Elica S.p.a. · MIL:ELC
Elica — Q2 2011 Earnings Presentation
22 slides from Elica's earnings presentation, Jul 28, 2011
Slide 1: Elica 2011 Q2 Results
ELICA 2011 Q2 RESULTS July 28, 2011 July 28, 2011 1
Slide 2: Q2 '11 - Highlights
Q2 ’11 - Highlights Negative market demand Group sales over performing in all major markets Cost reduction efforts and continued innovation investments mitigate significant raw-materials cost inflation Stable Managerial Working Capital despite an higher inventory level July 28, 2011 2
Slide 3: H1 '11 - Cooker Hoods Industry Unit Shipments
H1 ’11 - Cooker Hoods Industry Unit Shipments* Change % vs. ’10* Q2 ’11 H1 ’11 Western Europe -7.0% -4.3% Eastern Europe 7.0% 7.0% (including CIS) Europe -0.7% 0.5% North America -5.0% -3.4% Latin America 5.0% 5.0% Americas -0.6% 0.2% Rest of the World -9.3% -8.8% World -5.6% -4.8% * Elica Group est
Slide 4: Q2 '11 - Consolidated Income Statement
Q2 ‘11 – Consolidated Income Statement M€ Q2 ’11 Q2’10 ∆% Net Sales 99.5 91.4 8.9% EBITDA 7.5 6.8 10.3% % 7.5% 7.4% 0.1 p.p. EBIT 3.4 2.7 25.9% % 3.4% 3.0% 0.4 p.p. Group Net Result 1.3 1.0 39.0% % 1.3% 1.0% 0.3 p.p. EPS* – Euro cents 2.26 1.68 34.7% *EPS as at June 30 is calculated by dividing the
Slide 5: H1 '11 - Consolidated Income Statement
H1 ‘11 – Consolidated Income Statement M€ H1 ’11 H1’10 ∆% Net Sales 192.5 179.5 7.3% EBITDA 13.7 13.2 3.7% % 7.1% 7.4% (0.3) p.p. EBIT 5.5 5.0 9.7% % 2.9% 2.8% 0.1 p.p. Group Net Result 2.4 2.4 (1.3)% % 1.2% 1.3% (0.1 )p.p. EPS* – Euro cents 4.04 4.23 (4.5)% *EPS as at June 30 is calculated by divid
Slide 6: H1 '11 - Elica Sales Trend
H1 ’11 – Elica Sales Trend Change % vs. H1 ’10 • Cooking segment Q2 ’11 H1 ’11 - Overall better than market (+5.2%) Europe 5.9% 3.3% - Own Brands: increase (+18.6%) mainly due to Indian and Chinese Americas 25.2% 13.8% companies - Client brands: decrease (-1.6%) Rest of the World 18.3% 35.8% keeping
Slide 7: Net Working Capital and Net Financial Position as of June 30
Net Working Capital and Net Financial Position as of June 30 M€ H1’11 H1’10 ∆ H1 ‘11/’10 Trade receivables 90.6 94.2 (3.6) % on annualized sales 23.5% 26.2% (2.7 )p.p. Inventories 52.0 42.6 9.4 % on annualized sales 13.5% 11.9% 1.6 p.p. Trade payables (95.0) (91.8) (3.2) % on annualized sales (24.7)
Slide 8: Consolidated Balance Sheet as of June 30
Consolidated Balance Sheet as of June 30 M€ 2011 2010 2011 2010 Net operating fixed 135.1 112.8 Net Debt (Cash) 70.3 24.2 assets Trade receivables 90.6 94.2 128.9 Group equity 107.3 Inventories 52.0 42.6 Minorities 5.8 2.4 Trade payables (95.0) (91.8) Short term assets & (1.9) (4.8) liabilities Net
Slide 9: Consolidated Cash Flow
Consolidated Cash Flow M€ Q2 ’11 Q2 ’10 H1 ’11 H1 ’10 Operating Cash Flow 6.6 11.5 3.2 11.1 CapEx (4.4) (4.0) (10.4) (6.5) Cash Flow before financial activities 2.2 7.5 (7.2) 4.5 Financial operations & others (32.0) (7.2) (27.9) (6.8) Cash Flow to shareholders (29.8) 0.3 (35.1) (2.3) July 28, 2011 9
Slide 10: Net Financial Position as of June 30, 2011
Net Financial Position as of June 30, 2011 M€ Long-term financial 34.2 Cash, bank liabilities deposits and Short-term financial 63.7 (27.6) marketable liabilities securities Total Financial 97.9 Liabilities Net Debt (Cash): 70.3 M€ July 28, 2011 10
Slide 11: Manufacturing delocalization
Manufacturing delocalization Hoods volume allocation H1 LOW COST COUNTRIES 34% 30% 34% 41% WESTERN 66% 59% EUROPE 2010 2011 July 28, 2011 11
Slide 12: Cooking Segment revenues breakdown
Cooking Segment revenues breakdown Value data H1 OWN BRAND 34% 38% CLIENT BRAND 66% 62% 2010 2011 July 28, 2011 12
Slide 13: New products launches in 2011
New products launches in 2011 Elica brand 2 new products Clip (design Ludovica+Roberto Palomba) Galaxy Island July 28, 2011 13
Slide 14: New products launches in 2011
New products launches in 2011 Client brands 15 new products July 28, 2011 14
Slide 15: Events & Fairs Q2
Events & Fairs Q2 CLIP ME, Fuorisalone 2011, April 12th For the 50th Milan Furniture Fair, Elica staged CLIP ME at its showroom in Via Pontaccio: a simple yet sophisticated exhibition to present Clip “a simple silent surprise”, the cooker hood designed by Ludovica+Roberto Palomba. Communication cove
Slide 16: Events & Fairs Q2
Events & Fairs Q2 Casa Decor, Madrid, May 19th - June 19th Elica took part in Casa Decor in Madrid, one of the most important exhibitions for the Spanish, Iberian and International markets. Casa Decor was the occasion for Elica Espana to meet many resellers and consumers in the Madrid area. Elica di
Slide 17: Events & Fairs Q2
Events & Fairs Q2 La Bellezza delle Cose From June 11th to July 3rd Elica took part to La Bellezza delle Cose, an exposition organized by ADI – Associazione Design Industriale. The visitors of this event were mainly architects and designers. Elica displayed all the most important product and concept
Slide 18: Events & Fairs Q2
Events & Fairs Q2 Air® Project by Pole On June 17th Elica hosted in its headquarter in Fabriano the final presentation of the Air® Project by Pole, an international platform for university students with the aim of creating a relationship between university and industry. The goal was to create an inn
Slide 19: Events & Fairs Q2
Events & Fairs Q2 Elicamex: International Italian Festival Elica Americas took part, from 12th to 15th May, with a stand in the “Exhibition of Italian Culture” organised at the Fox Centre in Leon, together with a host of other companies representative of Italian excellence around the world such as F
Slide 20: Awards
Awards Best Place to Work Europe 2011 Elica has been awarded as the Best Workplace in Europe 2011 by the Great Place To Work Institute. Elica also won the first prize in the “Inspiring” special category concerning the transmission of the company values and the policy of human resources management. J
Slide 21: Final Remark
Final Remark Q2 Results and pro-forma H1 performance are in line with the Guidance 2011 confirmed by the Group: Group Net sales +5%÷ ÷+7% EBITDA +5%÷ ÷ +10% Managerial Working Capital level on Net sales flat (11.7%) July 28, 2011 21
Slide 22: Disclaimer
Disclaimer This presentation contains 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 regard