Valtecne S.p.a. · MIL:VLT
Valtecne — Frankfurt Investor Conference 2025
30 slides from Valtecne's conference presentation, Apr 16, 2025
Slide 1: Frankfurt Investor Conference
Frankfurt Investor Conference 16th April 2025
Slide 2: Disclaimer
Disclaimer This document ("Document") is strictly confidential and was prepared by Valtecne S.p.A in order to provide the recipients with adequate information relating to the results achieved in the period by Valtecne S.p.A., a company listed on Euronext Growth Milan. The Document does not claim to
Slide 3: Speaker
Speaker Adolfo Ottonello General Manager MBA at POLIMI Graduate School for Management, Degree in Electronic Engineering Previous jobs: 3
Slide 4: Company Overview
COMPANY OVERVIEW 4
Slide 5: Valtecne at a glance
Valtecne at a glance Valtecne is a company operating in the sector of high precision mechanics. ACTIVITIES 40+ 218 +230 K Valtecne is a contract manufacturer of high precision mechanical years of history employees Production hours components. It operates by the means of two business lines: o Med
Slide 6: Business model of contract manufacturer
Business model of contract manufacturer … TO THE PHYSICAL PART MANUFACTURED WITH FROM CUSTOMER DRAWING … PRECISION MECHANICS TECHNOLOGIES 6
Slide 7: Key Investment Highlights
Key Investment Highlights Historical double-digit growth, higher than the market Focus on medical devices industry First class customers 7
Slide 8: Historical double-digit growth, higher than the market
Historical double-digit growth, higher than the market Valtecne has been able to record structural double digit growth performances, mainly due to the increasing importance of medical devices sector (‘18-24 CAGR: +22,9%). The company has marked a ‘18-’24 CAGR of +10,2%. Valtecne’s business has reg
Slide 9: Focus on medical devices industry
Focus on medical devices industry The deep mechanical know-how acquired in its 30-years history allowed the company to enter medical devices market in late 2012. Market Offer Valtecne operates in orthopaedics, the branch of med-tech Valtecne is focused on the manufacturing of complex surgical
Slide 10: First class customers
First class customers Valtecne’s customers are mainly medium and large companies, leader in their markets and with a recognized local and global reputation. MEDICAL DEVICES INDUSTRIAL The company addresses manufacturers of orthopaedic Valtecne operates as tier 2 or tier 3 in several industrial pro
Slide 11: Shareholders, Corporate Governance, ESG
Shareholders, Corporate Governance, ESG Shareholders Sustainability Paolo Mainetti E 100,0% • Since 2011 Valtecne has installed photovoltaic Vittorio panels in order to balance energy consumption of KPM S.r.l. 6,4% production machines. Mainetti (1) 61,6% 13,8% • Valtecne plant is equipped with energ
Slide 12: Acquisition of Utilità S.r.l.
ACQUISITION OF UTILITÀ S.R.L 12
Slide 13: Valtecne S.p.A. – Acquisition of Utilità S.r.l.
VALTECNE S.P.A. – ACQUISITION OF UTILITÀ S.R.L. Strengthening leadership in the medical sector through a major M&A transaction. KEY POINTS: Calendar: Sector: Objective: Agreement date: Contract Strategic growth 2 December 2024 manufacturing of and strengthen precision positioning in the Closing date
Slide 14: Utilità S.r.l. Snapshot
UTILITA’ S.R.L. SNAPSHOT Utilità S.r.l., based in Costabissara (Vicenza), is a specialized provider of UTILITÀ S.R.L KEY HIGHLIGHTS FY 2024 high-precision mechanical components, with a strong focus on REVENUES EBITDA NET RESULT NFP the medical sector, particularly in reported dental and orthopaedic
Slide 15: Transaction Details
TRANSACTION DETAILS Acquisition of the 60% stake in Utilità S.r.l. Value: €6,2 million Closing date: 12 March 2025 Put-option for the remaining 40% (2027-2029), Call-option after 2029 Financing arrangements About 50% in cash, 50% debt Positive NFP of €6,8 million (cash) as of 31 December 2024 GOVERN
Slide 16: Strategic Rationale and Synergies (1/2)
STRATEGIC RATIONALE AND SYNERGIES (1/2) Entry into the dental market, still characterised by high fragmentation and 1 medium to high profitability 2 Expansion of technological offerings through machinery and know-how Exploitation of synergies in the development of the orthopaedic business 3 of both
Slide 17: Strategic Rationale and Synergies (2/2)
STRATEGIC RATIONALE AND SYNERGIES (2/2) Entry into the aerospace market, with significant development potential for 4 the technologies held by Valtecne Diversification of customer base and mitigation of related concentration 5 risk Cost synergies arising both from shared purchasing management and fr
Slide 18: FY 2024 Pro Forma Figures
FY 2024 PRO FORMA FIGURES Profits & Losses Balance Sheet (€M) 36,9 36,5 (€M) 0,5 Net Financial Net Position Working 8,4 Capital & Funds Shareholders 25,8 Equity Fixed 8,4 17,9 Assets 4,8 Revenues Value of EBITDA Net Profit Net Invested Financing Production Capital Sources The Group shows solid econo
Slide 19: Valtecne Stand Alone FY 2024 Results
VALTECNE STAND ALONE FY 2024 RESULTS 19
Slide 20: FY 2024 - Results Highlights
FY 2024 - RESULTS HIGHLIGHTS (€M) VALUE OF Top line, showing stable Revenues and Value of Production decreased by 5,5%, is a REVENUES PRODUCTION result of growing medical business on one side and industrial business negatively affected €30,4 €29,9 by macroeconomic conditions on the other one -1,1%
Slide 21: Revenues and Value of Production
Revenues and Value of Production REVENUES VALUE OF PRODUCTION (€M) (€M) Medical Industrial 2024 vs. 2023 Medical Industrial 2024 vs. 2023 36,0 36,0 32,0 30,7 -1,1% 32,0 31,6 30,4 29,9 -5,5% 28,0 28,0 9,1 -25,4% 12,4 9,3 -24,7% 24,0 12,3 24,0 20,0 20,0 16,0 16,0 12,0 12,0 21,3 15,1% 20,5 6,9% 18,5 19
Slide 22: EBITDA (1/2)
EBITDA (1/2) Adjusted EBITDA* EBITDA (€M) 2024 vs. 2023 (€M) 2024 vs. 2023 8,0 7,0 7,5 4,1% 7,2 6,2 6,4% 7,0 6,0 5,8 6,0 5,0 5,0 4,0 4,0 3,0 3,0 2,0 2,0 1,0 1,0 0,0 0,0 FY 2023 FY 2024 FY 2023 FY 2024 % on VoP 22,8% 25,1% % on VoP 18,5% 20,8% Adjusted EBITDA increased in absolute value Similarly, re
Slide 23: EBITDA (2/2)
EBITDA (2/2) EBITDA (€M) 8,0 2,4 6,2 6,0 5,8 1,7 0,3 4,0 2,0 0,0 EBITDA FY 2023 Value of Production Labour costs Other costs EBITDA FY 2024 Better business mix and accurate costs control led to an EBITDA increase despite overall lower volumes 23
Slide 24: Working Capital
Working Capital DSO DPO (days) (days) 2024 vs. 2023 2024 vs. 2023 100 140 124 85 120 80 106 -14,7% 100 61 -27,8% 60 80 60 40 40 20 20 0 0 FY 2023 FY 2024 FY 2023 FY 2024 Both DSO and DPO decreased compared to FY 2023 due to stronger focus on medical business. Overall impact on commercial working cap
Slide 25: Cash Flow
Cash Flow (€M) 8,0 6,2 2,5 6,0 0,0 0,1 1,1 1,7 5,4 4,4 4,0 2,0 0,0 EBITDA CAPEX Change in NWC Funds Operating CF Net Interests Taxes Free Cash Flow Despite €2,5M of investments, operating activities generated a remarkable €5,4M cash flow. Free cash flow came in at €4,4M … 25
Slide 26: Net Financial Position
Net Financial Position Net Financial Position (€M) 0,0 -2,0 -0,2 -2,4 -0,5 -4,0 -6,0 -5,1 -6,8 -8,0 NFP FY 2023 Long term debt Short term debt Cash and equivalents NFP FY 2024 … resulting in a strong improvement of Net Financial Position and leading to a positive cash position of €6,8M at 31/12/2024
Slide 27: Outlook 2025
Outlook 2025 The orthopaedic market is going through a phase of sustained growth that guarantees excellent business opportunities. The Company's order backlog remains at strong levels, close to historic highs. The customer base and product portfolio are progressively expanding, albeit with the long
Slide 28: Appendix
Watecne Appendix
Slide 29: Financial Statements
Financial Statements Profits & Losses FY 2023 FY 2024 Balance Sheet FY2023 FY 2024 (€K) pro-forma (€K) Operating Revenues 30,725 30,395 1,033 766 Intangible Assets Inventory var. – Finished products (1,346) (416) Tangible Assets 7,128 8,082 Inventory var. – WIP 1,280 (1,300) Financial Assets 406 406
Slide 30: Valtecne S.p.A. contact details
Valtecne S.p.A. Via Al Campo Sportivo, 277 23010 Berbenno di Valtellina (SO) - ITALY info@valtecne.com 30