Fluidra, S.a. · BME:FDR
Fluidra — Debt Investor Presentation (January 2020)
18 slides from Fluidra's debt investor presentation, Jan 14, 2020
Slide 1: Presentation to Lenders
Presentation to Lenders 14th January 2020
Slide 2: Disclaimer
Disclaimer This document is for information purposes only and does not constitute an offer to sell, exchange or buy, or an invitation to make offers to buy, securities issued by any of the companies mentioned. This financial information has been prepared in accordance with International Financial Re
Slide 3: Fluidra's Management Present at Meeting
Fluidra’s Management Present at Meeting Bruce Xavier Brooks Tintoré CEO CFO • Over 30 years of experience • Over 25 years experience in in global consumer and corporate finance in industrial products industries multinationals and public companies • Joined Zodiac as CEO in 2011 and became CEO of Flui
Slide 4: Agenda
Agenda 1. Transaction Overview 2. Business Update 3. Closing Remarks and Q&A 4
Slide 5: Transaction Overview
Transaction Overview
Slide 6: Executive Summary
Executive Summary • With global headquarters in Barcelona, Spain, Fluidra is the global leader in pool equipment and wellness solutions. Fluidra has posted strong performance post merger: On a YTD basis, sales have grown by €34m (or 3.3% y-o-y) and EBITDA by €10m (or 5.4% y-o-y) Sales and EBITDA
Slide 7: Transaction Overview
Transaction Overview Sources and Uses S o urc e s ( in €m) Us e s ( in €m) Cash o n balance sheet 150 P artial repayment o f EUR TLB [90] P artial repayment o f USD TLB [60] T o t a l s o urc e s 15 0 T o t a l Us e s 15 0 Pro Forma Capitalisation Net Leverage Actual IFRS 16 Net Leverage Net Leverag
Slide 8: Summary Terms – First Lien Term Loans
Summary Terms – First Lien Term Loans Borrowers Fluidra Finco SL and Zodiac Pool Solutions LLC Facilities €130m RCF €304m EUR Term Loan B $426m USD Term Loan B Maturity RCF: 2 July 2024 (Same as existing) EUR / USD Term Loan B: 2 July 2025 (Same as existing) Interest Rate RCF: EURIBOR / LIBOR + [ ]
Slide 9: Transaction Timeline
Transaction Timeline January 2020 M T W T F S S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 UK / US / Spain public holidays 20 21 22 23 24 25 26 Syndication Relevant Date 27 28 29 30 31 Date Key Event Monday 13th January Launch Term Loan B repricing Tuesday 14th January Lender call Tuesday 2
Slide 10: Business Update
sas ee =mr ae FLUIDRA
Slide 11: The New Fluidra: Merger of Two Successful Companies
The New Fluidra: Merger of Two Successful Companies Overview Highly profitable and cash generating business (In €m) • Global leader in pool equipment and wellness solutions • Innovative, user-focused provider of highly engineered products and 10% PF SALES CAGR solutions 15% PF EBITDA CAGR • Listed o
Slide 12: Investment Highlights
Investment Highlights 1 Structurally Attractive Industry that Grows ~2x GDP • Positive industry dynamics: new pool construction feeds ever growing installed base • Large installed base drives annuity-like after market • Double engine model: growth & resilience 2 Leading Global Platform • Comprehensi
Slide 13: Recent Results: YTD
Recent Results: YTD YTD Sales by Region YTD EBITDA (€ m) (€ m) 191 181 1,029 1,063 185 183 283 295 182 194 379 391 2018 2019 2018 2019 EBITDA Southern Europe Rest of Europe North America RoW 17.6% 17.9% Margin • Sales increased €34m, or 3.3% y-o-y, driven by Southern Europe (+3.2%), • EBITDA increas
Slide 14: Strong Sales Growth with Resilient Business Model
14 Strong Sales Growth with Resilient Business Model Historical Sales Evolution and Strategic Plan (€ m) 1,660 • 2019 sales figures will be within the CAGR: c.6% from €1350m-€1400m range despite guidance midpoint to 2022 target higher than expected impact of remedy implementation for electric cleane
Slide 15: Compelling Business Case with Strong Value Creation
15 Compelling Business Case with Strong Value Creation Historical EBITDA Evolution and Strategic Plan (€ m) 351 CAGR: c.12% from guidance midpoint to 2022 target • 2019 EBITDA will be in the range of €240m-€260m despite the higher impact of remedy implementation and US tariffs c.15% to guidance midp
Slide 16: Excellent Cash Generation to Fund Value Accretive Initiatives
16 Excellent Cash Generation to Fund Value Accretive Initiatives Financial policy is to operate company at ≈ 2x Net Financial Debt / EBITDA leverage Ample liquidity and flexible long-term financing in-place Cash allocation priorities once below agreed maximum targets in shareholders’ agreement
Slide 17: Closing Remarks and Q&A
+g sas A at re fp, “¢ FLUIDRA
Slide 18: Key Takeaways
Key Takeaways Structurally attractive industry that grows at ~2x GDP A global leader in pool equipment and solutions through the successful merger and integration with Zodiac, that enabled access to the US market, the largest pool market Solid YTD business performance, with 3.3% and 5.4% y-o-y