Dexelance · MIL:DEX
Dexelance — H1 2024 Earnings Presentation
22 slides from Dexelance's earnings presentation, Sep 9, 2024
Slide 1: Half-Year Financial Results as of 30 June 2024
HALF-YEAR FINANCIAL RESULTS AS OF 30 JUNE 2024 9 September 2024 18.00 (CET)
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Dexelance S.p.A. (the “Company” and together with its subsidiaries, the “Group”) for information purposes only and should not be reproduced or redistributed. The Presentation does not constitute an offer to sell or a solicitation
Slide 3: Presenters today
Presenters today Ma re lla Mo re t t i And re a S a s s o G io rg io G o b b i Alb e rt o Bo rt o lin Corporate Development Chief Executive Officer Managing Director Chief Financial Officer & IR Manager 3
Slide 4: Full 6 months 2024 financial highlights
Full 6 months 2024 financial highlights: slow market recovery pace, coupled with tough 2023 comparison and key investments in brands’ visibility, sales network and organizational structure to strengthen the Group market positioning Actual Revenue Full Revenue(1) € 151.0 mln € 151.0 mln +11.5% vs 1H
Slide 5: DEXELANCE@Salone del Mobile, Milan: new products
DEXELANCE@Salone del Mobile, Milan | Eight brands launched many new products, on top of multiple initiatives for the Group participation at Fuorisalone Eidos outdoor table, Very Wood announced a new partnership for the distribution of the Slovenian brand Rex Kralj, Gabriele e Oscar Buratti establish
Slide 6: DEXELANCE@Salone del Mobile, Milan: new products
DEXELANCE@Salone del Mobile, Milan | Eight brands launched many new products, on top of multiple initiatives for the Group participation at Fuorisalone Beauty armchair, T.S.P. Vetra storage unit, Andrea Parisio Jeanette armchair, Andrea Parisio Tres coffee tables, MUT Design Gino poufs, Simposio sof
Slide 7: DEXELANCE@Salone del Mobile, Milan: new products
DEXELANCE@Salone del Mobile, Milan | Eight brands launched many new products, on top of multiple initiatives for the Group participation at Fuorisalone Net armchair, Atelier Collection, Matteo Nunziati Matteo Nunziati Vincent Collection, Giuseppe Viganò Echo Collection, Giuseppe Viganò Venus Collect
Slide 8: DEXELANCE@Salone del Mobile, Milan: Binova at EuroCucina
DEXELANCE@Salone del Mobile, Milan | Eight brands launched many new products, on top of multiple initiatives for the Group participation at Fuorisalone For the first time after 2018, Binova participated at EuroCucina, the biannual trade fair (part of Salone del Mobile) dedicated to the kitchen world
Slide 9: Gervasoni celebrated the 20th anniversary of the Ghost sofa
Gervasoni celebrated the 20th anniversary of the iconic Ghost sofa, dressing it with moods and themes to stress its native strong eclectic nature Gervasoni Store Via Durini, Milan 9
Slide 10: NYCxDESIGN Festival and new Gervasoni flagship store
In May, the Group participated at the NYCxDESIGN Festival by inaugurating the new Gervasoni flagship store on Lexington Ave., as well as with exhibitions by Meridiani and Davide Groppi NEW Gervasoni showroom Lexington Avenue, NY - 1st floor 10
Slide 11: Dexelance@3daysofdesign, Copenhagen
Dexelance@3daysofdesign, Copenhagen | Meridiani unveiled the first international Meridiani House and Saba held an event at the local Soho House, in partnership with the international magazine Openhouse Meridiani House Copenhagen Soho House Copenhagen, by Christine Callsen Interieur Vela by Zanellato
Slide 12: Davide Groppi honored with Compasso d'Oro ADI Award
Davide Groppi has been honored with the third Compasso d’Oro ADI Award for the “Anima” lamp, as well as the second Mention of Honour ADI for the “FM” lamp Davide Groppi Davide Groppi Compasso d’Oro ADI Awards Mention of Honour 2014 | NULLA Compasso d’Oro ADI Awards 2014 | SAMPEI TeTaTeT | 2016 2024
Slide 13: Brands selected for prestigious projects
Dexelance brands continue to be selected for prestigious projects, as a result of the Group commitment to engage and collaborate with the D&A* community around the world Private apartment, Paris Berkshire House, UK Axolight Flexalighting Private residence, Morocco Royal Suite Hotel, Rome Gamma Arred
Slide 14: Full 6 months 2024 financial results
Full 6 months 2024 financial results: important investments considered as strategic actions in the context of challenging market conditions, planned to increase brands’ reach and visibility Revenue organic Total -4,3% +9,2% Profit & Loss | €m F1H 23 (1) % F1H 24 % 151,0 138,4 Revenue 138,4 100,0% 15
Slide 15: Residential businesses holding up; luxury contract impacted
Residential businesses holding-up and showing the perimeter effect of recent M&As. Luxury contract impacted by delayed phasing of some confirmed projects Revenue F2Q 23 F2Q 24 Δ F1H 23 (1) F1H 24 Δ breakdown by SBA |€m Furniture 29,4 38,3 +30,5% 56,7 69,2 +22,2% Lighting 7,6 8,4 +10,2% 14,3 16,1 +12
Slide 16: Revenue by channel: retail, soft and hard contract
Proven resiliency of the retail partners’ network, as well as soft contract projects. The world of hard contract factors longer lead times, but remains strong in terms of pipeline and order intake Revenue F2Q 23 F2Q 24 Δ F1H 23 (1) F1H 24 Δ breakdown by channel|€m Retail 43,0 49,5 +15,3% 79,5 87,5 +
Slide 17: Revenue by region: Italy, Europe, North America, ROW
Italy performing better than the rest of European markets. North America slowdown in 2Q is driven by shifts in luxury contract, while residential businesses start benefiting from profuse efforts to increase Dexelance penetration in the area Revenue F2Q 23 F2Q 24 Δ F1H 23 (1) F1H 24 Δ breakdown by re
Slide 18: Net working capital, net financial position and capex
Despite usual quarterly swings, NWC is on track for neutral impact. NET WORKING CAPITAL | €m NET FINANCIAL POSITION | €m Dexelance FY 23 1H 24 acquires Turri 8,3 7,3 Net bank debt 14,2 12,0 Including Minorities&earnout (mostly long term)* 72,9 68,9 €63,3m cash IFRS16 (accounting item) 33,7 35,1 € 75
Slide 19: Core HEDF market normalization phase is not over yet
Core HEDF market normalization phase is not over (yet). 1H 2024 order intake remains solid, confirming the expectation of a positive trajectory looking at the year-end Organic Total SLIGHTLY POSITIVE POSITIVE 183,1 151,5 F1H 23 F1H 24 Luxury Contract Residential 19
Slide 20: 2024 Financial Calendar: Next key dates
2024 FINANCIAL CALENDAR: Next key dates 13 May Approval of the Interim Financial Information as of 31 March 2024 9 September Approval of the Half-year Financial Report as of 30 June 2024 12 November Approval of the Interim Financial Information as of 30 September 2024 20
Slide 21: Q&A Session
Q&A SESSION BE XELANCE
Slide 22: Headquarters and offices
Headquarters Corso Venezia, 29 - 20121 Milano, Italy (+39) 02.83975225 China Room 1107 Zhongxin Building, Moon Bay Dushu Lake-Suzhou Industrial Park 215123 Suzhou, China (+86) 0512.85889353 UK 10 Thurloe Place SW7 2RZ London, UK (+44) (0)207.5812811 USA 192 Lexington Ave. New York, NY 10016, U.S.A.