Slide 1: H1 2024 Results
H1 2024 RESULTS September 2024
Slide 2: Company Overview; H1 2024 Financial Highlights; Annex
1. COMPANY OVERVIEW 2. H1 2024 FINANCIAL HIGHLIGHTS ANNEX
Slide 3: Somec Group is one of the world's leading experts in complex turnkey projects
SOMEC GROUP IS ONE OF THE WORLD’S LEADING EXPERTS IN THE CONSTRUCTION OF COMPLEX TURNKEY PROJECTS 30 companies specialising in the engineering, design and deployment of complex turnkey projects in civil and naval sectors. A group of excellences operating in an integrated and synergetic manner, accor
Slide 4: A world of companies
A WORLD OF COMPANIES specialising in three macro segments 4
Slide 5: From local company to international group
FROM LOCAL COMPANY TO INTERNATIONAL GROUP 1978 1993 2005 Year of foundation Somec enters the The company adds another marine glazing business challenging business: the marine refitting 2013 2016-17 2018 Oscar Marchetto acquires Somec enters the business Somec is listed on the the majority stake of S
Slide 6: International presence
INTERNATIONAL PRESENCE wm FLORIDA NEW YORK GERMANY | | ITALY NORWAY CHINA NAVALTECH Bd FI 3.0 PARTNERS USA SOMEC BRANCH ‘f& SOMEC GRUPPO HG FLSOMEC BRANCH LSOMEC Tsi i BLUESTEEL GROUP USA OXIN BRANCH i 'SOMEC NAVALE BL OXIN BRANCH SHANGHAI Fi MesTiERI USA meesren, wl BuDRI TEXAS CONNECTICUT SWITZERL
Slide 7: Cruise market outlook
CRUISE MARKET OUTLOOK SOCIAL, ECONOMIC & ENVIRONMENTAL IMPACT POSITIVE GROWTH IN THE CRUISE INDUSTRY* • $138 billion in total economic impact globally, supporting 1.2 million jobs In 2023 the cruise industry surpassed the forecasts, and it is expected worldwide and $43 billion in wages to reach new
Slide 8: Global marine interior and hospitality outlook
GLOBAL MARINE INTERIOR AND HOSPITALITY OUTLOOK Forecasts indicate stable growth, with significant opportunities for companies operating in the marine interiors in Europe. KEY DRIVERS MARINE INTERIOR IS EXPECTED TO GROW AT CAGR OF +10.1% FROM 2022 TO 2030 • Tourism Recovery: The global travel industr
Slide 9: Daily commitment to sustainability
DAILY COMMITTMENT TO SUSTAINABILITY THE VALUE OF RESPONSIBILITY Somec strives to listen to the needs of its stakeholders, both 2023 SUSTAINABILITY REPORT HIGHLIGHTS internal and external, as it is aware that this is the way to create shared and sharable value. E CARBON FOOTPRINT REDUCTION Constant r
Slide 10: Company Overview; H1 2024 Financial Highlights; Annex
1. COMPANY OVERVIEW 2. H1 2024 FINANCIAL HIGHLIGHTS ANNEX
Slide 11: Revenues
REVENUES TOPLINE SLIGHTLY AFFECTED BY ORDER TIMING SHIFT IN THE SECOND HALF OF THE YEAR TOTAL REVENUES €m REVENUES BREAKDOWN BY DIVISION % Horizons - -3.1% Engineered systems of naval architecture and building façades H1 2023 21.0% Talenta - Professional 191.6 185.6 H1 2024 kitchen systems and produ
Slide 12: Operating profitability
OPERATING PROFITABILITY SIGNIFICANT IMPROVEMENT OF MARGIN, MAINLY DRIVEN BY HORIZONS DIVISION EBITDA ADJ AND EBITDA ADJ MARGIN OF THE GROUP €m/% EBITDA Margin EBITDA Adj Margin *0.1 Adjustment 3.9* 0.2 -9.2 **0.3 Adjustment 13,2 13.2 *** *** 0.4 Adjustment • The Horizons division significantly boost
Slide 13: Order backlog
ORDER BACKLOG BACKLOG IMPROVENT (+4.1%) DRIVEN BY MESTIERI DIVISION BACKLOG AS AT 30 JUNE 2024 €m BACKLOG BREAKDOWN BY DIVISION % Horizons - Engineered +4.1% Systems for Naval 17.6% Architecture and Building Façades Talenta - Professional 752 783 H1 2024 Kitchen Systems and 19.4% Products 63.0% Mest
Slide 14: Horizons
HORIZONS REVENUES UP BY 9.1% WITH A STRONG IMPROVENT IN MARGIN REVENUES OF THE DIVISION €m +9.1% • The marine division is confirming its growth trend (+9.1%) in a rapidly expanding market. 109.8 119.8 • Positive results have been further boosted by contribution from the refitting sector and robust d
Slide 15: Talenta
TALENTA REVENUES DECREASED BY 20.5% OFFSET BY A STRONG PROFITABILITY RECOVERY REVENUES OF THE DIVISION €m • Contraction especially at the beginning of 2023 in the professional cooking equipment sector. -20.5% • The division reported a 7.0 €m decrease in turnover, mainly due to a different timeline i
Slide 16: Mestieri
MESTIERI TOPLINE REDUCTION IN VOLUMES AFFECTING ALSO THE MARGINALITY REVENUES OF THE DIVISION €m -18.9% • The decrease is mainly attributable to the subsidiary Hysea, which in the first half of the year had revenues of 4.5 €m , whereas in 2024, with the conclusion of ongoing projects, it has not dev
Slide 17: Net result and cash flow
NET RESULT AND CASH FLOW NET RESULT AFFECTED BY NON - RECURRING ITEMS. STRONG CASH GENERATION CONSOLIDATED NET RESULT €m/% CASH FLOW €m 0.5 -1.2 15.8 -1.8 Ex.rate effects -2.3 Cash flow from -8.0 financing activities Net Net Margin Margin -1.9 Cash flow from -1.0% -0.7% -13.9 investing activities -5
Slide 18: Net financial position
NET FINANCIAL POSITION IMPROVEMENT OF THE FINANCIAL POSITION DRIVEN BY A MORE EFFICIENT OPERATING ACTIVITIES EVOLUTION OF NET FINANCIAL POSITION ex-IFRS16 €m 60.1 3.1 57.7 6.9 1.1 1.0 8.4 -0.5 -0.8 8.5 -13.2 54.3 • Cash flow from operating activities up for 15.8 €m. 22.5 36.0 (23.2) • Impact of earn
Slide 19: Annex
1. COMPANY OVERVIEW 2. H1 2024 FINANCIAL HIGHLIGHTS ANNEX - Income Statement (reclassified) - Statement of Financial Position (reclassified) - Consolidated Net Financial Position - Consolidated Cash Flow Statement (reclassified)
Slide 20: Consolidated income statement - reclassified
CONSOLIDATED INCOME STATEMENT - RECLASSIFIED Euro/000 30.06.2024 % 30.06.2023 % ∆ ∆% Revenue from contracts with customers 183,914 99.1% 190,146 99.2% (6,232) -3.3% Other revenues and income 1,650 0.9% 1,442 0.8% 208 14.4% Total revenues 185,564 100.0% 191,588 100.0% (6,024) -3.1% Materials, service
Slide 21: Consolidated statement of financial position - reclassified
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - RECLASSIFIED 31.12.2023 Euro/000 30.06.2024 restated Intangible assets 50,552 55,143 of which Goodwill 35,620 37,423 Tangible assets 18,496 19,109 Right-of-use assets 22,210 23,936 Investments in associates 335 339 Non-current financial assets 257 257 O
Slide 22: Consolidated net financial position
CONSOLIDATED NET FINANCIAL POSITION Euro/000 30.06.2024 31.12.2023 ∆ A. Cash and cash equivalents 61 46 15 B. Bank deposits 47,092 46,916 176 C. Total liquidity (A+B) 47,153 46,962 191 D. Current financial assets 12,775 21,888 (9,113) E. Current bank debt (37,544) (35,356) (2,188) F. Current portion
Slide 23: Consolidated cash flow statement - reclassified
CONSOLIDATED CASH FLOW STATEMENT - RECLASSIFIED Euro/000 30.06.2024 30.06.2023 Cash flows from operating activities 15,833 (7,953) Cash flows from investing activities (2,299) (1,931) Free Cash Flow 13,534 (9,884) Cash flows from financing activities (13,853) (4,955) Effect of exchange rate changes
Slide 24: Project cycle
PROJECT CYCLE 1 3 5 PRE-SALES SELECTING MATERIALS INSTALLATION The most complex phase, Somec Group works With more than 300 major which includes references, with different materials projects delivered, tested preliminary engineering depending on the sector. and approved, Somec Group with the analysi
Slide 25: Horizons: engineered systems for naval architecture and building façades
HORIZONS ENGINEERED SYSTEMS FOR NAVAL ARCHITECTURE AND BUILDING FAÇADES Marine glazing One of the major players in North America and Europe when it comes to the design, procurement, production, installation and maintenance of ship and building construction systems, characterised by the highest quali
Slide 26: Cruise ship projects
ENCHANTED PRINCESS ICON OF THE SEAS Princess Cruises Royal Caribbean NORWEGIAN PRIMA Norwegian Cruise Line 26
Slide 27: Building and ship reference projects
ECOSTA P F L - SMERALDA BÂTIMENT ME 2050 M STREET LCosta a u s aCrociere nne - Switzerland Washington, DC TWA FLIGHT CENTER HOTEL TNORWEGIAN H E J A C X PRIMA Jamaica Queens, NY L Norwegian o n g I s l a nCruise d C i tLine y, NY 27
Slide 28: Talenta: professional kitchen systems and products
TALENTA PROFESSIONAL KITCHEN SYSTEMS AND PRODUCTS Specialized integrated systems for professional kitchens Marine catering seamlessly blend aesthetics with high performance. equipment Turnkey projects tailored for the catering and hospitality industry adhere to the highest standards of certified eff
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Slide 31: Mestieri: design and production of bespoke interiors
MESTIERI DESIGN AND PRODUCTION OF BESPOKE INTERIORS A selected group of high-end artisan brands, Marine interiors each an absolute excellence in its own sector. Under Mestieri direction and coordination, this integrated ecosystem applies its genius to the bespoke creation of fine interiors and iconi
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Slide 33: Louis Vuitton
wey LOUIS VUITTON
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Slide 35: Investing in people is investing in the future
INVESTING IN PEOPLE IS INVESTING IN THE FUTURE "People are the greatest asset in a company. The continuous innovation at customer’s service and the constant enhancement of performances are the objectives reached by working in team.” Oscar Marchetto Attracting and retaining talent is pivotal for our
Slide 36: People empowerment
PEOPLE EMPOWERMENT TEAM GROWTH TOTAL INTERNAL MANAGEMENT Somec Group organization boasts an experienced and skilled team that grows day by day through an on going program of training and development. People empowerment is a key point of its strategy to maintaining high level. 36
Slide 37: Developing, preserving and passing on the Italian know-how
DEVELOPING, PRESERVING AND PASSING ON THE ITALIAN KNOW-HOW Somec Group was set up and developed as a local business based on the skilled hands of expert craftsmen. As it has expanded, it has always recognised the priceless value of Italian expertise, which is precise when it comes down to fine detai
Slide 38: Head, heart, hands. We make the future
HEAD, HEART, HANDS. WE MAKE THE FUTURE We collaborate with the greatest architects and designers at the service of the major shipbuilders, building developers and luxury brands all over the world. In the most beautiful cruise ships, In the skylines of the world’s In the professional kitchens In the
Slide 39: Disclaimer and notes
DISCLAIMER AND NOTES This document has been prepared by SOMEC S.p.A. (the ‘Company’) solely for the purposes of this presentation. This document may not be reproduced or distributed in whole or in part by any other person with any way than the Company. The Company takes no responsibility for the use
Slide 40: Contatti; Prossimi appuntamenti
CONTATTi Investor Relations somec@twin.services investorrelations@somecgroup.com PROSSIMI APPUNTAMENTI 25 Settembre 2024 Le Eccellenze del Made in Italy – by Intermonte Milano 15 Ottobre 2024 Investor Access Event – by Investor Access Parigi
Slide 41: Quote from Oscar Marchetto, Chairman & CEO
‘‘ (…) The truth is that the technical, industrial and craft expertise of our people, and the freedom with which everyone in the Group can be innovative, give us the energy to pursue our dream - to become the hub of Italian construction quality. ” OSCAR MARCHETTO CHAIRMAN & CEO somecgruppo.com