Carel Industries Spa · MIL:CRL
Carel Industries Spa — 9M 2019 Earnings Presentation
14 slides from Carel Industries Spa's earnings presentation, Nov 12, 2019
Slide 1: 2019 – 9M Results
CAREL INDUSTRIES S.p.A. 2019 – 9M Results 12th November 2019 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden.
Slide 2: Main events
Main events Jan Set-up of CAREL Ukraine in order to better manage and develop Eastern European Market. Jan Appointment of the Managing Director to better cope with day-by-day activity. Inauguration of the new plant in China, three times as large as the previous one. Jul Implementation of the first p
Slide 3: 9M 2019 – Highlights
9M 2019 – Highlights In spite of a deterioration in macro-economic scenario in particular in Western Europe and China, Revenues growth rate and Profitability for the first 9M 2019 stayed close to 1H 2019 • Overall Revenues grew by 18.9%, with a positive contribution from all the geographic areas. +6
Slide 4: 9M 2019 – Growth in economic KPIs confirmed
9M 2019 – Growth in economic KPIs confirmed KPIs Revenues Bridge (m€) m€ 9M 2018 9M 2019 Δ% Revenue 208.4 247.7 18.9% +6.0% Revenue FX Adj. 208.4 245.7 17.9% 247.7 2.0 220.9 26.8 Revenue (no M&A) 208.4 220.9 6.0% 208.4 11.8 EBITDA 38.3 49.6* 29.6% (1.3) EBITDA Adj.** 43.6 50.2* 15.0% EBITDA Adj/Reve
Slide 5: 9M 2019 – Revenue breakdowns
9M 2019 – Revenue breakdowns Breakdown by region Breakdown by sector Other South America 2% 2% North America 13% HVAC 66% EMEA 70% 247.7 247.7 APAC Refrig. M€ 15% M€ 32% m€ m€ m€ m€ Area 9M 2018 9M 2019 Δ% Δ% fx EMEA 143.2 173.6 21.2% 21.4% Sector 9M 2018 9M 2019 Δ% Δ% fx APAC 33.2 36.5 10.1% 8.6% H
Slide 6: From EBITDA to Net Profit
From EBITDA to Net Profit K€ 9M '18 9M '19 Δ% • Higher D&A mainly linked to: the EBITDA 38,275 49,593 29.6% change in scope of consolidation D&A -6,409 -12,332 (~3m€), to higher Capex in 2019 and to the adoption of IFRS 16 (2.9m€). Impairment EBIT 31,867 37,261 16.9% • Financial charges/income affec
Slide 7: 9M 2019 – NFP Bridge
9M 2019 – NFP Bridge 14.0 75.4 FCF=18.8m€ 59.1 11.1 10.1 0.8 50.2 (0.8) 17.6 (28.3) 2.8 3.2 (14.3) m€ NFP Net Profit D&A Leasing/ NWC CAPEX Dividends Shares Others Organic NFP Tax step-up IFRS 16 NFP FY 2018 and Prov. rent fees buy-back 9M 2019 Investment 9M 2019 • Net of the effects derived from th
Slide 8: Focus on «Tax step-up»
Focus on «Tax step-up» CAREL paid 11.1m€ as “Tax step-up” on the excess cost related to the M&A transactions 1 completed at the end of 2018 (Hygromatic and Recuperator). The tax burden is calculated at a favourable tax rate of 16.0%. The advantage for the parent company consists in deducting from it
Slide 9: Closing Remarks
Closing Remarks Even in presence of a difficult macro-economic scenario in several geographic areas (Europe, China, South America) Carel managed to maintain a significant growth rate in revenues and a stable profitability, proving the resilience of its business portfolio/business model. Temporary de
Slide 10: Annexes
Annexes
Slide 11: Shareholding structure
Shareholding structure CAREL Industries S.p.A. Share capital Other Luigi Rossi Shareholders; Luciani 32,23% S.a.p.a; 36,17% Capital Research and Management Company; 8,02% Luigi Nalini S.a.p.a; 23,58% 11 11 This document and all of its contents are property of CAREL. All unauthorised use, reproductio
Slide 12: Income statement and Balance Sheet
Income statement and Balance Sheet Income statement Balance sheet K€ 9M 2018 9M 2019 Delta % K€ FY 2018 9M 2019 Delta % Revenues 208,401 247,694 18.9% Fixed Capital 131,364 164,217 25.0% Other revenues 1,125 1,963 74.5% Working Capital 53,383 55,483 3.9% Operative costs (171,251) (200,064) 16.8% Emp
Slide 13: Disclaimer
Disclaimer This document has been prepared by CAREL Industries S.p.A for use during meetings with investors and financial analysts and is solely for information purposes. The information set out here in has not been verified by an independent audit company. Neither the Company nor any of its subsidi
Slide 14: This document and all of its contents are property of CAREL. All unauthorised use,
14 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden.