Star Conference 2014 London

Transcription

1 Star Conference 2014 London

2 2 AGENDA 1. Company Overview 2. Market Development & Strategic Direction 3. Financial

3 3 Elica Group Founded in 1970 Today N#1 Player Worldwide in Hoods Market Leader 2013 Turnover M

4 4 Business Lines & Net Sales Growth Cooking Appliances Electric Motors 85% 13FY Net Sales 4 Million pieces + 17% 15% 13FY Net Sales 14 Million pieces M Last 5Y Industry Demand* Evolution - 18% Profitable & Sustainable Growth *Refers to Cooker Hoods Demand World Wide

5 5 Cooking Revenues by Business Streams 41% OWN BRAND 59% CLIENT BRAND Q2 14 Both Business Streams Growing

6 6 Elica Group is a global player Industrial site Direct presence Elica Group s industrial sites: 8 sites Elica Group s direct presence serve all over the world

7 7 AGENDA 1. Company Overview 2. Market Development & Strategic Direction 3. Financial

8 8 Cooker Hoods Industry Unit Shipments* Volume Data H % 3.3% Western Europe (1.1)% H % Eastern Europe (including CIS) 1.5% - 4.6% - 5.0% Europe 0.0% North America 4.2% -16% Demand drivers Latin America Americas (1.9)% 1.5% GDP growth (developing countries) Replacement New housing construction Rest of the World World (2.3)% (1.1)% * Elica Group Estimates

9 9 Elica Sales Trend H1 14 Sales Trend vs. H1 13 Cooking Flat - Own Brands: increase (+3.0%), without FX +6.6% - Client brands: decrease Europe H1 14 (1.2)% w/o FX (0.8)% (-1.8%), keeping market share in top OEMs Americas 5.2% 10.1% Electric Motors increase (+2.1%), except for heating segment Rest of the World Total 3.3% 0.3% 11.2% 2.4%

10 10 Our 5 Points Strategy Integrated Back Bone 2 Acceleration of growth on a global basis 3 4 Product & Brand Leadership Develop better organization remaining Lean and Fast 5 Growth Beyond the Core

11 11 Integrated Back Bone Low Cost vs. High Cost Location World Class Manufact. Right Sizing Global Sourcing Best in Class Service Level

12 WCM = EFFICIENCY / SAFETY 12 Integrated Back Bone Low Cost vs. High Cost Location World Class Manufact. Right Sizing Global Sourcing Best in Class Service Level

13 CAPACITY UTILIZATION 13 Integrated Back Bone = ITALY POLAND PROJECTS Serra shut-down WCM & Quality Primary Metal Process Insourcing WCM and Quality Focus MEXICO CHINA WCM and Quality Focus Basic Manufacturing Systems Deployment Re-layout based on WCM principles Low Cost vs. High Cost Location World Class Manufact. Right Sizing Global Sourcing Best in Class Service Level

14 SUPPLY CHAIN 14 Integrated Back Bone Suppliers Customers Service Level 2013 TRG achieved 2014 Improvement (>95% on T.C.) Procurement Forecast Management Order Management Production Planning Working Capital Logistic costs Global Sourcing Organisation Price variance Next Year Extra Focus on Customer/Client Service 95% Service Level on Top Clients Low Cost vs. High Cost Location World Class Manufact. Right Sizing Global Sourcing Best in Class Service Level

15 15 Our 5 Points Strategy Integrated Back Bone 2 Acceleration of growth on a global basis 3 4 Product & Brand Leadership Develop better organization remaining Lean and Fast 5 Growth Beyond the Core

16 16 Acceleration of Growth on Global Basis: Own Brand in Europe & APAC Market costantly expanding Team of 4 people Continouns scouting for resources 2 3 Market in Europe Sales Office will be operational from september with a 5 people team 1 3 APAC 2.5/3.0 Mls. Units 5 Elica Brand Sales 25 K New Sales Office

17 17 Acceleration of Growth on Global Basis: Focus on China NEW STRATEGIC VIEW The most Competitive 5 Global Player Establish a Premium Brand Positioning To leverage OEM & to grow Own Brands H1 Net Sales: 5 +80% OEM +27% Own Brands of which +7% Puti Production for European markets

18 18 Our 5 Points Strategy Integrated Back Bone 2 Acceleration of growth on a global basis 3 4 Product & Brand Leadership Develop better organization remaining Lean and Fast 5 Growth Beyond the Core

19 19 Brands Portfolio PREMIUM Europe Japan/APAC MASS World China Europe VALUE Russia SELECTED MARKET GLOBAL MARKET

20 20 Cooking Revenues Breakdown Own Brand Evolution Value data OWN BRAND ELICA BRAND

21 21 Product Leadership NEW PRODUCTS 2014 AWARDS Nuage Om Air Edith Amèlie

22 22 Our 5 Points Strategy Integrated Back Bone 2 Acceleration of growth on a global basis 3 4 Product & Brand Leadership Develop better organization remaining Lean and Fast 5 Growth Beyond the Core

23 23 Organization Statistics DIVERSITY AGE DISTRIBUTION EDUCATION* * New Hires from EMPLOYEES ALL AROUND THE WORLD

24 24 People Loyalty Activity Focus I AM MEMBER CARD GREAT PLACE TO WORK TOP EMPLOYERS

25 25 Our 5 Points Strategy Integrated Back Bone 2 Acceleration of growth on a global basis 3 4 Product & Brand Leadership Develop better organization remaining Lean and Fast 5 Growth Beyond the Core

26 26 Growth Beyond the Core Vision "Create an outstanding value for consumers and professionals in the ventilation, filtration and purification of air at home" BUSINESS PERIMETER FILTRATION VENTILATION PURIFICATION CONNECTIVITY

27 27 Connectivity SNAP Air Purifier Induction HOB Fragrance Diffuser

28 28 AGENDA 1. Company Overview 2. Market Development & Strategic Direction 3. Financial

29 29 Financials Highligths Over Recent Years Net Sales EBITDA* NFP NFP/EBITDA* *Before restructuring costs

30 30 H1 14 Consolidated Income Statement M Before Restructuring Costs H1 14 After Restructuring Costs H1 13 Δ% Before Restructuring Costs Δ% After Restructuring Costs Net Sales EBITDA % EBIT % Net Result % EPS* Euro cents % % 6.7% 6.3% 6.3% 0.4 p.p % 2.4% 2.1% 2.2% 0.2 p.p % 1.0% 0.7% 0.6% 0.4 p.p (6.7)% 0.3% 0.4% 0.0 p.p. (4.9)% (0.1) p.p. 9.9% 0.1 p.p. (46.9)% * 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.

31 31 H1 14 Marginality key drivers Change % vs ( M) H1 14 Raw material cost + Price/Mix Currency Cost efficiency + _ + EBITDA* 0.7 * Before Restructuring Costs

32 32 Net Working Capital as of June, 30 M 12M 13 H M 12** H ΔH1 14/ 13 Trade receivables % on annualized sales % % (7.0) (1.9) p.p. Inventories % on annualized sales % % p.p. Trade payables % on annualized sales (95.4) (96.2) 0.8 (24.4)% (24.7)% 0.3 p.p. Managerial Working Capital % on annualized sales % % (0.3) (0.1) p.p. Short term assets & liabilities % on annualized sales (15.1) (5.4) (9.7) (3.9)% (1.4)% (2.5) p.p. Net Working Capital (10.0) % on annualized sales 6.4% 9.0% (2.6) p.p.

33 33 Consolidated Cash Flow as of June, 30 M Operating Cash Flow H H CapEx (8.1) (8.9) Cash Flow before financial activities (0.8) 1.2 Financial operations & others (3.7) (2.9) Cash Flow to shareholders (4.5) (1.7)

34 34 Net Financial Position Evolution 12.5% NFP MWC % * 11.9% 10.7% 10.0% 11.6% 10.4% 10.8% 10.5% 11.3% 10.3% Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4' 13 Q1 '14 Q2 '14 * Managerial Working Capital

35 35 Outlook 2014 Guidance Market** EUROPE 0.0% 2.0% Group Net Sales from 1% to 3% EBITDA* from 4% to 7% AMERICAS 3.0% 5.0% Net Financial Position 52 M ASIA Flat * Before Restructuring Costs ** Elica Group Estimates

36 36 Disclaimer This presentation contains forwards-looking information and statements about Elica S.p.A and its Group. Forwardlooking 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.