Zignago Vetro Group. Company Overview. March 2014

Transcription

1 Zignago Vetro Group Company Overview March 214

2 Zignago Holding Group Structure Zignago Holding S.p.A. (MARZOTTO FAMILY) FREE FLOAT on the ITALIAN STOCK EXCHANGE (since 27) 65% 35% Santa Margherita S.p.A. Wine producer 1% Zignago Vetro SpA 161,9 mln Euro Zignago Power S.r.l. Electricity producer Zignago Immobiliare S.r.l. 1% 1% Verreries Brosse 53,1 mln Euro 1% 5% 1% 3% Vetri Speciali 129,7 mln Euro (*) Huta Szkla Czechy 2,2 mln Euro Vetreco 1,4 mln Euro (*) Real estate 213 figures (*) figures referred to 1% 2

3 Milestones 195's Industrie Zignago Santa margherita ("IZSM") builds its first glass production plant (jars and bottles) 1979 IZSM establishes Zignago Vetro S.p.A. conferring its glass production plants 1987 Zignago Vetro acquires a plant in Empoli from an insolvency proceeding IZSM establishes Attività Industriali Friuli s.r.l. (51% owned) which acquires a plant from an insolvency proceeding 22 Zignago Vetro acquires the assets of Verreries Brosse S.A.S. from an insolvency proceeding 24 IZSM transfers its stakes in Attività Industriali Friuli and Vetrerie Venete ti newly formed Vetri Speciali 26 Zignago Vetro acquires the 43.5% stacke in Vetri Speciali from IZSM 26 IZSM sells its 1% stacke in Zignago Vetro to Zignago Holding 27 Zignago Vetro becames a Listed Company in the Italian Stock Exchange (STAR Segment) 29 Zignago Vetro acquires the 6.5% of Vetri Speciali 21 Zignago Vetro establishes Vetreco Srl, a joint venture with Saint Gobain Vetri SpA and Ardagh Glass Srl for the treatment of recicled glass, subscribing 3% stacke 211 Zignago Vetro acquires 79% share of Huta Szkla Czechy 212 Zignago Vetro acquires an additional 2% share of Huta Szkla Czechy 213 Production starting in Vetreco plant 3

4 Our Presence in Selected Business Segments 213 ( m) Market segment Products Main Features Competitive Strengths Zignago Vetro Sales 161,9m 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 53,1m Luxury Perfumery Extraordinary high-quality, tailor-made product offering and efficiency Focus on high-end perfumery market Quality Innovation Huta Szkla Czechy Sales 2,2m 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 64,9m (5%) Specialty Containers Highly customized specialty glass containers produced in very short runs with strong focus on efficiency Personalization Small-run production 4

5 International Presence with an Italian Footprint Vieux Rouen sur Bresle, France Pergine Valsugana (TN) Trento Ormelle (TV) Trabki, Poland Paris, France San Vito al Tagliamento (PN) New Jersey, USA Barcelona, Spain Frosinone Fossalta di Portogruaro (VE) Empoli (FI) Legend: Zignago Vetro Verreries Brosse Vetri Speciali Huta Szkla Czechy Vetreco Production and distribution Production Distribution 5

6 What Makes Us Different? Unique positioning and economic returns thanks to a distinctive business model Outperform market growth Maximise ROCE & profitability Competitive advantage 6

7 Excellent Longstanding Client Relationships and Good Revenues Visibility Concentration rate of first 5 clients Customer loyalty 1 (Revenues) Zignago Vetro 15% 94% Verreries Brosse 53% 94% Group Vetri Speciali 2% 93% 1 Revenues from clients present also the 2 previous years (data referred to 212) 7

8 Strong Financial Performance: Top of the Market Profitability Revenues ( m) EBITDA ( m) % +1.% -2.2% +14.9% 291,2 298,8 292,3 264,9 23, ,% 26,7% 26,4% 23,6% 22,9% 76,9 7,7 62,3 7,6 67, EBITDA ( m) Margin (%) 25% 2% 15% 1% 5% % EBIT ( m) Net Result ( m) ,9% 18,% 17,9% 15,1% 13,9% 47,7 52,2 39, 45, 4, % 1% 5% % ,8% 12,1% 12,% 1,3% 8,9% 33,8 34,9 27,8 3,9 26, % 1% 8% 6% 4% 2% % EBIT ( m) Margin (%) Net Results ( m) Margin (%) 8

9 Strong track record in sales and profitability Euro (m) 3 ZV Group ZV 1 5 ZV Group ZV Sales EBITDA 9

10 Solid Balance Sheet to Support Organic and External Growth Net Capital Employed ( m) Net Working Capital ( m) ,1 183,5 196,6 216,9 235, ,% 21,3% 21,7% 17,3% 16,% 76 64,7 49,1 42,3 5, % 24% 2% 16% 12% 8% 4% % Net working Capital ( m) on sales (%) Net Equity ( m) Net Financial Debt ( m) ,4 18,1 118,3 125,5 129, ,8 75,5 75,5 91,4 15,

11 Cash Flow From Operations and Capex Cash Flow from Operations (before capex) ( m) Capex ( m) Net Capex related to VS acquisition 41,9 62,3 54,7 41,3 39, ,5 28,8 36, 7,6 22,4 2,7 3,7 32, VS acquisition HSC acquisition Capex mainly depends on furnaces refurbishment and capacity increase 11

12 Healthy financial structure, EPS and dividends Key financial structure ratios EPS and Dividend distribution (Euro) 1,6 1,4 1,2 1,,8,6,4 1,6 1,3 1,3 1,1 1,,9,7,9,8,7,7,7,6, ,6,5,4,3,2,1, 7% 7% 7% 71% 71% 7% 73%(1),31,218,42,295,35,42,44,35,3,243,3,31,25,22(1) % 6% 5% 4% 3% Net financial debt / EBITDA Net financial debt / Net Equity EPS Div per share Pay out % (1) Board meeting proposal Pay out guidance: 7% of net group result 12