GEBERIT AG Q1 2024 Results
Christian Buhl, CEO
Tobias Knechtle, CFO
May 7, 2024
Key figures Q1 2024
Net sales growth (in CHF)
-6.2%
EBITDA margin
32.8%
-30 bps vs PY
EPS growth (c.a.)
-3.6%
Net sales growth (c.a.)
-1.4%
Net income growth (c.a.)
-5.3%
Share buyback Q1 (in CHF)
51 million
99'000 shares
- Strong negative currency development
- Net sales currency adjusted slightly below previous year
- EBITDA margin stable on high level
- Currency adjusted decline of net income and EPS mainly driven by higher tax rate
- Disproportional lower decline of EPS due to share buyback
- Continued share buyback program in Q1 2024
SLIDE 2
Q1 2024 RESULTS MAY 7, 2024
Net sales Q1 2024
CHF million | Net sales | Variance to PY | |
% CHF | % c.a. | ||
Geberit Group | 837 | -6.2% | -1.4% |
By regions | |||
Europe | 750 | -5.8% | -2.0% |
America | 26 | +0.4% | +6.2% |
Far East / Pacific | 24 | -1.6% | +6.8% |
Middle East / Africa | 36 | -20.3% | +1.2% |
By product areas | |||
Installation & Flushing Systems | 323 | -6.7% | -1.3% |
Piping Systems | 267 | -5.9% | -1.5% |
Bathroom Systems | 247 | -6.0% | -1.2% |
- Net sales decline in local currencies
- Volume/mix effect: around -2%
- Price effect: around +1%
- Europe: Weak market demand partially compensated by re-stocking of wholesalers
- Middle East / Africa affected by strong Q1 and Q4 2023
- Growth in Far East / Pacific despite decline in China
SLIDE 3
Q1 2024 RESULTS MAY 7, 2024
Key figures Q1 2024
CHF million | Q1 2024 | Q1 2023 | Variance to PY |
% CHF | % c.a. | ||
Net sales | 837 | 893 | -6.2% | -1.4% |
EBITDA | 275 | 296 | -7.0% | -0.5% |
Margin | 32.8% | 33.1% | ||
EBIT | 239 | 259 | -7.5% | -0.6% |
Margin | 28.6% | 29.0% | ||
Net income | 190 | 215 | -11.4% | -5.3% |
Margin | 22.7% | 24.1% | ||
EPS (CHF) | 5.73 | 6.36 | -9.9% | -3.6% |
Free cashflow | -29 | -49 | +41.9% | n/a |
Margin | -3.4% | -5.5% | ||
- Strong negative currency effect on all P/L items
- Stable EBITDA and EBIT in local currencies
- Decrease of net income and EPS driven by higher tax rate
- Higher tax rate driven by new minimum taxation law in Switzerland
- Comparably better development of EPS vs. net income due to share buyback program
SLIDE 4
Q1 2024 RESULTS MAY 7, 2024
EBITDA margin Q1 2024 - Stable margin
+3.6% | -2.8% | |||||||||||
33.1% | 32.8% | |||||||||||
-0.6% | ||||||||||||
-0.5% | ||||||||||||
EBITDA | Volume and | Price effects, | Other cost | Currency effect | EBITDA |
margin Q1 2023 | product mix effect | net1 | effects | margin Q1 2024 |
- Negative operating leverage from slight volume decline
- Positive net price effect due to lower direct material prices2 and carry-over effect from price increase last year
- Strong negative other cost effect due to significant wage inflation and investments in dedicated growth initiatives, marketing efforts, and IT/digitalization projects
- Only slight negative currency effect due to natural hedge
SLIDE 5 | 1 | Sales prices and direct material prices | ||||
Q1 2024 RESULTS | 2 | "Direct material" corresponding to the previously used term "raw material" | ||||
MAY 7, 2024 | ||||||
Direct material prices1 - Strong tailwind in Q1 due to peak prices in Q1 23
Geberit: Monthly direct material prices1 (currency adj.)
Index: Jan 2021 = 100 | |
2023 | 2024 |
135 | |
130 | |
125 | |
120Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec |
- Stabilization of direct material prices in Q1 2024
- -9%vs. Q1 2023
- -2%vs. Q4 2023
- Expected direct material prices in Q2 2024
- slightly above level of Q1 2024
- below level of Q2 2023
SLIDE 6 | 1 "Direct material" corresponding to the previously used term "raw material" | ||||
Q1 2024 RESULTS | |||||
MAY 7, 2024 | |||||
Disclaimer
While Geberit is making great efforts to include accurate and up-to-date information, we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the information provided in this handout and disclaim any liability for the use of it.
The statements in this presentation relating to matters that are not historical facts are forward-looking statements that are not guarantees of future performance and involve risks and uncertainties, including but not limited to: future global economic conditions, foreign exchange rates, regulatory rules, market conditions, the actions of competitors and other factors beyond the control of the company.
All financial information included is unaudited and is prepared under the same recognition and measurement principles applied for the audited annual financial statements.
SLIDE 7
Q1 2024 RESULTS MAY 7, 2024
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Geberit AG published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 05:02:08 UTC.
