Slide 1: De'Longhi Group: H1 2015 results
De’Longhi Group: H1 2015 results July 31st, 2015
Slide 2: Disclaimer
De’Longhi: H1 2015 results Disclaimer For the purpose of providing greater details, in some cases we may refer to management accounts’ figures (instead of reported figures), as expressly indicated in the footnotes of the relevant pages. 2
Slide 3: Table of contents
Table of contents o H1 2015 results o Appendix: pp summaryy of 2013-2015 q quarterlyy results 3
Slide 4: The Group H1 2015 results: Revenues
The Group H1 2015 results Revenues o H1 2015 revenues were up +12+12.9% 9% to € 790.6 790 6 million (+7 (+7.9% 9% at constant ForEx(1)), with an acceleration in Q2 to +16.6% (+9.6% at constant ForEx) versus +9.0% in Q1 (+6.2% at constant ForEx) o ForEx contribution was positive on revenues and negat
Slide 5: Revenues growth by quarter
The Group H1 2015 results Revenues growth by quarter(1) € million illi 850.0 790.6 775.0 755.8 +12.9% 700 1 700.1 +7.9% % 700.0 +5.7% 625.0 550.0 475.0 422.2 396.7 400.0 368 4 359.0 368.4 362 0 +16.6% 362.0 359 0 338.1 +9.6% +9.0% +6.2% +4.4% 325.0 +7.1% 250.0 Q1 Q2 H1 2014 2015 2015 @ constant ForE
Slide 6: Revenues by market - summary
The Group H1 2015 results Revenues by market - summary o Europe delivered strong growth (+9.7%): o South-West Europe grew +13.7%, led by Germany, Italy, Austria and Switzerland o North North-East East Europe grew (+3.0%) driven by Poland, UK, Scandinavia and other Eastern European markets, which mor
Slide 7: Revenues growth by market
The Group H1 2015 results Revenues growth by market(1) € million 600 0 600.0 +9.7% 510.4 500.0 465.1 400.0 +13.7% 331.4 291.4 300.0 300 0 +23.7% +3.0% 199.1 200.0 173.7 179.0 160.9 +9.5% +27.8% +31.5% +18.6% 100.0 68.2 74.1 81.1 53.4 +1.8% 62.4 43.4 51.5 47.5 16.6 16.9 0.0 South-West North-East Euro
Slide 8: Revenues breakdown by market
The Group H1 2015 results Revenues breakdown by market H1 2014 H1 2015 Other S/W Other S/W Other N/E Europe Other N/E Europe Europe Europe 18.2% 18 5% 18.5% 10.8% 10.8% Ex-URSS 7.1% Japan Ex-URSS Japan 2.4% 5.1% 2.1% Germany G N America N. 7.6% N. America 11.9% 8.6% Germany Australia & 12.2% NZ UK 6
Slide 9: Revenues breakdown by product
The Group H1 2015 results Revenues breakdown by product(1) o Strong performance for coffee makers makers, led by b internally- internall manufactured models (fully-automatic, Nespresso “Lattissima” range, DolceGusto “Jovia” and pump machines) o Good growth also for food preparation appliances, led b
Slide 10: Revenues breakdown by product
The Group H1 2015 results Revenues breakdown by product(1) H1 2014 H1 2015 el. heating other other mob. a/c- 2.3% 3.1% coffee mob. a/c- el. heating treatm treatm. makers 2.1% 3.3% coffee makers treatm treatm. 9.7% 33.5% 10.7% 35.5% ironing 3.5% ironing floor care 3.3% 2.6% floor care 1.9% cooking (e
Slide 11: Net industrial margin
The Group H1 2015 results Net industrial margin o Net industrial margin grew to € 369.4 million from € 327.5 million, despite a € -12.3 million negative ForEx impact EUR million H1 2015 FY 2014 H1 2014 Change H1 2015 - H1 2014 Net Ind. Margin 369.4 815.7 327.5 42.0 12.8% % of sales 46.7% 47.2% 46.8%
Slide 12: Net industrial margin by quarter
The Group H1 2015 results Net industrial margin by quarter(1) € million illi 400.0 381.7 369.4 50.5% 350.0 46.7% 327 5 327.5 46.8% 300.0 250.0 194.3 194.9 200.0 186.8 175.2 161.0 6 0 52.0% 166.4 46.0% 49.1% 47.5% 150.0 46.0% 47.6% 100.0 Q1 Q2 H1 2014 2015 2015 @ constant ForEx (1) Figures in percent
Slide 13: EBITDA, EBIT and Net Income
The Group H1 2015 results EBITDA, EBIT and Net Income o EBITDA improved i d in i absolute b l value l to € 95.3 95 3 million illi and dddeclined li d slightly li h l as a percentage of revenues: o higher g volumes and p positive p price and mix effects offset by… y o …higher costs for services and o
Slide 14: EBITDA, EBIT and Net Income
The Group H1 2015 results EBITDA, EBIT and Net Income EUR million H1 2015 FY 2014 H1 2014 Change H1 2015 - H1 2014 EBITDA 95.3 259.6 87.2 8.1 9.3% % of sales 12.1% 15.0% 12.5% -44bp EBIT 70.4 212.7 65.2 5.1 7.9% % of sales 8.9% 12.3% 9.3% -40bp Net Profit 37.4 126.5 33.0 4.4 13.4% pertaining to the
Slide 15: EBITDA by quarter
The Group H1 2015 results EBITDA by quarter(1) € million 140.0 118.4 120.0 15.7% 100.0 95.3 87.2 12.1% 80.0 12.5% 62.9 60.0 55.5 47.3 17.5% 48.0 46.1 14.0% 41.1 40.0 13.6% 12.8% 11.4% % 11.3% 20.0 0.0 Q1 Q2 H1 2014 2015 2015 @ constant ForEx (1) Figures in percentage represent EBITDA margin on reven
Slide 16: Net financial position and working capital
The Group H1 2015 results Net financial f position and working capital o Positive net financial position at € 104.0 million: o € +169.1 million improvement versus June 30th, 2014 despite € 61.3 million dividends paid in the period and € 58.9 million investments Excluding non-bank liabilities(1) th
Slide 17: Net financial position and working capital
The Group H1 2015 results Net financial f position and working capital EUR million H1 2015 FY 2014 H1 2014 Change H1 2015 - H1 2014 Net Working Capital 236.0 236.2 245.3 -9.3 Net Equity 818.1 786.1 643.7 174.4 Net Financial Position 104.0 89.0 -65.1 169.1 Net "bank" Financial Position (*) 121.5 113.
Slide 18: The 6-month cash flow performance
The Group H1 2015 results The 6-month cash flow f performance f € million 80.0 60.0 ((25.6)) 40.0 (61.4) 60.8 71.0 20.0 €+15.0M (61.3) 15.0 0.0 31 6 31.6 -20.0 -40.0 operating cash flow changes in changes in AR/AP capex dividends other equity inventories and other w.c. accounts 18
Slide 19: The 12-month cash flow performance
The Group H1 2015 results The 12-month cash flow f performance f € million 240.0 (6.9) (8.4) 200 0 200.0 (58.9) €+169.1M 160.0 82.5 120.0 (61.3) 222.0 80 0 80.0 40.0 0.0 operating cash flow changes in changes in AR/AP capex dividends other equity inventories and other w.c. accounts 19
Slide 20: Free cash flow generation
The Group H1 2015 results Free cash flow f generation Household division pro-forma Free Cash Flow performance (before dividend and capex) (excluding Braun acquisition) Increasing cash generation, partially 2012 impacted by a temporary increase in helped by ForEx (translation effect + working capital
Slide 21: Table of contents
Table of contents o H1 2015 results o Appendix: pp summary y of 2013-2015 q quarterly y results 21
Slide 22: Appendix: Summary of 2013-2015 quarterly results
Appendix Summary off 2013-2015 quarterly results (1) (1) (1) 2014 2015 (Euro million) 2013 HALF FULL HALF FULL HALF Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 YEAR YEAR YEAR YEAR YEAR Revenues 315.5 346.7 662.2 363.4 591.3 1,616.9 338.1 362.0 700.1 386.8 639.8 1,726.7 368.4 422.2 79
Slide 23: Thank you!
Th k you!! Thank Contacts: Fabrizio Micheli – Finance Director & IRM – T: +39 0422 413235 Marco Visconti i i – Investor Relator – T: +39 0422 413764 investor.relations@delonghigroup.com