Gefran S.p.a. · MIL:GE
Gefran — STAR presentation, Milan 2003
33 slides from Gefran's conference presentation, Feb 27, 2003
Slide 1: Investing in Technology to Create Value
INVESTING IN TECHNOLOGY TO CREATE VALUE Star presentation Milan, February 27th 2003 1
Slide 2: Index
Index G Gefran Group Ennio Franceschetti G Products & Technologies Roberto Mottola G Market approach Daniele Marongiu G Financial data Giuseppe Stefini 2
Slide 3: Gefran Group
Gefran Group = GEFRAN
Slide 4: Gefran Group Past & Mission
Gefran Group Past & Mission Gefran Spa u GEFRAN Group: 30 years of experience and constant research applied to automation of industrial processes. 61 MEuro revenue in 2002 and about 500 employees worldwide u National and international leader in designing, manufacturing and distributing sensors, elec
Slide 5: Gefran Group Strengths
Gefran Group Strengths G Technological excellence • Control of the core technology for designing and manufacturing products with a high potential • Deep knowledge of industrial processes • Costant investments in coordinated process and product innovation • Cooperation with qualified Research Centres
Slide 6: Gefran Group Company structure
Gefran Group Company structure STATUTORY and ADMINISTRATIVE BODIES: (January 30th 2002) GEFRAN S.p.A. headquarters BOARD OF DIRECTORS : President and C.E.O.: Ennio Franceschetti GEFRAN CRL Ltd (UK) GEFRAN SENSORI s.r.l. Vice-President: Romano Gallus (100%) (98%) Directors: Angelo Bettinzoli Andrea T
Slide 7: Products & Technologies
Products & Technologies = GEFRAN
Slide 8: Products & Technologies
Products & Technologies G Gefran offer is unique for its completeness – we are the only ones to manufacture sensors, electronic components and HW / SW platforms for industrial process automation and control G The heart of the measurement is the primary element or transducer: a sensitive element whic
Slide 9: Samples from Gefran catalog
Products & Technologies Samples from Gefran catalog SENSORS OF COMPONENTS FOR PHYSICAL QUANTITIES ELECTRONIC REGULATION Linear position transducers Relative humidity sensors Electronic power units Melt pressure Controllers & indicators transducers COMPLETE AUTOMATION SOLUTIONS Industrial PLC’s & PC’
Slide 10: Position transducers
Products & Technologies Position transducers Resistive linear sensors Contactless magnetostrictive sensors • High reliability • Extremely high reliability, zero wear, waterproof • Accuracy up to 2 micron Connector Connector Output Output 3 (+) blue 2 yellow Magnetic field of the cursor 1 (-) brown C
Slide 11: Pressure transducers
Products & Technologies Pressure transducers Silicon MEM SOI MEM (Silicon on SIC MEM (Silicon Carbide) Pressure range:3 to 30 bar Insulator) Possibility to reach temperatures Pressure range: up to 350 bar higher than 400°C Max. temperature: 300°C B Pressure chip Package 11
Slide 12: Humidity transducers
Products & Technologies Humidity transducers • Capacitive measuring principle • Thin-film sputtering technology • Integration of processing electronics Rough electrode hygroscopic polymer electrode Glass connections layer Block diagram of integrated electronics Sensor diagram Humdity sensor 12
Slide 13: Products & Technologies Research
Products & Technologies Research G MEMs on Silicon, SOI, SiC G Innovative technologies of (University of Berlin) contactless position transducers (Universities of Brescia and of G Distributed computing platforms Trieste) in fast synchronous field bus (fast ethernet) (University of Brescia) G Safewat
Slide 14: Investments in manufacturing process
Investments in Products & Technologies manufacturing process G 1900m 2 new technological production areas in Provaglio and Lyon G Second SMD assembly line for electronic components G Second laser trimming line G Wire-bonding line for electronic power units G Integrated enterprise software SAP R3 14
Slide 15: Market approach
= GEFRAN Market approach 15
Slide 16: Components applications
Market approach Components applications PRODUCTS FUNCTIONS APPLICATIONS Instruments Indication & • Regulators regulation of process Plastic • Indicators variables, such as Rubber temperature, pressure, • Timers & counters Die-casting position and speed Sensors/Transmitters Packaging • position Measu
Slide 17: Systems applications
Market approach Systems applications PRODUCTS FUNCTIONS APPLICATIONS Systems • Industrial PC’s / Operator’s interface Injection • Programmable Logic Control and automation of the Blowing Controllers (PLC) machine cycle and of Extrusion • Automation Software industrial processes • Customized applicat
Slide 18: Standing in recession
Market approach Standing in recession G The industrial automation market (plastics, packaging, wood ) with a traditional cyclical trend, has been in recession since 2001, with a drop in demand up to 40% G Gefran turnover is substantially flat: G Components sales increase (spare parts market and remo
Slide 19: Turnover per product line
Market approach Turnover per product line G Components: instruments (31%), sensors (43.6%) G Systems (25.4%) • In the first half 2002 the product splitting is the same of the first half 2001; • In the second half 2002 the components share shows an increase. 31/12/98 31/12/02 37,0% 25,4% 63,0% 74,6%
Slide 20: Turnover geographical shares
Market approach Turnover geographical shares G Doubling of export sales turnover in the last 5 years (China, Germany, USA) G Undisputed leader in the linear displacement transducer field on the Chinese market Geographical shares of sales on Dec. 31st 2002: 23,5% 26,1% Italy Europe Rest of the world
Slide 21: The proximity pattern
Market approach The proximity pattern “Cultural“ Standard INDIRECT proximity components Technological 10.000 km Distributors components System integrators English Customized 1.000 km systems & solutions Mother- tongue 500 km Subsidiaries Northern Italy DIRECT Large Leading Little “Strategic” SSI Dis
Slide 22: Market approach Italy
Market approach Italy G Direct sales to the OEM (Capital Equipment): G systems (3 Key Account Managers, 15 Project managers) G components (18 Sales Engineers) G 15 System Integrators to support small OEM (panel manufacturers, integrated systems) – Capital Equipment G 65 Distributors with 110 selling
Slide 23: Main European Economies
Market approach Main European Economies G Subsidiaries with direct sales and technical support staff in Germany, France (*), U.K., Benelux and Switzerland: G For OEM (Original Equipment Manufacturers) and big end- users. G Undirectly through system integrators and regional distributors (Fragmented m
Slide 24: Main Extra-EC Economies
Market approach Main Extra-EC Economies G USA(*): Gefran subsidiary in Boston: G USA and Canada OEM (Original Equipment Manufacturers) and big end-users; G Supervision of distribution system in USA (Master Distributors, Distributors, Resellers) – spare parts market and small OEM (*) Excellence centr
Slide 25: Other export markets
Market approach Other export markets G System Integrators to serve the “demanding” market of OEM’s – national Distributors/ Importers G Local resale network to optimize the capillary presence in the spare parts market Gefran Manufacturing sites Gefran subsidiaries Gefran distributors 25
Slide 26: Financial data
= GEFRAN Financial data 26
Slide 27: Consolidated reclassified income statement
Financial data Consolidated reclassified income statement Sales 59.407 98,2% 61.460 98,6% 15.046 95,6% 13.615 98,0% Other revenues 1.104 1,8% 904 1,4% 691 4,4% 276 2,0% TOTAL REVENUES 60.511 100,0% 62.364 100,0% 15.737 100,0% 13.891 100,0% Consumption (20.075) -33,2% (20.271) -32,5% (4.846) -30,8% (
Slide 28: Consolidated statement of assets & liabilities
Consolidated reclassified Financial data statement of assets & liabilities (Mil Euro) 2002 2001 Net working capital 23 20 Net assets 30 32 Severance indemnity and other funds -4 -4 ------------------------ Net invested capital 49 48 Short-term borrowing (available funds) -37 -42 Medium-term borrowin
Slide 29: Consolidated Cash flow
Financial data Consolidated Cash flow (Mil Euro) *Y2002E H1 2002 Y2001 Consolidated net earning -0,7 2,3 Depreciation and amortization 2,6 5,0 -------------- ---------------------------- Self-financing 4,2 1,9 7,3 Change in working capital -2,8 1,9 -0,5 -------------- ------------ ------------ Cash
Slide 30: Financial indexes
Financial data Financial indexes ROS ROI 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% 1999 2000 2001 2002 1999 2000 2001 2002 ROCE The profitability is sensitive 6,0% to the revenue trend. 5,0% 4,0% The cost re-balance will 3,0% have positive effects on 2,0% 2003 profitability. 1,0% 0,0% 1999 2000
Slide 31: Gefran in the Stock Market
Financial data Gefran in the Stock Market • No. of Shares : 14,400,000 • Free float = 38.04% • Market capitalisation (total): 54 millions Euro • Dividend 1999: Euro 0.03 • Dividend 2000: Euro 0.08 • Dividend 2001: Euro 0.20 • Quoted in the Stock Market: from June 1998 • Quoted in the STAR segment: f
Slide 32: Performance Gefran Vs Mibstar
60 70 80 90 100 110 Jan-02 120 Jan-02 Feb-02 Mar-02 Financial data Mar-02 Apr-02 May-02 June-02 June-02 GEFRAN July-02 Aug-02 Aug-02 Sept-02 MIBSTAR Oct-02 Oct-02 Nov-02 Dec-02 Jan-03 Jan-03 32 Feb-03 Performance Gefran Vs Mibstar
Slide 33: Thanks for your kind attention
THANKS FOR YOUR KIND ATTENTION 33