT

BARUTH PLANT IMPACTED JAN-FEB’19;

P&L IMPACT CONTAINED

15

January 4 – deflagration & fire occurred in sifting area; no casualties, but production of MDF/HDF stopped in

January 2019.

Two belt scales destroyed – need to switch to different mode of choosing proportion of raw materials, scobs &

adhesive in production process in order to restart plant quickly

Production resumed in February, but higher cost of production related to the need to calibrate production

process & higher volume of adhesive used

Lower production and sale of electricity

(EURm) Q1 2019

Net sales loss (8.3)

Extraordinary write-off (0.8)

Impact on EBIT (2.7)

Impact on EBITDA (1.9)

Impact of fire damage at Pfleiderer Baruth

(EUR m) Q1’18 Q1’19 Δ

Revenue 268.8 262.3 -2.4%

Gross profit 62.7 45.6 -27.3%

Gross profit margin (%) 23.3% 17.4% -5.9 p.p.

Selling expenses (33.4) (33.9) +1.5%

G&A expenses (12.7) (12.5) -1.6%

SG&A (% of sales) 17.2% 17.7% +0.5 p.p

Reported EBITDA 36.5 20.8 -43.0%

Adjusted EBITDA 37.3 27.9 -25.2%

Adj. EBITDA margin (%) 13.9 10.6 -3.3 p.p.

D&A 18.5 23.3 +25.9%

EBIT 18.0 (2.5) -

EBIT margin (%) 6.7 (0.9) -7.6 p.p.

Net profit 7.3 -11.0 -

16

Q1 2019 P&L

Revenues and profits in Q1 2019 affected by Baruth plant fire

EFFICIENT WORKING CAPITAL

MANAGEMENT

17

31.2 23.9

-0.9

20.6

-10.0%-10.0

90.0

Q1 2016 Q1 2017 Q1 2018 Q1 2019

Net working capital after factoring % of sales

12.7%

9.5%

-0.3%

7.9%

Working capital after factoring (EUR m)

26.6 33.6 21.6 23.3

90.297.4

97.6115.0

-85.6-107.1 -120.1 -117.7

2016 2017 2018 2019

Trade receivables Inventories Trade payables

23.9 -0.920.6

Working capital is managed efficiently through use of factoring

High level of inventories results from de-stocking by clients

See near-term opportunities to lower inventories of finished goods and raw materials

31.2

CASH FLOW PERFORMANCE

18

Adverse effect of IFRS 16 on reported net debt levels

Net debt ratio expected to decline in subsequent quarters as result of working capital and capex decrease

Cash from operating activities

Income tax paid Net cash used in investing activities

Net cash used in financing activities

Total cash flows

Pfleiderer Group cash flow (EUR m)

21.2

(2.9)

(17.1)

(13.1) (12.0)

Cash from operating activities

Income tax paid Net cash used in investing activities

Net cash used in financing activities

Total cash flows

20.5

(2.1)

(21.7)

(23.3) (26.6)

(EUR m) End-2018 End-Q1 (IFRS 16)

Net debt (1) 398.6 407.7

Net debt / EBITDA 2.98x 3.45x

(1) Net debt: Short and long term financial liabilities, less leasing liabilities under IFRS 16 less cash & cash equivalents

Q1 2018 Q1 2019

MARKET ENVIRONMENT



© Paul Ott, Graz

MARKET OUTLOOKRobust long term growth but facing short-term challenges

Company maintains strong market position

Robust long-term growth prospects fuelled by end-market demand, and healthy GDP growth prospects of German and Polish

economies

In the near-term, we see the following trends:

Softening GDP forecasts for several key markets – GDP expected to decelerate to 1.1% in Germany and 1.5% in EU-28.

Stable demand forecast on premium product markets (e.g. kitchen tops)

Capacity for top kitchen producers in GER (Nobilia, Leicht, Nolte, Pino, Häcker, Schüller, Schmidt, Rotpunkt) expected to

grow in double digits to over 2 mln units in 2021 (vs. 2018) driven by strong export growth in overseas markets

Furniture market still growing, but at lower pace. At the beginning of the year customers continued to destock,

anticipating declining raw material prices

Additions in raw PB and MFC to support long-term growth but create some short-term price pressure

Consequently, PFL continues to focus on implementing commercial & operational initiatives, including growth of (less

cyclical) high value added products, cost out, labour and asset productivity improvements

20

MACRO OUTLOOK FOR GERMANY

German manufacturing PMI GDP growth (y/y change)

Stability on the market expected in coming years in DACH region

Source: own estimation based on reliable market data providers

2.1% 2.0%

1.1%

0.6% 0.7%

Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19

40

45

50

55

60

Mar'18

Apr'18

May'18

Jun'18

Jul'18

Aug'18

Sep'18

Oct'18

Nov'18

Dec'18

Jan'19

Feb'19

Mar'19

Apr'19

3.14 3.19 3.24 3.28 3.28 3.23

2016 2017 2018 2019 2020 2021

77.22 78.49 79.84 80.75 81.06 80.85

2016 2017 2018 2019 2020 2021

+1.7% +1.7% +1.1% +1.4% -0.3%

+1.7% +1.5% +1.0% -1.4%0.0%

MFC market DACH (M cbm)

CAGR 2018-2021: -0.1%

HPL/CPL market DACH (M m2)CAGR 2018-2021: 0.4%

21

German Unemployment rate

3.3% 3.3% 3.3%

3.2% 3.2% 3.2%

Oct '18 Nov '18 Dec '18 Jan '19 Feb '19 Mar '19

PRODUCTION CONTINUES TO GROW

IN POLANDManufacturing production (y/y change) Poland manufacturing PMI

GDP growth (y/y change)

1.8%

9.3%

5.4%6.8%

10.3%

5.0%

2.8%

7.4%

4.7%2.8%

6.1% 6.9%5.6%

Mar'18

Apr'18

May'18

Jun'18

Jul'18

Aug'18

Sep'18

Oct'18

Nov'18

Dec'18

Jan'19

Feb'19

Mar'19

40

45

50

55

Mar'18

Apr'18

May'18

Jun'18

Jul'18

Aug'18

Sep'18

Oct'18

Nov'18

Dec'18

Jan'19

Feb'19

Mar'19

Apr'19

4.6%4.2%

5.4%5.0%

5.3%5.1% 5.1%

4.9%4.6%

3%

4%

5%

6%

Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19

22Source: GUS, Markit Economics, Eurostat

Poland unemployment rate

3.9% 3.8%3.7%

3.6%3.5%

3.4%

Oct '18 Nov '18 Dec '18 Jan '19 Feb '19 Mar '19

POLISH FURNITURE MARKET OUTLOOK

Source: own estimation based on reliable market data providers

Production of kitchen furniture

continues to grow but at lower

pace

Production of living room furniture

slowed down near end-2018

Polish producers reliant on

biggest retailers:

• IKEA (700 cbm of particle

board)

• Bega (600 cbm)

• Jysk (100 cbm)

• Lutz (75 cbm)

• Trend Team (60 cbm)

393723

1,0921,436

1,7892,190

2,5302,956

3,3203,747

4,1744,527

8.0%1.5%

-3.7% -0.1% 0.6% 0.9% 1.6% 5.9% 6.8% 6.5% 6.7% 7.5%

-100%

-50%

0%

0

2,000

4,000

01 '18 02 '18 03 '18 04 '18 05 '18 06 '18 07 '18 08 '18 09 '18 10 '18 11 '18 12 '18

Kitchen furniture production (’000 pieces, cumul.) y/y change (%)

2,4605,143

7,95810,307

12,59015,063

17,28519,790

22,66025,474

28,10530,225

4.1%9.9% 11.1% 11.2% 9.0% 9.9% 8.8% 8.3% 7.0% 4.5% 1.0% -1.4%

-100%

-50%

0%

0

10,000

20,000

30,000

40,000

01 '18 02 '18 03 '18 04 '18 05 '18 06 '18 07 '18 08 '18 09 '18 10 '18 11 '18 12 '18

Living room furniture production (’000 pieces, cumul.) y/y change (%)

23



© Paul Ott, Graz

STRATEGY

IMPLEMENTATION

\

STRATEGY CONFIRMED

25

In 2018 we delivered a 13.4% adj. EBITDA margin

With the implementaton of our strategy

we plan to deliver 16% EBITDA margin in 2021

2021 Revenue target raised to >EUR 1.3B

2021 EBITDA margin target >16% confirmed

In 2018, we conducted a bottom-up detailing of the Pfleiderer Strategy

Together with one of the TOP 3 strategy consulting firms

we have uncovered further possible upsides

26

PFLEIDERER STRATEGY

– THE DIAMOND APPROACHSHAREHOLDER VALUE

Lean organization

Sound financial basis

Active investor relations

Attractive dividend policy

Available net cash will be

distributed to shareholders

OPERATIONS

PEOPLE

Target oriented leadership (MBO)

New Management Team

Lean organization

People recruitment and development

Talent program

Succession plan

COMMERCIAL Sales & Marketing

Market segmentation &

strategy

Organic growth & value-added

product strategy

Sales excellence program

New Design Collection

Target group marketing

PFL Academy PFLDIAMOND

APPROACHCORPORATE CULTURE

Empowerment

Cost consciousness

Diversified workforce

International management

approach

Employee survey

Mid-term programs

Lean Six Sigma

Procurement excellence

World class manufacturing

Next 12 months

Uptime & productivity

Capacity ext. / debottlenecking

Value-added technologies

Procurement savings

NWC optimization

Continuous Improvement

program

BUILDING BLOCKS

TO ACHIEVE OUR TARGETS

27

•Share of Wallet, New Customers, New Products, New Segments, Overseas – all in Value Added Products

STRENGTHEN SALES AND MARKET POSITION

•Grow share of High-Value-Added Products in 2021 vs. 2018

FOCUS ON HIGH VALUE-ADDED PRODUCTS

•Higher utilisation of recycled wood, further decrease G&A costs, improve plant performance

INCREASE PRODUCTION EFFICIENCY

•Adj. EBITDA margin up to 16% in 2021 from 13.4% in 2018

INCREASE EBITDA MARGIN

IMPLEMENTATION

OF STRATEGIC INITIATIVES

28

We ran an extensive bottom-up exercise to define savings measures vs 2018. Both recurrent, but also one-time for

2019 (to compensate for sales challenges).

The team confirmed significant savings potential, and immediately went into implementation where possible. You

can see that the yearly run-rate and the 2019 effective ambitions are close.

Implementation is on a successful track – the team managed to already secure almost half of the savings for 2019,

while there are still other big and small items being addressed.

Given our current progress, we feel high confidence in achieving the projected savings vs 2018

Summary of current situation

IMPLEMENTATION

OF STRATEGIC INITIATIVES

29

Direct spend Labor efficiency Indirect spend G&A

Confirmed annualized savings 2019 effective savings 2019 secured savings

Raw materials mix

and prices

Energy volumes and

prices

Recipe composition

Process loss

improvements

Uptime increase

Productivity

improvements

Personnel cost

savings (external

and internal)

Production and

maintenance

Packaging and

containers

Facility management

Marketing

Fleet and fuel

IT / telco

Improvements in

quality and speed

of processes

(finance, HR)

Labor efficiency

Automation / digital

readiness

Annualised sustainable savings of up to EUR 30m, with substantial part already in 2019

Fo

cu

s a

reas

Savin

gs

31

MACRO OUTLOOK SOFTENING,

BUT REMAINS ROBUST

GDP growth on main markets (2019 est.)*

4.2%0.5%

0.7%

DACH

4.2%

Poland

0.5%

Germany

1.4%

EU-28

*Source: European Commission Spriing 2019 forecast

32

OUTLOOK FOR RAW MATERIALS’ PRICES

PAPER

• Slightly decreasing prices thanks to falling

prices of titandioxid

ENERGY

• In Poland 100% prices hedged for 2019

and 60% hedged for 2020

• Natural hedging in Germany thanks to

energy production

CHEMICALS

• Crude price increases, but lower y/y

• Harvest & fertilizer season ended – higher

supply of urea

• Balanced supply and demand of methanol

– no pressure on methanol prices

• Due to reduced prices of methanol and

urea also decreasing prices of resins

• Uncertainity of crude oil price increase

impact

WOOD

• Stable wood prices, expectation of

reducing prices in Q2 in forest wood and

pulp wood

• Good availiability of recycling wood

KEY TAKEAWAYS

33

More challenging market environment with decelerating growth in Poland

& DACH2

Improved cost structure & maintained cost discipline1

Expected impact on prices from new capacities in Poland and the region3

Raw material prices expected to decline in 20196

Smart pricing strategy & diversified client base provides future upside5

Cont’d strong focus on value-added products with superior profitability4

Clear focus & action plans to deliver 2021 strategy goals7

35

REPORTED & ADJUSTED EBITDA

RECONCILIATION

(EUR m) 2018 2019

Reconciliation Q1 Q1

Reported EBITDA 36.5 20.8

Add back Sales & Operational Growth Consulting Costs 4.9

Fire damage Baruth plant 1.9

Add back severance payments 0.3

Other 0.8

Adjusted EBITDA 37.3 27.9

More information

www.pfleiderer.com

DISCLAIMER

37

This document and the information contained herein (unless otherwise indicated) has been prepared by Pfleiderer Group SA (the “Issuer”) solely for informational purposes. For the purposes of this notice, the presentation that follows sha ll

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available, the industry, market and competitive position data contained in this Presentation come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been

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IR Contact

Bartek Godlewski

@:[email protected]

M: +48 795 529 424

Coiffeur Panzerhalle | Salzburg | Austria

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q1 2019 financial results - pfleidererq1 2019 financial results sales performance 8 268.8 262.3 q1...

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