Valtecne S.p.a. · MIL:VLT
Valtecne — H1 2024 Earnings Presentation
24 slides from Valtecne's earnings presentation, Sep 24, 2024
Slide 1: H1 2024 Results Virtual Roadshow
H1 2024 Results Virtual Roadshow 24th September 2024
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: H1 2024 Results Virtual Roadshow 3
Slide 4: H1 2024 Results
altecne Hi 2024 RESULTS
Slide 5: H1 2024 - Results Highlights
H1 2024 - RESULTS HIGHLIGHTS €M Top line, showing stable Revenues and Value of Production decreased by 7,4%, is a VALUE OF REVENUES result of growing medical business on one side and industrial business negatively affected PRODUCTION €17,1 €15,9 by macroeconomic conditions on the other one +0,4%
Slide 6: 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 20,0 20,0 17,0 17,1 17,1 0,4% -7,4% 15,9 16,0 16,0 5,4 -22,9% 6,9 -21,9% 6,9 5,3 12,0 12,0 8,0 8,0 11,7 10,1 15,7% 10,2 10,5 3,1% 4,0 4,0 0,0 0,0 H1 2023 H1 2024
Slide 7: EBITDA (1/2)
EBITDA (1/2) Adjusted EBITDA* EBITDA (€M) 2024 vs. 2023 (€M) 2024 vs. 2023 5,0 4,6 4,5 4,4 -5,4% 4,0 4,5 4,0 3,8 -5,7% 4,0 3,5 3,5 3,0 3,0 2,5 2,5 2,0 2,0 1,5 1,5 1,0 1,0 0,5 0,5 0,0 0,0 H1 2023 H1 2024 H1 2023 H1 2024 % on VoP 27,1% 27,7% % on VoP 23,2% 23,7% Adjusted EBITDA slightly decreased in a
Slide 8: EBITDA (2/2)
EBITDA (2/2) EBITDA (€M) 6,0 4,0 1,3 4,0 1,2 3,8 0,1 2,0 0,0 EBITDA H1 2023 Value of Production Labour costs Other costs EBITDA H1 2024 A €1,1M reduction of costs has been achieved, resulting in EBITDA H1 2024 very close to the one of H1 2023 despite the decrease of volumes in the industrial busines
Slide 9: Working Capital
Working Capital DSO (*) DPO (*) (days) (days) 2024 vs. 2023 2024 vs. 2023 100 140 85 124 -6,1% 120 80 80 100 97 -21,6% 60 80 60 40 40 20 20 0 0 FY 2023 H1 2024 FY 2023 H1 2024 DPO decreased more than DSO, with a negative impact on cash flow … (*) For H1 2024, seasonality has been taken into account
Slide 10: Cash Flow
Cash Flow (€M) 4,0 3,8 1,3 0,3 0,0 2,8 0,0 0,7 2,0 2,0 0,0 EBITDA CAPEX Change in NWC Funds Operating CF Net Interests Taxes Free Cash Flow … largely offset by the other components, leading to an overall free cash flow of €2,0M in the period H1 2024 Results Virtual Roadshow 10
Slide 11: Net Financial Position (1/2)
Net Financial Position (1/2) Net Financial Position (€M) 0,0 -2,0 -2,4 -0,1 0,1 -4,0 -2,1 -4,4 -6,0 NFP FY 2023 Long term debt Short term debt Cash and equivalents NFP H1 2024 Strong cash generation resulted in a net financial position positive by €4,4M at the end of H1 2024 H1 2024 Results Virtual
Slide 12: Net Financial Position (2/2)
Net Financial Position (2/2) Adj. NFP / Adj. EBITDA Net Financial Position / EBITDA 2024 vs. 2023 2024 vs. 2023 0,4 0,0 n.a. 0,16 -0,4 -0,40 0,0 -0,8 -0,80 97,7% -0,23 -0,4 -1,2 FY 2023 H1 2024 (*) FY 2023 H1 2024 (*) The ratio to EBITDA improved further (*) For H1 2024, seasonality has been taken i
Slide 13: Outlook end 2024 / beginning 2025
OUTLOOK end 2024 / beginning 2025 The medical business line is still ahead of the curve, with a strong order book which appears consistent with market momentum. Order backlog from existing customers, together with the enlargement of customer base and product portfolio, will continuously support the
Slide 14: Company Overview
altecne COMPANY OVERVIEW
Slide 15: Valtecne at a glance
Valtecne at a glance Valtecne is a company operating in the sector of high precision mechanics. ACTIVITIES 40 215 +200 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 Medi
Slide 16: Business model of contract manufacturer
Business model of contract manufacturer … TO THE PHYSICAL PART MANUFACTURED WITH FROM CUSTOMER DRAWING … PRECISION MECHANICS TECHNOLOGIES H1 2024 Results Virtual Roadshow 16
Slide 17: Key Investment Highlights
Key Investment Highlights Historical double-digit growth, higher than the market Focus on medical devices industry First class customers H1 2024 Results Virtual Roadshow 17
Slide 18: 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 (‘18-23 CAGR: +24.5%). The company has marked a ‘18-’23 CAGR of +12.6%. Valtecne’s business has reg
Slide 19: 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 20: First class customers
First class customers Valtecne’s customers are mainly medium and large companies, leader in their markets and with a recognised 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 21: Shareholders, Corporate Governance, ESG
Shareholders, Corporate Governance, ESG Shareholders Sustainability Paolo Mainetti E 100,0% • Since 2011 Valtecne has installed photovoltaic Vittorio KPM S.r.l. 6,4% panels in order to balance energy consumption of Mainetti production machines. (1) 61,6% 13,8% bare full • Valtecne plant is equipped
Slide 22: Appendix
Appendix
Slide 23: Financials
Financials Profits & Losses H1 2023 H1 2024 Balance Sheet FY 2023 H1 2024 (€K) (€K) Operating Revenues 17.020 17.080 1.033 913 Intangible Assets Inventory var. – Finished products (1.034) (740) Tangible Assets 7.128 7.656 Inventory var. – WIP 694 (1.082) Financial Assets 406 426 Other Revenues 437 5
Slide 24: Valtecne S.p.A. contact details
Valtecne S.p.A. Via Al Campo Sportivo, 277 23010 Berbenno di Valtellina (SO) info@valtecne.com 24