Zignago Vetro Group. Company Overview. November 2017

Transcription

1 Zignago Vetro Group Company Overview November 217

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 175,6 mln Euro Zignago Power S.r.l. Electricity producer Zignago Immobiliare S.r.l. Real estate 1% 1% Verreries Brosse 51,4 mln Euro 1% 5% 1% 3% Vetri Speciali 137,7 mln Euro (*) Huta Szkla Czechy 23,2 mln Euro Vetreco 13,6 mln Euro (*) 216 figures (*) figures referred to 1% The only listed glass manufacturer in Italy 2

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 A proven track record of successful acquisitions in and outside Italy across different Glass sectors 3

4 Presence in Selected Business Segments 216 ( m) Market Segment Products Main Features Competitive Strengths Zignago Vetro Sales 183.2m 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 51.4m Luxury Perfumery Extraordinary high-quality, tailormade product offering and efficiency Focus on high-end perfumery market Quality Innovation Huta Szkła Czechy Sales 23.2m 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 68.9m (5%) Specialty Containers Highly customized specialty glass containers produced in very short runs with strong focus on efficiency Personalization Small-run production Vetreco Sales 4.1m (3%) Cullet 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 area with strong potential to grow 4

5 Manufacturing Facilities international presence Geographical Presence Manufacturing Locations Facility Revenues breakdown (216 FY) Location Portogruaro, (Venice) Italy Empoli (Florence) Italy Specialty Food & Beverage 22% Other 4% Vieux Rouen sur Bresle (Normandie) France Trabki (Warsaw) Poland (decoration facility located with glass manufacturing) Food and Beverage 42% Ormelle (Treviso) Italy Pergine Valsugana (Trento) Gardolo (Trento) Italy San Vito al Tagliamento (Pordenone) Italy Vetreco plant (3% owned) International presence with manufacturing plants in strategic European areas. Balanced revenues across the sectors focusing on niche areas and best mix opportunities 5 Cosmetics & Perfumery 32%

6 Business model and Client Relationships Concentration rate of first 5 clients 2 Customer loyalty 1 (Revenues) Zignago Vetro 16% 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 6

7 ZVG - Commercial presence 7

8 Financial Performance Revenues ( m) EBITDA ( m) % -2.2% +5.5% 298,8 32, 318,5 292,3 +1.4% 322, ,4% 22,9% 23,6% 21,8% 69,8 67, 65,8 75,1 25,1% 8, EBITDA ( m) Margin (%) 25% 2% 15% 1% 5% % EBIT ( m) Net Result ( m) ,1% 13,9% 12,2% 45, 4,6 36,9 13,2% 42, 14,7% 47,4 15% 1% 5% ,2% 3,5 8,9% 7,9% 26,1 23,8 9,1% 9,7% 29, 31,2 12% 1% 8% 6% 4% 2% % % EBIT ( m) Margin (%) Net Results ( m) Margin (%) 8

9 Zignago Vetro Group: Sales and Profitability Track Record Euro (m) 35 3 Sales and EBITDA ( ) 298,8 CAGR: +7,7% 322, ,4 23, ,9 1 71,4 57,9 4,4 5 1,5 14, 18,5 94,2 14, 26,1 23,3 34,6 53,8 62,3 69,8 CAGR: +7,6% 8, Sales EBITDA Profitable growth with record revenues in 216 9

10 9M 217 Revenues & Profitability ZIGNAGO VETRO GROUP Revenues ( m) EBITDA ( m) Net Result ( m) % 256,5 +2.6% 238,1 244,2 9M 215 9M 216 9M ,% 22,8% 23,4% 54,4 57,2 66,6 9M 215 9M 216 9M % 2% 15% 1% 5% % ,% 8,1% 7,8% 25,6 19,3 18,9 9M 215 9M 216 9M % 1% 8% 6% 4% 2% % EBITDA ( m) Margin (%) Net Results ( m) Margin (%) 1

11 9M 217 Revenues & Profitability ZIGNAGO VETRO VERRERIES BROSSE Revenues ( m) Revenues ( m) ,8 +1.9% 142,5 9M 216 9M ,9 +7.8% 41,9 9M 216 9M 217 EBITDA ( m) EBITDA ( m) ,5% 23,6% 34,2 33,6 9M 216 9M 217 EBITDA ( m) Margin (%) 25% 2% 15% 1% 5% % ,4% 7,7 5,8% 2,3 9M 216 9M 217 EBITDA ( m) Margin (%) 2% 15% 1% 5% % 11

12 9M 217 Revenues & Profitability VETRI SPECIALI (5%) Huta Szkła Czechy Revenues ( m) Revenues ( m) ,8 +7.5% 55, , % 21,6 9M 216 9M 217 9M 216 9M EBITDA ( m) 32,7% 34,1% 16,9 19, 9M 216 9M 217 EBITDA ( m) Margin (%) 35% 3% 25% 2% 15% 1% 5% % EBITDA ( m) 27,2% 21,8% 5,9 3,7 9M 216 9M 217 EBITDA ( m) Margin (%) 3% 25% 2% 15% 1% 5% % 12

13 Solid Balance Sheet to Support Organic and External Growth Net Capital Employed ( m) Net Working Capital ( m) ,9 337,4 274,6 216,9 235,4 241, M ,% 25,1% 24,8% 28% 21,7% 2,% 24% 2% 16% 12% 64,7 76, 79,9 8,1 91,1 6,5 8% 4% % M 217 Net working Capital ( m) on sales (%) Net Equity ( m) Net Financial Debt ( m) ,5 129,6 133,8 145,6 155,5 161, ,4 15,8 17,7 129, 156,4 176, M M

14 Cash Flow From Operations and Capex Cash Flow from Operations (before capex) ( m) Capex ( m) Net Capex related to VS acquisition 53,2 54,9 54,3 53,3 4 2,7 72, 15 41,3 39,9 2 3,7 32,3 49,3 45,9 43, M M 217 HSC acquisition 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) Pay out guidance: 7% of net group result 15