El.en. S.p.a. · MIL:ELN
El.en — STAR Conference Milan 2019
45 slides from El.en's conference presentation, Mar 20, 2019
Slide 1: Company Presentation
COMPANY PRESENTATION STAR Conference – Milan March 20th, 21st 2019
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: Agenda
AGENDA 1. El.En. 2. Markets and Growth drivers 3. Our Products 4. Financial Highlights 5. Multiples & Comparables
Slide 4: El.En.
El.En.
Slide 5: El.En.
El.En. A Primary Player Providing Medical, Industrial and Conservation Laser Solutions Worldwide Hi-Tech company Hi-Tech industrial group active in opto-electronics with proprietary technologies and know how developed over 35 years Listed on the Milan Stock Exchange Star segment since 2000 Global Gr
Slide 6: El.En. Worldwide
El.En. Worldwide Ethics & People human Brasil 22 rights 10 Production sites China 516 R&D 1.368 Italy 628 employees Health & Safety Environment 6 R&D centers Japan 47 Europe 155 6
Slide 7: Growth history
Growth history Revenues EBIT Cagr: Cagr: +14% +29% 346 307 253 218 180 151 157 137 30 30 28 22 15 7 10 5 2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 2018 in Euro million 7
Slide 8: Markets and Growth drivers
Markets and Growth drivers
Slide 9: Long term market trends
Long term market trends Aesthetics: Aging population Social pressure to maintain youthful and beautiful appearance Minimally invasive surgeries: Minimally painful procedures Reduced side effects and risks Hospitalization days reduction Savings by Private & National Health Systems ROI increase for su
Slide 10: Long term market trends
Long term market trends Cutting applications: Enhanced flexibility, productivity and quality standards in manufacturing processes New application verticals Building and constructions Minimal environmental impact Marking: Products identification and traceability Minimal environmental impact 10
Slide 11: Medical & Aesthetic energy-based systems market
Medical & Aesthetic energy-based systems market US$ million 2014 2016 2021 CAGR CAGR 14-16 16-21 Global non-invasive and minimally invasive medical aesthetic treatment systems 6.932 8.437 13.992 10% 11% Energy-based treatment systems 2.033 2.670 4.380 15% 10% Body shaping & Skin tightening 724 996 1
Slide 12: Industrial laser market
Industrial laser market Lasers increasingly adopted in high quality manufacturing for uniqueness, flexibility, environment friendliness, productivity • Sheet metal cutting: technology breakthroughs leading to strong demand expansion • Laser marking for identification: traceability as a quality stand
Slide 13: Growth drivers
Growth drivers INDUSTRIAL New manufacturing applications for medium power CO2 laser sources Strong demand for high MEDICAL power laser sheet metal cutting systems in China Stronger presence in body and Europe contouring and cellulite treatment markets Strong manufacturing presence in China New laser
Slide 14: Our Products
Our Products
Slide 15: Our Critical Success Factors
OUR CRITICAL SUCCESS FACTORS - Continuous innovation (breakthrough products) - Flexibility and improvement of production capacity (new factories) - Seeking regulatory clearances worldwide 15
Slide 16: Permanent Hair Reduction Highlights
Permanent Hair Reduction Highlights QUANTA - THUNDER MT (Blended Alexandrite + Yag) – High end system. The fastest in the world with scanner technology DEKA - MOTUS AX and MOTUS AY – virtually pain free also on dark skin types, due to the Moveo Technology ASCLEPION - NEW MEDIOSTAR with MONOLITH Hand
Slide 17: Vascular treatments Highlights
Vascular treatments Highlights ASCLEPION – QuadroStarPRO YELLOW – 577 nm QUANTA – 585 and DenaVE (US Version) – 585 nm Rembrandt's Syndrome 2018 vs 2017: +38,22% 17
Slide 18: Tattoo and Benign Pigmented Lesions treatments Highlights
Tattoo and Benign Pigmented Lesions treatments Highlights QUANTA – DISCOVERY PICO PLUS & Q-PLUS C MT (blended) Almost 2 GW of peak power (Pico) 18
Slide 19: Body Contouring Highlights
BODY CONTOURING Highlights DEKA - ONDA COOLWAVES – the first system in the world based on Microwaves @ 2,5 GHz for localized fat accumulations, laxity, and cellulite reduction 2018 vs 2017: +60,4% 19
Slide 20: Milano
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Slide 21: Body Contouring Our testimonial
BODY CONTOURING Our testimonial Francesco Damiani – Boxing World Champion WBO – Super High Weights 21
Slide 22: Professional Beauty Highlights
PROFESSIONAL BEAUTY Highlights ESTHELOGUE – B-STAR – the first system in the world based on stamp LED matrices for body treatments #LASERFREE 22
Slide 23: Multi Platform Technology Highlights
MULTI PLATFORM TECHNOLOGY Highlights DEKA – LUXEA – Just CE 0123 marked by TUV Sud The most complete multiplatform with • Diode laser handpiece for permanent hair reduction • IPL sets for skin tightening, skin rejuvenation, deeper vascular treatments and acne treatments • Active Q-switch probe for t
Slide 24: Tele Service Highlights
TELE SERVICE Highlights Now available on: • ONDA • MOTUS AX • MOTUS AY • LUXEA INTERNET OF THINGS 24
Slide 25: Physiotherapy Highlights
PHYSIOTHERAPY Highlights ASA LASER – M6 the only robotized system for pain removal The multitarget Laser system was created to apply MLS® Laser Therapy automatically and uniformly to the treatment area. ASA LASER – HIRO TT TT® is the ultimate application of Hilterapia®, creating new and innovative p
Slide 26: Hong Jinbao treated with Hilterapia
February 2019 - Hong Jinbao, the actor-symbol of Chinese cinema dedicated to martial arts flew to Taiwan to be treated with Hilterapia® in order to solve chronic knee pain 26
Slide 27: Vaginal Atrophy and Vaginal Laxity Highlights
VAGINAL ATROPHY AND VAGINAL LAXITY Highlights DEKA – MONA LISA TOUCH (MLT) WITH RF TOUCH – Just CE 0123 certified by TUV Sud The most complete vaginal surgical multiplatform with: • CO2 • New single use probes for MLT • New single use applicators for Treatment of vaginal laxity (non-surgical vaginal
Slide 28: Urology - Stones Management and BPH Highlights
UROLOGY - Stones Management and BPH Highlights QUANTA – Litho 35 W Holmium laser QUANTA – Cyber Ho 60 W Holmium laser QUANTA – Cyber Ho 100 W Holmium laser ASCLEPION / JENA SURGICAL MultiPulse HoPLUS 140 W Holmium laser with integrated morcellator 2018 vs 2017 : +51,6% 140 W 60 & 100 W 35 W 28
Slide 29: Urology – Virtual Stone Basket
UROLOGY – Virtual Stone Basket QUANTA – Virtual Stone Basket Effect – onboard of 100 W Holmium lasers to avoid stone retropulsion and to capture stone fragments 29
Slide 30: Urology BPH Highlights
UROLOGY BPH Highlights QUANTA – CYBER BLADE – CE 0123 mark expected for April 2019 – FDA 510(k) for September 2019 The only Stand Alone Morcellator working with batteries and single use blades – the fastest morcellation on the way 30
Slide 31: Metal Cutting Highlights
METAL CUTTING 2018 vs 2017 : +12,27% Highlights PENTA & PENTA CHUTIAN • Automatic CNC machines with up to 20 kW fiber lasers onboard BEVELING CUT our new laser special preparation for butt-welding metal sheet edges 31
Slide 32: Financial Highlights
Financial Highlights
Slide 33: Income Statement FY-2018
Income Statement FY-2018 Euro '000 31/12/17 % 31/12/18 % Var.% unaudited Medical 174.416 56,9% 197.854 57,2% 13,4% Industrial 132.045 43,1% 148.167 42,8% 12,2% Total Revenues 306.461 100,0% 346.020 100,0% 12,9% Gross margin 127.284 41,5% 137.478 39,7% 8,0% EBITDA 36.125 11,8% 35.618 10,3% -1,4% EBIT
Slide 34: Balance Sheet 2018
Balance Sheet 2018 Euro '000 31/12/17 31/12/18 Var.% unaudited Total non current assets 65.664 86.879 32,3% Net Working Capital 63.622 79.907 25,6% Net financial position 84.506 62.461 -26,1% Long term liabilities 9.496 10.011 5,4% Net Equity 204.296 219.236 7,3% Net capital employed 119.790 157.051
Slide 35: Cash Flow 2018
Cash Flow 2018 120.000 100.000 80.000 NWC €18 mln 60.000 Capex €27 mln Dividends €8,4 mln 40.000 20.000 0 NFP Opening Nopat D&A NWC Other Capex Financial&non Dividends paid Other NFP Ending receivables / oper. adjustments payables ST inc./(exp.) + - 35
Slide 36: Revenue breakdown by area FY-2018
Revenue breakdown by area FY-2018 +11% in Euro million +23% +8% +8% +11% +68% 36
Slide 37: Revenue breakdown FY-2018
Revenue breakdown FY-2018 +10% Medical +22% +13% +14% +12% Industrial in Euro million +3% +45% +16% 37
Slide 38: New factories
New factories Jena - Asclepion Wenzhou (2nd) – Penta Laser Vicenza – ASA Laser Euro million Capex plan 2018 2019 Total Total capex 27 12 39 of which: New plants 22 8 30 38
Slide 39: Guidance
Guidance 2018 vs 2019: Revenue: +5% 10% EBIT 19 > EBIT 18 39
Slide 40: Multiples & Comparables
Multiples & Comparables
Slide 41: Multiples
Multiples Stockholder's Equity per share 10,4 Price / Book Value Adj. 1,8 EV /EBIT (80% EBIT) 12,2 EV / Sales (80% Sales) 1,1 El.En. Market Cap. 366,7 @ € 19,00 Net financial position 62,5 @ 31/12/18 Financial investments m/l term 12,3 @ 31/12/18 Enterprise Value 291,9 41
Slide 42: Comparables
Comparables Amounts in mln Dec. 31st, 2018 Price Revenue Var.% EBIT EBIT % MK.Cap. EV EV/Sales EV/EBIT P/Book Rev. Value Medical/Aesthetic Cutera $18,33 $163 7% $(13) -8% $257 $221 1,4 n.a. 5,5 Sisram Medical (2) $0,64 $78 18% $14 18% $282 $188 1,2 6,6 0,9 Lutronic € 8,83 € 71 6% -€ 10 -15% € 220 €
Slide 43: Comparables
Comparables 120.0 120.0 100.0 100.0 80.0 80.0 60.0 60.0 40.0 40.0 20.0 20.0 0.0 0.0 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 El.En. S.p.A. Prima Industrie S.p.A. Cutera, Inc. Sisram Medical Ltd. Han's Laser Tech IPG Photonics Corporation 43
Slide 44: “…and the best is yet to come….”
“ …and the best is yet to come….” Nobel Prize for Physics Prof. Géread Mourou
Slide 45: Contacts
Contacts El.En. SPA Enrico ROMAGNOLI Investor Relations Manager tel. +39 055-8826807 E-mail: finance@elen.it POLYTEMS HIR Financial Communication, IR and Press Office Bianca FERSINI MASTELLONI - b.fersini@polytemshir.it Silvia MARONGIU - s.marongiu@polytemshir.it Tel. +39 06-69923324