Investor Presentation • Mar 21, 2017
Investor Presentation
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Forward-thinking solutions to leverage the fourth industrial revolution
ZBIESSEGROUP STAR Conference
DI
Biesse Group is a global leader in the technology for processing wood, glass, stone, advanced materials and metal. Founded in Pesaro in 1969 by Giancarlo Selci, the company has been listed on the Italian Stock Exchange (Star) since
June 2001. Starting from October 2015 Biesse is included in the Mid-Cap segment.
THINKFORWARD is all about Biesse Group's ability to innovate and provide integrated solutions that are sophisticated but easy to use, allowing our customers to produce more, better and at a lower cost. It encourages us to look ahead before deciding how acting today.
Who we are Our values Business Model
多BIESSEGROUP
Our purpose Our beliefs $\Gamma$ How Where With We
Biesse Group / Who we are
"...back when we were simply producing machines, I was talking with a dear friend, and realised that the rough, imprecise way he was working was ineffective, and above all, dangerous to his personal safety. At that moment. I recognised a need for change, and immediately understood that we could do something we could introduce innovative new ways of working, automate processes, and above all, create safer working conditions.
A new kind of machine was about to be born".
Generarlo Sele
Founder and CEO
Biesse Group / Who we are Our beliefs
We believe in challenging standards, in thinking forward and in acting differently. Creating advanced technologies and beautifully-designed solutions is the key to transforming our beliefs into real value.
We manufacture machines and components for wood, glass, stone, advanced materials and metal processing through specialised business units and 9 manufacturing sites in Italy and worldwide.
production sites
Growing investments in R&D have enabled us to create software programs that have simplified the management of CNC machines, improving our customers' processes revolutionizing market standards.
More than
200
patents registered
We support our colleagues everywhere in the world, using the most advanced management, sales and support system. Our global network enables us to be always close to our customers.
More than
SZRIES
subsidiaries and representative offices
selected distributors
Customers in 120 countries: manufacturers of furniture, design items and door/window frames, producers of elements for the building, nautical and aerospace industries.
"Strength lies in differences, not in similarities" (Stephen Covey)
employees throughout the world (temporary workers included) are our Human Capital
多BIESSEGROUP
Biesse Group / Our values
Innovation is the driving force for the way we do business, continuously striving for excellence to support our customers' competitiveness.
Innovation is hard-wired in our DNA. Past, present and future.
ZBIESSEGROUP
Biesse Group / Our valu
$\mathbb Z$ Fairness to all stakeholders $\leq$ Mutual trust and transparency $\nabla$ Unrestricted and clear communications
$\leq$ Sharing of knowledge and experience
ZBIESSE
Biesse Group / Our values
ZBIESSEGROUP
A virtuous circle of excellence for a constant growth
Revenue
Profit
$02$
Cash
$03$
Wood
Stone
bSoft (software)
Metal
Plastic & Advanced Materials
ZBIESSEGROUP
Products Footprint Distribution Customers
Systems
We create engineered
solutions, from plant
design to production,
implementation.
installation and
maintenance
02
WOOD
STONE
METAL
01
04
Machines
manufacture and distribute a comprehensive range of machinery and technologies for processing wood, glass, stone and advanced materials
We manufacture custom made blends of diamonds and alloy tools for glass, stone and synthetic materials processing, which have been developed and field tested to meet customer requirements
We design, manufacture and deliver high-tech mechanical and electronic components for machinery INDUSTRY 4.0 ready.
03
Biesse Group / Business Model
Joiners Makers of large furniture items Windows and doors Wood building companies and manufacturers Glass workers Marble workers Windows Furniture Kitchen manufacturers
Machinery producers: Wood Aluminum Plastic Metal Advanced Materials
Strategy & Results Products Solutions Customer Experience
Strategy & Results
Where we are / Strategy & Results
Net $\sqrt{618,5}$
Sales $\sqrt{\frac{2}{5}}$
$\sqrt[4]{55,1}$
Net 29,5
Result €/mln
EBIT
$(493,2)$ Order
Intake
75,8
$12.3°$ on Net Sales
EBITDA €/mln
$\phi_c$
$\overline{\text{Net}}$ 44,9 $\n f/mln$ Position
Where we are / Strategy & Results
Where we are / Strategy & Results
ZBIESSEGROUP
Where we are: business plan update
Exceeding targets Wood Housing Glass & Stone Mechatronics Tooling Advanced Materials
Best-in-class Alignment
Rover A Smart Rover K Smart Rover M5 Brema Eko 2.2 Selco WN 2 Selco SK3 Viet Opera R Stream AK Stream K Winner W4
Uniteam has specialized in the design and manufacture of multi-axis machines for wood construction materials, machining of advanced materials and a range of other special applications from automotive to prototyping.
Working together to broaden their product range and to push territorial boundaries.
ZBIESSEGROUP
Technologies for the machining of solid wood beams and panels for any wooden structure used in building wooden frame houses, wooden panel houses, prefabricated buildings and playgrounds.
The Housing technologies include: Rover range WinLine range Uniteam range
Technology news
Glass Master series - Glass Genius CT-RED series
Stone Master series - Stone Mastersaw 625 DT
ZBIESSEGROUP
ES505 ES575 ES511 Electrospindles dedicated to metal and composite material processing on CNC machine tools HS610 HS810
Two-Axis-heads dedicated to metal pro CNC machine tools
ES951 e-CORE range extension loT ready Electrospindles dedicated to wood and aluminum processing
Swave KCX DMV/504 New Flash Tools for technical materials ZBIESSEGROUP
Technology news
Materia FC Materia CL Materia LD Materia MR Rover Plast M5 Brema Plast Eko 2.1
Exceeding targets Service Systems bSuite achievements
One-stop Shopping 2016 service Results systems bSuite + solutions
ZBIESSEGROUP
ZBIESSE
ZBIESSE
More than
Systems installed worldwide, reached in 2016
$\mathbf{r}$
ZBIESSEGROUP
A complete platform fully implemented
The single, integrated platform to manage all machine processes has been fully implement on machines.
Where we are: business plan update
ZBIESSEGROUP
Exceeding targets Close to customers Feeling the products Predicting customer needs IIoT with Accenture & Microsoft
Revenues in North America in 2016 $+18,4$ mln/ $\epsilon$
$+4$
New Local
Branches
Revenues in ASIA in 2016 $+26,7$ mln/ $\epsilon$
Revenues in Western Europe in 2016 $+72,6$ mln/ $\epsilon$
8.000 Demos in 2016
H
Discovering our factories
HSD: a 4.0 factory Manufacturing Lab Training Academies
Charlotte NC, USA
Investing Expanding Customer care ZBIESSEGROUP
Digital
SSEGROUD
War
Z IJESSE
Exhibitions
ZBIESSEGROUP
Inside events
one2one events & Tech Tour
ZBIESSEGROUP
Where we are / Customer Experience
Pesaro, Italy April, 16th 2016
Major Customers International Press Institution al figures, with the special
participation of the Minister Boschi
A new step towards the Factory of the Future "For us 4.0 is not simply a number representing the so-called new industrial revolution, but a real commitment toward our customers to allow them, to achieve the highest level of efficiency" Federico Broccoli (Wood Division Director / Sales)
Desian
$\overline{\phantom{0}}$
$\bigcap$ Materials
成
03 Production
[ Shape & Installation Software
Materials Innovation
Digital Manufacturing Machines
Industry 4.0
Biesse is collaborating with Accenture & Microsoft on an Industrial Internet of Things (IIoT) project to deliver new services to its customers and augment the aftermarket business.
The flexible range of services serves to improve machine productivity and customer satisfaction by minimizing machine outages through predictive maintenance and in-depth analytics.
Based on the pilot's success, the company plans to roll out services encompassing 10,000 machines. Biesse's advanced IIoT capabilities delivers more control over its machines and overall competitive differentiation.
Continuous Growth More products More solutions More Customer Experience
Wood Division Estimated CAGR 2017-2019
$12%$
G&S Division Estimated CAGR 2017-2019
$11%$
Mechatronics Division Estimated CAGR 2017-2019
$12.$
Tooling Division Estimated CAGR 2017-2019
$92$
A.M. Division Estimated CAGR 2017-2019
$\frac{1}{6}$
$\mathcal{L}_{\%}$
Market Estimated CAGR 2017-2019
Market Estimated
CAGR 2017-2019
$5%$ Market Estimated CAGR 2017-2019
To evolve to Service 2.0: from a "break" and fix" approach to a proactive service
To increase our market share in the system solutions market.
To improve our software to keep offering to our Customers endless possibilities.
Markets & Targets Wood Housing Glass & Stone Mechatronics Advanced Materials
ZBIESSEGROUP
Wood
2016
Estimated
worldwide market share 2016
$5bn$
m
Mhole market
Market Size
Bread market share
Current Retter
Looking forward, we expect the market to continue grow at about 3.9 times the reference sector average growth rate.
The competition in the current market is consolidated. We are the second leading company in the sector. Main competitors are located in Germany and in Italy. The most important of these are HOMAG in Germany (29.5% estimated market share) and SCM in Italy (7% estimated market share*).
*automatic machines
SCA Indústria de Móveis (Brasil)
ZBIESSEGROUP
La La Latatatatata
Where we want to go / More Products
G&S Division Estimated CAGR 2017-2019
Market Estimated CAGR 2017-2019
product range
Improve product reliability, renew existing
Renovation and completion of the range of machines
Enhance R&D for innovative solutions (technologies and new materials)
Expand the product range of woodworking machines for the housing market
Housing
2016
Estimated worldwide market share 2016
Market Size
Whole mar
Diesse market share
· t market poten-
Looking forward, we expect the market to continue grow more than the 3.9 times the reference sector average growth rate.
The competition in the market is consolidated. Main competitors are located in Germany and in Italy. The most important of these are Hundegger (the Market Leader), HOMAG and Weinmann in Germany and SCM, Essetre in Italy.
Musée du Vin et du Négoce (Bordeaux)
ZBIESSEGROUP
Biesse Group will further extend its product range, increasing penetration in the "niche" yet highly-strategic industry of timber carpentry (beams and structural facades)
Expand our offering in other timber carpentry seaments (minor complexity and higher volumes)
Leverage on Biesse capillarity to boost sales and after-sales worldwide
In the near future. we anticipate that the glass processing market will grow at about 3.9 times the reference sector average growth rate.
We are currently the industry leader in the glass processing market in which we operate. Main competitors are located in Italy and they are CMS. Bottero. and Hegla.
Ciudad de las Artes y las Ciencias, Cerviglas (Valencia)
ZBIESSEGROUP
2016
Stone
Estimated worldwide market
share 2016
Market Size
Whole market potential $f$ 600mln
Stone
CONSTRUCTION
$\mathcal{F}$ $-60$
$c_{\text{Ur}r_{\text{en}}}$
$m_{\theta r k_{\theta r}}$
$P_{O}$ tential
Looking to the future. as the in the wood sector. we expect the market to continue to grow at about 3.9 times the reference sector average growth rate.
The competition in the current market is consolidated. We are among the leading companies in the sector and we intend to reinforce our positioning. Main competitors are located in France and in Italy and they are CMS. Breton and Thibaut.
I marble Marmi Fontanel
G&S Division Estimated CAGR 2017-2019
$7\%$
Market Estimated CAGR 2017-2019
Maintain and reinforce our leading position in the glass sector
Expand our offering in new product segments
Increase our market share in the stone segment, reinforcing our leadership in this area
Vech.
2016
Estimated worldwide market share 2016
Market Size
In the near future, we anticipate that the spindles market will grow in line with the reference markets of WAP and metal working machines.
Our mechatronics division is currently the leader in the WAP (Wood Advanced Materials*. Plastic) spindles sector. We entered the metal spindles sector. Our main competitors are from Germany. They are KESSLER, IBAG, GMN. WEISS (Siemens). FISHER and STEPTEC.
*Advanced materials Carbon Fiber
Hop markey $\frac{6}{6}$
Foam Composite Alluminium Titanium
Mechatronics Unit Fstimated CAGR 2017-2019
Market Estimated CAGR 2017-2019
2019 target in metal sector
多BIESSEGROUP
$\overline{0}$
$\Omega$
03
Substantial market share improvement into the metal sector by replicating our WAP standards of excellence in new sectors
Maintain and reinforce our leading positioning in the Wood-Aluminum-Plastic (WAP) sector
Reinforce the partnership with our current
customers
In the near future, we expect that the market of Advanced Materials Processing where we insist will double around the GDP grow rate.
The advanced material processing machinery market is highly fragmented worldwide, main competitors are Geiss, HG Grimme, Belotti CMS Industrie, Breton, Mecanumeric, Multicam and Flow Corporation.
Care Model 1:1 Clay block
Expand our plastic working machineries in order to meet the needs of the entire market.
Extend our product range drawing on the expertise of Uniteam to enhance its range of products and applications for machining advanced composite materials for several industries
$101$
OPEN
application
Renewable Energy
æ
Defense and Ballistics
2019 new targets Service Systems bSuite
ZBIESSEGROUP
Where we want to go / More Solutions
Our network supports our customers worldwide. Through Biesse service and Biesse parts. we offer technical services and machine/component spares to businesses anywhere in the world on-site. as well as on-line - 24/7.
Where we want to go / More Solutions
We increased our market share becoming a leading company in the engineering solutions sector.
The guiding strategy of the Biesse Systems team is based on clear key concepts:
Where we want to go / More Solutions
Potential Software Fees contribution to Net Sales
Consolidation. reliability and rationalization. Superior technology for creating synergies in machine automation.
$\bigcap$
Technological superiority and sustainability. Ensuring advanced. sustainable know-how in order to develop intelligent machines.
Simple. smart software. Meeting growing technological needs through application software and smart apps.
Business software. Business-oriented software to enhance collaboration with our customers' businesses.
ZBIESSEGROUP
$BCx$ Close to customers Feeling the products Customer Services IIoT: predicting your needs
To expand our global presence to be close to our customers.
Continue to promote the "Roadmap to success" for our subsidiaries: moving from reactive to proactive, fostering entrepreneurship at all levels, defining market and customer-oriented strategies
Invest in new and innovative technological complexes, "Biesse Campus", to better contain our expansion in selected areas:
Invest in human resources and capabilities as arowth drivers
To strengthen our dealer network
Continue the Trade Markets Investments towards the "Roadmap to success".
We began the sales growth process by our Headquarters and Subsidiaries, and we are now ready to support our dealers.
We will support them investing in strategic assets providing them with tools and a dedicated team of people: specialists in CRM, Sales Intelligence, Road Mapping, Marketing & Communication, trade fairs, events and showrooms.
In addition to the Italian sites, we boost manufacturing sites in India and China, to better satisfy Customer worldwide.
The two sites, Bangalore and Dongguan manufacture a portfolio Local4Global, distributing their products worldwide.
Product Quality Made in Biesse
Local suppliers certified by Biesse Quality
ZBIESSEGROUP
Ongoing integration and training
2019 Target production abroad quote
Live the Experience at the Biesse Group booth during exhibitions:
Continue to improve our Showroom, increase the number of the Inside and one-to-one events and measure their impact on the local market.
Continue to invest in exhibitions taking part in shows for all sectors including composites.
A merchandising project with an online shop to sell high quality branded products in order to:
Increase the brand awareness Strength the brand identity Increase the Dealer and Customer loyalty Renforce the communication consistency Increase the individual sense of belonging
Available for Biesse Group employees as well.
Promoting, nurturing and developing close and constructive relationships with customers in order to better understand their needs and improve Biesse products and after-sales service.
A solid example of Biesse's ability to innovate
Biesse will participate in the Hannover Messe 2017, the most important trade fair for innovation anywhere in the world.
In collaboration with Accenture and Microsoft Biesse Group will present an icon for cutting edge Biesse technology, a Rover Machining Centre with its 5-axis electrospindle connected to the cloud.
ZBIESSEGROUP
of Holde
$\bullet$
$F + 30$
R.O.E. tree
Orders
Revenue
Profit
Cash
$\leq 2016$ : Group orders intake* +11% (vs. the same period 2015)
2016: Group backlog* +16% (vs. the same period 2015)
| €/mln | 2013 | 2014 | 2015 | 2016 | |
|---|---|---|---|---|---|
| Net sales year-1 |
378.4 $-1.2%$ |
427.1 $+12.9%$ |
519.1 $+21.5%$ |
618.5 $+19.1%$ |
|
| Cost of good sold | 155.9 41.2% |
177.6 41.6% |
206.1 39.8% |
245.1 39.7% |
|
| Value added $\%$ |
147.0 38.8% |
167.8 39.3% |
212.4 40.9% |
252.4 40.8% |
|
| Labour cost | 112.7 29.8% |
128.2 30.0% |
148.2 28.6% |
176.6 28.6% |
|
| overhead | 81.8 21.6% |
91.0 21.3% |
104.7 20.2% |
124.5 20.1% |
|
| EBITDA | 34.3 | 39.6 | 64.1 | 75.8 | |
| % | 9.1% | 9.3% | 12.4% | 12.3% | |
| EBIT | 18.1 | 24.8 | 43.7 | $55.1*$ | |
| % | 4.8% | 5.8% | 8.4% | 8.9% | |
| Net result | 6.4 | 13.8 | 21.1 | 29.5 | 87 |
| Payables | 29.4% | 28.8% | 29.5% | 31.1% | |
|---|---|---|---|---|---|
| % net sales | |||||
| % net sales | |||||
| Receivables | 20.1% | 18.9% | 20.3% | 20.8% | |
| % net sales | |||||
| 22.8% | 23.0% | 21.5% | 21.1% | ||
| Inventories | |||||
| €/mln | 2013 | 2014 | 2015 | 2016 | |
| €/mln | 2013 | 2014 | 2015 | 2016 | |
|---|---|---|---|---|---|
| Gross Cashflow % net sales |
52.0 13.8% |
38.3 9.0% |
46.3 8.9% |
46.6 7.5% |
|
| Investments % net sales |
$-19.8$ 5.2% |
$-20.8$ 4.9% |
$-25.2$ 4.9% |
$-32.0$ 5.2% |
|
| Net Cashflow % net sales |
32.2 8.5% |
17.5 4.1% |
21.1 4.1% |
14.6 2.4% |
|
| dividends | $-4.8$ 0.18 per share |
$-9.8$ 0.36 per share |
$-9.8$ 0.36 per share |
||
| $\triangle$ Net Debt | 12.7 | 11.3 | 4.8 | ||
| N.F.P. | $-23.9$ | $-11.2$ | 0.1 | 4.9 | 89 |
$*$ including Uniteam people (nr. 57)
| FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | ||
|---|---|---|---|---|---|---|---|---|
| Production | 965 | 1.250 | 1.265 | 1.175 | 1.201 | 1.335 | 1.482 | |
| % of total people | 41% | 46% | 45% | 44% | 42% | 42% | 41% | |
| Service & After sale | 568 | 577 | 574 | 613 | 628 | 690 | 803 | |
| % of total people | 24% | 21% | 21% | 22% | 22% | 22% | 22% | |
| R&D | 293 | 316 | 338 | 321 | 361 | 383 | 436 | |
| % of total people | 12% | 12% | 12% | 12% | 13% | 13% | 12% | |
| Sales & Marketing | 340 | 361 | 364 | 351 | 439 | 495 | 587 | |
| % of total people | 13% | 13% | 13% | 13% | 15% | 15% | 16% | |
| G & A | 202 | 233 | 242 | 235 | 252 | 273 | 310 | |
| % of total people | 9% | 9% | 9% | 9% | 9% | 9% | 8.5% | |
| ITALY | 1.660 | 1.656 | 1.646 | 1.547 | 1.605 | 1.780 | 2.009 | |
| % of total people | 70% | 61% | 59% | 57% | 56% | 56% | 56% | |
| OUTSIDE ITALY** | 708 | 1.081 | 1.136 | 1.148 | 1.276 | 1.396 | 1.609 | |
| % of total people | 30% | 39% | 41% | 43% | 44% | 44% | 44% | |
| TOTAL | 2.368 | 2.737 | 2.782 | 2.695 | 2.881 | 3.176 | $3.618*$ |
| FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | ||
|---|---|---|---|---|---|---|---|---|
| ITALY % of total people |
1.660 70% |
1.656 61% |
1.646 59% |
1.547 57% |
1.605 56% |
1.780 56% |
2.009 56% |
|
| OUTSIDE ITALY** % of total people |
708 30% |
1.081 39% |
1.136 41% |
1.148 43% |
1.276 44% |
1.396 44% |
1.609 44% |
|
| TOTAL | 2.368 | 2.737 | 2.782 | 2.695 | 2.881 | 3.176 | 3.618 | |
| vs Dec 2015: +442 (13.9%) vs Dec 2014: +737 (25.6%) vs Jun 2016: +159 (4.6%) |
||||||||
| interim people at the end of Dec 2016: 181 (112 at the end of 2015) |
Patent Box & IRES reduction can impact totally for approx 6.5% the tax rate D.T.A. (China) can't be used
Our future in figures
$\varepsilon/m$ ln 16-'18 three years Plan 17-19 three years Plan 826 752 676 633 619 572 519 427 383 378 389 2011 2012 2013 2014 2015 2016 2017e 2018e 2019e
Confirming the growth growth path to consolidate our leadership
Our future in figures
$10.1%$ Net sales CAGR 2017-2019
Target COGS incidence on Net Sales
$<$ 30%
Target Labor Cost incidence on Net Sales
$<$ 20%
Target Overhead Cost on Incidence on Net Sales
Continue our growth path
Optimize our production cost
Invest in human resources and capabilities as growth driver, controlling incidence on net sales
Optimize Overhead cost
Ebitda
Our future in figures
Control our Operating Net Working Capital.
Capex*
*Potential growth strategy through M&A not included
Continue our growth path through investments
2017e
main investments drivers:
Indian Manufacturing Site widening to $\overrightarrow{v}$ meet the projected productive expansion
Chinese Production Site upgrade and $\overrightarrow{\vee}$ durable goods investments (KOREX) CNC lathe, vertical and horizontal working center machines
Mechatronics Italian plant (HSD S.p.A.) components production machines (rotary tables) + american subsidiary new site (HSD U.S.A. subsidiary)
Metal working (internal phase): improvement of the components production - durable goods investments.
101
ZBIESSEGROUP
| €/m n | 2013 | 2014 | 2015 | 2016 | 2019e | Targets | |
|---|---|---|---|---|---|---|---|
| Net sales $year -1$ |
378.4 $-1.2%$ |
427.1 $+12.9%$ |
519.1 $+21.5%$ |
618.5 $+19.1%$ |
CAGR 10.1 | 825.7 | |
| Cost of good sold | 155.9 41.2% |
177.6 41.6% |
206.1 39.8% |
245.1 39.6% |
322 39.0% |
||
| Value added | 147.0 | 167.8 | 212.4 | 252.4 | 347.3 | ||
| % | 38.8% | 39.3% | 40.9% | 40.8% | CAGR 11.2 | 42.1% | |
| Labour cost | 112.7 29.8% |
128.2 30.0% |
148.2 28.6% |
176.69 28.6% |
241.9 29.3% |
$< 30\%$ incidence |
|
| overhead | 81.8 21.6% |
91.0 21.3% |
104.7 20.2% |
124.5 20.1% |
159.4 19.3% |
< 20% incidence |
|
| EBITDA | 34.3 | 39.6 | 64.1 | 75.8 | 105.4 | ||
| % | 9.1% | 9.3% | 12.4% | 12.3% | CAGR 11.6 | 12.8% | |
| EBIT | 18.1 | 24.8 | 43.7 | $55.1*$ | 78.7 | ||
| $\%$ | 4.8% | 5.8% | 8.4% | 8.9% | CAGR 12.6 | 9.5% | 103 |
*after non recurring items
| €/m n | 2013 | 2014 | 2015 | 2016 | 2019e | Targets |
|---|---|---|---|---|---|---|
| Inventories % net sales |
22.8% | 23.0% | 21.5% | 21.1% | 20.2% | <21% |
| Receivables % net sales |
20.1% | 18.9% | 20.3% | 20.8% | 20.6% | DSO 60-65 days |
| Payables % net sales |
29.4% | 28.8% | 29.5% | 31.1% | 29.7% | DPO 100-110 days |
| Operating Net Working Capital % net sales |
51.4 13.6% |
55.6 13.0% |
63.4 12.2% |
66.9 10.8% |
92.0 11.1% |
|
| $\epsilon$ /mln | 2013 | 2014 | 2015 | 2016 | 2019e |
|---|---|---|---|---|---|
| Gross Cashflow % net sales |
52.0 13.8% |
38.3 9.0% |
46.3 8.9% |
46.6 7.5% |
69.3 8.4% |
| Investments % net sales |
$-19.8$ 5.2% |
$-20.8$ 4.9% |
$-25.2$ 4.9% |
$-32.0$ 5.9% |
$-32.0$ 3.9% |
| Net Cashflow % net sales |
32.2 8.5% |
17.5 4.1% |
21.1 4.1% |
14.6 2.4% |
37.3 4.5% |
| dividends | $-4.8$ 0.18 per share |
$-9.8$ 0.36 per share |
$-9.8$ 0.36 per share |
$-9.8$ 0.36 per share |
|
| $\triangle$ Net Debt | 12.7 | 11.3 | 4.8 | ||
| Net Debt | $-23.9$ | $-11.2$ | 0.1 | 4.9 | $\begin{array}{c} \hline \end{array}$ 44.7 |
| FY 2016 | FY 2017e | % | |
|---|---|---|---|
| Production | 1.482 | 1,574 | $+6.2$ |
| Service & After sale |
803 | 934 | $+16.3$ |
| R&D | 436 | 495 | $+13.5$ |
| Sales & Marketing |
587 | 676 | $+15.2$ |
| G&A | 310 | 324 | $+4.5$ |
| ITALY | 2.009 | 2,166 | $+7.8$ |
| OUTSIDE ITALY | 1.609 | 1,837 | $+14.2$ |
| TOTAL | 3.618 | 4,003 | $+10.6$ |
ZBIESSEGROUP
the labour cost increase is EURO 25.1 mln vs 2016 (29.7% 2017 incidence against net sale vs 28.5% in 2016) Increase by countries India China Italy Oceania Asia Canada
France Spain
Germany
U.S.A
UK
ZBIESSEGROUP
| ZBIESSEGROUP | |
|---|---|
| Annex | |
Our future in figures / annex
Historical correlation index (since 2004)
Our future in figures / Annex
world furniture & housing average 2017-2019: +2.9% historical correlation index (2004-2016): 3.9 THEORETICAL BIESSE GROW RATE: 11.3%
biessegroup.com
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