El.en. S.p.a. · MIL:ELN
El.en — STAR Conference 2016
35 slides from El.en's conference presentation, Oct 6, 2016
Slide 1: STAR Conference H1 2016 Financial Results
STAR CONFERENCE H1 2016 FINANCIAL RESULTS Oct. 6th, 7th 2016
Slide 2: Disclaimer
Disclaimer Certain statements in this slide show, including those addressing the Company’s beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward-looking statements. Forward-looking statements involve known or unknown risks, including general economic
Slide 3: Summary
Summary 1. LASERS AND LASER APPLICATIONS 2. THE GLOBAL LASER MARKET 3. EL.EN. GROUP 4. H1-2016 FINANCIAL RESULTS 5. 2016 TARGETS 6. EL.EN. STOCK, MULTIPLES & COMPARABLES
Slide 4: Lasers and Laser Applications
Lasers and Laser Applications
Slide 5: LASER
LASER Light Amplification by Stimulated Emission of Radiation MEDICAL LASER Systems INDUSTRIAL LASER Systems
Slide 6: Medical and Aest. Applications
Medical and Aest. Applications
Slide 7: Surgical Laser systems
Surgical Laser systems Monna Lisa Touch Litho
Slide 8: Aesthetic Laser systems
Aesthetic Laser systems Discovery Pico Mediostar Motus AX
Slide 9: Industrial lasers applications
Industrial lasers applications
Slide 10: The Global Laser Market
The Global Laser Market Cee
Slide 11: The Medical Laser Market
The MEDICAL Laser Market Global market for medical lasers by end use, through 2019 ($ millions) Market Segment 2013 2014 2019 CAGR% 2014-2019 Surgical 758 813 1.219 8,4% Cosmetic 895 1.024 2.097 15,4% Dental 209 244 623 20,7% Veterinary 99 115 247 16,5% Total 1.961 2.195 4.185 13,8% Global market fo
Slide 12: The Industrial Laser Market
The INDUSTRIAL Laser Market Global market and forecast for high power laser systems by application (by value) By Value Global Market (EUR Million) CAGR (%) 2013 2016 2020 2013-2016 2016-2020 Cutting 2.408 3.014 3.965 7,8 7,1 Welding and Brazing 1.249 1.605 2.231 8,7 8,6 Surface treatment and Other 5
Slide 13: El.En. Group
El.En. Group
Slide 14: Group Overview
Group Overview High –Tech laser photonics Group Develops, manufactures and distributes laser sources and laser systems for medical and industrial applications Know-how based on 35 years stratification of multidisciplinary experience FY 2015: Consolidated Revenues of €218 mln, up 21% YoY H1 2016: Con
Slide 15: El.En. Group
El.En. Group
Slide 16: Strategic Strengths
Strategic Strengths Multidisciplinary and multifacility R&D activity: sources, systems, applications Industrial Combine High tech laser source development with flexible production facilities in high growth areas Medical Technological and clinical innovation improving performance and broadening the a
Slide 17: Cynosure
Cynosure 45,00 40,00 35,00 30,00 25,00 € Mln 20,00 15,00 10,00 5,00 - 2002/2004 2005 2007 2012 2014 2016 Year IRR= 32,50% Capital Gain = €92 mln
Slide 18: Consolidated Revenues and EBIT
Consolidated Revenues and EBIT SALES EBIT 250 38 225 33 200 28 175 23 150 18 125 13 100 8 75 50 3 25 (2) 0 (7) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (E)
Slide 19: R&D Activity
R&D Activity Clinical trials and validations of new therapeutic laser treatments and research on new applications of laser- tissue interaction Broadening Mona Lisa Touch Clinical studies New Pico second laser platform Clinical studies on cutaneous ulcers Painless laser hair removal Patents developme
Slide 20: New factory in Samarate
New factory in Samarate…..
Slide 21: ...and in Wenzhou (PRC)
c.&, ..and in Wenzhou (PRC) &1 En. Group
Slide 22: H1 - 2016 Financial Results
fi ld H1 - 2016 Financial Results Cee
Slide 23: H1 2016 Consolidated P&L
H1 2016 Consolidated P&L Euro/000 30/06/15 30/06/16 Var.% Revenues 106.884 100,0% 120.176 100,0% 12,4% Gross margin 48.077 45,0% 53.264 44,3% 10,8% EBITDA 12.529 11,7% 15.567 13,0% 24,2% EBIT 10.374 9,7% 13.524 11,3% 30,4% Pretax Income 11.694 10,9% 35.979 29,9% 207,7% Net income 7.623 7,1% 30.293 2
Slide 24: H1 2016 Balance Sheet
H1 2016 Balance Sheet Euro/000 31/12/15 30/06/16 Var.% Total non current assets 97.766 60.034 -39% Net Working Capital 59.861 59.323 -1% Net financial position 29.815 70.801 137% Long term liabilities 7.904 8.708 10% Net Equity 179.539 181.451 1% Net capital employed 149.724 110.650 -26% Net Working
Slide 25: Breakdown by Business
Breakdown by Business 90 +10% 80 70 60 +17% 50 Mln 40 30 20 10 - Medical Industrial 06/15 06/16
Slide 26: Breakdown by Area
Breakdown by Area 90 +9% 80 70 60 50 Mln 40 +28% +9% 30 20 10 - Italy Europe Row 06/15 06/16
Slide 27: Medical Lasers Business
Medical Lasers Business 45 40 +10% MEDICAL: 35 +10% 30 25 +8% +13% Mln 20 15 +14% 10 5 - Aesthetic Surgical Physiotherapy Service 06/15 06/16
Slide 28: Industrial Lasers Business
Industrial Lasers Business 30 +23% 25 INDUSTRIAL: +17% 20 15 Mln 10 +33% -56% +4% 5 - Cutting Marking Laser sources Service 06/15 06/16
Slide 29: 2016 Targets
c&.& ——£LEn. Group Cee 2016 Targets
Slide 30: 2016 Guidance - update
2016 Guidance - update OLD Sales 2016 = Sales 2015 +5% -> €229 mln EBIT 2016 = EBIT 2015 -> €22 mln NEW Sales 2016 = Sales 2015 +10% -> €239 mln EBIT 2016 = EBIT 2015 +15% -> €25 mln
Slide 31: El.En. Stock, Multiples & Comparables
El.En. Stock, Multiples & Comparables
Slide 32: El.En. Stock
El.En. Stock 20 Euro 18 16 14 12 10 8 6 4 2 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 El.En. S.p.A.
Slide 33: El.En. Multiples
El.En. Multiples Stockholder's Equity per share 9 Price / Book Value Adj. 2,1 EV /EBIT (85% EBIT) 12,1 EV / Sales (85% Sales) 1,4 El.En. Market Cap. 359,1 @ € 18,61 Net financial position 70,8 @ 30/06/16 Financial investments m/l term 10,7 @ 30/06/16 Enterprise Value 277,6 Stockholder's Equity net o
Slide 34: El.En. Comparables
El.En. Comparables Price Revenue Var.% EBIT EBIT % MK.Cap. EV EV/Sales EV/EBIT P/E (*) P/Book June 30th, 2016 Revenue (*) (*) Value Medical/Aesthetic Syneron $7,16 $143.663 5% $1.558 1% $257.150 $188.798 0,7 60,6 261,9 1,2 Zeltiq $39,22 $153.934 33% $(14.690) -10% $1.590.000 $1.537.930 5,0 n.a. n.a.
Slide 35: Investor Relations Contacts
El.En. SPA Enrico ROMAGNOLI Investor Relations Manager tel. +39 055-8826807 E-mail: finance@elen.it POLYTEMS HIR SRL Bianca FERSINI MASTELLONI Financial Communication Tel. +39 06-6797849 / +39 06-69923324 E-mail: b.fersini@polytemshir.it POLYTEMS HIR SRL Silvia MARONGIU Press office Tel. +39 06-6797