Technogym S.p.a · MIL:TGYM
Technogym — H1 2019 Earnings Presentation
17 slides from Technogym's earnings presentation, Sep 10, 2019
Slide 1: Cesena, September 10th, 2019
Cesena, September 10th, 2019
Slide 2: Disclaimer
Disclaimer This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. This presentation might contain certain forward-looking statements that reflect the Company’s management’s current views with respect to future events an
Slide 3: Technogym distinctive factors
Technogym distinctive factors Strictly private & confidential 3
Slide 4: Revenues showing high single-digit growth
Revenues showing high single-digit growth Revenues (€m) Key comments YoY growth mainly driven by: 8,2% Geography: North America (+24,4%), APAC (+19,7%) 295,3 290,7 Segments: H&R, Home and HCP 272,9 6,5% Channels: Field Sales (+6,5%), Inside Sales (+14,5%), Distributors (+11,3%) Offering: Ser
Slide 5: N.A. & APAC driving the growth
N.A. & APAC driving the growth Revenue by geography (€m, % incidence & change) H1 2019 vs. Y-1 8,2% 295,3 11,4% 10,9 272,8 (4%) LATAM 13,9% 9,8 24,2 (4%) (8%) MEIA 21,2 25,8 (8%) 0,9% 25,6 (9%) Italy (9%) 41,9 North America 24,4% 33,6 (14%) (12%) 53,1 19,7% 44,3 (18%) APAC (16%) 138,3 139,4 (47%) EU
Slide 6: Main sales channels are growing YoY
Main sales channels are growing YoY Revenue by channels (€m, % incidence & change) H1 2019 vs. Y-1 8,2% 295,3 211,0 6,5% (71%) FIELD SALES 272,9 198,2 (73%) 61,1 (21%) DISTRIBUTORS 11,3% 54,9 (20%) 19,4 16,9 (7%) INSIDE SALES 14,5% (6%) 2,9 3,8 RETAIL 30,2% (1%) (1%) H1 2018 H1 2019 Strictly private
Slide 7: Solid growth on revenues and adjusted EBITDA (excluding IFRS 16)
Solid growth on revenues and adjusted EBITDA Profit and Loss statement (excluding IFRS 16) Key comments (€m) Jun 2018 Jun 2019 Delta 2019 vs 2018 Net operating income drivers excluding IFRS 16 8,2% Confirmed growth in volumes Total revenue 272,9 295,3 22,4 Positive performance on products cost r
Slide 8: Solid growth on revenues and adjusted EBITDA (including IFRS 16)
Solid growth on revenues and adjusted EBITDA Profit and Loss statement (including IFRS 16) Key comments (€m) Jun 2018 Jun 2019 Delta 2019 vs 2018 Net operating income drivers Total revenue 272,9 295,3 22,4 8,2% Confirmed growth in volumes Cost or raw, ancillary and consumable materials and Posit
Slide 9: TWC heading towards normalization
TWC heading towards normalization Working Capital (€m) Key comments Trade Working Capital (€m) Jun 2018 Dec 2018 Jun 2019 • TWC declining as percentage on revenues (12,4%) Inventories 79,0 89,5 94,8 compared to Dec 18 (15,3% of revenues) Trade receivables 114,4 151,5 113,4 • Improved trade receivabl
Slide 10: CAPEX at >6,7% on revenues
CAPEX at >6,7% on revenues Capex analysis (€m) Key comments Major Tangibles Capex % REV 4.6% 6.7% • Investments in industrial tools and molds for new products • New warehouse in the Slovakian plant Major Intangibles Capex 19,7 • Investments in digital transformation project Tangibles • New products
Slide 11: Net Financial Debt
Net Financial Debt Net Financial Debt (€m) Key comments €m 30 Jun 2018 30 Jun 2019 Cash & Cash equivalent Cash & cash equivalent (58,1) (74,1) •Strong increase in cash position mainly refers to bank deposits € denominated Current financial receivables (0,2) (0,1) Current bank debt •Mainly composed o
Slide 12: Net Financial Debt walk
Net Financial Debt walk €m 0,26x 0,22x 0,36x 50,2 -3,8 34,9 31,1 (1,6) 19,1 3,4 19,7 (1,0) 0,1 36,2 (12,1) (48,5) NFD CF from NWC Capex Dividends Tax paid Financial Dividends FX NFD H1- IFRS 16 NFD FY2018 operat. received cost pay out 2019 ex. effect H1- activities IFRS 16 on NFD 2019 Strictly priva
Slide 13: APPENDIX
APPENDIX Strictly private & confidential 13
Slide 14: EBITDA vs EBITDA adjusted Reconciliation
EBITDA vs EBITDA adjusted Reconciliation Jun 2019 Jun 2018 vs Jun 2018 vsJun 2019 (€m) Jun 2018 Jun 2019 excluding Jun 2019 Δ % excluding IFRS 16 Δ % IFRS 16 Net operating income 33,6 32,8 32,7 (2,3)% (2,6)% Services, Rental and leases 0,0 0,6 0,6 Personell cost 0,0 0,6 0,6 Cost of raw, ancillary an
Slide 15: Balance sheet
Balance sheet % on LTM % on LTM €m Jun 2018 Dec 2018 % on Revenues Jun 2019 Revenues Revenues Inventories 79,0 11,9% 89,5 14,1% 94,8 14,4% Trade receivables 114,4 17,2% 151,5 23,9% 113,4 17,3% Trade payables (114,8) (17,2%) (143,9) (22,7%) (126,9) (19,3%) Trade Working Capital 78,6 11,8% 97,1 15,3%
Slide 16: Cash Flow statement
Cash Flow statement (€m) Jun 2018 Jun 2019 Consolidated profit for the year 37,9 25,4 Depreciation, amortization and impairment losses 10,4 14,7 Provisions 0,9 1,4 Share of net result from joint ventures (0,1) (0,5) Net financial expenses 0,2 1,0 Income/(expenses) from investments (0,0) (0,4) Income
Slide 17: Strictly private & confidential
Strictly private & confidential 17