Interim / Quarterly Report • Nov 18, 2021
Interim / Quarterly Report
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| in EUR million | Q1-3 2021 | Change | Q1-3 2020 | Q3 2021 | Veränderung | Q3 2020 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | 926.1 | 40.9% | 657.2 | 265.3 | 11.4% | 238.2 | 927.6 |
| EBITDA | 324.3 | >100% | 118.5 | 76.8 | 26.0% | 60.9 | 208.6 |
| EBITDA margin | 35.0% | +17.0 PP | 18.0% | 28.9% | +3.4 PP | 25.6% | 22.5% |
| EBIT | 290.0 | 81.9% | 159.5 | 65.4 | 38.5% | 47.2 | 237.8 |
| EBIT margin | 31.3% | +7.1 PP | 24.3% | 24.7% | +4.8 PP | 19.8% | 25.6% |
| Earnings after tax | 224.1 | 63.2% | 137.3 | 50.2 | 40.9% | 35.6 | 194.6 |
| Earnings per share (EPS)1), in EUR | 10.85 | 70.1% | 6.38 | 2.43 | 47.1% | 1.65 | 9.06 |
| Gross cash flow | 295.7 | >100% | 107.0 | 65.2 | 0.13 | 57.4 | 193.7 |
| Return on equity2) | 58.7% | 18% | 49.6% | 19.7% | –49% | 38.9% | 58.0% |
| in EUR million | 30.09.2021 | Change | 30.09 2020 | 30.06.2021 | Change | 30.06.2020 | 31.12.2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet total | 974.1 | 26.0% | 772.8 | 934.6 | 16.7% | 801.0 | 764.4 |
| Equity | 507.8 | 38.5% | 366.7 | 453.8 | 24.0% | 365.8 | 332.3 |
| Equity ratio | 52.1% | +4.7 PP | 47.4% | 48.6% | +2.9 PP | 45.7% | 43.5% |
| Additions to tangible and intangible assets |
33.1 | >100% | 16.0 | 22.0 | >100% | 10.6 | 28.5 |
| Employees (at balance sheet date) |
7,027 | 1.5% | 6,921 | 6,956 | –1.3% | 7,047 | 6,943 |
| in EUR million | Q1-3 2021 | Change | Q1-3 2020 | Q3 2021 | Change | Q3 2020 | 2020 |
|---|---|---|---|---|---|---|---|
| Industrial Sector = Semperflex + Sempertrans + Semperform + Semperseal | |||||||
| Revenue | 409.4 | 11.0% | 369.0 | 141.3 | 18.0% | 119.8 | 478.4 |
| EBITDA | 64.5 | –1.2% | 65.3 | 23.2 | 13.0% | 20.5 | 76.6 |
| EBIT | 46.0 | 70.9% | 26.9 | 17.0 | 15.7% | 14.7 | 32.4 |
| Semperflex | |||||||
| Revenue | 172.1 | 18.7% | 145.0 | 57.7 | 23.8% | 46.6 | 189.9 |
| EBITDA | 37.4 | 7.6% | 34.8 | 11.2 | –2.4% | 11.4 | 41.9 |
| EBIT | 29.0 | 10.0% | 26.4 | 8.4 | –3.4% | 8.7 | 30.9 |
| Sempertrans | |||||||
| Revenue | 79.2 | –12.4% | 90.3 | 28.0 | –1.3% | 28.4 | 113.1 |
| EBITDA | 6.5 | –25.7% | 8.7 | 4.7 | >100% | 2.1 | 8.7 |
| EBIT | 3.9 | >100% | –14.0 | 3.8 | >100% | 1.6 | –14.9 |
| Semperform | |||||||
| Revenue | 66.7 | 7.2% | 62.2 | 23.3 | 13.9% | 20.4 | 81.8 |
| EBITDA | 9.9 | –20.2% | 12.4 | 3.3 | –18.2% | 4.0 | 15.0 |
| EBIT | 7.1 | –26.6% | 9.7 | 2.3 | –24.1% | 3.1 | 11.3 |
| Semperseal | |||||||
| Revenue | 91.4 | 27.9% | 71.5 | 32.4 | 32.9% | 24.4 | 93.6 |
| EBITDA | 10.7 | 14.3% | 9.4 | 4.1 | 39.6% | 2.9 | 11.0 |
| EBIT | 5.9 | 21.4% | 4.9 | 2.5 | 77.3% | 1.4 | 5.1 |
| Medical Sector = Sempermed | |||||||
| Revenue | 516.7 | 79.3% | 288.2 | 124.0 | 4.7% | 118.4 | 449.2 |
| EBITDA | 277.4 | >100% | 67.3 | 56.9 | 28.3% | 44.4 | 150.4 |
| EBIT | 262.6 | 78.1% | 147.5 | 52.1 | 41.6% | 36.8 | 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).
The publicly listed Semperit Group once again recorded outstanding results up to September 30, 2021 amid difficult market conditions worldwide. Continuing the trend seen this year to date, Semperit is posting excellent revenue and earnings figures for Q1-3 and are on track to achieve an all-time record result for the full year 2021.
On average in the first three quarters of 2021, prices on the relevant Asian commodity exchanges for natural rubber (relevant for Sempertrans) and natural latex (relevant for Sempermed) were significantly higher than those in the comparable period (natural rubber +32% and natural latex +26%).
In the period from January to September 2021, the average prices for the essential basic raw material butadiene (relevant for all segments) were significantly higher in both Asia and Europe (each +89%) than in the same period of the previous year. This, combined with a supply shortage in the face of strong demand, led to a further sharp rise in the prices of butadiene derivatives, such as butadiene rubber, styrene butadiene rubber, and nitrile butadiene rubber.
Prices for nitrile latex, the most important raw material for Sempermed, were more than twice as high (+107%) on average in the first three quarters of 2021 as in the comparable period of 2020.
For the filler carbon black, which is used in the entire Industrial Sector, the price development of "Heavy Fuel Oil (HFO)" is a relevant price indicator, which in turn correlates with the general development of the price of crude oil: the average value in the 2021 reporting period was more than 50% higher than in 2020. Due to this development and a tight supply situation, as well as significantly increased energy and logistics costs, carbon black prices have moved significantly upwards from Q1 to Q3 2021.
The prices for wire rod – this raw material is relevant for the Semperflex, Sempertrans, and Semperform segments – remain at record levels. The demand for high-carbon steel products is very high, especially in Europe. While the prices for commodities such as coal, zinc, or copper are rising, the price of iron ore has settled back to a level of around USD 120/t after peaking at around USD 220/t in June 2021.
Global steel production continues to run at full capacity. For the most part, additional quantities cannot be supplied. In China, policy-steering interventions are already being implemented. As a result, export prices remain at a very high level against a backdrop of very high demand and reduced supply.
In addition to the raw material prices, sharply rising energy prices are becoming additional cost drivers.
Semperit ensures that the raw materials required for production are secured through a multiple sourcing strategy. As a result of the market dynamics described above, the prices of essential raw materials are rising continuously, and reliably securing the required raw material quantities remains a challenging task.
Key figures Semperit Group
| in EUR million | Q1-3 2021 | Change | Q1-3 20201) | 20201) |
|---|---|---|---|---|
| Revenue | 926.1 | 40.9% | 657.2 | 927.6 |
| EBITDA | 324.3 | >100% | 118.5 | 208.6 |
| EBITDA margin | 35.0% | +17.0 PP | 18.0% | 22.5% |
| EBIT – adjusted | 290.0 | >100% | 92.6 | 171.4 |
| EBIT margin – adjusted | 31.3% | +17.2 PP | 14.1% | 18.5% |
| EBIT | 290.0 | 81.9% | 159.5 | 237.8 |
| EBIT margin | 31.3% | +7.1 PP | 24.3% | 25.6% |
| Earnings after tax – adjusted | 224.1 | >100% | 62.6 | 121.9 |
| Earnings after tax | 224.1 | 63.2% | 137.3 | 194.6 |
| Additions to intangible assets and property, | ||||
| plant and equipment | 33.1 | >100% | 16.0 | 28.5 |
| Employees (at balance sheet date) | 7,027 | 1.5% | 6,921 | 6,943 |
1) Adjusted for the positive non-recurring effect from the reversal of an impairment loss in the Sempermed segment (2020: EBIT effect: EUR +86.2 million; earnings after taxes effect: EUR +88.8 million; Q1-Q3 2020: EBIT effect: EUR +86.7 million; earnings after taxes effect: EUR +91.9 million) and by the negative non-recurring effect from the impairment in the Sempertrans segment (2020: EBIT effect:
EUR –19.8 million; earnings after taxes effect: EUR –16.1 million; Q1-Q3 2020: EBIT effect: EUR -19.9 million; earnings after taxes effect:
EUR –16.2 million)
In the first three quarters of 2021, the Semperit Group posted a 40.9% increase in revenue to EUR 926.1 million compared to the same period of the previous year. Revenue in the Industrial Sector grew by 11.0% to EUR 409.4 million and by 79.3% to EUR 516.7 million in the Medical Sector. The increase in revenue in the Industrial Sector was driven in particular by higher sales volumes in the Semperflex and Semperseal segments, which more than compensated for the decline in sales volumes in the Sempertrans segment. The increases in sales volumes at Semperflex are attributable to the positive development of the markets as well as gains in global market share in hydraulic and industrial hoses, while the sales volume at Semperseal increased due to the economic recovery of the European markets, increased activity and the initial consolidation of M+R Dichtungstechnik GmbH. In contrast, sales volumes in the Medical Sector declined due to the limited availability of containers; however, the continuing significantly higher sales prices due to the special economic situation in the light of the coronavirus pandemic more than compensated for this. Production volumes were also significantly lower than the previous month's volumes due to regulatory restrictions from the Enhanced Movement Control Order (EMCO) in Malaysia, as well as of the resultant partial production shutdown restriction in July 2021.
In Q1-3 2021, the Industrial Sector generated 44% of the Semperit Group's revenue and the Medical Sector generated 56%. This represents a shift compared to the same period in the previous year, in which the ratio of revenue volumes was reversed.
The inventory of own products increased by EUR 26.0 million due to the increase in the first three quarters of 2021 due to the increase in the warehouse stock of own products, in particular in the Sempermed segment, as a result of the scarce container availability as well as the significantly increased global transport times (Q1-3 2020: decline of EUR 3.0 million).
Other operating income increased in total by EUR 1.9 million compared with the same period in the previous year. This increase of EUR 3.7 million is attributable to the positive deconsolidation effect, as a result of the reclassification of (historical) foreign currency differences in the consolidated income statement following the liquidation of Sempertrans Best (ShanDong) Belting Co. Ltd. (SBB). This was offset, among other items, primarily by the decline in government grants that were received as support payments in the course of the coronavirus crisis.
The cost of materials increased in Q1-3 2021 by EUR 72.4 million or +22.8% to EUR 390.6 million. The change was mainly due to higher raw material prices in both sectors as well as higher acquisition costs for purchased gloves in the Medical Sector. In the Industrial Sector, the higher cost of materials could only be passed to customers with a time lag, which had a negative impact on profitability.
Personnel expenses increased in Q1-3 2021 to EUR 161.8 million (+3.5%). This was due primarily to the general increase in salary levels, voluntary severance payments, increased costs for temporary workers, as well as the initial consolidation of M+R Dichtungstechnik GmbH.
At EUR 86.0 million, other operating expenses were around +23.2% higher than the previous year's figure of EUR 69.8 million. The increase is primarily due to the rise in freight costs of around EUR 9.7 million and higher legal and consulting expenses for strategic projects in corporate development; this was offset by lower travel expenses as a result of reduced travel activities.
EBITDA in Q1-3 2020 almost tripled from EUR 118.5 million in Q1-3 2021 to EUR 324.3 million. The EBITDA margin was 35.0% (Q1-3 2020: 18.0%).
Depreciation, amortisation, and write-downs increased in Q1-3 2021 to EUR 34.3 million (+32.2%). This is essentially attributable to the reversal of an impairment loss recognised at the end of the first half of 2020 in the Sempermed segment. The impairment loss in the Sempertrans segment, which was also recognised at the end of the first half of 2020, had a slightly opposite effect.
EBIT almost doubled, rising to EUR 290.0 million in Q1-3 2021 from EUR 159.5 million in the same period of the previous year. Compared to the EBIT in Q1-3 2020 (EUR 92.6 million), which was adjusted for the impairment reversal in the Sempermed segment and the impairment loss in the Sempertrans segment, EBIT more than tripled in Q1-3 2021. The Semperit Group's EBIT margin increased from 24.3% (adjusted 14.1%) in Q1-3 2020 to the current 31.3%. The EBIT margins of the segments developed as follows: Sempermed 50.8% (Q1-3 2020: 51.2%, adjusted 21.1%), Semperflex 16.9% (Q1-3 2020: 18.2%), Sempertrans 5.0% (Q1-3 2020: –15.5%, adjusted 6.5%), Semperseal 6.5% (Q1-3 2020: 6.9%), and Semperform 10.7% (Q1-3 2020: 15.6%).
The financial result deteriorated in Q1-3 2021 by EUR 1.8 million compared to the same period in the previous year. Interest expenses fell by EUR 1.3 million, primarily due to the repayment of promissory note loans (Schuldscheindarlehen) in July 2020. The other financial result declined by around EUR 2.4 million due to a lower net foreign currency result: In Q1-3 2020, the net foreign currency result was equally burdened by the exchange rate development of the Czech koruna, the Polish zloty, and the US dollar. InQ1-3 2021, the negative net foreign currency result was due in fact to the development of the US dollar exchange rate.
The increase in the tax expense in Q1-3 2021 to EUR 54.3 million (Q1-3 2020: EUR 12.3 million) was primarily due to the special economic development and the resulting improvement in earnings in the Sempermed segment. The effective tax rate in Q1-3 2021 was 19.5% compared to 8.2% in the same period in the previous year. In Q1-3 2020, the effective tax rate was "distorted" by a positive effect of EUR 7.4 million from deferred taxes. Due to the development of the Sempermed segment, loss carryforwards and unused tax credits became recoverable at that time; in addition, there were deferral effects from the impairment of the Sempertrans segment.
| in EUR million | Q3 2021 | Q3 20201) | Change | Change in EUR million |
|---|---|---|---|---|
| Revenue | 265.3 | 238.2 | 11.4% | 27.1 |
| EBITDA | 76.8 | 60.9 | 26.0% | 15.8 |
| EBITDA margin | 28.9% | 25.6% | +3.4 PP | - |
| EBIT – adjusted | 65.4 | 49.2 | 32.9% | 16.2 |
| EBIT margin – adjusted | 24.7% | 20.7% | +4.0 PP | - |
| EBIT | 65.4 | 47.2 | 38.5% | 18.2 |
| EBIT margin | 24.7% | 19.8% | +4.8 PP | - |
| Earnings after tax – adjusted | 50.2 | 33.7 | 48.9% | 16.5 |
| Earnings after tax | 50.2 | 35.6 | 40.9% | 14.6 |
| Additions to intangible assets and property, plant and equipment |
11.0 | 5.4 | >100% | 5.6 |
| Employees (at balance sheet date) | 7,027 | 6,921 | 1.5% | 106.1 |
1) Q3 2020: Adjusted for the positive non-recurring effect from the reversal of an impairment loss in the Sempermed segment (EBIT effect: EUR –2.1 million; earnings after taxes effect: EUR –2.0 million) and by the negative non-recurring effect from the impairment in the Sempertrans segment (EBIT and earnings after taxes effect: EUR +0.1 million)
In Q3 2021 the Semperit Group posted an increase in revenue of 11.4% to EUR 265.3 million compared to the same period in the previous year (Q3 2020: EUR 238.2 EUR million). The Industrial Sector posted a revenue increase of 18.0%. This reflected both the necessary price increases and increased sales volumes. The Medical Sector posted a revenue increase of 4.7%. The positive effect of higher selling prices was offset by reduced sales volumes due to the production restriction in July as well as lower sales volumes due to a lack of container availability. Revenue in the Medical Sector in Q3 2021 was below the Q2 2021 level due to the decline in sales volumes, as well as the downward trend in sales prices.
Other operating income in Q3 2021 was positively affected by the non-recurring effect from the deconsolidation of Sempertrans Best (ShanDong) Belting Co. Ltd. (SBB) in the amount of EUR 3.7 million (see Note 2.3).
In Q3 2021, the cost of materials increased by 18.5% compared with Q3 2020 to EUR 116.7 million. The change was largely due to higher raw material prices in both the Medical and Industrial Sectors.
Other operating expenses increased in Q3 2021 to EUR 30.7 million (Q3 2020: EUR 21.6 million) in particular due to higher freight costs.
EBITDA increased as a result of positive result of the good performance of the Medical Sector from a total of EUR 60.9 million in the 2020 comparative period to EUR 76.8 million in Q3 2021.
At the Annual General Meeting on 27 April 2021, a dividend of EUR 1.50 per share was resolved for the 2020 financial year. A total of EUR 30.9 million was distributed at the beginning of May. With a share price of EUR 24.30 at the end of 2020, the dividend yield is 6.2%. No dividend was distributed in 2020 for the 2019 financial year.
The development of the balance sheet structure in Q3 2021 can be summarised as follows:
| in EUR million | 30.09.2021 | Share | 31.12.2020 | Share | Change |
|---|---|---|---|---|---|
| Non-current assets | 368.6 | 38% | 363.5 | 48% | 1.4% |
| Current assets | 605.5 | 62% | 400.9 | 52% | 51.0% |
| ASSETS | 974.1 | 100% | 764.4 | 100% | 27.4% |
| Equity1) | 509.1 | 52% | 334.6 | 44% | 52.1% |
| Non-current provisions and liabilities |
164.5 | 17% | 163.0 | 21% | 0.9% |
| Current provisions and liabilities | 300.5 | 31% | 266.8 | 35% | 12.6% |
| EQUITY AND LIABILITIES | 974.1 | 100% | 764.4 | 100% | 27.4% |
1) including non-controlling interests
The increase in non-current assets is essentially attributable to additions to property, plant and equipment excluding right-of-use assets and intangible assets of EUR 29.2 million and the initial consolidation of M+R Dichtungstechnik GmbH in the amount of EUR 3.9 million (of which EUR 3.0 million in property, plant and equipment and EUR 0.9 million in intangible assets). Scheduled depreciation and amortisation had an opposite effect.
Current assets increased since 31. December 2020, in particular as a result of the EUR 36.1 million increase in inventory levels. This is attributable to increased inventory stocks of finished products due to limited container availability as well as more expensive raw material inventories, particularly in the Sempermed segment. In addition, other financial assets include short-term investments in USD fixedterm deposits in the amount of EUR 48.3 million. These investments have meanwhile been used for the repayment of promissory notes in November. Moreover, there was an increase in cash and cash equivalents of EUR 92.8 million. This item includes money market fund shares in the amount of EUR 59.7 million. In addition, current assets rose due to the EUR 12.0 million increase in trade receivables resulting from the growth in sales.
Equity increased due to the profits of the current period. This was offset by the repayment of the hybrid capital in Q1 2021 and the dividend payment in Q2 2021. The return on equity for the first three quarters of 2021 was 58.7% (first three quarters of 2020: 49.6%).
Non-current liabilities remained largely unchanged. The increase in current liabilities essentially resulted from the increase in the current tax liability. As of 30. September 2021, the Semperit Group had a net cash surplus of EUR 65.0 million, as cash and cash equivalents exceeded financial liabilities (net debt as of 31. December 2020: EUR 22.1 million). The arithmetical ratio of the net cash surplus (i.e., an arithmetically negative value of net debt) and EBITDA as at 30. September 2021 was thus –0.20x (31. December 2020: 0.11x).
The existing general lines of credit with a bank consortium and Österreichische Kontrollbank AG (OeKB) amounting to EUR 75 million and EUR 15 million, respectively, have not yet been used.
The development of the liquidity situation in the first three quarters of 2021 can be summarised as follows:
| in EUR million | Q1-3 2021 | Change | Q1-3 2020 | 2020 |
|---|---|---|---|---|
| Cash flows from operating activities | 240.3 | >100% | 110.6 | 192.9 |
| Cash flows from investing activities | –80.2 | >100% | –11.8 | –16.7 |
| Free cash flow | 160.1 | 62.0% | 98.8 | 176.2 |
| Cash flows from financing activities | –69.2 | –10.5% | –77.4 | –161.3 |
| Net increase / decrease in cash and cash equivalents |
90.9 | >100% | 21.4 | 14.9 |
| Cash and cash equivalents at the end of the period |
237.8 | 51.2% | 157.3 | 145.0 |
The cash flows from operating activities are due to the high earnings but were significantly reduced by the increase in trade working capital.
The cash flows from investing activities include the investments of USD fixed-term deposits in the amount of EUR 48.3 million (Q1-3 2020: EUR 0.0 million). As the investments in money market fund shares of EUR 59.7 million are now actively integrated into the Semperit Group's liquidity management, they are recognised as cash equivalents within liquid funds.
Cash expenditures on intangible assets and property, plant and equipment in Q1-3 2021 were EUR 31.2 million, above the previous year's level of EUR 17.4 million. The largest investments were made in Malaysia with EUR 11.9 million (Q1-3 2020: EUR 2.8 million), Austria with EUR 7.0 million (Q1-3 2020: EUR 3.6 million), Poland with EUR 4.2 million (Q1-3 2020: EUR 3.2 million), the Czech Republic with EUR 3.2 million (Q1-3 2020: EUR 1.3 million), and Germany with EUR 1.6 million (Q1-3 2020: EUR 4.3 million). The increase in investments was accompanied by a reduction in maintenance expenses.
Free cash flow for Q1-3 2021 was EUR 160.1 million compared to EUR 98.8 million in the same period in the previous year. If the free cash flow is adjusted for the investment in US dollar fixed-term deposits, the adjusted free cash flow for Q1-3 2021 would be EUR 208.3 million (Q1-3 2020: EUR 98.8million).
The cash flows from financing activities include in particular the dividend to the shareholders of Semperit AG Holding in the amount of EUR 30.9 million (Q1-3 2020: EUR 0.0 million the repayment of the hybrid capital in the amount of EUR 30.0 million (Q1-3 2020: EUR 20.0 million) the payment of hybrid coupons in the amount of EUR 0.8 million (Q1-3 2020: EUR 6.8 million) and the payment of interest on promissory note loans in the amount of EUR 3.0 million (Q1-3 2020: EUR 4.8 million).
| in EUR million | Q1-3 2021 | Change | Q1-3 20201) | Q3 2021 | Change | Q3 20201) | 20201) |
|---|---|---|---|---|---|---|---|
| Revenue | 409.4 | 11.0% | 369.0 | 141.3 | 18.0% | 119.8 | 478.4 |
| EBITDA | 64.5 | –1.2% | 65.3 | 23.2 | 13.0% | 20.5 | 76.6 |
| EBITDA margin | 15.8% | –1.9 PP | 17.7% | 16.4% | –0.7 PP | 17.1% | 16.0% |
| EBIT – adjusted | 46.0 | –1.7% | 46.8 | 17.0 | 16.8% | 14.6 | 52.2 |
| EBIT margin – adjusted | 11.2% | –1.4 PP | 12.7% | 12.0% | –0.1 PP | 12.2% | 10.9% |
| EBIT | 46.0 | 70.9% | 26.9 | 17.0 | 15.7% | 14.7 | 32.4 |
| EBIT margin | 11.2% | +3.9 PP | 7.3% | 12.0% | –0.2 PP | 12.3% | 6.8% |
| Additions to intangible assets and property, plant and equipment |
17.2 | 36.5% | 12.6 | 5.5 | 40.8% | 3.9 | 22.5 |
| Employees (at balance sheet date) |
3,720 | 7.1% | 3,474 | 3,720 | 7.1% | 3,474 | 3,465 |
1) Q1-3 2020, Q3 2020 and 2020: adjusted for the negative non-recurring effect from the impairment in the Sempertrans segment (Q1-3'20 EBIT effect: EUR –19.9 million; Q3'20 EBIT effect: EUR +0.1 million; 2020: EBIT effect: EUR -19.8 million)
In the Industrial Sector, following the negative effects of the coronavirus crisis in 2020, a continuous recovery of the markets was observed in Q1-3 2021, although this occurred at different speeds in the individual segments. Improved incoming orders compared to the previous year also characterised Q3 2021 following an encouraging H1 2021. As a result of the continually increasing and currently generally very high level of raw materials prices, the margins of comparative periods, which were affected by particularly low raw materials prices in H1 2020, could not be maintained, with raw materials prices being below average in H1 2020 in particular.
| in EUR million | Q1-3 2021 | Change | Q1-3 2020 | Q3 2021 | Change | Q3 2020 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | 172.1 | 18.7% | 145.0 | 57.7 | 23.8% | 46.6 | 189.9 |
| EBITDA | 37.4 | 7.6% | 34.8 | 11.2 | –2.4% | 11.4 | 41.9 |
| EBITDA margin | 21.7% | –2.3 PP | 24.0% | 19.3% | –5.2 PP | 24.5% | 22.1% |
| EBIT | 29.0 | 10.0% | 26.4 | 8.4 | –3.4% | 8.7 | 30.9 |
| EBIT margin | 16.9% | –1.3 PP | 18.2% | 14.5% | –4.1 PP | 18.6% | 16.3% |
| Additions to intangible assets and property, plant and equipment |
4.2 | 86.9% | 2.2 | 1.9 | 80.4% | 1.1 | 5.1 |
| Employees (at balance sheet date) |
1,727 | 10.4% | 1,564 | 1,727 | 10.4% | 1,564 | 1,571 |
After 2020, which was negatively impacted by the effects of the coronavirus pandemic, Q1-3 2021 saw clear signs of a recovery in market demand. Semperflex customers showed significantly increased demand in Q3 2021. Supported by strong customer relationships, Semperflex achieved revenue gains together with its customers through product innovations and, as a consequence, gains in global market share. These developments are reflected in a significant increase in incoming orders and a well-filled order book at the end of Q3 2021. This applies to both hydraulic hoses and industrial hoses.
Revenue increased significantly both in Q1-3 2021 and in Q3 2021 thanks to positive demand as well as the necessary price adjustments that were triggered by rising raw material and logistics costs. The negative effects of the further massive increase in raw material and container prices as well as the scarce availability of raw materials and containers had a noticeable negative impact on earnings but were offset by the significant growth in sales volumes. EBITDA and EBIT in Q1-3 2021 therefore exceeded the previous year's level on the one hand, while on the other hand, margins were slightly below the comparable figures.
Delays in the inbound and outbound supply chain had a negative impact on Semperflex's revenue and earnings, in Q3 2021 in particular.
| Key figures Sempertrans | |
|---|---|
Sempertrans segment
| in EUR million | Q1-3 2021 | Change | Q1-3 20201) | Q3 2021 | Change | Q3 20201) | 20201) |
|---|---|---|---|---|---|---|---|
| Revenue | 79.2 | –12.4% | 90.3 | 28.0 | –1.3% | 28.4 | 113.1 |
| EBITDA | 6.5 | –25.7% | 8.7 | 4.7 | >100% | 2.1 | 8.7 |
| EBITDA margin | 8.2% | –1.5 PP | 9.7% | 16.7% | +9.1 PP | 7.6% | 7.7% |
| EBIT – adjusted | 3.9 | –32.4% | 5.8 | 3.8 | >100% | 1.4 | 4.9 |
| EBIT margin – adjusted | 5.0% | –1.5 PP | 6.5% | 13.6% | +8.6 PP | 5.0% | 4.3% |
| EBIT | 3.9 | >100% | –14.0 | 3.8 | >100% | 1.6 | –14.9 |
| EBIT margin | 5.0% | +20.5 PP | –15.5% | 13.6% | +8.1 PP | 5.5% | –13.2% |
| Additions to intangible assets and property, plant and equipment |
2.8 | 6.3% | 2.6 | 1.1 | 5.5% | 1.0 | 4.6 |
| Employees (at balance sheet date) |
920 | –1.4% | 933 | 920 | –1.4% | 933 | 917 |
1) Q1-3 2020, Q3 2020 and 2020: adjusted for the negative non-recurring effect from the impairment in the Sempertrans segment (Q1-3'20 EBIT effect: EUR –19.9 million; Q3'20 EBIT effect: EUR +0.1 million; 2020: EBIT effect: EUR –19.8 million)
In Q1-3 2021, the performance of the Sempertrans segment was again characterised by the majority of its business taking place late in the business cycle. Driven by the development of prices for mining products, which was favourable for Sempertrans' order situation, and global demand, project pipelines have filled up again; this was accompanied by a gradual increase in demand for conveyor and transport belts in Q1-3 2021. Incoming orders exceeded the previous year's low values (up 16% year-on-year in Q1-3 2021 in the aggregate); accordingly, at the end of Q3 2021 the order book showed an improved level compared to the decline in 2020 and even reached the highest level since May 2020.
Despite the successive improvements posted since the end of 2020 thanks to increasing customer interest, revenue was still below the previous year's level, especially as the fulfilment of current orders in the first half of 2020 was not yet particularly affected by the coronavirus pandemic. Earnings also include a non-recurring positive deconsolidation effect in the amount of EUR 3.7 million which is attributable to the positive deconsolidation effect, as a result of the reclassification of (historical) foreign currency differences in the consolidated income statement following the liquidation of Sempertrans Best (ShanDong) Belting Co. Ltd. (SBB). The development of EBITDA and EBIT, as well as the corresponding margins, were negatively impacted by volume variances and were also burdened by the further intensifying rise in raw material prices. However, margins and production efficiency were kept positive despite the negative effects.
Q3 2021 saw a slow but steady market-side improvement compared to the previous quarter Q2 2021; this was also reflected in the robust operating results.
| in EUR million | Q1-3 2021 | Change | Q1-3 2020 | Q3 2021 | Change | Q3 2020 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | 91.4 | 27.9% | 71.5 | 32.4 | 32.9% | 24.4 | 93.6 |
| EBITDA | 10.7 | 14.3% | 9.4 | 4.1 | 39.6% | 2.9 | 11.0 |
| EBITDA margin | 11.7% | –1.4 PP | 13.1% | 12.6% | +0.6 PP | 12.0% | 11.8% |
| EBIT | 5.9 | 21.4% | 4.9 | 2.5 | 77.3% | 1.4 | 5.1 |
| EBIT margin | 6.5% | –0.4 PP | 6.9% | 7.7% | +1.9 PP | 5.8% | 5.5% |
| Additions to intangible assets and property, plant and equipment |
7.3 | 38.9% | 5.3 | 1.2 | 27.6% | 1.0 | 9.2 |
| Employees (at balance sheet date) |
501 | 11.4% | 450 | 501 | 11.4% | 450 | 457 |
Following a recovery phase from the coronavirus crisis that started during the second half of 2020, the Semperseal segment improved its overall results in Q1-3 2021 compared to Q1-3 2020. In addition to the construction sector, the industrial markets in particular, such as mechanical engineering, packaging, electrical systems, and chemicals, showed a comparatively better level of demand. This resulted in a higher order intake, in particular in the European markets, as well as in higher sales volumes. In addition, a positive contribution was made by M+R Dichtungstechnik GmbH, which was acquired in Q1 2021.
While year-on-year revenue increases were achieved in all three quarters of 2021, rising input factor costs put pressure on EBITDA and EBIT development, especially in Q2 2021, as initially the increases in input factor costs could only be passed on with a slight time lag and not to the full extent. However, thanks to gains in market share and price increases, EBITDA and EBIT were improved significantly in Q3 2021, margins were again raised above the previous year's level, and as a consequence, the pressure from input factors on earnings was reduced in Q1-3 2021.
| in EUR million | Q1-3 2021 | Change | Q1-3 2020 | Q3 2021 | Change | Q3 2020 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | 66.7 | 7.2% | 62.2 | 23.3 | 13.9% | 20.4 | 81.8 |
| EBITDA | 9.9 | –20.2% | 12.4 | 3.3 | –18.2% | 4.0 | 15.0 |
| EBITDA margin | 14.9% | –5.1 PP | 20.0% | 14.1% | –5.5 PP | 19.6% | 18.3% |
| EBIT | 7.1 | –26.6% | 9.7 | 2.3 | –24.1% | 3.1 | 11.3 |
| EBIT margin | 10.7% | –4.9 PP | 15.6% | 10.0% | –5.0 PP | 15.1% | 13.8% |
| Additions to intangible assets and property, plant and equipment |
2.8 | 17.7% | 2.4 | 1.3 | 47.9% | 0.9 | 3.6 |
| Employees (at balance sheet date) |
571 | 8.4% | 527 | 571 | 8.4% | 527 | 520 |
The Semperform segment continued to present a mixed picture with regard to the individual business units in Q1-3 2021: On the one hand, the continuing weak economy in the winter tourism industry had a negative impact on the Special Applications business unit with cable car rings and ski foils, although based on current knowledge, the coming season promises improvements, which also increases order intake. On the other hand, the handrail business saw increased demand in all regions. The niche markets of the Engineered Solutions unit, particularly railway, piping, and households, also showed promising and sustainably higher activity. Thanks to these developments order intake and orders on hand improved significantly in Q1-3 2021 and the Q1-3 2020 level was significantly exceeded.
While revenue in Q1-3 2021 exceeded the previous year's level, which was more strongly impacted by the coronavirus pandemic, effects of the product mix, in particular the declining results of the Special Applications business unit, as well as sharply higher raw material prices had a negative impact on EBITDA and EBIT. Overall, margins were thus below the previous year's level. The same effects were also reflected in the key figures for the single quarter Q3 2021.
| in EUR million | Q1-3 2021 | Change | Q1-3 20201) | Q3 2021 | Change | Q3 20201) | 20201) |
|---|---|---|---|---|---|---|---|
| Revenue | 516.7 | 79.3% | 288.2 | 124.0 | 4.7% | 118.4 | 449.2 |
| EBITDA | 277.4 | >100% | 67.3 | 56.9 | 28.3% | 44.4 | 150.4 |
| EBITDA margin | 53.7% | +30.3 PP | 23.4% | 45.9% | +8.5 PP | 37.5% | 33.5% |
| EBIT – adjusted | 262.6 | >100% | 60.7 | 52.1 | 33.9% | 38.9 | 138.7 |
| EBIT margin – adjusted | 50.8% | +29.8 PP | 21.1% | 42.0% | +9.2 PP | 32.8% | 30.9% |
| EBIT | 262.6 | 78.1% | 147.5 | 52.1 | 41.6% | 36.8 | 224.9 |
| EBIT margin | 50.8% | –0.3 PP | 51.2% | 42.0% | +11.0 PP | 31.0% | 50.1% |
| Additions to intangible assets and property, plant and equipment |
15.0 | >100% | 3.1 | 5.2 | >100% | 1.3 | 5.0 |
| Employees (at balance sheet date) |
3,170 | –4.3% | 3,311 | 3,170 | –4.3% | 3,311 | 3,337 |
1) Q1-3 2020, Q3 2020 and 2020: adjusted for the positive non-recurring effect from the reversal of an impairment loss in the Sempermed segment (Q1-Q3 2020: EBIT effect: EUR +86.7 million; Q3'2020 EBIT effect: EUR –2.1 million; 2020: EBIT effect: EUR +86.2 million)
The Sempermed segment's overall development was characterised by the following key factors in Q1-3 2021. First, a steady increase in the price level was observed until the end of Q1 2021. However, from the high level at the end of Q1 2021, prices began to ease only slightly in Q2 2021. As expected, however, the price level began to decline markedly in Q3 2021 compared to the plateau but remained noticeably above pre-coronavirus levels even at the end of the period. Second, the period was increasingly characterised by challenges on the logistics side. In particular, the lack of container availability weighed on sales volumes, while rising commodity prices also impacted earnings. Third, despite this challenging market environment, operating efficiency was maintained at a sustainably high level. Fourth, towards the end of Q2 2021, production in Malaysia had to be throttled back to 60% due to official requirements (Enhanced Movement Control Order, EMCO). At the end of June, despite the comprehensive and proactive protective measures, there was an increase in the number of COVID-19 infections and, as a result, production was temporarily restricted in accordance with the regulations of the responsible Malaysian authorities. Together with the safety authorities, however, a "safety bubble" concept was developed so that activities could continue in parts of the production facilities under state-controlled protective conditions. However, the short term production restrictions due to Covid led to deviations in the volumes.
Despite the negative effects, the Sempermed segment not only generated year-on-year revenue growth overall in Q1-3 2021, but also in the much more heavily burdened individual Q3 2021 quarter. This positive development is also reflected in the other key earnings figures. An increase was also achieved compared with the figures adjusted for the reversal of an impairment loss in the previous year.
The headcount as at 30 September 2021 was 7,027 employees (FTE, full-time equivalents), which is 1.5% more than the level on 30 September 2020 (6,921), and only slightly above the level on 31 December 2020 (6,943). In the Industrial Sector, the number of employees increased slightly in all segments compared to both 30 September 2020 and 31 December 2020, with the exception of the Sempertrans segment. In contrast, there was a slight decrease in the number of employees in the Medical Sector compared to the same periods of the previous year.
At the 132nd Annual General Meeting on 27 April 2021, Stefan Fida, Birgit Noggler, and Astrid Skala-Kuhmann were re-elected to the Supervisory Board following the end of their terms of office. Walter Koppensteiner resigned from his chairmanship and all functions on the Supervisory Board of Semperit AG Holding on 12 May 2021. Herbert Ortner was elected as his successor as Chairman of the Supervisory Board.
Gabriele Schallegger resigned from her position as CFO of Semperit AG Holding early on 17 May 2021 for personal reasons. Petra Preining was initially appointed as her successor on an interim basis; her mandates on the Supervisory Board and the Audit Committee of Semperit AG Holding were therefore suspended. On 29 September 2021, Petra Preining was confirmed in her role as CFO and an Executive Board contract was signed that runs until 31 December 2024. She therefore resigned from the Supervisory Board of Semperit AG Holding as of 29 September 2021.
Kristian Brok's mandate as COO was extended early until 31 December 2025.
Martin Füllenbach resigned from his mandate as CEO of Semperit AG Holding early on 29 September 2021 to take up a new professional challenge. Until the position of CEO is filled, Petra Preining and Kristian Brok take over the vacant Executive Board positions on an interim basis.
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 significantly above the EBITDA for 2020. However, in view of the risk factors already communicated in the first quarter, which progressively materialised as the year went on and continue to exist, the Group is expected to fall short of the figure of EUR 395 million forecast in March by a single-digit percentage.
The earnings forecast for the full year continues to depend in particular on the availability of the required raw materials and their prices, the sales prices for medical protective gloves until year end, as well as sufficient container availability for the delivery of the Semperit Group's products. In addition, trends in raw material and container prices are significant factors influencing the company's results. What is more, it is difficult to forecast the effects in connection with the further development of the coronavirus pandemic and vaccination rates, particularly due to the strongly divergent regional trends and their influence on the international production sites.
The ongoing effects of the coronavirus pandemic will continue to have a positive impact on the price of medical products, with a downward trend. In addition, the coronavirus-related production restrictions in Malaysia in summer 2021 had an unplanned negative effect on earnings.
A noticeable recovery of the markets in the Industrial Sector continues to be expected for 2021 over-all – with these showing different patterns of development depending on their cyclicality.
This outlook is based on the assessments of the Executive Board as of 16 November 2021 and does not take into account the impact of potential acquisitions, disposals, 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 | Q1-3 2021 | Q1-3 2020 | Q3 2021 | Q3 2020 |
|---|---|---|---|---|---|
| Revenue | 2.2 | 926,075 | 657,152 | 265,288 | 238,204 |
| Changes in inventories | 25,997 | –2,953 | 5,002 | –7,804 | |
| Own work capitalised | 3,257 | 2,543 | 1,377 | 697 | |
| Operating revenue | 955,330 | 656,743 | 271,667 | 231,097 | |
| Other operating income | 2.3 | 7,356 | 5,492 | 4,493 | 2,078 |
| Cost of material and purchased services | –390,641 | –318,205 | –116,681 | –98,468 | |
| Personnel expenses | –161,794 | –156,273 | –51,982 | –52,395 | |
| Other operating expenses | 2.4 | –85,955 | –69,786 | –30,730 | –21,577 |
| Share of profits from associates | 0 | 566 | 0 | 199 | |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) |
324,295 | 118,537 | 76,767 | 60,933 | |
| Depreciation and amortisation of intangible assets and property, plant and equipment |
–34,271 | –25,927 | –11,366 | –11,736 | |
| Impairment of intangible assets and property, plant and equipment |
0 | –19,873 | 0 | 132 | |
| Reversal of impairment of intangible assets and property, plant and equipment |
0 | 86,733 | 0 | –2,102 | |
| Earnings before interest and tax (EBIT) | 290,025 | 159,470 | 65,401 | 47,227 | |
| Finance income | 251 | 272 | 63 | 81 | |
| Finance expenses | –3,006 | –4,340 | –921 | –1,169 | |
| Gain / loss attributable to redeemable non-controlling interests | –4,100 | –3,353 | –1,382 | –1,252 | |
| Other financial result | 2.5 | –4,815 | –2,461 | –1,753 | 1,160 |
| Financial result | –11,670 | –9,883 | –3,993 | –1,181 | |
| Earnings before tax | 278,355 | 149,587 | 61,408 | 46,047 | |
| Income taxes | –54,273 | –12,258 | –11,214 | –10,423 | |
| Earnings after tax | 224,081 | 137,329 | 50,194 | 35,624 | |
| thereof attributable to the shareholders of Semperit AG Holding – from ordinary shares |
223,216 | 131,255 | 50,075 | 34,037 | |
| thereof attributable to the shareholders of Semperit AG Holding – from hybrid capital |
388 | 5,034 | 0 | 1,631 | |
| thereof attributable to non-controlling interests | 477 | 1,040 | 118 | –44 | |
| Earnings per share in EUR (diluted and undiluted)1) | 10.85 | 6.38 | 2.43 | 1.65 |
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 | Q1-3 2021 | Q1-3 2020 | Q3 2021 | Q3 2020 |
|---|---|---|---|---|---|
| Earnings after tax | 224,081 | 137,329 | 50,194 | 35,624 | |
| Other comprehensive income that will not be recognised through profit and loss in future periods |
210 | 407 | 160 | 401 | |
| Remeasurements of defined benefit plans | 0 | 0 | 0 | 0 | |
| Income tax thereon | 210 | 407 | 160 | 401 | |
| Other comprehensive income that will be recognised through profit and loss in future periods |
11,793 | –16,737 | 1,861 | –8,496 | |
| Measurement gain or loss from cash flow hedges | 0 | –97 | –13 | 44 | |
| thereof reclassification to profit / loss for the period | 200 | 1,334 | 427 | –107 | |
| Currency translation differences | 11,793 | –16,687 | 1,871 | –8,506 | |
| thereof reclassification to profit / loss for the period | –3,771 | 0 | –3,706 | 0 | |
| Income tax thereon | 0 | 47 | 3 | –34 | |
| Other comprehensive income - total | 12,002 | –16,330 | 2,021 | –8,096 | |
| Comprehensive income | 236,083 | 121,000 | 52,215 | 27,528 | |
| thereof on earnings attributable to the shareholders of Semperit AG Holding – from ordinary shares |
235,145 | 114,957 | 51,697 | 24,921 | |
| thereof attributable to the shareholders of Semperit AG Holding – from hybrid capital |
388 | 5,034 | 0 | 1,631 | |
| thereof on earnings attributable to non-controlling interests | 550 | 1,008 | 518 | 976 |
| in EUR thousand | Note | Q1-3 2021 | Q1-3 2020 |
|---|---|---|---|
| Earnings before tax | 278,355 | 149,587 | |
| Depreciation, amortisation, impairment and reversal of impairment of intangible assets and property, plant and equipment |
34,271 | –40,934 | |
| Gain / loss from disposal of assets (including current and non-current financial assets) |
334 | –207 | |
| Change in non-current provisions | –2,468 | 599 | |
| Share of profits from associates | 0 | –566 | |
| Gain / loss attributable to redeemable non-controlling interests | 4,100 | 3,353 | |
| Net interest income (including income from securities) | 2,755 | 4,069 | |
| Income taxes paid | –24,783 | –10,875 | |
| Other non-cash income / expense | 3,127 | 2,002 | |
| Gross cash flow | 295,690 | 107,029 | |
| Change in inventories | –32,713 | –3,742 | |
| Change in trade receivables | –8,224 | –17,778 | |
| Change in other receivables and assets | –11,428 | 230 | |
| Change in trade payables | 1,608 | 15,525 | |
| Change in other liabilities and current provisions | –4,682 | 9,320 | |
| Cash flows from operating activities | 240,250 | 110,584 | |
| Proceeds from sale of property, plant and equipment | 142 | 5,336 | |
| Purchase of intangible assets and property, plant and equipment | –31,205 | –17,359 | |
| Interest received | 234 | 253 | |
| Investment grants received | 32 | 0 | |
| Acquisition of financial assets | –48,251 | 0 | |
| Acquisition of a subsidiary, net of cash acquired | –1,126 | 0 | |
| Cash flows from investing activities | –80,174 | –11,771 | |
| Repayment of current and non-current financial liabilities | 2,740 | –39,646 | |
| Repayment of lease liabilities | –2,337 | –2,240 | |
| Dividend to shareholders of Semperit AG Holding | –30,860 | 0 | |
| Dividends to redeemable non-controlling interests in subsidiaries | –4,147 | –3,921 | |
| Dividends to non-controlling interests in subsidiaries | –122 | 0 | |
| Capital repayment to non-controlling interests in subsidiaries | –830 | 0 | |
| Acquisitions of non-controlling interests | 0 | –2 | |
| Disposal of shares of subsidiaries | 168 | 0 | |
| Repayment of hybrid capital | –30,000 | –20,000 | |
| Coupon payments on hybrid capital | –785 | –6,755 | |
| Interest paid | –3,040 | –4,800 | |
| Cash flows from financing activities | –69,212 | –77,364 | |
| Net increase / decrease in cash and cash equivalents | 90,864 | 21,448 | |
| Currency translation differences | 1,971 | –5,521 | |
| Cash and cash equivalents at the beginning of the period | 144,972 | 141,356 | |
| Cash and cash equivalents at the end of the period | 237,807 | 157,284 |
| in EUR thousand | Note | 30.09.2021 | 31.12.2020 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 7,636 | 7,567 | |
| Property, plant and equipment | 346,124 | 340,179 | |
| Other financial assets | 7,462 | 7,137 | |
| Other assets | 3,401 | 3,121 | |
| Deferred tax assets | 3,995 | 5,500 | |
| 368,618 | 363,504 | ||
| Current assets | |||
| Inventories | 177,193 | 141,124 | |
| Trade receivables | 111,270 | 99,318 | |
| Other financial assets | 50,097 | 2,136 | |
| Other assets | 25,699 | 12,469 | |
| Current tax receivables | 2,628 | 113 | |
| Cash and cash equivalents | 237,807 | 144,972 | |
| 604,694 | 400,132 | ||
| Non-current assets held for sale | 764 | 764 | |
| 605,458 | 400,896 | ||
| ASSETS | 974,076 | 764,400 | |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 21,359 | 21,359 | |
| Capital reserves | 21,503 | 21,503 | |
| Hybrid capital | 0 | 30,000 | |
| Retained earnings | 488,683 | 294,886 | |
| Currency translation reserve | –23,763 | –35,483 | |
| Equity attributable to the shareholders of Semperit AG Holding | 507,782 | 332,266 | |
| Non-controlling interests | 1,299 | 2,331 | |
| 509,082 | 334,597 | ||
| Non-current provisions and liabilities | |||
| Provisions | 43,669 | 47,155 | |
| Liabilities from redeemable non-controlling interests | 15,395 | 16,607 | |
| Financial liabilities | 85,489 | 85,257 | |
| Trade payables | 3 | 12 | |
| Other financial liabilities | 6,337 | 3,517 | |
| Other liabilities | 2,554 | 269 | |
| Deferred tax assets | 11,042 | 10,196 | |
| 164,490 | 163,013 | ||
| Current provisions and liabilities | |||
| Provisions | 23,424 | 29,399 | |
| Liabilities from redeemable non-controlling interests | 0 | 795 | |
| Financial liabilities | 87,343 | 81,836 | |
| Trade payables | 78,932 | 77,677 | |
| Other financial liabilities | 20,110 | 15,807 | |
| Other liabilities | 34,375 | 37,703 | |
| Current tax liabilities | 56,322 | 23,572 | |
| 300,505 | 266,789 | ||
| EQUITY AND LIABILITIES | 974,076 | 764,400 |
| in EUR thousand | Note | Share capital |
Capital reserves |
Hybrid capital |
Retained earnings |
Currency translation reserve |
Total | Non controlling interests |
Total 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 | 136,289 | 0 | 136,289 | 1,040 | 137,329 | |
| Other comprehensive income |
0 | 0 | 0 | 357 | –16,656 | –16,298 | –31 | –16,330 | |
| Comprehensive income | 0 | 0 | 0 | 136,647 | –16,656 | 119,991 | 1,008 | 121,000 | |
| Coupon payments on hybrid capital |
0 | 0 | 0 | –6,755 | 0 | –6,755 | 0 | –6,755 | |
| Repayment of hybrid capital |
0 | 0 | –20,000 | 0 | 0 | –20,000 | 0 | –20,000 | |
| Acquisitions of non controlling interests |
0 | 0 | 0 | –3 | 0 | –3 | 1 | –2 | |
| As at 30.09.2020 | 21,359 | 21,503 | 110,000 | 241,754 | –27,963 | 366,654 | 1,701 | 368,355 | |
| 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 | 223,604 | 0 | 223,604 | 477 | 224,081 | |
| Other comprehensive income |
0 | 0 | 0 | 210 | 11,720 | 11,930 | 73 | 12,002 | |
| Comprehensive income | 0 | 0 | 0 | 223,814 | 11,720 | 235,534 | 550 | 236,083 | |
| Dividend | 0 | 0 | 0 | –30,860 | 0 | –30,860 | –122 | –30,982 | |
| Coupon payments on hybrid capital |
0 | 0 | 0 | –785 | 0 | –785 | 0 | –785 | |
| Repayment of hybrid capital |
0 | 0 | –30,000 | 0 | 0 | –30,000 | 0 | –30,000 | |
| Acquisitions of non controlling interests |
0 | 0 | 0 | 1,922 | 0 | 1,922 | –1,922 | 0 | |
| Disposal of shares of subsidiaries |
0 | 0 | 0 | –293 | 0 | –293 | 462 | 168 | |
| As at 30.09.2021 | 21,359 | 21,503 | 0 | 488,683 | –23,763 | 507,782 | 1,299 | 509,081 |
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 30 September 2021 has not been fully audited or reviewed by the Group's auditor.
The following amended standards and interpretations were applicable or were (earlier) applied for the first time in the first three quarters of 2021.
| Endorsement | Mandatory application for the Semperit Group |
Effects on the Semperit-Group |
||
|---|---|---|---|---|
| Amended standards | ||||
| IFRS 16 | Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021 |
30 August 2021 | 1 January 2022 | 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 |
| Semper | Semper | Semper | Semper | Semper | Corporate | ||
|---|---|---|---|---|---|---|---|
| Q1-3 2021 in EUR thousand | med | flex | trans | seal | form | Center | Total |
| Revenue | 516,674 | 172,098 | 79,156 | 91,430 | 66,717 | 0 | 926,075 |
| EBITDA | 277,442 | 37,394 | 6,494 | 10,700 | 9,918 | –17,653 | 324,295 |
| EBIT | 262,614 | 29,008 | 3,943 | 5,944 | 7,111 | –18,596 | 290,025 |
| Trade working capital | 97,773 | 51,141 | 24,917 | 20,049 | 18,626 | –2,975 | 209,531 |
| Additions to intangible assets and property, plant and equipment1) |
14,968 | 4,172 | 2,814 | 7,340 | 2,826 | 938 | 33,059 |
| Q1-3 2020 in EUR thousand | Semper med |
Semper flex |
Semper trans |
Semper seal |
Semper form |
Corporate Center |
Total |
|---|---|---|---|---|---|---|---|
| Revenue | 288,192 | 144,950 | 90,336 | 71,458 | 62,216 | 0 | 657,152 |
| EBITDA | 67,329 | 34,767 | 8,741 | 9,363 | 12,434 | –14,098 | 118,537 |
| EBIT | 147,451 | 26,367 | –14,041 | 4,896 | 9,692 | –14,895 | 159,470 |
| Trade working capital | 61,972 | 45,424 | 20,263 | 14,865 | 15,663 | –1,965 | 156,222 |
| Additions to intangible assets and property, plant and equipment1) |
3,114 | 2,232 | 2,648 | 5,285 | 2,402 | 350 | 16,030 |
1) Excluding right-of-use assets according to IFRS 16
| in EUR thousand | Semper med |
Semper flex |
Semper trans |
Semper seal |
Semper form |
Group |
|---|---|---|---|---|---|---|
| Q1-3 2021 | ||||||
| Western Europe | 287,907 | 96,556 | 27,987 | 72,133 | 36,096 | 520,679 |
| North America | 112,472 | 19,166 | 6,069 | 4,720 | 3,479 | 145,906 |
| Eastern Europe | 54,991 | 35,003 | 10,313 | 13,824 | 7,714 | 121,845 |
| Asia | 44,757 | 19,387 | 20,339 | 745 | 18,229 | 103,457 |
| Central and South America | 12,056 | 1,446 | 7,334 | 8 | 873 | 21,718 |
| Africa | 2,762 | 403 | 3,984 | 0 | 267 | 7,415 |
| Australia and Oceania | 1,729 | 136 | 3,130 | 0 | 59 | 5,054 |
| Revenue | 516,674 | 172,098 | 79,156 | 91,430 | 66,717 | 926,075 |
| in EUR thousand | Semper med |
Semper flex |
Semper trans |
Semper seal |
Semper form |
Group |
|---|---|---|---|---|---|---|
| Q1-3 2020 | ||||||
| Western Europe | 158,643 | 78,879 | 26,579 | 56,333 | 38,521 | 358,954 |
| North America | 49,936 | 18,562 | 17,422 | 4,967 | 2,584 | 93,471 |
| Eastern Europe | 34,948 | 31,939 | 14,941 | 9,576 | 5,752 | 97,156 |
| Asia | 26,803 | 14,028 | 21,319 | 573 | 14,409 | 77,131 |
| Central and South America | 9,220 | 744 | 6,713 | 9 | 653 | 17,339 |
| Africa | 1,358 | 535 | 2,138 | 0 | 259 | 4,290 |
| Australia and Oceania | 7,285 | 264 | 1,224 | 0 | 39 | 8,812 |
| Revenue | 288,192 | 144,950 | 90,336 | 71,458 | 62,216 | 657,152 |
Other operating income in the period under review includes government grants in the amount of EUR 522 thousand (Q1–3 2020: EUR 1.535 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. The grants were awarded in Austria, China, Singapur and Czech Republic.
Furthermore, the other operating income includes a positive deconsolidation effect of EUR 3,789 thousand (Q1–3 2020: EUR 0 thousand) due to the liquidation of the Chinese Sempertrans Best (Shandong) Belting Co. Ltd. (SBB) in July 2021. This effect on earnings results almost exclusively from the reclassification of (historical) foreign exchange differences into the consolidated income statement.
| in EUR thousand | Q1-3 2021 | Q1-3 2020 |
|---|---|---|
| Outgoing freight | 34,108 | 24,390 |
| Legal, consulting and auditing fees | 12,852 | 8,656 |
| Maintenance and services | 7,216 | 9,172 |
| Insurance premiums | 4,248 | 3,709 |
| Software licence expenses | 2,831 | 2,525 |
| Commission and advertising expenses | 2,644 | 2,491 |
| Rental and lease expenses | 2,567 | 1,591 |
| Waste disposal | 1,882 | 1,513 |
| Energy costs not for production | 1,595 | 1,463 |
| Travel expenses | 1,293 | 1,964 |
| Other taxes | 1,219 | 1,304 |
| Fees, subscriptions and donations | 929 | 740 |
| Office equipment | 842 | 825 |
| Communications | 693 | 792 |
| Training and education expenditures | 488 | 374 |
| Bank expenses and hedging costs | 411 | 373 |
| Valuation allowances | –37 | 355 |
| Complaint costs | –584 | –74 |
| Miscellaneous | 10,758 | 7,623 |
| Total | 85,955 | 69,786 |
| in EUR thousand | Q1-3 2021 | Q1-3 2020 |
|---|---|---|
| Other financial result | ||
| Net foreign currency result | –5,542 | –1,678 |
| Net result from the FVPL and FV measurement categories - hedging instruments | 1,036 | –227 |
| Miscellaneous | –309 | –555 |
| Total | –4,815 | –2,461 |
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 |
| thereof cash | 424 |
| 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 in cash | 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
| 23.3.2022 | Publication of 2021 annual financial statements |
|---|---|
| 17.4.2022 | Record Date Annual General Meeting |
| 27.4.2022 | Annual general meeting, Vienna |
| 2.5.2022 | Ex-dividend day |
| 3.5.2022 | Record Date Dividend (= day, on which settled positions are struck at CSD Austria at close of business to determine the entitlement) |
| 4.5.2022 | Dividend payment day |
| 18.5.2022 | Report on Q1 2022 |
| 17.8.2022 | Half-year financial report 2022 |
| 16.11.2022 | Report on Q1-3 2022 |
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).
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