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AGENDA
� Company description
� Corporate strategy & Financial targets
� FY 2014/15 results
Zumtobel Group AG – Roadshow Presentation June 20152
| |
HistoryFrom family firm to global player
LED share of Zumtobel Group reaches more than 50 %
2015
Zumtobel Group publishes first Sustainability report
2010
Initial public offering (IPO)
20062003
Jürg Zumtobel becomes chairman of the supervisory board
2001
Onset of LED activities
Akquisition of Thorn Lighting Group, UK
2000
Aquisition of the luminaire manufacturer Staff, Germany
1993/9419911976
Zumtobel Licht GmbH andTridonic Bauelemente GmbH become independentsubgroups
The company becomes a public limited company
Jules Thorn founds the„Electric Lamp Service Company“
First international design-award for a Zumtobel product
1963
Dr. Walter Zumtobel establishes„Elektrogeräte und Kunstharzpresswerk W. Zumtobel KG“ in Dornbirn, Austria
1928 1950
Zumtobel Group AG – Roadshow Presentation June 20153
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A portraitThe Zumtobel Group: A global player in the lighting industry
� Brands: Thorn, Zumtobel and Tridonic
� A leading position in the European professional lighting market
� 13 production plants on four continents
� Sales in over 100 countries
� € 1,312.6 million in annual revenues *
� € 66.5 million in operating earnings (adjusted EBIT) *
� Around 7,200 employees
* FY 2014/15
Zumtobel Group AG – Roadshow Presentation June 20154
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The Zumtobel Group covers a major part of the light ing value chainThree internationally established brands with broad market access
Lighting solution
Lightmanagement
LuminaireControl gear (LED driver)
LED light source/ module
Packaged LEDChip
Premium Segment
Performance Segment
Budget Segment
Commodity Segment
Zumtobel Group AG – Roadshow Presentation June 20155
| |
Leading shares in European markets (ca. 80% of Grou p revenues)Market share analysis – Lighting Segment
Regional revenue distribution
7%
14%
10%
16%
6%
9%
21%
7%
33%
5%
11%
CEE*
France
Norway
Sweden
Denmark
UK
Italy
Benelux
Switzerland
Germany
Austria 1
3
1
2
4
1
5
2
4
2
2
Market Share Rank
* CEE includes all countries in Eastern Europe and Russia
D/A/CH28.2%
Northern Europe
26.1%
Benelux & Eastern Europe
8.9%
15.3%
Middle East & Africa
11.4%
7.4%
Northern America 2.6%
Asia & Pacific
Zumtobel Group AG – Roadshow Presentation June 2015
Southern Europe
6
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LED penetration is gaining tractionZumtobel Group LED share as % of revenues
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Zumtobel Group AG – Roadshow Presentation June 2015
6.4 7.2 8.710.3 11.2
13.415.9 17.0
21.418.4
24.2 24.7
28.931.5
43.147.0
34.3
39.7
52.756.2
FY 2012/13 FY 2013/14FY 2010/11 FY 2014/15FY 2011/12
7
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AGENDA
� Company description
� Corporate strategy & Financial targets
� FY 2014/15 results
Zumtobel Group AG – Roadshow Presentation June 20158
| |
Key trends in the global lighting marketGlobalization and technological shift
Market & Geographic Focus
Technology Focus
“Old“Established Regional Markets
“New“Asia & World
“Old“Traditional
Technologies
“New“(O)LED
“Old“ World
“New“ World
“New” world growth drivers:
� Technology/ Innovation (LED, Lighting controls, Energy efficiency)
� Global market opportunities, especially in Asia
Zumtobel Group AG – Roadshow Presentation June 20159
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The lost decade...Zumtobel Group – Revenue and EBIT development in the last 14 years
Zumtobel Group
Revenue and EBIT development
*) Reported EBIT adjusted for special effects
2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15
Net Sales (in EUR million)
EBIT adj. (in % of revenues)*
1240.31186.5 1142.2 1129.2 1168.0
1234.0 1282.31174.0
1228.21280.3 1243.6 1246.8
1114.6
2.1%2.6%
6.2%7.6%
8.0%9.1% 9.6%
6.7%
4.6%6.4%
2.7%2.9%
3.8%
Zumtobel Group AG – Roadshow Presentation June 2015
1312.6
5.1%
10
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Zumtobel Group*
*simplified illustration
Global Sales7 regions
Global Sales7 regions
Business DivisionThorn
Product PortfolioProduct Development
Marketing
Global Operations9 plants
Business DivisionTridonic
Product PortfolioProduct Development
Marketing
Global Operations4 plants
Group Purchasing
Group Technology
Corporate Functions
Lighting Segment Components Segment
Business DivisionOEM & TPP
Product PortfolioProduct Development
Marketing
Business DivisionZumtobel
Product PortfolioProduct Development
Marketing
Complete reset of Group structure to realize maximu m synergies between all brands & functionsZumtobel Group organizational structure
Zumtobel Group AG – Roadshow Presentation June 201511
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Measures to unlock full potential in Global Operati ons ─ targeting best in class cost structureProgress report Global Operations
Production volume
>100 Mio EUR
Production volume
>50 Mio EUR
Production volume
<50 Mio EUR
Key
Lighting Segment11 plants (before shut downs)
Components Segment7 plants (before shut downs)
Ennenda, CH
Dornbirn, AT
Innsbruck, AT
Jennersdorf, AT
Sydney, AU
Auckland, NZ
Tianjin, CNHighland, US
Les Andelys, FR
Spennymoor, UKLandskrona, SE
Usingen, DE
Lemgo, DE
Shenzhen, CN
Guangzhou, CN
Announced shut downs or sale of plants
12
Announced downsizing of Lemgo
Zumtobel Group AG – Roadshow Presentation June 201512
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Measures to unlock full potential in Global Operati ons ─ targeting best in class cost structureProgress report Global Operations
1. Implementation of an efficient global manufacturi ng footprint
� Shut down of production lighting plant Tianjin, China (July 2014 / 70 employees)
� Shut down of production lighting plant Landskrona, Sweden (Dec. 2014 / 155 employees)
� Shut down of production components plant Ennenda, Switzerland (Feb. 2015 / 115 employees)
� Sale of Tridonic connection technology in Innsbruck, Austria (May 2014 / 97 employees)
� Downsizing of production lighting plant Lemgo, Germany (roughly 70 employees)
� Announcement date: end of Feb 2015
� Execution: over the next six months
� Sale of Tridonic plant in Auckland, New Zealand (June 2015/ 39 employees)
2. Substantial reduction in the bill of material
� Centralized purchasing function has been implemented
13 Zumtobel Group AG – Roadshow Presentation June 201513
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1. Cost synergies from merging our two lighting bran d sales organizations
� Reduction of 200 FTEs in the last 24 months (not fully P&L effective yet)
� Reduction of 22 sales offices
Measures to unlock full potential in Global Sales ─ to balance growth potential with cost savings Progress report Global Sales
2. Sales force performance programme
� New incentive system for sales organization and upper management in place
3. Increase share of wallet
� Initiatives have been started – multi-brand approach gains momentum
4. Selective build-up of the sales force in emerging markets
14 Zumtobel Group AG – Roadshow Presentation June 2015
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“Working as ONE Group” – successful reference projects show proof of conceptZumtobel Group
AZ Damiaan in Oostende
Public hospital
Artistic Thorn outdoor lightingcombined with Zumtobel interiorlighting
Project volume: EUR 835.000
Place: Oostende, Belgium
Race track in Bahrain
Formular 1 race-track
Long-standing partner ofZumtobel opens the door forThorn outdoor lighting products
Project volume: EUR 1.2 Mioincl. Tridonic components
Place: Manama, Bahrain
Jeddah airport
King Abdulaziz Int. Airport
Combined product offering ofThorn and Zumtobel ensures
realisiation of this highlycomplex project
Project volume: USD 7.0 Mioincl. Tridonic components
Place: Jeddah, Saudi Arabia
Conad-supermarket
Supermarket chain in Italy
Zumtobel indoor lightingcombined with Thorn outdoor
lighting for the parking area
Place: Altopascio, Italy
© Atkins Global
Zumtobel Group AG – Roadshow Presentation June 201515
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“Working as ONE Group” – successful reference projects show proof of conceptZumtobel Group
Aldi Supermarkets
Aldi Supermarket stores in UK
A new store program was realised using both Zumtobel andThorn products
Location: UK
AZURIT Senior Citizens Center
Retirement homes chain
Thorn enabled very aggressive pricing level while maintaininghigh product quality
Location: Germany
Post distribution center
Austrian postal service
Existing network towards ourcustomer combined with low
price level with Thorn products
Location: Allhaming, Austria
Xi’An South-Gate Watchtower Museum
Museum in China
Project led to first closecollaboration of Thron- and
Zumtobel-teams in China
Location: Xi’An, China
Zumtobel Group AG – Roadshow Presentation June 201516
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Zumtobel Group: We take lighting beyond illuminationNew mission and vision statement: Unique brands with a clear strategic direction
„We make great lighting available to all“
„We offer the definitive solution to make any lighting smart, connected and efficient“
„We empower everybody to enjoy the superior light that we all love so much“
Offering cost efficient high performance lighting
Offering a holistic architecture of hard- and software that is easy to use
Offering superior lighting that is purposeful and inspiring
„We take lighting beyond illumination“
We leverage our multi-brand portfolio to create unique value for our customer
Zumtobel Group AG – Roadshow Presentation June 201517
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SG&A
Contingencyfor market growth, price developments, mix change, inflation, FX effects
EBIT adj. 2013/14 Baseline
Categories & Measures
• Implementation of an efficient global manufacturing footprint
• Bill of purchasing reduction
• Cost synergies from merging• Performance programme• Increase share of wallet
Targeted margin impact
R&D • R&D spending (through P&L) will slightly grow due to higher software content
+ 3-4%
+ 2-3%
8 -10%
3.8%
- 0.5%
- 0.5%
Zumtobel Group AG – Roadshow Presentation June 2015
+1.1%
Zumtobel Group - medium term targets (2016/17) call for a doubling of profitabilityFY 2014/15 results - a convincing interim step to reach the set goal
Performance 2014/15
Costs of Goods sold
-0.2%
+0.4%
5.1%
-
EBIT adj. 2016/17 Target
18
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Zumtobel Group – medium term targets (2016/17)Organic sales growth target of approx. 3-5% p.a.
2014/15 2016/17
EUR ~1,410 m*
~ 3-5 %
EUR 1,312.6 m
CAGR
Conventionallighting
LEDLED
Conventionallighting
� Construction activity in Europe (which represents 80% of the group‘s revenues) is improving but remains subdued
� Market share gains through
− multi-brand & multi channel sales approach
− closing of product portfolio gaps
− Innovations in controls & systems
� Capture growth opportunities in Asia and Middle East
Zumtobel Group AG – Roadshow Presentation June 2015
~ 75%~ 50%
~ 25%
~ 50%
* Analyst consensus for 2016/17
19
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Zumtobel Group – new structure, new prospectsExecutive Summary
Tailwind from the market
Uniquely positioned
Beneficiary from technology change to LED
Restructuring story
Management incentivisation
EBIT margin target (2016/17) of 8-10%
Back on growth track since six quarters - cycle bottom in European construction seems to be touched as well as concept for multi-brand approach gains momentum.
A global player with a leading position in the fragmented professional lighting and componentsmarket. We leverage our multi-brand portfolio to create unique value for our customer.
Legacy player with size, significant know-how and sufficient financial resources to master and benefit from the disruptive technology change.
In response to the lost decade: complete reset of the Group’s strategy and structure to realisemaximum synergies between all brands and functions. Extensive restructuring & transformation program. Implementation on track.
Share price development is key performance indicator.
Clear roadmap to achieve mid-term EBIT margin target (2016/17) of 8-10% - i.e. doubling of profitability driven by significant cost savings and modest growth.
Zumtobel Group AG – Roadshow Presentation June 201520
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AGENDA
� Company description
� Corporate strategy & Financial targets
� FY 2014/15 results
Zumtobel Group AG – Roadshow Presentation June 201521
| |
Zumtobel Group AG
FY 2014/15 results
June 24, 2015
22 Zumtobel Group AG – Roadshow Presentation June 2015
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Improvement in revenues and earnings, restructuring measures on trackFinancials FY 2014/15 at a glance
Zumtobel Group AG – Roadshow Presentation June 2015
� Group revenues increase by 5.3% year-on-year (FX adjusted 2.6%) to
EUR 1,312.6 million driven by strong growth with LED products (plus 55.9%),
positive FX effects and robust demand from key account clients (e.g. retail chains)
� LED share of group revenues increases to 49.8% in FY 2014/15
(FY 2013/14: 33.6%)
� Execution of restructuring measures and transformation process is on track and
shows positive results – negative special effects of minus EUR 25.4 million
� Group adj. EBIT increases by 39.7% to EUR 66.5 million (Adj. EBIT margin 5.1%)
due to improved profitability in both segments
� Outlook for FY 2015/16 – approx. 5% increase in revenues and adj. EBIT
of EUR 90 to 100 milllion
� Dividend proposal of EUR 0.22 per share
23
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Q1 Q2 Q3 Q4
Higher revenues and sequential margin expansionZumtobel Group – Revenues and EBIT development
Zumtobel Group
Q1 Q2 Q3 Q4
309.3 323.5 324.1292.4
321.0
17.7 19.1
24.5
5.9%
5.7%
0.0%1.7%
7.6%
Revenues FY 2013/14 EUR 1,246.8 million (plus 0.3%)
0.0
5.4
4.6%
Adjusted EBIT 1)Revenues
Adjusted EBIT 2013/14,
Adjusted EBIT 2014/15 in EUR million
Adjusted EBIT 2013/14,
Adjusted EBIT 2014/15 as a % of revenues
Revenues 2013/14In EUR million
Revenues 2014/15In EUR million
1) Reported EBIT adjusted for special effects
Revenues 2014/15 EUR 1,312.6 million (plus 5.3%) Revenues 2013/14 EUR 1,246.8 million
Adjusted EBIT 2014/15 EUR 66.5 million (margin of 5.1%)Adjusted EBIT 2013/14 EUR 47.6 million (margin of 3.8%)
339.8
4.8%
28.2
8.3%
299.6
2.5%
4.3
1.4%
Zumtobel Group AG – Roadshow Presentation June 2015
9.0%
349.8
Including EUR 4.5 million higher bonus provisions
15.0
4.3%
24
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Q1 Q2 Q3 Q4
LED share of group revenues increases to 49.8% (FY 2013/14: 33.6%)Zumtobel Group – LED revenue development
� LED revenues in FY 2014/15 grow by 55.9% to EUR 653.3 million
� LED share of group revenues increases to 49.8% (FY 2013/14: 33.6%)
� Lighting Segment increases sales with LED products by 51.1% to EUR 482.4 million (LED Penetration 48.7%)
� LED sales in Components Segment rise by 79.6% to EUR 212.3 million (LED Penetration 53.9%)
Zumtobel Group
LED revenues
89.3
139.3
102.2 100.2
56.0%
LED revenues 2013/14In EUR million
LED revenues 2014/15In EUR million
159.6
56.1%
158.0
57.6%
Zumtobel Group AG – Roadshow Presentation June 2015
127.3
196.5
54.4%
25
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UK and Benelux were the main growth driver in FY 14 /15Zumtobel Group – Regional revenue distribution
Zumtobel Group
D/A/CH
28.2%
Northern Europe
26.1%
Benelux & Eastern Europe
8.9%
Southern Europe & Latin America
15.3%
Middle East & Africa
11.4%
7.4%
Northern America 2.6%
Asia & Pacific
Q4 2014/15 FY 2014/15
Revenues in EUR million
Change in %
Revenues in EUR million
Change in %
nominal FX adjusted
D/A/CH 94.3 11.0 370.7 5.8 3.7
Northern Europe 91.4 6.6 342.9 9.8 4.8
Benelux & Eastern Europe 29.9 16.5 116.4 10.1 10.6
Southern Europe & Latin America
51.6 -3.7 200.8 -5.5 -5.5
Asia & Pacific 38.4 17.9 149.6 6.0 1.8
Middle East & Africa* 34.3 12.7 97.6 6.3 3.6
Northern America 10.0 22.2 34.5 5.2 -3.2
Total 349.8 9.0 1,312.6 5.3 2.6
Regional revenue distribution
* incl. India, Central Asia & Turkey
Zumtobel Group AG – Roadshow Presentation June 201526
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Q1 Q2 Q3 Q4
Restructuring measures take effect and lead to an i mprovement in profitabilityLighting Segment – Revenue and EBIT development
Lighting Segment
Q1 Q2 Q3 Q4
265.1
229.9243.4 246.8
219.3242.5
Adjusted EBIT 1)Revenues
14.917.2
19.2
7.1%
6.5%
0.8% 1.0%
7.8%
1.8 2.3
5.9%
Adjusted EBIT 2013/14,
Adjusted EBIT 2014/15 in EUR million
Adjusted EBIT 2013/14,
Adjusted EBIT 2014/15 as a % of revenues
Revenues 2013/14In EUR million
Revenues 2014/15In EUR million
1) Reported EBIT adjusted for special effects
257.6
4.4%
25.1
9.8%
Revenues FY 2014/15 EUR 989.9 million (plus 5.5%) Revenues FY 2013/14 EUR 938.4 million
Adjusted EBIT 2014/15 EUR 63.7 million (margin of 6.4%)Adjusted EBIT 2013/14 EUR 38.3 million (margin of 4.1%)
223.9
2.1%
2.5%
5.6
Zumtobel Group AG – Roadshow Presentation June 2015
9.3%
15.8
6.0%
27
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Q1 Q2 Q3 Q4
Successful transformation processComponents Segment – Revenue and EBIT development
Components Segment
Q1 Q2 Q3 Q4
99.7 96.6 98.389.7
97.0
6.67.5 7.4
7.8%
6.6%
2.9%
8.8%
7.5%
2.6
8.5
- 3.1%
Adjusted EBIT 1)Revenues
1) Reported EBIT adjusted for special effects
Adjusted EBIT 2013/14,
Adjusted EBIT 2014/15 in EUR million
Adjusted EBIT 2013/14,
Adjusted EBIT 2014/15 as a % of revenues
Revenues 2013/14In EUR million
Revenues 2014/15In EUR million
99.8
1.6 % 8.2%
8.2
Revenues 2014/15 EUR 393.8 million (plus 2.4%) Revenues 2013/14 EUR 384.5 million
Adjusted EBIT 2014/15 EUR 28.4 million (margin of 7.2%) Adjusted EBIT 2013/14 EUR 25.1 million (margin of 6.5%)
92.6
3.3 %
6.2%
5.8
Zumtobel Group AG – Roadshow Presentation June 2015
104.8
8.1 %
6.9
6.6%
28
| |
Q1 Q2 Q3 Q4
Continuation of strong growth with LED-modules and convertersComponents Segment
LED modules
Revenues
LED converters
Q1 Q2 Q3 Q4
9.1
15.8
8.79.7
12.9
~75%
10.3
24.1
11.5 12.6
19.9
~135%
Revenues
Revenues 2013/14In EUR million
Revenues 2014/15In EUR million
Revenues 2013/14In EUR million
Revenues 2014/15In EUR million
European market share of around 9% (PY 8%) for LED Modules and around 14.5% (PY 12%) for LED converters
29
17.9
~105%
28.8
~150%
18.5
~90%
28.1
~120%
23.0
~80%
34.4
Zumtobel Group AG – Roadshow Presentation June 2015
~��%
29
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Adj. EBIT2013/14
∆ Gross profit (before R&D)
R&D Selling Others Adj. EBIT2014/15
47.6
+39.8
-6.1-1.4
Administration
-6.2
66.5
Gross margin 1.1 percentage points abovePY due to decreasing indirect COGS
Atos transition, strengthening of central functions and higher consultancy
[in EUR
million]
Sales FTEs reduced by around 120 FTEs over the last 12months (not fully P&L effective yet) but higher expenses for marketing and transportation
-7.2
Restructuring effects increasingly visible in the P &LZumtobel Group – adj. EBIT FY 2013/14 vs. FY 2014/15
Strengthening the technology position
Zumtobel Group AG – Roadshow Presentation June 201530
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Further expanding the outstanding technology positi on of the Zumtobel Group Zumtobel Group – Investments into Research and Development
� In line with medium term guidance to slightly increase R&D
� Focus on energy efficiency, light quality and intelligent controls
� Higher expenditures for system architecture, software development and data management
� Software development share in R&D crossed the 10%-threshold and nearly reached 15% in FY 2014/15
� New product rate: − Components Segment: 71.3% (2013/14: 54.1%)− Lighting Segment: 40.7% (2013/14: 32.6%)
Research & Development in EUR million FY 2014/15 FY 2013/14 Change in %
Development costs 75.3 68.6 9.7
Research costs 3.7 3.2 14.9
R&D total 79.0 71.8 10.0
as a % of revenues 6.0 5.8
R&D Expenses
31 Zumtobel Group AG – Roadshow Presentation June 2015
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Restructuring on track - EUR 25.4 million special ef fects in FY 2014/15Zumtobel Group – special effects
� Closure of luminaire plant in Landskrona, Sweden (EUR 7.9 million)
� Downsizing of luminaire plant in Lemgo, Germany (EUR 5.2 million)
� Closure of components plant in Fürstenfeld, Austria (EUR 0.7 million)
� Sale of components plant in Auckland, New Zealand (EUR 2.9 million)
� Adjustments in the lighting segment sales organisation (EUR 5.5 million)
� Miscellaneous (EUR 3.2 million)
Adjusted EBIT in EUR million FY 2014/15 FY 2013/14 Cha nge in %
Reported EBIT 41.1 12.1 > 100
Thereof special effects -25.4 -35.5 28.4
Adjusted EBIT 66.5 47.6 39.7
Special Effects: EUR 25.4 million
FY 2014/15
32 Zumtobel Group AG – Roadshow Presentation June 2015
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Net result for the period at EUR 11.9 millionZumtobel Group – Income statement
in EUR million FY 2014/15 FY 2013/14 Change in %
Revenues 1,312.6 1,246.8 5.3
Cost of goods sold -802.8 -776.8 3.3
Gross profit (w/o development) 509.8 470.1 8.5
as a % of revenues 38.8 37.7
R&D -79.0 -71.8 10.0
SG&A expenses adjusted for special effects -364.4 -350.7 3.9
Adjusted EBIT 66.5 47.6 39.7
as a % of revenues 5.1 3.8
Special effects -25.4 -35.5 -28.4
EBIT 41.1 12.1 >100
as a % of revenues 3.1 1.0
Financial results -25.4 -14.6 -74.4
Profit before tax 15.7 -2.4 >100
Income taxes -3.7 -2.3 65.1
Net profit or loss for the period 11.9 -4.8 >100
Earnings per share ( in EUR) 0.28 -0.12 >100
Burdened by negative market valuation of financial instruments (i.e. predominantly CHF Hedge)
33 Zumtobel Group AG – Roadshow Presentation June 2015
| |
Free Cash Flow at minus 15.2 Mio EURZumtobel Group – Cash flow statement
in EUR million FY 2014/15 FY 2013/14
Cash flow from operating results 103.1 79.6
Change in working capital -22.6 -10.9
Change in other operating items -11.7 8.5
Taxes paid/received -5.9 -5.4
Cash flow from operating activities 62.8 71.8
Proceeds from the sale of non-current assets 3.7 0.4
Capital expenditures on non-current assets -76.6 -65.6
Capital expenditures on non-current and currentfinancial assets
-10.0 -1.5
Change in liquid funds from changes in the consolidation range
9.5 2.1
Assets/ Liabilities held for sale -4.6 0
Cash flow from investing activities -78.0 -64.6
Free cash flow -15.2 7.2
Cash flow from financing activities -17.1 -13.1Effects of exchange rate changes on cash and cash equivalents
4.8 -6.4
Change in cash and cash equivalents -27.4 -12.3
Free cash flow development
Q1 H1 Q1-Q3 FY
(cumulative figures in EUR million)
FY 2013/14 FY 2014/15
-23.4
-1.3
-22.1
7.2
-35.0
3.2
-23.1
-15.2
34 Zumtobel Group AG – Roadshow Presentation June 2015
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Increase in working capital due to higher inventori esZumtobel Group – Working capital
Working capital
Q1 Q2 Q3 Q4
in % of rolling 12-month revenues
FY 2012/13 FY 2013/14 FY 2014/15
Target range:16% - 18%
20.2%
18.2%19.0%
17.0%15.8%
18.2% 18.5%
16.0%
� In % of rolling 12-month revenues, working capital increased to 17.8% vs. 16.0% in Q4 PY
� Increase of inventories (~ EUR 20 million vs. Q4 PY), increase in receivables (~ EUR 28 million vs. Q4 PY) and increase in payables (~ EUR 14 million vs. Q4 PY)
� Increase in working capital due to increase in business and growth in inventories
19.0%18.0%
18.9%17.8%
35 Zumtobel Group AG – Roadshow Presentation June 2015
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Continued solid balance sheet structure and secured liquidity positionZumtobel Group – Key balance sheet data
� Net debt totalled EUR 148.2 million as of 30 Apr 2015 (31 Jan 2015: EUR 158.1 million)
� Secure liquidity position backed by:
− Consortium credit agreement with a term extending to October 2016
− Two bilateral credit agreements with a term extending to September 2018 respectively January 2020
− Unsecured lines of credit totalling EUR 93.4 million as of 30 Apr 2015
� Increase in CAPEX by ca. 17% to EUR 76.6 million, among other due to a big investment in an automated assembly line for the production of LED luminaires in our Dornbirn plant and the development of the C&S software “Litecom”
in EUR million 30 April 2015 30 April 2014
Total assets 1,086.3 1,006.6
Net debt 148.2 126.2
Debt coverage ratio 1.48 1.57
Equity 322.6 327.6
Equity ratio in % 29.7 32.5
Gearing in % 46.0 38.5
Investments 76.6 65.6
Working capital 233.8 200.0
As a % of rolling 12 months revenues 17.8 16.0
36 Zumtobel Group AG – Roadshow Presentation June 2015
| |
Euroconstruct June forecast: trend reversal to sligh t market growth confirmedMarket environment / trends
� Forecast for 2016 shows non-residential construction slowly growing in Europe
� Austria (+0.9%), Germany (+0.9%) with modest growth, Switzerland (-1.1%) declining
� UK (+4.9%) growth engine in Europe, Nordic (+1.5%) slowing down
� France and Italy expected to be back on growth (+2.8% and +2.7%)
� Stronger expected growth for new build compared to renovation
Source: Euroconstruct, June 2015Total based on Austria, Belgium, Switzerland, Germany, France, Italy, Netherlands, UK and Nordic
2011 2012 2013 2014 2015 2016 2017
New build
Renovation
Total
1.1
-2.0
0.4
1.9
-4.2
2.5
1.6
Growth Forecast for Non-Residential Construction
Annual Growth Rates in %
37 Zumtobel Group AG – Roadshow Presentation June 2015
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Guidance for FY 2015/16Zumtobel Group Outlook
� The extensive restructuring in 2014/15 created a solid foundation that will support further growth and the realization of cost synergies.
� Activities in 2015/16 will focus on the continuous evaluation of additional opportunities to optimize structural costs.
− Revenues: Based on slight tailwinds from the recovering construction market in Europe, strengthened by the technology shift to LED – we expect an increase of approx. 5% in group revenues in FY 2015/16
− Earnings: We expect an improvement in adjusted EBIT to EUR 90 to 100 milli on (adjusted EBIT 2014/15 financial year: EUR 66.5 million)
� Based on the abovementioned expected positive development, the Management Board will make a recommendation calling for a dividend of EUR 0.22 per share for the 2014/15 financial year
38 Zumtobel Group AG – Roadshow Presentation June 2015
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Financial Calendar
� July 24, 2015 39th Annual General Meeting
� July 28, 2015 Ex-Dividend Day
� July 31, 2015 Dividend Payout Day
� September 8, 2015 Report on the First Quarter 2015/16 (1 May 2015 – 31 July 2015)
� December 9, 2015 Report on the First Half-year 2015/16 (1 May 2015 - 31 October 2016)
� March 2, 2016 Report on the First Three Quarters 2015/16 (1 May 2015 - 31 January 2016)
39 Zumtobel Group AG – Roadshow Presentation June 2015
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Strong growth momentum in Q4 mainly driven by posit ive currency effectsZumtobel Group – Revenues and EBIT development
Zumtobel Group
Q3 2012/13 Q4 2012/13 Q1 2013/14 Q2 2013/14 Q3 2013/14 Q4 2013/14 Q1 2014/15 Q2 2014/15 Q3 2014/15 Q4 2014/15
Development of revenues in % vs prior FY quarter
Development of revenues over the last 10 quarters
-3.0%
-6.0%-4.4%
-3.2%
1.4%
8.1%
4.6% 4.8%
2.5%
9.0%
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CS revenues FY 2013/14
Electronic ballasts
Controls LED components Others CS revenues FY 2014/15
384.5
-37.5
-27.3
+1.9
Connection technology
-14.2 393.8
[in EUR
million]
+95.7
Encouraging growth in core businessComponents Segment revenue bridge FY 2014/15 vs. FY 2013/14
Magnetic ballasts & wire
Components Segment
-9.4
Core Business: ca. plus 15%
42
includes loss C&S developmentservices for the Lighting Segment amounting to EUR 11.4 million
Zumtobel Group AG – Roadshow Presentation June 201542
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Zumtobel share clearly outpaces ATX averageZumtobel Group AG – Development of Zumtobel Share over the last 12 months
Zumtobel Group AGATX
30.04.2014 31.07.2014 31.10.2014 31.01.2015 30.04.2015
Zumtobel share price performance vs. ATX
� Share price benefits from restructuring story, strategic reorientation, tailwind from the market and success in managing the LED technology change
� 63.0% increase in share price in FY 2014/15
� ATX increases by 2.4% in FY 2014/15
� Share price development (TSR) relative to a peer group is the key performance indicator for the bonus payment to the management
Zumtobel Group AG – Roadshow Presentation June 2015
160%
180%
140%
120%
100%
80%
60%
43
| |
in EUR million 2014/15 2013/14 2012/13 2011/12 2010/11
Revenues 1,312.6 1,246.8 1,243.6 1,280.3 1,228.2
Adjusted EBIT 66.5 47.6 35.7 35.0 78.4
as a% of revenues 5.1 3.8 2.9 2.7 6.4
Net profit/loss for the period 11.9 -4.8 6.1 15.2 51.3
as a % of revenues 0.9 -0.4 0.5 1.2 4.2
Total assets 1,086.3 1,006.6 994.8 1,036.3 1,020.5
Equity 322.6 327.6 357.4 370.6 378.7
Equity ratio in % 29.7 32.5 35.9 35.8 37.1
Net debt 148.2 126.2 113.2 141.4 141.3
Cash flow from operating results 103.1 79.5 79.8 88.1 123.2
Investments 76.6 65.6 59.5 57.2 57.3
as a % of revenues 5.8 5.3 4.8 4.5 4.7
R&D total 79.0 71.8 69.1 58.7 48.6
as a % of revenues 6.0 5.8 5.6 4.6 4.0
Headcount incl. contract worker (full-time equivalent) 7,234 7,291 7,162 7,456 7,814
Five-Year Overview
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Disclaimer
The facts and information contained herein constitute forward-looking statements as of the date they were made and based upon assumptions as to future events or circumstances that may not prove to be complete or accurate. By their nature, these statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and are difficult to predict. Therefore, actual outcomes or results may differ materially from what is expressed, implied or forecasted in these statements. Neither Zumtobel AG nor any of its directors, officers, employees or advisors nor any other person makes any representation or warranty,expressed or implied, as to the accuracy or completeness of the facts and information contained in this document or the related oral presentation thereof, including responses to questions following the presentation. Neither Zumtobel AG nor any of its directors, officers, employees and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this document, the facts and/or information.
Whilst all reasonable care has been taken to ensure the facts stated herein are accurate and that the assumptions and opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to, and overview of, the business of Zumtobel AG as of the date this document was made. Where any information and statistics are quoted from any externalsource, such information or statistics should not be interpreted as having been adopted or endorsed by Zumtobel AG as being accurate.
Contacts:Investor RelationsTel.: +43 (5572) 509-1125investorrelations@zumtobel.comwww.zumtobelgroup.com
45 Zumtobel Group AG – Roadshow Presentation June 2015
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