H Results. Thursday 2 nd of August, 2018

Transcription

1 H Results Thursday 2 nd of August, 2018

2 H Highlights 6th QTR of EBITDA Adj. growth Elica Reported Sales +0.2% vs H % vs 2017 Net FX +5.5% vs constant perimeter EBITDA Adj. 20,1 M (+9,2% vs H1 8.2% on Net Sales (+70 b.p. vs H1 2017) EBIT Adj. 10,2 M (+28,8% vs H1 4.2% on Net Sales (+90 b.p. vs H1 2017) Raw Materials cost increase and FX fluctuations completely offset trough Price/Mix and operational efficiency Extraordinary non cash provision due to the opening of a preliminary voluntary insolvency procedure by Exklusiv Hauben Gutmann GmbH, impacting EBITDA/EBIT figures Operating CF 16,3 M (6,9 M in H1 2017) financing New Product launch and production capacity increase Own Brand business boosting in key product categories after enthusiastic customer feedbacks and high April Eurocucina fair 2

3 Cooker Hoods Industry Unit Shipments Volume Data_ Change % vs. Y-1 Q2 18 H1 18 Key evidence Western Europe (0.5%) (0.4%) Eastern Europe (incl. CIS) Europe EMEA 3.2% 1.1% 0.9% 4.2% 1.6% 1.3% EMEA European positive demand driven by Eastern Europe mainly thanks to Russia. WE keeps showing a slight deceleration due to German market stagnation and UK Brexit uncertainty. North America Latin America 2.8% 1.2% 2.9% 1.3% AMERICAS NA slight positive demand. LA continues its recovery. AMERICAS ASIA 2.2% 0.3% 2.3% 0.9% ASIA Asia-Pacific region shows a slight growth. India continues to drive Asia demand. WORLD 0.8% 1.3% Source: Elica Group Estimates 3

4 Sales Key drivers H Q Change vs. Y-1 M % Change vs. Y-1 M % (Divestiture) (5.8) (2.4)% (Divestiture) (3.1) (2.5)% Vol/Price/Mix % Vol/Price/Mix % Currency (7.1) (2.9)% Currency (3.6) (2.9)% Total % Total % Consolidated Net Sales +5,5% vs 2017 Net of FX (*) (*) constant consolidation perimeter 4

5 Sales Distribution H (M ) REGIONAL SALES DISTRIBUTION Q (M ) REGIONAL SALES DISTRIBUTION EMEA 72% 175,5 167,5 +4.8% vs. LY (+5.2% Net FX) EMEA 72% 89,8 86,2 +4.3% vs. LY (+4.7% Net FX) AMERICAS 15% 35,4 40,0-11,6% vs. LY (-1.8% Net FX) AMERICAS 15% 18,1 19,9-9.1% vs. LY (+0.8% Net FX) ASIA 13% 32,3 29,4 +9,7% vs. LY (+18.4% Net FX) ASIA 13% 16,4 15,2 +8.0% vs. LY (+16.4% Net FX) GUTMANN TOT REPORTED 0% 100% 5,8 243,3 242,8 +0.2% vs. LY (+3.1% Net FX) GUTMANN TOT REPORTED 0% 100% 3,0 124,4 124,3 +0.0% vs. LY (+2.9% Net FX) H H H H BUSINESS & BRAND (*) BUSINESS & BRAND (*) COOKING 86% 208,4 203,6 +2.4% vs. LY (+5.9% Net FX) COOKING 86% 107,4 104,5 +2.8% vs. LY (+6.3% Net FX) MOTORS 14% 34,8 33,4 +4.2% vs. LY MOTORS 14% 17,0 16,8 +0.9% vs. LY OWN BRANDS 47% 97,2 89,8 +8.3% vs. LY (+12.1% Net FX) OWN BRANDS 47% 50,7 47,1 +7.6% vs. LY (+11.2% Net FX) OEM 53% 111,2 113,8-2.3% vs. LY (+1.0% Net FX) OEM 53% 56,7 57,4-1.1% vs. LY (+2.2% Net FX) H H H H (*) 2017 Figures excluding Gutmann sales 5

6 High Growing Categories Growing trend in all key product categories empowered by Eurocucina Fair success

7 NIKOLA TESLA GO TO MARKET

8 POWERFUL AND SILENT EASY TO CLEAN NIKOLATESLA: POINT OF DIFFERENCE EASY TO USE COOKING EXPERIENCE

9 NIKOLA TESLA SWITCH Phase in: July 2018 Priority Market: Italy, Germany, Iberian area, France NIKOLA TESLA PRIME Phase in: July 2018 Priority Market: Italy, Germany, Iberian area, France

10 6th QTR of solid performance growth 20,0 8,1% 7,9% 18,0 7,6% 7,6% 7,7% 8,3% 9,0% 8,0% 16,0 14,0 6,2% 7,0% 6,0% 12,0 10,0 8,0 7,4 9,0 9,4 8,8 9,6 9,7 10,4 5,0% 4,0% 6,0 3,0% 4,0 2,0% 2,0 1,0% 0,0 4Q Q Q Q Q Q Q ,0% EBITDA AdJ ( M) % on Net Sales 10,4 M Highest EBITA Adj. since Q

11 EBITDA Adj - Key drivers H Q Change vs. Y-1 Change vs. Y-1 Volume/Price/Mix +++ Volume/Price/Mix +++ Operations efficiency + Operations efficiency + Currency - Currency - Cost efficiency -- Cost efficiency -- EBITDA Adj 1.7 EBITDA Adj

12 H EBITDA Adj EBITDA H Q % NS 25,0 20,0 15,0 8,2% +60 bps 7,6% ,2% ,0 1,3 M M % NS 12,0 10,0 8,0 8,3% +70 bps 7,6% % 9.4 1,0 4,0 10,0 5,0 16,1 17,1 6,0 4,0 2,0 6,4 8,4 0,0 H H ,0 H H EBITDA ADJUSTMENT EBITDA ADJUSTMENT 4.0 M of extraordinary costs in H1 2018, related to the opening of a preliminary voluntary insolvency procedure by Exklusiv Hauben Gutmann GmbH 1.3 M of extraordinary costs in H mainly related to reorganization costs 12

13 H Consolidated Net Profit 2,5 2.4 H Q M M 0.6 0,6 2,0 0,5 1,5 1,0 1, ,3 0,4 0,3 0,2 0, , ,9 0,1 0,3 0,0 H H ,0-0,1 0,0 0,0 H H Net Profit (Att. Group) Minorities Net Profit (Att. Group) Minorities Adjusted Net Profit attributable to the Group : 4.0 M vs. 1.9 M H (+117.9%) Q2 Net Profit impacted by 3.0 M of extraordinary costs related to Exklusiv Hauben Gutmann GmbH (*) Break-even expected for Q

14 H Consolidated Income Statement M H1 18 H1 17 % Net Sales % EBITDA Adj % % 8.2% 7.6% 60 b.p. EBITDA (6.2%) % 6.6% 7.1% (50 b.p.) EBIT (7.0%) % 2.6% 2.8% (20 b.p.) Net Result % % 1.0% 0.5% 50 b.p. EPS* Euro cents % * EPS as at June 30 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. 14

15 H Net Financial Position H H ,3 16,3 14,2 2,9 0,3 69,9 60,8 6,9 13,0 4,2 0,5 70,6 OPENING NFP OPERATING CASH FLOW CAPEX OTHER FINANCIAL ITEMS FX EFFECT CLOSING NFP OPENING NFP OPERATING CASH FLOW CAPEX OTHER FINANCIAL ITEMS FX EFFECT CLOSING NFP Operating CF 16,3 M financing New Product launch and production capacity increase 15

16 Elica H1 2018: Takeaways WW positive Market demand environment Own Brand business boosting in key product categories after enthusiastic customer feedbacks and high April Eurocucina fair 6 th QTR in a row of solid performance growth (EBIT Adj. +28,8% vs H1 2017) Strong improvement in Operating CF 16

17 ANNEXES Financial Highlights Thursday 2nd of August, 2018

18 H Net Working Capital M 12M 13 H M 13 H1 17 Δ Trade receivables % on annualized sales % % (11.1) (230) b.p. Inventories % on annualized sales % % b.p. Trade payables % on annualized sales (125.4) (25.8)% (126.38) (26.1)% (1.4) (30 b.p.) Managerial Working Capital % on annualized sales % % (8.4) (170) b.p. Short term assets & liabilities (13.7) (14.7) (1.0) % on annualized sales (2.8)% (3.0)% (20 b.p.) Net Working Capital (7.4) % on annualized sales 2.3% 3.8% (150 b.p.) 18

19 H Consolidated Cash Flow M H1 18 H1 17 Operating Cash Flow CapEx (14.2) (13.0) M&A operations Cash Flow from Financing Activities (2.9) (4.3) Net Financial Position (0.8) (10.4) 19

20 H Consolidated B/S Net Operating Fixed Assets Net Financial Position Net Working Capital Group Equity Minorities Net Financial Assets Total Shareholders Equity Net Capital Employed Total Sources

21 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. Elica Investor Relations Giulio Cocci - Group Controlling & Investor Relations Director Francesca Cocco Lerxi Consulting Investor Relations Tel: +39 (0) investor-relations@elica.com 21