Investor Presentation • Mar 20, 2017
Investor Presentation
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Brazil is a big market, difficult to supply from abroad, due to logistics, duties, forex impact.
Start of production in Brazil in 2001. A new factory was set up in Jundiaì (SP) in 2007, starting from greenfield. € 10 mn investment - 10,000 sqm Manufacturing of standard burners Starting from 2016, production of special burners Same products, technology and quality as in Italy
€ 9.9 mn estimated sales in 2016 (€ 8.4 mn in 2015, +18%) 66 people employed 80% market share in gas hobs segment
WHERE WE WILL BEOngoing negotiations with large multinational groups Expected increase of share in the cookers segment
Turkey has become the most important manufacturer of white goods in Europe (Turkish manufacturers and production sites of multinational groups)
In 2012 Sabaf built from greenfield a new factory in Manisa (Izmir) - € 10 mn investment - 10,000 sqm Manufacturing of standard burners Same products, technology and quality as in Italy
WHERE WE ARE€ 15.5 mn sales in 2016 (€ 14.4 mn in 2015, +8%) 86 people employed
WHERE WE WILL BEFurther expansion of production capacity is ongoing Constant growth has been planned for next years
Market size: 26 mn hobs
19 mn hobs manufactured for the domestic market 7 mn hobs manufactured for export markets Expected product mix trend: higher value, volume growth New standards concerning gas hobs apply starting from April 2015. The new standards state 3 different energy classes: 55%, 59% and 63%. At present only 10%-15% of hobs meet the highest class.
Sabaf has developed a new special burner that reaches an efficiency rate higher than 65%. €2mn capex
Production has started in June 2015, € 1 mn sales in 2016 Ongoing contacts with major hob manufacturers
WHERE WE WILL BEWe are targeting the 10% premium market
In June 2016 Sabaf acquired a 70% stake in ARC ARC is the Italian leader in burners for professional cooking Sabaf enters into a new market, with appealing growth rates and complementary to the core sector
SYNERGIESAccess to foreign markets Joint forces in R&DCustomized products for high end domestic appliances
VALUATIONAmount paid €4.8 mnEV/Sales = 1 EV/EBITDA = 4.8
GOVERNANCEMr. Loris Gasparini keeps a 30% stake and a CEO position for the next 5 years
Sales €5.2 mn EBITDA EBIT
€1.1 mn (21%) €0.9 mn (18%) Net income 0.7 mn
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2017 got off to a positive start and sales in the first quarter are expected to increase with a double-digit growth compared with 2016, which was marked by a very weak start.
Although there are uncertainties on some of the main markets in which Sabaf operates, for the whole of 2017, the Group expects to be able to reach sales of around € 140 million and increasing operating margins compared with 2016.
These targets assume a macroeconomic scenario not affected by unpredictable events. If the economic situation were to change significantly, actual figures might diverge from forecasts.
Sabaf vs. FTSE Italia STAR –3 years
Certain information included in this document is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially.
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. Forward-looking 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 and civil unrest; and other risks and uncertainties.
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 - [email protected]
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