Analysts and media conference
Full year results 2023
Christian Buhl, CEO
Tobias Knechtle, CFO
March 13, 2024
Agenda
Overview
Sales development
Financial results
Building construction outlook
Geberit outlook
Summary
SLIDE 2
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
Key figures 2023
Net sales (c.a.)EBITDA margin
-4.8% | 29.9% | |
vs. PY | +310 bps vs. PY | |
EPS (c.a.) | Free cashflow | |
-3.7% | +11.3% | |
vs. PY | vs. PY | |
Relative CO2 emissions | Dividend2 (CHF) | |
-15.6% | 12.70 | |
vs. PY | +0.8% vs. PY |
- Net sales decline in local currencies due to volume contraction of -13%
- EBITDA margin increase due to operational flexibility and consequent price management
- Currency-adjusteddecline of EPS due to a favorable one-time tax effect in 2022
- Double-digitincrease of free cashflow - thereof 106% distributed to shareholders1
- Double-digitreduction of relative CO2 emissions
- Increased dividend to CHF 12.70
SLIDE 3 | 1 | Dividend payment and share buybacks |
ANALYSTS CONFERENCE - FY 2023 | 2 | Proposal to annual general meeting |
MARCH 13, 2024
Key figures 2023 - Sales & Marketing
Customer contacts | Customer trainings | ||||
[# contacts] | [# participants] | ||||
+3% | +111% | ||||
450'000 | 78'000 | ||||
435'000 | |||||
37'000 |
2019 | 2023 | 2019 | 2023 | |||
Customer events | Digital B2C leads | |||||
[# participants] | [# newly generated leads] | |||||
+94% | 61'000 | +2'043% | 30'000 | |||
31'500 | ||||||
1'400 | ||||||
2019 | 2023 | 2019 | 2023 |
SLIDE 4
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
- Customer contacts stable on high level
- Customer trainings and events with significant increase
- B2C lead generation driven by dedicated new initiative
Marketing 2023 - Selected activities
M ax
M ust er
Launch of online training platform
- eLearning platform "Geberit Digital Campus" for customers launched in CH, DE, AT
- 5 eLearning modules on Geberit core competencies (drinking water hygiene, wastewater hydraulics, sound insulation, fire protection, bathroom planning)
Product data portal
- Launch of data exchange (DEX) portal to provide technical product data to customers
- Coverage of key international/national standards (IGH, DQR, Fab-Dis, BMDG, and BMEcat)
Presence at fairs and exhibitions
- Further roll-out and extension of the "House of Geberit"
- Presence at ISH and several country/local fairs
SLIDE 5
ANALYSTS CONFERENCE - FY 2023 MARCH 13, 2024
Marketing 2023 - Marketing expenses
CHF million
Digital
Others
% of net sales
118 | 110 | |||
95 | 99 | |||
84 | ||||
25% | ||||
75% | ||||
2019 | 2020 | 2021 | 2022 | 2023 |
3.8% | 3.2% | 3.2% | 2.9% | 2.7% |
SLIDE 6
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
- Marketing spend below 2022 driven by
- negative currency effect
- efficiency gains
- reduction of B2C media activities
- 25% of total marketing spend for digital tools and digital channels
Innovations 2023 - New product introductions
New Acanto WC | Type 208 flush valve | Monolith Plus | Shower drain channel | |||
CleanLine 50 | ||||||
"Best-in-class" | Optimized hydraulic | Design-oriented WC | High-quality width- |
performance: Flushing, | properties, unlimited | flushing cistern: Improved | adjustable asymmetrical |
noise, installation | backward-compatibility | lighting, user experience | shower drain channel |
"The new mid-level | "New core for 8cm | "Real eye-catcher" | "Mid-segment slim |
champion" | concealed cistern" | shower channel" | |
SLIDE 7
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
Innovation 2023 - Continuous investments in innovation pipeline
R&D expenditure
CHF million
77 | 75 | 78 | 72 | 70 |
2019 | 2020 | 2021 | 2022 | 2023 |
2.5% | 2.5% | 2.3% | 2.1% | 2.3% |
R&D performance
# new patents
37 | 41 | |||
29 | 27 | |||
25 | Ø 32 |
% of net sales
- Stable R&D expenditure in 2023
- Lower R&D spend in 2022/23 due to Geberit FlowFit development in previous years
- Peak of patents in 2020/21 driven by new flushing technologies combining competence behind and in front of the wall
2019 | 2020 | 2021 | 2022 | 2023 |
SLIDE 8
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
CAPEX 2023
CHF million
+27% | ||||
197 | ||||
167 | 169 | 7% | ||
150 | 155 | |||
52% | ||||
41% | ||||
2019 | 2020 | 2021 | 2022 | 2023 |
5.4% | 5.0% | 4.9% | 4.6% | 6.4% |
SLIDE 9
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
New products
Modernization & rationalization
Capacity expansion
% of net sales
- Record high CAPEX in 2023 due to
- strategic plant expansions in Pfullendorf and Lichtenstein
- new customer center in Pfullendorf
CAPEX 2023 - Selected examples
Capacity expansion FlowFit, Jona (CH)
- Additional injection molding machines and assembly lines
- Increase of capacity for FlowFit by 80%
- CAPEX: CHF 8 million (2022 - 2023)
- Payback: 4 years
Modernization Mapress production, Langenfeld (DE)
- New machinery and equipment for stainless steel fitting production
- Increase of efficiency, flexibility, quality and shorter lead times
- CAPEX: EUR 6 million (2022 - 2023)
- Payback: 5.8 years
Flexible fuel system, Haldensleben (DE)
- Securing business continuity in case of Natural Gas (NG) shortages
- Installation of tank and mixing system for LPG as alternative to NG
- Possibility of full LPG supply for entire plant from 2023
- CAPEX: EUR 3 million
SLIDE 10
ANALYSTS CONFERENCE - FY 2023
MARCH 13, 2024
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Geberit AG published this content on 13 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2024 11:23:23 UTC.