Stop parsing PDFs. Get the API. Request Access

AI Terminal

MODULE: AI_ANALYST
Interactive Q&A, Risk Assessment, Summarization
MODULE: DATA_EXTRACT
Excel Export, XBRL Parsing, Table Digitization
MODULE: PEER_COMP
Sector Benchmarking, Sentiment Analysis
SYSTEM ACCESS LOCKED
Authenticate / Register Log In

Sabaf

Investor Presentation • Mar 23, 2015

4440_ip_2015-03-23_52353c86-c4bd-4bff-83d2-634bd7503ef2.pdf

Investor Presentation

Open in Viewer

Opens in native device viewer

PRESENTAZIONE FINANZIARIAStar ConferenceMilano, 24-25 marzo 2015

Product range

Single ring burners

Gas valves

Special and multi-rings burners

Micro switches& accessories

Thermostats

Global presence

Becoming more international

  • •Sabaf enjoys a strong leadership position in Italy and Europe (market share above 40%)
  • •Demographic and macroeconomic trends do not leave space for substantial growth in Europe
  • •Sabaf market share worldwide is still low (around 10%)
  • • Efforts are mainly addressed at increasing our international presence, with special focus on:
  • Turkey
  • –China
  • –Brazil
  • India
  • –USA

Sabaf in Turkey

WHY

Turkey has become the most important manufacturer ofwhite 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 burnersSame products, technology and quality as in Italy

WHERE WE ARE€9.2 mn sales in 2014, 60 people employed In 2014 we implemented the full process for the production of burner lids

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

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, moderate volume growthNew standards concerning gas hobs will apply starting from April 1st, 2015. The new standards state 3 different energy classes: 55%, 59% and 63%.

At present only 10% to 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 in order to start production

WHERE WE AREProduction is starting in a few weeks

WHERE WE WILL BEWe are targeting the 10% premium market

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 burnersSame products, technology and quality as in Italy

WHERE WE ARE

€8.4 mn sales in 2014, 64 people employed 80% market share in the hobs segment

WHERE WE WILL BEProduction of special burners (2016)Increase of share in the cookers segment

Sales by market

F
Y
2
0
1
4		 F
Y
2
0
1
3
l
I
t
a
y		 4
2
2
7
7
,		 4
2
6
6
2
,		 %
0
9
-
W
E
t
e
e
e
s
r
n
u
r
o
p		 8
7
1
6
,		 7
4
6
5
,		 %
1
6
8
+
E
E
t
a
s
e
r
n
u
r
o
p
e		 3
6
1
9
8
,		 2
9
3
0
0
,		 %
2
3
5
+
A
i
O
i
&
s
a
c
e
a
n
a		 1
1,
2
0
4		 1
1,
8
6
4		 %
6
5
-
L
i
A
i
t
a
n
m
e
r
c
a		 1
8
3
2
4
,		 2
4
3
7
5
,		 %
2
4
8
-
f
A
i
r
c
a		 1
2
4
5
7
,		 1
0
4
1
0
,		 %
2
0
8
+
h
A
i
N
t
o
r
m
e
r
c
a		 0
4
4
7
,		 4
8
9
1
,		 %
4
4
0
+
T
l
t
o
a		 1
3
6
3
3
7
,		 1
3
0
9
6
7
,		 %
4
1
+

Sales by product line

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

Income statement

€ x
0
0
0		 F
Y
2
0
1
4		 F
Y
2
0
1
3
S
A
S
L
E		 1
3
6,
3
3
7		 %
1
0
0.
0		 1
3
0,
9
6
7		 %
1
0
0.
0		 %
4.
1
+
M
i
l
t
a
e
a
s
r		 (
4,
4
2
)
5
7		 -4
0.
0
%		 (
2,
4
1
)
5
5		 -4
0.
0
%
l
l
P
a
r
o
y		 (
)
3
2,
1
8
0		 %
-2
3.
6		 (
)
3
1,
3
3
9		 %
-2
3.
9
C
h
i
k
t
a
n
g
e
n
s
o
c		 2,
4
4
7		 %
1.
8		 4,
7
8
4		 %
3.
7
O
h
i
/
i
t
t
t
e
r
o
p
e
r
a
n
g
c
o
s
s
n
c
o
m
e		 (
)
2
6,
1
8
0		 %
-1
9.
2		 (
)
2
7,
4
2
5		 %
-2
0.
9
A
E
B
I
T
D		 2
5,
9
5
2		 %
1
9.
0		 2
4,
5
7
2		 %
1
8.
8		 %
5.
6
+
D
i
i
t
e
p
r
e
c
a
o
n		 (
)
1
2,
2
9
2		 %
-9
0		 (
)
1
2,
8
5
6		 %
-9
8
G
i
/
l
f
ix
d
t
a
e
e
a
e
n
s
o
s
s
s
o
n
s
s
s		 6
3		 %
0.
0		 7
1		 %
0.
1
i
f
f
ix
d
I
t
t
m
p
a
r
m
e
n
o
e
a
s
s
e
s		 (
)
5
4
8		 %
-0
4		 (
)
6
5
5		 %
-0
5
E
B
I
T		 1
3,
1
7
5		 %
9.
7		 1
1,
1
3
2		 %
8.
5		 %
1
8.
4
+
N
f
i
i
l
t
e
n
a
n
c
a
e
p
e
n
s
e
x		 (
3
1
)
5		 -0
4
%		 (
6
3
)
7		 -0
%
5
i
h
i
l
F
/
o
r
e
g
n
e
x
c
a
n
g
e
g
a
n
s
o
s
s
e
s		 1
1
9		 %
0.
1		 (
)
1
8
6		 %
-0
1
E
i
i
f
i
/
l
t
t
t
t
q
u
y
nv
e
s
e
m
e
n
s
p
r
o
s
o
s
s
e
s		 (
)
6
0
6		 %
-0
4		 (
)
4
9
8		 %
-0
4
E
B
T		 1
2,
1
5
7		 %
8.
9		 9,
8
1
1		 %
7.
5		 %
2
3.
9
+
I
t
n
c
o
m
e
a
x
e
s		 (
)
3,
8
1
9		 %
-2
8		 (
)
1,
7
0
7		 %
-1
3
M
i
i
i
t
n
o
r
e
s		 0 0
N
E
T
I
N
C
O
M
E		 8,
3
3
8		 %
6.
1		 8,
1
0
4		 %
6.
2		 %
2.
9
+
E
P
S		 0.
2
3
7		 0.
1
7
5		 %
1.
1
+

EBIT bridge 2013 – 2014

Cash flow statement

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

Balance sheet

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

Net financial position

1
0
0
0
€
x		 3
1-
D
1
4
e
c-		 3
1-
D
1
3
e
c
-
A C
h
a
s		 9 1
5
B i
i
b
l
f
i
d
b
k
P
t
t
t
t
o
s
v
e
a
a
n
c
e
s
o
u
n
r
e
s
r
c
e
a
n
a
c
c
o
u
n
s		 2
6
9
1
,		 4
1
9
5
,
C O
h
l
i
i
d
i
i
t
t
e
r
q
u
e
s		 2
5
8		 5
7
7
D C
h
d
h
i
l
(
A
B
C
)
t
+
+
a
s
a
n
c
a
s
e
q
a
e
n
s
u
v		 2
9
5
8
,		 5
1
1
1
,
E C
b
k
d
f
t
t
u
r
r
e
n
a
n
o
v
e
r
r
a
s		 1
5,
8
9
0		 1
5,
5
0
3
F C
i
f
d
b
t
t
t
t
u
r
r
e
n
p
o
r
o
n
o
n
o
n
-c
u
r
r
e
n
e		 3
2
3
7
,		 1,
3
6
3
G O
h
f
i
i
l
b
l
t
t
e
r
c
u
r
r
e
n
n
a
n
c
a
p
a
y
a
e
s		 1
0
5		 1,
0
7
6
H C
f
i
i
l
d
b
(
G
)
E
F
t
t
+
+
e
n
n
a
n
c
a
e
u
r
r		 1
9
7
1
8
,		 1
7
9
4
2
,
I. C
f
i
i
l
d
b
(
H
D
)
t
t
t
e
e
c
e
u
r
r
n
n
n
a
n
a
-		 1
6
7
6
0
,		 1
2
8
3
1
,
J N
b
k
b
l
t
o
n
-c
u
r
r
e
n
a
n
p
a
y
a
e
s		 8
2
7
5
,		 1,
8
5
9
K O
h
f
i
i
l
b
l
t
t
e
r
n
o
n
-c
u
r
r
e
n
n
a
n
c
a
p
a
y
a
e
s		 1,
8
9
8		 2
0
3
6
,
L f
i
i
l
d
b
(
)
N
J
K
t
t
+
o
n
-c
u
r
r
e
n
n
a
n
c
a
e		 1
0
1
3
7
,		 3
8
9
5
,

M. Net financial debt (L+I) 26,933 16,726

Extraordinary dividend

  • • On November 10th 2014, Sabaf paid an extraordinary dividend of €1.00 per share
  • •Rebalance of the financial structure
b b
i A
D D
/ /
E E
t B
t I
e T
q D
u t
y e
D D D D
3 3 3 3
1- 1- 1- 1-
2 2 2 2
0 0 0 0
1 1 1 1
3 4 3 4
e e e e
c c c c
- - - -
0
1
4		 0
2
4		 0
6
8		 1.
0
4
  • •Prospects for constant cash flow generation
  • •Possibility of funding at very low interest rates
  • •No change in the implementation of the planned investment programmes

Forecasts

  • • In 2015, the scenario remains hard to interpret, with some positive factors (such as the dollar's appreciation against the euro) and others that are less favourable (the uncertainty of the Italian and European recovery and a competitive environment that continues to be difficult).
  • • The Group believes that it will be able to achieve sales and profitability levels slightly higher than those of 2014.
  • • 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.
  • • The directors plan to propose a dividend of €0.40 per share at the Shareholders' Meeting (the same as the ordinary dividend paid out in 2014).

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]

More from Sabaf

Report Publication Announcement 2025
Dec 22
Transaction in Own Shares 2025
Dec 22
Transaction in Own Shares 2025
Dec 15
Transaction in Own Shares 2025
Dec 9
Declaration of Voting Results & Voting Rights Announcements 2025
Dec 5
Transaction in Own Shares 2025
Dec 3
Transaction in Own Shares 2025
Dec 1
Transaction in Own Shares 2025
Nov 24
Regulatory Filings 2025
Nov 11
Regulatory Filings 2025
Nov 11
View all filings →

Talk to a Data Expert

Have a question? We'll get back to you promptly.