Slide 1: Company presentation: where sky and sea meet. and beyond.
company presentation where sky and sea meet. and beyond.
Slide 2: Disclaimer
disclaimer 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 of this d
Slide 3: Where sky and sea meet. and beyond.
where sky and sea meet. and beyond. Somec group brings together highly experienced companies specializing in engineering, design, and manufacturing of turnkey projects, marine or land-based: glass envelopes and façades, special architectural projects, public areas interiors, professional cooking equ
Slide 4: Shareholding & management
where sky and sea meet. and beyond. shareholding & management shareholding structure of Somec SpA Free float 24.97% Venezia S.p.A. 75.03% Oscar Gian Carlo Alessandro Marchetto Corazza Zanchetta shareholding structure of Venezia SpA Chairman and CEO Chief Operating Officer Chief Financial Officer of
Slide 5: Listing on the AIM Italia
where sky and sea meet. and beyond. Listing on the AIM Italia share data ISIN: IT0005329815 IPO Value € 18.00 Value at 17 May 2019 € 21.40 N° of share 6,900,000 Capital raised on IPO € 31 mln Market cap at 17 May 2019 € 147.7 mln Use of Primary Support the external growth through Proceeds acquisitio
Slide 6: Somec activities
where sky and sea meet. and beyond. somec activities Seascape Landscape marine marine marine marine building professional glazing cooking refitting public areas façades cooking equipment equipment Design, engineering, Design,manufacture Refurbishment requests Design, supply and System engineering, P
Slide 7: History
where sky and sea meet. and beyond. history 1978 1993 2005 2013 2016 2017 2018 2019 Somec, founded Startup of Startup of Oscar Marchetto Acquisition Startup of Hysea IPO Acquisition by Aldo and Marine Glazing Marine Refitting acquires the Oxin Marine Public on the Italian Stock of TSI Srl, Ermenegil
Slide 8: The group
where sky and sea meet. and beyond. the group 8
Slide 9: Business segments: Seascape and Landscape
where sky and sea meet. and beyond. business Marine glazing Building façades segment Marine cooking Professional equipment cooking equipment Marine interiors Interiors for public for public areas areas and restaurants Marine refitting seascape landscape
Slide 10: Key figures 2018
where sky and sea meet. and beyond. key figures 2018 431 €m Backlog (31.12.2018) 2.5X Turnover 2018 2H18 69% 31% 182 €m Seascape 88 125 57 2019YTD Order Intake* Landscape * exc. refitting and minor orders 168.9 €m +50% 17.9 €m +79% 10,6% Turnover vs 2017PF EBITDA vs 2017PF EBITDA margin 2018 2018 20
Slide 11: Looking beyond the horizon.
looking beyond the horizon.
Slide 12: To create a positive and sustainable business
looking beyond the horizon. to create a positive and sustainable business, exceeding customer’s expectations The projects accomplished by the group stand out for the deep technological know-how required in high-end full service contracts. Furthermore, they are bound by the strong requirement of serv
Slide 13: Our clients
a story made by people. our clients The top grade specialization and professionalism strengthened during the years through the close collaboration with the majors shipbuilders and building developers and the top references in our sector make Somec the leading reference partner in turnkey solutions.
Slide 14: Unique product offering
a story made by people. unique product offering Somec differentiates itself through the development of own systems and in-house manufacturing. The Somec model marks the difference from the major share of competitors that operate mostly as contractors, outsourcing products and services. 14
Slide 15: All in house
a story made by people. all in house project raw materials production & on site design and and semi- assembly installation management finished goods Involvement in each project step Synergies in the procurement of glass Quality control Deep technical know- and stainless steel Quick reply in case of
Slide 16: All in house: glazing and façades
glazing and façades all in house Headcount 659 144 352 79 84 26.02.2019 we follow we design, we manufacture each step we create engineer and install of the a profitable and innovate on site project business 12% 22% 53% PM, MKTG 13% R&D and Production & sales and Admin Engineering and installation on
Slide 17: Globally near
globally near Group’s companies •• • The Far East Group’s branches growing market Client’s yards 02.2019 Opening of a new branch in Shanghai 17
Slide 18: Strategy: main paths of growth
where sky and sea meet. and beyond. strategy: main paths of growth glazing cooking equipment public areas Building Glazing Cooking Focus on Cook & Chill The Far East Marine refitting Marine Cooking façades and façades Equipment Public Areas - growing market - Equipment - – - - To exploit the - - Aug
Slide 19: Marine glazing
seascape marine glazing Leading position in the growing cruise ship market 272 18 CLIA-Member Cruise New CLIA-Member Ships Projection in operation Ocean Ships Scheduleld to In 2019 debut in 2019 CAGR +0,5% CAGR +4,2% 38,1 37,9 37,6 36,7 35,8 34,8 33,0 30,8 28,7 26,9 25,2 23,6 22,1 21,5 20,4 19,5 18,
Slide 20: Marine cooking equipment
seascape marine cooking equipment Increasing the % of penetration in a growing market 21% Oxin % of awarded projects 2018-2020 company estimates 20
Slide 21: Marine interiors for public areas
seascape marine interiors for public areas Focus on Public Areas - Acquisition of TSI (20.05.2019) Turnover 2018* 36.7 €m (60% in the US) EBITDA 2018* 3.6 €m EBITDA margin 2018* 9.8% aprox. * Data from TSI estimate 21
Slide 22: Marine refitting
seascape marine refitting To exploit the increasing market volumes and higher marginality 15% 25% refitting refitting 85% 75% new new building building 2018 Including TSI* * Company estimate 22
Slide 23: Building façades
landscape building façades Augmented bonding capacity allows Fabbrica for more and bigger projects Exploitation of synergies in procurement and production of glass Augmented production capaticity: new plant with 4 lines 23
Slide 24: Professional cooking equipment
landscape professional cooking equipment Create a complete offer for the professional kitchen through acquisition To exploit the deep tech and electronic know-how to integrate products Illustrative market segmentation cook & chill For illustrative purpose only Company estimate 24
Slide 25: Fast growth of turnover and margin
where sky and sea meet. and beyond. fast growth of turnover and margin turnover €m EBITDA €m and margin % Bridge from EBITDA to Seascape Landscape Group Net Profit 2018 17.9 EBITDA D&A Fin. Charges Group & Taxes Net Profit + 3.7 Am. of Goodwill +50% 49.6 +79% +69% 3.7 10.0 168.9 29.3 10.6% 17.9 +170
Slide 26: Financials
financials
Slide 27: Income statement 2017P/2018
Income statement 2017P/2018 €m - ITA GAAP 2017 PF % 2018 % Growth % Revenues 106.5 94.5% 163.0 96.3% Variation of inventories (0.0) 0.0% 3.0 1.8% Work in progress 5.8 5.1% 1.6 0.9% Own work capitalised - - 0.3 0.2% Other income 0.5 0.4% 1.2 0.7% Turnover (Value of Production) 112.8 100.0% 168.9 100.
Slide 28: Balance sheet 2018
Balance sheet 2018 € m - ITA GAAP 2017 % 2018 % Intangible Assets 1.2 8.5 Goodwill 10.5 15.1 Tangible Assets 10.2 7.5 Financial Assets 2.0 1.7 Employees' leaving entitlement (2.1) (3.7) Fixed Assets 21.8 38.3% 29.1 69.3% Inventories 4.6 11.9 Work in progress 17.8 22.5 Trade Receivables 44.9 51.2 Adv
Slide 29: Cash flow statement 2017/2018
Cash flow statement 2017/2018 € m - ITA GAAP 31.12.2017 31.12.2018 Net Profit 1.9 7.8 Non-recurring D&A 0.9 6.5 Other Adjustments -0.8 0.5 Change in Net Working Capital -4.9 14.7 Cash Flow from Operating Activities -2. 9 29.4 Cash Flow from Financing Activities 1.4 -3.1 Free cash flow -1.5 26. 3 Pro
Slide 30: Net Financial Position 2017/2018
Net Financial Position 2017/2018 € m - ITA GAAP 31.12.2017 31.12.2018 Cash and Cash equivalents 5.6 24.9 Current financial assets - 1.3 Bank Debts within 12 months -12.6 -9.6 Debts to other lender within 12 months -17.4 -0.1 Other fin. debts -5.0 -0.7 Current liabilities -35.1 -10.5 Current Net Fina
Slide 31: Contacts
where sky and sea meet. and beyond. contacts Investor Relations Office Nominated Adviser Global Coordinator & Alessandro Zanchetta Advance SIM Specialist Phone:+39 0438 471998 Phone: +39 02 36574590 Intermonte Email: ir@somecgroup.com Email: nomad@advancesim.it
Slide 32: Thanks
thanks