Elica

Investor Presentation • May 24, 2016

Italian Stock Market Opportunities Conference 24th May 2016, Paris

Elica Corporation

Unique world wide player

ELICA CORPORATION INDUSTRIAL SITES: 8

Consolidated Net Sales by Geography

Volume Data Cooker Hoods Market Scenario

* Elica Group Estimates

	FY'15	Q1'16
Western Europe	1.9%	3.2%
Eastern Europe (including CIS)	(9.4)%	(1.7)%
Europe	(3.0)%	1.2%
North America	4.6%	5.0%
Latin America	(3.3)%	(2.3)%
Americas	1.3%	1.8%
Rest of the World	(2.8)%	(4.0)%
World	(2.3)%	(1.6)%

LAST 6Y MARKET -6.5% LAST 6Y ELICA NET SALES +25.8%

FY 2015 Consolidated Income Statement

€M

	FY15	FY14	Δ%
Net Sales	421.6	391.9	7.6%
EBITDA before restructuring charges %	35.3 8.4%	30.8 7.9%	14.7% 0.5 p.p.
EBITDA %	33.5 8.0%	27.9 7.1%	20.1% 0.9 p.p.
EBIT %	16.2 3.8%	11.3 2.9%	43.8% 0.9 p.p.
Net Result %	7.4 1.8%	3.5 0.9%	113.6% 0.9 p.p.
EPS* – Euro cents	9.98	4.18	138.8%

* 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.

Net Working Capital as of December, 31

€M	12M'13 FY15	12M'13 FY14	Δ '15/'14
Trade receivables	68.5	63.5	5.0
% on annualized sales	16.2%	16.2%	0.0 p.p.
Inventories	62.7	57.6	5.1
% on annualized sales	14.9%	14.7%	0.2 p.p.
Trade payables	(99.5)	(88.2)	(11.2)
% on annualized sales	(23.6)%	(22.5)%	(1.1) p.p.
Managerial Working Capital	31.7	32.8	(1.1)
% on annualized sales	7.5%	8.4%	(0.9) p.p.
Short term assets & liabilities	(14.1)	(11.9)	(2.2)
% on annualized sales	(3.3)%	(3.0)%	(0.3) p.p.
Net Working Capital	17.7	21.0	(3.3)
% on annualized sales	4.2%	5.4%	(1.2) p.p.

Consolidated Cash Flow as of December, 31 €M

	FY15	FY14
Operating Cash Flow	34.4	27.6
Restructuring Costs	(8.4)	(2.8)
CapEx	(19.9)	(15.3)
Cash Flow Before Financial Activities	6.2	9.5
Financial Operations & Others	(7.5)	(3.9)
Cash Flow to Shareholders	(1.3)	5.6

Market Demand Outlook 2016*

EUROPE +2.0%

AMERICAS +3.0%

ASIA -3.0%

Performance Development & Guidance 2016

How To Growth?

ISMO Conference

Main Drivers of Branded Business Growth

ELICA GLOBAL BRAND ON A MULTI-BRANDS PORTFOLIO

Focus India

Fast Growing performance in the last 3Y

Born in 2010, in 2014 has reached Net Result breakeven

Today Market Leader with 30% market share*

13 9.0 10.1 12.7 2013 2014 2015 +40% 30% MS

ISMO Conference

Brand Portfolio

Elica Brand Strategy: Push-Up QTY, Price & Mix

NIKOLATESLA Aspiration Hob

STREAM LINE Smartest Intelligence

Media Strategy

ISMO Conference

Elica Brand Sales Growth

	FY '15	Q1 '16
Europe	20.4%	22.2%
Americas	55.6%	28.0%
Rest of the World	16.5%	25.2%
Total	20.9%	23.0%

New Sales Organization

Main Drivers of North American Growth

NEW DECORATIVE PLATFORM

North America 2016 Market Scenario

ISMO Conference

CAPACITY SATURATION

Hoods Production Capacity

ITALY POLAND MEXICO CHINA 90% 90% 95% 50% As is Action INDIA 70% Maintenance Maintenance To Invest Capex To Invest Capex Enhance

Q1 2016 Key Financial Statements

Q1 '16 Highlights

• Western Europe and North America still growing, even if overall market demand decrease 1.6%
• Group Net Sales growing by 7.3%, driven by Cooking business (+9.0) and Elica brand performance, still growing more than 20%
• EBIT increase by 41% positively influenced by enhanced Volumes and Price/Mix, and improving of industrial productivity, procurement saving and positive FX impact
• Improvement of Managerial Working Capital level (8.6% on Net Sales)
• Net Financial Position at 62.0 million Euro, in line with business seasonality

Elica Consolidated Sales Q1 2016

Sales Trend vs. Q1 '15

• Cooking 9.0%
• Own Brands: increase 13.3%
• Client brands: increase 6.2%, growing share on yearly basis on Top OEM

• Electric Motors slightly negative (-1.6%)

	Q1 '16
Americas	9.7%
Europe	7.6%
Rest of the World	3.2%
Total	7.3%

Q1 '16 Consolidated Income Statement

€M

	Q1'16	Q1'15	Δ%
Net Sales	103.3	96.3	7.3%
EBITDA %	7.1 6.9%	6.1 6.3%	16.1% 0.6 p.p.
EBIT %	2.6 2.5%	1.9 1.9%	41.0% 0.6 p.p.
Net Result %	0.9 0.8%	1.3 1.4%	(36.6)% (0.6) p.p.
EPS* – Euro cents	1.11	1.88	(41.0)%

* 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 '16 Marginality key drivers

Change vs. 2015

Net Working Capital as of March, 31

€M

	12M'13 Q1'16	12M'13 Q1 '15	Δ
Trade receivables % on annualized sales	67.9 16.4%	68.4 17.7%	(0.5) (1.3) p.p.
Inventories % on annualized sales	67.3 16.3%	65.2 16.9%	2.1 (0.6) p.p.
Trade payables % on annualized sales	(99.8) (24.1)%	(96.2) (25.0)%	(3.6) 0.9 p.p.
Managerial Working Capital % on annualized sales	35.4 8.6%	37.4 9.7%	(2.0) (1.1) p.p.
Short term assets & liabilities % on annualized sales	(13.0) (3.1)%	(4.9) (1.3)%	(8.1) (1.8) p.p.
Net Working Capital % on annualized sales	22.4 5.4%	32.4 8.4%	(10.0) (3.0) p.p.

Consolidated Statement of Financial Position as of March, 31 €M

	2016	2015		2016	2015
Net Operating Fixed Assets	156.8	155.8	Net Debt (Cash)	62.0	65.0
Net Working Capital	22.4	32.4	Group Equity Minorities	112.3 5.3	117.2 5.7
Net Financial Assets	0.3	(0.3)	Total Shareholders' Equity	117.5	122.9
Net Capital Employed	179.5	187.9	Total Sources	179.5	187.9

Consolidated Cash Flow as of March, 31

€M	Q1 '16	Q1 '15
Operating Cash Flow	(0.9)	(1.1)
Restructuring Costs	(0.1)	(6.3)
CapEx	(4.6)	(5.7)
Cash Flow Before Financial Activities	(5.6)	(13.1)
Financial Operations & Others	(3.4)	(1.6)
Cash Flow to Shareholders	(9.0)	(14.8)

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.