Company presentation. September 2018

Transcription

1 Company presentation September 218 1

2 Group Structure Zignago Holding S.p.A. (MARZOTTO FAMILY) FREE FLOAT on the ITALIAN STOCK EXCHANGE Santa Margherita S.p.A. 1% 65% 35% Wine producer Zignago Vetro SpA 192,8 Mln 217 ZV Group consolidated 346,4 Mln Zignago Power S.r.l. 1% 1% 5% 1% 1% 51% Vetro Revet 4,7 Mln (*) Electricity producer Verreries Brosse 55,6 Mln Vetri Speciali 149,5 Mln (*) Huta Szkła Czechy 3,5 Mln 3% Vetreco 15,6 Mln (*) Others Zignago Glass USA,3 Mln 2 *1% of turnover

3 Milestones Portogruaro plant: F&B + C&P Acquisition of Specialty containers production plants, then merged into Vetri Speciali Establishment of Vetreco: Cullet recycling Acquisition of Empoli plant: F&B Acquisition of VB in France: Luxury Perfumery Listing on the Italian Stock Exchange Acquisition of HSC in Poland: C&P and F&B 217 Acquisition of Vetro Revet A proven track record of successful acquisitions in and outside Italy across different Glass sectors 3

4 Presence in Selected Business Segments 217 ( m) Market Segment Products Main Features Competitive Strengths Zignago Vetro Sales 192.8m Food & Beverage Cosmetics & Perfumery Flexibility, efficiency and technical know-how key for success Focus on selected segments of food & beverage and cosmetics & perfumery Flexibility Quality Verreries Brosse Sales 55.6m Luxury Perfumery Extraordinary high-quality, tailormade product offering and efficiency Focus on high-end perfumery market Quality Innovation Huta Szkła Czechy Sales 3.5m Food & Beverage Cosmetics & Perf. Wide range of personalised products for niches of the global market of glass containers for cosmetics and perfumery, and for food and beverages Personalization Small-run production Vetri Speciali Sales 149,5m Specialty Containers Highly customized specialty glass containers produced in very short runs with strong focus on efficiency Personalization Small-run production Vetreco - Vetro Revet Cullet Sales 15,6m Sales 4,7m Recycling Forefront technology to reprocess cullet to the highest standards of color separation to yield the best quality of finished cullet Located in a strategic areas with strong potential to grow 4

5 Manufacturing Facilities international presence Geographical Presence Manufacturing Locations Revenues breakdown (217 FY) Facility Location Portogruaro, (Venice) Italy Empoli (Florence) Italy Vieux Rouen sur Bresle (Normandie) France Specialty 21% Other 7% Trabki (Warsaw) Poland (decoration facility located with glass manufacturing) Food & Beverage 43% Cosmetics & Perfumery 29% Ormelle (Treviso) Italy Pergine Valsugana (Trento) Vetro Revet Gardolo (Trento) Italy Vetreco San Vito al Tagliamento (Pordenone) Italy International presence with manufacturing plants in strategic European areas. Balanced revenues across the sectors focusing on niche areas and best mix opportunities 5

6 Business model Production of glass containers dedicated to a broad spectrum of sectors/markets, with a wide range of products: different colours, shapes and dimensions. High content of product innovation and customization. standard customized innovative specialty 6

7 Commercial Presence and Customer Relationships Zignago Vetro Concentration rate of first 5 clients 2 16% Customer loyalty 1 (Revenues) 92% Verreries Brosse 47% 93% Vetri Speciali 25% 95% HSC 22% 87% 1 Revenues from clients present also the 2 previous years 2 Net of intercompany sales 7

8 Zignago Vetro Group: Sales and Profitability Track Record Sales and EBITDA ( ) CAGR: +7,7% 35 3 Euro (m) CAGR: +7,8% Sales EBITDA Profitable growth with record revenues in 217 8

9 Financial Performance Revenues ( m) EBITDA ( m) % +7.3% +3,3% +1.4% 346,4 318,5 322,9 292,3 32, ,6% 25,1% 22,9% 23,6% 21,8% 92,3 67, 75,1 8,9 65, EBITDA ( m) Margin (%) 25% 2% 1% 5% % EBIT ( m) Net Result ( m) ,9% 12,2% 4,6 36,9 13,2% 42, 14,7% 47,4 15,4% 53,4 1% 5% ,9% 7,9% 26,1 23,8 9,1% 9,7% 29, 31,2 11,5% 39,9 12% 1% 8% 6% 4% 2% % % EBIT ( m) Margin (%) Net Results ( m) Margin (%) 9

10 1H 218 Revenues & Profitability ZIGNAGO VETRO GROUP Revenues ( m) EBITDA ( m) Net Result ( m) ,1 +11.% 189, ,8% 44,2 27,1% 51,4 3% 25 25% 2 2% % 5% 5 1,6% 1,5% 18,2 2, 12% 1% 8% 6% 4% 2% 1H 217 1H 218 1H 217 1H 218 % 1H 217 1H 218 % EBITDA ( m) Margin (%) Net Results ( m) Margin (%) 1H 217 restated in compliance with IFRS 15 (applied since ) 1

11 1H 218 Revenues & Profitability ZIGNAGO VETRO VERRERIES BROSSE Revenues ( m) Revenues ( m) , +1.2% 11,4 1H 217 1H ,5 +7.2% 31,7 1H 217 1H 218 EBITDA ( m) EBITDA ( m) ,7% 23,4% 29,1 21,5 1H 217 1H 218 EBITDA ( m) Margin (%) 3% 25% 2% 1% 5% % ,9% 17,6% 5,9 5,6 1H 217 1H 218 EBITDA ( m) Margin (%) 2% 1% 5% % 11

12 1H 218 Revenues & Profitability VETRI SPECIALI (5%) Huta Szkła Czechy Revenues ( m) Revenues ( m) ,2 +4.8% 41, , % 2,6 1H 217 1H 218 1H 217 1H 218 EBITDA ( m) EBITDA ( m) ,4% 13,1 27,8% 11,4 35% 3% 25% 2% 1% 5% % ,7% 3,3 26,4% 5,4 3% 25% 2% 1% 5% % 1H 217 1H 218 EBITDA ( m) Margin (%) 1H 217 1H 218 EBITDA ( m) Margin (%) 12

13 Solid Balance Sheet to Support Organic and External Growth Net Capital Employed ( m) Net Working Capital ( m) ,6 377,6 311,9 235,4 241,5 274, H 218 * ,% 25,1% 24,8% 2,% 76, 6,5 79,9 8,1 29,6% 12,6 11, H 218 Net working Capital ( m) on sales (%) * 3% 25% 2% 1% 5% % Net Equity ( m) Net Financial Debt ( m) ,1 174,7 129,6 133,8 145,6 155, H 218 * ,5 23,1 156,4 129, 15,8 17, H 218 * * IFRS 15 compliant 13

14 Cash Flow From Operations and Capex Cash Flow from Operations (before capex) ( m) Capex ( m) ,2 54,9 54,3 58,9 4 72, 66, ,9 36,1 2 32,3 49,3 45,9 25, H H 218 Capex mainly depends on furnaces refurbishment and capacity increase 14

15 Financial structure, EPS and dividends Key financial structure ratios EPS and Dividend distribution (Euro) 2,5 2, 1,6 1,6 1,7 1,9 2,1 1,5 1,3 1,3 1,,5,9,7,9 1,1,7,6 1,,7,8,8,9 1, 1,1, Net financial debt / EBITDA Net financial debt / Net Equity Pay out guidance: 7% of net group result 15