Technogym S.p.a · MIL:TGYM
Technogym — H1 2020 Earnings Presentation
14 slides from Technogym's earnings presentation, Sep 9, 2020
Slide 1: Financial results H1 2020
Financial results H1 2020 Investor presentation Cesena, September 9th 2020
Slide 2: Disclaimer
Disclaimer This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. This presentation might contain certain forward-looking statements that reflect the Company’s management’s current views with respect to future events an
Slide 3: Home growth only partially offset the decline in the B2B
Home growth only partially offset the decline in the B2B Revenues (€m) Key comments YoY decline mainly driven by: -24.7% 295.3 • North America (-32%), APAC (-26%) and Europe excluding Italy (-24%) -24.9% • Segments: strong double-digit 222.4 221.7 growth in Home did not offset the decline in Commerc
Slide 4: Performances per country were directly impacted by the Covid pandemic
Performances per country were directly impacted by the Covid pandemic Revenue breakdown by geography - €m, percentage incidence & change H1 2020 vs. Y-1 -24.7% 295.3 139.4 222.4 (47%) 106.0 EU (48%) -24.0% (excl. ITA) 53.1 (18%) 39.2 -26.2% (18%) APAC 41.8 -32.2% (14%) 28.3 NORTH AMERICA 25.8 (13%)
Slide 5: Inside Sales and Retail benefitted from the higher exposure to Home
Inside Sales and Retail benefitted from the higher exposure to Home Revenue breakdown by channel - €m, percentage incidence & change H1 2020 vs. Y-1 -24.7% 295.3 3.8 19.4 (1%) (7%) 61.1 (21%) 222.4 4.9 RETAIL 27.7% 28.4 (2%) INSIDE SALES 46.2% (13%) 46.0 -24.6% (21%) WHOLESALE 211.0 (71%) 143.2 (64%
Slide 6: Steady EBITDA margin despite revenues decrease
Steady EBITDA margin despite revenues decrease €m Profit and Loss statement (IFRS16 included) Key comments (€m) Jun 2019 Jun 2020 Delta 2020 vs 2019 Net operating income drivers: Total revenue 295,3 222,4 (72,8) (24,7)% ▪ Sales decrease driven by lower volumes partially Cost of raw, ancillary and co
Slide 7: TWC slightly increased but still on a normalization path
TWC slightly increased but still on a normalization path Working Capital (€m) Highlights (€m) Jun 2019 Dec 2019 Jun 2020 Trade Working Capital Inventories 94,8 76,8 91,5 ▪ TWC almost stable compared to Dec 19 (11.5% of Sales), Trade receivables 113,4 127,5 68,8 but better than in June 2019 (12.4%) T
Slide 8: Capex decrease to 3.6% on revenues
Capex decrease to 3.6% on revenues Capex* analysis (€m) Key comments Major Tangibles Capex % of total 6.7% 3.6% revenue ▪ Completion of the new warehouse in Slovakia at end of H1- 2019 (2.2m€) 19,7 ▪ Lower investments in tools, molds and production lines for new products ▪ New flagship stores opened
Slide 9: Net Financial Position: Solid Liquidity buffer
Net Financial Position: Solid Liquidity buffer Net Financial Position (€m) Key comments €m 30 Jun 2019 30 Jun 2020 Cash & cash equivalent (74,1) (120,6) Cash & Cash equivalent ▪ Significant increase in cash position mainly refers to bank deposits € denominated Current financial receivables (0,1) (0,
Slide 10: Net Financial Position walk
Net Financial Position walk €m +10,4 31,0 (3,8) (8,1) (5,5) 14,1 (0,9) (0,6) (1,6) 3,7 NFP FY 2019 CF from operat. NWC Capex Tax paid Equity mov. Financial costs Other not cash NFP H1 20 Activities and other effect on NFP 2 Adjusted 1 1 Net of IFRS 16 effect (3,4m €) 2 IFRS 16 net Adjustment on Fina
Slide 11: Annexes
Annexes Strictly private & confidential 10 Strictly Private and Confidential 10
Slide 12: Balance sheet
Balance sheet €m % on LTM €m Jun 2019 Dec 2019 % on Revenues Jun 2020 % on Revenues Revenues Inventories 94,8 14,4% 76,8 11,5% 91,5 15,3% Trade receivables 113,4 17,3% 127,5 19,1% 68,8 11,5% Trade payables (126,9) (19,3%) (127,5) (19,1%) (88,7) (14,9%) Trade Working Capital 81,3 12,4% 76,8 11,5% 71,
Slide 13: Cash Flow statement
Cash Flow statement (€m) Jun 2019 Jun 2020 Profit (loss) 25,4 6,2 Depreciation, amortization and impairment losses 14,7 17,2 Provisions 1,4 2,2 Share of net result from joint ventures (0,5) 2,1 Net financial expenses 1,0 1,6 Income/(expenses) from investments (0,4) (0,3) Income tax expenses 6,8 5,3
Slide 14: EBITDA vs EBITDA adjusted Reconciliation
EBITDA vs EBITDA adjusted Reconciliation Jun 2019 vs (€m) Jun 2019 Jun 2020 Jun 2020 Δ % Net operating income 32,8 12,8 (60,9)% Other operations cost 0,0 1,1 Service, Rentals and leases 0,6 0,7 Personnel cost 0,6 0,4 Cost of raw, ancillary and consumable materials and goods for resale 0,1 0,3 Operat