Somec S.p.a. · MIL:SOM
Somec — Investor Presentation (February 2025)
44 slides from Somec's investor presentation, February 2025
Slide 1: Company Presentation February 2025
COMPANY PRESENTATION February 2025
Slide 2: Company Overview, Financial Highlights, Annex
1. COMPANY OVERVIEW 2. 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: 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 5: International presence
INTERNATIONAL PRESENCE FLORIDA NAVALTECH TEXAS PIZZAGROUP USA FL LEGEND 4 weADauaRTERS tal PRODUCTION PLANTS JRL NO-PRODUCTION PLANTS © BRANCHES Ts| A NNN NEW YORK i 3.0 PARTNERS USA i BLUESTEEL GROUP USA Bi MESTIERI USA CONNECTICUT wl FABBRICA CANADA ALATELIER DE FAGADES GERMANY SOMEC BRANCH ‘OXIN
Slide 6: A world of companies
A WORLD OF COMPANIES specialising in three macro segments 6
Slide 7: 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 8: Cruise ship references
ENCHANTED PRINCESS ICON OF THE SEAS Princess Cruises Royal Caribbean NORWEGIAN PRIMA Norwegian Cruise Line 8
Slide 9: Building and ship project references
ECOSTA P F L - SMERALDA BÂTIMENT ME 2050 M STREET LCosta a u s aCrociere nne - Switzerland Washington, DC TWA FLIGHT CENTER HOTEL T NORWEGIAN 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 9
Slide 10: Talenta: professional kitchen systems and products
TALENTA PROFESSIONAL KITCHEN SYSTEMS AND PRODUCTS Specialized integrated systems for professional kitchens seamlessly blend aesthetics with high performance. Marine catering equipment Turnkey projects tailored for the catering and hospitality industry adhere to the highest standards of certified eff
Slide 11: 11
11
Slide 12: 12
12
Slide 13: 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
Slide 14: 14
14
Slide 15: 15
15
Slide 16: 16
16
Slide 17: Unlocking opportunities in high-growth markets with strong momentum
UNLOCKING OPPORTUNITIES IN HIGH-GROWTH MARKETS WITH STRONG MOMENTUM CRUISE AND LUXURY INTERIOR DESIGN SURGING GLOBALLY § The cruise industry is expected to exceed 37 million § Evolving luxury retail: investments in boutiques and passengers globally in 2025. Revenue projected to grow flagship stores
Slide 18: 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 Strong growth, potentially surpassing CLIA’s forecast of 34.7 million passengers in worldwide and $43 billion in wages 2
Slide 19: 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 indust
Slide 20: 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 21: Financial Highlights
1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS ANNEX
Slide 22: 9M 2024 revenues
9M 2024 REVENUES* CONSOLIDATED REVENUES STILL IMPACTED BY A TEMPORARY DOWNTURN TOTAL REVENUES AS 30 SEPTEMBER 2024* €m REVENUES BREAKDOWN BY DIVISION* % on total -3.6% 26.5% 21.6% 9M 2023 57.1% 280.0 270.0 9M 2024 16.4% 15.1% 63.3% 9M 2023 9M 2024 • 9M 2024 revenues were still impacted by a temporar
Slide 23: Revenues as of 30 June 2024
REVENUES AS 30 JUNE 2024 TOPLINE SLIGHTLY AFFECTED BY ORDER TIMING SHIFT IN THE SECOND HALF OF THE YEAR TOTAL REVENUES €m REVENUES BREAKDOWN BY DIVISION % on total Horizons - -3.1% Engineered systems of naval architecture and building façades H1 2023 21.0% Talenta - 191.6 185.6 Professional H1 2024
Slide 24: H1 2024 operating profitability
H1 2024 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 significan
Slide 25: Order backlog as of 30 June 2024
ORDER BACKLOG AS 30 JUNE 2024 BACKLOG IMPROVENT (+4.1%) DRIVEN BY MESTIERI DIVISION BACKLOG €m BACKLOG BREAKDOWN BY DIVISION % +4.1% Horizons - Engineered Systems for Naval 17.6% Architecture and Building Façades 783 Talenta - Professional 752 H1 2024 Kitchen Systems and 19.4% Products 63.0% Mestier
Slide 26: Solid backlog strengthened by strong acceleration in 2024
SOLID BACKLOG STRENGTHENED BY A STRONG ACCELERATION IN 2024 APPROX. 300 MILLION EURO ORDERS AWARDED IN 2024 MAINLY BY HORIZONS DIVISION BACKLOG EVOLUTION IN 2024 BY DIVISION HORIZONS TALENTA MESTIERI ENGINEERED SYSTEMS FOR PROFESSIONAL KITCHEN DESIGN AND PRODUCTION OF NAVAL ARCHITECTURE AND SYSTEMS
Slide 27: Horizons (H1 2024)
HORIZONS (H1 2024) 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 an
Slide 28: Talenta (H1 2024)
TALENTA (H1 2024) 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
Slide 29: Mestieri (H1 2024)
MESTIERI (H1 2024) 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 h
Slide 30: Net result and cash flow as of 30 June 2024
NET RESULT AND CASH FLOW AS 30 JUNE 2024 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 Cash flow from -1.9 -13.9 investing activitie
Slide 31: Net financial position as of 30 June 2024
NET FINANCIAL POSITION AS 30 JUNE 2024 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. 36.0 22.5 (23.2)
Slide 32: Annex
1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS ANNEX
Slide 33: H1 2024 consolidated income statement
H1 2024 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, s
Slide 34: H1 2024 consolidated statement of financial position
H1 2024 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
Slide 35: H1 2024 consolidated net financial position
H1 2024 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
Slide 36: H1 2024 consolidated cash flow statement
H1 2024 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 ch
Slide 37: 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 38: 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 39: 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. 39
Slide 40: 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 41: 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 42: 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 43: Contacts
CONTACTS Investor Relations somec@twin.services investorrelations@somecgroup.com
Slide 44: 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