Q1 2018 Results

Monday 7th of May, 2018

Q1 2018 Highlights

Market demand growing 1.8% vs Q1 2017
Elica Reported Sales +0.3% vs Q1 2017
+2.7% vs 2017 excluding Gutmann 2017 divestiture effect
+6.0% vs 2017 Net FX
EBITDA 9,7 M€ (+10.5% vs Q1 2017) @ 8.1% on Net Sales (+50 b.p. vs Q1 2017)
EBIT 4,8 M€ (+31.0% vs Q1 2017) @ 4.0% on Net Sales (+90 b.p. vs Q1 2017)
Pipeline of new products to strengthen growth in "Own Brand" business
Enthusiastic customer feedbacks and high visibility @ Eurocucina fair

Q1 2018 - Cooker Hoods Industry Units Shipments

Volume Data Change % vs. Y-1	FY '17	Q1 '18
EMEA	3.1%	1.8%
AMERICAS	2.7%	2.3%
ASIA	2.1%	1.6%
WORLD	2.5%	1.8%

Main Trends

EMEA

Europe slight positive demand. EE is the main contributor especially thanks to Russia. WE deceleration is due to German market stagnation and UK Brexit uncertainty.

AMERICAS

NA keeps showing a slower growth comparing with previous period. Demand remains slight positive in LA.

ASIA

Asia-Pacific begins to accelerate, while China is ceding the fastest-growing title to India.

Q1 2018 - Sales Key drivers

Sales Performance
Change vs. Y-1	€M	%
Divestiture	(2.8)	(2.3)%
Vol/Price/Mix	7.1	5.9%
Currency	(3.9)	(3.3)%
Total	0.4	0.3%

6% YoY growth @ constant Exchange Rates & restated sales perimeter

Q1 2018 - Consolidated Income Statement

€M	Q1 '18	Q1 '17	%
Net Sales	118.9	118.5	0.3%
EBITDA Adj	9.7	9.0	8.0%
%	8.1%	7.6%	50 b.p.
EBITDA	9.7	8.8	10.5%
%	8.1%	7.4%	70 b.p.
EBIT	4.8	3.6	31.0%
%	4.0%	3.1%	90 b.p.
Net Result	1.8	1.0	84.9%
%	1.5%	0.8%	70 b.p.
EPS* – Euro cents	1.64	1.52	7.9%

* EPS as at March 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.

Q1 2018 - Profitability Key drivers

Change vs. Y-1	Q1 2018
Volume/Price/Mix	+++
Operations efficiency	+
Currency	-
Cost efficiency	--
EBITDA Adj	0.7

Price/Mix and operational efficiency completely offsetting Raw Materials cost increase

5th QTR of solid performance growth

Q1 2018 - Net Working Capital

€M	12M'13 Q1 '18	12M'13 Q1 '17	Δ
Trade receivables % on annualized sales	76.2 16.0%	77.5 16.4%	(1.3) (40) b.p.
Inventories % on annualized sales	76.8 16.1%	75.0 15.8%	1.8 30 b.p.
Trade payables % on annualized sales	(123.0) (25.9)%	(122.3) (25.8)%	(0.7) 10 b.p.
Managerial Working Capital % on annualized sales	29.9 6.3%	30.2 6.4%	(0.3) (10) b.p.
Short term assets & liabilities % on annualized sales	(8.6) (1.8)%	(12.0) (2.5)%	3.4 70 b.p.
Net Working Capital % on annualized sales	21.3 4.5%	18.2 3.8%	3.1 70 b.p.

Q1 2018 - Consolidated Cash Flow

€M	Q1 '18	Q1 '17
Operating Cash Flow	1.8	0.8
CapEx	(4.0)	(7.4)
M&A operations	0.0	0.0
Cash Flow from Financing Activities	(2.4)	(2.8)
FX impact on NFP	0.4	0.7
∆ Net Financial Position	(4.2)	(8.8)

Q1 2018 - Consolidated B/S

	2018	2017		2018	2017
Net Operating Fixed Assets	156.1	161.8	Net Financial Position	73.0	69.5
Net Working Capital	21.3	18.2	Group Equity	101.2	108.2
			Minorities	4.4	4.2
Net Financial Assets	1.2	1.9	Total Shareholders' Equity	105.6	112.4
Net Capital Employed	178.6	182.0	Total Sources	178.6	182.0

Product update: Hoods

Ceiling

Traditional

Achieve the absolute Silence

Product update: Cooking

And a world first

Current Range New Products

Cooking range extension: from 2 to 8 models

Elica Q1 2018: Takeaways

Market Demand growing
5 th QTR in a row of solid performance growth
New break-trough products range and various strategic initiatives to strengthen growth and profitability
"Own Brand" business constantly growing
Enthusiastic customer feedbacks and high visibility @ Eurocucina fair

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 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.

Elica Investor Relations

Giulio Cocci - Group Controlling & Investor Relations Director

Francesca Cocco – Lerxi Consulting – Investor Relations

Tel: +39 (0)732 6104205

E-mail: [email protected]

Image Building

Simona Raffaelli, Lidy Casati e Vanessa Corallino

Tel: +39 (0)2 89011300