Fluidra, S.a. · BME:FDR
Fluidra — Non-Deal Roadshow (March 2013)
37 slides from Fluidra's roadshow presentation, March 2013
Slide 1: Fluidra March 2013
FLUIDRA @eece March 2013
Slide 2: Disclaimer
Disclaimer This document is for information only and does not constitute an offer to sell, exchange or buy, or an invitation to make offers to buy, securities issued by any of the companies mentioned. This financial information has been prepared in accordance with International Financial Reporting S
Slide 3: Table of Contents
Table of Contents 1. Fluidra at a glance 2. Shareholder Structure 3. Business Model 4. Financial Performance 5. Strategy and 2012 Investment Highlights 3
Slide 4: Fluidra at a glance
1 Fluidra at a glance BORRADOR 4
Slide 5: Fluidra at a Glance
Fluidra at a Glance FY2011 FY2012 Guidance 2013E Strong €624.0m Rev. (+7.4%) €628.8m Rev. (+0.8%) Revenues: +2.5% Financial €70.2m EBITDA (+8.1%) €72.2m EBITDA (+2.9%) €74 - 76m EBITDA Performance €174.2m Net Debt (+18.0%) €180.6m Net Debt (+2.3%) Net Debt/ EBITDA < 2.5x International leader in di
Slide 6: Summary Financials
Summary Financials Improving efficiency Centralization of distribution and commercial platforms, as well as manufacturing facilities Consolidation of manufacturing plants Improvement in top line performance and significant EBITDA uplift Sales (€m) EBITDA (€m) & EBITDA Margin 82 '09-12E CAGR: 4.6% '0
Slide 7: Shareholder Structure
2 Shareholder Structure BORRADOR 7 20
Slide 8: Shareholder Structure
Shareholder Structure The renewal of the shareholders’ agreement by the founding families and Banc Sabadell reflects their confidence in Fluidra’s growth strategy and in its future projects Boyser 14.1% Free float 32.4% Edrem 13.5% Founding Families 49.9% Dispur 12.2% CaixaBank 8.0% Aniol Banc Sabad
Slide 9: Business Model
3) Business Model @eece @e@ece FLUIDRA 9
Slide 10: Fluidra in the Business Value Chain: an integrated model
Fluidra in the Business Value Chain: an integrated model Manufacturing & Logistics & I+D+i Distributor (B2B) Local Pool, Water Treatment, Irrigation and Fluid Handling Turn Key Projects Large Spa / Wellness and Distributors/Retailers Industrial Water & Installers Treatment (B2C; Mass Market) Builder
Slide 11: Overview of Divisions and Business Units
Overview of Divisions and Business Units Divisions (aggregated figures) NEEMEA SWE AAP Industrial North/East Europe South West America Fluidra Production Middle East Europe Asia Pacific Facilities Africa FY 2012 Revenues €308M €110M €138M €298M €628.8M (36%) (13%) (16%) (35%) €427M Design, product
Slide 12: Distribution Network
Distribution Network 125 branches in 41 countries Sant Boi (Spain) China France Russia Australia 12 17
Slide 13: Manufacturing Facilities
Manufacturing Facilities Facilities located mainly in Europe and some in US, China and Australia US Europe China Pool Facility US - New Jersey Water Facility Irrigation Fluid Handling Latam Spain - Metalast Australia Spain - Poltank France Israel China Australia 13 16
Slide 14: Internationally recognized leadership
Internationally recognized leadership Country Market Share (%) Fluidra Other 65% 55% 57% 38% 35% 27% 31% Spain Portugal France UK Italy Middle East Australia Market Position #1 #1 #1 #1 #1 #1 #1 14 19
Slide 15: Fluidra's Positioning in the Water Business
Fluidra’s Positioning in the Water Business Zenon Municipality ITT Suez Siemens Pentair Agbar FlowServe Industrial PALL EBARA -GF+ Grunfos Netafim Cuno Toro Aliaxis Commercial Pentair Fluidra’s market BWT RainBird Zodiac Culligan Residential Hayward Pool Corp. Components & Distribution & Systems Ope
Slide 16: Financial Performance
4 Financial Performance BORRADOR 16 20
Slide 17: 2012 Results – Consolidated Profit and Loss Account
2012 Results – Consolidated Profit and Loss Account December FY2011 December FY2012 €M % sales €M % sales Evol.12/11 Sales 624,0 100,0% 628,8 100,0% 0,8% Gross Margin 312,4 50,1% 313,6 49,9% 0,4% Opex before Dep.& Amort. 237,2 38,0% 235,8 37,5% -0,6% Provisions for bad debt 5,1 0,8% 5,7 0,9% 11,8% E
Slide 18: 2012 Results - Sales by Geographical Area
2012 Results - Sales by Geographical Area Sales by Geographical Areas Chg. 2011 % sales 2012 % sales €M 12/11 Spain 141,2 22,6% 130,7 20,8% -7,5% Southern Europe - 211,6 33,9% 200,4 31,9% -5,3% Rest Northeastern Europe 87,2 14,0% 85,0 13,5% -2,5% Eastern Europe 29,4 4,7% 30,5 4,8% 3,7% Asia & Austra
Slide 19: 2012 Results – Sales by Business Unit
2012 Results – Sales by Business Unit Sales by Business Unit Evolution 2011 % sales 2012 % sales €M 12/11 Pool 430,1 68,9% 426,9 67,9% -0,8% - Private 363,7 58,3% 365,6 58,1% 0,5% - Commercial 66,4 10,6% 61,3 9,8% -7,7% (1) Water Treatment 105,2 16,9% 104,5 16,6% -0,7% Irrigation 36,5 5,9% 35,0 5,6%
Slide 20: 2012 Results – Net Working Capital
2012 Results – Net Working Capital January - December Chg. Net Working Capital (€M) 2011 2012 €M 12/11 202.4 211.7 Stocks 141.7 141.5 -0.2% Receivables 151.0 158.3 4.8% Payables 90.3 88.0 -2.6% Net Working Capital 202.4 211.7 4.6% 2011 2012 2011 2012 • The evolution in Net Working Capital is due to
Slide 21: 2012 Results – Net Financial Debt and Free Cash Flow
2012 Results – Net Financial Debt and Free Cash Flow January - December Chg. 2011 2012 € M 12/11 Net Financial Debt (€M) Net Income 15.1 14.5 -0.6 176.6 180.6 Depreciation (+) 33.3 46.3 13.0 Increase (-) / Decrease (+) NWC -6.0 -9.3 -3.3 Capex (organic) -21.4 -22.3 -0.9 Free Cash Flow 21.0 29.2 8.2
Slide 22: 2012 Results– Balance Sheet Evolution
2012 Results– Balance Sheet Evolution The Group's Balance Sheet is sound, allowing us to continue to develop our diversification and internationalization expansion plans. Net Assets (€M) Equity & NFD (€M) 503.0 520.4 503.0 520.4 Net current 116,2 134,0 assets 180,6 NFD 176,6 Fixed assets 386,8 386
Slide 23: Strategy and 2012 Investment Highlights
5 Strategy and 2012 Investment Highlights BORRADOR 23 29
Slide 24: Strategy
Strategy Worldwide Water company serving our customers An International pool company with Europe as a main Market 24 24
Slide 25: Strategy guidelines
Strategy guidelines • Focus on emerging markets, both organic and through acquisitions • Build global capabilities • Expand product range for the park driven by sustainability criteria • Increase penetration of irrigation, domestic WT and fluid handling • Develop channels based on current structure
Slide 26: International Leadership
International Leadership • Indonesia : Fluidra has opened a new branch in Jakarta through the acquisitions of Dunian Renang, local trade mark and the second company in this market with a total market share of 20% and € 3M of annual revenues. • Jordan: Fluidra has opened a new branch in Amman. With t
Slide 27: International Leadership
International Leadership • Fluidra acquired VEICO, company that makes accessories for pools in the Brazilian state of Santa Caterina. • Veico has a turnover of more than Euro 3M and industrial facilities of 1,500 square meters. Veico - • Veico gives us manufacturing capabilities in a country where t
Slide 28: Turn Key Projects
Turn Key Projects • Cartoon Network Amazone project , the first international thematic park of Thailand. Based on Bang Saray, near Pataya. • Project of 2.5 million Euros to provide and execute hydraulic works and fluid handling in the hole area of 55.000 m2. The park will Cartoon open in 2013 and wi
Slide 29: Product Innovation
Product Innovation • Launch of high range products "Viron" for U.S. and Australian residential markets, consisting of pumps, cartridge filters, control system with touchpad's, air conditioning, etc.. And characterized by a commitment to sustainability, energy efficiency and cutting edge technology,
Slide 30: Leverage Pool Distribution Network
Leverage Pool Distribution Network Distribution: New branch format Old Model: branch with relatively large storage surface and just want point for customer attention New Model: Self service format, with different areas for training, show room and exhibits • Promotes cross-selling, becoming a one-sto
Slide 31: Become a player in Industrial FH in Asia
Become a player in Industrial FH in Asia Diversificación e Internacionalización Fluidra • Fluidra closed the signature of a joint venture in China, Fluidra Youli Fluid Systems (Wenzhou), dedicated to fluid handling in the Asian Youli market and an initial focus in the Chinese market •Industrial Flui
Slide 32: Become a player in Industrial FH in Asia
Become a player in Industrial FH in Asia •Constitution of the Joint Venture: Fluidra contributes Euro 4,8M and Youli contributes the manufacturing facility. Fluidra •There are several earn out payments conditional on results up to a maximum limit of Euro 14,9M Youli •2012: Euro 2,1M Operation •2013:
Slide 33: Develop Industrial Water Treatment business model
Develop Industrial Water Treatment business model Business Model Mid-size solutions across different fields Mainly turn-key projects to install water treatment plants co-located at the customer’s facilities Focus on growth through international expansion Al Raha Garden (Abu Dabi) Commercial network
Slide 34: Improve Margins and Cash Flow Generation
Improve Margins and Cash Flow Generation Lean Management Program: Key Principles Commitment Potential to Improve Commitment from senior and middle Aggressive optimization objectives management, as well as employees “Sky is the limit” in terms of potential to Pragmatic approach: focus on “real-life”
Slide 35: Operational Excellence
Operational Excellence Asia • Asia Division, Fluidra has created this new division to promote activities in the Asian market. This new structure will bring together the operations Division on the continent. Presence of Fluidra in Asia 3535
Slide 36: Investment Highlights
Investment Highlights International leadership High Quality Recurrent revenues Business Financial strength and proven flexibility Clear road map to increase shareholder’s value Consolidator in a fragmented market Attractive Industry Growth markets Attractive Lower multiples versus peers Valuation 36
Slide 37: Contact
Contact: Avda. Francesc Macià, 60, planta 20 08208 Sabadell (Barcelona) Tel: +34 902 026 039 / +34 937 243 900 e-mail: investor_relations@fluidra.com BORRADOR 37 20