Elica S.p.a. · MIL:ELC
Elica — Q1 2013 Earnings Presentation
16 slides from Elica's earnings presentation, 2013
Slide 1: 2013 Q1 Results
2013 Q1 RESULTS 2013 Q1 Results 1
Slide 2: Q1 '13 Highlights
Q1 ’13 Highligths Overall positive market demand, except in Western Europe Group sales over performing in American and Asian market Growing marginality due to better sales mix and cost reduction efforts Net Debt evolution in line with business seasonality 2013 Q1 Results 2
Slide 3: Q1 '13 - Cooker Hoods Industry Unit Shipments
Q1 ’13 - Cooker Hoods Industry Unit Shipments* Change % vs. Y-1 FY ’12 Q1 ’13 Western Europe (5.3)% (4.0)% Eastern Europe (including CIS) 2.1% 1.2% Europe (1.8)% (1.8%) North America 0.5% 2.5% Latin America 2.2% 2.4% Americas 1.3% 2.5% Rest of the World (8.5)% 4.8% World (5.0)% 2.4% 2013 Q1 Results
Slide 4: Q1'13 – Elica Sales Trend
Q1‘13 – Elica Sales Trend Change % vs. Q1 ’12 • Cooking (+1.0%) - Growing in American and Q1 ’13 Asian markets - Own Brands: increase Europe (2.8)% (+2.8%) - Client brands: flat, keeping Americas 13.2% market share in Top OEMs Rest of the World 7.3% • Electric Motors decrease (-2.8%) with heating an
Slide 5: Q1 '13 – Consolidated Income Statement
Q1 ‘13 – Consolidated Income Statement €M Q1 ’13 Q1 ’12 Δ% Net Sales 95.1 94.7 0.4% EBITDA 5.5 5.1 8.0% % 5.7% 5.3% 0.4 p.p. EBIT 1.5 1.3 13.4% % 1.6% 1.4% 0.2 p.p. Group Net Result 0.4 0.7 (38.4)% % 0.4% 0.7% (0.3) p.p. EPS* – Euro cents 0.71 1.15 (38.4)% 2013 Q1 *EPS as at March 31 is calculated b
Slide 6: Q1 '13 – Marginality key drivers
Q1 ‘13 – Marginality key drivers Change vs. ’12 (€M) Q1 ‘13 Raw material cost + Price/Mix + Currency _ Cost efficiency + EBITDA 0.4 2013 Q1 Results 6
Slide 7: Net Working Capital and Net Financial Position as of March 31
Net Working Capital and Net Financial Position as of Mach 31 €M Δ Q1 Q1’13 Q1’12 ‘13/’12 Trade receivables 79.7 85.5 (5.8) % on annualized sales 20.9% 22.6% (1.6) p.p. Inventories 55.1 54.5 0.7 % on annualized sales 14.5% 14.4% 0.1 p.p. Trade payables (90.6) (92.5) 1.8 % on annualized sales (23.8)%
Slide 8: Consolidated Balance Sheet as of March 31
Consolidated Balance Sheet as of March 31 €M 2013 2012 2013 2012 Net operating fixed 146.2 142.7 Net Debt (Cash) 68.8 74.2 assets Group equity 114.5 111.7 Net Working Capital 42.0 46.2 Minorities 6.1 6.0 Net financial assets 1.1 1.9 Total Shareholders’ 120.6 117.7 equity Assets/Liabilities of discon
Slide 9: Consolidated Cash Flow
Consolidated Cash Flow €M Q1 ’13 Q1 ’12 Operating Cash Flow (0.8) (0.4) CapEx (4.9) (3.3) Cash Flow before financial activities (5.7) (3.8) Financial operations & others (0.8) (1.5) Cash Flow to shareholders (6.6) (5.3) 2013 Q1 Results 9
Slide 10: Net Financial Position as of March 31, 2013
Net Financial Position as of March 31, 2013 €M Long-term financial 42.4 Cash, bank liabilities deposits and Short-term financial (21.1) 47.5 marketable liabilities securities Total Financial 89.9 Liabilities Net Debt (Cash): 68.8 €M 2013 Q1 Results 10
Slide 11: Manufacturing delocalization
Manufacturing delocalization Hoods volume allocation Q1 LOW COST 34% 30% 46% COUNTRIES 49% WESTERN EUROPE 54% 51% 2012 2013 2013 Q1 Results 11
Slide 12: Cooking revenues breakdown
Cooking revenues breakdown Value data Q1 OWN 37% 38% BRAND CLIENT 63% 62% BRAND 2012 2013 2013 Q1 Results 12
Slide 13: Awards
Awards Good Design Award and Red Dot Design Award 35CC and Tiffany, two of the brand new Elica products, have been awarded by the Chicago Athenaeum with the Good Design Award 2012, one of the most relevant acknowledgment in the design field. Moreover Tiffany won also the Red Dot Design Award 2013. D
Slide 14: Awards
Awards Top Employers Italy 2013 The Top Employer 2013 recognition reconfirms the quality of work of Elica employees, in line with the certifications that the corporate has received for many years. This acknowledgment is an important sign of the great process that Elica made in order to provide the e
Slide 15: Guidance 2013
Guidance 2013* Asian and American markets demand positive, Europe remains weak Group Net Sales +1%÷+3% EBITDA +2% ÷ +7% Net Financial Position ≤ 57 €M 2013 Q1 *Non-recurring items not included Results 15
Slide 16: Disclaimer
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 assumptions, statements regard