Zignago Vetro SpA · MIL:ZV
Zignago Vetro SpA — 9M 2017 Earnings Presentation
15 slides from Zignago Vetro SpA's earnings presentation, November 2017
Slide 1: Zignago Vetro Group Company Overview
Zignago Vetro Group Company Overview November 2017
Slide 2: Zignago Holding Group Structure
Zignago Holding Group Structure FREE FLOAT Zignago Holding S.p.A. on the (MARZOTTO FAMILY) ITALIAN STOCK EXCHANGE (since 2007) 65% 35% 100% Santa Margherita S.p.A. Zignago Vetro SpA 175,6 mln Euro Wine producer 100% Zignago Power S.r.l. 100% 50% 100% 30% Electricity producer Huta Szkla Verreries Bro
Slide 3: Milestones
Milestones Portogruaro plant: Acquisition of Specialty containers production plants, then merged into Establishment of Vetreco: F&B + C&P Vetri Speciali Cullet recycling 1987 2002 2007 2011 1979 1994 1995 2004 2013 Acquisition of Empoli plant: Acquisition of VB in France: Listing on the Italian Stoc
Slide 4: Presence in Selected Business Segments
Presence in Selected Business Segments 2016 (€m) Market Segment Products Main Features Competitive Strengths Flexibility, efficiency and Food & technical know-how key for Zignago Vetro Beverage success Flexibility Sales €183.2m Focus on selected segments Quality Cosmetics & of food & beverage an
Slide 5: Manufacturing Facilities – international presence
Manufacturing Facilities – international presence Geographical Presence Manufacturing Locations Revenues breakdown (2016 FY) Facility Location Portogruaro, (Venice) Italy Other Specialty 4% Empoli (Florence) Food & Cosmetics Italy Beverage & 22% Perfumery 32% Vieux Rouen sur Bresle (Normandie) Franc
Slide 6: Business model and Client Relationships
Business model and Client Relationships Concentration Customer rate of first loyalty1 5 clients 2 (Revenues) Zignago Vetro 16% 92% Verreries Brosse 47% 93% Vetri Speciali 25% 95% HSC 22% 87% 1 Revenues from clients present also the 2 previous years 6 2 Net of intercompany sales
Slide 7: ZVG - Commercial presence
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Slide 8: Financial Performance
Financial Performance Revenues (€m) EBITDA (€m) 350 25,1% 90 23,4% 23,6% 22,9% 21,8% 25% 300 80 20% 250 70 200 +3.3% +1.4% 60 15% -2.2% +5.5% 150 322,9 50 75,1 80,9 10% 298,8 292,3 302,0 318,5 69,8 67,0 65,8 40 100 5% 30 50 20 0% 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 EBITDA (€m) Margin
Slide 9: Sales and Profitability Track Record
Zignago Vetro Group: Sales and Profitability Track Record Sales and EBITDA (1988-2016) Euro (m) CAGR: +7,7% 350 322,9 298,8 300 250 230,4 209,4 200 141,9 150 CAGR: +7,6% 104,0 94,2 100 80,9 71,4 69,8 57,9 62,3 53,8 40,4 50 34,6 26,1 23,3 14,0 18,5 10,5 0 1988 1989 1990 1991 1992 1993 1994 1995 1996
Slide 10: 9M 2017 Revenues & Profitability
9M 2017 Revenues & Profitability ZIGNAGO VETRO GROUP Revenues (€m) EBITDA (€m) Net Result (€m) 270 26,0% 12% 80 30 10,0% 240 23,4% 22,8% 25% 10% 210 25 8,1% 7,8% 60 20% 180 8% 20 150 +5.0% 256,5 15% +2.6% 244,2 40 15 6% 120 238,1 66,6 25,6 90 54,4 57,2 10% 4% 10 19,3 18,9 60 20 5% 5 2% 30 0 0 0% 0 0
Slide 11: 9M 2017 Revenues & Profitability
9M 2017 Revenues & Profitability ZIGNAGO VETRO VERRERIES BROSSE Revenues (€m) Revenues (€m) 140 45 120 40 35 100 30 80 +1.9% 25 139,8 142,5 +7.8% 41,9 60 20 38,9 40 15 10 20 5 0 0 9M 2016 9M 2017 9M 2016 9M 2017 EBITDA (€m) EBITDA (€m) 24,5% 23,6% 35 25% 8 18,4% 30 20% 20% 25 6 15% 20 15% 15 34,2 33
Slide 12: 9M 2017 Revenues & Profitability
9M 2017 Revenues & Profitability VETRI SPECIALI (50%) Huta Szkła Czechy Revenues (€m) Revenues (€m) 60 25 20 40 +7.5% 15 51,8 55,7 +28.4% 21,6 10 20 16,8 5 0 0 9M 2016 9M 2017 9M 2016 9M 2017 EBITDA (€m) EBITDA (€m) 32,7% 34,1% 20 35% 27,2% 30% 6 30% 21,8% 15 5 25% 25% 20% 4 20% 10 19,0 3 5,9 15% 16
Slide 13: Solid Balance Sheet to Support Organic and External Growth
Solid Balance Sheet to Support Organic and External Growth Net Capital Employed (€m) Net Working Capital (€m) 350 120 26,0% 25,1% 24,8% 28% 300 21,7% 100 20,0% 24% 250 80 20% 200 16% 311,9 337,4 60 150 274,6 12% 235,4 241,5 40 79,9 80,1 91,1 100 216,9 64,7 76,0 8% 60,5 20 4% 50 0 0% 0 2012 2013 2014
Slide 14: Cash Flow From Operations and Capex
Cash Flow From Operations and Capex Cash Flow from Operations (before capex) (€m) Capex (€m) 60 80 45 60 Net Capex related to VS acquisition 30 40 53,2 54,9 54,3 53,3 72,0 2,7 41,3 39,9 49,3 45,9 43,7 15 20 30,7 32,3 0 0 2012 2013 2014 2015 2016 9M 2017 2012 2013 2014 2015 2016 9M 2017 HSC acquisiti
Slide 15: Financial structure, EPS and dividends
Financial structure, EPS and dividends Key financial structure ratios EPS and Dividend distribution (Euro) Pay out guidance: 70% of net group result 15