Slide 1: Company presentation Winter Conference 2020
company presentation Winter Conference 2020 where sky and sea meet. and beyond.
Slide 2: Disclaimer
disclaimer 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 of this d
Slide 3: Where sky and sea meet. And beyond.
where sky and sea meet. and beyond. Somec group brings together highly experienced companies specializing in engineering, design, and manufacturing of turnkey projects, marine or land-based: glass envelopes and façades, special architectural projects, public areas interiors, professional cooking equ
Slide 4: Shareholding & management
where sky and sea meet. and beyond. shareholding & management shareholding structure of Somec SpA Free float 24.90% Venezia Oscar S.p.A. Marchetto 74.86% 0.24% Oscar Gian Carlo Alessandro Marchetto Corazza Zanchetta shareholding structure of Venezia SpA Chairman and CEO Chief Operating Officer Chief
Slide 5: Somec activities
where sky and sea meet. and beyond. somec activities Seascape Landscape marine marine marine building professional public areas glazing cooking public areas façades cooking interiors equipment equipment Design, engineering, Design,manufacture Design, supply and System engineering, Production of Turn
Slide 6: History
where sky and sea meet. and beyond. 251.4 history Revenues € million 165.5 87.0* Value of production* 75.8* € million 49.8* 30.7* 41.7* 1978 1993 2013 OIC 2014 OIC 2015 OIC 2016 OIC 2017 OIC 2018 IFRS 2019 IFRS 2020 Somec, founded Startup of Oscar Marchetto Acquisition Oxin Startup of Hysea IPO Acqu
Slide 7: The group
where sky and sea meet. and beyond. the group Somec S.p.A Seascape Landscape PE Somec 100% Navaltech 100% Sotrade 100% Oxin 90% Hysea 60% TSI 100% 3.0 90% Inoxtrend 60% Primax 100% Pizza 60% Skillmax 80% Gico France Partners Group PE Somec 100% Seatech PE Sotrade PE Oxin 100% TSI Inc. Finland Finlan
Slide 8: Business segments
where sky and sea meet. and beyond. business Marine glazing Building façades segment Marine cooking Professional equipment cooking equipment Marine interiors Interiors for public areas for public areas seascape landscape
Slide 9: Looking beyond the horizon.
looking beyond the horizon.
Slide 10: Marine glazing
mum SCascape ing glaz marime 10
Slide 11: Marine cooking equipment
seascape marine cooking equipment 11
Slide 12: Marine public areas
seascape marine public areas 12
Slide 13: Building façades
landscape TWA New York, NY Gotham 1&3 Long Island City, NY building façades 325 Main Street Cambridge, MA Fan Pier Parcel E Boston, MA US DOT Volpe MIT Kendall Exchange Project Cambridge, MA Cambridge, MA 13
Slide 14: Professional cooking equipment
landscape professional cooking equipment Create a complete offer for the professional kitchen through acquisitions To exploit the deep tech and electronic know-how to integrate products Illustrative market segmentation cook & chill For illustrative purpose only Company estimate 14
Slide 15: Interiors for public areas
landscape interiors for public areas Skillmax In March 2020, Somec has signed the agreement for the acquisition of a majority stake in Skillmax, local excellence in the turn-key contract solutions for luxury outfitting of boutiques, stores, hospitality and public areas The deal introduces Somec grou
Slide 16: Professional cooking equipment: GICO
landscape professional cooking equipment GICO In July 2020, Somec has signed the agreement for the acquisition of a majority stake in GICO, an Italian company operating in luxury turn-key projects for foodservice equipment. Founded in 1971, in Vazzola-Treviso Italy, GICO S.p.A. is a player in the de
Slide 17: Unique product offering
a story made by people. unique product offering Somec differentiates itself through the development of own systems and in-house manufacturing. The Somec model marks the difference from the major share of competitors that operate mostly as contractors, outsourcing products and services. 17
Slide 18: All in house
a story made by people. all in house project raw materials production & on site design and and semi- assembly installation management finished goods Involvement in each Synergies in the Quality control Support of the client project step procurement of glass Quick reply in case of in the field, maste
Slide 19: All in house
a story made by people. all in house Proximity and local production chain glass workshop steel workshop aluminium workshop wood workshop 19
Slide 20: All in house: headcount
a story made by people. all in house Headcount 816 30.11.2020 119 492 88 117 we follow we design, we manufacture each step we create engineer and install of the a profitable and innovate on site project business 11% 15% 60% PM, MKTG 14% R&D and Production & sales and Admin Engineering and installati
Slide 21: Globally near
globally near Group’s branches •• • Client’s yards Group’s companies 21
Slide 22: Main paths of growth
where sky and sea meet. and beyond. main paths of growth glazing cooking equipment public areas Building Glazing Cooking Focus on Far East Marine refitting Marine Cooking façades and façades Equipment Public Areas growing market - Equipment - – - - To exploit the - - Augmented bonding Exploitation C
Slide 23: R&D / Innovation
where sky and sea meet. and beyond. R&D / Innovation IQgalley Smart sustainable cooking open | close energy management The first step in a group platform to the serve cruise market and offer to the end-user even more comfort onboard 23
Slide 24: Seascape in Shanghai
seascape seascape in Shanghai The enlargement of the marine products portfolio offers the client a complete scope of solutions with a single reference The international expansion plan launched in 2018 is completed: the outcome of the inauguration of the new branch in China, on February 2019, came in
Slide 25: Building façades
landscape building façades The set up of a new plant (12.000 sqm) already operating has increased production capacity threefold The façades boutique: Fabbrica fits for the highly specialized design challenge and high-end projects Design in partnership with Squadra Srl is a value-accretive plus for t
Slide 26: Building façades
landscape building façades Squadra Srl, in Treviso, Italy, an engineering company specializing in the development of curtain wall systems for real estate and naval applications (participated by Somec and Fabbrica LLC) Fabbrica Works Srl, in Treviso Italy (controlled by Fabbrica LLC) The investment i
Slide 27: 1H2020 Results
Building every day the world of tomorrow 1H2020 Results
Slide 28: 1H 2020 Key Messages
where sky and sea meet. and beyond. 1H 2020 Key Messages • All orders confirmed, record backlog of 720 million euro • Order intake at 250 million euro year-to-date • Revenues stood at 113.6 million euro, down slightly (-7.6%) in light of delayed order execution due to lockdown • Adj EBITDA* margin i
Slide 29: We are proud of our people
where sky and sea meet. and beyond. we are proud of our people HOW WE HAVE PROMPTLY FACED COVID-19 PEOPLE SUPPLY CHAIN & BUSINESS OPERATION DEVELOPMENT Task force weekly meeting -8.2 €m account payables, +4 acquisitions to shore up supply chain Smart working +250 €m order intake +4.8 €m inventory as
Slide 30: Backlog analysis
where sky and sea meet. and beyond. backlog analysis €m - IAS/IFRS Backlog evolution Backlog* (30.06.2020) Seascape breakdown Landscape 130 €m order by business activities intake 130 2H-YTD 18.7% 720 building façades 2.9 638 54.3% 552 marine 7.0% glazing 433 431 marine public areas 20.0% marine cook
Slide 31: 1H 2020 revenues
where sky and sea meet. and beyond. 1H 2020 revenues €m - IAS/IFRS revenues Seascape 1H 2020 turnover 1H2020 turnover Seascape Landscape breakdown breakdown Landscape by geographic area by business activities 4.4% 18.3% 7% Rest of world Italy professional cooking eq. vs 1.4% 1H19 vs 25.3% vs 5% 1H19
Slide 32: EBITDA
where sky and sea meet. and beyond. EBITDA €m - IAS/IFRS €m - IAS/IFRS EBITDA & margin Seascape Bridge from EBITDA to Net Landscape Profit 1H20 Adj. 2.9 6.6% +21% 3.5 (2.5) 8.4% 11.8 -3% 11.4 (4.8) 10.7 9.6% 8.9 10.1% 11.3% -11% 7.9 0.4 (0.8) 11.0% 2.9 1H 2019 1H 2020* 1H 2019 1H 2020 EBITDA 1H20 D&
Slide 33: Net working capital
where sky and sea meet. and beyond. net working capital 25.6 28.8 Inventory and payments on account 11.3 +4.8 16.1 Construction contract and 24.5 -6.8 17.7 advances from clients Trade receivables +5.6 63.5 57.9 Other current assets and liabilities, (20.6) +8.6 provisions for risk and charges (29.2)
Slide 34: Still investing for growth
where sky and sea meet. and beyond. still investing for growth (66) €m NFP (Debt) 1H20 including IFRS 16 (56) €m NFP (Debt) 3.5 FY19 including IFRS 16 3.4 (3.4) 5.9 1.5 1.5 (7.3) 3.2 47.3 39.0 NFP (Debt) GROUP D&A CHANGE Other CAPEX M&A M&A DIVIDENDS NFP (Debt) 31.12.2019 NET PROFIT IN NWC Cash-out
Slide 35: Company outlook
where sky and sea meet. and beyond. company outlook €m - IAS/IFRS 2020 OUTLOOK* revenues EBITDA • 2020 consolidated expected turnover at 228 million euro, EBITDA expected at 21 million euro, expected EBITDA margin at 9.1% • 2021 estimates point to full sales volume recovery and a return to 44.4 pre-
Slide 36: Income statement
Income statement Reclassified consolidated income statement 1H 2020 % 1H 2019 % Δ% In euro thousand Revenue from contracts with customers 113,022 99.5% 122,414 99.6% -7.7% Other revenues and income 536 0.5% 509 0.4% 5.3% Total revenues 113,558 100.0% 122,923 100.0% -7.6% Materials, services and othe
Slide 37: Balance sheet
Balance sheet Reclassified consolidated balance sheet 30.06.2020 31.12.2019 In euro thousand Intangible assets 60,362 57,981 of which Goodwill 33,636 28,484 Tangible assets 16,850 12,193 Right-of-use assets 18,975 18,693 Investment in an associate and joint venture 133 83 Non-current financial asset
Slide 38: Net Financial Position
Net Financial Position Net financial position 30.06.2020 31.12.2019 In euro thousand Cash and cash equivalents 45 29 Bank deposits 41,298 29,399 Total liquidity 41,343 29,428 Current financial assets 408 1 Current bank debt (9,473) (7,297) Current portion of bank loans and credit facilities (15,740)
Slide 39: Cash flow statement
Cash flow statement Cash Flow statement 30.06.2020 30.06.2019 In euro thousand Cash flows from operating activities 8,296 576 Cash flows from investing activities (8,601) (14,420) Free Cash Flow (305) (13,844) Cash flows from financing activities 12,194 6,874 Effect of exchange rate changes on cash
Slide 40: Contacts
where sky and sea meet. and beyond. contacts Investor Relations Office Phone:+39 0438 471998 Email: ir@somecgroup.com