Fluidra, S.a. · BME:FDR
Fluidra — Non-Deal Roadshow (September 2018)
31 slides from Fluidra's roadshow presentation, September 2018
Slide 1: Welcome to the New Fluidra
Welcome to the New Fluidra September 2018
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: Introducing the New Fluidra
Introducing the New Fluidra The combination of Fluidra’s leading European platform with Zodiac’s leading presence in the U.S. sets the foundation for the new Fluidra: a global pool equipment and solutions leader with one of the industry’s most comprehensive portfolios Overview Highly Profitable and
Slide 4: Strong Value Creation
Strong Value Creation ■ One of the North American leaders in in cleaners, heaters and water care Balanced Asset ■ Strong global competitor through the combination of currently existing platform in Europe with Zodiac’s leading position in the US Entry into a Market ■ US is largest contributor of ingr
Slide 5: Compelling Strategic Story
+ Compelling Strategic Story
Slide 6: Compelling Strategic Combination
Compelling Strategic Combination 1 Structurally Attractive Industry ■ Large Installed Base Drives Annuity-Like Aftermarket ■ Growing New Pool Construction 2 A Global Leader in Pool Equipment and Solutions ■ Globally Recognized, Iconic Brands Allow Market Segmentation and Channel Optimization + ■ Hig
Slide 7: Structurally Attractive Industry
1 Structurally Attractive Industry Large Installed Base Drives Annuity-Like Aftermarket(1) Growing New Pool Construction(1) (In millions) (In ‘000s) 21 600 18 500 Prior peak 2007 15 400 12 300 9 200 6 3 100 0 0 2009 2011 2013 2015 2017F 2009 2011 2013 2015 2017F Europe N. America Australia LATAM RoW
Slide 8: Globally Recognized, Iconic Brands Allow Market Segmentation and Channel Optimization
Globally Recognized, Iconic Brands Allow Market 2 Segmentation and Channel Optimization 4 Industry Leading Brand Portfolio Industry’s Best Brands for Each Segment and Channel 8
Slide 9: High Geographic Complementary Reduces Risk Profile
High Geographic Complementary Reduces Risk 2 Profile 18 ■ €1.3bn of combined sales, with local presence in over 45 countries and sales in more than 150 countries ■ Access to virtually all major pool markets ■ Limited geographical overlap: significant cross-selling opportunity Zodiac Strength (1) Flu
Slide 10: Matched Product Offering and Strong Competency in Product Development to Drive Further Growth
Matched Product Offering and Strong Competency in 2 Product Development to Drive Further Growth Above Ground Pools Automation / Connectivity Commercial Equipment ■ Continuous investment in R&D with largest patent Heaters & Dehumidifiers portfolio in the industry Over 1,100 patents combined Pressur
Slide 11: World Class Management Team Comprised of Industry and Functional Experts
World Class Management Team Comprised of Industry 2 and Functional Experts ■ Over 30 years of experience in ■ Over 20 years of experience in the global consumer and industrial sector products industries Eloi Planes ■ Fluidra’s CEO since 2006 and Bruce Brooks ■ Previously spent over 20 years at Execu
Slide 12: A Double-Engine Model: Growth & Resilience
3 A Double-Engine Model: Growth & Resilience Annual Revenue Growth Combined Business is 90% Resilient(1) Growth Contributors Range LTM Sept-2017A 10% New Build over all- time low Installed Base Growth 3.5-4.5% 26% New Build at all-time low New Construction 1.0-1.5% Growth Sales 64% Aftermarket Marke
Slide 13: Significant Synergies that Deliver Long Term Value
3 Significant Synergies that Deliver Long Term Value 11 ■ Manufacturing consolidation ■ Procurement opportunities Cost ■ Optimization of logistics operations ~€35m of run-rate cost synergies by 2020, with Synergies ■ Reduction in indirect operating expenses one-off costs of ~€30m ■ Regional sales in
Slide 14: Compelling Business Model with a Strong and Growing Cash Generation Profile
Compelling Business Model with a Strong and 3 Growing Cash Generation Profile LTM Sept-17 PF Key Drivers Long-term Target ■ Steady aftermarket growth driven by installed Sales base ■ 6-7% organic annual growth rate 1,291 (€m) ■ New construction recovery in Europe and US ■ Upside from synergies ■ Cro
Slide 15: Compelling Strategic and Financial Benefits
Compelling Strategic and Financial Benefits Strategic Benefits… + …Will Drive Financial Returns P P A global leader in pool equipment Strong free cash flow generation and solutions P Industry’s most comprehensive product portfolio P Significant cost synergies expected, with sales synergies as a furt
Slide 16: Appendix 1 – 1H2018 Results
Appendix 1 – 1H2018 RESULTS
Slide 17: Summary
Summar y 1H RESULTS 30 July 2018 1 H R E S U LT S 2 0 1 8 Main figures 2017 2018 • Adjusted for currencies, Sales growth is 2.7% in an €M €M Evol. 18/17 irregular season impacted by weather in Spain, France, and the US, and a strong Commercial Pool business in H1 Sales 452.5 454.2 0.4% 2017. EBITDA*
Slide 18: Relevant Facts
Relevant Facts 1H RESULTS 30 July 2018 1 H 2 0 1 8 R E S U LT S MERGER COMPLETED, WORKING ON INTEGRATION NOW • Merger deed was signed on July 2nd. Late June, all authorisations were obtained. New shares were listed on July 10th, increasing share count to 195.6m and market cap above €2.2b. • The Euro
Slide 19: Profit & Loss Account
Pr ofit & Loss Account 1H RESULTS 30 July 2018 1 H R E S U LT S 2 0 1 8 2017 2018 Evol. €M % sales €M % sales 18/17 Sales 452.5 100.0% 454.2 100.0% 0.4% Gross Margin 229.5 50.7% 234.5 51.6% 2.2% Opex before Dep. & 154.9 34.2% 158.9 35.0% 2.6% • Sales are affected by late start in Northern Amort. * H
Slide 20: Sales by geographical area
Sales by geographical area 1H RESULTS 30 July 2018 1 H R E S U LT S 2 0 1 8 2017 2018 €M % sales €M % sales Evol. 18/17 • Europe presents an irregular season impacted by cold and wet spring. Spain grows by 3.0% Spain 97.5 21.5% 98.0 21.6% 0.5% adjusting for ATH divestiture. Rest of Southern Europe g
Slide 21: Sales by business unit
Sales by business unit 1H RESULTS 30 July 2018 1 H R E S U LT S 2 0 1 8 2017 2018 €M % sales €M % sales Evol. 18/17 • Mixed evolution of Residential Pool after a slow start of the season with great performance of Pool & Wellness 419.5 92.7% 425.0 93.6% 1.3% above ground pool helped by Laghetto acqui
Slide 22: Net Working Capital
Net Wor king Capital 1H RESULTS 30 July 2018 1 H R E S U LT S 2 0 1 8 Net Working Capital 289.2 June 2017 2018 257.0 €M €M Evol. 18/17 Inventory 184.3 203.4 10.4% 2017 Accounts Receivable 259.3 272.4 5.1% Accounts Payable 190.7 181.7 -4.7% 2018 Net Working Capital 252.9 294.1 16.3% Adjusted Net Work
Slide 23: Net Financial Debt and Free Cash Flow
Net Financial Debt 1H RESULTS 30 July 2018 and Free Cash Flow 1 H R E S U LT S 2 0 1 8 Net Financial Debt January - June 2017 2018 202.3 €M €M Evol. 18/17 Reported Net Profit 34.1 32.2 -1.9 192.1 2017 Depreciation & Amortization (+) 19.9 17.0 -2.9 2018 Increase (-) / Decrease(+) Adjusted NWC -63.7 -
Slide 24: Conclusions
Conclusions 1H RESULTS 30 July 2018 1 H R E S U LT S 2 0 1 8 • Industry fundamentals continue to be healthy and positive, however, the year has been affected by rainy and cold spring in some of our key markets. In addition, currency is having an impact on reported growth. This is an unusual year wit
Slide 25: Contact
1H RESULTS 30 July 2018 +34 93 724 39 00 Contact Investor_relations@fluidra.com Avda. Francesc Macià 60, planta 20 - 08208 Sabadell (Barcelona) www.fluidra.com 25
Slide 26: Thank You
T H A N K YO U
Slide 27: Appendix 2 – Zodiac
Appendix 2 —- ZODIAC
Slide 28: A US Champion of Residential Pool Equipment Solutions
A US Champion of Residential Pool Equipment Solutions
Slide 29: Introducing Zodiac
Introducing Zodiac Company Overview Highly Profitable and Cash Generating Business Sales / EBITDA ■ Zodiac is a premium branded pure play pool solutions (in €m) company 13% Sales (LTM Jun-17) CAGR ■ Core competency in innovation and a industry leader in 18% EBITDA Internet of Pools (IoP) / connected
Slide 30: Zodiac Differentiated Business Model
Zodiac Differentiated Business Model Delivered through Customer-centric Leveraging User-driven, Innovative Products Marketing Approach Robust Global Footprint Continuous investment in R&D based on Total solution approach drives Most globally balanced of the full user and customer feedback cust
Slide 31: Zodiac: A Compelling Story
Zodiac: A Compelling Story A Global Leader in Cleaners with Significant ■ A global leader in cleaners 1 Opportunity in Equipment (US) ■ Significant opportunity in equipment A Leader in New Construction ■ Potential to increase competitiveness in key market segments in the 2 Creating significant US Af