Investor Presentaiton
Trading outlook and 2024 guidance
RHI MAGNESITA
M&A annualisation will be offset by lower vertical integration margin and pricing pressure
Key end markets of construction and transportation
remain subdued, glass and non-ferrous metals volumes
to reduce and pricing pressure from competitors
• RHIM is well positioned to increase output into a
recovery, with significant operational gearing and fixed
cost benefits
• Production will increase to match sales volumes as
inventory coverage ratios are now down to target levels
• Sales volumes in base business excluding M&A
assumed to be in line with 2023
-
■ Full year effect of 2023 M&A to increase shipped
volumes by up to 10% and contribute €80 million
to EBITDA
• Adjusted EBITA in 2024 is guided to be at least in line
with current analyst consensus of approximately €410
million with Adjusted EBITA margin of around 11.0%
P&L
Revenues (i) Volumes
Revenues (ii) Pricing
EBITDA from 2023 M&A
Adjusted EBITA margin
2024 guidance
Base business flat volumes,
M&A full year effect adds 10%
Pricing pressure to partially
offset benefit of M&A
2023 actual
3% revenue decline
from volumes
13% revenue growth
from pricing and M&A
€80m
€35m
c.11%
11.4%
Adjusted EBITA
c. €410m
€409m
Balance sheet and cash flow
Capital expenditure incl.
Digital
€170m²
€180m
Working capital intensity³
c.24%
2.0-2.5×
Gearing
24.2%
2.3x pro forma
Investor Presentation | March 2024
1. Guidance excludes any impact from FX e.g. balance sheet translation and derivatives
2. Capital expenditure comprises c. €60m maintenance capex, €80m project capex and c. €30m M&A
3. Defined as working capital as a percentage of last three months of annualised revenue and includes factoring and forfaiting
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