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Sabaf

Investor Presentation • Nov 9, 2016

4440_ip_2016-11-09_7d07d0f4-9031-4aeb-aaf3-feb73d51d5fe.pdf

Investor Presentation

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FINANCIAL PRESENTATION

Milan, 9 November 2016

Product range – the heart of gas cooking appliances

Production sites

Competitive position and growth drivers

  • • Global leader in the production of components for domestic gas cooking appliances, with over 270 customers in 60 different countries
  • •Top 10 customers account for 48% of sales (H1 2016) – stable figure for past 10 years
  • •A strong leadership in Italy and Europe (market share above 40%), lower presence worldwide (est. 10%)

The acquisition of A.R.C.

A NEW STEP IN OUR GROWTH PATH

On June 29th 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

VALUATION

Amount paid €4.8 mnSales €4.4 mn EBITDA Equity €3.1 mn Positive NFP EV/Sales = 1 EV/EBITDA = 4.8

€0.9 mn€2.6 mn

GOVERNANCEMr. Loris Gasparini keeps a 30% stake and a CEO position for the next 5 years

Sabaf in Turkey

WHY

Turkey has become the most important manufacturer of white goods in Europe (Turkish manufacturers and production sites of multinational groups)

HOW

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€ 16.3 mn estimated sales in 2016 (€ 14.4 mn in 2015, +13%) 100 people employed

WHERE WE WILL BEFurther expansion of production capacity is ongoing Constant growth has been planned for next years

6

Sabaf in China

WHY

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.

HOW

Sabaf has developed a new special burner that reaches an efficiency rate higher than 63%. €2mn capex in 2014-2015

WHERE WE AREProduction has started in June 2015, € 1 mn sales expected in 2016 Ongoing contacts with major hob manufacturers

WHERE WE WILL BEWe are targeting the 10% premium market

7

Sabaf in Brazil

WHY

Brazil is a big market, difficult to supply from abroad, due to logistics, duties, forex impact.

HOW

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 beginning 2016, production of special burners Same products, technology and quality as in Italy

WHERE WE ARE

€ 10 mn estimated sales in 2016 (€ 8.4 mn in 2015, +19%) 70 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

Sales by product

M
9
2
0
1
6		 M
9
2
0
1
5
B
l
r
a
s
s
a
e
s
v
v		 7,
0
4
2		 9,
8
5
8		 %
2
8
6
-
h
l
l
l
L
i
t
g
a
o
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e
s
y
v
v		 2
4,
9
0
7		 2
6
5,
7
5		 %
3
3
-
h
T
t
t
e
r
m
o
s
a
s		 9
8
5,
5		 8,
0
9
2		 %
2
6
4
-
S
d
d
b
t
a
n
a
r
u
r
n
e
r
s		 2
4
8
7,
5		 2
8,
0
2
5		 %
3
3
-
S
i
l
b
p
e
c
a
u
r
n
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r
s		 1
6
4
2
5,		 1
6,
1
0
7		 %
2
9
-
i
A
c
c
e
s
s
o
r
e
s		 9,
4
8
8		 1
0,
1
8
6		 %
6
9
-
f
i
l
b
P
r
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e
s
s
o
n
a
u
r
n
e
r
s		 1,
1
9
6		 0 n
a
i
H
n
g
e
s		 6,
2
7
8		 6,
0
5
9		 %
3
6
+
T
l
t
o
a		 9
8
0
5
9
,		 1
0
4
5
6
9
,		 %
6
2
-

Sales by market

Income statement

€ x
0
0
0		 M
9
2
0
1
6		 M
9
2
0
1
5		 F
Y
1
5		 F
Y
1
4		 F
Y
1
3
S
A
L
E
S		 9
8,
0
5
9		 1
0
0.
0
%		 1
0
4,
5
6
9		 1
0
0.
0
%		 -6
2
%		 1
3
8,
0
0
3		 1
0
0.
0
%		 1
3
6,
3
3
7		 1
0
0.
0
%		 1
3
0,
9
6
7		 1
0
0.
0
%
M
ia
ls
te
a
r		 (
)
3
6,
3
9
6		 -3
7.
1
%		 (
)
4
1,
3
0
9		 -3
9.
5
%		 (
)
5
4,
3
6
6		 -3
9.
4
%		 (
)
5
4,
4
7
2		 -4
0.
0
%		 (
)
5
2,
4
1
5		 -4
0.
0
%
l
l
Pa
y
ro		 (
)
2
4,
1
8
5		 %
-2
4.
7		 (
)
2
4,
6
1
5		 %
-2
3.
5		 (
)
3
2,
2
6
5		 %
-2
3.
6		 (
)
3
2,
1
8
0		 %
-2
3.
6		 (
)
3
1,
3
3
9		 %
-2
3.
9
C
ha
in
k
to
ng
e
s
c		 6
3
8		 %
0.
7		 2,
0
8
2		 %
2.
0		 1,
0
2
5		 %
0.
7		 2,
4
4
7		 %
1.
8		 4,
7
8
4		 %
3.
7
O
he
in
/
in
t
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ts
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g
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1
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9.
%
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2
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2
1
4		 -1
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3
%		 (
)
2
5,
9
6
4		 -1
8.
8
%		 (
)
2
6,
1
8
0		 -1
9.
2
%		 (
)
2
7,
4
2
5		 -2
0.
9
%
E
B
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T
D
A		 1
8,
9
4
7		 %
1
9.
3		 2
0,
1
3
5		 %
1
9.
6		 %
-7
6		 2
6,
1
2
7		 %
1
9.
0		 2
9
2
5,
5		 %
1
9.
0		 2
4,
2
5
7		 %
1
8.
8
De
ia
io
t
p
re
c
n		 (
)
9,
5
9
6		 -9
8
%		 (
)
9,
0
6
1		 -8
%
7		 (
)
1
2,
1
8
5		 -8
8
%		 (
)
1
2,
2
9
2		 -9
0
%		 (
)
1
2,
8
5
6		 -9
8
%
Ga
in
/
lo
f
ix
d
ts
s
ss
es
o
n
e
as
se		 1
8		 %
0.
0		 5
9		 %
0.
1		 1
0
4		 %
0.
1		 6
3		 %
0.
0		 7
1		 %
0.
1
f
f
d
Im
irm
ix
t o
ts
p
a
en
e
as
se		 0 %
0.
0		 0 %
0.
0		 0 %
0.
0		 (
)
4
8
5		 %
-0
4		 (
)
6
5
5		 %
-0
5
E
B
I
T		 9,
3
6
9		 %
9.
6		 1
1,
5
1
1		 %
1
1.
0		 %
-1
8.
6		 1
4,
0
9
1		 %
1
0.
2		 1
3,
1
7
5		 %
9.
7		 1
1,
1
3
2		 %
8.
5
f
l e
Ne
in
ia
t
an
c
xp
en
se		 (
)
3
9
5		 %
-0
4		 (
)
4
1
8		 %
-0
4		 (
)
2
9
5		 %
-0
4		 (
)
3
1
5		 %
-0
4		 (
)
6
3
7		 %
-0
5
ig
ha
in
lo
Fo
/
re
n
ex
c
ng
e g
a
s
ss
es		 2
0
4		 %
0.
2		 4
0
0		 %
0.
4		 (
)
8
9		 %
-0
1		 1
1
9		 %
0.
1		 (
)
1
8
6		 %
-0
1
Eq
i
in
f
i
/
lo
ty
te
ts
ts
u
ve
s
m
en
p
ro
ss
es		 0 0.
0
%		 0 0.
0
%		 0 0.
0
%		 (
)
6
0
6		 -0
4
%		 (
)
4
9
8		 -0
4
%
E
B
T		 9,
1
7
8		 %
9.
4		 1
1,
4
9
3		 %
1
1.
0		 %
-2
0.
1		 1
3,
4
7
3		 %
9.
8		 1
2,
1
5
7		 %
8.
9		 9,
8
1
1		 %
7.
5
In
ta
co
m
e
xe
s		 (
2,
8
4
9
)		 %
-2
9		 (
3,
4
6
)
7		 %
-3
6		 (
4,
4
)
7
5		 %
-3
2		 (
3,
8
1
9
)		 %
-2
8		 (
1,
0
)
7
7		 %
-1
3
M
in
i
ies
t
or		 (
)
3
2		 0 0 0 0
N
E
T
I
N
C
O
M
E		 6,
2
9
7		 6.
4
%		 7,
7
4
7		 4
%
7.		 -1
8.
%
7		 8,
9
9
8		 6.
%
5		 8,
3
3
8		 6.
1
%		 8,
1
0
4		 6.
2
%

EBIT bridge 9M 2015 – 9M 2016

Balance sheet

b
/
D
E
i
t
t
e
q
u
y		 0
2
7		 0
3
1		 0
2
3		 4
0
2
S
f
f
i
o
c
e
s
o
n
a
n
c
e
u
r		 1
4
4,
6
5
3		 1
4
7,
9
4
2		 1
4
1,
0
2
9		 1
3
8,
4
7
3
d
b
N
t
t
e
e		 2
9,
9
0
5		 3
4,
2
9
7		 2
9
0
8
5,		 2
6
4
6
5,
f
k
d
R
i
e
s
e
r
e
s
o
r
r
s
s
a
n
v
i
d
i
d
f
d
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s
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e
a
n
c
e
n
e
m
n
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e
e
v
r
y,
r
r
t
a
x
e
s		 4,
1
4
4		 4,
2
2
1		 4,
0
8
1		 4,
2
1
8
i
E
t
q
u
y		 1
1
0,
9
1
9		 1
0
9,
4
4
2		 1
1
1,
0
4
0		 1
0
8,
6
0
9
C
i
l
E
l
d
t
a
p
a
m
p
o
y
e		 1
4
4,
6
5
3		 1
4
7,
9
4
2		 1
4
1,
0
2
9		 1
3
8,
4
7
3
S
h
f
l
i
i
t
t
t
o
r
e
r
m
n
a
n
c
a
a
s
s
e
s		 3
5		 7
5		 6
9		 -
k
i
i
l
N
t
t
e
w
o
r
n
g
c
a
p
a		 4
9,
2
0
9		 5
1,
1
9
3		 4
8,
1
6
3		 4
4,
9
5
5
F
i
d
t
e
a
s
s
e
s
x		 9
5,
3
9
1		 9
6,
6
7
4		 9
2,
7
9
7		 9
3,
5
1
8
1
0
0
0
€
x		 S
3
0-
1
6
e
p
-		 3
0-
J
1
6
u
n-		 3
1-
D
1
5
e
c-		 S
3
0-
1
5
e
p
-

Cash flow statement

1
0
0
0
€
x		 9
M
2
0
1
6		 9
M
2
0
1
5		 F
Y
1
5
C
h
h
b
i
i
f
h
i
t
t
t
a
s
a
e
e
g
n
n
n
g
o
e
p
e
r
o		 d
1
3,
9
9		 5
3,
6
7		 3,
6
7
5
N
f
i
t
t
e
p
r
o		 7
6,
2
9		 7
7,
7
4		 8,
9
9
8
D
i
i
t
e
p
r
e
c
a
o
n		 6
9,
9
5		 1
9,
0
6		 1
2,
1
8
5
C
h
k
l
i
i
i
t
t
a
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a
a
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n
w
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c
p
ha
in
in
ie
to
c
ng
e
ve
n
r
s		 (
)
8
0
6		 (
)
1,
0
7
2		 (
)
1
7
0
ha
in
iv
b
le
ng
e
re
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a
c
s		 2,
5
0
1		 2,
0
0
2		 1
0
7
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in
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le
ng
e
ay
a
s
c
p		 (
)
2,
9
4
7		 5
6		 (
)
5
8
(
)
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8
6		 (
)
1
2
1
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s		 1,
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5		 1
5		 (
)
1,
9
3
1
O
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f
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r
a
n
g
c
a
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w		 1
6,
3
6
6		 1
8
0
9
7,		 1
9,
1
3
1
N
i
t
t
t
e
n
v
e
s
m
e
n
s		 (
)
9,
3
7
4		 (
)
9,
6
0
3		 (
)
1
2,
0
7
9
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f
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F
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6,
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4
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b
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1		 1,
1
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5		 (
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7
1
8
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D
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d
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e
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s		 (
)
1,
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6
7		 (
)
6
1
3		 (
)
6
1
3
A
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a
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5,
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4		 (
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4,
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F
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2,
2
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0		 (
)
2,
8
4
8		 (
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1,
3
4
4
C
h
f
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a
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w		 2,
7
3
3		 2,
0
1
1		 3
1
6

Net financial position

1
0
0
0
€
x		 S
3
0-
1
6
e
p
-		 3
0-
J
1
6
u
n
-		 3
1-
D
1
5
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3
0-
1
5
e
p
-
A C
h
a
s		 1
9		 1
1		 1
1		 1
5
B b
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b
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4
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8
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3
7
6
C O
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t
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q
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6
6
3		 3
6
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8
5		 2
9
5
D C
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(
A
B
C
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t
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s		 6
7
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b
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8
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6
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G O
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p
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H C
f
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)
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5
7
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f
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-		 1
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Forecasts

Group sales in the fourth quarter are expected to be in line with the same period of 2015. The Group therefore believes that it can close 2016 with sales of approximately € 132 million, down by between 4% and 5% compared with the amount of € 138 million in 2015. The Group also foresees that for the full year 2016, gross operating margin (EBITDA %) will total a value similar to 2015, when it amounted to 19%.

Negotiations with customers for 2017 are still ongoing; at present, the Group expects to be able to reach sales of around €140 million and improved operating margins compared to 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.

Stock price and main shareholders

Disclaimer

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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