Slide 1: Company Presentation – Mid & Small Virtual 2024
COMPANY PRESENTATION Mid & Small Virtual 2024
Slide 2: Company Overview, Financial Highlights, Annex
1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS 3. ANNEX
Slide 3: Somec Group is one of the world's leading experts in complex turnkey projects
SOMEC GROUP IS ONE OF THE WORLD’S LEADING EXPERTS IN THE CONSTRUCTION OF COMPLEX TURNKEY PROJECTS 30 companies specialising in the engineering, design and deployment of complex turnkey projects in civil and naval sectors. A group of excellences operating in an integrated and synergetic manner, accor
Slide 4: From local company to international group
FROM LOCAL COMPANY TO INTERNATIONAL GROUP 1978 1993 2005 Year of foundation Somec enters the The company adds another marine glazing business challenging business: the marine refitting 2013 2016-17 2018 Oscar Marchetto acquires Somec enters the business Somec is listed on the the majority stake of S
Slide 5: International presence
INTERNATIONAL PRESENCE um FLORIDA NEW YORK GERMANY ITALY NORWAY CHINA NAVALTECH BL Fi 3.0 PARTNERS USA SOMEC BRANCH | | ff SOMEC GRUPPO HG BI SOMEC BRANCH FsoMmec FIOXIN BRANCH SHANGHAI TEXAS PIZZAGROUP USA FL LEGEND f HeADauarTERS tal PRODUCTION PLANTS: [BL NO-PRODUCTION PLANTS (@ DIRECTLY OWNED SU
Slide 6: A world of companies
A WORLD OF COMPANIES specialising in three macro segments 6
Slide 7: Horizons: engineered systems for naval architecture and building façades
HORIZONS ENGINEERED SYSTEMS FOR NAVAL ARCHITECTURE AND BUILDING FAÇADES Marine glazing One of the major players in North America and Europe when it comes to the design, procurement, production, installation and maintenance of ship and building construction systems, characterised by the highest quali
Slide 8: Mestieri: design and production of bespoke interiors
MESTIERI DESIGN AND PRODUCTION OF BESPOKE INTERIORS A selected group of high-end artisan brands, Marine interiors each an absolute excellence in its own sector. Under Mestieri direction and coordination, this integrated ecosystem applies its genius to the bespoke creation of fine interiors and iconi
Slide 9: Talenta: professional kitchen systems and products
TALENTA PROFESSIONAL KITCHEN SYSTEMS AND PRODUCTS Specialized integrated systems for professional kitchens Marine catering seamlessly blend aesthetics with high performance. equipment Turnkey projects tailored for the catering and hospitality industry adhere to the highest standards of certified eff
Slide 10: Daily commitment to sustainability
DAILY COMMITTMENT TO SUSTAINABILITY THE VALUE OF RESPONSIBILITY Somec strives to listen to the needs of its stakeholders, both 2023 SUSTAINABILITY REPORT HIGHLIGHTS internal and external, as it is aware that this is the way to create shared and sharable value. E CARBON FOOTPRINT REDUCTION Constant r
Slide 11: Market outlook: positive growth in the cruise industry
MARKET OUTLOOK SOCIAL, ECONOMIC & ENVIRONMENTAL IMPACT POSITIVE GROWTH IN THE CRUISE INDUSTRY* • $138 billion in total economic impact globally, supporting 1.2 million jobs In 2023 the cruise industry surpassed the forecasts, and it is expected worldwide and $43 billion in wages to reach new hights
Slide 12: Investing in people is investing in the future
INVESTING IN PEOPLE IS INVESTING IN THE FUTURE "People are the greatest asset in a company. The continuous innovation at customer’s service and the constant enhancement of performances are the objectives reached by working in team.” Oscar Marchetto Attracting and retaining talent is pivotal for our
Slide 13: People empowerment
PEOPLE EMPOWERMENT TEAM GROWTH TOTAL INTERNAL MANAGEMENT Somec Group organization boasts an experienced and skilled team that grows day by day through an on going program of training and development. People empowerment is a key point of its strategy to maintaining high level. 13
Slide 14: Developing, preserving and passing on the Italian know-how
DEVELOPING, PRESERVING AND PASSING ON THE ITALIAN KNOW-HOW Somec Group was set up and developed as a local business based on the skilled hands of expert craftsmen. As it has expanded, it has always recognised the priceless value of Italian expertise, which is precise when it comes down to fine detai
Slide 15: Financial highlights
1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS ANNEX
Slide 16: Revenues
REVENUES TOP LINE CONTINUES TO GROW TOTAL REVENUES €m REVENUES BREAKDOWN BY OPERATING SEGMENT FY 2023 21.2% Total growth: H 25.8% (*) +12.8% FY 2022 Organic growth: 19.9% M FY 2023 Q1 2024 58.9% 371.0 +9.2% Total growth: 16.4% 328.8 § (*) Acquisitions: +1.0% 57.8% Horizons - Engineered Systems for N
Slide 17: Order backlog
ORDER BACKLOG DIFFERENT MIX BACKLOG AS AT 31 DECEMBER 2023 €m BACKLOG BREAKDOWN BY OPERATING SEGMENT % of total Horizons - Engineered Systems for Naval 15.2% Architecture and Building Façades 934 Talenta - Professional 752 20.4% 2023 Kitchen Systems and Products 64.3% Mestieri - Design and Productio
Slide 18: Horizons
HORIZONS REVENUES CONTINUES TO GROW REVENUES OF THE OPERATING SEGMENT €m +10.8% • Significant increase in the glazing sector, mainly attributable to refitting activities both in civil (Fabbrica US) and naval sectors (Somec Sintesi) 193.6 214.6 +8.7% • Strong performance of the Horizons operating seg
Slide 19: Talenta
TALENTA TOP LINE DECREASE EXPECTED TO BE RECOVERED IN 2024 REVENUES OF THE OPERATING SEGMENT €m -7.2% • Contraction especially at the beginning of 2023 in the professional cooking equipment sector • Slight slowdown in the production of kitchen systems for the marine sector and a reduction in volumes
Slide 20: Mestieri
MESTIERI REVENUES REPORTED STRONG GROWTH REVENUES OF THE OPERATING SEGMENT €m +37.3% 2023 tot. growth: +37.3% • Strong revenues increase thanks to the development of projects and activities in the European market (*) Organic growth: +23.2% • Organic growth driven by both Mestieri S.p.A., driving for
Slide 21: Operating profitability
OPERATING PROFITABILITY EBITDA WAS IMPACTED BY EXTRAORDINARY EFFECTS, MAINLY ATTRIBUTABLE TO 2 SUBSIDIARIES EBITDA AND EBITDA MARGIN OF THE GROUP €m 3.2 -1.6 1.6 -9.2 26.4 • Non-current effects attributable to Horizons and Mestieri 7.1% operational segments, impacted -0.5 4.9% 23.0 the overall profi
Slide 22: Net result and cash flow
NET RESULT AND CASH FLOW NET RESULT IMPACTED BY EXTRAORDINARY EFFECTS AND PUT & CALL OPTION NET RESULT €m CASH FLOW €m Other Net result at 2023 Financial Put&Call Financial financial Net result at 31.12.2022 income Taxes Ebit charges option charges/ 31.12.2023 income 14.0 -0.5 Cash flow from operati
Slide 23: Net financial position
NET FINANCIAL POSITION EVOLUTION OF NET FINANCIAL POSITION ex-IFRS16 €m 8.0 0.9 60.1 54.3 2.1 1.8 2.8 5.2 3.1 8.4 • Impact of acquisitions equal to 1.8 €mln, including the disbursement for the purchase of the Gino Ceolin 8.5 S.r.l. stake, earn-out payment of Budri and Fabbrica, -18.1 54.3 payment fo
Slide 24: Annex
1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS ANNEX - Income Statement (reclassified) - Balance Sheet (reclassified) - Net Financial Position - Cash Flow Statement (reclassified)
Slide 25: Reclassified consolidated income statement
RECLASSIFIED CONSOLIDATED INCOME STATEMENT In Euro thousand 31.12.2023 % 31.12.2022 % ∆ ∆% Revenue from contracts with customers 367,658 99.1% 325,616 99.0% 42,042 12.9% Other revenues and income 3,386 0.9% 3,228 1.0% 158 4.9% Total revenues 371,044 100.0% 328,844 100.0% 42,200 12.8% Materials, serv
Slide 26: Reclassified consolidated balance sheet
RECLASSIFIED CONSOLIDATED BALANCE SHEET In Euro thousand 31.12.2023 31.12.2022 Intangible assets 55,143 59,517 of which Goodwill 37,423 36,699 Tangible assets 19,109 20,893 Right-of-use assets 23,936 27,387 Investments in associates 339 351 Non-current financial assets 257 233 Other non-current asse
Slide 27: Consolidated net financial position
CONSOLIDATED NET FINANCIAL POSITION In Euro thousand 31.12.2023 31.12.2022 ∆ A. Cash and cash equivalents 46 71 (25) B. Bank deposits 46,916 54,273 (7,357) C. Total liquidity (A+B) 46,962 54,344 (7,382) D. Current financial assets 21,888 4,608 17,280 E. Current bank debt (35,356) (27,756) (7,600) F.
Slide 28: Reclassified consolidated cash flow
RECLASSIFIED CONSOLIDATED CASH FLOW In Euro thousand 31.12.2023 31.12.2022 Cash flows from operating activities 125 13,967 Cash flows from investing activities (4,340) (13,681) Free Cash Flow (4,215) 286 Cash flows from financing activities (2,321) 5,204 Effect of exchange rate changes on cash and c
Slide 29: Project cycle
PROJECT CYCLE 1 3 5 PRE-SALES SELECTING MATERIALS INSTALLATION The most complex phase, Somec Group works With more than 300 major which includes references, with different materials projects delivered, tested preliminary engineering depending on the sector. and approved, Somec Group with the analysi
Slide 30: Business model risk & opportunities
BUSINESS MODEL RISK & OPPORTUNITIES RISKS OPPORTUNITIES SUPPLY CHAIN & INFLATION MARKET OPPORTUNITIES • Increasing in raw materials cost and shortage • Increasing in demand in the naval segment. In 2023, 33 million of passengers compared to 19 million in 2019 (considered a • Geopolitical crisis, pan
Slide 31: Cruise ship projects
ENCHANTED PRINCESS ICON OF THE SEAS Princess Cruises Royal Caribbean NORWEGIAN PRIMA Norwegian Cruise Line 31
Slide 32: Building and ship reference projects
ECOSTA P F L - SMERALDA BÂTIMENT ME 2050 M STREET LCosta a u s aCrociere nne - Switzerland Washington, DC TWA FLIGHT CENTER HOTEL TNORWEGIAN H E J A C X PRIMA Jamaica Queens, NY L Norwegian o n g I s l a nCruise d C i tLine y, NY 32
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Slide 36: Louis Vuitton
wey LOUIS VUITTON
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Slide 38: Head, heart, hands. We make the future
HEAD, HEART, HANDS. WE MAKE THE FUTURE We collaborate with the greatest architects and designers at the service of the major shipbuilders, building developers and luxury brands all over the world. In the most beautiful cruise ships, In the skylines of the world’s In the professional kitchens In the
Slide 39: Disclaimer and notes
DISCLAIMER AND NOTES This document has been prepared by SOMEC S.p.A. (the ‘Company’) solely for the purposes of this presentation. This document may not be reproduced or distributed in whole or in part by any other person with any way than the Company. The Company takes no responsibility for the use
Slide 40: Contacts
CONTACTS Investor Relations somec@twin.services investorrelations@somecgroup.com
Slide 41: Closing quote from Oscar Marchetto, Chairman & CEO
‘‘ (…) The truth is that the technical, industrial and craft expertise of our people, and the freedom with which everyone in the Group can be innovative, give us the energy to pursue our dream - to become the hub of Italian construction quality. ” OSCAR MARCHETTO CHAIRMAN & CEO somecgruppo.com