El.en. S.p.a. · MIL:ELN
El.en — STAR Conference 2012
34 slides from El.en's conference presentation, Mar 28, 2012
Slide 1: Annual Results 2011 - Company Presentation
ANNUAL RESULTS 2011 STAR CONFERENCE March 28th , 2012 Company Presentation
Slide 2: Disclaimer
Disclaimer Certain statements in this slide show, including those addressing the Company’s beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward‐looking statements. Forward‐looking statements involve known or unknown risks, including general economic
Slide 3: Summary
Summary 1. THE GLOBAL LASER MARKET 2. EL.EN. GROUP 3. 2011 FINANCIAL RESULTS 4. 2012 GUIDANCE
Slide 4: The Global Laser Market
The Global Laser Market
Slide 5: LASER
LASER Light Amplification Stimulated by Emission of Radiation LASER Sources (Laser beam generator) LASER Systems (Manage laser beam energy to perform several applications)
Slide 6: The Laser Market in 2011: $7.17 Billion
The Laser Market in 2011: $7.17 Billion Image recording Scentific & Instrumentation LASER Sources military & sensor Pumps 1% 5% 4% 4% Data storage ONLY 11% Industrial processing 37% Communications 31% Medical and aesthetic 7% Industrial Processing: $ 2,8 B Medical and Aesthetic: $ 0,50 B Source: Las
Slide 7: El.En.: Trademarks and Markets
El.En.: Trademarks and Markets MEDICAL INDUSTRIAL
Slide 8: The Medical Laser Market
The MEDICAL Laser Market Global Market trends for Medical Lasers ($ millions) 6.766 CAGR 17,3% 2.675 3.047 2010 2011 2016 Source: BCC Research
Slide 9: Global market for medical lasers by end use
Global market for medical lasers by end use 4.000 3.799 3.500 3.000 2.500 2.000 1.349 1.500 1.258 1.129 960 1.000 656 622 692 694 594 500 206 239 155 63 73 - 2010 2011 2016 Opthalmic (cagr 23%) Surgical (cagr 6,8%) Cosmetic (cagr 12,6%) Dental (cagr 19,9%) Veterinary (cagr 16,2%) Source: BCC Researc
Slide 10: Leading medical laser procedures in terms of equipment spending
Leading medical laser procedures in terms of equipment spending 2010 2016 Procedure Sales Rank Sales Rank OCT 430,0 1 2.326,9 1 Refractive correction 293,0 2 461,9 3 Hair removal 218,5 3 468,4 2 Benign prostatic hyperplasia 167,0 4 223,8 6 Gum Surgery 162,0 5 397,6 4 Skin tightening 136,0 6 275,8 5
Slide 11: The Aesthetic Laser Market Shares
The AESTHETIC Laser Market Shares Revenues in $ M 2008 2009 2010 2011 El.En. Aesthetic/Medical $ 97.4 $ 72.8 $ 89.9 $ 88.1 Cynosure $ 139.0 $ 72.5 $ 81.5 $ 110.2 Peer group Total (*) $ 860.7 $ 617.7 $ 683.0 $ 812.5 % El.En. 11.3% 11.8% 13.2% 10.8% % Cyno 16.2% 11.7% 11.9% 13.6% % El.En. Group 27.5%
Slide 12: The Industrial Laser Market
The INDUSTRIAL Laser Market Laser Sources Market 2.805 2.792 2.374 2.415 Revenues ($M) 1.655 Source: Laser focus World 2008 2009 2010 2011 2012 Laser and Laser Systems Manufacturers Revenues ($M) 2009 2010 2011 Rofin Sinar $349 $424 $598 IPG $185 $299 $474 Coherent $435 $605 $803 Prima Industrie (*)
Slide 13: Strategic Strengths
Strategic Strengths Multidisciplinary and multifacility R&D activity: sources, systems, applications. Covering both Medical and Industrial laser markets Industrial Combine High tech laser source development with flexible production facilities in high growth areas Medical Maximize market penetratio
Slide 14: El.En. Group
El.En. Group
Slide 15: Group Overview
Group Overview High ‐Tech Industrial Group Develops, manufactures and distributes laser sources and laser systems for medical and industrial applications Know‐how based on 30 years stratification of multidisciplinary experience 2011: Consolidated Revenues of €211 mln, up 11% YoY, 1.139 employees Glo
Slide 16: Consolidated Revenues and EBIT
Consolidated Revenues and EBIT Sales EBIT 250 25 20 200 15 150 10 Sales EBIT 5 100 0 ‐5 50 ‐10 0 ‐15 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (*) (*) EBIT 2006 w/o the one time $10M change Cynosure/Palomar
Slide 17: R&D Activity
R&D Activity Clinical trials and validations of new therapeutic laser treatments and research on new applications of laser‐ tissue interaction Laser systems for regenerative medicine Laser and ultrasound combination systems for minimally invasive surgery Development of new cutting edge CO2 platform
Slide 18: R&D expenses
R&D expenses 31/12/10 31/12/11 Var.% R&D expenses 12.333 15.197 23.2% Percentage on group revenues 6% 7% Grants 1.017 1.053 3.5% 100 Researchers 5 R&D labs: Florence, Milan, Naples, Jena, Boston
Slide 19: Medical/Aesthetic
Medical/Aesthetic Aesthetic Medical Hair Removal ENT Vascular Lesions Gynaechology Skin Rejuvenation Urology Pigmented Lesions Endovascular Treatment of Cellulite Onchology Acne Dermatology Tattoo Removal Psoriasis and Vitiligo Anti ‐ Aging Dentistry LaserBody Sculpting Therapy Removal of Unwanted F
Slide 20: Cynosure
Cynosure 2002 70 % Acquisition share price $3,5 2003‐2004 Turnaround 2005 Nasdaq IPO, share price $ 15 holding down to 35% 2007 Stock sale, share price $ 29 holding down to 23% 2011 Eleme and ConBio acquisition share price $ 11 Control and consolidation allowed by a statutory clause
Slide 21: Cynosure
Cynosure Strategic cooperation R&D Smartlipo MPX – Triplex ‐ Cellulaze Distribution Smartlipo ‐ Fractional CO2 – Tattoo Removal 2008 2009 2010 2011 Sales of ex Cyno El.En. group to 12.560 4.365 4.167 5.434 Cynosure (Euro 000) % on ex Cyno Aesthetic sales 16,8% 7,8% 6,0% 8,0%
Slide 22: Cynosure
Cynosure USD 2008 2009 2010 2011 160 140 +35% +35% 120 100 80 +33% +27% +33% +27% 60 40 20 0 Revenues Gross Margin Operating Costs
Slide 23: Medical Laser: Breakdown by Area
Medical Laser: Breakdown by Area Europe 51 32 37 37 Far East 65 USA 41 44 30 30 37 2008 2009 2010 2011 24 30 Italy 2008 2009 2010 2011 2008 2009 2010 2011 15 11 13 12 2008 2009 2010 2011
Slide 24: Industrial Laser: Breakdown by Area
Industrial Laser: Breakdown by Area Europe 9 Far East Am erica 5 5 17 3 11 4 5 6 5 4 3 2008 2009 2010 2011 2008 2009 2010 2011 Italy 2008 2009 2010 2011 11 8 8 9 2008 2009 2010 2011
Slide 25: 2011 Financial Results
2011 Financial Results
Slide 26: Consolidated P&L
Consolidated P&L 31/12/10 31/12/11 Var.% unaudited Revenues 189.797 100,0% 211.137 100,0% 11,2% Gross margin 100.448 52,9% 109.059 51,7% 8,6% EBITDA 14.297 7,5% 13.953 6,6% ‐2,4% EBIT 5.422 2,9% 2.980 1,4% ‐45,0% Income before taxes 4.689 2,5% 2.463 1,2% ‐47,5% Net Income (loss) 1.268 0,7% (270) ‐0,
Slide 27: Consolidated P&L (w/o Cynosure)
Consolidated P&L (w/o Cynosure) 31/12/10 31/12/11 Var.% unaudited Revenues 132.566 100,0% 137.392 100,0% 3,6% Gross margin 67.076 50,6% 67.137 48,9% 0,1% EBITDA 13.327 10,1% 10.823 7,9% ‐18,8% EBIT 8.361 6,3% 5.094 3,7% ‐39,1% Income before taxes 7.697 5,8% 4.765 3,5% ‐38,1% Net income (loss) 2.200
Slide 28: El.En. – Revenues breakdown by business
El.En. – Revenues breakdown by business El.En Industrial 29.479 35.890 +22% Cutting Marking 21.322 +19% 25.294 Laser sources Service Medical ‐7% 81.765 76.208 Industrial Medical Aesthetic Surgical CO2 2010 2011 Physiotherapy Dental 2011: +4% Cynosure Medical Aesthetic Service
Slide 29: El.En. – Medical and Aesthetic
El.En. – Medical and Aesthetic El.En Industrial 4.673 Service ‐17% 3.862 11.141 ‐3% Medical 10.854 4.594 ‐30% 3.199 Accessories Other Medical Lasers 46.728 ‐5% 44.340 Dental Aesthetic 4.798 +20% 5.744 Physiotherapy 9.831 ‐16% 8.209 Surgical CO2 2010 2011 Cynosure 2011: ‐ 7% Medical Aesthetic Service
Slide 30: El.En. – Industrial
El.En. – Industrial El.En Industrial 2.775 Other % +4 9 1.864 China & Brazil 19.333 Europe 14.643 +32% Italy 4.763 +2% 4.836 7.992 +12% 8.946 Service Medical 2010 2011 2011: +22% Cynosure Medical Aesthetic Service
Slide 31: 2012 Guidance
wy UO = = S O N = oS N
Slide 32: 2012 forecast – El.En. stand alone
2012 forecast – El.En. stand alone FORECAST (current economic situation) Sales: + 5% Improvement in EBIT FORECAST (improvement in economic situation) Sales: +10% EBIT%: >5%
Slide 33: El.En. and Cynosure stock performance
El.En. and Cynosure stock performance El.En 130 120 110 100 90 80 70 gen 10 apr 10 lug 10 ott 10 gen 11 apr 11 lug 11 ott 11 gen 12 apr 12 El.En S.p.A. (Rebas ed) FTSE Italy Star (IT) (Rebas ed) Cynosure 170 160 150 140 130 120 110 100 90 80 70 gen 10 apr 10 lug 10 ott 10 gen 11 apr 11 lug 11 ott 11
Slide 34: El.En. SPA / Polytems HIR SRL contacts
El.En. SPA Enrico ROMAGNOLI Investor Relations Manager tel. +39 055‐8826807 E‐mail: finance@elen.it POLYTEMS HIR SRL Bianca FERSINI MASTELLONI Financial Communication & Press office Tel. +39 06‐6797849 / +39 06‐69923324 E‐mail: b.fersini@polytemshir.it