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Lucas Bols 191120 Analyst Presentation H1 November 2019
Lucas Bols 191120 Analyst Presentation H1 November 2019
Highlights H1 2019/20
5
•
79%
21%
•
84%
16%
6
•
79%
•
21%
84%
•
16%
7
•
8
10
•
11
•
12
•
13
•
14
•
15
•
16
•
17
•
18
H1 2019/20 H1 2018/19 REPORTED ORGANIC •
Reported (* €M)
GROWTH % GROWTH %
20
+2.5%
46.3
-1.3
2.4 1.1
-0.8
21.5%
21
•
•
+2.5%
46.3 •
0.6 -0.8
1.1 •
0.2
45.2 0.2 -0.7
2.4 0.3 92.5
92.2
• 12.8%
H1 2018/19 Δ Western Δ Asia-Pacific Δ North Δ Emerging Δ FX H1 2019/20
Europe America Markets
•
22
•
•
+2.5%
0.6 46.3
•
-0.8
•
1.1
2.4 92.5
92.2 0.2
45.2 0.2 -0.7
0.3 •
• 18.5%
23
+3.0%
-1.3
27.1
2.4
-0.8
0.9
26.3
-0.1 0.1
-0.3
0.2
•
H1 2018/19 Δ Western Δ Asia-Pacific Δ North Δ Emerging Δ FX H1 2019/20
Europe America Markets
•
58.3% 56.1% 70.8% 55.0% 55.6% 58.5%
24
+2.6% •
13.2 13.3
0.0
0.3 -0.3
-1.3
12.9
0.7
•
2.4
-0.4
-0.8
•
•
78.5%
•
H1 2018/19 One-off costs H1 2018/19 Δ Global Δ Regional Δ Overheads Δ FX H1 2019/21
normalized Brands Brands and
Depreciation
25
H1 2019/20 H1 2018/19 REPORTED ORGANIC
•
Reported (* €M)
GROWTH % GROWTH %
Revenue
Cost of sales
36,4
-13,7
35,2
-13,6
3,5%
0,6%
0,6%
-0,7%
•
GROSS PROFIT 22,7 21,5 5,4% 1,4%
Gross margin % 62,3% 61,2% •
D&A expenses -5,8 -5,4 7,3% 5,6%
% of revenues -16,0% -15,4%
26
•
REPORTED ORGANIC
Reported (* €M) H1 2019/20 H1 2018/19
GROWTH % GROWTH %
•
Revenue 9,9 10,1 -1,1% -1,9%
Cost of sales -5,5 -5,2 4,8% 4,9%
27
H1 2019/20 H1 2018/19 REPORTED ORGANIC
•
Reported (* €M)
GROWTH % GROWTH %
D&A expenses
% of revenues
-14,2
-30,7%
-13,3
-29,5%
6,6% 5,1%
•
OPERATING PROFIT 12,9 13,0 -0,7% -6,2%
Operating margin % 27,9% 28,8% #
28
Reported (* €M)
H1 2019/20 FY 2018/19 H1 2018/19 •
29
Free operating cash flow vs. last year
+35.8%
•
8,878
69
445
2,049
6,536
-93 166 -294
Cash conversion
•
12,911 830 -377
-4,043
8,878
596
-1,039 6,536
30
• •
•
• 0.6 -0.8
• •
•
12.8%
31
▪
33