Racing Force Spa · MIL:RFG
Racing Force Spa — Investor Presentation (September 2023)
25 slides from Racing Force Spa's investor presentation, September 2023
Slide 1: The Heart of Racing
THE HEART OF RACING Management Call September 2023
Slide 2: Notice to Recipient - Strictly Confidential
NOTICE TO RECIPIENT - STRICTLY CONFIDENTIAL The information contained in this documentation has been prepared by Racing Force S.p.A. (the “Company”) and its consolidated subsidiaries (together, the "Group") for the sole purpose of the presentation made to you concerning the Group. This presentation
Slide 3: An International Leadership Team
AN INTERNATIONAL LEADERSHIP TEAM Paolo Delprato Stephane Cohen Roberto Ferroggiaro Group Chairman and CEO Group Co-CEO Group CFO Chairman Racing Force International CEO Racing Force International Chairman High Protection Systems CEO High Protection Systems BELL Co-Founder +15 Years of Industry Exper
Slide 4: Racing Force at a Glance
RACING FORCE AT A GLANCE RACING FORCE OPERATES IN THE DEVELOPMENT, PRODUCTION AND MARKETING OF SAFETY COMPONENTS AND PROTECTION EQUIPMENT FOR THE MOTORSPORT INDUSTRY RACING FORCE GROUP TODAY Brands Numbers Worldwide Leadership in Motorsport Safety Equipment Widest range of products covering the full
Slide 5: Update on Strategy
UPDATE ON STRATEGY
Slide 6: Our Locations in 3 Different Continents
OUR LOCATIONS IN 3 DIFFERENT CONTINENTS 4 CUTTING EDGE 8 LOCATIONS 3 R&D CENTERS 7 SHOWROOMS PRODUCTION & LOGISTICS CENTERS 6
Slide 7: Tightly Controlled Value Chain
TIGHTLY CONTROLLED VALUE CHAIN THAT DELIVER SPEED, RELIABILITY AND CUSTOMER SATISFACTION FULL CONTROL OF SALES, STRONG INTERNAL KNOW-HOW MARKETING AND DISTRIBUTION SPEED TO MARKET TOTAL CONTROL DESIGN PLANNING HOMOLOGATION MARKETING SALES DISTRIBUTION VERTICALLY Product Design and Sales and INTEGRAT
Slide 8: Main Investments to Support the Growth
MAIN INVESTMENTS TO SUPPORT THE GROWTH TO SUPPORT THE GROWTH OF THE GROUP, AN INVESTMENT PLAN TO EXPAND THE OVERALL CAPACITY IS UNDERWAY MOORESVILLE: THE NEW PLANT RONCO SCRIVIA: INCREASING CAPACITY BAHRAIN: INCREASING CAPACITY EUROPE, RONCO SCRIVIA MIDDLE EAST, BAHRAIN AMERICA, MOORESVILLE Expansio
Slide 9: 3 Clear Main Pillars for Further Growth
3 CLEAR MAIN PILLARS FOR FURTHER GROWTH SOLID GROWTH OPPORTUNITIES IN CORE MARKETS AND NEW TECHNOLOGY / HIGH PERFORMANCE SAFETY NICHES KEY DRIVERS 1 2 3 MOTORSPORT ORGANIC DIVERSIFICATION M&A GROWTH 9
Slide 10: Pillar - Motorsport Organic Growth Key Updates
PILLAR 1 – MOTORSPORT ORGANIC GROWTH CONSOLIDATING RACING FORCE’S LEADERSHIP IN LESS PENETRATED GEOGRAPHIES AND PRODUCT SEGMENTS AMERICAS EUROPE AND ASIA-PACIFIC A complete SFI homologate product range has been Italy, UK, Germany and France are the main countries in validated by top teams and dr
Slide 11: Pillar - Diversification: Driver's Eye
PILLAR 2 - DIVERSIFICATION MOTORSPORT OTHER SPORTS DRIVER'S EYE HAS CONQUERED THE MOTORSPORT STAGE Feasibility studies and design development are underway to expand the scope of the Driver’s Eye applications outside Motorsport. …and many A Driver’s Eye™ patent have already been filed to cover sports
Slide 12: Pillar - Diversification: From F1 Helmet to Air Force Helmets
PILLAR 2 - DIVERSIFICATION FROM F1 ABP ADVANCED HELMET TO THE NEXT GENERATION AIR FORCE HELMETS TECHNOLOGY TRANSFER SAFETY IMPACT ABSORPTION PERFORMANCE WEIGHT – SIZE - FITTING PROCESS FROM HANDCRAFTING TO WATERJET PRECISION 12
Slide 13: Pillar - Diversification: Jet Pilot Helmets with LIFT Airborne
PILLAR 2 - DIVERSIFICATION JET PILOT HELMETS ( TECHNICAL PARTNERSHIP WITH LIFT AIRBORNE) Lift Airborne was awarded the tender of the US AirForce in June 2023 NEXT DEVELOPMENTS Rotary wing helmets and other projects KEY UPDATES NEXT MILESTONES Extension of partnership with LIFT Airborne 2023 2024 202
Slide 14: Pillar - Diversification: Special Force and Police Riot Head Protection
PILLAR 2 - DIVERSIFICATION SPECIAL FORCE AND POLICE RIOT HEAD PROTECTION SPECIAL FORCE HEAD PROTECTION (GLADIATOR) RIOT CONTROL POLICE HEAD PROTECTION (RIOT) KEY UPDATES KEY UPDATES Latest ballistic testing successfully passed in August 2023 R&D activities ongoing in our Bahrain facility, progressin
Slide 15: Pillar - M&A
PILLAR 3 – M&A STRONG TRACK-RECORD OF SUCCESSFUL INTEGRATIONS IN RECENT YEARS PROVIDES SOLID GROUND FOR FURTHER M&A POTENTIAL IN A VERY FRAGMENTED MARKET INTEGRATE NEW TECHNOLOGY TO STRENGHTEN RFG POSITION IN THE MARKET TECHNOLOGY STRENGTHEN TECHNOLOGICAL CAPABILITIES NOT YET AVAILABLE IN RACING FOR
Slide 16: 1H 2023 Economic and Financial Data
1H 2023 ECONOMIC AND FINANCIAL DATA
Slide 17: Consolidated P&L
CONSOLIDATED P&L Revenues (€m) and Growth (%) 1H 23 Revenues Breakdown and Variance vs 1H 22 Geographies 1H20 - 1H23 CAGR +30% 24% EMEA AMER APAC 1H % on FY 58.9 +15.8% -0.5% +9.6% 66% 10% EMEA AMER APAC 46.7 Segments 8% DRIVER’S CAR 57% 37.2 EQUIPMENT PARTS OTHER 20% 33.7 33.6 53% +12.4% -11.3% +12
Slide 18: Consolidated P&L (cont'd)
CONSOLIDATED P&L (cont’d) EBITDA (€m) and Margin (%) NET INCOME (€m) and Margin (%) 24.0% 27.8% 21.3% 14.4% 20.7% 13.1% 9.0 7.9 6.9 6.0 4.9 3.6 1H 21 1H 22 1H 23 1H 21 1H 22 1H 23 Variance in EBITDA is mainly due to higher costs in 1H 23 to further strengthen the Group’s The decrease in Net Income c
Slide 19: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET CAPEX (€m) NET WORKING CAPITAL (€m) 1.3m€ for Ronco Scrivia 17.4 20.0 25.0 expansion 1.4 4.0 0.5 14.0 3.6 10.3 11.0 21.6 21.8 16.0 1.0 -9.3 -12.4 -12.1 -0.4 1H 21 1H 22 1H 23 1H 22 2022 1H 23 Inventory Trade Receivables Trade Payables Other A/R and A/P CASH FLOW from Opera
Slide 20: Current Trading
CURRENT TRADING
Slide 21: Outlook
OUTLOOK 2023 • Agreement with Apple Studios signed in June for a new F1 movie starring Brad Pitt. OMP, Bell and Racing Spirit have been designated to supply racewear, helmets and team uniforms for the characters • In July and August 2023, the Group recorded a double-digit growth in terms of turnover
Slide 22: Thank You
THANK YOU Racing Force Group Barabino & Partners Roberto Ferroggiaro Luigi Rossi – Jacopo Rubino Stefania Bassi Giuseppe Fresa Investor Relations Media E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] mob: +39 335 6282667 mob: +39 348 5
Slide 23: 40
40
Slide 24: Appendix
Appendix
Slide 25: RFG on Stock Exchange Markets
RFG on Stock Exchange Markets ISSUER Racing Force S.p.A. LISTING VENUE Euronext Growth Milan (RFG) and Euronext Growth Paris (ALRFG) MARKET CAP Market capitalization ≈ € 150 mio OWNERSHIP 25.699.198 shares STRUCTURE SAYE 53% - Market 47% ANALYST EQUITA BUY | Target: € 7.0 COVERAGE TP-ICAP MIDCAP
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