Clabo S.p.a. · MIL:CLABO

Clabo — Small Cap Conference 2016

25 slides from Clabo's conference presentation, Nov 29, 2016

1. Slide 1: Small Cap Conference 29 11 2016

   60° Small Cap Conference 29 11 2016 Milano, 29 November 2016 @Palazzo Mezzanotte «Strategic Guidelines and 2017-2020 Business plan» 1

2. Slide 2: Clabo Highlights

   CLABO HIGHLIGHTS 60°  Leading operator worldwide in the field of professional display cases for ice cream, bakery, bar, cafe and hotel  Top customers including, Venchi, Amorino, Haagen Dazs, La Romana, Nestlé, with which the Group has established long-lasting relationships  Wide product range, sy

3. Slide 3: Corporate Structure

   CORPORATE STRUCTURE 60° Cla.Bo.Fin. Srl 71% MARKET 29% CLABO S.P.A. 100% 100% 100% 100% 100% CLABO Usa ORION Int.Trad. CLABO Brasil CLABO CLABO HK Deutschland «Strategic Guidelines and 2017-2020 Business plan» 3

4. Slide 4: Our Brands

   OUR BRANDS 60° WIDE AND CONSOLIDATED PRESENCE IN THE «ICE CREAM WINDOW» SEGMENT TRADITIONAL BRAND ACQUIRED IN 2004. HIGH POSITIONING DISPLAY FOR PROFESSIONALS ACQUIRED IN 2002 AND SPECIALIZED IN FURNITURE FOR PUB AND COFFEE SHOPS «Strategic Guidelines and 2017-2020 Business plan» 4

5. Slide 5: Key Strengths and Positioning

   KEY STRENGHTS AND POSITIONING 60° Consolidated Well established market share Focus Presence in in the on the Rapidly Prestige and Premium Top of the Range developing markets market segment Key Partner for Prestige Gelato Chains: Revenues by 37% Revenues 10% Revenues Venchi, Amorino, bySegment Presti

6. Slide 6: 2017-2020 Strategic Guidelines: Clabo Mission Statement

   2017 – 2020 Strategic Guidelines: Clabo Mission Statement 60° To strengthen our leadership in the “Gelato” Showcase market, premium and prestige segments, by:  Expansion in growing markets: localizing the new manufacturing plants close to the fastest growing countries (China and Latin America)  Ef

7. Slide 7: Strategic Milestones from 2012 to 2020

   STRATEGIC MILESTONES FROM 2012 TO 2020 60° 2012-2015 2016-2019 2020  China Manufacturing Plant  Financial Agreement  Jesi Plant Automation EBITDA 16%  Jesi Plant Efficiency Improvement ROI 13%  Brazilian Assembling Plant  Overseas Subsidiaries NFP 10.9M  Flow Chart Reorganization  IPO (SAP)

8. Slide 8: Key Industry Trends: Gelato Showcases Market

   KEY INDUSTRY TRENDS: «GELATO» SHOWCASES MARKET 60°  Premium and Prestige segments profitability structurally superior to overall segments  Mature economies will still be the best buyer in the Premium and Prestige segments due to the slow down of renovation during the financial crisis  Higher grow

9. Slide 9: Gelato Market

   «GELATO» MARKET 60° Gelato market is currently worth $40 billion and it is expected to grow at 4% (CAGR ‘15-’18) Highest Market Value Countries (2014) Highest Growth Rate Countries (2015 – 2018)) Source: Management estimate based on PWC research 2016 «Strategic Guidelines and 2017-2020 Business plan

10. Slide 10: Key Markets Overview

    KEY MARKETS OVERVIEW 60° Gelato Showcases Market (Prestige & Premium segments) Market volumes per sales area and growth trends Sales Area Market Volume (Units per Yyear) Growth Rate Clabo Market Share Italy 3,700 >30% Rest of Europe 2,500 >30% NAFTA 1,200 >30% LATAM 800 >30% APAC 3,500 10%< MEDOA 50

11. Slide 11: Competitive Landscape

    COMPETITIVE LANDSCAPE 60° Gelato Showcases Market Gelato Showcases Market Market segments description (Prestige & Premium segments) Market segments and players Entry Level  Price range € 500 - € 1,500* PLAYERS ENTRY PRESTIGE PREMIUM INDUSTRY  Refrigeration: gravity SEGMENTS LEVEL  Type of use: Sc

12. Slide 12: 2016-2020 Clabo Value Creation

    2016-2020 Clabo Value Creation 60° PROFITABILITY EBITDA CONTRIBUTION EBITDA Margin % by product Target 2020 ~18% Gelato Gelato 1% 7% ~16% 11% 71% Pastry Pastry ~14% 10% ~12% Bar Bar ~12% Verticals ~7% Others ~11% Verticals ~5% TOTAL ~16% ~14% Ebitda % 2020 Ebitda % 2015 «Strategic Guidelines and 201

13. Slide 13: Geographical Area of Growth by Business Unit

    GEOGRAPHICAL AREA OF GROWTH BY BUSINESS UNIT 60° TECHNOLOGY & DESIGN BASED LEADERSHIP AND GLOBAL EXPANSION GELATO Italy and Mature market where new products raised Europe “technological barriers” Consolidation & PASTRY US, Latam Traditional markets with a potential of Growth and Medoa growth New ass

14. Slide 14: 2016-2020 Resource Allocation

    2016 -2020 RESOURCE ALLOCATION 60° Net Cash Flow Simest Capital before Contribution L.181/89 Tot. Contribution Capex and Dividends for China project for Jesi Plant 26,2M 15.7M Investment 24M 1.2M 1M 7M NFP Improvement 3.5M Dividends REST OF ITALY NAFTA LATAM APAC EUROPE GELATO PASTRY VERTICALS BAR 1

15. Slide 15: Investments Break Down

    Investments Break Down 60° Total Investments Investment Breakdown Timing per project 2016 -2020 per project R&D: >15 new products to be developed 5 and launched. I.O.T. project and nano 2016-2020 technologies to be applied Jesi Plant: new automated processes and 15.7 6.4* SAP integration. 2016-2018

16. Slide 16: Key Markets Sales Forecast

    Key Markets Sales Forecast 60° Italy CAGR: +2.9% Europe CAGR +5.3% 20.000.000 12.000.000 19.000.000 10.000.000 18.000.000 8.000.000 6.000.000 17.000.000 4.000.000 16.000.000 2.000.000 15.000.000 - RoW CAGR +9.1% APAC CAGR +36.1% 12.000.000 10.000.000 10.000.000 8.000.000 8.000.000 6.000.000 6.000.00

17. Slide 17: Italy Sales Forecast

    ITALY Sales Forecast 60° Italy CAGR: +2.9% 2016 2020 20.000.000 19.000.000 18.000.000 € 16.5 € 18.9 17.000.000 16.000.000 €/000.000 15.000.000 Market Growth: 0 Market Share Growth: € 2.9M due to new products launch (R&D activity) «Strategic Guidelines and 2017-2020 Business plan» 17

18. Slide 18: Europe Sales Forecast

    EUROPE Sales Forecast 60° Europe CAGR +5.3% 2016 2020 12.000.000 10.000.000 8.000.000 6.000.000 € 8.2 € 10.5 4.000.000 €/000.000 2.000.000 - Market Growth: € 0.8M Market Share Growth: € 1.5M due to new products launch (R&D activity) and Sales Network improvements «Strategic Guidelines and 2017-2020

19. Slide 19: APAC Sales Forecast

    APAC Sales Forecast 60° 10.000.000 APAC CAGR +36.1% 2016 2020 8.000.000 6.000.000 4.000.000 € 1.9 € 8.9 2.000.000 €/000.000 - Market Growth: € 2M Market Share Growth: € 5M due to new chinese factory (price & delivery time reduction) and Sales Network improvements «Strategic Guidelines and 2017-2020

20. Slide 20: RoW Sales Forecast

    RoW Sales Forecast 60° RoW CAGR +9.1% 12.000.000 10.000.000 8.000.000 2016 2020 6.000.000 4.000.000 2.000.000 € 6.5 € 10.1 - €/000.000 Market Growth: € 1.8M Market Share Growth: € 1.9M due to new chinese factory (US market price reduction) and Sales Network improvements «Strategic Guidelines and 201

21. Slide 21: 2017-2020 Financial Targets

    2017 – 2020 FINANCIAL TARGETS 60° «Strategic Guidelines and 2017-2020 Business plan» 21

22. Slide 22: Conclusions

    Conclusions 60°  Global leader in growing market with favourable underlying dynamics  Leadership underpinned by superior R&D and technology and a strong global brand  Stable revenue based coming from replacement and service in Western Europe  Further profitability improvements from cost optimiza

23. Slide 23: Q&A

    60° Q&A «Strategic Guidelines and 2017-2020 Business plan» 23

24. Slide 24: Business Plan Assumptions

    BUSINESS PLAN ASSUMPTIONS 60° BUSINESS PLAN ASSUMPTIONS Inflation (5Y moving average) 1.0 Italian GDP trend (% CAGR) 0.8 European GDP Trend (% CAGR) 1.1 Worldwide GDP Trend (% CAGR) 2.8 Tax rate 36% Cost of Debt 4.8% Exchange ratio (€/US$) 1.13 «Strategic Guidelines and 2017-2020 Business plan» 24

25. Slide 25: Disclaimer

    DISCLAIMER 60° This presentation contains forward-looking statements regarding future events (which impact the Clabo’s future results) that are based on current expectations, estimates and opinions of management. These forward-looking statements are subject to risks, uncertainties and events that ar

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