Emak S.p.a. · MIL:EM
Emak — FY2001 Earnings Presentation
17 slides from Emak's earnings presentation, Feb 27, 2002
Slide 1: Company results 2001 - Presentation to the Financial Community
Company results 2001 Presentation to the Financial Community Milan, 27 February 2002
Slide 2: Contents
Contents Emak - the gardening technology Emak Group structure Turnover breakdown Economic and financial data 2002 - 2004 Scenario 2002 - 2004 Emak targets 2002 - 2004 Emak strategy 2002 - 2004 forecast 1
Slide 3: Emak - the gardening technology: Mission
Emak - the gardening technology Mission developing, manufacturing, marketing and servicing gardening and forestry portable equipments With the aim of anticipating and exceeding the expectation of end users In order to create wealth for shareholders/stakeholders 2
Slide 4: Emak Group structure
Emak Group structure EMAK SpA COMAG Srl 99% SUMINISTROS COMOTO SA (Spagna) 90% HEMMING & WOOD LTD (UK) 51% SAWTEC LTD (UK) 100% KENS INTERNATIONAL SA (Belgio) 99,8% KENS SA (Belgio) 63,2% PROTECNICA GmbH (Germania) 51% PUISSANCE VERTE SAS (Francia) 100% 3
Slide 5: Emak Group as at 31.12.01
Emak Group as at 31.12.01 4
Slide 6: Turnover breakdown: sales by geographical area
Turnover breakdown Sales distribution by geographical area Area Year 2000 2001 Italy 34,2 25,7% 35,4 24,1% Europe 79,5 59,8% 84,2 57,4% - Western Europe 64,9 48,8% 69,1 47,1% - Other European 14,6 11,0% 15,1 10,3% Countries North America 5,9 4,4% 10,7 7,3% Rest of the world 13,4 10,1% 16,5 11,2% - S
Slide 7: Turnover breakdown: sales by product line
Turnover breakdown Sales distribution by product line Year 2000 2001 Product Brushcutters - Decespugliatori 29,9 22,5% 32,0 21,8% Chainsaws - Motoseghe 26,6 20,0% 31,2 21,3% Lawnmowers - Rasaerba 16,1 12,1% 17,8 12,1% Garden Tractors - Trattorini 13,9 10,5% 14,9 10,2% Others (pumps, blowers, hedge t
Slide 8: Economic and financial data: consolidated P&L
Economic and financial data Consolidated P&L Accounts 2000 % 2001 % Turnover 133 100% 146,70 100% Ebitda 15,96 12,0% 20,67 14,1% Ebit 10,58 8,0% 14,98 10,2% Net financial expenses (0,79) 0,6% (1,66) 1,1% Extraordinary items 0,11 0,1% (0,21) 0,1% Income before taxes 9,89 7,4% 13,11 8,9% * Taxes (3,69
Slide 9: Economic and financial data: assets and liabilities
Economic and financial data Consolidated assets and liabilities 2 0 0 0 2 0 0 1 Net fixed assets 1 9 ,3 6 2 4 ,2 0 * Net current assets 4 3 ,7 4 5 5 ,7 6 Total invested capital 6 3 ,1 0 7 9 ,9 6 * Net Equity 4 8 ,2 1 5 2 ,9 8 M in o r i t y i n t e r e s t s 0 ,5 8 0 ,3 3 Net financial position (14,
Slide 10: 2002-2004 Scenario
2002-2004 Scenario Europe and USA: demand mostly for replacement products. Recovering of economic situation not before last quarter of 2002. Developing countries: increasing demand. High potentiality in Russia, China and Far East. South America: possible negative impact of local crisis (Argentina, V
Slide 11: 2002-2004 Scenario
2002-2004 Scenario Increasing importance of modern distribution generally everywhere. More and more stringent emission regulations in the next 3 years for USA (and Europe to follow). Competition for premium price products by new manufacturers from developing countries. 10
Slide 12: 2002-2004 Emak targets
2002 - 2004 Emak targets Growth of sales turnover higher than market increase Growth of operative profitability Optimization of invested capital 11
Slide 13: 2002-2004 Emak Strategy
2002 - 2004 Emak Strategy Strengthening of competitive position through: • Product innovation: continuos range updating, development of “clean” engines • Product cost reduction: value analysis, outsourcing and production equipment investments • Internal processes higher efficiency and customer servi
Slide 14: 2002-2004 Emak Strategy: distribution network
2002 - 2004 Emak Strategy Strengthening of distribution network: • Focus on markets directly controlled by Emak: consolidation of leadership position in Italy and increased market shares of Emak subsidiaries in F, D, UK, E, BLX • Marketing activities aimed to strengthen Oleomac and Efco brand awaren
Slide 15: 2002-2004 Emak Strategy: working capital reduction
2002 - 2004 Emak Strategy Working capital reduction: • Improvement of forecast and planning activities • Development of more advanced planning and logistic models 14
Slide 16: 2002-2004 forecast
2002 - 2004 forecast 2001 2002* 2003* 2004* Turnover 147 +3% +10% +10% EBITDA/Turnover 14,1% 14,9% 16,3% 17,2% EBIT/Turnover 10,2% 11,5% 12,6% 13,5% Million Euro *Estimated value 15
Slide 17: In collaboration with Borsa Italiana S.p.A. - Divisione STAR
In collaboration with BORSA ITALIANA S.P.A. - Divisione STAR 16