De'longhi S.p.a. · MIL:DLG
De'longhi — H1 2012 Earnings Presentation
20 slides from De'longhi's earnings presentation, September 2012
Slide 1: The Group H1 2012 results
Th G The Group H1 2012 results lt IInvestor t Relations R l ti September 2012
Slide 2: Disclaimer
The Group H1 2012 results Disclaimer For the ppurpose p of p providing gggreater details,, in some cases we mayy refer to management accounts’ figures (instead of reported figures), as expressly indicated in the footnotes of the relevant pages. 2011 data indicated as “pro-forma” were restated to tak
Slide 3: Table of Contents
Table of Contents The H1 2012 results Latest developments 3
Slide 4: Results overview
The Group H1 2012 results The H1 2012 results overview A positive performance in terms of sales growth (+9.4%) in the first half 2012, thanks to: double digit growth in coffee makers and kitchen machines emerging markets growth unabated; main reference markets, with the exception of Mediterran
Slide 5: Results: sales and net industrial margin
The Group H1 2012 results The H1 2012 results: sales and net industrial margin EUR million H1 2012 H1 2011 Change H1 2012 - H1 2011 pro-form a Sales , 644,4 589,0 , 55,4 , 9,4% Net Ind. Margin 305,3 277,3 28,1 10,1% % of sales 47,4% 47,1% +31bp Sales were up by 9.4% in H1 2012; the net industrial
Slide 6: Results: performance by quarter
The Group H1 2012 results The H1 2012 results: performance by quarter Eur million Net Sales 330,0 326,7 317,7 320,0 310,0 301,1 , 300,0 287,8 On O a quarterly t l basis b i there th h been has b a 290,0 280,0 constant improvement in Q1 and Q2 270,0 260,0 Sales were up +10.4% in Q1 and Q1 Q2 +8.5
Slide 7: Results: EBITDA and EBIT adjusted
The Group H1 2012 results The H1 2012 results: EBITDA and EBIT “adjusted” EUR million H1 2012 H1 2011 Change H1 2012 - H1 2011 pro-form a EBITDA 82,2 , 72,2 , 10,0 , 13,8% before non recurring items % of sales 12,8% 12,3% +50bp EBIT 66,1 , 58,0 , 8,0 , 13,9% before non recurring items % of sales 10,
Slide 8: Results: EBITDA, EBIT and Net Profit
The Group H1 2012 results The H1 2012 results: EBITDA, EBIT and Net Profit EUR million H1 2012 H1 2011 Change g H1 2012 - H1 2011 pro-form a EBITDA 74,2 70,7 3,6 5,0% % of sales 11 5% 11,5% 12 0% 12,0% -48bp 48b EBIT 58,2 56,5 1,6 2,9% % of sales 9,0% 9,6% -57bp Net Profit 32,3 30,3 2,0 6,5% pertain
Slide 9: Results: sales breakdown by product
The Group H1 2012 results The H1 2012 results: sales’ breakdown by product(1) H1 2011 sales breakdown by product H1 2012 sales breakdown by product other el. heating 3,2% other 2 9% 2,9% el. heating 3,3% mob. a/c- 2,4% treatm. coffe mob. a/c- 13,0% makers treatm. 35,6% 12,2% coffe makers 37,2% ironi
Slide 10: Results: sales breakdown by market
The Group H1 2012 results The H1 2012 results: sales’ breakdown by market(1) H1 2011 sales breakdown by market H1 2012 sales breakdown by market Rest of Europe Rest of Europe Other East East. Eu. Eu Other East East. Eu. Eu 21,8% , 25 0% 25,0% 3,5% 3,9% Ex-URSS Japan 6,3% Japan Ex-URSS 2,9% 2,2% 6,8%
Slide 11: Results: the debt position
The Group H1 2012 results The H1 2012 results: the debt position EUR million H1 2012 H1 2011 Change H1 2012 - H1 2011 pro-form a Net Working Capital 233,1 172,8 60,3 q y Net Equity 575,4 , 477,4 , 98,0 , Net Financial Position 207,8 (before capital contribution to Professional division) Net Financia
Slide 12: Results: the 6m cash flow performance
The Group H1 2012 results The H1 2012 results: the 6m cash flow performance Eur million 80,0 60,0 - 40,0 52.2 (33.7) 20,0 , (76.4) 65.5 0,0 (49.3) -20,0 61,7 Eur -40,0 (42.2) m (0 5) (0,5) -60,0 -56, cash flow cash operating from changes in changes in AR/AP capex dividends other equity currentflow o
Slide 13: Results: the 12m CF performance
The Group H1 2012 results The H1 2012 results: the 12m CF performance Eur million 180,0 150,0 (41.2) 120,0 (45.2) 90,0 171.0 60,0 (59.2) 30,0 Eur +17.4m (49.3) 0,0 41.4 -30,0 -60,0 cash flow from operating cash changes in changes in AR/AP capex dividends other equity current flow operations inventor
Slide 14: The Group H1 2012 results
The Group H1 2012 results The H1 2012 results Latest developments 14
Slide 15: Latest developments: closing of the Braun deal
The Group H1 2012 results Latest developments: closing of the Braun deal On August 31st 2012 (effective September 1st 2012), 2012) De De’Longhi Longhi finalized a perpetual licensing agreement for the Braun brand with P&G for small kitchen appliances, ironing systems and selected household applian
Slide 16: Braun: one of the most popular brands globally
The Group H1 2012 results Latest developments: closing of the Braun deal One of the most popular brands globally 0% Braun Brand Awareness by Country 100% Spain 92% Brand B d awareness att the th Germany 90% highest levels not only in the reference markets Italy 78% (only Philips has similar results)
Slide 17: Opportunity to extend the offer beyond current products
The Group H1 2012 results Latest developments: closing of the Braun deal A clear opportunity to extend the offer beyond current products 0% Products associated with Braun (ex. Spain) 100% H.Blenders 80% Steam irons 75% Iron stations 55% Breakfast 60% Drip Coffee 65% Braun is perceived as a Espresso
Slide 18: Latest developments: the production facilities
The Group H1 2012 results Latest developments: the production facilities The existing production platform... On Shiu TCL-DL JV Mignagola (Italy) Zass-Alabuga (Russia) (Zhongshan – China) (Zhongshan – China) ...is enhanced with new, state-of-the-art plants New Tricom (Dongguan – China) Cluji (Romania
Slide 19: Latest developments: funding the new investments
The Group H1 2012 results Latest developments: funding the new investments In order to finance the new investments and the Braun acquisition, the Group has put in place a financing package, including: 2 unsecured bank loans, with a final maturity of 5 years, for a total amount of Eur 80 million
Slide 20: Thank you
thank you Contacts: Fabrizio Micheli Finance Director & IRM T: +39 0422 413235 Marco Visconti Investor Relator T: +39 0422 413764 [email protected]