Gvs S.p.a · MIL:GVS
Gvs — Q1 2021 Earnings Presentation
32 slides from Gvs's earnings presentation, May 10, 2021
Slide 1: GVS SPA
GVS SPA MAY 2021 STRICTLY PRIVATE & CONFIDENTIAL
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an
Slide 3: Agenda
Agenda 1 YTD March 2021 Outlook 2 Company Presentation Appendix: Additional Materials This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.
Slide 4: YTD Mar 2021 GVS Performance Highlights
YTD Mar 2021 GVS Performance Highlights Sales: 71% of growth on the previous year • Q1 2021 is keeping the good sales level of the second half of 2020 even considering part of the post covid scenario transition is already began. • FY2021 expected with a final closing in a range of 345-370 M€. EBITDA
Slide 5: YTD Mar 2021 Evolution of Sales
YTD Mar 2021 EVOLUTION OF SALES TOTAL SALES YTD Mar 2021: 103,0 M€ +71% YoY All the three GVS Divisions performed with a positive trend. Healthcare & Lifesciences with the higher trend of sales considering Health & Safety growth trend started only in Q2 2020. Energy & Mobility on the strong Q1 2020
Slide 6: Key Financial Highlights — EBITDA and EBIT
Key Financial Highlights — EBITDA and EBIT ADJUSTED EBITDA1 (€M) KEY COMMENTS Adjusted EBITDA: % on Sales • Q1 2021 adjusted EBITDA increased 125,9% vs the Q1 2020, due to the mix of product and the reduction of the service costs. • Adjustment for a residual cost for the IPO and the GVS China sale o
Slide 7: Key Financial Highlights — Net Income, Fin. Exp. & Taxes
Key Financial Highlights — Net Income, Fin. Exp. & Taxes NET FINANCIAL EXPENSES EXCL. FX GAINS/LOSSES (€M) TAXES (€M) % on Sales % EBT ADJUSTED GROUP NET INCOME1 (€M) KEY COMMENTS % on Sales • Net Financial expenses is reducing in 2021 as a result of the Gross Debt reduction and rediscussion in the
Slide 8: Key Financial Highlights — CapEx, TWC and R&D
Key Financial Highlights — CapEx, TWC and R&D CAPEX1 (€M) TRADE WORKING CAPITAL (€M) % on Sales % on Sales R&D2 (€M) KEY COMMENTS % on Sales • About 5 M€ as Capex related to the new production lines and maintenance, with a trend in line with the normal ongoing of the Group. • TWC is increasing on ye
Slide 9: Key Financial Highlights — Net Financial Position
Key Financial Highlights — Net Financial Position NET FIN. INDEBTEDNESS (€M) AND CASH CONVERSION1 Cash conversion 74.3% 78.9% 78.2% 88.4% NFP / Adj EBITDA KEY COMMENTS NFP has improved the level of cash availability in the Q1 2021 up to 54,8 M€, 23,1M€ more than year end 2020: • No Extraordinary act
Slide 10: Visibility on FY 2021 Performance
VISIBILITY ON FY 2021 PERFORMANCE Q1 2021 expected sales are in line with the guidance already presented for this year in the range of 345-370 M€ FY 2021. +52/63% on 2019 Actual YoY % prepandemic year +60% 345 - 370 363,3 227,4 +479% H&S H&S E&M -26% E&M +38% HC & LS HC & LS FY2019 FY 2020 FY 2021 G
Slide 11: Update on GVS Business
UPDATE ON GVS BUSINESS 1 Organization Empowerment with main focus on Human Resources and Sales 2 M&A pushing in different geographic areas, with focus on HC&LS and H&S. 3 Launch of new Products for each Commercial Division GVS 4 Geographical Expansion new commercial officies in Asia Q1 2021 Focus 5
Slide 12: Agenda
Agenda 1 YTD March 2021 Outlook 2 Company Presentation Appendix: Additional Materials This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.
Slide 13: Presentation
PRESENTATION FILTER TECHNOLOGY "ENERGY & aa 7 Soo"
Slide 14: Key People
KEY PEOPLE Massimo Scagliarini Mario Saccone Matteo Viola CEO CFO COO 36 years in GVS 25 years in GVS 12 years in GVS • In GVS since 1985, started as Sales Manager and • MBA from Profingest Management School, • In GVS since 2008, started as controller and currently serves as CEO Bologna, Italy curre
Slide 15: GVS provides advanced filtration solution for critical application in highly-regulated end markets
GVS provides advanced filtration solution for critical application in Highly-regulated end markets Our TECHNOLOGY supports LIFE and guarantees SAFETY in the most CRITICAL ENVIRONMENTS This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this d
Slide 16: GVS economic and production improvement over the last years
GVS economic and production improvement over the last 40 years 1979 1984 1989 1994 1999 2004 2009 2012 2015 2018 2019 2020 This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other t
Slide 17: The Head Office and manufacturing facilities are based in Italy
The Head Office and 3 manufacturing facilities are based in Italy This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.
Slide 18: GVS has production facilities in several worldwide locations
GVS has 14 production facilities, in several worldwide locations ROMANIA UK (1 PLANT) (1 PLANT) US (4 PLANTS) ITALY (1 PLANT) CHINA (2 PLANTS) PORTO RICO (1 PLANT) MEXICO (1 PLANT) BRAZIL (1 PLANT) Presence with production plants Offices Indirect sales This document and all its contents are property
Slide 19: Core Competences
GVS evolved from a small healthcare components supplier into a global diversified filtration group Solutions Focus Biology Product Focus CORE COMPETENCES Chemistry Chemistry Process Focus Automation Automation Automation 1979 ’90-’00 2012 Today Origin in healthcare Development and international Main
Slide 20: M&A Transactions Since 2009
14 M&A TRANSACTIONS SINCE 2009 Adding capabilities and strengthening presence across China, the UK and North America Haemonetics Nypro M. BU Puerto Rico LLC Healthcare Filtration Graphic Nhion Nypro Germa Controls Sales licenses in Japan Medical Remploy Laboratory Filtration Filtration EPA Personal
Slide 21: Divisions and Products Line
Divisions and Products Line Healthcare & Life Sciences Health & Safety Energy & Mobility Healthcare & Liquid Personal Safety Powertrain & Drivetrain IV Vent Fuel pressure Flow Filters caps regulators Urea SCR filters Gasoline-diesel-urea Regulators Blood Transducer Disc filters PPE – Elipse fa
Slide 22: End Markets
Diversified blue-chip client base 2020A Revenues Division Breakdown1 (%) Illustrative example of companies requiring filtration solutions2 Healthcare Liquid and Healthcare 38% Healthcare Air & Life Sciences Laboratory 6% Personal Safety 37% End Markets Health & Safety Air Safety 2% Powertrain & Driv
Slide 23: GVS's divisions differentiate for an integrated and highly synergistic business model
GVS’s divisions differentiate for an integrated and highly synergistic business model Healthcare & Healthcare Energy & Life Sciences & Safety Mobility » Sales and Distribution » Similar stringent approval processes » Common Manufacturing processes and technologies » High quality standards required »
Slide 24: Our success is based on strong focus on innovation and customer satisfaction
Our success is based on strong focus on innovation and customer satisfaction 7 ~7% 55 110 ~80 R&D centers with chemical and biological Of sales Patents for proprietary Highly skilled R&D External quality audits know-how in R&D products professionals p.a. International quality certificates Preferred
Slide 25: Quality Certification
QUALITY CERTIFICATION GVS has obtained several Quality Certification, from several Certifiation Body This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely f
Slide 26: An ESG-Compliant Organization
AN ESG-COMPLIANT ORGANIZATION ENVIRONMENTAL SOCIAL GOVERNANCE 1 2 3 • UNI EN ISO 14001 certification for • Support of a range local • Ethics Code Environmental Management charitable and non-profit • Board of Statutory System (EMS) organizations auditors with 3 • Group environmental policy with • Chr
Slide 27: Agenda
Agenda 1 YTD March 2021 Outlook 2 Company Overview Appendix: Additional Materials This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.
Slide 28: Key Financial Highlights — Income Statement
Key Financial Highlights — Income Statement YTD Mar 21 (€m) YTD Mar 2020A YTD Mar 2021A Var. % Healthcare & Life Sciences 28,2 44,9 59,4% Growth % Energy & Mobility 20,3 19,7 -3,3% Growth % Health & Safety 11,8 38,5 227,4% Growth % Revenues from contracts with customers 60,2 103,0 71,0% Other Income
Slide 29: Key Financial Highlights — Adjustments Overview
Key Financial Highlights — Adjustments Overview YTD Mar 21 (€m) YTD Mar 2020A YTD Mar 2021A EBITDA 17,5 43,1 Capital gains from sale processes and leaseback (2,2) Start-up costs Write-off of tax receivables Non recurring costs Personnel reorganization costs 0,2 (income) Provisions to restructuring f
Slide 30: Key Financial Highlights — Balance Sheet
Key Financial Highlights — Balance Sheet YTD Mar 21 (€m) YTD Mar 2020A YTD Mar 2021A Property Plant & Equipment 46,8 69,6 Intangible Assets 102,0 95,0 Right of use 10,0 8,4 Financial Fixed Assets 0,5 1,0 Net Fixed Assets 159,2 173,9 Inventories 34,2 51,3 Trade Receivables 41,0 69,2 Trade Payables (1
Slide 31: Key Financial Highlights — Cash Flow Statement
Key Financial Highlights — Cash Flow Statement YTD Mar 21 (€m) YTD Mar 2021A Adjusted EBITDA 42,9 Taxes (10,1) Δ Net Working Capital (10,1) Net Capex (incl. Financial assets) (5,0) Operating Cash Flow 17,8 Net financial results (0,5) Extraordinary items 3,9 Δ Funds and provisions 1,9 Δ Equity - Chan
Slide 32: Basis of preparation of financials
Basis of preparation of financials • Financial Overview slides present consolidated and division financial information of GVS S.p.A. and its reporting units • The financial information has been prepared in accordance to IFRS • Due to rounding, numbers expressed in millions throughout this section ma