Wendel Se · EURONEXT:MF
Wendel — Mecatherm — Investor Day (December 2014)
23 slides from Wendel's investor day presentation, Dec 4, 2014
Slide 1: Mecatherm
Mecatherm Olivier Sergent Wendel Investor Day, December 4, 2014
Slide 2: Mecatherm products
Mecatherm products Investor Day 2014 – December, 4 75
Slide 3: Mecatherm products
Mecatherm products HIGH CAPACITY LINE PREMIUM LINE VARIETEE LINE « convenience » baguette Artisan quality bread and Buns, brioche, loaves of and crusty bread baguette bread, pastries… UP to 8 modules on a fully automatic production line Freezing Storage Baking Cooling Product treatment Proofing Depa
Slide 4: Mecatherm products make this
Mecatherm products make this HIGH CAPACITY LINE « convenience » baguette and crusty bread PREMIUM LINE Artisan quality bread and baguette VARIETEE LINE Buns, brioche, loaves of bread, pastries… Investor Day 2014 – December, 4 77
Slide 5: Mecatherm's MOTTO
Mecatherm’s MOTTO Add Value to our offering by: • Remaining the Leader through continuous innovation on products and processes • Offering a wide range of equipments with high value: we are not a mere engineering company, we supply our own equipments • Offering a wide range of services • Project mana
Slide 6: Our market
Our market
Slide 7: World Bread Consumption is sliced in two…
World Bread Consumption is sliced in two… 1.5 billion inhabitants eat crusty bread Rest of the World eats other kinds of bread (soft bread, packed bread) Investor Day 2014 – December, 4 80
Slide 8: Did you know that…?
Did you know that…? ■ The world’s biggest baker is… Mexican and makes $14 bn revenue per year ■ The world’s biggest baguette eater is… Algeria with 40 million/day, ■ and there is only one industrial bakery , installed this year by Mecatherm, producing 300,000 baguettes/day (1% ) ■ 3 million baguette
Slide 9: World bakery is a growth market
World bakery is a growth market Grupo Bimbo Yamazaki baking AG (millions of Yen) (millions of Mexican pesos) 968 280 173 139 176 041 951 502 133 496 928 242 932 794 116 353 117 163 885 683 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Europastry Aryzta AG (millions of Euros) (millions of Euros)
Slide 10: A strong installed base for future growth
A strong installed base for future growth World leadership in production lines Ability to adapt our equipment features to the product specificity and the request of each country More than 600 fully automatic lines in operation on the 5 continents Germany 92 lines sold (1): Convenience line
Slide 11: Key financials & Growth Drivers
Key financials & Growth Drivers
Slide 12: 2014: A year of transition
2014: A year of transition Record order intake (In EUR million) FY 2013 H1 2013 H1 2014 Δ Net sales 96.1 32.1 36.9 +14.8% EBITDA 16.6 3.2 3.4 +8.2% % of net sales 17.3% 9.9% 9.4% -50 bps Operating income 15.3 2.5 2.8 +12% % of net sales 15.9% 7.9% 7.5% -40 bps Net financial debt 49.9 58.7 52.6 -6.1
Slide 13: Production & accounting process
Production & accounting process Final commissioning Real condition testing Revenue & client’s training recognition 100% Average Assembly of sale recognized figures. in client’s location Contracts may 95% differ. 90% of sale recognized of sale recognized Manufacturing & Assembly Delivery Subcontracti
Slide 14: Our future
Our future
Slide 15: Our growth is driven by a very simple idea
Our growth is driven by a very simple idea Bread is basic food stuff Bread is fun and convenient for sandwhich But… 1 Making bread is very difficult and takes a long time 2 Making good bread is even more difficult Making a lot of good, healthy, safe, economical bread 3 needs adequate INDUSTRIAL SOLU
Slide 16: Mecatherm 2020 Strategic Plan
Mecatherm 2020 Strategic Plan Mecatherm 2020: €400M sales €70M EBITDA 18% margin Organic Growth External Growth c.50% c.50% DEVELOPED COUNTRIES Flour Storage Crusty bread + + Dough preparation Variety bread Make-up equipement Baking technologies EMERGING COUNTRIES Robotisation Crusty bread + Softwar
Slide 17: Extension of geographies
Extension of geographies Historic markets New geographies gained since 2006 Investor Day 2014 – December, 4 90
Slide 18: Widening of service offering
Widening of service offering Training: • Dedicated training sessions • Real production line at customer’s disposal Maintenance: • Spare parts storage with 12,000 references available, with a total of more than 30,000 references in use Connected machines / Supervision: • Connection by modem and/or in
Slide 19: External growth
External growth Moulding module for croissants Baking/frying Module for donuts Investor Day 2014 – December, 4 92
Slide 20: Investor Day 2014 – December, 4
Investor Day 2014 – December, 4 93
Slide 21: Company profile
Company profile WORLD LEADER ACTIVITY N°1 Mecatherm is the world leader in MECATHERM develops, produces and installs industrial bakery equipement ovens, machines and automated production lines for industrial bakery products worldwide; whether fresh or frozen, fully baked or par- baked. DIVERSIFIED &
Slide 22: In mature countries…
In mature countries… Mecatherm’s industrial solutions in Frozen Crusty Bread makes possible to have bread with: • High quality • Low cost • Always available at any time of the day (10 mn from freezer to serving) • Sold B to C in supermarket, gaz stations &….bakeries • or sold B to B (sandwhich chain
Slide 23: In emerging countries…
In emerging countries… 2 different levers for growth More than 1 Billion of people eat RoW : fast development of industrial Crusty bread, but there are not « soft bread » or specialty products enough bakers Price is the N°1 Growth potential Mecatherm’s driver for buying is huge as industrial food….