Technology for shaping everyday materials. Milan March 2011

Transcription

1 Technology for shaping everyday materials Milan March 2011

2 Group business structure wood glass & stone mechatronic service tooling 1 1

3 summary: sales breakdown & orders trend main business divisions market shares (wood-glass&stone -mechatronic) ongoing projects by business area 2010 consolidated results consolidated financials (three years plan) 2 2

4 Group turnover breakdown December 2010 China 4.7% 8,7% 16,7% 9,3% 15,6% countries 18,5% 31,2% Italy Western E. Eastern E. U.S.A. - Canada Asia Pacific Rest of the W. 16,6% 2,3% 5,8% 15,8% business division w ood glass & stone mechatronic 59,5% tooling service 20.0% end-users housing 16.6% type machines 10.0% 55.0% office store fixture 11.0% systems 15.0% frames 72.4% spare parts & billable services

5 Group orders intake & backlog quarterly trend /mln 140,0 130,0 120,0 110,0 100,0 90,0 orders intakes: FY2010 ags FY2009: +35% orders intake 2 months 2011: +24% ags % ags % ags 2008 backlog February 2011: 92.8 mln 80,0 70,0 60,0 50,0 40,0 30,0 20, IQ 2008 IIQ 2008 IIIQ 2008 IVQ 2009 IQ 2009 IIQ 2009 IIIQ 2009 IVQ 2010 IQ 2010 IIQ 2010 IIIQ 2010 IVQ orders intake backlog 4

6 wood woodworking machines market consensus CAGR 6.6% % company evaluation of the world 2010 market shares entire secondary phase dimension 3.7 bln secondary phase dimension where Biesse is insisting 1.8 bln today TOP tomorrow TOP rest of the Market same product segment HOMAG same product segment SCM same product segment BIESSE MEDIUM LOW MEDIUM LOW 5

7 glass (internal glass market) Italian Association: GIMAV % Basically an italian manufactuging market Only 2 companies have market shares over 10% Biesse S.p.A. (Intermac brand) and Bavelloni (Glaston Group- Finland) are the only listed companies rest of the market BOTTERO BAVELLONI BIESSE 205,000,000. Value of reference markets (company evaluation)

8 stone Italian Association: Marmomacchine % Biesse clear worldwide market leader Only 1 company (Biesse) has market shares over 10% Biesse S.p.A. (Intermac brand) and Bavelloni (Glaston Co.) are the only listed companies rest of the market BOTTERO BAVELLONI BIESSE 46,000,000. Value of reference markets (company evaluation)

9 wood: main business projects R & D increase new products development time to market reduction windows & doors sales increase organic growth product & production supply chain costs reduction widening of the systems activities distribution & sales network improvement 8

10 wood: new products development new products and gamma fulfilment 9

11 wood: widening of systems activities market coverage improvement (China, Germany, Poland, Russia,Turkey and Italy) strengthness of the systems brand perception (key customers references) dedicated systems service development 10

12 wood: windows and doors frames new product specialist fully focused on the frames sector increase of internal & external resources to support the sales trend 11

13 wood: distribution and sales network improvement establish a strong presence in major and growing markets (China-Poland-Turkey-Middle East) strengthen the commercial organization and competences through skill allocation & training 12

14 wood: product/production supply chain cost reductions India: transportation, assembly and components purchase costs reduction Italy: layout & wharehouse optimization product engineering cost reduction KAIZEN STRATEGY ORGANIZATION PROCESS PRODUCT BPR 13

15 wood: time to market reduction 12 months launch time for new products structural reaorganization of the engineering, prototipe and pre-serie process concept business plan progettazione prototipazione pre-serie = 12 months 14

16 wood: R & D increase innovation - technology: B-Cubed line innovation manager & engineers external cooperation (research centres) own and purchased patents 15

17 glass & stone: main business projects products gamma fulfilment organic growth distribution & sales network improvement new products 16

18 glass & stone: new products and gamma fulfilment 17

19 glass & stone: distribution and sales network improvement establish a strong presence in major and growing markets strengthen the commercial organization and competences through skill allocation & training especially using the Biesse Group Subsidiaries 18

20 mechatronic: main business projects distribution and sales network improvement organic growth new products development product & production supply chain cost reduction 19

21 mechatronic: new products development Product Category Electrical spindles Square holes Glass Metal working 20

22 mechatronic: distribution and sales network improvement establish a strong presence in major and mature markets strengthen the commercial organization and competences through skill allocation & training especially 21

23 mechatronic: products/production/supply chain cost reductions purchase costs reduction Kaizen effects processes optimization engineering costs reduction STRATEGY ORGANIZATION KAIZEN PROCESS PRODUCT BPR 22

24 service & tooling: business projects new internal organization efficiensies improvement supply chain & logistic strengthness organic growth dedicated marketing strategy products range development sales network improvement & new potential end markets 23

25 service: new internal organization efficiences improvement with a special focus on spare parts and post-sales services logistic and inventories management structural optimization High rotation Parts Slow Moving Parts Critical Slow Moving Parts 1. Integrated Logistics a. New Subsidiary Parts Planning strategy b. 100% parts fully-managed from headquarters c. Integrated and reinforced Parts Technical Support d. BiessEparts direct to the Customer 2. Service Level improvement Headquarters a. Headquarters Warehouse - Late Pick-up (+ 5% Global Service Level & + 10% Global same day shipment) - internal mechanical area (dedicated to parts needs, 1-2% increase in machine down service level) b. WorldWide Service Level measuring system c. Global & Local Service Level measurement (Area by Area) Parts Hub High rotation Parts Critical Slow Moving Parts Subsidiary High rotation Parts 24

26 service: 24h time & knowledge management 24 hours world-wide key customer support shared web portal with knowledge informations concerning problems solutions Charlotte 9-20 Pesaro 7-19 Bangalore

27 service: dedicated marketing strategy market analysis & shares create a service dedicated image improving the Biesse customers perception 26

28 tooling: sales network improvement & potential new markets new and more focused sales network composed by dealers and agents development of photovoltaic & solar potential end market increase of automotive glass sales expectations development of the Latin America (trade) Asia&Middle East (Subsidiaries) 27

29 tooling: products range development high speed wheels for cnc product range (glass) new double edger and straight machines (glass) new dedicated product range for automotive glass high speed routers for engineered stone (stone) new rubber polishing wheels (stone) new dedicated product range for polisher (stone) new dedicated product range for bridge saw (stone) 28

30 2010 consolidated results: consolidated sales P & L details EBITDA bridge cashflow & net debt net operating working capital 29 29

31 Group P&L details: December 2010 /mln Net Sales FY h FY % 2010 vs Value Added % of net sales % % % +39 Labour cost % of net sales % % % EBITDA % of net sales % % % EBIT % of net sales % % % Net result % of net sales % % %

32 Group EBITDA bridge: /mln EBITDA delta sales delta in inventories delta COGS delta personnel cost delta operating expenses & non recurring items 15.7 EBITDA

33 Group Cashflow Net Financial Position /mln vs 2009 Gross Cashflow Net Capex % of net sales (tangible & intangible) % % +2.0 Free Cashflow % of net sales % % N.F.P. % of net sales % % gearing

34 Group Net Operating Working Capital /mln Inventories % on net sales % % DSI Trade receivables % on net sales 162 gg % 172 gg % DSO Trade payables % on net sales 88 gg % 82 gg % DPO 113 gg 128 gg N.O.W.C. % on net sales % % 33

35 three years plan : consolidated sales P & L details EBITDA & EBIT evolution cashflow & net debt ratios - equity informations 34 34

36 Group consolidated revenues /mln three years plan ,0 454,3 456, , ,6 327,5 348, , e 2012e 2013e net sales CAGR : 11.7% 35

37 Group P&L details /mln three years plan Net Sales FY h FY 2010 FY 2011e FY 2012e FY 2013e % % % % 2010 vs Value Added % of net sales % % % % % % Labour cost % of net sales % % % % % % EBITDA % of net sales % % % % % % EBIT % of net sales % % % % % % Net result % of net sales % % % % % %

38 Group Value Added evolution /MIL 240,0 36,9% 37,7% 39,4% 41,0% 42,7% 45,0% 190,0 32,3% 35,0% 31,7% 140,0 25,0% 21,5% 90,0 15,0% 40,0 5,0% -10, e 2012e 2013e -5,0% Value Added Value Added margin 37

39 Group Labour cost evolution /MIL 40,0% 190,0 34,6% 32,9% 33,4% 30,4% 140,0 29,1% 28,5% 30,0% 24,4% 22,6% 90,0 20,0% 40,0 10,0% -10, e 2012e 2013e 0,0% Labour cost Labour cost on sales 38

40 Group EBITDA evolution /MIL 90,0 17,0% 18,0% 80,0 14,2% 70,0 12,5% 13,0% 60,0 10,6% 50,0 40,0 5,9% 8,0% 30,0 4,8% 3,0% 2,6% 20,0 10,0-2,0% 0,0-3,1% e 2012e 2013e -10,0 EBITDA EBITDA margin -7,0% 39

41 Group EBIT evolution /MIL 70 14,0% 15,0% 60 7,7% 10,1% 10,0% 50 6,0% 5,0% 40 1,4% 0,0% 0,0% 30-1,9% -5,0% ,0% -12,3% e 2012e 2013e -15,0% EBIT EBIT margin 40

42 Group EBITDA bridge: e /mln EBITDA EBITDA 2013e delta sales delta COGS delta personnel cost delta operating expenses 41

43 Group Cashflow Net Financial Position /mln three years plan e 2012e 2013e Gross Cashflow Net Capex % of net sales (tangible & intangible) % % % % Free Cashflow % of net sales % % % % N.F.P. % of net sales % % % % 42

44 Group Net Operating Working Capital /mln three years plan e 2012e 2013e Inventories % on net sales % % % % Trade receivables % on net sales % % % % Trade payables % on net sales % % % % N.O.W.C. % on net sales % % % % 43

45 Group net financial position evolution: e 30 three years plan e 2013e e

46 Group net debt against EBITDA: e 4,0 80,0 3,0 60,0 2,0 40,0 20,0 1,0 0, e 2012e 2013e 0,0-20,0-1,0-40,0 net debt EBITDA debt/ebitda -2,0 45

47 Group financial situation: headroom for investments opportunities solid working capital management cash generation credit lines 46

48 Group ratios: e 35,0% 25,0% three years plan 15,0% 5,0% -5,0% e 2012e 2013e -15,0% -25,0% -35,0% r.o.c.e. r.o.e. e.v.a. spread 47

49 shareholders breakdown > 2% treasury shares: 1.78% % 7.1 Bi.Fin s.r.l (Selci family) free float* FCP Echiquier Agenor Pictet - CIE Banquiers 58.5 * Including treasury shares - 48

50 shareholders breakdown by type 12.4 retail 58.5 % 29.1 institutionals Selci family 49

51 shareholders breakdown by country % 74.2* * Including Bi.Fin shares - Italy UE rest of the world France U.K. Luxembourg-the Netherlands Switzerland U.S.A. Norway 50

52 disclaimer This presentation has been prepared by Biesse S.p.A. for information purposes only and for use in presentations of the Group s results and strategies. For further details on the Biesse S.p.A.. reference should be made to publicly available information. including the Quarterly Reports, the Annual Reports and the Three Years Business Plan. Statements contained in this presentation, particularly the ones regarding any Biesse S.p.A. possible or assumed future performance, (business plan) are or may be forward looking statements and in this respect they involve some risks and uncertainties. Any reference to past performance of the Biesse S.p.A. shall not be taken as an indication of future performance. This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. By attending the presentation you agree to be bound by the foregoing terms.

53 Alberto Amurri Group Financial Manager & Head of Investor Relations Dept. Via della Meccanica Pesaro ITALY Tel: / Mob: alberto.amurri@biesse.com