De'longhi S.p.a. · MIL:DLG
De'longhi — H1 2019 Earnings Presentation
21 slides from De'longhi's earnings presentation, August 2019
Slide 1: 1st Half 2019 Results
D&Longhi Group 1st Half 2019 Results es
Slide 2: Foreword
1st HALF 2019 RESULTS Foreword The figures of the year 2019 are reported in accordance with the new IFRS 16 accounting standard, introduced since January 1st, 2019. For comparative purposes, in some cases, the figures herein presented are "normalized", i.e. reported on a comparable basis with those
Slide 3: Definitions & assumptions
1st HALF 2019 RESULTS Definitions & assumptions In this presentation: • Adjusted stands for “before non recurring items and inputed costs of the stock option plan” • Continuing Operations identify the consolidated perimeter exclusing NPE s.r.l.; • ForEx or FX stand for Foreign Exchange Rates; • “M”
Slide 4: Contents
CONTENTS • 1st Half 2019 Results • Appendix
Slide 5: Highlights
1st HALF 2019 RESULTS HIGHLIGHTS In Q2 2019: Revenues up 3.8% to € 469.1 M (+ 2.1% organic), driven by full-auto and pump espresso machines, plus comfort and home care categories; Adjusted EBITDA up to € 61,3 M (equal to 13.1% of revenues) and to € 56.4 M normalized (equal to 12% of revenues);
Slide 6: The Topline
1st HALF 2019 RESULTS THE TOPLINE THE 6 MONTHS EUR million H1-2019 H1-2018 change change % Net Revenues 845,5 854,7 -9,2 -1,1% -2,5% organic THE 2ND QUARTER EUR million Q2-2019 Q2-2018 change change % Net Revenues 469,1 452,1 17,0 3,8% +2,1% organic the 6 months’ revenues decline was the results o
Slide 7: Revenues by Region
1st HALF 2019 RESULTS REVENUES BY REGION 1° semestre var. % 2° trimestre var. % EURO milioni var. % var. % 2019 organica 2019 organica North East Europe 226,0 10,7% 10,2% 118,6 16,8% 15,1% South West Europe 334,2 -3,7% -3,9% 179,4 -1,6% -1,8% EUROPE 560,2 1,6% 1,3% 298,0 5,0% 4,3% APA (Asia/Pacific/
Slide 8: Revenues by Market & Product: The 6 Months
1st HALF 2019 RESULTS REVENUES BY MARKET & PRODUCT: THE 6 MONTHS MAIN ORGANIC UPS & DOWNS MAIN ORGANIC UPS & DOWNS GROWING DOUBLE DIGIT FRANCE, RUSSIA-UKR-CIS, POLAND GROWING DOUBLE DIGIT PUMP ESPRESSO, HOME CARE GROWING SINGLE DIGIT BENELUX, UK, GROWING SINGLE DIGIT FULL-AUTO DOWN ITALY, MEIA, USA,
Slide 9: Revenues by Market & Product: The 2nd Quarter
1st HALF 2019 RESULTS REVENUES BY MARKET & PRODUCT: THE 2ND QUARTER MAIN ORGANIC UPS & DOWNS MAIN ORGANIC UPS & DOWNS GROWING DOUBLE DIGIT FRANCE, POLAND, UK, USA, GROWING DOUBLE DIGIT FULL-AUTO, PUMP, HOME CARE, A/C, HEATING GROWING SINGLE DIGIT GERMANY, ITALY, RUSSIA, BENELUX, JAPAN GROWING SINGLE
Slide 10: Revenues by Product: Coffee Makers
1st HALF 2019 RESULTS REVENUES BY PRODUCT: COFFEE MAKERS 2ND QUARTER in Q2: o full auto up more > 10%; o manual pump machines up double digit (like in Q1); o capsule systems down due to increasing competition, cue effects of discontinuities of Q1 and decreasing commitment of Nestlé on Dloce Gusto. B
Slide 11: Revenues by Product: Food Preparation
1st HALF 2019 RESULTS REVENUES BY PRODUCT: FOOD PREPARATION 2ND QUARTER in Q2: o Kitchen machines down low single digit; o deep fryers in strong growth; o all other categories in negative territory. Based on management accounts 11
Slide 12: Revenues by Product: Comfort & Home Care
1st HALF 2019 RESULTS REVENUES BY PRODUCT: COMFORT & HOME CARE 2ND QUARTER In Q2: o both air conditioning and heating growing double digit; o home care up double digit driven by Braun’s ironing category. Based on management accounts 12
Slide 13: Margins: The 6 Months
1st HALF 2019 RESULTS MARGINS: THE 6 MONTHS reported normalized normalized normalized H1-2019 H1-2019 H1-2018 change change % Net Ind. Margin 399,5 399,5 407,1 -7,6 -1,9% % of sales 47,2% 47,2% 47,6% -0,4 pp adjusted EBITDA 97,8 88,2 109,1 -20,9 -19,2% % of sales 11,6% 10,4% 12,8% -2,3 pp EBIT 58,0
Slide 14: Adj. EBITDA Bridge (Normalized): The 6 Months
1st HALF 2019 RESULTS ADJ. EBITDA BRIDGE (NORMALIZED) THE 6 MONTHS 14
Slide 15: Margins: The 2nd Quarter
1st HALF 2019 RESULTS MARGINS: THE 2nd QUARTER reported normalized normalized normalized Q2-2019 Q2-2019 Q2-2018 change change % Net Ind. Margin 217,7 217,7 209,0 8,7 4,2% % of sales 46,4% 46,4% 46,2% 0,2 pp adjusted EBITDA 61,3 56,4 55,7 0,6 1,1% % of sales 13,1% 12,0% 12,3% -0,3 pp EBIT 41,4 41,1
Slide 16: Adj. EBITDA Bridge (Normalized): The 2nd Quarter
1st HALF 2019 RESULTS ADJ. EBITDA BRIDGE (NORMALIZED) THE 2nd QUARTER 16
Slide 17: Net Financial Position and Working Capital
1st HALF 2019 RESULTS NET FINANCIAL POSITION AND WORKING CAPITAL reported normalized normalized normalized June 30, June 30, June 30, Change Dec. 31, Change EUR million 2019 2019 2018 12 months 2018 6 months Net Working Capital 344,3 344,2 264,9 79,3 322,5 21,7 Net Equity 1.060,8 1.061,3 937,7 123,6
Slide 18: The Net Cash Flow in the 6 Months
1st HALF 2019 RESULTS THE NET CASH FLOW IN THE 6 MONTHS FCF before capex, dividends & IFRS16 (1) Free Cash Flow before Dividends 18
Slide 19: Contents
CONTENTS • 1st Half 2019 Results • Appendix
Slide 20: Appendix: Disclaimer
APPENDIX DISCLAIMER “This presentation might contain certain forward-looking statements that reflect the company’s current views with respect to future events and financial and operational performance of the company and its subsidiaries. Forward looking statements are based on De' Longhi’s current e
Slide 21: Thank You
THANK YOU Contacts: Investor Relations: Fabrizio Micheli / Samuele Chiodetto T: +39 0422 4131 investor.relations@delonghigroup.com