Dexelance · MIL:DEX
Dexelance — Italian Design Brands — FY2023 Earnings Presentation
19 slides from Dexelance's earnings presentation, Mar 11, 2024
Slide 1: Preliminary Full-Year Financial Results as of 31 December 2023
PRELIMINARY FULL-YEAR FINANCIAL RESULTS AS OF 31 DECEMBER 2023 11 March 2024 18.00 – 19.00 (CET)
Slide 2: Presenters today
Presenters today Marella Moretti Andrea Sasso Giorgio Gobbi Alberto Bortolin Corporate Development Chief Executive Officer Managing Director Chief Financial Officer & IR Manager 2
Slide 3: Full 12 months 2023 financial highlights: all-time sales record at around €311M
IDB full 12 months 2023 financial highlights(1): all-time sales record at around € 311M, despite the complex macroeconomic environment and with Core HEDF market going through a new consolidation phase Actual Revenue Full Revenue(2) € 287,4 mln € 310,8 mln +44,0% vs. 12M 22 +16,6% vs. F12M 22 (+3,9%
Slide 4: In 2023 IDB reference market entered a normalization phase
In 2023 IDB reference market entered into a «normalization phase» due to a combination of higher interest rates and people catching-up with experiential consumption… Core HEDF market evolution (€ bn | 2009-2023E1) CAGR Italian Macrosistema ‘15-’23E: Arredamento ~5% FY23E ~ -3,5%2 …in this context, I
Slide 5: Online and offline activities to enhance brands' DNA narratives
IDB carried out multiple online and offline activities to enhance brands’ DNA narratives and effectively engage target customers Davide Groppi launched a new campaign to Gervasoni attended celebrate the 10th anniversary of TeTaTeT Maison&Objet 2024 @Paris Watch the full video Saba lounge in collabor
Slide 6: IDB FOR ARTS collection grows with a new Lucio Fontana masterpiece
After the launch in July and the first exhibitions of «Rotante Massimo III», the IDB FOR ARTS collection grows with a new masterpiece by Lucio Fontana Lucio Fontana Concetto Spaziale, Natura, 1959/60 The sculpture will be displayed in occasion of the opening of the new Davide Groppi Rotante Massimo
Slide 7: IDB products keep collecting awards and prestigious recognition
IDB products keep collecting awards and prestigious recognition, testifying the superior quality of their style, design and functionality Ratio sofa Turri FM Anima Davide Groppi Davide Groppi Metis sofa system Roma sofa Saba Turri Paralela Magia Post Prandium Vis à Vis Axolight Davide Groppi Davide
Slide 8: Global presence in 130+ countries with a solid distribution network
The Group confirms its global presence (export sales ~74%) in 130+ countries, with a solid distribution network of >4.500 retail partners, an increased branded spaces’ footprint… Monobrand • Single brand retail spaces, operated by third parties • Store owners are experienced and trusted retailers th
Slide 9: Outstanding contract projects around the world
…and many outstanding contract projects around the world, targeting almost any type of end-market and providing different solutions in styles and design Shanghi-La Hotel, Toronto Flexalighting Private Club, Zurigo Very Wood Castello di Calendasco, Davide Groppi Langham Hotel, Jakarta Meridiani Priva
Slide 10: A brief recap of IDB's M&A path in 2022 and 2023
A brief recap of IDB’s M&A path in 2022 and 2023… 2022 – companies included in the «organic» perimeter 2023 – companies included in the «total» perimeter May 2022 End of January 2023 End of September 2023 Actual data Actual data IDB, through Flexalighting, acquires the majority IDB completes the acq
Slide 11: Full 12 months 2023 financial results
Full 12 months 2023 financial results: double-digit total revenue growth, along with healthy Added Value increase. EBITDA margin remains solid, despite new investments in people and organizational structure Organic Total Revenue +3,9% +16,6% 310,8 266,5 34,1 EUR thousands F12M 22(1) % F12M 23(2) % R
Slide 12: Revenue breakdown and bridge by SBA
Revenue breakdown and bridge by SBA(1): 12M excellent performance in all SBAs, also thanks to perimeter effects: residential businesses record slight organic decrease (still softer than the market), while luxury contract provides for robust double-digit growth Total Furniture Lighting Kitchen&System
Slide 13: Revenue breakdown and bridge by Channel
Revenue breakdown and bridge by Channel(1): hard and soft contract fuel the annual growth. Retail sustained by entry of Axolight and Turri, with an organic trend influenced by the previously mentioned slowdown in residential businesses Retail Soft Contract Hard Contract Total +14,7% 89,4 +4,2% +76,8
Slide 14: Revenue breakdown and bridge by Region
Revenue breakdown and bridge by Region(1): growth is spread across all regions, with the only exception of North America, affected by luxury contract projects progressively more focused in Europe/Italy Europe North Greater Total Italy ROW (excluding Italy) America China +14,7% +2,8% +45,3% -20,7% +4
Slide 15: Full 12 months 2023 EBITDA by SBA
Full 12 months 2023 EBITDA by SBA(1): each one keeps profitability well above industry average despite, consistently with IDB business model, Group margins are temporarily diluted by the «nursery period» of Turri and Axolight Total(2) Furniture Lighting Kitchen&Systems Residential Luxury Contract +1
Slide 16: Net working capital, capex and net financial position
NWC close to 0, going back to «normal». Capex increase mostly explained by commercial and industrial investments to support future growth. Q4, as expected, confirms the Group’s seasonality in cash conversion, mostly related to contract revenue and advance payments Net Working Capital - EUR Mln Capex
Slide 17: Full 12 months 2023 order intake
Full 12 months 2023 order intake(1): trend remains positive, but the year’s exit pace confirms that the first half 2024 will be in full market «consolidation phase» and with a tough 2023 comparison. Organic growth expected to be mostly concentrated in the second half Organic Total SLIGHTLY POSITIVE
Slide 18: Q&A Session
GERVASONI 1882 davide groppi Italian Design Brands MERIDIANI saba FLEXALIGHTING Axelight LBinova
Slide 19: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Italian Design Brands S.p.A. (the “Company” and together with its subsidiaries, the “IDB Group”) for information purposes only. The Presentation does not, and is not intended to, constitute or form part of, and should not be cons