Sabaf S.p.a. · MIL:SAB
Sabaf — Investor Presentation (November 2014)
22 slides from Sabaf's investor presentation, Nov 21, 2014
Slide 1: Financial Presentation - One day in Venice
FINANCIAL PRESENTATION One day in Venice 21 November 2014 1
Slide 2: Product range
Product range Single ring burners Special and multi rings burners Gas valves Micro switches & accessories Oven hinges Thermostats Oven burner 2
Slide 3: Global presence
Global presence 100% valves and thermostats 100% hinges 100% special burners 50% standard burners 25% standard burners special burners - starting 2015 25% standard burners 3
Slide 4: Becoming more international
Becoming more international • Sabaf enjoys a strong leadership position in Italy and Europe (market share above 40%) • Demographic and macroeconomic trends do not leave space for substantial growth in Europe • Sabaf market share worldwide is still low (around 10%) • Efforts are mainly addressed at i
Slide 5: Sabaf in Brazil
Sabaf in Brazil Sabaf production in Brazil started in 2001, in order to: • be next to the customer in a major, growing market • avoid duties • avoid forex impacts A new factory was set up in Jundiaì (SP) in 2007, starting from greenfield Same products, technology and quality as in Italy • € 10 mn in
Slide 6: Sabaf in Turkey
Sabaf in Turkey Turkey has become the most important manufacturer of white goods in Europe (Turkish manufacturers and production sites of multinational groups) In 2012 Sabaf built from greenfield a new factory in Manisa (Izmir) Same products, technology and quality as in Italy • € 10 mn investment -
Slide 7: Sabaf in China
Sabaf in China • Market size: 26 mn hobs – 19 mn hobs manufactured for the domestic market – 7 mn hobs manufactured for export markets • Expected product mix trend: higher value, moderate volume growth • 92% of hobs consist of 2 burners and 2 valves • Sabaf is targeting 10% premium market • As for b
Slide 8: Sales by market
Sales by market North America Africa 5% 9M 2014 9M 2013 Change 11% Italy Latin America 31% Italy 32,105 33,100 -3.0% 13% Western Europe 6,663 5,208 +27.9% Eastern Europe 26,622 22,860 +16.5% Asia & Oceania 7,422 9,317 -20.3% Latin America 13,326 18,381 -27.5% Asia & Western Africa 10,711 9,168 +16.8
Slide 9: Sales by product line
Sales by product line 9M 2014 9M 2013 Change Hinges Accessories 5% Brass valves 11% Brass valves 10,858 12,389 -12.4% 10% Light alloy valves 24,880 21,270 +17.0% Light alloy Special burners valves Thermostats 9,542 10,587 -+9.9% 15% 24% Standard burners 26,667 29,020 -8.1% Special burners 14,940 14,
Slide 10: New products - DCC burners range
New products - DCC burners range •A range of 24 different products 9 1 way / 2 ways 9 air from top / air from bottom 9 3 different sizes 9 aluminium / brass ring / full brass • A portfolio of products compliant with all standards in every country in the world • The highest efficiency available on th
Slide 11: New products - DCC burners range
New products - DCC burners range Ø 113 mm. Ø 123 mm. Ø 135 mm. DCC HE 1way AFT Small 3.5 kW. Medium 4.0 kW. Big 5.0 kW. DCC HE Dual 2ways AFT Ø 123 mm. Ø 135 mm. DCC HE Dual 2ways AFB 11
Slide 12: New products - Lotus/S4 burners range
New products - Lotus/S4 burners range Consumers in SAARC countries ask for • Products customized to their cooking habits • Flame aspect and correct heat distribution are important features • Easy assembly and traditional “looks like” • High efficiency and low gas consumption. • Poka-Yoke (mistake pr
Slide 13: New products - Lotus/S4 burners range
New products - Lotus/S4 burners range SABAF S4 burners • satisfy end users cooking needs: European style product with Indian cooking requirements • grant 70% efficiency on built-in hobs ,not been done on any other built-in hob till now. • CO-CO2 emissions are half of what is currently on any other l
Slide 14: Income statement
Income statement € x 000 Q3 14 Q3 13 9M 14 9M 13 FY 13 SA LE S 30,681 100. 0% 33,058 100. 0% -7. 2% 101,966 100. 0% 101,459 100. 0% +0. 5% 130,967 100. 0% Materials (13,057) -42.6% (11,258) -34.1% (42,694) -41.9% (41,226) -40.6% (52,415) -40.0% Payroll (7,622) -24.8% (7,430) -22.5% (24,415) -23.9% (
Slide 15: EBIT bridge 9M 2013 – 9M 2014
EBIT bridge 9M 2013 – 9M 2014 15
Slide 16: Cash flow statement
Cash flow statement € x 1000 9M 14 9M 13 FY 13 Cash at the beginning of the period 5,111 6,137 6,137 Net profit 6,260 5,973 8,104 Depreciation 9,291 9,645 12,856 Change in net working capital change in inventories (5,080 ) (4,367 ) (4,190 ) change in receivables (3,054 ) (4,438 ) 1,526 change in pay
Slide 17: Balance sheet
Balance sheet € x 1000 30-Sep-14 31-Dec-13 30-Sep-13 Fixed assets 95,747 97,467 98,192 Net working capital 46,717 41,241 45,751 Short term financial assets - 22 32 Capital Employed 142,464 138,730 143,975 Equity 120,471 117,955 117,459 Provisions for risks and severance indemnity 3,947 4,049 4,031 N
Slide 18: Net financial position
Net financial position € x 1000 30-Sep-14 31-Dec-13 30-Sep-13 A. Cash 11 15 13 B. Positive balances of unrestricted bank accounts 2,354 4,519 2,768 C. Other liquidities 272 577 550 D. Cash and cash equivalents (A+B+C) 2,637 5,111 3,331 E. Current bank overdrafts 16,226 15,503 17,133 F. Current porti
Slide 19: Extraordinary dividend
Extraordinary dividend • On10 November, Sabaf paid an extraordinary dividend of €1.00 per share • Rebalance of the financial structure Debt / Equity (1) Debt / EBITDA (2) before after before after 0.15 0.25 0.70 1.15 (1) based on figures at 30 September 2014 (2) based on Net debt at 30 Sepetember 20
Slide 20: Forecasts
Forecasts • For FY 2014, the Group confirms its forecasts of moderate growth in sales and profitability compared to 2013. • These targets assume a macroeconomic scenario not affected by unpredictable events. If the economic situation were to change significantly, actual figures might diverge from fo
Slide 21: Stock price and main shareholders
Stock price and main shareholders Other 24.11% Giuseppe Saleri 50.72% Anna Pendoli 3.90% FMR 3.27% Delta Lloyd AM 21 15.01%
Slide 22: Disclaimer
Disclaimer Certain information included in this document is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially. The Company’s business is in the domestic appliance industry, with special reference to the gas cooking sector, and it