Elica S.p.a. · MIL:ELC
Elica — Q1 2017 Earnings Presentation
15 slides from Elica's earnings presentation, 2017
Slide 1: Q1 2017 Interim Results
Q1 2017 Interim Results Q1 2017 Interim Results 1
Slide 2: Q1 '17 Highlights
Q1 2017 Interim Results Q1 ‘17 Highlights Market demand continue to slightly increase (+ 0.6%) Net Sales strong increase 14.7%, driven by strong Cooking Own brand business performance +27% EBITDA adjusted* increase by 25.7%, positively impacted by increasing volume trend, procurement saving an
Slide 3: Q1'17 Cooker Hoods Industry Unit Shipments
Q1 2017 Interim Results Q1’17 Cooker Hoods Industry Unit Shipments* Volume Data_Change % vs Y-1 FY ‘16 Q1 ’17Q1 ‘17 EMEA 2.0% 0.9% Americas 2.6% 2.7% Asia (0.2)% (0.3)% World 1.0% 0.6% 3 * Source: Elica Group Estimates
Slide 4: Sales Breakdown by Geography
Q1 2017 Interim Results Q1 2017 Sales Breakdown by Geography Change % vs Y-1 Q1 ’17Q1 ‘17 EMEA 12.9% Americas 14.2% Asia 27.4% Total 14.7% 4
Slide 5: Q1 '17 Consolidated Income Statement
Q1 2017 Interim Results Q1 ‘17 Consolidated Income Statement €M Q1 ’17 Q1 ’16 Δ% Net Sales 118.5 103.3 14.7% EBITDA Adj 9.0 7.1 25.7% % 7.6% 6.9% 0.7 p.p. EBIT Adj 3.8 2.7 43.7% % 3.2% 2.6% 0.6 p.p. EBIT 3.6 2.6 38.8% % 3.1% 2.5% 0.6 p.p. Net Result 1.0 0.9 13.9% % 0.8% 0.8% 0.0 p.p. EPS* – Euro cen
Slide 6: Q1 '17 Marginality Key Drivers
Q1 2017 Interim Results Q1 ‘17 Marginality Key Drivers Change vs. Y-1 Q1 ‘17 Volume/Price/Mix +++ Production efficiency ++ Currency + Cost efficiency --- EBITDA Adj 1.8 6
Slide 7: Net Working Capital as of March 31
Q1 2017 Interim Results Net Working Capital as of March, 31 €M 12M’13 Q1 ‘17 12M’13 Q1 ‘16 Δ Trade receivables 77.5 67.9 9.6 % on annualized sales 16.4% 16.4% 0.0 p.p. Inventories 75.0 67.3 7.7 % on annualized sales 15.8% 16.3% (0.5) p.p. Trade payables (122.3) (99.8) (22.5) % on annualized sales (2
Slide 8: Consolidated Cash Flow as of March 31
Q1 2017 Interim Results Consolidated Cash Flow as of March, 31 €M Q1 ’17 Q1 ’16 Operating Cash Flow 0.8 (1.0) CapEx (7.4) (4.6) Cash Flow from Financing Activities (2.8) (3.4) FX impact on NFP 0.7 0.0 ∆ Net Financial Position (8.8) (9.0) 8
Slide 9: Consolidated Statement of Financial Position as of March 31
Q1 2017 Interim Results Consolidated Statement of Financial Position as of March, 31 €M 2017 2016 2017 2016 Net Operating Fixed 161.8 156.8 Net Debt (Cash) 69.5 62.0 Assets Group Equity 108.2 112.3 Net Working Capital 18.2 22.4 Minorities 4.2 5.3 Total Shareholders’ 112.4 117.5 Net Financial Assets
Slide 10: Key Financial Statements
Q1 2017 Interim Results Key Financial Statements Strong organic growth while increasing profit margins 2016A 2017E 2019E CAGR Net Sales 439.3 469.3 535.3 6.8% YoY % 6.8% 9.4% EBITDA adj 32.4 34.9 46.2 12.6% % on NS 7.4% 7.4% 8.6% EBIT adj 13.7 11.7 20.4 14.3% % on NS 3.1% 2.5% 3.8% Net Profit -5.5 1
Slide 11: Key Drivers to Create Long Term Sustainable Value
Q1 2017 Interim Results Key Drivers to Create Long Term Sustainable Value LEVERAGE ON OWN BRAND BUSINESS MODEL ENANCHING QUALITY & SERVICE MARKET ICT SYSTEMS OPERATIONS’ EFFICIENCY 11
Slide 12: High Growing Categories
Q1 2017 Interim Results High Growing Categories ASPIRATION HOB CEILING DOWNDRAFT BUILT-IN HIGH-END 12
Slide 13: Addressing Market Regulation Changes
Q1 2017 Interim Results Addressing Market Regulation Changes - BUSINESS TACTIC Make compliant and competitive PROTECTION APPROACH products STANDARDIZATION RATIONALI STRATEGIC Flexible platform ready for next steps ZATION APPROACH + MARGIN RECOVERY BY UPGRADED CONFIGURATION 13
Slide 14: Engage Cross Selling of Air Treatment & IoT
Q1 2017 Interim Results Engage Cross Selling of Air Treatment & IoT 1. Create an IoT Hoods & Cooking Partnerships, Data, Platform Software / Upgrade Functions in Remote 5. Enlarge IoT Platform 2. Engage with more Consumers info and (Account) - create new «Gaming» Products & Services 3. Manage Produc
Slide 15: Disclaimer
Q1 2017 Interim Results Disclaimer This presentation contains forwards-looking information and statements about Elica S.p.A and its Group. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assump