Elica S.p.a. · MIL:ELC
Elica — H1 2019 Earnings Presentation
28 slides from Elica's earnings presentation, Jul 30, 2019
Slide 1: Group Consolidated Results H1 2019
GROUP CONSOLIDATED RESULTS H1 2019 TUESDAY 30TH OF JULY, 2019
Slide 2: Agenda
AGENDA H1 2019 MARKET NET SALES 1 HIGHLIGHTS 2 SCENARIO 3 DYNAMICS ECONOMICS & PRODUCT & CONCLUSIONS & 4 FINANCIALS 5 BRAND 6 TAKEAWAYS 2
Slide 3: H1 2019 Highlights
H1 2019 HIGHLIGHTS
Slide 4: H1 & Q2 2019 Highlights
H1 & Q2 2019 HIGHLIGHTS ▪ Persisting Negative WW Industry (-1,0%) (*) ▪ Net Sales 239 M€, -1.9% vs H1 2018 (-3,1% Organic): ▪ Cooking: +0,3% vs. H1 LY, despite negative market demand and persisting B2B EMEA drop from Q4 2018 ▪ Motor Division: -15,2% vs. H1 LY, penalised by EU and Turkish demand ▪ “O
Slide 5: Market Scenario
MARKET SCENARIO
Slide 6: Cooker Hoods Industry Shipments (Units)
COOKER HOODS INDUSTRY SHIPMENTS (UNITS) ▪ Improving EU thanks to positive demand in Nordics and France; negative East EU (Turkey) ▪ Worsening NA, slowing down overall Americas trend while YoY outlook remains “flat” Source: Elica Group Estimates 6
Slide 7: Net Sales Dynamics
NET SALES DYNAMICS
Slide 8: H1 2019 Sales Key Drivers
H1 2019 SALES KEY DRIVERS ▪ Net Sales decrease of (1.9%), driven by negative industry trend (EMEA, NA) and persisting B2B EMEA demand drop from Q4 2018, partially offset by strong B2C price/mix effect and positive trend on other EMEA OEM Customers. H1 Q2 Change vs Y-1 Change vs Y-1 €M€M % €M€M % Vol
Slide 9: H1 2019 Regional Sales Distribution
H1 2019 REGIONAL SALES DISTRIBUTION ▪ EMEA negative performance driven by OEM customers trend and negative industry partially balanced by Elica branded products positive performance ▪ YoY Growth in Americas and Asia despite decreasing market demand vs. H1 2018 H1 Q2 -4,8% vs LY (-4,6% Net FX) -5,3%
Slide 10: H1 2019 Sales by Business - Brand
H1 2019 SALES by BUSINESS - BRAND ▪ Cooking Business Sales +0,3% vs LY despite Negative Industry and B2B EMEA drop ▪ Motor Division penalised by overall demand trend and Turkish market dynamics ▪ OWN BRANDS @ 51% H1 Q2 +0,3% vs LY (-1,1% Net FX) +0,1% vs LY (-1,4% Net FX) COOKING 209,1 COOKING 107,5
Slide 11: Economics & Financials
ECONOMICS & FINANCIALS
Slide 12: H1 2019 EBITDA
H1 2019 EBITDA ▪ EBITDA @ 2018 IFRS 8,3%: +10 bps vs. LY despite -1,9% Net Sales ▪ 2,0 M€ Adjustment (CEO agreement, Restructuring Costs), 4,0 M€ in 2018 (Gutmann) H1 Q2 €M €M % NS 8.1% +150 bps 6.6% % NS 7.4% +150 bps 5.1% 19,3 +20,0% 16,1 15,0 1,5 9,1 +42,0% 6,4 10,0 0,8 19,7 (1.6%) 20,1 5,0 10,2
Slide 13: H1 2019 Profitability Key Drivers
H1 2019 PROFITABILITY KEY DRIVERS ▪ Negative Volume effect partially recovered through Price/Mix, fully offset through Manufacturing Costs and SG&A containment ▪ IFRS 16 effect on YoY comparison H1 Q2 Change vs Y-1 Change vs Y-1 Volume/Price/Mix€M -- Volume/Price/Mix€M -- Operations Efficiency - Ope
Slide 14: H1 2019 Net Profit
H1 2019 NET PROFIT ▪ Net Profit attributable to the Group improving 33,4% vs. H1 2018 (+0,3 M€) ▪ India ownership share change and Japan performance effect over Minorities increase H1 Q2 €M €M 3,5 3,1 +31,0% 1,2 1,0 +76,9% 3,0 1,0 0,1 2,5 1,5 +43,3% 2,4 0,8 +696% 2,0 0,6 1,0 0,6 1,5 0,0 +36,9% 0,9 0
Slide 15: Net Financial Position
NET FINANCIAL POSITION ▪ Operating CF impacted by Inventory increase to support B2C growth and product availability in key markets. ▪ CAPEX reduction of 4,4 M€ vs. H1 2018 H1 2019 H1 2018 POSITIVE €M POSITIVE €M NEGATIVE NEGATIVE 19,5 2,9 69,9 69,3 3,1 0,3 14,2 10,3 9,8 NFP @ OPERATING CAPEX TAXES F
Slide 16: Product & Brand
PRODUCT & BRAND
Slide 17: Gas is nothing without air
Gas is nothing without air NikolaTesla FLAME – EMEA first gas hob with integrated aspiration 17
Slide 18: NikolaTesla FLAME – EMEA first gas hob with integrated aspiration
NikolaTesla FLAME – EMEA first gas hob with integrated aspiration 18
Slide 19: Product & Brand Campaigns
ADDIO VECCHIA BILANCIA BENVENUTO NIKOLATESLA LIBRA LA MASSIMA A CAPPA LULLABY LA LINFA VITALE DELLA TUA CASA
Slide 20: Conclusions & Takeaways
CONCLUSIONS & TAKEAWAYS
Slide 21: Conclusions & Takeaways
CONCLUSIONS & TAKEAWAYS ▪ H1 2019 ▪ Negative WW Industry trend, improving West Europe (*) ▪ Net Sales -1.9% (-3,1% Organic) ▪ “OWN Brand” > 51% of cooking business sales, growing ≈9% ▪ Maintaining a Solid Operating Performance growth in a Top line stress scenario ▪ Improving NFP (62,7) €M vs (69,9)
Slide 22: Annexes: Financial Highlights
ANNEXES 1 FINANCIAL HIGHLIGHTS
Slide 23: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT (*) EPS is calculated by dividing the Net Result pertaining to the Group by the number of ordinary shares outstanding, excluding treasury shares at the same data. 23
Slide 24: Net Working Capital
NET WORKING CAPITAL 2 elica on Ps | Trade receivables 62.8 72.6 (9.8) % on annualized sales 13.2% 14.9% (170) bps Inventories 79.4 77.4 1.9 % on annualized sales 16.6% 15.9% 70 bps Trade payables (115.4) (125.4) 10.0 % on annualized sales (24.2)% (25.8)% 160 bps Managerial Working Capital 26.8 24.7
Slide 25: Consolidated Cash Flow
CONSOLIDATED CASH FLOW (*) (*) Includes 1,6 M€ Gutmann GMbH transaction 25
Slide 26: Consolidated B/S
CONSOLIDATED B/S (*) Including IFRS 16 effect 26
Slide 27: Disclaimer
DISCLAIMER This presentation may contain 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 re
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