ELICA 2011 PRELIMINARY RESULTS

Transcription

1 ELICA 2011 PRELIMINARY RESULTS February 14, 2012 February 14,

2 Q Highlights Negative market demand Group sales globally in line with market trend, over performing American markets Cost reduction efforts and continued innovation investments offset significant raw-materials cost inflation Record Managerial Working Capital level Significant cash flow generation February 14,

3 FY 11 - Cooker Hoods Industry Unit Shipments* Change % vs. 10* Q4 11 FY 11 Western Europe Eastern Europe (including CIS) Europe -6.8% 7.7% -0.6% -5.6% 7.3% 0.1% North America -7.0% -5.3% Latin America 4.0% 4.5% Americas -2.2% -1.0% Rest of the World -7.3% -8.0% World -4.3% -4.6% * Elica Group estimates February 14,

4 Q4 11 Consolidated Income Statement M Q4 11 Q4 10* % Net Sales (4.2)% EBITDA % % % 1.9% 0.4p.p. EBIT % % 4.0% 2.5% 1.5 p.p. Group Net Result % % 1.3% 0.3% 1.0 p.p. EPS** Euro cents % * Data in line with the 2010 Consolidated Financial Statements **EPS as at December 31 is calculated by dividing the Net Result pertaining to the Group by the number of ordinary shares outstanding, excluding treasury shares at the same data. February 14,

5 12M 11 Consolidated Income Statement M 12M 11 12M 10* % Net Sales % EBITDA % % 7.0% 7.1% (0.1) p.p. EBIT % % % 14.1% 0.3 p.p. Group Net Result % % % (2.3)% (0.1)p.p. EPS** Euro cents (7.5)% * Data in line with the 2010 Consolidated Financial Statements **EPS as at December 31 is calculated by dividing the Net Result pertaining to the Group by the number of ordinary shares outstanding, excluding treasury shares at the same data. February 14,

6 12M 11 Elica Sales Trend Change % vs. 12M 10 Cooking Q M 11 - Overall better than market (+1.9%) - Own Brands: increase (+7.3%) mainly due to Indian and Chinese companies Europe Americas (5.6)% 27.2% (1.4)% 20.1% - Client brands: decrease (-1.1%) keeping market share in Top OEMs Rest of the World (12.4)% 18.3% Good performance of Electric Motors (+7.4%) Total (4.2)% 2.8% February 14,

7 Net Working Capital and Net Financial Position as of December 31 M 12M 11 12M 10 12M 11/ 10 Trade receivables % on annualized sales % % (7.1) (2.5 )p.p. Inventories % on annualized sales % % p.p. Trade payables % on annualized sales (89.8) (88.7) (1.1) (23.7)% (24.1)% 0.4 p.p. Net Working Capital (Managerial) % on annualized sales % % (0.2) (0.3) p.p. Net Debt (Cash) February 14,

8 Consolidated Balance Sheet as of December 31 M * * Net operating fixed assets Net Debt (Cash) Trade receivables Inventories Trade payables (89.8) (88.7) Group equity Minorities Short term assets & (2.9) (3.9) liabilities Net Working Capital % on annualized sales % % Total Shareholders equity Net financial assets Assets/Liabilities of discontinued operations Net Capital Employed Total Sources * Data in line with the 2010 Consolidated Financial Statements February 14,

9 Consolidated Cash Flow M Operating Cash Flow Q4 11 Q4 10* M 11 12M 10 * CapEx (5.3) (7.8) (19.5) (17.6) Cash Flow before financial activities (6.1) 17.0 Financial operations & others 0.2 (8.0) (27.8) (30.0) Cash Flow to shareholders (33.9) (13.0) * Data in line with the 2010 Consolidated Financial Statements February 14,

10 Net Financial Position as of December 31, 2011 M Cash, bank Long-term financial liabilities 45.1 deposits and marketable (20.0) Short-term financial liabilities 43.7 securities Total Financial Liabilities 88.8 Net Debt (Cash): 68.8 M February 14,

11 Manufacturing delocalization Hoods volume allocation 12M LOW COST COUNTRIES 35% 30% 34% 43% WESTERN EUROPE 65% 57% February 14,

12 Cooking revenues breakdown Value data 12M OWN BRAND 36% 38% CLIENT BRAND 64% 62% February 14,

13 New products launches in 2011 Elica brand 9 new products Clip Feel Seagull Wizard February 14,

14 New products launches in 2011 Client brands 110 new products. February 14,

15 Events & Fairs Q4 AirFactory Elica Showroom in Milan has turned into AirFactory. AirFactory is a new space where it s possible to purchase limited edition cooker hoods designed by Elica Design Center and built with exclusive materials such as Carrara marble, ceramic and travertine. Many architects and journalists were present at the opening event in Via Pontaccio on the 15th December. February 14,

16 Main fairs in 2011 In 2011 Elica partecipated in the following trade fairs: - Living Kitchen IMM, Cologne (Germany), January 18 th - 23 th, with Gutmann and Elica brands - ZOW, Bad Salzuflen (Germany), February 14 th - 17 th, with Elica brand - ISH, Frankfurt (Germany), March 15 th - 19 th, with Fime brand - KB s, Sao Paulo (Brasil), with Elica brand - Casa Decor, Madrid (Spain), May 19 th - June 19 th, with Elica brand - China International K&B, Shangai (China), September 21 st 23 rd, with Puti brand February 14,

17 Main events in 2011 In 2011 Elica organized or partecipated in the following events: - Clip Me, Fuorisalone 2011, April 12th Milan (Italy), presentation of Clip cooker hood, designed by Ludovica+Roberto Palomba - One year of Elica brand, September 12th, Mexico City (Mexico) - International Design Triennial/Creative Junctions, September, Beijing (China), Elica exhibited Bubble, designed by Stefano Giovannoni - Evenement Darty, September 27th, 28th and 29th, Paris (France), Elica showed all the latest model in Darty at Magasin Rivoli February 14,

18 Awards Q4 Elica Best Italian Workplace 2012 Elica, for the second year in a row, is the Best Company to Work in Italy in the Large Companies category. This important recognition acquires even greater value due to the fact that questionnaires have been filled in by the people who work for Elica themselves. This clear first position is a reward for a process of investments that have been made in people over a period of years. February 14,

19 Awards Q4 Mexico-Italy Award The Italian Chamber of Commerce in Mexico the night of November 24th awarded prominent companies with Mexico-Italy Award 2011, for favoring bilateral and commercial relations between both countries with their work and investment. Elica received the award together with other Italian brands such as Zegna, Ferragamo and Bulgari. February 14,

20 Main Awards 2011 In 2011 Elica was awarded with the following acknowledgments: - Red Dot Design Award 2011, for Skin and Sombra cooker hoods - Best Place to Work Europe 2011, by the Great Place to Work Institute - Top Employers 2011 Italy and Poland, by CFR Institute - Web Award Standard of Excellence 2011, by the Web Marketing Association for the new website - Golden Jupiter Award, for Gutmann s entrepreneurial work in the professional and social field - Le Fonti 2011 international award in the Consumer Goods class for being an international Italian excellence February 14,

21 Web Sites Elica.com visits/month Elicagroup.com visits/month Turboair.com visits/month MyElica.com visits/month February 14,

22 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 regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Although the management of Elica S.p.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Elica are cautioned that forward-looking information and statements are subject to various risk and uncertainties, many of which are difficult to predict and generally beyond the control of Elica S.p.A.; that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking statements. These risks and uncertainties include, but are not limited to, those contained in this presentation. Except as required by applicable law, Elica S.p.A. does not undertake any obligation to update any forward-looking information or statements. February 14,