Technogym S.p.a · MIL:TGYM
Technogym — FY2022 Earnings Presentation
18 slides from Technogym's earnings presentation, Mar 29, 2023
Slide 1: FY 2022 Financial Results
FY 2022 Financial Results Cesena, March 29th 2023
Slide 2: Disclaimer
Disclaimer This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. This presentation might contain certain forward-looking statements that reflect the Company’s management’s current views with respect to future events an
Slide 3: Technogym market update
SPORT STATUS HEALTH FITNE Technogym market update Strictly private & confidential 3
Slide 4: Recovery ongoing across all the BtoB segments
Recovery ongoing across all the BtoB segments Global Wellness Economy continuous growth support a strong recovery across sectors (+9.7% CAGR expected to 2025) In Hotels, activity improved driven by re-openings with daily average rates already above pre-COVID level Wellness Real Estate / Residences p
Slide 5: Home demand in line with pre-pandemic trend
Home demand in line with pre-pandemic trend Demand for at-home training solutions is still high in a normalized market scenario across all the geographies where the company operates; Gradual international expansion is still the key to penetrate new customers leveraging the Technogym unique Luxury &
Slide 6: Financial Results FY 2022
Financial Results FY 2022 Strictly private & confidential 6
Slide 7: Revenue +18% with improving profitability
Revenue +18% with improving profitability € million 2022 vs 2022 2021 2021 Revenue (€m) 721.5 611.4 +18.0% EBITDA ADJ (€m) 131.9 107.0 +23.3% Margin (%) 18.3%* 17.5% EBIT ADJ (€m) 85.3 67.1 +27.2% Margin (%) 11.8% 11.0% Net Profit ADJ (€m) 66.1 51.2 +29.1% Margin (%) 9.2% 8.4% Net Financial Position
Slide 8: Revenue growth by 18% in 2022
Revenue growth by 18% in 2022 € million Revenue Key comments +18,0% ▪ Strong rebound in BtoB business with 721,5 Health, Corporate & Performance and 702,3 Hospitality & Residential segments 611,4 +14,9% well above 2019 level with a sound recovery path ahead for Club ▪ Most geographies recorded a dou
Slide 9: Overall double-digit growth led by North America
Overall double-digit growth led by North America € million +18,0% 2022 vs. Y-1 721,5 611,4 333,2 EUROPE (46%) (excl. ITA) +14,4% 291,1 (48%) 122,3 (17%) APAC +10,4% 110,8 (18%) 101,1 (14%) NORTH AMERICA +46,4% 69,0 (11%) 83,7 62,3 MEIA +34,4% (12%) (10%) 63,0 63,7 ITALY +1,0% 15,1 (10%) 17,5 (9%) LA
Slide 10: BtoB continue in a sound growth path
BtoB continue in a sound growth path € million 18.0% 2022 vs. Y-1 721.5 611.4 556.1 +29.4% (77%) BtoB 429.7 (70%) 181.7 165.4 -9.0% (30%) (23%) BtoC 2021 2022 Strictly private & confidential 10
Slide 11: Strong growth in Field Sales and Distributors
Strong growth in Field Sales and Distributors € million +18,0% 2022 vs. Y-1 721,5 611,4 465,8 (65%) FIELD SALES +24,4% 374,3 (61%) 145,3 176,8 +21,7% (25%) DISTRIBUTORS (24%) 79,5 INSIDE SALES -16,6% 66,3 12,3 (13%) 12,6 (9%) RETAIL +2,6% (2%) (2%) 2021 2022 Strictly private & confidential 11
Slide 12: Statutory Profit & Loss FY 2022
Statutory Profit & Loss FY 2022 € million Comments 2022 vs (€m) Dec 2021 Dec 2022 Delta 2021 Total revenue 611,4 721,49 110,1 18,0% ▪ Top line +18.0% (constant F/X +14.9%) Cost of raw, ancillary and consumable materials and goods for resale (209,4) (248,1) (38,7) 18,5% mainly driven by the B2B growt
Slide 13: Trade Working Capital
Trade Working Capital € million Trade Working Capital evolution Comments Inventories Trade Receivables Inventories: growth driven by inflation components Trade Payable and raw material to avoid supply chain disruption and 53,0 37,9 finished products to allow fast delivery time to our customers 108,6
Slide 14: Capex at 4.8% on revenue: investing in Digital and IT
Capex at 4.8% on revenue: investing in Digital and IT € million Comments % on Revenue Tangibles Capex 4.4% 4.8% 34,3 • Tools and molds for new products • Ugrades in production lines and manufacturing equipment 27,0 • Facilities expansion (i.e. new offices and 14,4 showrooms) 10,4 Intangibles Capex •
Slide 15: Net Financial Position
Net Financial Position € million Net Financial Position Comments 96,0 121,6 Cash, cash equivalent and deposit at 225m€ 228,1 225,2 Bank debt at 12€ millions, decreasing by over 50€ millions compared to Dec.‘21 Other financial debts: -11,8 -62,6 ▪ Leasing exposure at 54€ millions vs 45€ millionsas -9
Slide 16: Net Financial Position at 121.6 € millions
Net Financial Position at 121.6 € millions € million +25,6 +39,4 130,3 4,2 -34,3 -22,3 159,4 -32,2 2,2 -8,6 24,0 120,0 121,6 96,0 -37,8 NFP DEC. IFRS16 NFP DEC. CF from NWC Capex Taxes Dividends Dividends Financial, NFP SEP. IFRS16 NFP Dec. 2021 Lease debt 2021 Excl. operat. paid from other leases c
Slide 17: Balance Sheet December 2022
Balance Sheet December 2022 € million % on LTM % on LTM €m Dec 2021 Dec 2022 Revenues Revenues Inventories 108,5 17,8% 100,7 14,0% Trade receivables 104,2 17,0% 110,8 15,4% Trade payables (159,8) (26,1%) (173,6) (24,1%) Trade Working Capital 53,0 8,7% 37,9 5,3% Other current assets/(liabilities) (65
Slide 18: Strictly private & confidential – 18
Strictly private & confidential – 18