Slide 1: De'Longhi Group: FY 2015 results
March 3rd, 2016 De’Longhi Group: FY 2015 results
Slide 2: Disclaimer
De’Longhi Group: FY 2015 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: FY 2015 results; Appendix 1: Key P&L figures 2014-2015
De’Longhi Group: FY 2015 results FY 2015 results Appendix 1: Key P&L figures 2014-2015 3
Slide 4: Results overview
FY 2015 results Results overview o FY 2015 revenues were up +9.5%, or +6.6% excluding € 50.1 million positive Revenues currency impact, within a competitive market environment o Europe delivered sustained growth (+7.1% reported): Markets o South-West Europe p ggrew +9.8%, %, led byy Italy, y, Iberia
Slide 5: Results overview (cont'd)
FY 2015 results Results overview (cont’d) o Espresso coffee makers grew double-digit, led by fully automatic machines, manual Products machines hi andd by b internally-manufactured i t ll f t d capsule l machines hi (N (Nespresso “L tti i ” range “Lattissima” and “Jovia” DolceGusto) o Food preparati
Slide 6: Sales and net industrial margin
FY 2015 results Sales and net industrial margin EUR million FY 2015 FY 2014 Change FY 2015 - FY 2014 +6.6% at constant exchange rates Sales 1,891.1 1,726.7 164.4 9.5% Net Ind. Margin 904.6 815.7 89.0 10.9% % of sales 47.8% 47.2% 60bp Sales were up by 9.5% in 2015 (+6.6% at constant exchange rates)
Slide 7: Sales' breakdown by product
FY 2015 results Sales’ breakdown by product(1) ( ) 2014 sales breakdown by product 2015 sales breakdown by product heating other heating other a/c & air 5,8% 2,6% coffee treatment 4,9% 2,8% makers a/c & air 5 8% 5,8% 36,0% ttreatment t t floor care 6,9% 2,2% floor care coffee makers ironing 1,9% 38,
Slide 8: Sales' breakdown by market
FY 2015 results Sales’ breakdown by market 2014 sales breakdown by market 2015 sales breakdown by market Other N/E Europe Other S/W 10,7% Europe Other N/E Europe 17,6% 10,9% Other S/W Europe Ex-URSS 7 8% 7,8% 17 8% 17,8% Japan Ex-URSS 3,4% 6,2% Germany 12,9% Japan N. America 3,2% 5,7% Germany Austra
Slide 9: EBITDA and EBIT
FY 2015 results EBITDA and EBIT EUR million FY 2015 FY 2014 Change FY 2015 - FY 2014 EBITDA 287.8 260.1 27.7 10.6% before non recurring items % off sales l 15 2% 15.2% 15 1% 15.1% 15b 15bp EBITDA 285.2 259.6 25.6 9.9% FX impact on EBITDA €-37 % of sales 15.1% 15.0% +5bp million EBIT 232.7 212.7 19.9
Slide 10: Costs contribution to 2015 EBITDA
FY 2015 results Costs contribution to 2015 EBITDA Eur million 2.000 1.800 420 6 420,6 1.600 1.400 408,0 1.200 1.000 177,6 800 96,3 8,2 228,7 600 400 263,9 2,6 200 285,2 0 Raw Materials Finished A&P Transportation Power Supply Personnel Other Operating Non recurring EBITDA and Products and and logist
Slide 11: Costs contribution to 2015 EBITDA (% of revenues)
FY 2015 results Costs contribution to 2015 EBITDA (% of revenues) % of revenues 100,0% 90,0% 22,2% 80,0% 70,0% 21,6% 60,0% 50,0% 9,4% 5,1% 40,0% 0,4% 12,1% 30 0% 30,0% 14,0% 20,0% 0,1% 10,0% 15,1% 0,0% 0 0% Raw Materials Finished A&P Transportation Power Supply Personnel Other Operating Non recurrin
Slide 12: Operating costs changes 2015 vs 2014
FY 2015 results Operating costs changes 2015 vs 2014 …finished Higher raw materials and …A&P spending marginally lower than previous products …higher other operating components purchases due year, while transportation and logistics costs costs share costs mainly linked to to growing share of interna
Slide 13: Performance by quarter
FY 2015 results Performance by quarter(1) ( ) Eur million 70,0 30,0% 60,1 60,0 , 25,0% On a quarterly basis, growth has been 50,0 20,0% 20,0% achieved throughout the year, with Q4 40,0 37,5 36,5 facing a more difficult comparison base 16,6% 30 3 30,3 15,0% 30,0 12,9% Despite a material foreign e
Slide 14: Contribution of quarters to annual EBITDA
FY 2015 results Contribution of quarters to annual EBITDA(1) ( ) 50,0% 47,4% 47,4% 44,1% 42,3% 40,7% 39,1% 40 0% 40,0% 28,4% 30,0% 26,2% 24,6% 21,4% 17,7% 19,1% 18,4% 18,5% 19,0% 19,1% 20,0%17,1% 16 0% 16,0% 15 8% 15,8% 16 6%16,8% 16,6% 16 8% 15 6% 15,6% 14,6% 13,7% 10,0% 0,0% , mar-10 giu-10 set-10
Slide 15: EPS
FY 2015 results EPS EUR million FY 2015 FY 2014 Change FY 2015 - FY 2014 Net Profit 149.5 126.5 23.0 18.2% pertaining to the Group % of sales 7.9% 7.3% 58bp EPS 1.00 0.85 18.2% Dividend PS 0.44(2)(1) 0.41 7.3% (1) Payout ratio 44.0% 48.4% Net profit substantially higher than 2014 despite higher D&
Slide 16: The financial position
FY 2015 results The financial position EUR million FY 2015 FY 2014 Change FY 2015 - FY 2014 Net Working Capital 250,4 236,2 14,2 Net Equity (excl (excl. Minorities) 902 9 902,9 783 2 783,2 119 6 119,6 Net Debt / (Net Cash) -188,9 -89,0 -99,9 (1) Net Debt / (Net Cash) vs banks&third party lenders -21
Slide 17: The cash flow performance
FY 2015 results The cash flow performance Positive impact Relatively limited cash absorption Increased dividend Slight reduction in capex from 2014 mainly from fair Eur million from working capital considering in absolute terms due to lower extraordinary value cash flow value,cash organic sales grow
Slide 18: Strong free cash flow generation
FY 2015 results Strong free cash flow generation Household division pro-forma Free Cash Flow performance (before dividend and capex) (excluding Braun acquisition) 2014 benefitted from € 49.5 M positive 2012 impacted by a temporary increase Eur million in working capital and by non-cash items impact
Slide 19: Appendix 1: Key P&L figures 2014-2015
De’Longhi Group: FY 2015 results FY 2015 results Appendix 1: Key P&L figures 2014-2015 19
Slide 20: Key P&L figures 2014-2015
Appendix 1 Key P&L figures 2014-2015 (1) (Euro million) 2014 2015 FULL FULL Q1 14 Q1-14 Q2 14 Q2-14 Q3 14 Q3-14 Q4 14 Q4-14 Q1 15 Q1-15 Q2 15 Q2-15 Q3 15 Q3-15 Q4 15 Q4-15 YEAR YEAR Revenues 338.1 362.0 386.8 639.8 1,726.7 368.4 422.2 424.3 676.3 1,891.1 % change y-o-y 7.1% 4.4% 6.4% 8.2% 6.8% 9.0%
Slide 21: Thank you!
Th k you!! Thank Contacts: Fabrizio Micheli – Head of Finance & Investor Relations Manager – T: +39 0422 413235 investor.relations@delonghigroup.com