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STRATEC SE
Investor Presentation • Nov 11, 2021
416_ip_2021-11-11_d6c17d95-9c04-4a3e-a88b-bf2f098326fa.pdf
Investor Presentation
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STRATEC 9M 2021 FINANCIAL RESULTS
Birkenfeld, 2021-11-11
Forward-looking statements involve risks.
This company presentation contains various statements concerning the future performance of STRATEC. These statements are based on both assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we can provide no guarantee of this. This is because our assumptions involve risks and uncertainties which could result in a substantial divergence between actual results and those expected.
It is not planned to update these forward-looking statements.
1.9M 2021 AT A GLANCE
- 2.FINANCIAL REVIEW
- 3.OUTLOOK
- 4.Q&A
-
- APPENDIX
-
•Sales up by 29.5%at constant exchange rates to € 225.4 million (9M/2020: € 179.1 million)
- Organic yoy growth of 16.7% in Q3/2021 with double digit growth rates in all three segments (Instrumentation, Diatron and Smart Consumables)
- •Adjusted EBIT margin improvementof 590 basis points yoyto21.6%
•Operating cash flow boosted by 167% yoyto € 50.5 million
•New market launches, achieved development milestones and additional agreements in Q3/2021
Smart consumable launch for a North American partner addressing one of the fastest growing segments of clinical diagnostics
Agreement with another partnerfor proprietary immunoassay platform KleeYa® reached
1.9M 2021 AT A GLANCE
2.FINANCIAL REVIEW
- 3.OUTLOOK
- 4.Q&A
-
- APPENDIX
FINANCIALS AT A GLANCE1
| € 0 0 0s |
9 M / 2 0 2 1 |
9 M / 2 0 2 0 |
C ha ng e |
Q 3 / 2 0 2 1 |
Q 3 / 2 0 2 0 |
C ha ng e |
|---|---|---|---|---|---|---|
| Sa les |
2 2 5, 4 2 0 |
1 7 9, 0 8 2 |
% +2 5. 9 |
6 9, 6 5 5 |
5 9, 7 1 5 |
% +1 6. 6 |
| E B I T D A |
5 7, 6 6 5 |
3 5, 8 2 1 |
+6 1. 0 % |
1 7, 3 9 1 |
1 2, 2 8 4 |
+4 1. 6 % |
| ( % ) E B I T D A in m ar g |
2 6 5. |
2 0. 0 |
6 0 +5 bp s |
2 0 5. |
2 0. 6 |
+4 4 0 bp s |
| A d d E B I T j te us |
4 8, 6 9 0 |
2 8, 1 2 1 |
+7 3. 1 % |
1 4, 2 3 3 |
9, 7 0 8 |
+4 6. 6 % |
| A ( % ) d d E B I T j in te us m ar g |
2 1. 6 |
1 5. 7 |
+5 9 0 bp s |
2 0. 4 |
1 6. 3 |
+4 1 0 bp s |
| A d d l da d j i inc te te t us co ns o ne om e |
4 0, 5 6 3 |
2 3, 7 6 5 2 |
+7 0. 7 % |
1 2, 0 1 6 |
8, 1 7 0 2 |
+4 7. 1 % |
| A d d ba ha ( € ) j ic ing in te us s ea rn s p er s re |
3. 3 5 |
1. 9 7 2 |
+7 0. 1 % |
0. 9 9 |
0. 6 7 2 |
+4 7. 8 % |
| S ( € ) Ba ha I F R ic ing in s ea rn s p er s re |
3. 0 0 |
1. 5 5 2 |
+9 3. % 5 |
0. 9 2 |
0. 4 5 2 |
0. 4 % +7 |
bps = basis points
1 To facilitate comparison, adjusted figures exclude amortization resulting from acquisition-related purchase price allocations and an impairment recognized on a proprietary development project in the second quarter of 2021.
2 Results from continuing operations.
FINANCIAL REVIEW
SALES
Sales in € million
As of September 30
9M/2021 sales up 25.9% yoy to € 225.4 million 29.5% at constant currency
- • High demand for molecular diagnostics systems and recovery of routine testing applications
- • Strong Service Parts and Consumables business (further growth acceleration in Q3/2021)
- • Growth contribution of newly launched products
FINANCIAL REVIEW
ADJUSTED EBIT AND EBIT MARGIN
As of September 30
9M/2021 adjusted EBIT up 73.1% yoy to € 48.7 million
9M/2021 adjusted EBIT margin at 21.6%
Margin expansion of 590 bps yoy
- (+) Economies of scale
- (+) Product/Sales mix
- (+) Efficiency enhancements
- (+) Lower burden from stock appreciation rights (SARs)
FINANCIAL REVIEW
CASH FLOW AND NET DEBT
| € 0 0 0s |
9 M / 2 0 2 1 |
9 M / 2 0 2 0 |
C ha ng e |
|---|---|---|---|
| Ca f h lo ing iv i ies t t t s er a a c w op – |
0, 2 3 5 5 |
8, 8 9 8 1 |
6 3 % 1 7. + |
| Ca h f lo inv iv i ies tm t a t t s es en c w – |
3 3 1 5, 4 - |
1 1 5, 0 4 1 - |
/a n |
| Ca f f h lo ina ing iv i ies t t s w nc a c – |
2 6, 9 2 5 - |
4 9 1, 5 |
/a n |
| f Fr h lo ee c as w |
3 5, 1 8 0 |
3, 8 5 7 |
8 1 2. 1 % + |
1 Includes incoming payments of € 1.9 million from sale of companies previously consolidated
| € 0 0 0s |
9 M / 2 0 2 1 |
F Y / 2 0 2 0 |
C ha ng e |
|---|---|---|---|
| Ca h d h len iva ts s an ca s eq u d f p d io t e a n o er |
4 5, 6 3 8 |
3 7, 5 6 1 |
2 1. 5 % + |
| Eq ( % ) i io ty t u ra |
5 4. 3 |
5 2. 0 |
2 3 0 bp + s |
| N de b t t e |
6 8 9 1, 7 |
8 2, 6 7 7 |
2 % 5. 1 - |
- • Strong cash flow dynamics despite still elevated inventory needs
- • Investment ratio1 at 6.8% of sales versus 8.1% in 9M/2020
- •Net debt / LTM EBITDA of 0.8x
1 Total investments in intangible and tangible assets in % of sales
LTM = Last twelve months
- 1.9M 2021 AT A GLANCE
- 2.FINANCIAL REVIEW
- 3.OUTLOOK
- 4.Q&A
-
- APPENDIX
FINANCIAL GUIDANCE FOR FISCAL YEAR 20211
- •Constant-currency sales growth of at least 16.0%
- •Adjusted EBIT margin of around 19.0% to 20.0% (2020: 16.7%)
- •Investments in tangible and intangible assets combined of around 6.0% to 8.0% of sales
1 In view of the COVID-19 pandemic, STRATEC continues to observe increased volatility in its customers' order behavior. Global supply chains also remain tense and subject to uncertainties. The above guidance therefore specifically includes risk discounts for both sales and product mixes in the fourth quarter of 2021, as well as for potential further increases in logistics costs.
OUTLOOK
FOCUS IN 2021 AND BEYOND
- •Execute on current development pipeline and launch line-up
- Expected launches over the next 12 months include two MDx solution families
- •M&A remains part of the company's growth and diversification strategy
- •Execute deal pipeline regarding new development and manufacturing agreements
Significant upward trend in the number and quality of incoming pipeline projects in recent months (catch up potential following distortions of pandemic)
- •Manage transition to post-pandemic priorities
- • Restore pre-pandemic efficiency levels throughout the company
QUESTIONS & ANSWERS
9M 2021 FINANCIAL RESULTS – NOVEMBER 11, 2021
APPENDIX
ADJUSTMENTS
EBIT
| € 0 0 0s |
9 M / 2 0 2 1 |
9 M / 2 0 2 0 |
|---|---|---|
| A d j d E B I T te us |
4 8, 6 9 0 |
2 8, 1 2 1 |
| A d j tm ts us en : |
||
| P P A iza io t t am or n |
-3 9 0 7 , |
-6 0 7 1 , |
| Im irm t p a en |
-1 0 4 9 , |
0 |
| E B I T |
4 3, 7 3 4 |
2 2, 0 5 0 |
Consolidated net income
| € 0 0 0s |
9 / 2 0 2 M 1 |
1 9 / 2 0 2 0 M |
|---|---|---|
| A d j d l i da d in te te t us co ns o ne co m e |
4 0, 5 6 3 |
2 3, 7 6 5 |
| A d j d in ha in € te us ea rn g s p er s re ( ic ) ba s |
3. 3 5 |
1. 9 7 |
| A d j tm ts us en : |
||
| P P A iza io t t am or n |
-3 9 0 7 , |
-6 0 7 1 , |
| Im irm t a en p |
0 4 9 -1 , |
0 |
| Ta inc xe s o n om e |
7 4 1 |
9 4 6 |
| Co i in l da d te t ns o ne co m e |
3 6, 3 4 8 |
8, 6 4 0 1 |
| Ea in ha in € ( ba ic ) rn g s p er s re s |
3. 0 0 |
1. 5 5 |
Results from continuing operations
CONTACT
STRATEC SE Gewerbestr. 37 75217 Birkenfeld Germany
Phone +49 7082 7916-0 Fax +49 7082 7916-999 www.stratec.com
CONTACT
Jan Keppeler, CFA Head of Investor Relations & Corporate Communications
Phone +49 7082 7916-6515 [email protected]
