EQS-News: Semperit AG Holding / Key word(s): Quarter Results
Semperit increases profitability in Q1–3 and confirms outlook for 2024
07.11.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Semperit increases profitability in Q1–3 and confirms outlook for 2024
• EBITDA plus 12% to EUR 63.9 million, earnings after tax increase to
EUR 7.1 million
• Free cash flow improves to EUR 22.4 million
• EBITDA guidance of around EUR 80 million confirmed for 2024
Vienna, November 7, 2024 – In the first three quarters of 2024, the
Semperit Group increased EBITDA by 11.9% to EUR 63.9 million and
significantly improved earnings after tax to EUR 7.1 million, compared
with EUR –26.8 million in the same period of the previous year. With
revenue of EUR 506.6 million (–2.5%), the EBITDA margin increased to
12.6%, mainly due to the cost-cutting program initiated early in 2023. The
EBITDA guidance for 2024 is confirmed at around EUR 80 million.
“Just over a year ago, we presented the realigned Semperit Group with the
two divisions SIA and SEA. They combine the strengths of our business and
focus on elastomer products and solutions with the aim of being one of the
world’s leading suppliers for industrial customers. The results for the
first three quarters confirm the effectiveness of our strategy,” says
Semperit CEO Karl Haider. “We are still facing headwinds from the overall
market, and the challenging environment will persist into 2025. However,
thanks to our early cost savings, we are well prepared and have also
invested in expanding production. This puts us in a very good position to
grow faster than the market and to further expand our position as a
leading specialist for elastomer products.”
Robust free cash flow and financial base
Free cash flow is the net cash flow adjusted for interest payments that is
available for strategic growth investments, dividends and the repayment of
debt. It improved to EUR 22.4 million in the first three quarters of 2024,
compared with EUR 20.7 million in the same period of the previous year.
Including the net payment from the second and final closing of the sale of
the medical business in the amount of EUR 6.6 million, free cash flow
after the sale of companies amounted to EUR 29.0 million (previous year:
EUR 108.4 million after the first closing of the sale of the medical
business).
The Semperit Group has a robust balance sheet and financial base with an
equity ratio of 46.2% and a leverage ratio measured by net financial debt
in relation to EBITDA of a conservative 1.7x. Liquidity reserves amounted
to EUR 111.1 million, and undrawn credit lines of EUR 100.0 million are
also available.
Earnings development in 1–9 2024 in detail:
The Semperit Group focuses exclusively on industrial customers with the
two divisions Semperit Industrial Applications (SIA) and Semperit
Engineered Applications (SEA) and generated revenue of EUR 506.6 million
(–2.5%) in the first three quarters of 2024. The two divisions developed
differently depending on the market environment and customer sectors but
were able to maintain EBITDA at a stable level. While a shift in the
product mix and the persistently challenging economic situation at SIA
(Hoses and Profiles) led to a decline in revenue by –16.1% to EUR 221.9
million, the SEA division (Form, Belting and Rico/Liquid Silicone)
benefited mainly from Rico, which was only included for the months of
August and September in the comparative period of 2023. Despite lower
sales volumes at Belting, the SEA division’s revenue rose by 11.7% to EUR
284.7 million, of which EUR 71.1 million was attributable to Rico
(August–September 2023: EUR 16.0 million). EBITDA remained stable in both
divisions (SIA: EUR 42.3 million; SEA: EUR 35.5 million), with the EBITDA
margin improving to 19.0% at SIA and reaching 12.5% at SEA.
Total expenses decreased by 3.2% to EUR 446.6 million. Cost of materials
(including energy and purchased services) fell by 9.5% to EUR 213.5
million (previous year: EUR 235.8 million). This is primarily due to the
easing of purchase prices of raw material and lower sales volumes in
individual business divisions.
Personnel expenses increased to EUR 166.4 million (+9.2%), primarily as a
result of the Rico takeover. Other effects included inflation-related wage
and salary increases as well as capacity-related adjustments to the
headcount and the cost program. Adjusted for Rico, personnel expenses fell
by 7.5% year-on-year. At EUR 66.7 million, other operating expenses were
9.1% lower than in the previous year, which was primarily due to
significant savings in consulting expenses and lower warranty expenses.
EBITDA improved by 11.9% to EUR 63.9 million (previous year: EUR 57.1
million) and the EBITDA margin to 12.6% (previous year: 11.0%).
Regular depreciation and amortization increased to EUR 34.6 million
(previous year: EUR 25.1 million), primarily due to the expanded
consolidation base resulting from Rico, with EBIT reaching EUR 26.8
million (previous year: EUR 32.0 million). The financial result amounted
to EUR –12.1 million (previous year: EUR –4.8 million), which was due to
an increase in bank liabilities for financing growth projects.
Tax expenses fell to EUR 7.7 million (previous year: EUR 10.2 million),
resulting in an effective tax rate of 44.3%, compared to 34.7% in the same
period of the previous year.
Earnings after tax from continued operations amounted to EUR 7.0 million
(previous year: EUR 16.9 million), while earnings after tax from
discontinued operations were EUR 0.1 million (previous year: EUR –43.7
million). Overall, earnings after tax (from continued and discontinued
operations) thus improved significantly to EUR 7.1 million (previous year:
EUR –26.8 million), which corresponds to earnings per share of EUR 0.35
(previous year: EUR –1.29).
Overview of the main financial figures of the first three quarters of
2024:
Key figures of the Semperit-Group, in EUR
million 1-9 2024 Change 1-9 2023^1
Revenue 506.6 –2.5% 519.5
EBITDA 63.9 +11.9% 57.1
EBITDA margin 12.6% +1.6 PP 11.0%
EBIT 26.8 –16.3% 32.0
EBIT margin 5.3% –0.9 PP 6.2%
Earnings after tax 7.1 >100% –26.8
Earnings per share (EPS), in EUR 0.35 >100% –1.29
Free cash flow before the sale of companies 22.4 +7.9% 20.7
Balance sheet key figures, in EUR million 30.09.2024 Change 31.12.2023
Total assets 913.6 –2.6% 937.9
Equity 421.7 –0.9% 425.3
Equity ratio 46.2% +0.8 PP 45.3%
Net financial debt 128.1 +11.3% 115.2
Segment key figures, in EUR
million 1-9 2024 Change 1-9 2023^1
Division Semperit Industrial
Applications Revenue 221.9 –16.1% 264.5
EBITDA 42.3 –0.9% 42.7
EBITDA margin 19.0% +2.9 PP 16.1%
EBIT 26.6 –9.8% 29.5
Division Semperit Engineered
Applications Revenue 284.7 +11.7% 254.9
EBITDA 35.5 –2.6% 36.4
EBITDA margin 12.5% –1.8 PP 14.3%
EBIT 15.3 –40.8% 25.8
¹ The comparative figures were adjusted.
For further details see Semperit’s report on the first three quarters of
2024: (1)https://www.semperitgroup.com/investor-relations/
Contact:
Bettina Schragl Judit Helenyi
Director Communications and Capital Director Investor Relations
Markets/ Spokeswoman +43 676 8715 8310
+43 676 8715 8257 judit.helenyi@semperitgroup.com
bettina.schragl@semperitgroup.com
(2)www.semperitgroup.com
(3)www.linkedin.com/company/semperit-ag
About Semperit
The publicly listed Semperit AG Holding is an internationally oriented
group of companies that develops, produces and sells high-quality
elastomer products and applications for industrial customers in over 100
countries worldwide through its two divisions, Semperit Industrial
Applications and Semperit Engineered Applications. With its highly
efficient production and cost leadership, the Semperit Industrial
Applications division focuses on industrial applications in connection
with large-scale production, including hydraulic and industrial hoses as
well as profiles. The Semperit Engineered Applications division comprises
the production of escalator handrails, conveyor belts, cable car rings,
other engineered elastomer products, as well as the Rico Group, and
focuses on customized technical solutions. The traditional Austrian
company was founded in 1824 and is headquartered in Vienna. The Semperit
Group employs around 4,200 people worldwide and has 16 production sites
and numerous sales offices in Europe, Asia, Australia and America. In the
2023 financial year, the Group generated revenue of EUR 721.1 million and
EBITDA of EUR 71.8 million.
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07.11.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: Semperit AG Holding
Am Belvedere 10
1100 Wien
Austria
Phone: +43 1 79 777-310
Fax: +43 1 79 777-602
E-mail: judit.helenyi@semperitgroup.com
Internet: www.semperitgroup.com
ISIN: AT0000785555
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 2024129
End of News EQS News Service
2024129 07.11.2024 CET/CEST
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