Sit S.p.a. · MIL:SIT
Sit — AIM Italia Conference 2017
19 slides from Sit's conference presentation, Oct 10, 2017
Slide 1: Company presentation - AIM Italia Conference
Company presentation AIM Italia Conference London Stock Exchange Federico de Stefani, Executive Chairman Paul Fogolin, Chief Financial Officer October 9-10 2017
Slide 2: Disclaimer
Disclaimer • This presentation has been prepared by SIT S.p.A. only for information purposes and for the presentation of the Group’s results and strategies. • For further details on the SIT Group, reference should be made to publicly available information. • Statements contained in this presentation
Slide 3: Table of contents
Table of contents • SIT overview • Heating business description • Smart Gas Metering business description • Key financials 3
Slide 4: SIT develops and manufactures measuring devices and systems for domestic gas equipment
SIT develops and manufactures measuring devices and systems for the safety, comfort and performance of domestic gas equipment Heating Smart Gas Metering Mechanical Electronic Integrated Flue Exhaust Sensors Controls Controls Systems Fans Systems Gas meters Domestic SMART GRIDS Fireplaces appliances
Slide 5: SIT at a glance
SIT at a glance Organic growth in revenues and stable margins Revenues 2016FY 288,1€ Revenues CAGR 2012-2016 +6,6% Ebitda Adjusted* FY2016 44,6€ Ebitda Adjusted* margin FY2016 15,5% Average Ebitda Adj margin 2012-2016 14,1% Market and technological leadership SIT is the world’s top name in the pro
Slide 6: Main customers
Main customers Heating Smart Gas Metering 6
Slide 7: Milestones in SIT history
Milestones in SIT history 1953: Established by Pierluigi and Giancarlo de’ Stefani 1964 – 1997: international expansion • 1964, first mechanical control exported to Germany • 1974, first foreign European subsidiary in the Netherlands 2009 – 2016: Smart Gas Metering from scratch • 1980s, new subsidia
Slide 8: SIT currently operates two business divisions
SIT currently operates two business divisions Heating Smart Gas Metering 2016 Sales: 250,4 € 2016 Sales: 37,8 € (87% of total) (13% of total) Components and systems for the control, regulation A new generation of intelligent remotely controlled and safety of gas appliances for domestic heating, stat
Slide 9: Heating business division – market segments and products
Heating business division – market segments and products SIT operates significantly in the following market segments: Current product families include: • Central Heating, boilers for domestic and water • Mechanical controls, multifunctional safety valves for gas heating • Electronic controls, mainbo
Slide 10: Heating business division – strong competitive position
Heating business division – strong competitive position Mechanical controls Electronic controls • 34% of Group revenues • 12% of Group revenues Central Heating • Market share ~50% • Market share ~14% (excluding captive • #1 globally production) • 12% of Group revenues • 5% Group revenues Direct Heat
Slide 11: Smart Gas Metering - driven by regulation and smart technology
Smart Gas Metering - driven by regulation and smart technology Attractive business opportunity RESIDENTIAL • The mission of MeteRSit , wholly owned subsidiary, is to offer to SMART GAS METERS gas distribution companies a new generation of highly innovative, (from 4 to 10 m³ph flow) electronic, remot
Slide 12: Smart Gas Metering – market size provides growth potential
Smart Gas Metering – market size provides growth potential European Gas Meter installation base is To current date main European countries are in different over 120 million units stages of massive residential meters roll-out plans • UK: regulatory framework (SMET2) requires to complete replacement o
Slide 13: Smart Gas Metering – trend in sales
Smart Gas Metering – trend in sales +142% 37,8 • Trend in Smart Gas Metering sales confirms consolidation of Italian Residential meter massive roll-out plan Revenues Revenues 20,0 23,7% 15,6 20,0 16,1 5,0 1,0 2012 2013 2014 2015 2016 2016H1 2017H1 • Sales evolution confirms growth potential • Order
Slide 14: Table of contents
Table of contents • Sit Group overview • Heating business description • Smart Gas Metering business description • Key financials 14
Slide 15: Key financials
Key financials Revenues CAGR 288,1 44,6 45 16 6,6% EBITDA Adjusted* 13,6% 14,5% 13,3% 264,7 15,5% 14 259,0 EBITDA Adjusted Margin 246,1 40 13,3% 12 223,2 35,6 35,3 10 35 34,3 8 30,3 6 30 4 2 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 39,9 158,5 156,5 5,0 160 4,5 140 LBO, non 124,8 Net deb
Slide 16: Change in 2014 net debt was due to LBO
Change in 2014 net debt was due to LBO Federico • In 2014 Federico de Stefani, acquired the 56,7% of SIT de’ Stefani shares from other shareholders via LBO transaction 100 % using the 100% owned Newco SIT Technologies • Equity value of the transaction was 116€ SIT Technologies New Debt for (NEWCO) A
Slide 17: Listing on AIM Italy on July 2017 via reverse merger with Industrial Stars of Italy 2
Listing on AIM Italy on 20 July 2017 via reverse merger with Industrial Stars of Italy2 (SPAC) Reverse merger and concurrent listing of SIT provided a new capital structure: Federico • Shareholder loan cancellation by SIT Technologies and increase in de’ Stefani equity of 8€ • Cash contribution by S
Slide 18: 2017 H1 financials (before IPO that took place on July 20)
2017 H1 financials (before IPO that took place on July 20) • Consolidated Sales growth: +14,4€ (+10,7% vs 2016H1) Heating sales: 129,1€ (+10,5€, +9,0%) Smart Gas Metering sales: 20,0€ (+3,9€, +23,7%) • Consolidated EBITDA growth: +0,6€ (+2,9%) €.000 2017H1 % 2016H1 % YoY % Revenues 149.124 100,0% 13
Slide 19: Contacts
Contacts Paul Fogolin Chief Financial Officer & Investor Relator [email protected] SIT S.P.A. Viale dell'Industria 31-33 - 35129 Padova (Italy) Ph. + 39 049 8293.111 Fax + 39 049 8070093 www.sitgroup.it 19