B&c Speakers S.p.a. · MIL:BEC
B&c Speakers — Investor Presentation (2024)
33 slides from B&c Speakers's investor presentation, 2024
Slide 1: Investor Presentation
B&C GROUP EN ‘ ° wads i] Crctare’ Ee yieNce ® Souiid INVESTOR PRESENTATION
Slide 2: Agenda
AGENDA COMPANY OVERVIEW p. 3 PRODUCTS & BUSINESS MODEL p. 9 REFERENCE MARKET p. 17 KEY FINANCIALS p. 21 GROWTH STRATEGY p. 27 APPENDIX p. 29
Slide 3: 01. Company Overview
01. Company Overview
Slide 4: Company Overview
COMPANY OVERVIEW B&C Speakers is a worldwide leader in the design, production, distribution and marketing of professional electro-acoustic transducers with over 70 years of industry experience Design and distribution of loudspeaker components Based in Bagno a Ripoli (Florence) with a 10,500 sqm unde
Slide 5: Brands Overview
BRANDS OVERVIEW B&C Speakers designs and distributes loudspeaker components under the brand names B&C Speakers, Eighteen Sound, Ciare, Eminence Historic Italian brand Historic American Technology driven, focused on car audio, brand focused on Practical and leading edge home hi-fi and value-oriented
Slide 6: Production Overview
PRODUCTION OVERVIEW 18S & Ciare products Reggio Emilia B&C USA Eminence products B&C Speakers products Eminence (Kentucky) Bagno a Ripoli (Florence) Eminence products Dongguan (China) B&C Brazil 4 FACTORIES 2 COMMERCIAL SUBSIDIARIES 6
Slide 7: History
HISTORY 1946 1970s 1988 1993 - 1998 Foundation by Introduction of a new Start of the Roberto Coppini acquired Roberto Coppini and segment with the production distribution outside the totality of the company’s Fernando Borrani of acoustic transducers Italy shares 2007 2011 2013 2017 2023 Listing on M
Slide 8: Governance & Shareholders
GOVERNANCE & SHAREHOLDERS Top Management Shareholders Research & Lazard Frères Development Gestion International S.r.l. 4,69% First Capital 54,00% 3,18% Roberta Pecci Lorenzo Coppini Francesco Spapperi John Berenberg Gossler & Co. President CEO CFO 3,04% Allianz Global Investors 2,84% Alessandro Pan
Slide 9: 02. Products & Business Model
02. Products & Business Model
Slide 10: What We Do
WHAT WE DO The B&C Group designs, produces and distributes professional electro-acoustic transducers, the key components of a speaker box. 10
Slide 11: Business Model
BUSINESS MODEL Input Input B&C Group R&D, B&C Group B&C Group R&D and SALES and CUSTOMERS CUSTOMERS CATALOGUE PRODUCTS CUSTOM PRODUCTS External Supply of single components based on B&C Group proprietary design Quality Control of incoming components Manufacturing & Assembling Quality Control of finis
Slide 12: Range of Products
RANGE OF PRODUCTS LOW-FREQUENCY DRIVERS HIGH-FREQUENCY DRIVERS COAXIALS COMPONENTS 58% of revenues 27% of revenues 13% of revenues OTHER PRODUCTS TWEETERS TRIAXIALS HORNS CROSSOVERS 12
Slide 13: Primary Range of Products
PRIMARY RANGE OF PRODUCTS LOW-FREQUENCY DRIVERS HIGH-FREQUENCY DRIVERS COAXIALS COMPONENTS 58% of revenues 27% of revenues 13% of revenues B&C, the first to launch the HPL series in The use of Neodymium magnets in B&C Coaxial loudspeakers combine the 1998, is today a leader in the development high f
Slide 14: Architettura Sonora
ARCHITETTURA SONORA Architettura Sonora is a division of B&C Speakers Group Revolutionary designer of unique, high-performance audio solutions and outdoor acoustic experiences, with an increasing imprint in the indoor world Pioneer in the industry All products are manufactured by skilled craftsmen “
Slide 15: Research & Development
RESEARCH & DEVELOPMENT The R&D Department allows the Company to offer products that stands out for their efficiency, high-power handling and reliability, combining technological innovation with the tradition of a consolidated experience in the sector. 42 5 Dedicated Patents Employees 40% of Indirect
Slide 16: 03. Reference Market
03. Reference Market
Slide 17: Reference Market
REFERENCE MARKET €/million 4.549 4.318 380 Car Audio Addressable market in 2024 4.075 331 80 Cinema 3.805 288 77 € 4,075 million 74 3.497 3.420 250 956 Commercial Audio 3.286 69 902 188 83 218 847 179 60 81 788 Expected addressable market in 2026 698 2.711 632 717 208 1.013 Installed Leisure € 4,549
Slide 18: Addressable Loudspeaker Markets
ADDRESSABLE LOUDSPEAKER MARKETS CAR AUDIO PROFESSIONAL CINEMA COMMERCIAL AUDIO Touring & Rental Malls € 575 Million Installed Leisure Hotels After Market Movie Theatre Installed by car owner € 912 Million Exhibitions € 288 Million Instrument AMP. € 74 Million € 433 Million Transportation Portable So
Slide 19: Market Positioning
MARKET POSITIONING CAR AUDIO • Brand driven market with major expression in the Americas Price Touring PROFESSIONAL & Rental Touring & Rental and Installed Leisure • Expected to steadily grow in the incoming years Car Audio Cinema Portable Audio • Demand of higher performance products • Strong evolu
Slide 20: 04. Key Financials
AW a hie 5) Pa Wee 04. Key Financials
Slide 21: Financials Highlights 9M 2024
FINANCIALS HIGHLIGHTS 9M 2024 Revenues EBITDA EBIT € 76.6 million € 17.7 million € 15.7 million +7,6% vs 9M 2023 EBITDA Margin 23.1% EBIT Margin 20.5% Net Profit Net Financial Position € 15.8 million € -1.1 +35% vs 9M 2023 Cash negative 21
Slide 22: P&L Track Record: Revenues & Gross Margin
P&L TRACK RECORD: REVENUES & GROSS MARGIN Revenues Gross Margin €/million €/million 50,0 40,0% 45,0 38,6% 39,0% 94,0 40,0 36,9% 38,0% 36,4% 37,0% 82,1 35,0 35,5% 36,0% 30,0 34,7 35,0% 25,0 56,3 32,6% 29,9 34,0% 20,0 45,2 21,7 33,0% 15,0 32,0% 32,0 10,0 16,1 31,0% 5,0 11,6 30,0% - 29,0% 2019 2020 202
Slide 23: P&L Track Record: EBITDA, EBIT & Net Result
P&L TRACK RECORD: EBITDA, EBIT & NET RESULT EBITDA EBIT Net Result €/million €/million €/million 35,0 30,0 30,0% 30,0% 20,0 18,0% 24,7% 24,3% 15,4% 14,9% 14,8% 18,0 16,0% 30,0 22,3% 25,0 25,0% 22,1% 25,0% 20,8% 16,0 14,0% 19,0% 25,0 18,7% 14,0 11,3% 16,0% 20,0 20,0% 20,0% 12,0% 14,5% 12,0 13,9 20,0
Slide 24: Cash Flow Generation Track Record
CASH FLOW GENERATION TRACK RECORD FCF generated per year CF Conversion Ratio – FCF/EBITDA % Net Financial Position €/million €/million 1,5 1,3 18,3 140% 0,9 1,1 0,9 -2,3 11,5 0,7 91% 84% -4,3 -4,3 0,5 7,2 0,3 -8,0 0,1 29% 9% 1,9 1,8 2019 2020 2021 2022 2023 (0,1) 2019 2020 2021 2022 2023 2019 2020 2
Slide 25: 05. Growth Strategy
05. Growth Strategy
Slide 26: Growth Strategy
GROWTH STRATEGY Consolidation of the technological leadership position in Touring&Rental segment thanks to R&D Expansion of the Instrument AMP market globally through the revamping of the Eminence brand Strengthening of the Portable market globally with quality products at lower costs leveraging the
Slide 27: 06. Appendix
06. Appendix
Slide 28: Profit&Loss
PROFIT&LOSS Economic trends - Group B&C Speakers 9 months 9 months (€ thousands) Incidence Incidence 2024 2023 Revenues 76,630 100.0% 71,245 100.0% Cost of sales (47,365) -61.8% (44,678) -62.7% Gross margin 29,266 38.2% 26,567 37.3% Other revenues 292 0.4% 327 0.5% Cost of indirect labour (5,096) -6
Slide 29: Balance Sheet
BALANCE SHEET Reclassified Balance sheet 30 September 31 December (€ thousands) 2024 2023 Change Property, plant & Equipment 10,867 10,798 69 Inventories 30,870 27,624 3,246 Trade receivables 21,797 18,150 3,647 Other receivables 4,913 5,288 (374) Trade payables (11,725) (10,824) (901) Other payable
Slide 30: Cash Flow Statement
CASH FLOW STATEMENT Consolidated statement of cash flows 9M 2024 2023 A- Net current bank balances at the beginning of the period 11.905 5.350 C- Cash flow from investing activities B- Cash flow from operating activities (Investments) in non current tangible assets (1.142) 281 Proceeds for sale of n
Slide 31: Acquisition of Eminence Speakers
ACQUISITION OF EMINENCE SPEAKERS September 2023 September 2023 December 2023 December 2023 Acquisition of 100% of the Signing of a binding commitment Completion of the NewCo B&C China share capital of Eminence to purchase the assets of acquisition of the activities acquires the assets from Speaker L
Slide 32: Safe Harbour Statement
SAFE HARBOUR STATEMENT Certain statements in this slide show, including those addressing the Company’s beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward-looking statement. They are based on the assumptions, beliefs and expectations of our managem
Slide 33: Contacts
CONTACTS Investors Relations Office Lorenzo Coppini - CEO Via Poggiomoro, 1 – Vallina, Francesco Spapperi - CFO Bagno a Ripoli (FI), 50012, Italy Davide Norelli - Controller Phone: +39 055 6572303 E-mail investors@bcspeakers.com