2009 Q1 Results - Elica Corporation

2009 Q1 Results
May 14, 2009
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Q1 ‘09 – Cooker Hoods Industry Unit Shipments*
Change % vs. Q1 ‘08
Western Europe
Eastern Europe
(including CIS)
-25%
-40%
Europe
-31%
North America
-30%
Latin America
-15%
Americas
-25%
Rest of the World
-15%
World
-23%
* Elica Group estimates
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Q1 ‘09 – Highlights
Weak market: negative trend as Q4 2008
- low sales
- downturn in Group’s most profitable markets
- negative mix – consumer trading down
Temporary shutdowns of production to adjust inventories
Good operating cash flow
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Q1 ‘09 – Consolidated Income Statement
M€*
Net Sales
Q1 ’09
Q1 ’08
Δ%
82.3
101.7
-19.0%
4.4
6.6
5.3%
6.4%
0.2
2.3
0.3%
2.3%
2
1.9
%
2.4%
1.9%
EPS** – Euro cents
3.47
3.25
EBITDA
%
EBIT
%
Group Net Result
%
-33.6%
-91.2%
2.4%
6.7%
* 2008 figures restated after discontinuation of “ACEM” and 2009 figures include Gutmann consolidation
**EPS as at March 31, is calculated by dividing the Net Result pertaining to the Group by the number of ordinary
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shares outstanding, excluding treasury shares at the same data.
Q1 ‘09 – Elica Sales Trend
Change % vs. 2008*
• Cooker Hoods
- Overall better than market
- Own Brands: decrease (-2.4%) due
mainly to CIS area, overall gaining
share in Europe. High-end segment
better than market (-8.5%).
- Client brands: decrease (-20.6%) with
growing market share in Top OEMs
and customers portfolio rationalization of
low margin/credit risk ones
• Strong decrease of Electric Motors
(-33.4%)
Q1’09
Europe
-19.2%
Americas
-21.5%
Rest of the World
-13.6%
Total
-19.0%
* 2008 figures restated after discontinuation of “ACEM” and 2009 figures include Gutmann consolidation
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Net Working Capital and Net Financial Position as of March 31
M€*
• Tight credit control in a
tough environment
• Decrease of inventories
• Close payables
management control
despite a strong
decrease
Q1’09
Q1’08
Δ
Net Working
Capital (Managerial)
53.2
56.7
3.5
% on annualized sales
16.1%
14.0%
2.1 pp
Net Debt (Cash)
36.8
8.1
28.7
* 2008 figures restated after discontinuation of “ACEM” and 2009 figures include Gutmann consolidation
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Consolidated Balance Sheet as of March 31
M€*
2009
2008
109.7
88.1
Trade receivables
84.6
108.4
Inventories
46.7
60.8
(78.1)
(112.5)
(5.4)
(3.2)
Net operating fixed
assets
Trade payables
Short term assets &
Net Debt (Cash)
Group equity
Minorities
2009
2008
36.8
8.1
121.9
136.3
1.8
1.2
123.7
137.5
160.5
145.5
liabilities
Net Working Capital
47.7
53.5
% on annualized sales
14.5%
13.2%
Net financial assets
3.1
3.2
Asset/Liabilities of
discontinued operations
0.0
0.7
160.5
145.5
Net Capital Employed
Total Shareholders’
equity
Total Sources
* 2008 figures restated after discontinuation of “ACEM” and 2009 figures include Gutmann consolidation
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Consolidated Cash Flow
M€*
Q1’09
Q1 ’08
1.9
(2.9)
CapEx
(3.4)
(2.2)
Cash Flow before
financial activities
(1.5)
(5.1)
Financial operations &
others
(0.4)
(6.2)
Cash Flow to
shareholders
(1.9)
(11.3)
Operating cash Flow
* 2008 figures restated after discontinuation of “ACEM” and 2009 figures include Gutmann consolidation
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Net Financial position as of March 31 2009
M€*
Long-term financial
liabilities
Cash, bank
deposits and
marketable
securities
(8.2)
7.3
Short-term
financial liabilities
37.7
Total Financial
Liabilities
45.0
Net Debt (Cash): 36.8 M€
* 2008 figures restated after discontinuation of “ACEM” and 2009 figures include Gutmann consolidation
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Manufacturing delocalisation
Hoods volume allocation Q1
Low Cost
13%
Countries
Western
Europe
87%
2008
27%
73%
2009
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Cooker Hoods revenues breakdown
Value data Q1*
OWN
26%
30%
74%
70%
2008
2009
BRAND
CLIENT
BRAND
* 2008 figures restated after discontinuation of “ACEM” and 2009 figures include Gutmann consolidation
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New product launches
Own brands
Local Russian brand
of Elica Group
Finestra
Onda
Client brands
49 new products,
for 6 OEM clients
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Awards
Elica wins Top Employers reputation from CFR, an international organization that evaluates the best
business practices in 10 countries.
Elica was selected among the most attractive companies to work in.
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Brand building: Events
Milan, January 14
“Elica and Lagostina: serving up
innovation together!”
Elica Showroom hosted the presentation of Lagostina’s
new collection with a real time cooking show made by
chef Csaba Della Zorza.
During the event the photgrapher Steeve Iuncker
presented his book “Pasta”.
Elica invited retailers and press
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Brand building: Events
Mexico City, March 26
“Casa Italiana Messico”
Elica takes part in “Casa Italiana Messico”, a project
organized by ICE (Italian Insitute for foreign trade) to
promote the Made in Italy of Design in Mexico.
Elica presented Grace by Elica Collection.
The exhibition continued until May.
Target: designers, architects, press
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Brand building: Fairs
Bad Salzuflen, Germany
February 9 – 12:
“Z.O.W. and Focus Kuche & Bad”
Elica’s top products such as OM Special Edition,
Victoria, Gold and Black Stream, Ola and Vogue Metal
were exhibited in a 60 m2 stand.
Elica sent 200 invitation’s mails to german customers,
architects, retailers, press.
Elica registered about 150 contacts
SADECC, Lyon Eurexpo
March 15 – 17:
“Le salon professionnel pour le
développement de la cuisine &
des cuisinistes”
Elica exposed products such as OM Special Edition,
Star, Gold and Black Stream, Ola and Horizonte.
Elica invited customers, architects, retailers, press.
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Brand building: New advertising campaign
“The future is not what it used to be”
Vogue leather
OM Special Edition
The future of hoods is breakthrough product innovation: sophisticated and silent aspiration
technology, surprising new materials such as leather and blown glass, “magical” moving
parts that reveal the hood only when it’s needed
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Brand building: Elica web-sites
www.elicagroup.com
www.elica.com
www.elicacollection.com
www.turboair.com
60.000 visits/month
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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.
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