Technogym S.p.a · MIL:TGYM
Technogym — FY2021 Earnings Presentation
24 slides from Technogym's earnings presentation, Mar 23, 2022
Slide 1: Technogym Financial Results 2021
Technogym Financial Results 2021 Cesena, March 23rd 2022
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: Market evolution and Technogym upsides
Market evolution and Technogym upsides Strictly private & confidential 3
Slide 4: Fast recovery across the B2B market space
Fast recovery across the B2B market space B2B Segments Hotels activity improved driven by re- openings with daily average rates already above pre-COVID level Wellness Real Estate / Residences proved to be in a better shape than general construction with a continuous interest from developers Corporat
Slide 5: Home remaining on the growth path
Home remaining on the growth path B2C Segment 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: Technogym to catch new opportunities by ……..
Technogym to catch new opportunities by …….. The new biocircuit for Health & Medical fitness Strictly private & confidential 6
Slide 7: Technogym Ecosystem to catch new opportunities by ……
Technogym Ecosystem to catch new opportunities by …… New MyWellness CRM Platform & Technogym App Technogym App Clubs Technogym App B2C2B The A.I. based Technogym Smart Coach, guides end-users among Sessions, Routines and Signature programs customizing their wellness journey according to equipment av
Slide 8: Technogym content to catch new opportunities by ……
Technogym content to catch new opportunities by …… Training experiences video on-demand library After years supporting professional operators Clubs Technogym started populating the Technogym Live platform with own filmed Precision Training content: any training goal can now be achieved quicker and e
Slide 9: Technogym products to catch new opportunities by ……
Technogym products to catch new opportunities by …… New solutions for cyclists & home fitness Clubs New home products Technogym is enlarging its product and solution portfolio to serve different end-users needs Strictly private & confidential 9
Slide 10: In Sport Performance with high intensity training
In Sport Performance with high intensity training Strictly private & confidential 10
Slide 11: In Fitness with Cardio & Strength training
In Fitness with Cardio & Strength training Strictly private & confidential 11
Slide 12: The widest product & solutions range
The widest product & solutions range Strictly private & confidential 12
Slide 13: FY 2021 results at a glance
FY 2021 results at a glance € million 2021 2020 2021 vs 2020 Revenue (€m) 611.4 509.7 +20.0% EBITDA ADJ (€m) 107.0* 96.9 +10.5% Margin (%) 17.5% 19.0% EBIT ADJ (€m) 67.1** 58.9 +13.8% Margin (%) 11.0% 11.6% Net Profit (€m) 63.1*** 36.0 +75.2% Margin (%) 10.3% 7.1% Net Financial Position 96.0 59.5 +3
Slide 14: Top line grew by 20% in 2021
Top line grew by 20% in 2021 € million Revenue Key comments ▪ Strong rebound in BtoB led by a 20.0% double-digit growth in all the 611.4 614.0 segments, from Health to Hotels, from Residential to Clubs 20.5% ▪ Key Accounts restarted significant 509.7 orders over the last quarters ▪ EU and APAC geogr
Slide 15: BtoB rebound led by all segments
BtoB rebound led by all segments € million 2021 vs. Y-1 20.0% 611.4 509.7 429.7 +20.9% (70%) BtoB 355.6 (70%) 181.7 +17.9% 154.1 (30%) BtoC (30%) FY 2020 FY 2021 Strictly private & confidential 15
Slide 16: Strong growth recorded in APAC, North America and MEIA
Strong growth recorded in APAC, North America and MEIA € million 2021 vs. Y-1 20.0% 611.4 509.7 291.2 EU (48%) +17.5% (excl. ITA) 247.9 (49%) 110.8 (18%) APAC +25.5% 88.3 (17%) 69.0 NORTH (11%) +20.4% 57.3 AMERICA (11%) 63.0 59.8 (10%) ITALY +5.4% (12%) 42.9 62.3 MEIA +45.2% (10%) 13.5 (8%) 15.1 LAT
Slide 17: Strong growth of Distributors
Strong growth of Distributors € million 2021 vs. Y-1 20.0% 611.4 509.7 374.3 (61%) FIELD SALES +15.1% 325.1 (64%) 145.3 (24%) DISTRIBUTORS +41.9% 102.4 (20%) 70.0 79.5 INSIDE SALES +13.6% (14%) (13%) 12.2 12.3 RETAIL +0.8% (2%) (2%) FY 2020 FY 2021 Strictly private & confidential 17
Slide 18: 2021 Profit & Loss
2021 Profit & Loss € million Comments (€m) Dec 2020 Dec 2021 Delta 2021 vs 2020 Total revenue 509,7 % on sales 611,41 % on sales 101,7 20,0% ▪ Increase in revenue (+20,5% at constant Cost of raw, ancillary and consumable materials and goods for resale (166,4) (32,6%) (209,4) (34,3%) (43,1) 25,9% FX)
Slide 19: Trade Working Capital improved vs 2020
Trade Working Capital improved vs 2020 € million Trade Working Capital evolution Comments AR Stock AP 53 ▪ Inventories: growth driven by a 50 prudentially higher stock to avoid any 104 supply chain disruption in 2022 81 ▪ Trade Receivables: DSO driven by higher sales 83 109 ▪ Trade payable: DPO impr
Slide 20: Capex grew to Euro 27.7m to support Company's development
Capex grew to Euro 27.7m to support Company’s development € million Comments % on Revenue ▪ Tangible Capex 4.8% 4.5% − Tools and molds for new products 27,7 − Production lines and manufacturing 24,4 equipment − Corporate facility, Offices and Studios 11,1 9,1 ▪ Intangible Capex − Digital and content
Slide 21: Net Cash further improved in 2021
Net Cash further improved in 2021 € million Net Financial Position Comments ▪ Other financial debt 96 59 − Leasing guarantee stands at 44,7 €m on Dec 2021 increasing vs Y-1 (32.4m €) 202 228 − Rent and direct leasing (IFRS 16) at 24 €m ▪ Without considering IFRS16 impact, NFP would be 120 €m as of D
Slide 22: Net Financial Position from 59 to 96m€
Net Financial Position from 59 to 96m€ € million +36.5 103.5 4.0 30.8* -27.7 0.7 -14.3 -44.3 96.0 -16.2** 59.5 NFP FY20 CF from NWC Capex Disposal of Tax paid Disposal/(Inv Dividends Financial NFP FY21 operat. fixed assets estments) on costs, leases Activities subsidiaries and other * Exerp +49,6 €M
Slide 23: 2021 Balance Sheet
2021 Balance Sheet (€m) Dec 2020 % on LTM Revenues Dec 2021 % on LTM Revenues Inventories 82,6 16,2% 108,5 17,8% Trade receivables 81,1 15,9% 104,2 17,0% Trade payables (114,0) (22,4%) (159,8) (26,1%) Trade Working Capital 49,7 9,7% 53,0 8,7% Other current assets/(liabilities) (56,4) (11,1%) (65,3)
Slide 24: Strictly private & confidential
Strictly private & confidential 24