Zignago Vetro Group. Company Overview. March 2010

Transcription

1 Group Company Overview March 21

2 Zignago Holding Group Structure Group is a priority in Zignago Holding s strategy Shareholders Stake (%) Luca Marzotto Nicolò Marzotto Stefano Marzotto Gaetano Marzotto M.D.D.R. S.r.l. (*) Maria Rosaria Marzotto Cristiana Marzotto Margherita Marzotto 1% Zignago Holding S.p.A. MILAN STOCK EXCHANGE (since 27) Santa Margherita S.p.A. Wine producer 1% 65% Group Glass containers manufacturer 35% Zignago Immobiliare S.p.A. 1% 1% Zignago Power S.r.l. Real estate Electricity producer (*) the share capital is owned by Luca Marzotto, Nicolò Marzotto, Stefano Marzotto and Gaetano Marzotto 2

3 Milestones 1979 IZSM establishes S.p.A. conferring its glass production plants IZSM establishes Attività Industriali Friuli s.r.l. (51% ow ned) w hich acquires a plant from an insolvency proceeding October 24 IZSM transfers its stakes in Attività Industriali Friuli and Vetrerie Venete ti new ly formed Vetri Speciali June 27 becames a Listed Company in the Italian Stock Exchange (STAR Segment) 195's 198's 199's 's Industrie Zignago Santa margherita ("IZSM") builds its first glass production plant (jars and bottles) 1987 acquires a plant in Empoli from an insolvency proceeding 22 acquires the assets of Verreries Brosse S.A.S. from an insolvency proceeding June 26 acquires the 43.5% stacke in Vetri Speciali from IZSM December 26 IZSM sells its 1% stacke in Zignago Vetro to Zignago Holding June 29 acquires the 6.5% of Vetri Speciali 3

4 Our Presence in Selected Business Segments 29A Size ( m) Products Main Features Competitive Strengths Sales 151m Flexibility, efficiency and technical know-how key for success Focus on selected segments of food & beverage and cosmetics & perfumery Flexibility Quality Verreries Brosse Sales 32m Extraordinary high-quality, tailor-made product offering and efficiency Focus on high-end perfumery market Quality Innovation Vetri Speciali Sales 49m * *43,5% stake become 5% in 29 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 Paris, France Ormelle (TV) San Vito al Tagliamento (PN) Fossalta di Portogruaro (VE) Benicia, USA New Jersey, USA Trento Empoli (FI) Barcelona, Spain Pergine Valsugana (TN) Legend: Verreries Brosse Vetri Speciali 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 Loyalty of customers retained by: Meeting and anticipating their needs Building effective partnerships Concentration rate of first 5 clients Customer loyalty 1 17% 72% Verreries Brosse 51% 44% Group Vetri Speciali 17% 64% 1 % of clients present also the 2 previous years (data referred to 29) 7

8 Strong Revenues Growth and Top of the Market Profitability Revenues ( m) EBITDA ( m) ,9% 25,7% 26,7% 27,2% 27,% % % 192,6 29, % +6.7% -1.2% 24,7 256,7 23, ,3 69,9 62,3 49,9 53, EBITDA ( m) Margin (%) 2% EBIT ( m) Net Result ( m) ,8% 18,5% 16,9% 14,1% 14,9% 42,9 47,6 39, 27,1 31, % 1% 5% % ,1% 12,1% 1,4% 8,7% 7,4% 33,7 24,9 27,8 16,8 15, % 1% 8% 6% 4% 2% EBIT ( m) Margin (%) Net Results ( m) Margin (%) Source: Group 8

9 Strong track record in sales and profitability Euro (m ) 25 ZV Group 2 15 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) ,1 151,9 132,1 121,9 123, ,% 2,5% 21,3% 24% 15,8% 16,3% 2% 16% 46, % 49,1 38,1 41,8 8% 4% % Net working Capital ( m) on sales (%) Net Equity ( m) Net Financial Debt ( m) ,8 89,5 93,4 77,2 61, ,8 6, ,4 23, Source: Group Aggregated data is shown in 25 1

11 Cash Flow From Operations and Capex Cash Flow from Operations (before capex) ( m) Capex ( m) Net Capex related to VS acquisition 33,2 36,6 44,1 47,1 41, ,5 42,2 4,5 28, ,7 11, 2, VS acquisition Capex mainly depends on furnaces refurbishment and capacity increase Pay-out ratio: 7% of Group net result 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 1,3 1,1,9 1,,7,9,7, ,6,5,4,3,2,1, 7% 7% 7% (1) 57%,421,311,347,193,295,218,243 (1), % 6% 5% 4% 3% Net financial debt / EBITDA Net financial debt / Net Equity EPS Div per share Pay out % (1) 29: Board meeting proposal 12