Somec S.p.a. · MIL:SOM
Somec — Mid & Small in Milan 2024
43 slides from Somec's conference presentation, Dec 3, 2024
Slide 1: Company Presentation - Mid & Small in Milan 2024
COMPANY PRESENTATION Mid & Small in Milan 2024 by Virgilio IR 3rd December 2024
Slide 2: Company Overview, Financial Highlights, Annex
1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS ANNEX
Slide 3: Somec Group is one of the world's leading experts in complex turnkey projects
SOMEC GROUP IS ONE OF THE WORLD’S LEADING EXPERTS IN THE CONSTRUCTION OF COMPLEX TURNKEY PROJECTS 30 companies specialising in the engineering, design and deployment of complex turnkey projects in civil and naval sectors. A group of excellences operating in an integrated and synergetic manner, accor
Slide 4: From local company to international group
FROM LOCAL COMPANY TO INTERNATIONAL GROUP 1978 1993 2005 Year of foundation Somec enters the The company adds another marine glazing business challenging business: the marine refitting 2013 2016-17 2018 Oscar Marchetto acquires Somec enters the business Somec is listed on the the majority stake of S
Slide 5: International presence
INTERNATIONAL PRESENCE FLORIDA NAVALTECH fi TEXAS PIZZAGROUP USA fi LEGEND HEADQUARTERS tal PRODUCTION PLANTS IHL No-PRODUCTION PLANTS (© DIRECTLY OWNED SUBSIDIARIES RQ Ts NEW YORK Fi 3.0 PARTNERS USA Bi BLUESTEEL GROUP USA Ai MESTIERI USA CONNECTICUT wl FABBRICA CANADA ATELIER DE FACADES GERMANY SO
Slide 6: A world of companies
A WORLD OF COMPANIES specialising in three macro segments 6
Slide 7: Horizons: engineered systems for naval architecture and building façades
HORIZONS ENGINEERED SYSTEMS FOR NAVAL ARCHITECTURE AND BUILDING FAÇADES Marine glazing One of the major players in North America and Europe when it comes to the design, procurement, production, installation and maintenance of ship and building construction systems, characterised by the highest quali
Slide 8: Horizons ship references
E N C H A N T ED P R IN C ES S I C ON OF T H E SE A S P r i n c e s s C r u i s es R o y a l C a r i b b e an N O R W EG IA N P R I M A Norwegian Cruis e Line 8
Slide 9: Horizons building references
ECOSTA PF L - SMERALDA B Â T IM E N T M E 2 0 5 0 M S TRE E T LCosta a u s aCrociere n ne - S w i t z e r l a n d W a s h i n g to n , D C T W A F L I GH T C E N T E R H OT E L TNORWEGIAN H E JA C X PRIMA J a m a i c a Qu e e n s , N Y L Norwegian o n g I s l a nCruise d C i tLine y, NY 9
Slide 10: Talenta: professional kitchen systems and products
TALENTA PROFESSIONAL KITCHEN SYSTEMS AND PRODUCTS Specialized integrated systems for professional kitchens Marine catering seamlessly blend aesthetics with high performance. equipment Turnkey projects tailored for the catering and hospitality industry adhere to the highest standards of certified eff
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Slide 13: Mestieri: design and production of bespoke interiors
MESTIERI DESIGN AND PRODUCTION OF BESPOKE INTERIORS A selected group of high-end artisan brands, Marine interiors each an absolute excellence in its own sector. Under Mestieri direction and coordination, this integrated ecosystem applies its genius to the bespoke creation of fine interiors and iconi
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Slide 17: Cruise market outlook: positive growth in the cruise industry
CRUISE MARKET OUTLOOK SOCIAL, ECONOMIC & ENVIRONMENTAL IMPACT POSITIVE GROWTH IN THE CRUISE INDUSTRY* • $138 billion in total economic impact globally, supporting 1.2 million jobs In 2023 the cruise industry surpassed the forecasts, and it is expected worldwide and $43 billion in wages to reach new
Slide 18: Global marine interior and hospitality outlook
GLOBAL MARINE INTERIOR AND HOSPITALITY OUTLOOK Forecasts* indicate stable growth, with significant opportunities for companies operating in the marine interiors in Europe. KEY DRIVERS MARINE INTERIOR IS EXPECTED TO GROW AT CAGR OF +10.1% FROM 2022 TO 2030 • Tourism Recovery: The global travel indust
Slide 19: Daily commitment to sustainability
DAILY COMMITTMENT TO SUSTAINABILITY THE VALUE OF RESPONSIBILITY Somec strives to listen to the needs of its stakeholders, both 2023 SUSTAINABILITY REPORT HIGHLIGHTS internal and external, as it is aware that this is the way to create shared and sharable value. E CARBON FOOTPRINT REDUCTION Constant r
Slide 20: Financial Highlights
1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS ANNEX
Slide 21: 9M 2024 revenues
9M 2024 REVENUES* CONSOLIDATED REVENUES STILL IMPACTED BY A TEMPORARY DOWNTURN TOTAL REVENUES AS 30 SEPTEMBER 2024* €m REVENUES BREAKDOWN BY DIVISION* % on total -3.6% 26.5% 21.6% 9M 2023 57.1% 280.0 270.0 9M 2024 16.4% 15.1% 63.3% 9M 2023 9M 2024 • 9M 2024 revenues were still impacted by a temporar
Slide 22: Revenues as of June 2024
REVENUES AS 30 JUNE 2024 TOPLINE SLIGHTLY AFFECTED BY ORDER TIMING SHIFT IN THE SECOND HALF OF THE YEAR TOTAL REVENUES €m REVENUES BREAKDOWN BY DIVISION % on total Horizons - -3.1% Engineered systems of naval architecture and building façades H1 2023 21.0% Talenta - 191.6 185.6 Professional kitchen
Slide 23: H1 2024 operating profitability
H1 2024 OPERATING PROFITABILITY SIGNIFICANT IMPROVEMENT OF MARGIN, MAINLY DRIVEN BY HORIZONS DIVISION EBITDA ADJ AND EBITDA ADJ MARGIN OF THE GROUP €m/% EBITDA Margin EBITDA Adj Margin *0.1 Adjustment 3.9 * 0.2 -9.2 **0.3 Adjustment 13,2 13.2 *** *** 0.4 Adjustment • The Horizons division significan
Slide 24: Order backlog as of June 2024
ORDER BACKLOG AS 30 JUNE 2024 BACKLOG IMPROVENT (+4.1%) DRIVEN BY MESTIERI DIVISION BACKLOG €m BACKLOG BREAKDOWN BY DIVISION % +4.1% Horizons - Engineered Systems for Naval 17.6% Architecture and Building Façades 783 Talenta - Professional 752 H1 2024 Kitchen Systems and 19.4% Products 63.0% Mestier
Slide 25: Strong 2024 backlog acceleration
STRONG 2024 BACKLOG ACCELERATION APPROX. 250 MILLION EURO ORDERS AWARDED IN 2024 MAINLY BY HORIZONS DIVISION BACKLOG EVOLUTION IN 2024 BY DIVISION HORIZONS TALENTA MESTIERI ENGINEERED SYSTEMS FOR PROFESSIONAL KITCHEN DESIGN AND PRODUCTION OF NAVAL ARCHITECTURE AND SYSTEMS AND PRODUCTS BESPOKE INTERI
Slide 26: Horizons (H1 2024)
HORIZONS (H1 2024) REVENUES UP BY 9.1% WITH A STRONG IMPROVENT IN MARGIN REVENUES OF THE DIVISION €m +9.1% • rapidly expanding market. The marine division is confirming its growth trend (+9.1%) in a 109.8 119.8 • Positive results have been further boosted by contribution from the refitting sector an
Slide 27: Talenta (H1 2024)
TALENTA (H1 2024) REVENUES DECREASED BY 20.5% OFFSET BY A STRONG PROFITABILITY RECOVERY REVENUES OF THE DIVISION €m • Contraction especially at the beginning of 2023 in the professional cooking equipment sector. -20.5% • The division reported a 7.0 €m decrease in turnover, mainly due to a different
Slide 28: Mestieri (H1 2024)
MESTIERI (H1 2024) TOPLINE REDUCTION IN VOLUMES AFFECTING ALSO THE MARGINALITY REVENUES OF THE DIVISION €m -18.9% • The decrease is mainly attributable to the subsidiary Hysea, which in the first half of the year had revenues of 4.5 €m , whereas in 2024, with the conclusion of ongoing projects, it h
Slide 29: Net result and cash flow as of June 2024
NET RESULT AND CASH FLOW AS 30 JUNE 2024 NET RESULT AFFECTED BY NON - RECURRING ITEMS. STRONG CASH GENERATION CONSOLIDATED NET RESULT €m/% CASH FLOW €m 0.5 -1.2 15.8 -1.8 Ex.rate effects -2.3 Cash flow from -8.0 financing activities Net Net Margin Margin Cash flow from -1.9 -13.9 investing activitie
Slide 30: Net financial position as of June 2024
NET FINANCIAL POSITION AS 30 JUNE 2024 IMPROVEMENT OF THE FINANCIAL POSITION DRIVEN BY A MORE EFFICIENT OPERATING ACTIVITIES EVOLUTION OF NET FINANCIAL POSITION ex-IFRS16 €m 60.1 3.1 57.7 6.9 1.1 1.0 8.4 -0.5 -0.8 8.5 -13.2 54.3 • 15.8 €m. Cash flow from operating activities up for 36.0 • 1.3Impact
Slide 31: Annex
1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS ANNEX
Slide 32: H1 2024 consolidated income statement
H1 2024 CONSOLIDATED INCOME STATEMENT RECLASSIFIED 32
Slide 33: H1 2024 consolidated statement of financial position
H1 2024 CONSOLIDATED STATEMENT OF FINANCIAL POSITION RECLASSIFIED 33
Slide 34: H1 2024 consolidated net financial position
H1 2024 CONSOLIDATED NET FINANCIAL POSITION 34
Slide 35: H1 2024 consolidated cash flow statement
H1 2024 CONSOLIDATED CASH FLOW STATEMENT RECLASSIFIED 35
Slide 36: Project cycle
PROJECT CYCLE 1 3 5 PRE-SALES SELECTING MATERIALS INSTALLATION The most complex pha se, Somec Gro up works With more than 300 major which includes referen ces, with differe nt ma teria ls pro jects delivere d, tested pre limina ry eng ineering dep ending on the secto r. and app roved, Somec Gro up w
Slide 37: Investing in people is investing in the future
INVESTING IN PEOPLE IS INVESTING IN THE FUTURE "People are the greatest asset in a company. The continuous innovation at customer’s service and the constant enhancement of performances are the objectives reached by working in team.” Oscar Marchetto Attracting and retaining talent is pivotal for our
Slide 38: People empowerment
PEOPLE EMPOWERMENT TEAM GROWTH TOTAL INTERNAL MANAGEMENT Somec Group organization boasts an experienced and skilled team that grows day by day through an on going program of training and development. People empowerment is a key point of its strategy to maintaining high level. 38
Slide 39: Developing, preserving and passing on the Italian know-how
DEVELOPING, PRESERVING AND PASSING ON THE ITALIAN KNOW-HOW Somec Group was set up and developed as a local business based on the skilled hands of expert craftsmen. As it has expanded, it has always recognised the priceless value of Italian expertise, which is precise when it comes down to fine detai
Slide 40: Head, heart, hands. We make the future
HEAD, HEART, HANDS. WE MAKE THE FUTURE We collaborate with the greatest architects and designers at the service of the major shipbuilders, building developers and luxury brands all over the world. In the most beautiful cruise ships, In the skylines of the world’s In the professional kitchens In the
Slide 41: Disclaimer and notes
DISCLAIMER AND NOTES This document has been prepared by SOMEC S.p.A. (the ‘Company’) solely for the purposes of this presentation. This document may not be reproduced or distributed in whole or in part by any other person with any way than the Company. The Company takes no responsibility for the use
Slide 42: Contacts
CONTACTS Investor Relations somec@twin.services investorrelations@somecgroup.com
Slide 43: Oscar Marchetto, Chairman & CEO quote
‘‘ (…) The truth is that the technical, industrial and craft expertise of our people, and the freedom with which everyone in the Group can be innovative, give us the energy to pursue our dream - to become the hub of Italian construction quality. ” OSCAR MARCHETTO CHAIRMAN & CEO somecgruppo.com