Slide 1: GVS SpA - Filter Technology
FILTER TECHNOLOGY GVS SPA 10.05.2022
Slide 2: Agenda
Agenda 1 YTD Mar 2022 Outlook 2 Company Presentation Appendix: Additional Materials This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.
Slide 3: YTD Mar 2022 GVS Performance Highlights
YTD Mar 2022 GVS Performance Highlights Sales: 81,1 M€ +5% on the normalized Q4 2021. • HC&LS Stable on Q4 level. • E&M +28% on the last quarter of 2021. • H&S below the Q4 2021 due to the seasonability of RPB business. Adjusted EBITDA: 20,8 M€ 26% of Adjusted EBITDA Margin • Q1 2022 Adj EBITDA Marg
Slide 4: YTD Mar 2022 Evolution of Main Financials
YTD Mar 2022 Evolution of Main Financials • Q1 2022 impacted by the addition of RPB acquisition and STT acquisition for just one month. • Q4 2021 impacted by the addition of RPB acquisition and a residual part of the Covid related extraordinary sales • Q1 2021 impacted by the extraordinary sales gen
Slide 5: YTD Mar 2022 Evolution of Sales
YTD Mar 2022 Evolution of Sales TOTAL Normalized SALES YTD Mar 2022: 81,1 M€ +5% vs Q4 2021 and +17% vs Q1 2021 The Healthcare & Lifesciences division is stable on last quarter of the previous year trend considering the slow down of the Air&Gas business and the growth of Liquid business. The Energy
Slide 6: Key Financial Highlights — EBITDA and EBIT
Key Financial Highlights — EBITDA and EBIT ADJUSTED EBITDA1 (€M) KEY COMMENTS % on Adjusted EBITDA: Normalized Sales • Q1 2022 adjusted EBITDA slightely reduced vs the Q4 2021 due to: • Positive management of price increase and improvement of variable cost incidence, as a reference Q1 2020 had the s
Slide 7: Key Financial Highlights — Net Income, Fin. Exp. & Taxes
Key Financial Highlights — Net Income, Fin. Exp. & Taxes NET FINANCIAL EXPENSES EXCL. FX GAINS/LOSSES (€M) TAXES (€M) % on Normalized % EBT Sales ADJUSTED GROUP NET INCOME1 (€M) KEY COMMENTS % on Normalized • Net Financial expenses at 0,5 M€ in Q1 2022, same level of Q1 Sales 2021 even with an highe
Slide 8: Key Financial Highlights — CapEx, TWC and R&D
Key Financial Highlights — CapEx, TWC and R&D CAPEX1 (€M) TRADE WORKING CAPITAL (€M) % on Normalized % on LTM Sales Sales R&D2 (€M) KEY COMMENTS % on Normalized • About 3,5 M€ as Capex, net of extraordinary activities, with a Sales trend slightly lower than the normal ongoing activity of the Group a
Slide 9: Key Financial Highlights — Net Financial Position
Key Financial Highlights — Net Financial Position NET FIN. INDEBTEDNESS (€M) AND CASH CONVERSION1 Cash conversion 79.0% 78.2% 78.5% 82,8% KEY COMMENTS NFP increased up to 166,1M€ due to the last STT acquisition Leverage on 1,9x level Final Cash Conversion rise up to 83% and in line with the normal t
Slide 10: Key Financial Highlights — Net Financial Position
Key Financial Highlights — Net Financial Position NET FIN. INDEBTEDNESS (€M) BRIDGE 2021 VS 2020 KEY COMMENTS NFP has increased due to the last STT acquisition up to 166,1M€: • STT Acquisition 60,8M€ cash + 7,7 M€ as future earn-out. • Operative Cash flow generation about 20 M€ in the period with pa
Slide 11: Visibility on Future Performance and Q2 Focus
VISIBILITY ON FUTURE PERFORMANCE AND Q2 FOCUS GVS is on track with the long term vision. The stand alone forecasts confirm the 2022 expectations with a level near to the one reached in 2021, with a slight growth in sales and a small diluition in terms of EBITDA margin. Three main topics under focus
Slide 12: Agenda
Agenda 1 YTD Dec 2021 Outlook 2 Company Presentation Appendix: Additional Materials This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.
Slide 13: Presentation
PRESENTATION FILTER TECHNOLOGY "ENERGY & aa 7 Soo"
Slide 14: Board of Directors
BOARD OF DIRECTOR Grazia Valentini Massimo Scagliarini Marco Scagliarini Chairman CEO VP Energy & Mobility Matteo Viola Mario Saccone Nadia Buttignol COO CFO Indipendent Director Arabella Caporello Alessandro Nasi Michela Schizzi Indipendent Indipendent Indipendent Director Director Director This do
Slide 15: Key People
KEY PEOPLE Massimo Scagliarini Mario Saccone Matteo Viola CEO CFO COO 37 years in GVS 26 years in GVS 13 years in GVS • In GVS since 1985, started as Sales Manager • MBA from Profingest Management School, • In GVS since 2008, started as controller and and currently serves as CEO Bologna, Italy curre
Slide 16: GVS provides advanced filtration solutions for critical applications
GVS provides advanced filtration solution for critical application in Highly-regulated end markets Our TECHNOLOGY supports LIFE and guarantees SAFETY in the most CRITICAL ENVIRONMENTS This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this d
Slide 17: GVS economic and production improvement over the last years
GVS economic and production improvement over the last 40 years *51M disposable mask sells * 1979 1984 1989 1994 1999 2004 2009 2012 2015 2018 2019 2020 2021 This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information
Slide 18: The Head Office and manufacturing facilities are based in Italy
The Head Office and 3 manufacturing facilities are based in Italy This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.
Slide 19: GVS has production facilities in several worldwide locations
GVS has 17 production facilities, in several worldwide locations ROMANIA UK (1 PLANT) (1 PLANT) US (5 PLANTS) ITALY (3 PLANT) CHINA (4 PLANTS) PORTO RICO (1 PLANT) MEXICO (1 PLANT) BRAZIL (1 PLANT) Presence with production plants Offices Indirect sales This document and all its contents are property
Slide 20: Core Competences
GVS evolved from a small healthcare components supplier into a global diversified filtration group Solutions Focus Biology Product CORE COMPETENCES Focus Chemistry Chemistry Process Focus Automation Automation Automation 1979 ’90-’00 2012 Today Origin in healthcare Development and international Main
Slide 21: M&A Transactions Since 2009
16 M&A TRANSACTIONS SINCE 2009 Adding capabilities and strengthening presence across China, the UK and North America Haemonetics Nypro M. BU Puerto Rico LLC Healthcare Filtration Graphic Nhion Nypro Controls Sales licenses in Japan Germa Remploy Medical Filtration EPA Personal safety Laboratory Filt
Slide 22: Divisions and Products Line
Divisions and Products Line Healthcare & Life Sciences Health & Safety Energy & Mobility Healthcare & Liquid Personal Safety Powertrain & Drivetrain IV Vent Fuel pressure Flow Filters caps regulators Urea SCR filters Gasoline-diesel-urea Regulators Blood Transducer Disc filters PPE – Elipse fa
Slide 23: End Markets
Diversified blue-chip client base 2021A Revenues Division Breakdown1 (%) Illustrative example of companies requiring filtration solutions2 Healthcare Air & Gas 14% Healthcare & Life Healthcare Liquid 30% Sciences Laboratory 9% Personal Safety End Markets 24% Health & Safety Air Safety 2% Powertrain
Slide 24: Divisions differentiate for an integrated and synergistic business model
GVS’s divisions differentiate for an integrated and highly synergistic business model Healthcare Healthcare Energy & Life Sciences & Safety & Mobility Sales and Distribution Similar stringent approval processes Common Manufacturing processes and technologies High quality standards required Shared R&
Slide 25: Success based on focus on innovation and customer satisfaction
Our success is based on strong focus on innovation and customer satisfaction 7 ~6% 53 104 ~80 R&D centers with chemical and biological Of sales Patents for proprietary Highly skilled R&D External quality audits know-how in R&D products professionals p.a. International quality certificates Preferred
Slide 26: Quality Certification
QUALITY CERTIFICATION GVS has obtained several Quality Certification, from several Certifiation Body This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely f
Slide 27: An ESG-Compliant Organization
AN ESG-COMPLIANT ORGANIZATION ENVIRONMENTAL SOCIAL GOVERNANCE 1 2 3 • UNI EN ISO 14001 certification for • Support of a range local • Ethics Code Environmental Management charitable and non-profit • Board of Statutory System (EMS) organizations auditors with 3 • Group environmental policy with • Chr
Slide 28: An ESG-Compliant Organization
AN ESG-COMPLIANT ORGANIZATION “ The ability to do business in an innovative and sustainable way, to facilitate the ecological transition and to enhance the value of people, are one of the pillars of GVS ” Group's strategy. This document and all its contents are property of GVS. All unauthorised use,
Slide 29: Strategic Goals Setting
STRATEGIC GOALS SETTING WE BRIDGE RELIABILITY WITH TOMORROW’S TECHNOLOGY FOR A SUSTAINABLE FUTURE This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forb
Slide 30: Agenda
Agenda 1 YTD Sep 2021 Outlook 2 Company Overview Appendix: Additional Materials This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.
Slide 31: Key Financial Highlights — Income Statement
Key Financial Highlights — Income Statement Q1 2022 (€m) YTD Mar 2021A Q4 2021A YTD Mar 2022A YoY Var. % Var. % Q1 22 vs Q4 21 Healthcare & Life Sciences 44,9 44,1 44,2 -1,4% 0,3% Energy & Mobility 19,7 15,7 20,1 2,3% 28,1% Health & Safety 4,6 17,4 16,7 265,2% -3,6% Norm alized Revenues 69,1 77,2 81
Slide 32: Key Financial Highlights — Adjustments Overview
Key Financial Highlights — Adjustments Overview Non recurring costs (income) Note: margins calculated on revenues from contracts with customers excluding other income. This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the i
Slide 33: Key Financial Highlights — Balance Sheet
Key Financial Highlights — Balance Sheet Q1 2022 (€m) 2021 YTD Mar 2022A Property Plant & Equipment 77,6 83,7 Intangible Assets 227,7 286,0 Right of use 10,4 9,7 Financial Fixed Assets 1,3 2,3 Net Fixed Assets 317,1 381,6 Inventories 72,4 83,4 Trade Receivables 53,0 56,4 Trade Payables (23,8) (22,6)
Slide 34: Key Financial Highlights — Cash Flow Statement
Key Financial Highlights — Cash Flow Statement Q1 2022 (€m) 2021 YTD Mar 2022A Net Profit 67,6 13,0 D&A 24,0 7,3 Operative Cash Flow 91,6 20,3 Δ Trade Working Capital (16,0) (6,4) Δ Other Current Liabilities (24,3) 0,2 Operating Cash Flow 51,3 14,1 Capex (23,2) (3,5) Free Cash Flow 28,1 10,6 M&A Inv
Slide 35: Basis of preparation of financials
Basis of preparation of financials • Financial Overview slides present consolidated and division financial information of GVS S.p.A. and its reporting units • The financial information has been prepared in accordance to IFRS • Due to rounding, numbers expressed in millions throughout this section ma
Slide 36: Disclaimer
DISCLAIMER Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at GVS S.p.A., Emanuele Stanco, declares that the accounting information contained herein correspond to document result