Sit S.p.a. · MIL:SIT
Sit — H1 2019 Earnings Presentation
14 slides from Sit's earnings presentation, Sep 12, 2019
Slide 1: 2019H1 - Results presentation
2019H1 - Results presentation September 12, 2019
Slide 2: 2019H1 Results - Highlights
2019H1 Results - Highlights • 2019H1 consolidated revenues are 167,2 million -4,6% vs 2018H1 • 2019H1 displays two different trends in SIT’s divisional sales: – Heating, -12,8% vs 2018H1 after five year growth at 3,6% CAGR (+4,8% last three years) – Smart Gas Metering, +29,6% vs 2018H1 • In the Heat
Slide 3: 2019H1 - Key financial results
2019H1 - Key financial results (Euro million) 2019H1 % 2018H1 % diff% Revenues 167,2 100,0% 175,4 100,0% (4,6%) EBITDA 21,1 12,6% 20,0 11,4% 5,5% EBIT 10,1 6,0% 11,0 6,3% (8,1%) Net Income 4,5 2,7% 8,4 4,8% (46,3%) Cash flow from operations 0,5 (8,4) NTWC 36,9 36,1 Net financial debt 87,6 80,9 Repor
Slide 4: 2019H1 – Consolidated revenues
2019H1 – Consolidated revenues Breakdown by Division Euro million 2019H1 % 2018H1 % diff % Heating 123,1 73,6% 141,2 80,5% (12,8%) Smart Gas Metering 42,4 25,4% 32,7 18,7% 29,6% Total business sales 165,5 99,0% 173,9 99,2% (4,8%) Other revenues 1,7 1,0% 1,5 0,8% 15,8% Total revenues 167,2 100% 175,4
Slide 5: 2019H1 – Consolidated revenue bridge
2019H1 – Consolidated revenue bridge 175,4 Vol/Mix: -7,4 Heating, -19,9€, -14,3% Smart Gas Metering, +12,5€, +38,2% -2,6 1,9 167,2 Price: mainly related to Smart Gas Metering Forex: all in Heating 2018H1 Vol/Mix Prices Forex 2019H1 Euro million 5
Slide 6: 2019H1 - Heating sales by geography
2019H1 - Heating sales by geography Euro million 2019H1 % 2018H1 % diff % Italy 25,5 20,7% 28,4 20,1% (10,1%) Europe (excluding Italy) 57,4 46,6% 72,4 51,3% (20,8%) America 29,0 23,5% 24,9 17,7% 16,1% Asia / Pacific 11,3 9,2% 15,4 10,9% (26,9%) Total business sales 123,1 100% 141,2 100% (12,8%) • It
Slide 7: Heating sales recorded a significant growth in the last 5 years
Heating sales recorded a significant growth in the last 5 years All organic growth 285,1 272,5 +3,6% 247,7 248,7 239,1 236,2 2013 2014 2015 2016 2017 2018 Euro million 7
Slide 8: 2019H1 - Smart Gas Metering keeps growing
2019H1 - Smart Gas Metering keeps growing Smart Gas Metering business sales by application Euro million 2019H1 % 2018H1 % diff % Residential 40,0 94,4% 31,7 96,7% 26,4% Commercial & Industrial 2,2 5,3% 1,0 3,0% 130,7% Other 0,1 0,3% 0,1 0,3% 42,5% Total business sales 42,4 100% 32,7 100% 29,6% • 201
Slide 9: 2019H1 - Smart Gas Metering order portfolio
2019H1 - Smart Gas Metering order portfolio 88.7 23.0% 72.1 46.3 2013-2019E all 61.5% internal growth rate (CAGR) 49.5 37.7 Order portfolio at June 30, 2019 Sales 20.0 42.4 15.6 5.0 Euro million 2013 2014 2015 2016 2017 2018 2019E 9
Slide 10: 2019H1 – EBITDA bridge
2019H1 – EBITDA bridge Euro million 0,4 21,1 1,3 20,0 2,7 -2,2 1,1 -2,8 0,6 EBITDA Vol/Mix Prices, net Operations Forex, net Non recurring IFRS 16 Other EBITDA 2018H1 items 2019H1 10
Slide 11: 2019H1 – Net trade working capital
2019H1 – Net trade working capital 2019.06 vs 2018.06 vs Euro million 2019.06 2018.12 2018.06 2017.12 2018.12 2017.12 Inventory 62,4 52,2 10,2 59,1 38,1 21,0 Accounts receivables 52,3 52,0 0,3 58,7 52,1 6,6 Accounts payables 77,8 74,8 3,0 81,7 68,4 13,4 Net Trade Working Capital - reported 36,9 29,5
Slide 12: 2019H1 – Cash flow statement
2019H1 – Cash flow statement Euro million 2019H1 2018H1 Current cash flow 23,0 24,5 Change in net working capital (14,8) (21,3) Capex, net (7,7) (11,6) Cash flow from operations 0,5 (8,4) Financial charges, paid and accrued (1,6) (1,7) Dividends paid (7,0) (6,0) IFRS 16 - Leases (0,6) - Other (0,4)
Slide 13: Regulatory statement
Regulatory statement Regulatory statement: The manager responsible for the preparation of the company's accounts, Paul Fogolin, hereby declares, as per article 154-bis, paragraph 2, of the "Testo Unico della Finanza", that all information related to the company's accounts contained in this presentat
Slide 14: 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