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Sabaf

Investor Presentation • Nov 19, 2019

4440_ip_2019-11-19_f347a0ae-3da5-4b49-a3ac-fca7b43f9b92.pdf

Investor Presentation

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FINANCIAL PRESENTATION

MID & SMALL IN MILAN Milan, 19 November 2019

Tableof contents

  • I. COMPANY PROFILE
  • II. C.M.I. ACQUISITION
  • III. 9M 2019 PERFORMANCE
  • IV. BUSINESS PLAN 2018 – 2022

COMPANY PROFILE

Sabaf Group – Timeline and history

Sabaf Group – Business diversification in three divisions

Product range - Gas

Product range - Hinges

Product range – Electronic components

Industrial Footprint

Total Group employees

1,071

:

Market

Global leader

  • • in the segment of components for domestic gas cooking appliances, with over 400 customers in 56 different countries. A strong leadership in Europe (market share above 40%), estimated market share worldwide of about 10%
  • • in the segment of hinges with estimated market share worldwide of about 35%

Weight of top 10 customers on total Group sales is 46% (49% in 2017)

Each top 10 customer represents less than 8% of total Group sales

Long-term agreements and strong relationships with all the main players in the household appliances business, based on mutual trust, technical cooperation, co-engineering and tailor-made products

Product & technology

Continuous product innovation: about 90 active patents

Knowledge:

  • Mechanic: forefront process technology - internal development of special machinery, high performance molds for robotic die-casting, high speed and high precision tools not available on the market
  • Electronic: strong skills in new product development

Cost and quality leadership: highly automated plants and low incidence of direct labor, € 60 mn investments (8.6% of sales) in the past 5 years, to reinforce competitiveness and to ensure the highest quality standards

Strong operational leverage: great flexibility in production volumes growth, ready to satisfy customers requests

Intellectual capital: highly specialized and qualified staff (40+ R&D engineers)

Stock price and main shareholders

Market cap: €144 mn at 12 November 2019

2019 dividend: €0.55 per share (payment date 29 May)

% OF VOTING RIGHTS

THE ACQUISITION OF CMI

CMI - Rational for the acquisition

The Sabaf Group is already active in the sector of hinges for household appliances through Faringosi Hinges. The acquisition of C.M.I. allows the Group to achieve a leadership position on a global scale, proposing also in this area as a reference partner for all manufacturers of household appliances.

Sabaf combines its consolidated leadership ingas burners and valveswith the new leadership in thehinges sector.

The combination of mechanical and electronic know-how, the result of the recent acquisition of Okida Elektronik, allows Sabaf to offer itself as a creator and developer of innovative solutions in the flourishing world of smart appliances.

CMI - Company overview

The C.M.I. Group is one of the main players in the design, production and sale of hinges for household appliances and is active with production units in Italy (Crespellano, BO) and Poland. C.M.I. also controls C.G.D. s.r.l.

C.M.I. was previously controlled by the Chinese group Guandong Xingye Investment, which held 91.5% of the share capital; the remaining 8.5% was held by Eros Gherardi - the company's founder - and by other private shareholders.

CMI - Timeline and history

CMI - Product portfolio

The hinges for ovens and dishwashers represent the largest part of the CMI business

CMI supplies some of the main international manufacturers of household appliances

Innovative solutions are developed jointly with customers and are based on proprietary patents

A total of 41 patents for ovens, dishwashers and refrigerators are registered in different countries

DISHWASHER HINGES

  • •Theyrepresentaround60% of CMI'sbusiness
  • • The sector in which CMI has reached the highest level of innovation: the only manufacturer of self-balancing hinges (patentedtechnology)
  • •Variablefulcrumhinges
  • •Fixedfulcrumhingeswith 2 springs
  • •Hinges with variable lateral fulcrum

OVEN HINGES

  • •Theyrepresentaround 25% of CMI's business
  • •Fixedfulcrumhinges
  • •Variablefulcrum hinges
  • •Sliding hinges

CMI - Sales and profitability

Sales by market

*Estimated proforma

CMI - Acquisition valuation

Acquisitionof68.5%shareinCMI:

•60%fromGuandongXingyeInvestment(Chineseindustrialgroupworking in the same sector)

• 8.5% from Mr. Eros Gherardi (the founder) and other privateinvestors

Closing: 31st July 2019

100% Equity Value: Eur 19.55 mn Net financial debt at 31 Dec 2018: Eur 5.5 mn

Valuation:approx 6.3 x EBITDA 2018

Call & Put optionson the residual share of 31.5% owned by Guandong Xingye Investment

The acquisition has been wholly financed through abank loan expiring in 2026

Mr. Paolo Santini remains at the head of CMI asCEO and General Manager

9M 2019 PERFORMANCE SABAF GROUP

Performance data

Incomestatement

S
A
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1
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e g
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9		 *
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(
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(
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%
)
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co
m
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(
)
(
)
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in
i
ies
2
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2
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(
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C
O
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M
E
6,
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3.
4
%
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6.
3
%
5.
5.

* C.M.I. hingeshavebeenconsolidatedfrom August 2019

** Electronic components have been consolidated from September 2018

Performance data Balance Sheet

€ x
0
0
0		 O
S
9
M
N
T
H
2
0
1
9		 M
O
N
T
H
S
9
2
0
1
8		 F
Y
2
0
1
8
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F
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t
e
a
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s		 1
3
2,
9
4
1		 1
1
0,
8
4
5		 1
2
0,
9
0
5
In
ie
t
e
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or
s
v		 3
7,
6
4
1		 3
9,
3
0
8		 3
9,
1
7
9
Tr
d
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b
le
a
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re
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a
s
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b
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Ta
x
re
c
e
a
s		 5
5,
3
4
9
4,
2
1
8		 4
8,
1
0
4
2,
1
4
6		 4
6,
9
3
2
3,
0
4
3
O
he
iv
b
le
t
t r
r c
ur
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n
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e
a
s		 2,
3
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9		 1,
9
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4		 1,
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4
d
b
le
Tr
a
e
p
ay
a
s
Ta
b
le
x p
ay
a
s		 (
)
2
6,
1
2
5
(
)
2,
1
1
5		 (
)
2
3,
1
6
8
(
)
3,
5
2
0		 (
)
2
1,
2
1
5
(
)
3,
5
6
6
O
he
b
le
t
r p
ay
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s		 (
)
9,
6
5
4		 (
)
7,
6
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)
7,
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in
i
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a		 6
1,
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7,
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9
1		 5
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3
0
7
C
i
l
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t
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a
p
a
m
p
y		 1
9
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5
3
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6
7,
9
3
6		 1
7
9,
2
5
7
Eq
i
ty
u		 1
1
5,
5
0
6		 1
0
9,
8
5
9		 1
1
9,
3
4
6
Pr
is
io
fo
is
ks
d
ov
ns
r r
a
n
s
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er
a
nc
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in
d
i
ty
e
m
n		 7,
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7
6		 4,
8
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2		 6,
3
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7
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d
b
*
t
t
e
e		 1,
8
7
5
5		 3,
2
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5
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f
f
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r
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n
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e		 1
9
4,
5
3
7		 1
6
7,
9
3
6		 1
7
9,
2
5
7

* Euro 3.296 million from the application of IFRS 16

Performance data Cash flow statement

€ x
0
0
0		 M
O
N
T
H
S
9
2
0
1
9		 M
O
N
T
H
S
9
2
0
1
8		 F
Y
2
0
1
8
Ca
h a
he
be
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ing
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1.
3
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t p
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ro
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ia
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en		 7.
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C
ha
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ies
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Ca
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Ow
ha
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ba
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n s
re
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Ac
is
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ion
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Fo
re
x		 (
)
2
1
1
-
(
)
6.
0
6
0
(
1
0.
4
)
7
5
(
)
3
1
7
4
5		 3
4.
7
1
0
(
2.
0
8
6
)
(
)
6.
0
7
1
-
(
)
2
2.
8
8
2
(
0
9
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7.
5		 3
0.
0
0
9
(
2.
3
9
)
5
(
)
6.
0
7
1
-
(
)
2
4.
0
7
7
(
9.
9
6
)
5
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f
in
ia
l
f
lo
t
an
c
w		 (
2.
3
6
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)		 6.
8
2
7		 1.
8
9
3
Ca
h a
he
d o
f
he
d
io
t
t
t
s
en
p
er		 1
1.
0
6
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8.
4
0
5		 1
3.
4
2
6
Cu
f
ina
ia
l
de
b
t
t
rre
n
nc
No
f
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ia
l
de
b
t
t
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rre
n
nc
f
in
ia
l
de
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Ne
t
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an
c		 2
4.
8
8
7
5
8.
0
3
0
7
1.
8
5
5		 2
2.
6
0
7
4
8.
8
9
0
5
3.
2
4
5		 2
2.
6
0
6
4
4.
3
4
4
5
3.
5
2
4

Net financial debt

At 30 September 2019, net financial debt was €71.9 million (€50.3 million at 30 June 2019) and included:

  • • financial liabilities relating to put options granted on minority interests in subsidiaries for €10.5 million (of which €8.7 million relating to C.M.I.);
  • • the present value of the lease and rental payments recognised in accordance with IFRS 16 for €3.3 million.

Performance data Sales by market and product

S
l
b
k
t
a
e
s
y
m
a
r
e		 9
M
O
N
T
H
S
2
0
1
9
*		 9
M
O
N
T
H
S
2
0
1
8
**
ly
Ita		 2
4,
0
1
6		 2
4,
4
8
9		 %
-1.
9
W
Eu
ter
es
n
ro
p
e		 9,
2
9
2		 9,
0
1
3		 %
3.
1
+
Ea
Eu
(
inc
l.
Tu
ke
)
ter
s
n
ro
p
e
r
y		 3
8,
7
5
0		 3
4,
4
8
3		 %
1
2.
4
+
M
i
d
d
le
Ea
&
A
fr
ica
t
s		 5,
9
5
3		 1
0,
1
3
4		 %
-4
1.
3
As
ia
(
l.
)
M
E
ex
c		 7,
1
3
6		 5,
5
1
0		 %
2
9.
5
+
in
Am
ica
La
t
er		 1
7,
8
2
2		 1
9,
5
2
4		 %
-8.
7
No
h
Am
ica
rt
er		 1
2,
2
8
3		 1
1,
2
8
8		 8.
8
%
+
To
l
ta		 1
1
2
2
5,
5		 1
1
4,
4
4
1		 0.
%
7
+

S
l
b
d
t
e
s
o
c
a
y
p
r
u		 O
S
*
9
M
N
T
H
2
0
1
9		 9
M
S 2
O
N
T
H
**
0
1
8
lve
d
he
Va
t
ta
ts
s a
n
rm
os		 3
1,
3
5
1		 3
7,
9
2
0		 %
-1
7.
3
Bu
rn
ers		 4
8,
7
7
4		 5
1,
6
6
6		 %
-5.
6
Ac
ies
ce
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r		 1
0,
0
2
0		 1
2,
1
0
4		 -1
7.
2
%
Pr
fes
ion
l
bu
o
s
a
rn
ers		 4,
1
7
5		 4,
1
8
6		 -0.
3
%
H
ing
es		 1
3,
5
6
9		 7,
6
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+7
7.
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tro
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4
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0.
7
+

* C.M.I. hingeshavebeenconsolidatedfrom August 2019

** Electronic components have been consolidated from September 2018 € x 000

Outlook 2019

The economic trend confirms the signs of recovery in the Turkish market, the weakness of the Middle East and an uneven trend in the other main markets in which the Group operates.

In the fourth quarter of the year, the Group expects sales revenue ranging from €42 to €44 million (of which approximately €8 million from the consolidation of C.M.I.), compared to €36 million in the fourth quarter of 2018. For the whole of 2019, the Group expects to achieve sales ranging from €158 to €160 million, compared to €150.6 million in 2018, and an EBITDA of approximately €28 million (the previous forecast indicated revenues of approximately €162 million and an EBITDA ranging from €28 to €29 million).

These forecasts assume a macroeconomic scenario not affected by unpredictable events. If the economic situation were to change significantly, actual figures might diverge from the forecasts.

Efforts in place to reduce operating costs

  • •Actions on indirect costs
  • •Actions on logistics costs

  • •Overtime reduction

  • •Lean methods to improve flexibility

  • •Improved production efficiency and reduction of set-up costs

BUSINESS PLAN 2018 - 2022

Business plan 2018 - 2022 Keypoints 1/2

Estimated sales growth between 65% and 100% (2022 compared to 2017)

EBITDA margin

  • •ORGANIC: CAGR between 4% and 6% ( € 180 – 200 mn sales by 2022)
  • •BY ACQUISITIONS (€ 70 – 100 mn sales by 2022)

•€200 -230 mnby 2020

•€250 - 300 mnby 2022

•around20% of sales

Business plan 2018 - 2022 Keypoints 2/2

Financial leverage

  • • Organic growth: € 80 - 90 mn capex in 5 years (about 8% of sales per year)
  • •Growth by acquisition: up to € 140 mn investment in 5 years (of which€50 mn already invested in 2018 and 2019)
  • €30 –40 mnin 5 years(between€6 and 8 mnper year)
  • •Lower payout than in previous years, to support future growth

•Operating cash flow: €130 -150 mnin 5 years

•Financial debt: up to €120 mnby 2022

• •Net debt / EBITDA: lower than 2.0

Organic growth Market development - Europe & Turkey

EUROPE(Turkey excluded)

2018-2022 GROWTH FACTORS

  • Reinforce the leadership in this market, in order to strengthen the presence and commercial relationship
    • • Multi-year agreements recently undersigned with some of the major European market players. These agreements grant significant growth and allow high mid-term visibility
    • •Expected market share increase

TURKEY

2018-2022 GROWTH FACTORS

  • Increase of local production, enhancing previous years success. Wider range of products manufactured locally
  • Expected volume increase from current customers
  • New contracts with new customers for valves and hinges
  • Okida estimated growth (CAGR) around 20%

Organic growth Market development - Brazil

BRAZIL

2018-2022 GROWTH FACTORS

  • Enter in the mid range and free-standing cookers markets:
    • •High volumes / low cost burners project
    • •Special burners project
  • Enhancement of commercial relationships with major international Groups, also through co-engineering and development of customized products
  • Market growth within present top customers

Organic growth Market development - North America

NORTH AMERICA

2018-2022 GROWTH FACTORS

  • Expected annual double-digit:
    • •Long-term agreements and special projects with present customers, which are the major market players
    • •Sub-assemblies supply and customized components
    • •Top range professional products for high-end new customers
    • •New projects will allow to gain market share vs competitors
  • Planning to operate through a production plant in North America

RISK FACTORS

  • Exchange rate
  • Import duties and other US protectionist policies

Organic growth Market development - India 1/2

INDIA

2018-2022 GROWTH FACTORS

  • India is considered a high potential market, in which Sabaf Group is just at the beginning of its development. At present, only 30% of Indian people use gas as a cooking source, the remaining part still using biomass sources
  • Expected annual double-digit growth
  • The Group aims to increase the customer base, through:
    • •Agreements with domestic market leaders
    • •Development of specific burners and valves for Indian market, in order to fit local cooking needs (e.g. Series 4 burners)
    • •Increase demand for safety and quality
  • Sabaf will operate through a PRODUCTION PLANT

Organic growth Market development - India 2/2

Potential turnover 2022

Present volumes: 1.3 mn units (gas components)

O
C
B
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m		 €
4.
8
m
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C
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Organic growth Market development - China

CHINA

2018-2022 GROWTH FACTORS

  • Supply agreements with global market leaders
  • Development of new commercial relationships with big Chinese manufacturers
  • Beginning of new projects with high-potential «newcomers»
  • Evaluation of local partnerships for JV
  • Arc Handan JV deployment for wok burners

Organic growth Products

PRODUCTS GROWTH FACTORS

  • Annual investments in R&D: 3% of sales (in line with historical trend)
  • Greater care to specific markets needs and customization in order to increase client loyalty

  • Focus on:

  • •Special burners: high performances and combustion efficiency

  • •"Easy to clean" burners
  • •"Precise flame setting" valves
  • •"Advanced assisted cooking"solutions
  • •Professional burners: also for use in high-range domestic cookers
  • New concepts and new products, in an advanced development stage, are still confidential and not disclosed

Organic growth Processand industrial footprint

PROCESS IMPROVEMENTS

  • Forefrontprocess technology, based on automation and robotization of all production phases
  • Increase of machining and assembling productivity through high-speed machinery
  • Higher efficiencythrough scraps reduction
  • Further interconnection of production with SAP management system (Industry 4.0)
  • Leanmanufacturing and strong reduction ofworking capital
  • Increase of factories flexibility(lower dependence on production volumes)

INDUSTRIAL FOOTPRINT

  • Increase of Turkey local production
  • Planning to operate through a production plant in North America
  • Set up a production plant in India

Organic Growth by New ProjectsIn-Progress (additional sales)

To
l
Pr
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Pr
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Bu
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an
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es		 3
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8
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1
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1
-		 No
h
Am
ica
t
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Eu
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Fa
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en		 4
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No
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in
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es		 1
9		 9 3
4
€
m
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-		 2
0
1
9
2
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2
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-		 Eu
ro
p
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l
To
ta		 9
8		 4
5		 2
2
2
8
€
m
n
-

Growth by acquisitions Transactionscompleted

One year after the acquisition, we confirm the significant growth potentialof Okida

Tangible products and commercial synergies with Sabaf's customers, already in progress and better than expected

More than 30 main projects in pipeline:

  • Oven and Cooktop control
  • Paper dispenser and hand driers
  • Cooker hoods control
  • Hinges electronic motor control
  • Refrigerator and freezer control

Continuous growth by acquisitions

INVESTMENT SECTORS

Aimed to a greater product diversification and higher wordwide presence, in order to allow the Group to entry in differentmarkets, in addition to the traditional sector of gas cooking

DISCLAIMER

Certain information included in this document is forward looking and is subject to important risks and uncertainties that could cause actualresultstodiffermaterially.

The Company's business is in the domestic appliance industry, with special reference to the gas cooking sector, and its outlook is predominantly based on its interpretation of what it considers to be the key economic factors affecting this business. Forwardlooking statements with regard to the Group's business involve a number of important factors that are subject to change, including: the many interrelated factors that affect consumer confidence and worldwide demand for durable goods; general economic conditions in the Group's markets; actions of competitors; commodity prices; interest rates and currency exchange rates; political andcivilunrest;andotherrisksanduncertainties.

Pursuant to Article 154/2, paragraph 2 of the Italian Consolidated Finance Act (Testo Unico della Finanza), the company's Financial Reporting Officer Gianluca Beschi declares that the financial disclosure contained in this financial presentation corresponds to the company's records, books and accounting entries.

For further information, please contact Gianluca Beschi - +39.030.6843236 [email protected]

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