Centrale del Latte d'Italia S.p.A. · MIL:CLI

Centrale del Latte d'Italia — Centrale del Latte di Torino & C. — Investor Presentation (October 2002)

39 slides from Centrale del Latte d'Italia's investor presentation, Oct 10, 2002

  1. Slide 1: Presentation to Analysts

    PRESENTATION TO ANALYSTS Milan, OCTOBER 10 2002

  2. Slide 2: Missione

    Missione The mission of Centrale del Latte di Torino & C. is to supply the Italian market with top quality milk and derivates and to become an interregional pole in the producer market, positioned between the major groups and the large number of small operators.

  3. Slide 3: Company structure

    Company structure REFIN S.S. FAM. RESTANO 1.0% 1.0 % FINANZIARIA CLTO S.P.A. UNIPLAN 51.5% 12.5% MERCATO 32.49% AZ. PROPRIE IN PORTAF. (6,691 azionisti)** 1.5% 99.98% 40% 82% * * = Indirect investment ** = At august 31 2002

  4. Slide 4: Presenza sul territorio

    Presenza sul territorio CENTRALE DEL LATTE CENTRALE LATTE DI TORINO VICENZA Vicenza Turin Turin Carmagnola Carmagnola Rapallo Bardineto CENTRO LATTE FRASCHERI RAPALLO Turin Turin Carmagnola Rapallo Carmagnola Rapallo Bardineto

  5. Slide 5: Centrale Latte Vicenza acquisition

    Centrale Latte Vicenza acquisition On April 11 2002 Centrale del Latte di Torino & C. S.p.A. acquired ha acquisito la Centrale Latte Vicenza S.p.A. 2001 Data: - Revenues: 28,1 milion Euros - EBITDA: 841 thousand Euros - Shareholders equity: 9.1 milion Euros - PFN: 1.1 milion Euros - Employees: 61

  6. Slide 6: Centrale Latte Vicenza acquisition

    Centrale Latte Vicenza acquisition  April 11 2002 - Acquisition of CL Vicenza by a three-company partnership:con una Partnership a tre : CL Torino (leading partner), Granarolo e CL Brescia  Management fee from Granarolo e CL Brescia of approximately 478 thousand euros, net of acquisition expenses

  7. Slide 7: Centrale Latte Vicenza acquisition

    Centrale Latte Vicenza acquisition CENTRALE DEL October 24 2002: LATTE DI TORINO & C. S.p.a. MERGER BY 100% INCORPORATION CLAV OF CL VICENZA FINANZIARIA S.p.A. IN CLAV INDUSTRIA 82% CENTRALE DEL 18% LATTE DI VICENZA GRANAROLO S.p.a. S.p.a.

  8. Slide 8: Acquisition rationale

    Acquisition rationale ACHIEVEMENT OF STRATEGIC OBJECTIVES Growth by external lines, in accordance with objectivies stated during the IPO stage, to create an interregional pole in the fresh milk and derivatives producer market.

  9. Slide 9: Fresh milk: Highlights 2002

    Fresh milk: Highlights 2002 1) MARKET: price trend of milk purchases from producers 2) LEGISLATION: extension of “best-before” date of fresh milk 3) NEW TECHNOLOGIES: micro-filtration of milk

  10. Slide 10: Reference Market

    Reference Market Period January – July 2002 Italian market Piedmont Liguria Veneto VALUE VOLUME VALUE VOLUME VALUE VOLUME VALUE VOLUME FRESH MILK +15.0% +10.8% +2.3% -2.9% +7.0% +0.7% +4.5% +0.3% UHT MILK +3.6% +0.8% +19.4% +14.3% -1,7% -11.8% +4.9% +1.4% TOTAL MILK +9.8% + 5.2% +11.3% +7.9% +5.4% -

  11. Slide 11: Breakdown of main competitors

    Breakdown of main competitors FRESH MILK: Percentages for January-July 2002 - Market share by value (househlod consumption)) ITALY 100% = total sales Others 36.7 % Granarolo 20.7% Newlat Parmalat 1.4% Gruppo CLT * 37.2% 4.0% Source: IHA Italia – July 2002 * = Internal estimate

  12. Slide 12: Breakdown of main competitors

    Breakdown of main competitors FRESH MILK: Percentages for Januery - July 2002 - Market share by value (household consumption) PIEDMONT LIGURIA VENETO 100% = total sales 100% = total sales 100% = total sales Others Others Others Granarolo 41.9% 27.7 % 37.5% 11.7% Abit 25.2% Granarolo 7.8% Granarolo 1

  13. Slide 13: Breakdown of main competitors

    Breakdown of main competitors UHT MILK: Pecentages for January – July 2002 – Market share by value (household consumption) ITALIA 100% = totale commercializzato Others 28.6% Parmalat 32.0% Granarolo 14.9% Gruppo CLT * Sterilgarda Newlat 2.3% 4.5% Private Label 3.6% 14.1% Fonte: IRI – August 2002 * =

  14. Slide 14: Breakdown of main competitors

    Breakdown of main competitors UHT MILK: Percentages for January - July 2002 - Market share by value (househole consumption) PIEDMONT LIGURIA VENETO 100% = total sales 100% = total sales 100% = total sales Others Parmalat Parmalat 25.7% 21.7% Others Parmalat 44.5% Others 31.3% 32.6% 19.1% Granarolo 1

  15. Slide 15: Breakdown main competitors

    Breakdown main competitors YOGHURT: Percentages January - July 2002 - Market share by value (household consumption) ITALY 100% = total sales Gruppo CLT * Muller Parmalat 1.4% 12.6% Private Label 5,9% 7.2% Other s 24.7 % Granarolo Danone 4.4% 25.8% Yomo 18.0% Fonte: IHA Italia – July 2002 * = Interna

  16. Slide 16: Breakdown of main competitors

    Breakdown of main competitors YOGHURT: Percentages for January – July 2002 - Market share by value (household consumption) PIEDMONT LIGURIA VENETO 100% = total sales 100% = total sales 100% = total sales Gruppo CLT * Gruppo CLT * Muller Muller Others Parmalat Parmalat 2.3% Parmalat 1.8% 13.6% Privat

  17. Slide 17: Areas covered in 2002

    Areas covered in 2002 DIRECTLY Provinces of Turin, Genova, La Spezia, Vicenza, Verona, Padova, Treviso. INDIRECTLY Province of Turin (part), Asti, Alessandria, Cuneo, Vercelli, Aosta Savona, Imperia. MD Retail PIEDMONT Directly 750 3,235 Indirectly / 1,050 MD Retail LIGURIA Directly 447 2,053 SALES

  18. Slide 18: Areas covered in 2002

    Areas covered in 2002 DIRECTLY Provinces of Turin, Genova, La Spezia, Vicenza, Verona, Padova, Treviso. INDIRECTLY Provinces of Turino (part), Asti, Alessandria, Cuneo, Vercelli, Aosta Savona, Imperia. MD Retail PIEDMONT Directly 44.0% 49.6% Indirectly / 6.4% MD Retail LIGURIA Direttamente 39,2% 41.

  19. Slide 19: Breakdown of consolidated turnover

    Breakdown of consolidated turnover Turnover breakdown by type of product 31/12/2000 30/06/2002 31/12/2001 PRE VICENZA Others products Others products Others products 21.8% Bulk milk and cream 17.1% Bulk milk and cream 19.8% Bulk milk and cream 4.6% 3.2% 3.2% Yoghurt Yoghurt 2.9% 2.7% Yoghurt 2.7% UH

  20. Slide 20: Breakdown of consolidated turnover

    Breadkdown of consolidated turnover Turnover breakdown by type of product 30/06/2002* 30/06/2002** PRE VICENZA POST VICENZA Other products Other products Bulk milk and cream 21.8% 3.,2% Bulk milk and cream 20.9% 2.4% Yoghurt 2.7% Yoghurt 7.9% UHT milk Fresh milk UHT milk Fresh milk 21.1% 51.1% 24.0%

  21. Slide 21: FIOR DI BIO one year after the launch

    FIOR DI BIO one year after the launch  PRODUCT RANGE UHT Milk (2 varieties), Yoghurt (4 varieties), Butter, Mozzarella, Stracchino, Mascarpone, Orange juice, Extra-pure Olive Oil, Insalata IV Gamma (2 referenze)  DISTRIBUZIONE 1,350 sales outlets Piedmont and Liguria, covering channels TURNOVER 60

  22. Slide 22: FIOR DI BIO Project

    FIOR DI BIO Project FUTURE PLANS  Further broadening of the product range and distribution in areas where already present  Territorial expansion to include Veneto by means of Centrale del Latte di Vicenza  Advertising-promotional support for launch of new products and brand image and awereness

  23. Slide 23: IV Range Fresh Cut Products

    IV Range Frsh Cut Products INTERNATIONAL BACKGROUND  The IV Fresh cut Range refers to fresh market garden products and fruits, picked, washed, cut, packaged and ready for consumption  A concept launched in the USA in the ’60s and immediately successful  Launched in Europe in the early ’70s withou

  24. Slide 24: Fresh Cut products in Group Companies

    Fresh Cut products in Group Companies IV RANGE SALADS Torino Rapallo Frascheri Vicenza Inizio Distribuzione Febbraio 2000 Giugno 2000 Maggio 2001 Novembre 2001 Fatturato Anno 2000 1.141.000 394.150 0 0 Inc.% su Fatt. Azienda 2,8% 2,1% 0,0% 0,0% Fatturato Anno 2001 1.674.000 1.212.800 231.400 109.500

  25. Slide 25: Centrale Latte Vicenza

    Centrale Latte Vicenza STRENGTHS  Brand awareness  Marketing and sales synergies  Increased business importance in mass distribution  High growth potential for the newly-acquired company, given that its financial- asset situation progressively deteriorated over the 24 month-long sales procedure

  26. Slide 26: CL Vicenza: Brand awareness

    CL Vicenza: Brand awareness Brands of fresh milk and youghurt purchased in Vicenza and its Province (percentages based on consumer “sample”) Comune di Vicenza Totale Provincia di Vicenza 1° MARCA 2° MARCA 1° MARCA 2° MARCA FRES MILK Centrale Vicenza Latterie Vicentine Centrale Vicenza Latterie Vicen

  27. Slide 27: Turn-around strategy for CL Vicenza

    Turn-around strategy for CL Vicenza 1) STRENGTHEN THE SALES STRUCTURE BY HIRING:  A Sales executive (from November 1 2002)  A Key Account Manager  Two officials for training/control/replacement of distributors 2) CHANGE THE SALES SYSTEM FROM “BY ORDER” TO A “SALE-OR-RETURN” APPROACH

  28. Slide 28: Turn-around strategy for CL Vicenza

    Turn-around strategy for CL Vicenza 3) INTENSE, DIVERSIFIED MARKETING ACTIVITY:  Launch of new products  New flavours of yoghurt  New variaties of IV Range salads  New range of milk puddings and desserts  Line of Fior di Bio brand biological products  Investments : in advertising-promotion to:

  29. Slide 29: Turn-around strategy for CL Vicenza

    Turn-around strategy for CL Vicenza 3) INTENSE, DIVERSIFIED MARKETING ACTIVITY (continued):  Investments in advertising-promotion to:  Support the favourable distribution and sales growth trend for the IV Range salad line  Support the launch of new products  Public relations activity and sponsor

  30. Slide 30: Turn-around strategy for CL Vicenza

    Turn-around strategy for CL Vicenza 4) PLAN AND CONSTRUCT THE NEW VICENZA PLANT:  Planin aspects are currently being defined  Overall investment required: 10 milion Euros  Construction funded by a 4 milion euros mortgage loan  Capial expanditure for plant funded by means of leasing and medium-lo

  31. Slide 31: Strategie di turn-around della CL Vicenza

    Strategie di turn-around della CL Vicenza 5) IMPLEMENTAZIONE DEL NUOVO SISTEMA INFORMATIVO CON POTENZIAMENTO DELL’HARDWARE E COLLEGAMENTO E INTERFACCIAMENTO CON LA SEDE DI TORINO 6) INTRODUZIONE DI MINI-TERMINALI PER LA GESTIONE DEGLI ORDINI E DELLE BOLLE DI CONSEGNA

  32. Slide 32: Dati economici e finanziari consolidati / 1

    Dati economici e finanziari consolidati / 1 Dati in milioni di Euro VALORE DELLA PRODUZIONE 63.2 59.4 SEMESTRALE 46.9 13.3 (1) IMPATTO CL VICENZA 31.5 33.6 31 12 00 31 12 01 30 06 01 30 06 02 PRO-FORMA EBITDA SEMESTRALE 4.7 5.1 3.7 3.0 (1) IMPATTO CL VICENZA 0.6 3.1 31 12 00 31 12 01 30 06 01 30 06

  33. Slide 33: Dati economici e finanziari consolidati / 2

    Dati economici e finanziari consolidati / 2 Dati 2000, 2001 e 2002 da bilanci consolidati e relazioni semestrali di Centrale del Latte di Torino & C. S.p.A. EBIT (*) 1.9 Semestrale IMPATTO CL VICENZA 1.4 1.4 0.8 1.1 0.4 -0.2 0.8 1.1 0.6 1.0 0.6 0.5 0.2 -0.4 (1) 31 12 00 31 12 01 30 06 01 30 06 02 PR

  34. Slide 34: Dati economici e finanziari consolidati / 3

    Dati economici e finanziari consolidati / 3 Dati 2000, 2001 e 2002 da bilanci consolidati e relazioni semestrali di Centrale del Latte di Torino & C. S.p.A. (Valori in %) EBITDA/SALES EBIT/SALES (*) Semestrale Semestrale 9.7% 8.0% 4.4% 8.0% 8.1% 2.2% 2.2% 3.1% -1.4% (1) IMPATTO -1.6% (1)IMPATTO 31 1

  35. Slide 35: Dati economici e finanziari consolidati / 4

    Dati economici e finanziari consolidati / 4 CONTO ECONOMICO CONSOLIDATO 31 dicembre 2001, giugno 2001 e 2002 effettivo (Euro/milioni) 30.06.2002 (1) 30.06.2001 (2) 31.12.2001 (3) Ricavi delle vendite e delle prestazioni 40,11 31,33 62,71 Variazioni rimanenze (0,15) (0,05) 0,09 Altri ricavi 0,32 0,20

  36. Slide 36: Dati economici e finanziari consolidati / 5

    Dati economici e finanziari consolidati / 5 STATO PATRIMONIALE CONSOLIDATO 31 dicembre 2001, 30 giugno 2001 e 2002 effettivo (Euro/milioni) 30.06.2002 (1) 30.06.2001 (2) 31.12.2001 (3) Cassa e disponibilità 10,36 6,95 9,32 Altri titoli (non immobilizzazioni) 0,00 6,71 6,85 Azioni proprie 0,43 0,18 0

  37. Slide 37: Dati economici e finanziari consolidati / 6

    Dati economici e finanziari consolidati / 6 CONTO ECONOMICO CONSOLIDATO 31 dicembre 2001, giugno 2001 e giugno 2002 pro-forma (Euro/milioni) 30.06.2002 (1) 30.06.2001 (2) 31.12.2001 (3) Ricavi delle vendite e delle prestazioni 46,83 31,33 62,71 Variazioni rimanenze (0,23) (0,05) 0,09 Altri ricavi 0,

  38. Slide 38: Dati economici e finanziari consolidati / 7

    Dati economici e finanziari consolidati / 7 STATO PATRIMONIALE CONSOLIDATO 31 dicembre 2001, 30 giugno 2001 e 2002 pro-forma (Euro/milioni) 30.06.2002 (1) 30.06.2001 (2) 31.12.2001 (3) Cassa e disponibilità 5,16 6,95 9,32 Altri titoli (non immobilizzazioni) 0,00 6,71 6,85 Azioni proprie 0,43 0,18 0,

  39. Slide 39: Contatti

    Contatti Luigi Luzzati Presidente Centrale del Latte di Torino & C. S.p.A. Vittorio Vaudagnotti Investor Relator Via Filadelfia, 220 SOCIETA’ Tel. +390113240215 10137 Torino Fax +390113240300 www.centralelatte.torino.it [email protected] Banca Intermobiliare di Investimento Stefano

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