STAR CONFERENCE 2015 Milan

Transcription

1 STAR CONFERENCE 2015 Milan

2 Elica Corporation Today N#1 Player Worldwide in Hoods 2014 Turnover M > 3500 Employees 2

3 19 Mln Hoods + Motors Cooking Net Sales: Own Brand 41% Client Brand 59 % 2 & 3 Player produce respectively 25% & 50% less than Elica 3

4 Unique world wide player Elica Corporation Industrial Sites: 8 4

5 Elica Equity Story Cooker Hood WW Leader MS 13% M M Americas Start in 2006 Market Share15% 653 employees Europe Start in 1970 M Market Share 32% 2,273 employees Asia* Start in 2002 Market Share 3% 573 employees Opportunities to growth inside and outside Europe * Rest of the World Revenues included 5

6 2014/2015 Elica sloughs off its skin NEW MARKETS NEW PRODUCTS RE-ORGANISATION 6

7 New Sales Organizations to Capture the Market FRANCE New Sales Organisation POLAND New Sales Organisation MEXICO New Sales Organization APAC New Sales Organisation 7

8 New Product Innovation NEW DESIGN STREAM SYSTEM MARIE 8

9 New Design Products launched in Eurocucina are 63.3% of the Q4 growth* Marginality Level of Products launched +4 p.p.* * Data refers to Q4 Net sales and Product margin of the market areas where the product have been launched 9

10 The STREAM System Connectivity 10

11 From Kitchen to Living Environment Care Elica yesterday... Elica Today.. In the Kitchen In the House and Office 11

12 SNAP The first AIR ACTIVE BALANCER 3 sensors that act both independently and in combination between them Air Quality Sensor Humidity Sensor Temperature Sensor 12

13 App Control SNAP User friendly Immediate visual feedback Easy interaction 13

14 Vodafone Italy Partnership Starting from FIRST STEP APP development for SNAP data and functions remote management SECOND STEP Development of M2M SNAP version, supported by a Vodafone SIM 14

15 2,700 units sold in the first month 15

16 Handmade in Germany for high-end German Market UNIQUE GERMAN HANDMADE TAILORMADE FOR PERFECTION ADVANCED PERFORMANCES 16

17 GUTMANN Focus Acquired in November 2008 Acquisition TARGET reached : Increase Own brand sales in the high-end, high margin segment; Leverage on Gutmann s sales network to develop Elica brand sales in German area; Leverage Elica s network to boost Gutmann s export sales in Italy Now we need to accelerate GUTMANN Growth 17

18 Becoming less Italian and more International Organisation Elica Corporation Employees Evolution 2,595 3,499 36% 79% ITALY 64% RoW 21%

19 Elica WCM: our route to excellence Safety Approach: 0 injuries in Today Italian N#1 Motors Player Division since Worldwide 2012 in Hoods Assembly Operations: 25 % increase of productivity in WCM Lines* Transformation cost 3500 reduction: Employees up to 6% in Italian Hoods and Motors Divisions (YOY) *Data refers to production and assembly line in Mergo, Castelfidardo and Elica Group Polska 19

20 R&D Strengthening CEO PRODUCT DEVELOPMENT CEO direct reporting ELECTRIC & ELECTRONIC DEVELOPMENT PRODUCT RE-ENGINEERING ADVANCED ENGINEERING & INNOVATION PROGRAM MANAGEMENT HOODS PRODUCT DEVELOPMENT STRATEGIC EXTERNAL RESOURCING PRODUCT ENGINEERING & PROJECT MANAGEMENT ASIA LABORATORY HOODS MOTOR DEVELOPMENT INDOOR AIR QUALITY & COOKING SYSTEM PRODUCT DEVELOPMENT MEXICO PRODUCT DEVELOPMENT CHINA Function Strengthening: 8 people (5 in 2013) NEW Function: 4 people Mission: Developing Beyond the Core Products and iot solutions 20

21 2 Star Conference 2015 Our Inspiration: Innovation from Physics Laws Ducting air channels to reduce Vortexes EFFICIENCY Big Wheels to reduce energy consumption NOISE Well-shaped curves for high air penetration PERFORMANCE 21

22 Our Approach: «Cross Fertilization» Lateral shaped Channels on Nose FDE Fluidodynamic Efficiency NOISE Fan diameter Up to 180 mm SUCTION POWER High rounded Shoulders 22

23 Not Only Cooker Hoods: Energy Saving Road-Map In view of new ErP* regulation introduction, starting 2015, developed top-in -class energy saving Hoods and Motors is a strategic advantage 23

24 Motor Business New Organisation Dedicated division organization with full focus on the business : lean, keeping synergies and no additional costs MAIN CHANGES Engineering, Job Analysis and Supplier Quality moved to Technical Dept Purchasing and Logistics dedicated and internal to the BU Quality Manager functional responsibility on customer, supplier, plant, incoming quality CEO Motors Division Director Quality HR Commercial & Customer Service Technical Procurement Operation IT Motors Operation PL Motors 24

25 2014 Cooker Hoods Industry Unit Shipments* Volume Data_Change % vs Y-1 12M 14 Western Europe Eastern Europe (including CIS) Europe North America Latin America Americas Rest of the World World (0.4)% (0.1)% (0.2)% 4.6% (2.6)% 1.4% (3.1)% (1.6)% * Elica Group Estimates 25

26 Elica Sales Trend 12M 14 Sales Trend vs. 12M 13 Cooking without FX +0.7% (-0.2%), - Own Brands: increase 3.2% without FX (+1.3%) Europe 12M 14 (1.0)% w/o FX (0.6)% - Client brands: decrease -0.9% without FX (-1.2%), top OEMs fast growing Americas 2.9% 3.1% Electric Motors increase (+1.3%) except for heating segment Rest of the World Total 2.2% 0.0% 5.6% 0.8% 26

27 12M 14 Consolidated Income Statement M Before Restructuring Costs 12M 14 After Restructuring Costs 12M 13 Q3 13 Before Restructuring Costs After Restructuring Costs Δ% Before Restructuring Costs Δ% After Restructuring Costs Net Sales EBITDA % EBIT % Net Result % EPS* Euro cents % % 7.9% 7.1% 7.4% 5.8% 0.5 p.p % 3.6% 2.9% 3.3% 1.8% 0.3 p.p % 1.8% 0.9% 1.6% 0.4% 0.2 p.p (1.9)% 0.0% 22.2% 1.3 p.p. 63.8% 1.1 p.p % 0.5 p.p. 91.0% * EPS as at December 31 is calculated by dividing the Net Result pertaining to the Group by the number of ordinary shares outstanding, excluding treasury shares at the same data. 27

28 Net Working Capital as of December, 31 M 12M 13 12M 14 12M 13 9M 14 12M 12** 12M Δ12M 14/ 13 Trade receivables % on annualized sales % % % (11.0) (2.8) p.p. Inventories % on annualized sales % % % p.p. Trade payables % on annualized sales (88.2) (90.4) (85.5) 2.7 (22.5)% (23.1)% (21.8)% (0.7) p.p. Managerial Working Capital % on annualized sales % % % (8.5) (2.1) p.p. Short term assets & liabilities % on annualized sales (11.9) (15.2) (13.2) (1.4) (3.0)% (3.9)% (3.4)% (0.3) p.p. Net Working Capital (7.1) % on annualized sales 5.4% 6.0% 7.2% (1.8) p.p. 28

29 Consolidated Cash Flow as of December, 31 M Q4 14 Q M 14 12M 13 Operating Cash Flow CapEx (3.3) (2.0) (15.3) (14.0) Cash Flow before financial activities Financial operations & others (0.1) (0.9) (3.9) (3.2) Cash Flow to shareholders

30 Consolidated Balance Sheet as of December, 31 M Net Operating Fixed Assets Net Debt (Cash) Net Working Capital Group Equity Minorities Net Financial Assets (0.5) 1.6 Total Shareholders equity Assets/Liabilities of discontinued operations Net Capital Employed Total Sources

31 Net Financial Position Evolution NFP 12.5% MWC % * 11.9% 10.7% 10.0% 11.6% 10.4% 10.8% 10.5% 11.3% 10.3% 9.9% % Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4' 13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 * Managerial Working Capital 31

32 Performance Development & Guidance 2015 M Revenue +1%/3% +7%/14% EBITDA* M A 2013A 2014A 2015E 2012A 2013A 2014A 2015E 50 M PFN ROCE* 10.7% % 7.4% 8.4% 9.5% A 2013A 2014A 2015E * Before Restructuring Costs 2012A 2013A 2014A 2015E 32

33 Expected External Environment Impact on Business Dimension Market Outlook FX Impact on Net Sales EUROPE 0.0% 2.0% AMERICAS 3.0% 5.0% ASIA -1.0% 1.0% USD + + CNY + INR + RUB MAIN DEVIATION - - Raw Material Costs Impact Copper Iron Steel Alu MAIN DEVIATION ** Elica Group Estimates 33

34 2015 key EBITDA drivers evolution Volume/Price/Mix Currency Cost efficiency H1 15 = Production efficiency + + = H EBITDA* % * Before Restructuring Costs 34

35 Conclusion General macroeconomic indicators improved across the line Market demand is expected to grow in 2015 Our growth will be mainly driven by America and Asia The structural actions taken the last years will boost the EBITDA improvement The investment done in the brand business and Innovation will continue to pay-off 35

36 Disclaimer This presentation contains forwards-looking information and statements about Elica S.p.A and its Group. Forwardlooking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Although the management of Elica S.p.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Elica are cautioned that forward-looking information and statements are subject to various risk and uncertainties, many of which are difficult to predict and generally beyond the control of Elica S.p.A.; that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking statements. These risks and uncertainties include, but are not limited to, those contained in this presentation. Except as required by applicable law, Elica S.p.A. does not undertake any obligation to update any forward-looking information or statements. 36