Elica S.p.a. · MIL:ELC
Elica — FY2012 Earnings Presentation
19 slides from Elica's earnings presentation, 2013
Slide 1: 2012 Preliminary Results
2012 PRELIMINARY RESULTS 2012 Preliminary Results 1
Slide 2: Q4 '12 Highlights
Q4 ’12 Highligths Negative market demand, showing better trend compared to previous quarters Group kept the 2012FY Guidance: Net Sales 384.9 €M EBITDA 27.0 €M PFN 62.3 €M Over performing Group sales and cost reduction efforts mitigate the negative impact of price/mix slow-down Record M
Slide 3: Q4 '12 - Cooker Hoods Industry Unit Shipments
Q4 ’12 - Cooker Hoods Industry Unit Shipments* Change % vs. ’11* Q4 ’12 12M ’12 Western Europe (3.3)% (5.3)% Eastern Europe (including CIS) 1.0% 2.1% Europe (1.3)% (1.8)% North America 1.0% 0.5% Latin America 1.8% 2.2% Americas 1.4% 1.3% Rest of the World (3.9)% (8.5)% World (2.2)% (5.0)% 2012 Preli
Slide 4: Q4 '12 – Consolidated Income Statement
Q4 ‘12 – Consolidated Income Statement €M Q4 ’12 Q4 ’11 Δ% Net Sales 100.0 96.7 3.5% EBITDA 9.0 6.1 48.1% % 9.0% 6.3% 2.7 p.p. EBIT 5.2 3.8 36.2% % 5.2% 4.0% 1.2 p.p. Group Net Result 3.3 1.3 157.9% % 3.3% 1.4% 1.9 p.p. EPS* – Euro cents 5.45 2.11 158.3% *EPS as at December 31 is calculated by divid
Slide 5: 12M '12 – Consolidated Income Statement
12M ‘12 – Consolidated Income Statement €M 12M ’12 12M ’11 Δ% Net Sales 384.9 378.4 1.7% EBITDA 27.0 26.5 1.6% % 7.0% 7.0% 0.0 p.p. EBIT 12.1 12.0 0.1% % 3.1% 3.2% (0.1) p.p. Group Net Result 5.0 4.2 20.3% % 1.3% 1.1% 0.2 p.p. EPS* – Euro cents 8.32 6.92 20.3% *EPS as at December 31 is calculated by
Slide 6: 12M '12 – Elica Sales Trend
12M ‘12 – Elica Sales Trend Change % vs. 12M ’11 • Cooking (+3.3%) - Overall market share growing Q4 ’12 12M ’12 - Own Brands: increase Europe (2.7)% (3.4)% (+4.7%), over performing in American and Asian markets Americas 30.0% 26.9% - Client brands: increase (+2.5%) keeping market share in Top OEMs
Slide 7: 12M '12 – Marginality key drivers
12M ‘12 – Marginality key drivers Change vs. ’11 (€M) 12M ‘12 Raw material cost + Price/Mix (1) _ Currency + Cost efficiency + EBITDA 0.4 2012 (1) Mix deterioration regards mainly Client brand range cooker hoods Preliminary Results 7
Slide 8: Net Working Capital and Net Financial Position as of December 31
Net Working Capital and Net Financial Position as of December 31 €M Δ 12M 12M’12 12M’11 ‘12/’11 Trade receivables 77.5 82.2 (4.7) % on annualized sales 20.1% 21.7% (1.6) p.p. Inventories 49.6 50.6 (1.0) % on annualized sales 12.9% 13.4% (0.5) p.p. Trade payables (88.7) (89.8) 1.1 % on annualized sal
Slide 9: Consolidated Balance Sheet as of December 31
Consolidated Balance Sheet as of December 31 €M 2012 2011 2012 2011 Net operating fixed 145.0 140.7 Net Debt (Cash) 62.3 68.8 assets Group equity 114.6 108.2 Net Working Capital 37.6 40.1 Minorities 6.6 6.7 Net financial assets 0.9 1.8 Total Shareholders’ 121.2 114.9 equity Assets/Liabilities of dis
Slide 10: Consolidated Cash Flow
Consolidated Cash Flow €M Q4 ’12 Q4’11 12M’12 12M’11 Operating Cash Flow 9.8 8.8 22.9 9.0 CapEx (5.2) (5.3) (14.7) (19.5) Cash Flow before financial 4.6 3.5 8.2 (10.5) activities Financial operations & others (1.0) 4.6 (1.6) (23.4) Cash Flow to shareholders 3.5 8.1 6.6 (33.9) 2012 Preliminary Result
Slide 11: Net Financial Position as of December 31, 2012
Net Financial Position as of December 31, 2012 €M Long-term financial 46.7 Cash, bank liabilities deposits and Short-term financial (29.6) 45.2 marketable liabilities securities Total Financial 91.9 Liabilities Net Debt (Cash): 62.3 €M 2012 Preliminary Results 11
Slide 12: Net Financial Position Evolution
Net Financial Position Evolution PFN MWC % * 12.5% 11.9% 11.4% 10.7% 10.0% 74.2 68.8 66.9 65.3 62.3 2012 '11FY Q1 '12 Q2 '12 Q3 '12 Q4 '12 Preliminary Results (*) Managerial Working Capital 12
Slide 13: Manufacturing delocalization
Manufacturing delocalization Hoods volume allocation 12M LOW COST 34% 30% 43% COUNTRIES 46% WESTERN EUROPE 57% 54% 2011 2012 2012 Preliminary Results 13
Slide 14: Cooking revenues breakdown
Cooking revenues breakdown Value data 12M OWN 38% 39% BRAND CLIENT BRAND 62% 61% 2011 2012 2012 Preliminary Results 14
Slide 15: New products launches in Q4
New products launches in Q4 Elica brand 6 new products. All the launches were on-time as regards the marketing plan. 35CC island 35cc Up 2012 Preliminary Results 70CC island 70cc Elite 14 15
Slide 16: New products launches in Q4
New products launches in Q4 Client brands 7 new products Graceful Galaxy Corner Wake Tile Curved glass Box Top Line 2012 Preliminary Results 16
Slide 17: Awards
Awards iF Product Design Awards Sweet and Tiffany, two of the brand new Elica product range, have been awarded with the iF Product Design Award 2013, one of the most relevant acknowledgment in the design field. Sweet Designed by Fabrizio Crisà, Elica Design Center Manager, Sweet and Tiffany received
Slide 18: Final remarks
Final remarks Elica Group kept the 2012 Guidance 2013 Preliminary Market demand estimation* 2013 Europe -2 0% Americas 23% Asia 35% 2013 Guidance will be provided in Q1 2013 Results reporting 2012 Preliminary Results * Change vs. 2012, Elica Group estimates 18
Slide 19: Disclaimer
Disclaimer This presentation contains forwards-looking information and statements about Elica S.p.A and its Group. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regard