Quarterly Report • May 19, 2021
Quarterly Report
Open in ViewerOpens in native device viewer
| in EUR million | Q1 2021 | Change | Q1 2020 | 2020 |
|---|---|---|---|---|
| Revenue | 323.1 | 62.3% | 199.1 | 927.6 |
| EBITDA | 122.2 | >100% | 16.9 | 208.6 |
| EBITDA margin | 37.8% | +29.4 PP | 8.5% | 22.5% |
| EBIT | 110.8 | >100% | 9.8 | 237.8 |
| EBIT margin | 34.3% | +29.4 PP | 4.9% | 25.6% |
| Earnings after tax | 85.5 | >100% | –1.7 | 194.6 |
| Earnings per share (EPS)1), in EUR | 4.13 | >100% | –0.17 | 9.06 |
| Gross cashflow | 118.7 | >100% | 14.5 | 193.7 |
| Return on equity2) | 86.2% | >100% | –2.7% | 58.0% |
| in EUR million | 31.03.2021 | Change | 31.3.2020 | 31.12.2020 |
|---|---|---|---|---|
| Balance sheet total | 865.3 | 22.5% | 706.2 | 764.4 |
| Equity | 396.1 | 49.4% | 265.1 | 332.3 |
| Equity ratio | 45.8% | +8.2 PP | 37.5% | 43.5% |
| Additions to tangible and intangible assets | 12.2 | >100% | 4.8 | 28.5 |
| Employees (at balance sheet date) | 7,001 | –0.6% | 7,046 | 6,943 |
| in EUR million | Q1 2021 | Change | Q1 2020 | 2020 |
|---|---|---|---|---|
| Industrial Sector = Semperflex + Sempertrans + Semperform + Semperseal | ||||
| Revenue | 130.1 | 7.0% | 121.6 | 478.4 |
| EBITDA | 20.6 | 16.8% | 17.7 | 76.6 |
| EBIT | 14.5 | 28.1% | 11.4 | 32.4 |
| Semperflex | ||||
| Revenue | 54.7 | 16.8% | 46.8 | 189.9 |
| EBITDA | 12.3 | 32.0% | 9.3 | 41.9 |
| EBIT | 9.6 | 47.3% | 6.5 | 30.9 |
| Sempertrans | ||||
| Revenue | 26.9 | –8.7% | 29.5 | 113.1 |
| EBITDA | 1.0 | –35.9% | 1.6 | 8.7 |
| EBIT | 0.2 | –65.5% | 0.6 | –14.9 |
| Semperform | ||||
| Revenue | 19.8 | –0.3% | 19.9 | 81.8 |
| EBITDA | 3.1 | –11.9% | 3.5 | 15.0 |
| EBIT | 2.1 | –16.3% | 2.6 | 11.3 |
| Semperseal | ||||
| Revenue | 28.7 | 13.1% | 25.4 | 93.6 |
| EBITDA | 4.2 | 29.5% | 3.3 | 11.0 |
| EBIT | 2.6 | 50.8% | 1.8 | 5.1 |
| Medical Sector = Sempermed | ||||
| Revenue | 192.9 | >100% | 77.5 | 449.2 |
| EBITDA | 105.3 | >100% | 4.8 | 150.4 |
| EBIT | 100.2 | >100% | 4.3 | 224.9 |
Note: Rounding differences in the totalling of rounded amounts and percentages may arise from the use of automatic data processing.
1) Earnings per share are only attributable to the core shareholders of Semperit AG Holding (excl. remuneration from hybrid capital).
2) Based on a full-year projection.
In the course of Q1 2021, the prices on the relevant raw material exchanges for natural rubber and natural latex in Asia rose very significantly. The recovery rally, which started in the middle of Q2 2020, continued significantly in Q1 2021. It was caused by a rapidly increasing demand, especially from China and from the global tyre industry.
At the end of Q1 2021, natural rubber prices were almost 60% higher than in the second quarter of last year, while price increases for natural latex were as much as 255%.
The prices for the essential basic raw material butadiene, continued their strong upward trend in both Asia and Europe in the first quarter of this year. As of the end of March 2021, butadiene prices in Europe were seven times higher than the average in Q2 2020, when the bottom had been reached. In Asia they were three times as high. As a result, the prices for butadiene were at the highest level in the last two years at the end of Q1 2021.
The prices for nitrile latex also continued to rise significantly in the course of Q1 2021 due to continued strong demand and limited supply. The price development of "Heavy Fuel Oil (HFO)" is a relevant price indicator for the filler carbon black. The very strong upward trend since April 2020 continued in the first quarter of 2021. As of the end of March, the price was 120% above the average for Q2 2020. As a result of this development, carbon black prices continued to move upwards very significantly.
After the lows in spring 2020, the prices for wire rod are in a continuous upward phase with massive price increases. Global stimulus programmes are fuelling the demand for steel products, which has led to a price increase of more than 100% for raw products such as iron ore (import prices from China) compared to the previous year. Iron ore has thus exceeded its high of 2011. Global steel production is running at full capacity, and volume increases cannot be met for the most part. Control policy interventions can be observed in China.
The provision of the raw materials required for production is guaranteed by alternative raw material suppliers. As a result of the market dynamics described, the prices of essential raw materials are rising continuously and reliably securing the required raw material quantities remains a challenge.
1) 2020 adjusted for the positive one-off effect from the reversal of impairment in the Sempermed segment (EBIT effect: EUR +86.2 million; earnings after tax effect: EUR +88.8 million) and for the negative one-off effect of the impairment in the Sempertrans segment (EBIT effect EUR –19.8 million; earnings after taxes effect: EUR –16.1 million)
The Semperit Group recorded a 62.3% increase in revenues to EUR 323.1 million in Q1 2021 compared with the same period of the previous year. Revenues increased by 7.0% to EUR 130.1 million in the Industrial Sector and by 148.9% to EUR 192.9 million in the Medical Sector. The increase in revenues in the Industrial Sector was primarily driven by higher sales volumes – particularly in the Semperflex and Semperseal segments. Sales increased in the Semperseal segment due to the economic recovery of the European markets, increased activity in Russia and the first-time consolidation of M+R Dichtungstechnik GmbH. The positive development of the markets and global supply share gains for hydraulic and industrial hoses led to higher sales volumes in the Semperflex segment. On the other hand, sales volumes (as opposed to production volumes) in the Medical Sector declined slightly due to the limited availability of containers; however, the significantly higher sales prices based on the special economic situation in light of the corona pandemic more than compensated for this.
In Q1 2021, the Industrial Sector generated 40% of the Semperit Group's revenue while the Medical Sector was responsible for 60%. This represents a shift compared to the same period in the previous year when the ratio was almost completely the other way around.
In Q1 2021, the inventory of own products increased by EUR 10.4 million (Q1 2020: EUR 4.9 million) as a result of low container availability and significantly increased global transportation times, which ultimately led to an increase in inventories, particularly in the Sempermed segment.
Other operating income increased due to government grants, particularly through grants in China and research funding in Austria.
The cost of materials increased by EUR 24.4 million or 21.4% to EUR 137.0 million in Q1 2021. The change was mainly due to higher raw material prices and higher costs of purchased gloves in the Medical Sector, as well as production volume increases in the Industrial Sector.
Personnel expenses increased in Q1 2021 to EUR 53.0 million (+5.1%). The reasons for this were the general increase in salary levels, higher (pro rata temporis) bonuses for the expected high target achievement in the 2021 financial year due to the improved company performance, and the first-time consolidation of M+R Dichtungstechnik GmbH with personnel expenses of around EUR 0.3 million.
At EUR 24.0 million, other operating expenses were around 10.3% below the figure of EUR 26.7 million for the same period in the previous year. The positive development was achieved in particular through significantly lower legal and consulting expenses and as a result of lower travel activities and fewer warranty claims. This was offset by the increase in freight costs amounting to around EUR 1.0 million.
EBITDA increased more than sevenfold from EUR 16.9 million in Q1 2020 to EUR 122.2 million in Q1 2021. Excluding Sempertrans and Semperform, EBITDA margins all increased compared with the same period in the previous year; these amounted to 54.6% (Q1 2020: 6.1%) for Sempermed, 22.5% (Q1 2020: 19.9%) for Semperflexa and 14.7% (Q1 2020: 12.8%) for Semperseal, while 3.8% (Q1 2020: 5.4%) for Sempertrans and 15.4% (Q1 2020: 17.5%) for Semperform. The EBITD margin of the Semperit Group was at 37.8% in Q1 2021 (Q1 2020: 8.5%)
Depreciation and amortisation rose in Q1 2021 to EUR 11.4 million (+61.2%). Due to the reversal of impairment losses in the Sempermed segment in Q2 2020, depreciation and amortisation increased by EUR 4.5 million. The impairment loss in the Sempertrans segment in Q2 2020 had a marginally opposite effect.
EBIT improved to EUR 110.8 million in Q1 2021 compared with EUR 9.8 million in the same period in the previous year. The EBIT margin increased from 4.9% to 34.3%. The EBIT margins of the segments amounted to 52.0% for Sempermed (Q1 2020: 5.5%), Semperflex 17.5% (Q1 2020: 13.9%), Sempertrans 0.7% (Q1 2020: 1.9%), Semperseal 9.2% (Q1 2020: 6.9%) and Semperform 10.8% (Q1 2020: 12.9%).
The financial result improved by EUR 1.5 million in Q1 2021 compared with the same period in the previous year. Interest expenses decreased due to the redemption of Schuldschein loans completed in July 2020. The other financial result improved by around EUR 1.2 million due to a higher net foreign exchange result. The net foreign exchange result was under strain in the previous year through the exchange rate developments for the Czech koruna, Polish zloty and US dollar. The net foreign exchange result in Q1 2021 was basically determined by the US dollar development; the exchange rate for the euro against the US dollar has fallen from around 1.23 as at 31 December 2020 to around 1.17 as at 31 March 2021.
Expenses for income taxes increased in Q1 2021 due to higher profits in the companies of the Sempermed segment; the effective tax rate was 18.4% (Q1 2020: 179.5%).
At the Annual General Meeting on 27 April, a dividend of EUR 1.50 per share was resolved for 2020. A total of EUR 30.8 million was distributed. At a share price of EUR 24.30 at the end of 2020, this results in a dividend yield of 6.2%.
The development of the balance sheet structure can be summarised as follows in Q1 2021:
| in EUR million | 31.03.2021 | Share | 31.12.2020 | Share | Change |
|---|---|---|---|---|---|
| Non-current assets | 387.7 | 45% | 363.5 | 48% | 6.7% |
| Current assets | 477.5 | 55% | 400.9 | 52% | 19.1% |
| ASSETS | 865.3 | 100% | 764.4 | 100% | 13.2% |
| Equity | 398.5 | 46% | 334.6 | 44% | 19.1% |
| Non-current provisions and liabilities |
162.7 | 19% | 163.0 | 21% | –0.2% |
| Current provisions and liabilities | 304.0 | 35% | 266.8 | 35% | 14.0% |
| EQUITY AND LIABILITIES | 865.3 | 100% | 764.4 | 100% | 13.2% |
The increase in long-term assets is mainly due to the acquisition of money market fund shares in the amount of EUR 20.0 million (Q1 2020: EUR 0.0 million), investments in property, plant and equipment in the amount of EUR 10.2 million (Q1 2020: EUR 6.8 million), and to the first-time consolidation of M+R Dichtungstechnik GmbH in the amount of EUR 4.8 million (of which EUR 3.8 million was property, plant and equipment and EUR 0.9 million intangible assets).
Current assets have increased by EUR 23.5 million since 31 December 2020, in particular due to higher inventories for finished products as a result of the limited availability of containers, as well as higher raw material inventories due to the price increase in the Sempermed segment. In addition, also cash and cash equivalents increased.
Equity increased due to the profits of the current period. The repayment of hybrid capital had the opposite effect. Return on equity for Q1 2021 was 86.2% (Q1 2020: –2.7%). Net debt amounted to EUR –15.3 million as of March 31, 2021 (net debt as of December 31, 2020: EUR 22.1 million). The ratio of net debt to EBITDA was at 0.0x as of March 31, 2021 (December 31, 2020: 0.1x). The increase of current liabilities mainly resulted from the increase in trade payables and current tax provisions.
The existing credit lines of Österreichische Kontrollbank AG (OeKB) in the amount of EUR 75 million and EUR 15 million have not been utilised so far.
The development of the liquidity situation in Q1 2021 can be summarised as follows:
| in EUR million | Q1 2021 | Change | Q1 2020 | 2020 |
|---|---|---|---|---|
| Cashflow from operating activities | 69.8 | 133.1% | 30.0 | 192.9 |
| Cashflow from investing activities | –31.0 | 364.8% | –6.7 | –16.7 |
| Cashflow from financing activities | –32.1 | 212.5% | –10.3 | –161.3 |
| Change in cash and cash equivalents | 6.8 | –48.2% | 13.0 | 14.9 |
| Cash and cash equivalents at the end of the period |
154.3 | 1.8% | 151.5 | 145.0 |
| Free Cashflow | 38.8 | 66.7% | 23.3 | 176.2 |
The cash flow from operating activities is due to the high result and was significantly reduced by the build-up of working capital.
The cash flow from investing activities includes the acquisition of money market fund shares in the amount of EUR 20.0 million (Q1 2020: EUR 0.0 million) and payments for additions to property,
Cash relevant investments in plant, equipment and intangible assets amounted to EUR 10.2 million, exceeding last year's level (Q1 2020: EUR 6.8 million). The focus was mainly on capacity-maintaining investments and only to a lesser extent on expansion investments. The largest investments were made in Austria of EUR 2.9 million (Q1 2020: EUR 1.1 million), in Malaysia of EUR 2.7 million (Q1 2020: EUR 1.4 million), in the Czech Republic of EUR 1.4 million (Q1 2020: EUR 0.9 million), in Poland of EUR 1.3 million (Q1 2020: EUR 0.8 million) and in Germany of EUR 1.1 million (Q1 2020: EUR 2.0 million).
The cash flow from financing activities includes in particular the repayment of hybrid capital in the amount of EUR 30.0 million (Q1 2020: EUR 0.0 million) and the payment of hybrid coupons in the amount of EUR 0.8 million (Q1 2020: EUR 0.0 million) and interest on the Schuldschein loans in the amount of EUR 0.2 million (Q1 2020: EUR 0.5 million).
After the negative effects of the corona crisis in 2020, the Industrial Sector showed first signs of recovery, albeit at different speeds in the individual segments. Q1 2021 was characterised by improved orders-intake.
| in EUR million | Q1 2021 | Change | Q1 2020 | 20201) |
|---|---|---|---|---|
| Revenue | 130.1 | 7.0% | 121.6 | 478.4 |
| EBITDA | 20.6 | 16.8% | 17.7 | 76.6 |
| EBITDA margin | 15.9% | +1.3 PP | 14.5% | 16.0% |
| EBIT adjusted | 14.5 | 28.1% | 11.4 | 52.2 |
| EBIT margin adjusted | 11.2% | +1.8 PP | 9.3% | 10.9% |
| EBIT | 14.5 | 28.1% | 11.4 | 32.4 |
| EBIT margin | 11.2% | +1.8 PP | 9.3% | 6.8% |
| Additions to tangible and intangible assets | 6.8 | 77.9% | 3.8 | 22.5 |
| Employees (at balance sheet date) | 3,557 | –1.2% | 3,600 | 3,465 |
1) 2020: adjusted for the negative special effect of the impairment in the Sempertrans segment (2020 EBIT effect: EUR -19.8 million)
After 2020, which was negatively impacted by corona, clear signs of recovery in market demand were recorded in Q1 2021. This was driven by the increased optimism of the Semperflex customers and their significantly increased demand compared to the previous quarters. Strong customer relationships, global gains in supplier shares and revenue increases through product innovations also nourished the order book. This development is reflected in a significant increase in orders-intake. This applies to hydraulic hoses as well as to industrial hoses. The negative effects of rising raw material and container prices, as well as tight container availability, were more than offset by the positive effects. The significant increase in revenue and the elimination of corona-related costs compared to the same quarter of the previous year (around 2 weeks of shutdown in Q1'20 in China caused reduced volumes with fixed costs, which are difficult to reduce in the short term) had a positive effect on the result.
| in EUR million | Q1 2021 | Change | Q1 2020 | 2020 |
|---|---|---|---|---|
| Revenue | 54.7 | 16.8% | 46.8 | 189.9 |
| EBITDA | 12.3 | 32.0% | 9.3 | 41.9 |
| EBITDA margin | 22.5% | +2.6 PP | 19.9% | 22.1% |
| EBIT | 9.6 | 47.3% | 6.5 | 30.9 |
| EBIT margin | 17.5% | +3.6 PP | 13.9% | 16.3% |
| Additions to tangible and intangible assets | 0.7 | 34.4% | 0.5 | 5.1 |
| Employees (at balance sheet date) | 1,626 | –1.8% | 1,657 | 1,571 |
In Q1 2021, the development of the Sempertrans segment was still burdened by the accompanying effects of the corona pandemic, especially since global mining projects were partially either reduced in volume or postponed during 2020. Driven by the favourable price development on the raw material markets for the order situation of Sempertrans, projects have meanwhile been resumed and the first clear signs of recovery were recognizable in Q1 2021. Nonetheless, it will take some time before a pre-coronavirus level of business activity can be recorded again. Despite the rise in order-intake, this pressure is reflected in the still low order book. The result was negatively influenced by the volume effects.
| in EUR million | Q1 2021 | Change | Q1 2020 | 20201) |
|---|---|---|---|---|
| Revenue | 26.9 | –8.7% | 29.5 | 113.1 |
| EBITDA | 1.0 | –35.9% | 1.6 | 8.7 |
| EBITDA margin | 3.8% | –1.6 PP | 5.4% | 7.7% |
| EBIT adjusted | 0.2 | –65.5% | 0.6 | 4.9 |
| EBIT margin adjusted | 0.7% | –1.2 PP | 1.9% | 4.3% |
| EBIT | 0.2 | –65.5% | 0.6 | –14.9 |
| EBIT margin | 0.7% | –1.2 PP | 1.9% | –13.2% |
| Additions to tangible and intangible assets | 0.5 | –12.1% | 0.6 | 4.6 |
| Employees (at balance sheet date) | 918 | –2.9% | 945 | 917 |
1) 2020: adjusted for the negative special effect of the impairment in the Sempertrans segment (2020 EBIT effect: EUR –19.8 million).
The Semperseal segment recorded an improved result compared to Q1 2020. In particular, the industrial markets, such as mechanical engineering, packaging, electrical systems and chemicals, showed a comparatively better level of demand. This resulted in a better order intake, especially in the European markets. There was also the positive contribution made by M+R Dichtungstechnik GmbH, which has been fully consolidated since Q1 2021.
| in EUR million | Q1 2021 | Change | Q1 2020 | 2020 |
|---|---|---|---|---|
| Revenue | 28.7 | 13.1% | 25.4 | 93.6 |
| EBITDA | 4.2 | 29.5% | 3.3 | 11.0 |
| EBITDA margin | 14.7% | +1.9 PP | 12.8% | 11.8% |
| EBIT | 2.6 | 50.8% | 1.8 | 5.1 |
| EBIT margin | 9.2% | +2.3 PP | 6.9% | 5.5% |
| Additions to tangible and intangible assets | 4.9 | >100% | 2.3 | 9.2 |
| Employees (at balance sheet date) | 465 | –0.4% | 467 | 457 |
The Semperform segment recorded a mixed picture across the individual business units in Q1 2021. On the one hand, the persistently low economic activity in the winter tourism industry had a negative impact on the Special Applications business units with cable car rings and ski films. On the other hand, the niche markets of Engineered Solutions, particularly railways, pipelines and households, saw higher activity, as well as increased demand in the handrail business. Thanks to these developments, order-intake improved in Q1 2021 and exceeded the level of Q1 2020.
Due to the decline in ski tourism resulting from the pandemic and the corresponding pressure on the Special Applications area, sales in Q1 2021 were slightly below the previous year's level (-0.3%). In addition, the cost level for raw materials and logistics has risen continuously in the last few quarters. This was also reflected in the results. As a result, EBITDA and EBIT were below the level of the previous year. Although the recovering business areas were able to partially compensate for the pressure of higher costs and lower contributions from the actually profitable Special Applications business area, the margins were below the previous year's level.
| in EUR million | Q1 2021 | Change | Q1 2020 | 2020 |
|---|---|---|---|---|
| Revenue | 19.8 | –0.3% | 19.9 | 81.8 |
| EBITDA | 3.1 | –11.9% | 3.5 | 15.0 |
| EBITDA margin | 15.4% | –2.0 PP | 17.5% | 18.3% |
| EBIT | 2.1 | –16.3% | 2.6 | 11.3 |
| EBIT margin | 10.8% | –2.1 PP | 12.9% | 13.8% |
| Additions to tangible and intangible assets | 0.8 | 85.0% | 0.4 | 3.6 |
| Employees (at balance sheet date) | 548 | 3.1% | 531 | 520 |
The development of the Sempermed segment in Q1 2021 was still characterised by two key factors. On the one hand, operational efficiency and production volumes were sustainably secured at a high level – despite the challenging market environment on the procurement and transport side. On the other hand, a continuous rise in the price level was recorded. These factors resulted despite limited container availability in an increase in revenue of almost 150% for Q1 2021 compared to the previous year.
| in EUR million | Q1 2021 | Change | Q1 2020 | 2020 |
|---|---|---|---|---|
| Revenue | 192.9 | >100% | 77.5 | 449.2 |
| EBITDA | 105.3 | >100% | 4.8 | 150.4 |
| EBITDA margin | 54.6% | +48.4 PP | 6.1% | 33.5% |
| EBIT adjusted | 100.2 | >100% | 4.3 | 138.7 |
| EBIT margin adjusted | 52.0% | +46.5 PP | 5.5% | 30.9% |
| EBIT | 100.2 | >100% | 4.3 | 224.9 |
| EBIT margin | 52.0% | +46.5 PP | 5.5% | 50.1% |
| Additions to tangible and intangible assets | 5.1 | >100% | 0.9 | 5.0 |
| Employees (at balance sheet date) | 3,307 | 0.2% | 3,301 | 3,337 |
The headcount as of 31 March 2021 was 7,001 (FTE, full-time equivalent), which is –0.6% below the level as of 31 March 2020 (7,046). In the Industrial Sector, the number of employees fell in all segments, with the exception of the Semperform segment.
At the 132nd Annual General Meeting on 27 April 2021, Birgit Noggler, Stefan Fida and Astrid Skala-Kuhmann, were re-elected to the Supervisory Board at the end of their terms of office. On 12 May 2021, Dr Walter Koppensteiner resigned as chairman and all functions on the supervisory board of Semperit AG Holding. As his successor was Dipl.-Ing. Herbert Ortner elected. Dr. Stefan Fida remains Deputy Chairman of the Supervisory Board.
Gabriele Schallegger, CFO of Semperit AG Holding, resigned prematurely from her position on the Executive Board as of May 17, 2021 for personal reasons. As her successor Petra Preining was appointed for an expected period of one year; her mandates on the Supervisory Board and the Audit Committee of Semperit AG Holding are suspended.
Based on current figures, the Executive Board of Semperit AG Holding continues to assume that the Group's EBITDA for the full year 2021 will be around EUR 395 million and thus significantly above the EBITDA of 2020. This earnings forecast depends particularly on the timely availability of the required raw materials and their price development, the sales prices for medical protective gloves over the course of the year and sufficient container availability for the delivery of the Semperit Group's products.
The Industrial Sector was hit by the global recession already starting towards the end of 2019, the effects of which intensified in 2020 due to the corona crisis. Towards the end of 2020, however, first positive signs were visible again. A noticeable recovery of the markets in the Industrial Sector is expected for 2021.
The ongoing effects of the corona pandemic continue to have a positive impact on the price of medical products. It is assumed that the peak in price development was reached at the end of the first quarter and that the price level will slowly decrease over the course of the year. Even if the vaccination campaigns are implemented on a broad scale in the foreseeable future, a clearly positive price deviation compared to the pre-corona level will continue well into 2021. This development has already been taken into account in estimation of the expected EBITDA.
This outlook is based on the assessments of the Executive Board as of 18 May 2021 and does not take into account the impact of potential acquisitions, divestments or other unforeseeable structural and economic changes during the remainder of 2021. These assessments are subject to both known and unknown risks and uncertainties, which may result in actual events and outcomes differing from the statements made here.
| in EUR thousand | Note | Q1 2021 | Q1 2020 |
|---|---|---|---|
| Revenue | 2.2 | 323,062 | 199,104 |
| Changes in inventories | 10,404 | 4,924 | |
| Own work capitalised | 833 | 808 | |
| Operating revenue | 334,299 | 204,837 | |
| Other operating income | 2.3 | 1,954 | 1,596 |
| Cost of material and purchased services | –137,033 | –112,588 | |
| Personnel expenses | –53,009 | –50,457 | |
| Other operating expenses | –23,987 | –26,729 | |
| Share of profits from associated companies | 0 | 209 | |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 122,224 | 16,867 | |
| Depreciation and amortisation of tangible and intangible assets | –11,403 | –7,076 | |
| Earnings before interest and tax (EBIT) | 110,821 | 9,791 | |
| Finance income | 78 | 102 | |
| Finance expenses | –972 | –1,609 | |
| Profit / loss attributable to redeemable non-controlling interests | –1,146 | –827 | |
| Other financial result | 2.4 | –4,027 | –5,263 |
| Financial result | –6,067 | –7,597 | |
| Earnings before tax | 104,753 | 2,194 | |
| Income taxes | –19,280 | –3,938 | |
| Earnings after tax | 85,473 | –1,745 | |
| thereof attributable to the shareholders of Semperit AG Holding – from ordinary shares | 84,943 | –3,505 | |
| thereof attributable to the shareholders of Semperit AG Holding – from hybrid capital | 388 | 1,702 | |
| thereof attributable to non-controlling interests | 142 | 59 | |
| Earnings per share in EUR (diluted and undiluted)1) | 4.13 | –0.17 |
1) The earnings per share are solely attributable to the ordinary shareholders of Semperit AG Holding (excl. interest from hybrid capital).
| in EUR thousand | Note | Q1 2021 | Q1 2020 |
|---|---|---|---|
| Earnings after tax | 85,473 | –1,745 | |
| Other comprehensive income that will not be recognised through profit and loss in future periods |
–97 | 17 | |
| Remeasurements of defined benefit plans | 0 | 0 | |
| thereof related to income tax | –97 | 17 | |
| Other comprehensive income that will be recognised through profit and loss in future periods |
9,430 | –6,587 | |
| Valuation results from cashflow hedges | 0 | –97 | |
| thereof reclassification to profit / loss for the period | 481 | 104 | |
| Currency translation differences | 9,430 | –6,567 | |
| thereof related to income tax | 0 | 77 | |
| Other comprehensive income | 9,334 | –6,571 | |
| Comprehensive income | 94,807 | –8,315 | |
| thereof on earnings attributable to the shareholders of Semperit AG Holding – from ordinary shares |
94,242 | –10,049 | |
| thereof attributable to the shareholders of Semperit AG Holding – from hybrid capital | 388 | 1,702 | |
| thereof on earnings attributable to non-controlling interests | 177 | 32 |
| in EUR thousand | Note | Q1 2021 | Q1 2020 |
|---|---|---|---|
| Earnings before tax | 104,753 | 2,194 | |
| Depreciation, amortisation, impairment and reversal of impairment of tangible and intangible assets |
11,403 | 7,076 | |
| Profit / loss from disposal of assets | |||
| (including current and non-current financial assets) | –51 | 5 | |
| Change in non-current provisions | –690 | –448 | |
| Share of profits from associated companies | 0 | –209 | |
| Profit / loss attributable to redeemable non-controlling interests | 1,146 | 827 | |
| Net interest income (including income from securities) | 894 | 1,507 | |
| Taxes paid on income | –2,141 | –2,616 | |
| Other non-cash expense/income | 3,372 | 6,190 | |
| Gross cashflow | 118,687 | 14,525 | |
| Change in inventories | –27,941 | –4,146 | |
| Change in trade receivables | –31,439 | –9,162 | |
| Change in other receivables and assets | 514 | 762 | |
| Change in trade payables | 4,965 | 20,678 | |
| Change in other liabilities and current provisions | 5,064 | 7,307 | |
| Cashflow from operating activities | 69,849 | 29,964 | |
| Proceeds from sale of property, plant and equipments | 103 | 10 | |
| Cash outflows for additions in tangible and intangible assets | –10,156 | –6,790 | |
| Interest received | 85 | 103 | |
| Received investment grants | 18 | 0 | |
| Investments of financial assets | 3.1 | –19,959 | 0 |
| Acquisition of subsidiary, net of cash acquired | –1,126 | 0 | |
| Cashflow from investing activities | –31,034 | –6,677 | |
| Repayment of current and non-current financial liabilities | –11 | –8,727 | |
| Repayment of lease liabilities | –816 | –720 | |
| Purchased non-controlling interests in subsidiaries | –123 | 0 | |
| Acquisition of non-controlling interests | 0 | –2 | |
| Repayments of hybrid capital | –30,000 | 0 | |
| Coupon payments on hybrid capital | –785 | 0 | |
| Interest paid | –328 | –810 | |
| Cashflow from financing activities | –32,063 | –10,259 | |
| Net increase / decrease in cash and cash equivalents | 6,752 | 13,029 | |
| Currency translation differences | 2,560 | –2,854 | |
| Cash and cash equivalents at the beginning of the period | 144,972 | 141,356 | |
| Cash and cash equivalents at the end of the period | 154,285 | 151,532 |
| in EUR thousand | Note | 31.03.2021 | 31.12.2020 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 8,296 | 7,567 | |
| Property, plant and equipment | 343,159 | 340,179 | |
| Other financial assets | 3.1 | 26,798 | 7,137 |
| Other assets | 2,608 | 3,121 | |
| Deferred taxes | 6,868 | 5,500 | |
| 387,729 | 363,504 | ||
| Current assets | |||
| Inventories | 173,107 | 141,124 | |
| Trade receivables | 134,013 | 99,318 | |
| Other financial assets | 2,083 | 2,136 | |
| Other assets | 12,623 | 12,469 | |
| Current tax receivables | 656 | 113 | |
| Cash and cash equivalents | 154,285 | 144,972 | |
| 476,767 | 400,132 | ||
| Non-current assets held for sale | 764 | 764 | |
| 477,531 | 400,896 | ||
| ASSETS | 865,260 | 764,400 | |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 21,359 | 21,359 | |
| Capital reserves | 21,503 | 21,503 | |
| Hybrid capital | 0 | 30,000 | |
| Revenue reserves | 379,336 | 294,886 | |
| Currency translation reserve | –26,088 | –35,483 | |
| Equity attributable to the shareholders of Semperit AG Holding | 396,111 | 332,266 | |
| Non-controlling interests | 2,385 | 2,331 | |
| 398,496 | 334,597 | ||
| Non-current provisions and liabilities | |||
| Provisions | 46,372 | 47,155 | |
| Liabilities from redeemable non-controlling interests | 13,404 | 16,607 | |
| Financial liabilities | 85,315 | 85,257 | |
| Trade payables | 3 | 12 | |
| Other financial liabilities | 5,889 | 3,517 | |
| Other liabilities | 346 | 269 | |
| Deferred taxes | 11,401 | 10,196 | |
| 162,730 | 163,013 | ||
| Current provisions and liabilities | |||
| Provisions | 31,155 | 29,399 | |
| Liabilities from redeemable non-controlling interests | 5,101 | 795 | |
| Financial liabilities | 84,295 | 81,836 | |
| Trade payables | 81,716 | 77,677 | |
| Other financial liabilities | 17,960 | 15,807 | |
| Other liabilities | 40,059 | 37,703 | |
| Current tax liabilities | 43,749 | 23,572 | |
| 304,034 | 266,789 | ||
| EQUITY AND LIABILITIES | 865,260 | 764,400 |
| Currency | Non | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Share | Capital | Hybrid | Revenue | translation | controlling | Total | |||
| in EUR thousand | Note | capital | reserves | capital | reserves | reserve | Total | interests | equity |
| As at 01.01.2020 | 21,359 | 21,503 | 130,000 | 111,865 | –11,307 | 273,420 | 691 | 274,111 | |
| Earnings after tax | 0 | 0 | 0 | –1,803 | 0 | –1,803 | 59 | –1,745 | |
| Other comprehensive income |
0 | 0 | 0 | –4 | –6,541 | –6,544 | –26 | –6,571 | |
| Comprehensive income | 0 | 0 | 0 | –1,807 | –6,541 | –8,347 | 32 | –8,315 | |
| Acquisition of non controlling interests |
0 | 0 | 0 | –3 | 0 | –3 | 1 | –2 | |
| As at 31.03.2020 | 21,359 | 21,503 | 130,000 | 110,055 | –17,848 | 265,070 | 725 | 265,794 | |
| As at 01.01.2021 | 21,359 | 21,503 | 30,000 | 294,886 | –35,483 | 332,266 | 2,331 | 334,597 | |
| Earnings after tax | 0 | 0 | 0 | 85,331 | 0 | 85,331 | 142 | 85,473 | |
| Other comprehensive income |
0 | 0 | 0 | –97 | 9,395 | 9,299 | 35 | 9,334 | |
| Comprehensive income | 0 | 0 | 0 | 85,235 | 9,395 | 94,630 | 177 | 94,807 | |
| Dividende | 0 | 0 | 0 | 0 | 0 | 0 | –123 | –123 | |
| Coupon payments on hybrid capital |
0 | 0 | 0 | –785 | 0 | –785 | 0 | –785 | |
| Repayments of hybrid capital |
0 | 0 | –30,000 | 0 | 0 | –30,000 | 0 | –30,000 | |
| As at 31.03.2021 | 21,359 | 21,503 | 0 | 379,335 | –26,087 | 396,109 | 2,385 | 398,496 |
The interim group financial report has been prepared in accordance with International Financial Reporting Standards (IFRSs) and is based on the regulations for interim financial statements (IAS 34).
For more information on accounting and valuation methods of the Semperit-Group, please see the consolidated financial statements as at 31 December 2020, which in this regard form the basis for this interim group financial report.
The reporting currency is the euro, with figures rounded to the nearest thousand, unless expressly stated otherwise. Rounding differences in the totalling of rounded amounts and percentages may arise from the automatic processing of data.
The interim group financial report of the Semperit-Group as at 31 March 2021 have not been fully audited or reviewed by the Group's auditor.
The following amended standards and interpretations were applicable for the first time in the first quarter of 2021.
| Endorsement | Mandatory application for the Semperit Group |
Effects on the Semperit-Group |
||
|---|---|---|---|---|
| New standards and interpretations | ||||
| None | ||||
| Amended standards | ||||
| IFRS 16 | Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions |
9 October 2020 | 1 January 2021 | no |
| IFRS 4 | Amendments to insurance contracts: postponement of the expiry date of the deferral approach of IFRS 9 |
15 December 2020 | 1 January 2021 | no |
| Miscellaneous | Amendments to IFRS 9, IAS 39 and IFRS 7: reform of LIBOR and other reference interest rates (IBOR reform) – Phase 2 |
13 January 2021 | 1 January 2021 | no |
| Q1 2021 in EUR thousand | Semper med |
Semper flex |
Semper trans |
Semper seal |
Semper form |
Corporate Center |
Total |
|---|---|---|---|---|---|---|---|
| Revenue | 192,918 | 54,697 | 26,929 | 28,718 | 19,800 | 0 | 323,062 |
| EBITDA | 105,259 | 12,331 | 1,030 | 4,223 | 3,055 | –3,676 | 122,224 |
| EBIT | 100,247 | 9,564 | 190 | 2,646 | 2,140 | –3,967 | 110,821 |
| Trade Working Capital | 122,439 | 51,093 | 20,501 | 17,143 | 16,638 | –2,409 | 225,404 |
| Additions to tangible and intangible assets1) | 5,060 | 680 | 549 | 4,861 | 755 | 266 | 12,171 |
| Q1 2020 in EUR thousand | Semper med |
Semper flex |
Semper trans |
Semper seal |
Semper form |
Corporate Center |
Total |
|---|---|---|---|---|---|---|---|
| Revenue | 77,503 | 46,848 | 29,502 | 25,399 | 19,853 | 0 | 199,104 |
| EBITDA | 4,766 | 9,339 | 1,608 | 3,262 | 3,469 | –5,577 | 16,867 |
| EBIT | 4,255 | 6,492 | 552 | 1,754 | 2,557 | –5,820 | 9,791 |
| Trade Working Capital | 57,445 | 38,421 | 25,763 | 14,414 | 16,810 | –4,311 | 148,540 |
| Additions to tangible and intangible assets1) | 905 | 506 | 624 | 2,310 | 408 | 55 | 4,809 |
1) Exclusive rights of use in accordance with IFRS 16.
| in EUR thousand | Semper med |
Semper flex |
Semper trans |
Semper seal |
Semper form |
Group |
|---|---|---|---|---|---|---|
| Q1 2021 | ||||||
| Western Europe | 92,399 | 30,524 | 8,467 | 23,266 | 11,124 | 165,780 |
| North America | 50,008 | 4,462 | 723 | 1,312 | 1,083 | 57,588 |
| Eastern Europe | 22,342 | 12,100 | 5,871 | 3,888 | 2,408 | 46,609 |
| Asia | 21,359 | 6,858 | 6,719 | 246 | 4,746 | 39,928 |
| Central and South America | 4,307 | 440 | 606 | 6 | 302 | 5,660 |
| Australia | 1,538 | 60 | 2,355 | 0 | 24 | 3,976 |
| Africa | 966 | 253 | 2,189 | 0 | 114 | 3,522 |
| Revenue | 192,918 | 54,697 | 26,929 | 28,718 | 19,800 | 323,062 |
| in EUR thousand | Semper med |
Semper flex |
Semper trans |
Semper seal |
Semper form |
Group |
|---|---|---|---|---|---|---|
| Q1 2020 | ||||||
| Western Europe | 43,059 | 27,555 | 10,005 | 20,361 | 12,956 | 113,936 |
| North America | 14,411 | 5,059 | 4,354 | 1,730 | 1,070 | 26,623 |
| Eastern Europe | 9,406 | 10,132 | 6,841 | 3,225 | 1,953 | 31,556 |
| Asia | 7,077 | 3,677 | 7,219 | 81 | 3,497 | 21,551 |
| Central and South America | 2,678 | 299 | 1,041 | 1 | 296 | 4,316 |
| Australia | 439 | 38 | 0 | 0 | 13 | 490 |
| Africa | 434 | 89 | 41 | 0 | 68 | 633 |
| Revenue | 77,503 | 46,848 | 29,502 | 25,399 | 19,853 | 199,104 |
Other operating income in the period under review includes government grants in the amount of EUR 262 thousand (Q1 2020: EUR 8 thousand) that the Semperit Group received in the form of support payments for the first quarter of 2021 in the wake of the corona crisis.
| in EUR thousand | Q1 2021 | Q1 2020 |
|---|---|---|
| Other financial result | ||
| Net foreign exchange result | –4,446 | –5,510 |
| Net result from the valuation categories FVPL and FV – Hedging instruments | 549 | 1,009 |
| Other | –130 | –762 |
| Total | –4,027 | –5,263 |
In the first quarter of 2021 money market fund shares in the amount of EUR 19,959 thousand (Q1 2020: EUR 0 thousand) were bought.
On 4 January 2021, the Germany company Semperit Profiles Deggendorf GmbH acquired 51% of the shares in the Germany company M+R Dichtungstechnik GmbH (M+R for short) with its registered office in Seligenstadt. The remaining 49% of the shares in M+R were acquired by Semperit Profiles Deggendorf GmbH under the suspensory condition of full payment of a conditional purchase price with effect from 31 December 2024. The conditional purchase price is derived from an average adjusted EBITDA of M+R for the years 2022 to 2024 and a multiplying factor. M+R develops, manufactures and trades in elastomeric seals, in particular for highly customised building facades. The purchase price allocation is still provisional at the time of preparation of the consolidated financial statements.
The assets and liabilities of M+R at the time of acquisition are as follows:
| in EUR thousand | Fair value at time of acquisition |
|---|---|
| Non-current assets | 4,754 |
| Current assets | 1,187 |
| Total of acquired assets | 5,941 |
| Non-current provisions and liabilities | 1,734 |
| Current provisions and liabilities | 1,186 |
| Total of assumed liabilities | 2,921 |
| Total of identifiable net assets at fair value | 3,021 |
| Badwill | 0 |
| Total amount of the consideration | 3,021 |
| thereof consideration for 51% of the acquired shares | 1,550 |
| thereof consideration for 49% of the conditionally acquired shares | 1,471 |
Modecenterstrasse 22 1031 Vienna, Austria Tel.: +43 1 79 777 0 Fax: +43 1 79 777 600 www.semperitgroup.com/en
Judit Helenyi Director Investor Relations Tel.: +43 1 79 777 310 www.semperitgroup.com/en/ir
www.semperitgroup.com/en/contact
Ownership and publisher: Semperit Aktiengesellschaft Holding, Modecenterstrasse 22, 1031 Vienna, Austria, Produced in-house with firesys GmbH, www.firesys.de
The terms "Semperit" or "Semperit Group" in this report refer to the group; "Semperit AG Holding" or "Semperit Aktiengesellschaft Holding" is used to refer to the parent company (individual company).
We have prepared this report and verified the information it contains with the greatest possible care. Nevertheless, rounding, typesetting and printing errors cannot be ruled out. Rounding of differences in the summation rounded amounts and percentages may arise from the automatic processing of data.
The forecasts, plans and forward-looking statements contained in this report are based on the knowledge and information available and the assessments made at the time that this report was prepared (editorial deadline: 18 May 2021). As is true of all forward-looking statements, these statements are subject to risk and uncertainties. As a result, actual events may deviate significantly from these expectations. No liability whatsoever is assumed for the accuracy of projections or for the achievement of planned targets or for any other forward-looking statements. Words such as "expect," "want", "believe," "anticipate," "includes," "plan," "assumes," "estimate," "projects," "intends," "should," "will," "shall," or variations of such words are generally part of forward-looking statements.
Furthermore, there is no guarantee that the contents are complete.
Statements referring to people are valid for both men and women.
This report has been written in German and English. In case of doubt, the German version shall take precedence.
| 19.05.2021 | Report on the first quarter of 2021 |
|---|---|
| 19.08.2021 | Half-year financial report 2021 |
| 17.11.2021 | Report on the first three quarters of 2021 |
www.semperitgroup.com
Have a question? We'll get back to you promptly.