De'longhi S.p.a. · MIL:DLG
De'longhi — H1 2016 Earnings Presentation
20 slides from De'longhi's earnings presentation, Jul 28, 2016
Slide 1: De'Longhi Group: H1 2016 results
De’Longhi Group: H1 2016 results July 28th, 2016
Slide 2: Disclaimer
De’Longhi: H1 2016 results Disclaimer For the purpose of providing greater details, in some cases we may refer to management accounts’ figures (instead of reported figures), as expressly indicated in the footnotes of the relevant pages. 2
Slide 3: Definitions
De’Longhi: H1 2016 results Definitions In this presentation: g Exchange - ForEx stands for Foreign g Rates. - Organic stands for effect net of ForEx - Q2 stands for second quarter 3
Slide 4: Table of contents
Table of contents o H1 2016 results o Appendix: summary of quarterly results 4
Slide 5: Revenues
H1 2016 results Revenues o H1 2016 revenues were nearly stable in organic terms (+0 (+0.1% 1% yoy), yoy) with an acceleration in Q2 (+0.6%) counterbalancing the slight decline of Q1 (-0.6%) o The depreciation of some export currencies resulted in a negative ForEx impact on revenues, bringing total r
Slide 6: Revenues by market - summary
H1 2016 results Revenues by market - summary o Europe was stable in the first half ((-0.1%), 0 1%) with both sub-regions sub regions delivering positive organic growth o South-West Europe was up by 1.3% (+1.7% organic), led by strong growth in Italy and the positive performance of Germany, Spain, Po
Slide 7: Revenues breakdown by market
H1 2016 results Revenues breakdown by market H1 2015 H1 2016 Other S/W Other N/E Other S/W Other N/E Europe Europe Europe Europe 18,5% 12,1% 17,7% 10,8% Ex-URSS Ex-URSS Japan J 4,2% Japan 5,1% 2,1% 2,6% N. America Germany 8,6% Germany N. America 12,2% 13,0% 9,3% Australia & NZ Australia & 6,5% UK NZ
Slide 8: Revenues by product - summary
H1 2016 results Revenues by product - summary o Strong performance of Coffee Makers Makers, led by full automatic and manual models which grew at double-digit rates o Weak demand in some of the category’s g y most relevant markets,, translated into a reduction in revenues of Cooking and Food Prepara
Slide 9: Revenues breakdown by product
H1 2016 results Revenues breakdown by product H1 2015 H1 2016 Heating Other Heating Other Air 2.1% 5,2% Coffee Air 2.2% 5.1% Coffee Conditioning Makers Conditioning Makers 10,5% 34,8% 11.8% 36.8% Ironing Ironing 3,3% 3.4% Floor Care floor care 1,8% 1,8% Cooking (ex. Cooking (ex. Coffee) Coffee) 42,3
Slide 10: Net Industrial Margin
H1 2016 results Net Industrial Margin o Net Industrial Margin grew by 3 3.3% 3% to € 381.8 381 8 million, million reaching 49.5% 49 5% of sales, sales a yearly increase of 2.8 percentage points , led by savings in raw materials and components, and other operating costs (transportation) E UR million
Slide 11: Net Industrial Margin by quarter
H1 2016 results (1) Net Industrial Margin by quarter € million 400 389,7 381,8 369,4 49.3% 49.5% 46.7% 350 300 250 201,9 194,3 197,5 200 184,3 187,8 47.5% 175,2 46.0% 48.0% 51.1% 51.3% 45 7% 45.7% 150 100 Q1 Q2 H1 2015 2016 2016 @ constant ForEx and excluding hedging (1) Figures in percentage repres
Slide 12: EBITDA, EBIT and Net Income
H1 2016 results EBITDA, EBIT and Net Income o EBITDA before non recurring items was up by ~12% to € 106.6 million, reaching 13.8% as a percentage of sales o Positive pricing and improving mix more than offset the negative impact of ForEx o Product cost benefited mainly from lower prices of raw mater
Slide 13: EBITDA before non-recurring items by quarter
H1 2016 results (1) Ebitda before f non-recurring items by quarter € million 120 106,6 107,2 100 95,3 13.8% 13.5% 12 1% 12.1% 80 60 55,0 , 54,7 , 51 5 51,5 52 4 52,4 47,3 48,0 13.4% 12.9% 14.3% 14.3% 12.8% 11.4% 40 20 0 Q1 Q2 H1 2015 2016 2016 @ constant ForEx and excluding hedging (1) Figures in pe
Slide 14: Net financial position and working capital
H1 2016 results Net financial f position and working capital o Positive net financial position for € 173.5 million, a 12-month improvement of € 69.5 million o Position with bank and other lenders positive for € 205.9 205 9 million million, improved by € 84.4 84 4 million o Lower Net Working Capital
Slide 15: The 6-month cash flow performance
H1 2016 results The 6-month cash flow f performance f € million 140 120 100 94.2 (57.2) 55.1 (21.5) 80 60 (65.8) 40 20 0 (20.2) (20.7) €-15.4 M -20 -40 operating cash flow changes in inventories changes in AR/AP and capex dividends other equity accounts other w.c. 15
Slide 16: The 12-month cash flow performance
H1 2016 results The 12-month cash flow f performance f € million 26 2.6 280 260 265.7 (55.6) 240 220 200 (48.3) 180 160 ((65.8)) 140 120 100 €+69.5 M (29.2) 80 60 40 20 0 operating cash flow changes in inventories changes in AR/AP and capex dividends other equity accounts other w.c. 16
Slide 17: Free cash flow generation
H1 2016 results Free cash flow f generation Household division pro-forma Free Cash Flow performance (before dividend and capex) (excluding Braun acquisition) Eur million 260,0 2012 impacted by a temporary increase in working capital and 218 6 218,6 214 4 214,4 o A strong free cash flow by non-cash i
Slide 18: Table of contents
Table of contents o H1 2016 results o Appendix: summary of quarterly results 18
Slide 19: Appendix: Summary of quarterly results
Appendix S Summary off quarterly results (Euro million) 2014 2015 2016 (1) HALF FULL HALF FULL HALF Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 YEAR YEAR YEAR YEAR YEAR Revenues 338.1 362.0 700.1 386.8 639.8 1,726.7 368.4 422.2 790.6 424.3 676.3 1,891.1 360.3 411.6 771.9 % change y-o
Slide 20: Thank you! Contacts
Th k you!! Thank Contacts: Fabrizio Micheli – Finance Director & IRM – T: +39 0422 413235 Fabio Ruffini – Investor Relator – T: +39 0422 413764 investor.relations@delonghigroup.com