Elica

Investor Presentation • Oct 6, 2015

STAR CONFERENCE London, October 6, 2015

Agenda

Company Overview

Elica Corporation Strategy

H1 Interim Results

Performance Development & Guidance 2015

Elica Corporation

STAR Conference 2015, London

19 Mln Hoods + Motors

Cooking Net Sales: Own Brand 41% Client Brand 59 %

2' & 3' Player produce respectively 25% & 50% less than Elica

Unique world wide player

45 Years of Innovation, Design & Creativity

6

Cooker Hoods Industry Unit Shipments*

Volume Data

	H1'15
Western Europe	2.7%
Eastern Europe (including CIS)	(8.3)%
Europe	(2.1)%
North America	4.2%
Latin America	(3.2)%
Americas	1.0%
Rest of the World	(4.1)%
World	(2.8)%

Last 5Y Market Evolution -4.3%; Last 5Y Elica Net Sales Evolution +17.0%

* Elica Group Estimates

Revolutionizing The Organization

Agenda

Company Overview

Elica Corporation Strategy

H1 Interim Results

Performance Development & Guidance 2015

Elica Corporation Strategy

*"Rest of the World" Revenues included

New Sales Organizations to Capture the Market

Elica Corporation Strategy

SELECTED MARKET GLOBAL MARKET MASS PREMIUM VALUE Japan/APAC China Europe Europe Russia World Elica Brand + 12% in 2014 PI 150 Brand Portfolio

Focusing on GUTMANN Brand Strength

UNIQUE GERMAN HANDMADE TAILORMADE FOR PERFECTION ADVANCED PERFORMANCES

BRAND POWER Strongest brand awareness among competitors: 4.7%* 100% higher than second player

BRAND OWNERSHIP Strongest customers perception in "Made in Germany"

GUTMANN consumer perception is translated as competitive advantage: Incidence of Intention to Buy 54%*

Brand Share Development in Europe

* Sell in data of European major markets

Frankfurt, July 9, 2015

New Design

* Data refers to Net sales and Product margin of the market areas where the product have been launched

Our Technology Leadership Drives Mix Improvement Energy Label 2014 vs 2015 *

2014	Energy Class	2015
0%	A+	0%
33%	A	47%
0%	B	7%
20%	C	33%
40%	D	13%
7%	E	0%

VERTICAL			BOX
Class	2015	2014	Energy Class	2015
		0%	A+	10%
		9%	A	10%
		9%	B	30%
		0%	C	20%
		55%	D	20%
		27%	E	10%

Vertical Hoods Share Development Case

Segment weight in Europe was 10.3 %

Elica Corporation Strategy

Growth Beyond the Core

VISION STATEMENT

"Create an outstanding value for consumers and professionals in the ventilation, filtration and purification of air at home"

Connectivity: STREAM

Elica Corporation Strategy

Location

Elica World Class Manufacturing

*Data refers to production and assembly line in Mergo, Castelfidardo and Elica Group Polska

Rightsizing

STAR Conference 2015, London

Agenda

Company Overview

Elica Corporation Strategy

H1 Interim Results

Performance Development & Guidance 2015

H1 '15 Highlights

• While overall market demand remains weak -2.8% world wide, Western Europe and North America continue to show positive signs of growth
• Group Net Sales increase 3.8%, mainly due to own brands business growth and FX positive impact
• EBITDA* growing by 10.3%, positively influenced by enhanced industrial productivity, procurement activity and FX impact
• Net Result growing by 22.6%
• Net Financial Position at 63.8 million Euro, in line with the expectation, affected by non-recurring charges cash out

Elica Sales H1 2015

Sales Trend vs. '14

• Cooking 3.1%
• Own Brands: increase 5.5%
• Client brands: increase 1.5%
• Electric Motors significant increase (8.1%) due to heating segment

	H1' 15	Q2' 15
Europe	2.3%	6.8%
Americas	17.3%	23.6%
Rest of the World	(2.0)%	(1.2)%
Total	3.8%	8.0%

Cooking Revenues Breakdown Value data H1

Elica Brand Sales H1 2015

	H1 '15
Europe	13.9%
Americas	37.9%
Rest of the World	23.9%
Total	16.7%

H1 '15 Consolidated Income Statement €M

	H1'15	H1'14	Δ%
Net Sales	203.2	195.7	3.8%
EBITDA before restructuring charges	14.4	13.0	10.3%
%	7.1%	6.7%	0.4 p.p.
EBITDA	13.4	12.3	8.8%
%	6.6%	6.3%	0.3 p.p.
EBIT	4.9	4.1	20.2%
%	2.4%	2.1%	0.3 p.p.
Net Result	1.6	1.3	22.6%
%	0.8%	0.7%	0.1 p.p.
EPS* – Euro cents	2.21	1.19	85.1%

* EPS as at June 30 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.

H1 '15 Marginality key drivers

Change vs. 2014

	H1 '15
Volume/Price/Mix	-
Production efficiency	++
Currency	+
Cost efficiency	-
EBITDA*	1.3

Net Working Capital as of June, 30

€M

	12M'13 H1'15	12M'13 12 4	034 12M'12** H1'14	ΔH1 '15/'14
Trade receivables % on annualized sales	73.5 18.1%	63.5 16.2%	75.6 19.3%	(2.1) (1.2) p.p.
Inventories % on annualized sales	63.9 15.7%	57.6 14.7%	59.9 15.3%	4.0 0.4 p.p.
Trade payables % on annualized sales	(102.7) (25.3)%	(88.2) (22.5)%	(95.4) (24.4)%	(7.4) (0.9) p.p.
Managerial Working Capital % on annualized sales	34.6 8.5%	32.8 8.4%	40.1 10.3%	(5.5) (1.8) p.p.
Short term assets & liabilities % on annualized sales	(9.6) (2.4)%	(11.9) (3.0)%	(15.1) (3.9)%	5.5 1.5 p.p.
Net Working Capital % on annualized sales	25.0 6.1%	21.0 5.4%	25.0 6.4%	0.0 (0.3) p.p.

Consolidated Balance Sheet as of June, 30 €M

	2015	2014		2015	2014
Net Operating Fixed Assets	156.8	149.9	Net Debt (Cash)	63.8	60.9
Net Working Capital	25.0	25.0	Group Equity Minorities	112.9 5.4	110.1 5.1
Net Financial Assets	0.3	1.2	Total Shareholders' equity	118.3	115.2
Net Capital Employed	182.1	176.1	Total Sources	182.1	176.1

Consolidated Cash Flow as of June, 30

€M	Q2 '15	Q2 '14	H1 '15	H1 '14
Operating Cash Flow	11.0	10.4	9.9	9.0
Restructuring Costs	(0.4)	(0.3)	(6.8)	(1.6)
CapEx	(4.4)	(5.4)	(10.1)	(8.1)
Cash Flow Before Financial Activities	6.2	4.6	(7.0)	(0.7)
Financial Operations & Others	(4.0)	(3.8)	(5.6)	(3.8)
Cash Flow to Shareholders	2.2	0.8	(12.6)	(4.5)

Net Financial Position Evolution

* Managerial Working Capital

Agenda

Company Overview

Elica sloughs off its skin

H1 Interim Results

Performance Development & Guidance 2015

Guidance 2015 Confirmed

• Group Net Sales from 1% to 3%
• EBITDA* from 7% to 14%
• Net Financial Position 50 M€

Performance Development & Guidance 2015

2015 key EBITDA drivers evolution

	H1 '15A	H2 '15E
Volume/Price/Mix	-	+
Production efficiency	++	++
Currency	+	+
Cost efficiency	-	+
EBITDA*	+7 +14%

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.