Comer Industries Spa · MIL:COM
Comer Industries Spa — 5th Italian Mid Cap Conference 2023 (Mediobanca)
32 slides from Comer Industries Spa's conference presentation, Jan 19, 2023
Slide 1: Comer Industries – 5th Mid Cap Conference
Comer Industries 5 MID CAP Conference th MEDIOBANCA Milan, 19 January 2023
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Comer Industries S.p.A (“Comer Industries”) for use during meetings with investors and financial analysts and is solely for information purposes. The information set out herein has not been verified by an independent audit company. Neither the Company no
Slide 3: Who We Are
WHO WE ARE 1 Global supplier of engineered transmission system for major vehicle manufacturers in the global agriculture, industrial and energy sectors. 2 for specialty machinery. Focus on end-markets with constant growth in global demand 3 offering and innovation oriented. Solid and flexible busine
Slide 4: Milestones
MILESTONES 2017 2020 2007 2015 Generational Opening of Comer Our Re-building of the transition fully commitment to Industries Reggiolo Plant and completed: Components in sustainability. opening of Comer new Matera and Industries India. 1985 1996 Comer Industries governance in Opening of Opening of (
Slide 5: Pro-forma FY2021 consolidated revenues
TOGLIERE PRO-FORMA (*) Pro-forma FY2021 Consolidated Revenues - unaudited Comer Industries property 5
Slide 6: Global Operations Footprint Combined 18 Plants
GLOBAL OPERATIONS FOOTPRINT COMBINED 18 PLANTS GERMANY Lohmar JAPAN (*) Sohland Koga | Ibaraki-Ken USA CHINA Charlotte | North Carolina Pinghu | Zhejiang Woodridge | Illinois Taicang | Suzhou Rockford | Illinois ITALY Reggiolo (RE) | R&D CENTER Reggiolo (RE) | Assembly Plant Reggiolo (RE) | Machiner
Slide 7: 4,000 Employees in Different Continents
4,000 EMPLOYEES IN 3 DIFFERENT CONTINENTS AMERICA EUROPE ASIA 14% 75% 11% % on total employees e-comer included Comer Industries property 7
Slide 8: Executive Team
EXECUTIVE TEAM MATTEO STORCHI CEO S. PALMIERI R. BENEDUSI A. DI MATTEO A. MASUCCI CHIEF FINANCIAL GLOBAL BRAND & INTEGRATION GLOBAL QUALITY SUSTAINABILITY GLOBAL HR & ORGANIZATION OFFICER DIRECTOR & LEAN DEVELOPMENT DIRECTOR DIRECTOR M. ZORZI R. MASCII G. ZELANO W. LEMSER VP SALES & MARKETING VP RES
Slide 9: Shareholders
SHAREHOLDERS Main shareholders % % 19.16% Share Voting N.Shares Capital rights EAGLES OAK S.r.l. 14,640,089 51.05% 51.05% 5.93% WPG PARENT B.V. 6,843,365 23.86% 23.86% 51.05% FINREGG S.p.A. 1,700,000 5.93% 5.93% Free-float 5,494,636 19.16% 19.16% 23.86% Total ordinary shares 28,678,090 100.00% 100.0
Slide 10: Sustainability Commitment
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Slide 11: Our Commitment to Sustainability
OUR COMMITMENT TO SUSTAINABILITY SUSTAINABILITY IS A KEY In 2021, Comer Industries consolidates its commitment to sustainability and joins to the United Nations Global FACTOR TO CREATE Compact, the largest global initiative for sustainable LONG-TERM VALUE AND IS development, based on respect for ten
Slide 12: The Roadmap
THE ROADMAP LAUNCH OF PROJECTS THE PROGRAM OF SUSTAINABILITY NEW GREEN DIVISION & INITIATIVES DEVELOPMENT 2019 2020 2021 2022 2023 FIRST STARTED PROCESS SUSTAINABILITY FOR REPORTING REPORT CONSOLIDATION REPORTING IN ACCORDANCE WITH D.LGS 254/2016 WITH WALTERSCHEID POWERTRAIN GROUP FIRST FIRST SUSTAI
Slide 13: Our Bright Impact
OUR BRIGHT IMPACT IN 2020 COMER INDUSTRIES HAS LAUNCHED A NEW PROJECT: OUR BRIGHT IMPACT An important responsibility towards the environment and the society. The courage to take on a strong commitment, starting from adherence to the Global Goals for the sustainable development. The ambition to leave
Slide 14: Business Model and Key Success Factors
BUSINESS MODEL AND KEY SUCCESS FACTORS
Slide 15: Drivers & Megatrends Off Highway
DRIVERS & MEGATRENDS MEGA TRENDS CLIMATE CHANGE HEALTHCARE DEMOGRAPHY URBANISATION SUSTAINABILITY DIGITIZATION GREEN HOUSE EMISSIONS GROWING POPULATION GROWING NUMBER CONGESTION CONNECTED GAS REDUCTION REDUCTION AGING SOCIETIES OF MEGA-PROJECT INFRASTRUCTURES WORLD CONSEQUENCES OFF HIGHWAY RENEWABLE
Slide 16: Strategic Pillars
STRATEGIC PILLARS Competitive Organic and Inorganic business growth. Sustainable, digital enhanced technology Glocal industrial footprint optimization. development. Agile aftermarket, distribution and services. Synergistic post merge integration. LEVERAGE ON STRONG BALANCE SHEET, PRODUCT QUALITY AND
Slide 17: Current Addressable Market
CURRENT ADDRESSABLE MARKET 3€bn “FEEDING THE WORLD” According to researches, “MASSIVE URBANIZATION” Growth in population to agricultural outputs need to reach 9,7 billion by 2037(**), grow by 70% by the coupled with migration middle of century. from rural areas. 3€bn * 5€bn * * ~0.5€bn “BUY” RATHER
Slide 18: Our Products & Services
OUR PRODUCTS & SERVICES PRODUCTS AFTERMARKET & SERVICES GEARBOXES AXLES & AXLE SHAFTS AFTERMARKET PARTS DISTRIBUTION Sale of spare parts to more than 130 distribution partners around the globe PTO SHAFTS & CLUTCHES TRACTOR ATTACHMENT SYSTEMS (TAS) VALUE ADDED SERVICES - Repair, exchange, modificatio
Slide 19: Focus on M&A
FOCUS ON M&A
Slide 20: Strategically Transformational
2021 (*) STRATEGICALLY TRANSFORMATIONAL THE INTEGRATED GROUP REPRESENTS A WORLD LEADER IN THE AGRICULTURAL AND INDUSTRIAL SECTORS FOR SPECIALIZED MACHINES COMPONENTS Transformational industrial combination creating a world industry leader and consolidator in the mechanical components for the off-hig
Slide 21: M&A Strategy Growth Continues
2022 (*) M&A STRATEGY GROWTH CONTINUES INVESTMENT IN E-COMER OPENS THE DOORS TO A STRATEGIC SECTOR, CHARACTERIZED BY HISTORICAL LONG-TERM GROWTH Indisputable know-how in Electric motor vehicles applications Key investment to boost the value of Italian excellence in the mechanical engineering sector
Slide 22: Benevelli & Sitem at a Glance
2022 M&A STRATEGY GROWTH CONTINUES BENEVELLI & SITEM AT A GLANCE The two companies are deeply rooted in the Emilia region, heart of the Italian Motor Valley +65 years of history in the field of motors and transmissions for electric vehicles Experienced significant growth since their foundation Activ
Slide 23: Technology Strategy
TECHNOLOGY STRATEGY 2021 2022 Mechanical Technology Electric Partners Electronic Partners Hydraulic Partners Partners Comer Industries property 23
Slide 24: Fields Application
FIELDS APPLICATION E-Farming & Constructions E-Mobility Marine & Military Leisure & Luxury Comer Industries property 24
Slide 25: Long-Term Strategy Growth Through Acquisition
LONG-TERM STRATEGY GROWTH THROUGH ACQUISITION ACQUISITIONS ARE FULLY ALIGNED WITH THE GROUP’S DEVELOPMENT STRATEGY 2022 2021 LEVERS FOR VALUE CREATION Broadening products 1 range offering 2 Market consolidation 3 Sector diversification 4 Know-how 5 Sustainability Comer Industries property 25
Slide 26: M&A Transaction Details
2022 M&A STRATEGY GROWTH CONTINUES TRANSACTION DETAILS Transaction EV 54M€ Pro-forma 9M 2022 financial details (on cash & debt free basis) Revenues ~16M€ EBITDA ~5M€ Consolidated starting Transaction 1 January 2023 Flows details Benevelli S.r.l. Contribution 100% in kind COMER Sitem S.r.l. Cash out
Slide 27: 9M YTD 2022 Key Financial Indicators
9M YTD 2022 KEY FINANCIAL INDICATORS
Slide 28: Consolidated Revenues Y/Y
9M YTD 2022 KEY FINANCIAL INDICATORS CONSOLIDATED REVENUES Y/Y (€m) (*) 782,2 +155,9 938,1 Consolidated Net Revenues €938,1m (*) 453,5 +20% in 9M YTD 2022 vs 2021 368,7 Both Comer and Walterscheid recorded a solid top line growth in the period 484,6 413,5 Performance was driven by the agricultur
Slide 29: Revenues and EBITDA Margin
9M YTD 2022 KEY FINANCIAL INDICATORS REVENUES (€m) & EBITDA MARGIN (%) 14,3% 13,7% 12,8% Consolidated Net Revenues €938,1m (*) EBITDA ADJ. €128m in 9M YTD 2022 EBITDA MARGIN 13,6% 311,5 322,2 304,4 Ongoing improvement in EBITDA margin throughout the year Q1 2022 Q2 2022 Q3 2022 (*) EBITDA Adjusted
Slide 30: Consolidated Revenues Growth by Quarter
9M YTD 2022 KEY FINANCIAL INDICATORS CONSOLIDATED REVENUES (€m) 9M 2022 vs 9M 2021 +20% + 22% H1 2022 vs H1 2021 +19% 55,3 + 17% Growth strategy confirmed 46,6 155,9 Solid & steady growth in the quarters, + 21% despite challenge economic environment 54,0 Growth Growth Growth Growth Q1 2022 Q2 2022
Slide 31: Net Financial Position Adjusted
9M YTD 2022 KEY FINANCIAL INDICATORS NET FINANCIAL POSITION ADJ (€m) (*) 31 Dec. 2021 Variation 30 Sep. 2022 NFP Adj. €119,0m as at 30 Sep. 2022 -119,0 -120,7 In line with FY 2021, notwithstanding the solid top line growth -1,7 (*) Net of IFRS 16 impact Comer Industries property 31
Slide 32: Contact: Alessandro Brizzi
Contact: ALESSANDRO BRIZZI INVESTOR RELATOR ir@comerindustries.com www.comerindustries.com
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