Technologies for shaping everyday life
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1 Technologies for shaping everyday life
2 March 2008
3 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 and the Annual Reports. Statements contained in this presentation, particularly the ones regarding any Biesse S.p.A. possible or assumed future performance, 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.
4 the company
5 our history 1969 The beginning 1978 Realized the first numerical control boring machine for wood: Logic Control 1983 Rover: the first machining centre for the processing of wood is built 1987 Intermac is established: The company produces machining centres for processing and engeneering glass and stone 1991 HSD is established: the company realizes and sells mechanical components and numerical controls 1991 Biesse becomes international: the first foreign branches are opened 1992 Biesse starts the acquisition period : aimed operations in wood/glass&stone/components and distribution network areas 1994 Biesse Engineering is established: new business unit fully dedicated to project and realize entire lines and integrated systems 1998 Biesse group is formed. It s composed of three divisions: wood, mechatronic, glass and stone 1999 Centro di Formazione e studi (Biesse School) is established 2001 Biesse is quoted on the italian stock exchange (listed in STAR segment) 2006 Bre.Ma. is acquired: the company designs and realizes vertical numerical control boring-inserting machine for the processing of wood 2007 AGM Inc (U.S.A.) is acquired: former distributor for glass & stone machinery becomes Intermac U.S.A. subsidiary 5
6 our international structure Italy Milano-Treviso-Bergamo U.S.A. Charlotte, NC Ft. Lauderdale FL Asia Singapore Canada Montreal Toronto China Shanghai Germany Elchingen Loehne Gingen France Lyon Spain Barcelona India Bangalore Indonesia Jakarta Malaysia Kuala Lumpur Australia Sidney Brisbane Adelaide Melbourne Perth New Zealand Auckland Russia Moscow Sweden Jonkoping Ukraine Kiev U.K. Daventry 6
7 some of our major clients & partners nobilia with an extremely wide potential customer base 7
8 sales breakdown sales by geography sales by business divisions 5,6% 6,3% 5,4% 14,3% 18,4% Italy 21.5% 50,0% Western Europe Eastern Europe North America As ia Oceania Rest of the World 16,6% 7,6% 75,8% Wood Glass & Stone Mechatronic 13,6% sales by type 15,0% sales by "end users" * 8,8% 77,6% Machines Systems Services 27,5% 57,5% windows&doors 7% Housing furniture (new & restructuring) Office Furniture Store Fixtures *Company estimates 8
9 reference markets: sizes & shares
10 BIESSE market share: wood (panel&solid) % Broad array of products, ranging from manual to highly automated machinery In an effort to increase productivity and flexibility, costumers have been shifting toward higher end machinery Only four companies/groups have revenues above 300 mln. (including Weinig, solid wood specialist) The vast majority are family-run companies Up to now BIESSE & HOMAG are the only listed companies Rest of the Market HOMAG SCM BIESSE Weinig 3,500,000,000. Value of reference market 2nd process CNC machinery (company evaluation) 10
11 BIESSE market share: glass 52,2 % 20,4 19,8 7,6 Basically a domestic market of internal glass Only 2 companies have market shares over 10% Biesse S.p.A. and Bavelloni (Kyro Group-Finland) are the only listed companies Rest of the Market BOTTERO BAVELLONI BIESSE 330,000,000. Value of reference markets 11
12 BIESSE market share: stone/marble 3,7 80,3 % 6,9 9,1 Biesse clear worldwide market leader Only 1 company (Biesse) has market shares over 10% Biesse S.p.A. and Bavelloni (Glaston Co.) are the only listed companies Rest of the Market BOTTERO BAVELLONI BIESSE 110,000,000. Value of reference markets 12
13 financial trends: december 2007 results
14 BIESSE: IVQ 2007 /MIL IVQ 2007 IVQ 2006 Revenues % EBITDA % on sales % % -10.1% EBIT % on sales % 19,1 14.5% -13.2% Pre-tax Profit % on sales % % -17.4% Net Profit % on sales % % -10.5% 14
15 BIESSE: 12 months 2007 /MIL DEC DEC Revenues % EBITDA % on sales % % +20.6% EBIT % on sales % % +25.8% Pre-tax Profit % on sales % % +23.6% Net Profit % on sales % % +20.1% 15
16 main economic figures: historical trend m 500 Net sales EBITDA % EBIT % 466, ,6 9,0% ,4% 396,7 16,6% 13,1% 17,0% 14,0% 20% 10% ,9% 8,3% dec 04 dec 05 dec 06 dec 07 0% 16
17 main economic figures: 2007 trend m ,6 129,7 109,7 98,9 20,0% 16,7% 15,5% 15,3% 17,2% 20% 11,6% 14,0% 12,8% 10% 0 IQ IIQ IIIQ IVQ 0% Net sales EBITDA % EBIT % 17
18 net financial position: quarterly trend dividends paid: 9.8 mln ,1 23,6 18, ,8-6,8 6,6 1, ,9-15 dividends paid : 13.7 mln ,1 1 Q ,2-42,3 2 Q Q Q Q Q Q Q Q Q Q Q
19 Group orders portfolio (machines & systems): m % Q Q Q Q Q Q Q Q Q Q Q Q
20 Biesse main projects: work on progress
21 BIESSE projects: lean company process optimisation: lean company BIESSE started a collaboration with Porsche Consulting to achieve productivity improvements working on its own processes structure through a new mentality. Starting from the wood division, concepts like the Value Stream Mapping (Pull- Flow-Zero defects-synchronization) have been introduced to lead the Group to the Kaizen philosophy. Already installed in one of the main industrial plant (Wood Division) the first line of production working on rails 21
22 BIESSE projects: lean company Can you reduce more your operating working capital? Can you improve more your production efficiency? 22
23 BIESSE projects: low cost country Biesse Manufacturing -India project Operations in India are gradually developing in order to have an important sourcing of components for local and BIESSE (Italy) assembly factories and a local production of entry level machines. First entry-level edgebander manufactured and delivered since June 07 More than half a million Euro components delivered to Italy with 40% cost saving New site ready for the summer 08 s.m. 6,000: 2008 expected production: nr. 70 machines 100% Made in India 23
24 BIESSE projects: low cost country Is this delocalization affecting the cost of components? Can you penetrate more the Asia-Pacific (from India to China) markets using a dedicated production from Bangalore? 24
25 BIESSE projects: Artech brand Artech: machines for the artisan segment New gamma of woodworking machinery invented for the artisan segment to enlarge the customer base and the expected market share. A dedicated new building (5,000 sm) has been realized not far from the BIESSE H.Q. using the Lean Manufacturing concept. Artech 2008 sales expected: 19.5 mln effective impact for the consolidated revenues: 9.2 mln today tomorrow TOP MEDIUM MEDIUM LOW LOW 25
26 BIESSE projects: e-business Suite - Oracle APC PLM ERP... Projects Integrated systems for processes management 26
27 R&D cost clarification: time to increase R&D analysis % of net sales 3,8% 3,80% 3,80% 3,5% 3,4% 2,9% 0,9% 1,0% 1,4% 1,6% 1,70% 1,70% E 2009E 2010E capitalized quote Starting from 2005Y BIESSE started to capitalize its costs for R&D as per the new accounting principles (IAS/IFRS 38) BIESSE invested in effect a total amount around the 3.5% -during the 2007y- of the Group consolidated net sales in R&D activities regarding the three main business divisions The next three years plan forecasts to increase the real R&D capex up to 3.8% of the expected net sales, as effect of ongoing projects like: Lean productions System Artech segment India productive plant integrated systems and applications for processes management (Oracle-CRM-PLM) and a NEW project to be started to: widen the glass-stone products gamma completing the technical offer even in new market segments 27
28 financial trends the new three years business plan
29 consolidated revenues: tracks of growth CAGR 5.8% increasing: ,7 m 370,7 306,6 310, , % 504,9 466,1 525,1 551,3 worldwide demand of CNC technology market penetration with an evident success of product lines developed over the recent years using: 100 full service offer to follow consumers need across geographies areas E 2009E 2010E always less capex requirements to gain more financial efficiency 29
30 consolidated EBITDA/EBIT: sustainable trend EBITDA margin ,60% 17,00% 16,80% 17,20% 17,60% 20% 12,40% 15% 96,9 9% 84,9 90,1 7,20% 10% 6% 2,70% 5% E 2009E 2010E 0% EBIT margin 14,00% 14,10% 14,50% 15,00% 13,10% 16% 8,30% 82,7 12% 76 5% 71,1 8% 3,90% 2% 4% -1,90% 0% -4% E 2009E 2010E Continous product innovation to increase the price power Hightened efficiency following the Group reorganization plan Specific actions to cut back the production and overhead costs Lean organization model (by Porsche Consulting) 30
31 consolidated net profit: welcoming the next tax rate Estimated Net tax rate: 39.0% CAGR 9.5% ,8% -1,6% 3% 4,8% 8,1% 8,3% 8,60% 8,90% 9,30% 15% 10% 5% 0% -5% ,5% -10% E 2009E 2010E -15% Net Profit/Loss Net margin 31
32 ROACE & EVA spread 38,00% 28,00% 18,00% 29,10% 18,30% 32,20% 22,70% 31,30% 22,0% 31,40% 22,20% 32,50% 23,20% 39% 34% 29% 24% 19% 14% 9% 8,00% -2,00% 3,30% -5,30% E 2009E 2010E after tax ROACE EVA spread 4% -1% -6% 32
33 operating working capital: where things can happen 25% 104,0 101,4 101, ,60% 95,3 20,40% 20,60% 40 19,30% 18,50% E 2009E 2010E o.w.c. % on net sales 15% 33
34 free cash-flow trend*: constantly plentiful : 119 m of cash generation 1,8 1,51 49,3 1,39 41,4 38,1 1,16 31,7 0,38 10, E 2009E 2010E free cashflow FCF per share * before dividends and buy back 2,00 1,80 1,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0,00 34
35 net financial position: freed from the debits 2010E E 2008E NOT including the buy back plan disbursement 46,3 27,7 Strong net cash-flow generation to be used for: ,1 acquisitions only wih evident synergies and no dilution risk ,4-23,9 14,1 increase of the R&D capex sustain and finance the industrial projects increase of the dividends payout ,
36 buy back plan: just started Share capital: 27,393,042 shares Buy Back limits: nr. 2,739,304 shares 18 months Treasury shares (Febr. 29th): nr 185, ,0% 8,0% 12,87 13,00 6,0% 4,0% 11,24 6,75% 11,00 9,00 2,0% 0,0% 2,2% January February March April May June 7,00 5,00 % of the buy back plan Average price 36
37 shareholding structure
38 shareholding structure % > 2% Bi.Fin s.r.l (Selci Family) free float Financière de L Echiquier SIA Funds AG
39 shareholding structure: breakdown of shareholder s by type retail investors % institutional investors Selci family 39
40 shareholding structure: breakdown of shareholder s countries 15.5 Italy Marche 60.1% Lombardia 4.1% % Western Europe UK 1.1% France 7.0% Switzerland 2.46% U.S.A R.O.W 40
41 shareholding structure: breakdown of institutional investors by style 25 % growth value core growth/garp others (index trackers) 44 41
42 Alberto Amurri Biesse Group Financial Manager Head of Investor Relations Dept. Via della Meccanica Pesaro ITALY Tel: +39 (0) / Mob: alberto.amurri@biesse.it
43 appendix
44 wood division: (1) 44
45 wood division: (2) 45
46 glass & stone division: (1) 46
47 glass & stone division: (2) 47
48 mechatronic division: 48
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