Elica S.p.A. · MIL:ELC
Elica — H1 2018 Earnings Presentation
21 slides from Elica's earnings presentation, Aug 2, 2018
Slide 1: H1 2018 Results
H1 2018 Results Thursday 2nd of August, 2018
Slide 2: H1 2018 Highlights
H1 2018 Highlights ▪ 6th QTR of EBITDA Adj. growth ▪ Elica Reported Sales +0.2% vs H1 2017 ▪ +3.1% vs 2017 Net FX ▪ +5.5% vs 2017 @ constant perimeter ▪ EBITDA Adj. 20,1 M€ (+9,2% vs H1 2017) @ 8.2% on Net Sales (+70 b.p. vs H1 2017) ▪ EBIT Adj. 10,2 M€ (+28,8% vs H1 2017) @ 4.2% on Net Sales (+90 b
Slide 3: Cooker Hoods Industry Unit Shipments
Cooker Hoods Industry Unit Shipments Volume Data_ Change % vs. Y-1 Q2 ‘18 H1 ‘18 Key evidence Western Europe (0.5%) (0.4%) Eastern Europe (incl. CIS) 3.2% 4.2% EMEA European positive demand driven by Eastern Europe – Europe 1.1% 1.6% mainly thanks to Russia. WE keeps showing a slight deceleration du
Slide 4: Sales Key drivers
Sales Key drivers H1 2018 Q2 2018 Change vs. Y-1 Change vs. Y-1 €M % €M % (Divestiture) (5.8) (2.4)% (Divestiture) (3.1) (2.5)% Vol/Price/Mix 13.3 5.5% Vol/Price/Mix 6.7 5.4% Currency (7.1) (2.9)% Currency (3.6) (2.9)% Total 0.4 0.2% Total 0.0 0.0% Consolidated Net Sales growing @ +5,5% vs 2017 Net
Slide 5: Sales Distribution
Sales Distribution H1 2018 (M€) Q2 2018 (M€) ▪ REGIONAL SALES DISTRIBUTION ▪ REGIONAL SALES DISTRIBUTION 175,5 +4.8% vs. LY (+5.2% Net FX) 72% 89,8 +4.3% vs. LY (+4.7% Net FX) EMEA 72% 167,5 EMEA 86,2 35,4 -11,6% vs. LY (-1.8% Net FX) 15% 18,1 -9.1% vs. LY (+0.8% Net FX) AMERICAS 15% 40,0 AMERICAS 1
Slide 6: High Growing Categories
High Growing Categories Growing trend in all key product categories empowered by Eurocucina Fair success
Slide 7: Nikola Tesla Go To Market
NIKOLA TESLA GO TO MARKET
Slide 8: Nikola Tesla: Point of Difference
POWERFUL EASY TO AND CLEAN SILENT NIKOLATESLA: POINT OF DIFFERENCE EASY COOKING TO USE EXPERIENCE
Slide 9: Nikola Tesla Prime and Switch
NIKOLA TESLA PRIME Phase in: July 2018 Priority Market: Italy, Germany, Iberian area, France NIKOLA TESLA SWITCH Phase in: July 2018 Priority Market: Italy, Germany, Iberian area, France
Slide 10: 6th QTR of solid performance growth
6th QTR of solid performance growth 20,0 9,0% 8,3% 8,1% 7,9% 18,0 7,6% 7,6% 7,7% 8,0% 16,0 7,0% 6,2% 14,0 6,0% 12,0 10,4 5,0% 10,0 9,4 9,6 9,7 9,0 8,8 4,0% 8,0 7,4 3,0% 6,0 2,0% 4,0 2,0 1,0% 0,0 0,0% 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 EBITDA AdJ (€M) % on Net Sales 10,4 M€ Highe
Slide 11: EBITDA Adj - Key drivers
EBITDA Adj - Key drivers H1 2018 Q2 2018 Change vs. Y-1 Change vs. Y-1 Volume/Price/Mix +++ Volume/Price/Mix +++ Operations efficiency + Operations efficiency + Currency - Currency - Cost efficiency -- Cost efficiency -- EBITDA Adj 1.7 EBITDA Adj 1.0 11
Slide 12: EBITDA Adj and EBITDA
H1 2018 EBITDA Adj EBITDA H1 2018 Q2 2018 M€ M€ % NS 8,2% +60 bps 7,6% % NS 8,3% +70 bps 7,6% 25,0 20.1 +9,2% 18.4 12,0 20,0 10.4 +10.6% 9.4 4,0 1,3 10,0 1,0 15,0 8,0 4,0 6,0 10,0 16,1 17,1 4,0 8,4 6,4 5,0 2,0 0,0 0,0 H1 2018 H1 2017 H1 2018 H1 2017 EBITDA ADJUSTMENT EBITDA ADJUSTMENT ▪ 4.0 M€ of
Slide 13: Consolidated Net Profit
H1 2018 Consolidated Net Profit H1 2018 Q2 2018 M€ M€ 2,5 2.4 0.6 0,6 2,0 0,5 1,3 0,4 1,5 1.2 0,3 0.2 0,5 1,0 0,3 0,2 0,5 1.0 0,3 0,9 0,1 0,0 0,0 0,0 H1 2018 0,0 H1 2017 H1 2018 H1 2017 -0,1 Net Profit (Att. Group) Minorities Net Profit (Att. Group) Minorities ▪ Adjusted Net Profit attributable to t
Slide 14: H1 2018 Consolidated Income Statement
H1 2018 - Consolidated Income Statement €M H1 ’18 H1 ’17 % Net Sales 243.3 242.8 0.2% EBITDA Adj 20.1 18.4 9.2% % 8.2% 7.6% 60 b.p. EBITDA 16.1 17.1 (6.2%) % 6.6% 7.1% (50 b.p.) EBIT 6.2 6.7 (7.0%) % 2.6% 2.8% (20 b.p.) Net Result 2.4 1.2 96.9% % 1.0% 0.5% 50 b.p. EPS* – Euro cents 1.67 1.47 13.6% *
Slide 15: Net Financial Position
H1 2018 Net Financial Position H1 2018 H1 2017 69,3 16,3 14,2 2,9 0,3 69,9 4,2 0,5 70,6 60,8 13,0 6,9 OPENING OPERATING CAPEX OTHER FX EFFECT CLOSING OPENING OPERATING CAPEX OTHER FX EFFECT CLOSING NFP CASH FLOW FINANCIAL NFP NFP CASH FLOW FINANCIAL NFP ITEMS ITEMS Operating CF 16,3 M€ financing New
Slide 16: Elica H1 2018: Takeaways
Elica H1 2018: Takeaways ▪ WW positive Market demand environment ▪ “Own Brand” business boosting in key product categories after enthusiastic customer feedbacks and high visibility @ April Eurocucina fair ▪ 6th QTR in a row of solid performance growth (EBIT Adj. +28,8% vs H1 2017) ▪ Strong improveme
Slide 17: Annexes
ANNEXES Financial Highlights Thursday 2nd of August, 2018
Slide 18: H1 2018 Net Working Capital
H1 2018 - Net Working Capital €M 12M’13 H1 ‘18 12M’13 H1 ‘17 Δ Trade receivables 72.6 83.7 (11.1) % on annualized sales 14.9% 17.2% (230) b.p. Inventories 77.5 76.2 1.3 % on annualized sales 15.9% 15.7% 20 b.p. Trade payables (125.4) (126.38) (1.4) % on annualized sales (25.8)% (26.1)% (30 b.p.) Man
Slide 19: H1 2018 Consolidated Cash Flow
H1 2018 - Consolidated Cash Flow €M H1 ’18 H1 ’17 Operating Cash Flow 16.3 6.9 CapEx (14.2) (13.0) M&A operations 0.0 0.0 Cash Flow from Financing Activities (2.9) (4.3) ∆ Net Financial Position (0.8) (10.4) 19
Slide 20: H1 2018 Consolidated B/S
H1 2018 - Consolidated B/S 2018 2017 2018 2017 Net Operating Fixed 161.8 160.4 Net Financial Position 69.9 70.6 Assets Group Equity 97.1 106.4 Net Working Capital 10.9 18.3 Minorities 7.0 4.2 Total Shareholders’ 104.0 110.5 Net Financial Assets 1.1 2.4 Equity Net Capital Employed 173.9 181.2 Total S
Slide 21: Disclaimer
Disclaimer This presentation contains forwards-looking information and statements about Elica S.p.A. and its Group. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regar