Carlo Gavazzi Holding Ag · SIX:GAV
Carlo Gavazzi — Investora Zürich 2015
23 slides from Carlo Gavazzi's conference presentation, Sep 30, 2015
Slide 1: Carlo Gavazzi Holding AG – Investora Zürich
Investora Zürich September 30, 2015 Carlo Gavazzi Holding AG Electronic equipment for industrial and building automation CARLO GAVAZZI GROUP Investora Zürich 2015 1
Slide 2: Disclaimer and cautionary statement
Disclaimer and cautionary statement This presentation contains statements that may constitute forward-looking statements, including, but not limited to, statements relating to the implementation of strategic initiatives, and other statements relating to the Carlo Gavazzi Group’s future business deve
Slide 3: Our Mission
Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing electronic equipment targeted at the global markets of industrial and building automation. CARLO GAVAZZI GROUP Investora Zürich 2015 3
Slide 4: Income Statement
Income Statement (in CHF million) 2014/15 2013/14 Change Bookings 136.6 141.3 - 3.3 % Operating revenue 137.2 140.5 - 2.3 % Gross profit 75.9 78.1 - 2.8 % in % of revenue 55.3 % 55.6 % Net financial income (exp.), net 1.0 (0.9) EBITDA 18.1 19.0 - 4.7 % EBIT 14.8 15.7 - 5.7 % in % of revenue 10.8
Slide 5: Balance Sheet
Balance Sheet (at March 31, in CHF million) 2015 2014 Δ CHF Current assets 97.2 105.4 - 8.2 whereof cash 45.8 47.1 - 1.3 Non-current assets 23.6 23.2 + 0.4 whereof goodwill 6.1 6.7 - 0.6 Liabilities 32.4 35.4 - 3.0 whereof interest-bearing 0.8 1.1 - 0.3 Shareholders’ equity 88.5 93.2 - 4.7 e
Slide 6: Net Cash Position
Net Cash Position CHF million 60 50 40 30 20 10 0 2010/11 2011/12 2012/13 2013/14 2014/15 net cash position 55.1 49.2 52.0 46.1 45.0 interest, net 0.1 - - - - CARLO GAVAZZI GROUP Investora Zürich 2015 6
Slide 7: Shareholder-friendly Dividend Policy
Shareholder-friendly Dividend Policy Consistently high yield 14 12 10 8 Yield Extraordinary Dividend (in %) 6 Yield Ordinary Dividend (in %) 4 2 0 2010/11 2011/12 2012/13 2013/14 2014/15 CARLO GAVAZZI GROUP Investora Zürich 2015 7
Slide 8: Automation Components 2014/15 Revenue Distribution by Region
Automation Components 2014/15 Revenue Distribution by Region Asia-Pacific 14% North America EMEA 18% 68% CARLO GAVAZZI GROUP Investora Zürich 2015 8
Slide 9: Automation Components Share of Revenue outside Europe
Automation Components Share of Revenue outside Europe (% of total Revenue) 35 30 +11 ppts 25 20 America 15 Asia-Pacific 10 5 0 2010/11 2014/15 CARLO GAVAZZI GROUP Investora Zürich 2015 9
Slide 10: Automation Components Estimated relevant market volume 2015
Automation Components Estimated relevant market volume 2015: ca. CHF 10 bn ~30% ~ 35% Small, locally active Five global niche players conglomerates Market shares: <2% Market shares: 5%−13% ~35% Medium-sized, international generalists or specialists Market shares: 2% - 4% CARLO GAVAZZI GROUP Investor
Slide 11: Automation Components 2014/15 Sales by product categories
Automation Components 2014/15 Sales by product categories Gavazzi Products Customers Sensors Contact-free detection of the presence and/or 27% position of objects Controls Monitoring of input signals (voltage, frequency, speed, temperature, time) Measurement of energy 32% consumption Solid state rel
Slide 12: 2014/15 Revenue by Product Line
2014/15 Revenue by Product Line Others Fieldbuses 7% (7%) 6% (7%) Sensors 27% (27%) Electro-Mechanical Switching 7% (8%) Solid-State Switching 21% (21%) Controls 32% (30%) CARLO GAVAZZI GROUP Investora Zürich 2015 12
Slide 13: Broad-based product range
Broad-based product range Ca. 12’000 product specifications High degree of customization CARLO GAVAZZI GROUP Investora Zürich 2015 13
Slide 14: Broad-based − customer- and country-wise
Broad-based − customer- and country-wise Own sales companies in 22 countries Around 60 independent national distributors No customer with sales >1% of total revenue CARLO GAVAZZI GROUP Investora Zürich 2015 14
Slide 15: Automation Components Market Segmentation
Automation Components Market Segmentation Smart Building Plastic Materials Machinery Heating, Ventilation, AC Food and Beverage Nine Priority Entrances and Doors Segments Packaging Elevators and Escalators Agriculture Energy Market potential of priority markets > € 200 Mio Select
Slide 16: Automation Components (ACBU) Product Innovation (1/5)
Automation Components (ACBU) Product Innovation (1/5) Hadsten, Denmark: Sensor devices Belluno, Italy Monitoring relays, fieldbus, R&D energy management Competence Centers Zejtun, Malta Solid-state switching devices and motor controllers New products & current offering update Focus Energy
Slide 17: ICS series
Product Innovation (2/5) Wash down inductive sensors ICS series CARLO GAVAZZI GROUP Investora Zürich 2015 17
Slide 18: RSWT series
Product Innovation (3/5) Centrifugal pump soft starter RSWT series CARLO GAVAZZI GROUP Investora Zürich 2015 18
Slide 19: EM100 series
Product Innovation (4/5) Single-phase energy meters and analysers with touch tech display EM100 series CARLO GAVAZZI GROUP Investora Zürich 2015 19
Slide 20: Glass switches series
Product Innovation (5/5) Programmable glass touch switches and thermostats Glass switches series CARLO GAVAZZI GROUP Investora Zürich 2015 20
Slide 21: Outlook
Outlook ACBU aims to increase revenues at a higher rate than market growth The strategy to achieve this challenging goal is based on: Consolidation of today‘s business Entry in new markets exploiting organic growth CARLO GAVAZZI GROUP Investora Zürich 2015 21
Slide 22: Five reasons to invest in Carlo Gavazzi
Five reasons to invest in Carlo Gavazzi Long-term oriented family enterprise Sound financials: cash flow, balance sheet, dividends Robust business / Focus on 9 priority segments No dependence on a single product or customer Promising pipeline of new or enhanced products CARLO GAVAZZI GROUP
Slide 23: Thank you!
Thank you! CARLO GAVAZZI GROUP Investora Zürich 2015 23