Dexelance · MIL:DEX
Dexelance — Italian Design Brands — 9M 2023 Earnings Presentation
18 slides from Dexelance's earnings presentation, Nov 13, 2023
Slide 1: Interim Financial Information as of 30 September 2023
INTERIM FINANCIAL INFORMATION AS OF 30 SEPTEMBER 2023 13 November 2023 18.00 – 19.00 (CET)
Slide 2: Presenters today
Presenters today Marella Moretti Andrea Sasso Giorgio Gobbi Alberto Bortolin Corporate Development Chief Executive Officer Managing Director Chief Financial Officer & IR Manager 2
Slide 3: IDB full 9 months 2023 financial highlights
IDB full 9 months 2023 financial highlights(1): confirmed trajectory towards expected organic growth despite numerous macroeconomic uncertainties, welcoming a new acquisition Actual Revenue Full Revenue(2) € 198,3 mln € 221,4 mln +45,3% vs. 9M 22 +49,0% vs. F9M 22 (+7,3% organic) @ current exchange
Slide 4: IDB closed the Turri acquisition, strengthening its positioning in high-end Furniture
On 29 Sept. IDB closed the Turri acquisition, a new milestone in Group’s recurring M&A process strengthening its positioning in high-end Furniture • Leading company, founded in Como in 1925, producing luxury indoor furniture for dining, living and sleeping areas • Historic and well-recognized brand,
Slide 5: Transaction structure and company's evaluation in line with previous acquisitions
Transaction structure and company’s evaluation in line with previous acquisitions. IDB Team already working on the integration process, to unlock further growth and achieve additional synergies Transaction structure and acquired business IDB Andrea Turri 51% 49% (1) TURRI 2k Srl 2022 key numbers (EU
Slide 6: Grand opening of the new headquarter in Lexington Ave, NY
IDB marked the grand opening of the brand-new headquarter in Lexington Ave - NY, in conjuction with two stunning showrooms dedicated to Meridiani & Davide Groppi hosting Rotante Massimo III, first piece of IDB for Arts, in its second stop after Milan IDB DOS(1) 8 Davide Groppi IDB monobrand stores(1
Slide 7: Investing to enhance existing brands' visibility and presence worldwide
The Group continues to work and invest to enhance existing brands’ visibility and presence worldwide, adapting strategies and implementing different «ad hoc» initiatives Davide Groppi opened a new «Spazio Esperienze» in Porto Gervasoni changed the look of the Very Wood brand Very Wood collaborates w
Slide 8: The world of contract remains vibrant with IDB brands selected for multiple projects
The world of contract remains vibrant with IDB brands selected for multiple projects, strenghtening the relationship with architect studios - key industry players Gervasoni Rifugio Olòn, Ecuador Flexalighting Renocon Design Center, Vancouver Saba Davide Groppi, Private Villa, Mide Architects Meridia
Slide 9: A brief recap of IDB's M&A path in 2022 and 2023
A brief recap of IDB’s M&A path in 2022 and 2023… 2022 – companies included in the «organic» perimeter 2023 – companies included in the «total» perimeter May 2022 End of January 2023 End of September 2023 Actual data Actual data IDB, through Flexalighting, acquires the majority Cubo 8 months FNA 5 m
Slide 10: Full 9M 2023 Financial Results
Full 9M 2023 Financial Results: outstanding total growth in both revenue and EBITDA. A well-functioning M&A machine catching opportunities in all market conditions Organic Total +7,3% +49,0% EUR thousands F9M 22 (1) % F9M 23 (2) % 221,4 Revenue 148.620 100,0% 221.435 100,0% 62,0 148,6 Other income 1
Slide 11: Revenue breakdown and bridge by SBA
Revenue breakdown and bridge by SBA(1): Lighting and Furniture benefit from the entry of Axolight and Turri. In Q3 Luxury Contract experienced some project delays, expected to be fully recovered in Q4 Furniture Lighting Luxury Contract Kitchen&Systems Total +40,1% +28,3% +35,8% -6,8% 70,5 31,8 50,3
Slide 12: Revenue breakdown and bridge by Channel
Revenue breakdown and bridge by Channel(1): Soft Contract and Retail significantly benefits from M&A activity. Hard Contract’s growth is 100% organic Retail Hard Contract Soft Contract Total +40,1% 70,5 +61,9% -6,8% +103,8% 50,3 37,6 23,2 18,8 20,1 14,1 6,9 FQ3 22 FQ3 23 FQ3 22 FQ3 23 FQ3 22 FQ3 23
Slide 13: Revenue breakdown and bridge by Region
Revenue breakdown and bridge by Region(1): growth is spread across all Regions, thanks to the wider perimeter. ROW and Greater China benefit from Turri performance in the area Europe Italy North Greater ROW Total (excluding Italy) America China +40,1% +15,3% +46,9% +22,5% +142,7% +134,0% 70,5 50,3 2
Slide 14: Full nine months 2023 EBITDA by SBA
Full nine months 2023 EBITDA by SBA(1): three of them with Margin ≥ 20%, Furniture experiencing temporary reduction, as expected. All SBAs looking at stronger profitability in Q4 thanks to revenues’ seasonality Furniture Lighting Luxury Contract Kitchen&Systems Total(2) -24,3% -9,5% +96,1% +32,8% 34
Slide 15: Capex increases due to commercial investments and new showrooms' openings
Capex increases due to multiple commercial investments and new showrooms’ openings. Cash conversion structurally stronger in Q4, mostly connected to seasonality in contract Net Working Capital - EUR Mln Operating Capex - EUR Mln 100,0 4,7 9M 22 FY 22 Full FY 22 9M 23 80,0 60,0 3,7 43,9 1,8 40,0 27,3
Slide 16: Full 9 months 2023 order intake
Full 9 months 2023 order intake(1): slowdown in organic growth reflects the announced normalization in residential SBAs, counterbalanced by a strong track in Luxury Contract (despite tougher H2 2022 comparison) and by inclusion of two new companies Total Organic STRONGLY POSITIVE POSITIVE 223,1 159,
Slide 17: Q&A Session
Q&A SESSION GERVASONI 1882 davide groppi Italian Design Brands MERIDIANI seba FLEXALIGHTING Axelight CBinova GAMA ANBY TUREL
Slide 18: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Italian Design Brands S.p.A. (the “Company” and together with its subsidiaries, the “IDB Group”) for information purposes only. The Presentation does not, and is not intended to, constitute or form part of, and should not be cons
Italian Design Brands — 9M 2023 Earnings Presentation on 6ix