Cofle S.p.a. · MIL:CFL
Cofle — Investor Presentation (April 2022)
16 slides from Cofle's investor presentation, April 2022
Slide 1: Investor Presentation: Update
INVESTOR PRESENTATION: UPDATE April 2022
Slide 2: Stock & Shareholders' Structure
STOCK & SHAREHOLDERS’ STRUCTURE Shareholders’Structure Stock Performances Market Palladio Holding 16,50% S.p.A. Market: Euronext Growth Milan Price (11/04/2022): € 16,34 (+25,7%) 1,30% Ticker: CFL Market Cap (11/04/2022): ~ € 88,3 M Shares: 5.403.728 Avg. Volume: 12,256 shares Smart Agri S.r.l. 3,70
Slide 3: OEM New Projects Update: Ineos Grenadier
OEM NEW PROJECTS UPDATE INEOS GRENADIER Cofle technology will be aboard the new off-road Ineos Grenadier. The agreement provides that, following the excellent results obtained in the first test phase, starting from February 2022 will begin the second and final phase of testing on about 700 vehicles
Slide 4: OEM New Projects Update: Stage V
OEM NEW PROJECTS UPDATE STAGE V Over the past three years, manufacturers have faced new challenges to reduce tractor emissions and consumption. With no more transition periods, the European Stage V Regulation is now in force, which further reduces the maximum exhaust emission ceiling compared to Sta
Slide 5: A New EU Regulation to Boost Revenues
OEM NEW PROJECTS UPDATE A NEW EU REGULATION TO BOOST REVENUES Cables for all Steering Columns applications FIX HUB AND ANTI-DUMPING SYSTEM Power Shuttle Gearshift towers with Systems electronics knobs P.T.O. Joysticks for front loader Systems (with push buttons command) control Spool Valve command B
Slide 6: Upcoming Development Projects
OEM NEW PROJECTS UPDATE UPCOMING DEVELOPMENT PROJECTS Development of innovative electronic products that represent an upgrade of the control system, based on two specific projects for two customers MICRO PUSH BUTTON REED TECH. 2 & ELECTRONICS KNOBS 1 NANO PUSH BUTTON REED TECH. 3 ELECTRONIC FOOD PED
Slide 7: Upcoming Development Projects: ITG Turkey
OEM NEW PROJECTS UPDATE UPCOMING DEVELOPMENT PROJECTS Upcoming Project: ITG Turkey design & engineering center (focused on off-road vehicles). ITG S.r.l. Cofle TK Turkish manager Otomotiv A.S. 80% 15% Innovation 5% Technology Group Turkey Source: Top Management Cofle S.p.A. 7
Slide 8: AM New Products Update: Brake Hoses
AM NEW PRODUCTS UPDATE BRAKE HOSES In 2021 there was a big increase in the selling of the new brake hoses: € 416 thousands Source: Top Management Cofle S.p.A. 8
Slide 9: UT AM – EPB Project
AM NEW PRODUCTS UPDATE UT AM – EPB project System overview: Sensors Actuators Electromechanical parking control Left / Right brake EPB Clutch position sender unit Electromechanical parking brake button Electromechanical parking brake warning light Brake system warning light Electromechanical parking
Slide 10: Financial Highlights
Financial Highlights Cofle Total Revenues & Sales 2019/2020/2021FY EBITDA IFRS 16 Adj. and EBITDA Margin 2019/2020/2021FY (€mln) (€mln) 55,4 13,5 Total 38,06 38,07 Revenues 8,0 24,4% 6,8 52,2 37,8 37 21,1% 17,9% 2019 2020 2021 2019FY 2020 FY 2021FY Serie1 Sales EBIT and EBIT Margin 2019/2020/2021FY
Slide 11: Group's Top Line & Breakdown by Division
Group’s Top Line & breakdown 2019/2020/2021 by division Cofle Sales’ Breakdown by division 2019FY 2020FY 2021FY 44% 38% 48% € 37,8 M 52% € 37 M € 52,2 M 56% 62% OEM AM OEM AM OEM AM Source: Cofle’s management accounts 2019/2020 , Annual report 2019/2020, Press Release 31/03/2022 FY 2021 12
Slide 12: Consolidated Net Working Capital
Consolidated Net Working Capital Net Working Capital Analysis (€mln) Net Working Capital (€mln) 15,3 (€mln) 13,2 13,8 NWC 2019 NWC 2020 NWC 2021 12,0 12,3 13,5 2,9 2,5 1,9 Other Current Liabilities NWC in 2021 increase driven by Working Capital Other Current Assets significant revenues growth -4,1 -
Slide 13: Fixed Assets and Capex
Fixed Assets and Capex Tangible, Intangible and Financial Assets Fixed Assets Consolidated Capex 2021 (€mln) 4,5 3,8 Tangible Capex 3,4 (3,4 €mln – 69%) Intangible Capex 3,0 3,0 (1,5 €mln – 31%) 0,9 0,9 0,1 0,1 Total Capex 2021: 4,9 €mln Intangible Assets Tangible Assets Financial Assets 2019 2020 2
Slide 14: Net Financial Position 2019/2020 – 1H 2021
Net Financial Position 2019/2020 – 1H 2021 NFP IFRS 16 2019/2020/2021 & 1H 2021 Composition of Net Financial Position • Valdiporto Financial Receivable refers to a loan extended to the (€) 2019 2020 1H 2021 2021 Barbieri real estate family company reclassified as Current Financial Long Term Financia
Slide 15: Cash Flow Bridge to NFP IFRS 16 FY 2021
Cash flow Bridge to Net Financial Position 2H 2021 Bridge to NFP IFRS 16 FY 2021 (€mln) Mainly impacted by: 1- ∆ forex translation reserves 14,9 2 - IPO proceeds Capex Change in Equity +3,0 -10,6 Financial Incomes Operating Cash -0,9 Inflow* -6,1 ∆ Current Value of Debt Lease -0,25 30K NFP IFRS 16 1
Slide 16: M&A Strategy
M&A STRATEGY CONSOLIDATION OF THE GLOBAL LEADERSHIP ACHIEVING HIGHER MARKET SHARES WORLDWIDE M&A: acquisition of target to extract value through product synergies Target size between € 10 e 20 mln OEM Scouting phase: on-going M&A: acquisition of target specialized in aftermarket distribution (market