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H1 2020/21 Half-Year Financial Report (May - October 2020)

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H1 2020/21 Half-Year Financial Report (May - October 2020) H1 2020/21 Half-Year Financial Report (May - October 2020) Zumtobel Group AG 1 May 2020 to 31 October 2020 Overview of the First Half-Year 2020/21 Q2 2020/21 Q2 2019/20 Change 1 HY 1 HY Change Key Data in EUR million in % 2020/21 2019/20 in % Revenues 264.6 307.4 (13.9) 515.4 603.8 (14.6) EBITDA 33.1 37.4 (11.4) 57.5 68.2 (15.8) as a % of revenues 12.5 12.2 11.2 11.3 Adjusted EBIT 16.2 28.1 (42.4) 25.3 43.9 (42.4) as a % of revenues 6.1 9.1 4.9 7.3 EBIT 15.9 21.2 (25.1) 22.9 36.7 (37.4) as a % of revenues 6.0 6.9 4.5 6.1 Net profit for the period 10.2 13.8 (26.1) 13.3 24.7 (46.0) as a % of revenues 3.9 4.5 2.6 4.1 Cash flow from operating results 34.0 37.4 (9.3) 57.8 68.3 (15.3) Investments 8.0 14.2 (43.7) 16.0 24.6 (34.9) 31 Oct 2020 30 April 2020 Change in % Total assets 969.1 994.8 (2.6) Equity 275.3 280.7 (1.9) Equity ratio in % 28.4 28.2 Net debt 145.9 165.7 (11.9) Headcount incl. contract worker (full- time equivalent) 5,786 6,039 (4.2) Development of business by quarter Revenues (in EUR million) Adjusted EBIT -15.4% -13.9% 9.1% 307.4 296.4 5.3% 267.3 6.1% 2.7% 264.6 260.2 1.1% 250.8 3.6% 28.1 17,7 15.8 16.2 5,5 9.1 7.0 3.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues FY 2019/20 Adjusted EBIT FY 2019/20 (in EUR million) Revenues FY 2020/21 Adjusted EBIT FY 2020/21 (in EUR million) Adjusted EBIT FY 2019/20 in % of revenues Adjusted EBIT FY 2020/21 in % of revenues 2 Zumtobel Group AG 1 May 2020 to 31 October 2020 Letter to Shareholders Dear Shareholders, The current financial year for the Zumtobel Group has been, and will continue to be, clearly influenced by the Covid-19 pandemic, which has confronted the global economy with a wide range of previously unknown challenges. We reacted quickly to this exceptional situation and, in recent months, have systematically adapted our business activities to meet the changing demand on our various markets. Revenue development gained momentum during the second quarter (August to October 2020) due to the easing of restrictions on business life throughout Europe, but this positive trend has been subdued by the renewed increase in corona cases. Revenues recorded by the Zumtobel Group fell by 14.6% year-on-year to EUR 515.4 million in the first six months of 2020/21, or by 13.9% after an adjustment for foreign exchange effects. Despite this decline., we Alfred Felder successfully generated a profit in the first half-year: Adjusted Group EBIT totalled EUR 25.3 million and the return on sales reached 4.9%. Net profit amounted to EUR 13.3 million, supported by our effective crisis and cost management – in no way an easy task in times like these! Not least due to our strong focus on expenses, free cash flow equalled at EUR 35.0 million and was even slightly higher than the first quarter of the previous year. This development is a direct result of our efforts to strengthen the positioning of the Zumtobel Group over the past years. We are now using the knowledge gained from the current situation to adjust our corporate strategy so we can identify and utilise new opportunities for growth and emerge stronger from the crisis. Successful opening of the new Light Forum Apart from comments on these challenging times, the Zumtobel Group can also report on a very rewarding event: The digital opening of our new, 4,000 square metre Light Forum at our corporate headquarters in Dornbirn took place on 19 November – with over 6,000 participants “live” in attendance. The Light Forum creates a unique setting to present wide-ranging light experiences for our customers, partners and the general public. It shows the full range of our brands and also demonstrates our potential as an international corporate group – for visitors on site, just as clearly as a digital experience over the Internet. This revival of an old industrial building at our founding location also underscores our commitment to our regional roots. Economic development still difficult to predict The current development of the Covid-19 pandemic with the recent sharp rise in infections and resulting lockdowns makes it impossible to issue a concrete forecast on the development of revenues and earnings for the full 2020/21 financial year. We therefore hope you will understand that we will not issue any guidance for the 2020/21 financial year, also after the announcement of these half-year results. Our efforts, together with all our employees, are directed to resuming our sound pre-crisis development as quickly as possible and – at this point – I would like to thank the many men and women who work for the Zumtobel Group for their untiring commitment. Alfred Felder Chief Executive Officer (CEO) 3 Zumtobel Group AG 1 May 2020 to 31 October 2020 The Zumtobel Group Share Based on an unchanged number of 43.5 million common shares outstanding, the market capitalisation of Zumtobel Group AG totalled EUR 209 million at the end of October 2020. The shareholder structure has not changed since the end of the 2019/20 financial year. The Zumtobel family continues to hold approximately 37.0% of the voting rights and has remained the stable core shareholder of Zumtobel Group AG since the IPO. Most of the remaining shares are held by institutional investors, none of whom exceeded the 4% reporting threshold as of 31 October 2020. The average daily turnover on the Vienna Stock Exchange amounted to 55,213 shares in the first half of 2020/21 (double-count, as published by the Vienna Stock Exchange). The company held an unchanged number of 353,343 treasury shares as of 31 October 2020. Development of the Zumtobel Group Share 160% 140% 120% 100% 80% 60% 40% 20% 0% 31.10.2019 31.01.2020 30.04.2020 31.07.2020 31.10.2020 Zumtobel Group AG ATX Key Data on the Zumtobel Group Share FY 2020/21 Closing price at 30.04.2020 EUR 5.910 Currency EUR Closing price at 31.10.2020 EUR 4.800 ISIN AT0000837307 Performance FY 2020/21 (18.8)% Ticker symbol Vienna Stock Exchange (XETRA) ZAG Market capitalisation at 31.10.2020 EUR 209 Mio Market segment ATX Prime Share price - high at 26.06.2020 EUR 6.790 Reuters symbol ZUMV.VI Share price - low at 28.10.2020 EUR 4.640 Bloomberg symbol ZAG AV Ø Turnover per day (shares) 55,213 Number of issued shares 43,500,000 4 Zumtobel Group AG 1 May 2020 to 31 October 2020 Group Management Report General Economic Environment The global outbreak of the Covid-19 virus has been a determining factor for the global economy in 2020 Covid-19 drives global and a potential recovery is still connected with substantial uncertainty – above all, due to the recent peak in economy into a infections and reinstatement of restrictive measures. In its October 2020 outlook, the International recession Monetary Fund (IMF) again adjusted its forecast and now expects a decline of 4.4% in global output for 20201. A substantial decline in the gross domestic product is projected, above all, for the United Kingdom (- 9.8%) and the eurozone (-8.3%) – two important markets for the Zumtobel Group. In Great Britain, economic forecasts reflect the negative effects of the Covid-19 pandemic as well as the upcoming BREXIT. Two key countries in the eurozone, Italy and France, have been particularly hard hit by the crisis and are faced with declines of 10.6% und 9.8%. The forecast for Germany is also not very optimistic (-6.0%). The situation for the commercial construction industry remains very challenging: The latest Euroconstruct data2 from November 2020 point to a decline of roughly 9% in construction output for the Zumtobel Group’s European markets in 2020. Great Britain is also strongly affected here with a minus of nearly 17%. The IMF is projecting a decline of 4.3% in economic output for the USA, while China is benefitting from rapid recovery and can expect growth of 1.9%. The IMF is forecasting an improvement in the global economy during 2021. Under the assumption of Worldwide recovery normalised economic activity and government support in the form of monetary and fiscal policy measures, expected in 2021 growth is expected to reach 5.2%. The eurozone and Great Britain should follow the global trend with an increase of 5.2% and 5.9%, respectively, while the USA is projected to face slightly weaker growth of 3.1%. The emerging and developing countries in Asia – driven by China – should see a substantially stronger upturn of 8.0% in 2021. Significant Events since 30 April 2020 A virtual Extraordinary General Meeting was held on 18 May 2020, whereby the agenda included the Extraordinary general election of new members to the Supervisory Board. Two long-standing members of the Supervisory Board, meeting: changes on Jürg Zumtobel, previously chairman, and Fritz Zumtobel, resigned as of this meeting.
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