El.en. S.p.a. · MIL:ELN
El.en — 9M 2016 Earnings Presentation
35 slides from El.en's earnings presentation, Nov 23, 2016
Slide 1: Company Presentation: 9M 2016 Financial Results
COMPANY PRESENTATION 9M 2016 FINANCIAL RESULTS INTERMONTE Nov. 23rd 2016
Slide 2: Disclaimer
Disclaimer 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 statements. Forward-looking statements involve known or unknown risks, including general economic
Slide 3: Summary
Summary 1. LASER: APPLICATIONS AND MARKETS 2. EL.EN. GROUP 3. 9 MONTHS 2016 FINANCIAL RESULTS 4. 2016 TARGETS 5. EL.EN. STOCK, MULTIPLES & COMPARABLES
Slide 4: Laser: Applications and Markets
Laser: Applications and Markets
Slide 5: Laser Target
LASER Light Amplification by Stimulated Emission of Radiation Laser Source Beam Delivery TARGET Control User Interface
Slide 6: Medical and Aesthetic Applications
Medical and Aest. Applications
Slide 7: Industrial lasers applications
Industrial lasers applications
Slide 8: Surgical Laser systems
Surgical Laser systems Cyber Tm for BPH
Slide 9: Aesthetic Laser systems
Aesthetic Laser systems Discovery Pico Mediostar Motus AX
Slide 10: Industrial Laser systems
Industrial Laser systems Ge. CUTLITE A PENTA EA le www.elengroup.com ?) PENTA CHUTIAN
Slide 11: The Medical Laser Market
The MEDICAL Laser Market Global market for medical lasers by end use, through 2019 ($ millions) Market Segment 2014 2019 CAGR% 2014-2019 Surgical 813 1.219 8,4% Cosmetic 1.024 2.097 15,4% Dental 244 623 20,7% Veterinary 115 247 16,5% Total 2.195 4.185 13,8% Source: BCC research
Slide 12: The Industrial Laser Market
The INDUSTRIAL Laser Market Global market and forecast for high power laser systems, by application (by value) By Value CAGR (%) 2016 2020 2013-2016 2016-2020 Cutting 3.014 3.965 7,8 7,1 Welding and Brazing 1.605 2.231 8,7 8,6 Surface treatment and Other 63 86 8,3 8,1 Total 4.682 6.282 8,1 7,6 Sourc
Slide 13: El.En. Group
El.En. Group
Slide 14: Group Overview
Group Overview High –Tech laser photonics Group Develops, manufactures and distributes on a global basis laser sources and laser systems for medical and industrial applications Know-how based on 35 years stratification of multidisciplinary experience FY 2015: Consolidated Revenue at €218 mln, up 21%
Slide 15: El.En. Group
El.En. Group
Slide 16: Strategic Strengths
Strategic Strengths Multidisciplinary and multifacility R&D activity: sources, systems, applications Industrial Combine High tech laser source development with flexible production facilities focusing on application Medical Technological and clinical innovation improving performances and broadening t
Slide 17: Consolidated Revenues and EBIT
Consolidated Revenues and EBIT SALES EBIT 250 38 225 33 200 28 175 23 150 18 125 13 100 8 75 50 3 25 (2) 0 (7) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (E)
Slide 18: R&D Activity
R&D Activity Clinical trials and validations of new therapeutic laser treatments and research on new applications of laser- tissue interaction Broadening Mona Lisa Touch Clinical studies New Pico second laser platform Clinical studies on cutaneous ulcers Painless laser hair removal Patents developme
Slide 19: New factory in Samarate
New factory in Samarate…..
Slide 20: ... and in Wenzhou (PRC)
c.&, ..and in Wenzhou (PRC) &1 En. Group
Slide 21: 9 Months 2016 Financial Results
9 Months 2016 Financial Results
Slide 22: Consolidated P&L – 9 Months
Consolidated P&L – 9 MONTHS Euro/000 30/09/15 30/09/16 Var.% Revenues 156.006 100,0% 179.565 100,0% 15,1% Gross margin 70.236 45,0% 78.623 43,8% 11,9% Operating Expenses 20.789 13,3% 22.875 12,7% 10,0% Staff espenses 30.136 19,3% 32.785 18,3% 8,8% EBITDA 19.310 12,4% 22.962 12,8% 18,9% Depr., amort.
Slide 23: Consolidated P&L – Q3
Consolidated P&L – Q3 Euro/000 Q3-15 Q3-16 Var.% Revenues 49.122 100,0% 59.389 100,0% 20,9% Gross margin 22.159 45,1% 25.358 42,7% 14,4% Operating Expenses 6.147 12,5% 7.429 12,5% 20,9% Staff espenses 9.231 18,8% 10.534 17,7% 14,1% EBITDA 6.781 13,8% 7.395 12,5% 9,1% Depr., amort., accruals 962 2,0%
Slide 24: Net financial position and Capex
Net financial position and Capex Euro '000 31/12/15 30/09/16 Net financial position : 29.815 72.222 Financial invest. m/l term: 10.643 10.798 Dividend paid 6.384 Proceeds from Cyno shares sale 39.880 Euro '000 30/09/15 30/09/16 Q3/16 Capex 4.934 9.552 5.042 Buildings, lands & plants 3.100 8.100 4.60
Slide 25: Breakdown by Business
Breakdown by Business 140 +11% 120 100 80 +24% Mln 60 40 20 - Medical Industrial 09/15 09/16
Slide 26: Breakdown by Area
Breakdown by Area 140 +14% 120 100 80 +25% +10% Mln 60 40 20 - Italy Europe Row 09/15 09/16
Slide 27: Medical Lasers Business
Medical Lasers Business 70 MEDICAL: +11% 60 +11% 50 +3% 40 +19% Mln 30 20 +21% 10 - Aesthetic Surgical Physiotherapy Service 09/15 09/16
Slide 28: Industrial Lasers Business
Industrial Lasers Business +34% 50 INDUSTRIAL: 45 +24% 40 35 30 25 Mln 20 15 +11% 10 -22% +4% 5 - Cutting Marking Laser sources Service 09/15 09/16
Slide 29: 2016 Targets
c&.& ——£LEn. Group Cee 2016 Targets
Slide 30: 2016 Guidance
2016 Guidance Sales 2016 = Sales 2015 +10% -> €239 mln EBIT 2016 = EBIT 2015 +15% -> €25 mln
Slide 31: El.En. Stock, Multiples & Comparables
El.En. Stock, Multiples & Comparables
Slide 32: El.En. Stock
El.En. Stock 400 400 350 350 300 300 250 250 200 200 150 150 100 100 50 50 0 0 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 El.En. S.p.A. (Rebased) FTSE MIB (Rebased)
Slide 33: El.En. Multiples
El.En. Multiples Stockholder's Equity per share 9 Price / Book Value Adj. 2,3 EV /EBIT (85% EBIT) 14,6 EV / Sales (85% Sales) 1,6 El.En. Market Cap. 410,1 @ € 21,25 Net financial position 72,2 @ 30/09/16 Financial investments m/l term 10,8 @ 30/09/16 Enterprise Value 327,1
Slide 34: El.En. Comparables
El.En. Comparables Sept. 30th, 2016 Price Revenue Var.% EBIT EBIT % MK.Cap. EV EV/Sales EV/EBIT P/E (*) P/Book Medical/Aesthetic Revenue (*) (*) Value Syneron $7,90 $215.210 8% $3.002 1% $270.700 $187.805 0,7 46,9 188,0 1,3 Zeltiq $42,77 $249.091 41% $(3.034) -1% $1.760.000 $1.698.552 5,1 n.a. n.a.
Slide 35: Contacts
El.En. SPA Enrico ROMAGNOLI Investor Relations Manager tel. +39 055-8826807 E-mail: finance@elen.it POLYTEMS HIR SRL Bianca FERSINI MASTELLONI Financial Communication Tel. +39 06-6797849 / +39 06-69923324 E-mail: b.fersini@polytemshir.it POLYTEMS HIR SRL Silvia MARONGIU Press office Tel. +39 06-6797