Slide 1: FY 2022 Results and FY 2023 Guidance
FY 2022 RESULTS AND FY 2023 GUIDANCE San Vendemiano (Treviso, Italy) 23 March 2023
Slide 2: 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 3: Topics on the Agenda
TOPICS ON THE AGENDA 2022, the year of evolution: from the reorganization into 3 BUs to the 36 €m invested in acquisitions, to launch Mestieri and strengthen the grip on the Oscar Marchetto promising business of civil façades in the US and Europe Chairman and CEO Revenues at 329 €m (+27%) and backlo
Slide 4: The Reorganization into Three Divisions
THE RIORGANIZATION INTO TRHEE DIVISIONS WITH THE LAUNCH OF «MESTIERI», THE GROUP ENTERED A NEW EVOLUTION PHASE From a company specializing in glazing for cruise ships to a diversified and synergistic industrial group, world ambassador of Italian construction excellence in the naval and civil fields
Slide 5: 2022: Challenges and (Seized) Opportunities
2022: CHALLENGES AND (SEIZED) OPPORTUNITIES THE RAPID DETERIORATION OF THE MACRO SCENARIO IMPACTS PROFITABILITY BUT OPENS NEW WAYS MARKET CONTEXT EFFECTS ON SOMEC UNDERTAKEN ACTIONS • March – Outbrake of war in Ukraine, Western sanctions on Russia None: no direct or indirect business relationships w
Slide 6: €M Invested on Strategic Acquisitions
36 €M INVESTED ON 4 STRATEGIC ACQUISITIONS THE ACQUISITION CAMPAIGN PROCEEDS QUICKLY TO STRENGTHEN CIVIL GLAZING AND INTERIORS • civil façades Specialist in hi-tech, design-driven • abroad in engineered systems of • world’s excellences in marble Treviso-based company, active Modena-based company, am
Slide 7: Topics on the Agenda
TOPICS ON THE AGENDA 2022, the year of evolution: from the reorganization into 3 BUs to the 36 €m invested in acquisitions, to launch Mestieri and strengthen the grip on the Oscar Marchetto promising business of civil façades in the USA and Europe Chairman and CEO Revenues at 329 €m (+27%) and backl
Slide 8: Revenues
REVENUES NEW RECORD SET THANKS TO THE CONTRIBUTION OF ALL BUs TOTAL REVENUES €m - IAS/IFRS REVENUE BREAKDOWN BY BU €m - IAS/IFRS (*) 11.9% 2022 Total growth: Naval Architecture +27.2% 21.2% and Building Façades 328.8 2021 258.5 Organic growth: 23.2% Professional kitchens 251.4 223.4 2022 +16.9% 64.8
Slide 9: Order Backlog
ORDER BACKLOG NEW RECORD WHILE GOING TOWARDS AN EXPECTED SLOWDOWN IN THE GROWTH RATE BACKLOG AS AT 31 DECEMBER €m BACKLOG BREAKDOWN BY BU €m 11.7% Naval Architecture and Building Façades 17.0% 767 921 934 2022 Professional Kitchens 638 Mestieri - Personalized 71.3% interiors 2019 2020 2021 2022 BACK
Slide 10: Naval Architecture and Building Façades
NAVAL ARCHITECTURE AND BUILDING FAÇADES REVENUES UP BY 15.5% WHILE EBITDA DECREASED BY 36.4% REVENUES OF THE BU €m • Naval segment: (*) 2022 total growth: +15.5% - Full post-Covid recovery of new building business - Strong increase in refitting, especially at the end of 2022 193.6 Organic growth: •
Slide 11: Professional Kitchens
PROFESSIONAL KITCHENS REVENUES INCREASED BY 9% WHILE EBITDA WAS DOWN BY 17.5% REVENUES OF THE BU €m • Entirely organic growth • New naval orders obtained by Oxin 60.1 65.5 • 2H: revision of pricing in the civil sector, in response to the increase in raw material costs 2021 2022 EBITDA AND EBITDA MAR
Slide 12: Mestieri – Personalized Interiors
MESTIERI – PERSONALIZED INTERIORS REVENUES MORE THAN DOUBLED (+126.3%), EBITDA INCREASED BY 8.3 €M REVENUES OF THE BU €m • 2022 tot. growth: Strong business deployment 1 year after the launch of the project +126.3% (*) Organic growth: • Significant order by Azamara Cruises, the most important ever i
Slide 13: Operating Profitability
OPERATING PROFITABILITY EBITDA WAS FLAT, MARGIN RECOVERED IN 2H. EFFECT OF ACQUISITIONS ON ADJ. EBIT EBITDA AND EBITDA MARGIN OF THE GROUP €m • 1H impacted by the revision of the whole-life margins of ongoing 8.9% 8.0% contracts, in turn induced by the 7.1% 9.4 -9.2 increase in prices of raw materia
Slide 14: Net Profitability and Cash Generation
NET PROFITABILITY AND CASH GENERATION POSITIVE NET RESULT BEFORE EXTRAORDINARY WRITE-DOWNS, ROBUST CASH FLOW ADJ. CONS. NET RESULT AND ADJ. CONS. NET MARGIN €m CASH GENERATION €m 73.0% Cash flow from 4.2% 60.3% operating 0.5% activities Free cash flow Extraordinary write- downs of trade receivables
Slide 15: Net Financial Position
NET FINANCIAL POSITION RELEVERAGE BROUGHT BY INTENSE M&A CAMPAIGN AND DIVIDEND PAYOUT EVOLUTION OF NET FINANCIAL POSITION ex-IFRS16 €m 8.5 3.4 8.4 • - disbursement for the purchase of the stake Impact of acquitions equal to 36 €m, including: 54.3 - fair value of earn-out and put and call clauses (€1
Slide 16: Topics on the Agenda
TOPICS ON THE AGENDA 2022, the year of evolution: from the reorganization into 3 BUs to the 36 €m invested in acquisitions, to launch Mestieri and strengthen the grip on the Oscar Marchetto promising business of civil façades in the USA and Europe Chairman and CEO Revenues at 329 €m (+27%) and backl
Slide 17: The Strategy in 2023
THE STRATEGY IN 2023 REVENUE GROWTH AND MARGIN RECOVERY THANKS TO WELL-IDENTIFIED MANAGERIAL ACTIONS THE CONTEXT SOMEC’S STRENGHTS Naval architecture and building façades • Permanent geopolitical • Focus on naval refitting, a high-margin business Recovery of productivity and profitability of order b
Slide 18: Guidance for FY 2023
GUIDANCE FOR FY 2023 FOR THE FIRST TIME EVER, SOMEC RELEASES GUIDANCE FOR THE CURRENT FISCAL YEAR FY 2022 RESULTS FY 2023 GUIDANCE • Revenues 328.8 €m 360+ €m Mestieri close to 100 €m only 2 years since the launch of the project • Ebitda 23.2 €m 30+ €m Implicit Ebitda margin above 8% Ebitda margin 7
Slide 19: Appendix
APPENDIX • Income Statement reclassified • Balance Sheet reclassified • Net Financial Position • Cash Flow Statement reclassified
Slide 20: Income Statement - Reclassified
INCOME STATEMENT - RECLASSIFIED In Euro thousand 2022 % 2021 % Δ Δ% Revenue from contracts with customers 325,616 99.0% 250,550 96.9% 75,066 30.0% Other revenues and income 3,228 1.0% 7,930 3.1% (4,702) -59.3% Total revenues 328,844 100.0% 258,480 100.0% 70,364 27.2% Materials, services and other co
Slide 21: Balance Sheet - Reclassified
BALANCE SHEET - RECLASSIFIED In Euro thousand 31/12/2022 31/12/2021 Intangible assets 59,517 47,681 of which Goodwill 36,699 27,417 Tangible assets 20,893 14,135 Right-of-use assets 27,387 25,544 Investments in associates 351 213 Non-current financial assets 233 323 Other non-current assets and liab
Slide 22: Net Financial Position
NET FINANCIAL POSITION in Euro thousand 31/12/2022 31/12/2021 Δ A. Cash and cash equivalents 71 142 (71) B. Bank deposits 54,273 47,503 6,770 C. Total liquidity (A+B) 54,344 47,645 6,699 D. Current financial assets 4,608 389 4,219 E. Current bank debt (27,756) (17,393) (10,363) F. Current portion of
Slide 23: Cash Flow Statement Reclassified
CASH FLOW STATEMENT RECLASSIFIED In Euro thousand 31/12/2022 31/12/2021 Cash flows from operating activities 13,967 16,819 Cash flows from investing activities (13,681) (5,032) Free Cash Flow 286 11,787 Cash flows from financing activities 5,204 (7,627) Net cash flow 5,490 4,160 Cash and cash equiva
Slide 24: Next Events and IR Contact
NEXT EVENTS IR CONTACT April 2023 - tbc Lunch Meeting organized by Intermonte Milano 19 April 2023 Mid & Small investor conference Andrea Moretti organized by Virgilio IR and Mediobanca Investor Relations Manager Londra, The Tower Hotel Via Palù, 30 - 31020 San Vendemiano 4 May 2023 Treviso, Italy A