Investor Presentation • Sep 6, 2017
Investor Presentation
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Biesse Group is a global leader in the technology for processing wood, glass, stone, advanced materials and metal. Founded in Pesaro in 1969 by Giancarlo Selci, the company has been listed on the Italian Stock Exchange (Star) since June 2001. Starting from October 2015 Biesse is included in the Mid-Cap segment.
THINKFORWARD is all about Biesse Group's ability to innovate and provide integrated solutions that are sophisticated but easy to use, allowing our customers to produce more, better and at a lower cost. It encourages us to look ahead before deciding how acting today.
Who we are Our values Business Model
Biesse Group
Our purpose Our beliefs In How Where With We
Biesse Group / Who we are
"…back when we were simply producing machines, I was talking with a dear friend, and realised that the rough, imprecise way he was working was ineffective, and above all, dangerous to his personal safety. At that moment, I recognised a need for change, and immediately understood that we could do something we could introduce innovative new ways of working, automate processes, and above all, create safer working conditions.
A new kind of machine was about to be born".
Our beliefs Biesse Group / Who we are
We believe in challenging standards, in thinking forward and in acting differently. Creating advanced technologies and beautifully-designed solutions is the key to transforming our beliefs into real value.
We manufacture machines and components for wood, glass, stone, advanced materials and metal processing through specialised business units and 9 manufacturing sites in Italy and worldwide.
business divisions
Growing investments in R&D have enabled us to create software programs that have simplified the management of CNC machines, improving our customers' processes revolutionizing market standards.
More than
patents registered
We support our colleagues everywhere in the world, using the most advanced management, sales and support system. Our global network enables us to be always close to our customers.
More than
subsidiaries and representative offices
37
11
Customers in 120 countries: manufacturers of furniture, design items and door/window frames, producers of elements for the building, nautical and aerospace industries.
"Strength lies in differences, not in similarities" (Stephen Covey)
employees throughout the world (temporary workers included) are our Human Capital (June 2017 update)
Biesse Group
Biesse Group / Our values
Innovation is the driving force for the way we do business, continuously striving for excellence to support our customers' competitiveness.
Innovation is hard-wired in our DNA. Past, present and future.
15
Biesse Group / Our values
Our main principles
Fairness to all stakeholders Mutual trust and transparency Unrestricted and clear communications
Sharing of knowledge and experience
Biesse Group / Our values
A virtuous circle of excellence for a constant growth
03
Cash
Revenue
01
Profit
02
17
Wood
Glass
Stone
Mechatronics Metal bSoft (software)
Plastic & Advanced Materials
Biesse Group
We create engineered solutions, from plant design to production, implementation, installation and maintenance
Systems
02
WOOD
PLASTIC
01
04
We design, manufacture and distribute a comprehensive range of machinery and technologies for processing wood, glass, stone and advanced materials
We manufacture custom made blends of diamonds and alloy tools for glass, stone and synthetic materials processing, which have been developed and field tested to meet customer requirements.
We design, manufacture and deliver high -tech mechanical and electronic components for machinery INDUSTRY 4.0 ready.
03
Biesse Group / Business Model
Joiners Makers of large furniture items Windows and doors Wood building companies and manufacturers Glass workers Marble workers Windows Furniture Kitchen manufacturers
Machinery producers: Wood Aluminum Plastic Metal Advanced Materials
25
Strategy & Results Products Solutions Customer Experience Where we are: business plan update
Where we are / Strategy & Results
EBITDA
55,1
€/mln
EBIT
493,2 €/mln Order Intake
75,8 €/mln
+4,9 €/mln Net Financial Position
Where we are / Strategy & Results
Where we are / Strategy & Results
Where we are: business plan update
Exceeding targets Wood Housing Glass & Stone Mechatronics Tooling Advanced Materials
Best-in-class Alignment
Rover A Smart Rover K Smart Rover M5 Brema Eko 2.2 Selco WN 2 Selco SK3 Viet Opera R Stream AK Stream K Winner W4
Uniteam has specialized in the design and manufacture of multi -axis machines for wood construction materials, machining of advanced materials and a range of other special applications from automotive to prototyping .
Working together to broaden their product range and to push territorial boundaries .
35
Technologies for the machining of solid wood beams and panels for any wooden structure used in building wooden frame houses, wooden panel houses, prefabricated buildings and playgrounds.
The Housing technologies include : Rover range WinLine range Uniteam range
Technology news
Glass Master series - Glass Genius CT -RED series
Stone Master series - Stone Mastersaw 625 DT
37
ES505 ES575 ES511 Electrospindles dedicated to metal and composite material processing on CNC machine tools
HS610 HS810 Two-Axis-heads dedicated to metal processing CNC machine tools
ES951 e-CORE range extension IoT ready Electrospindles dedicated to wood and aluminum processing
Swave KCX DMV/504 New Flash Tools for technical materials
39
Technology news
Materia FC Materia CL Materia LD Materia MR Rover Plast M5 Brema Plast Eko 2.1 Where we are: business plan update
43
More than
Systems installed worldwide, reached in 2016
Where we are / Solutions
45
A complete platform fully implemented
The single, integrated platform to manage all machine processes has been fully implemented on machines.
Where we are: business plan update
Exceeding targets Close to customers Feeling the products Predicting customer needs IIoT with Accenture & Microsoft
Take Over
Revenues in North America in 2016 +18,4 mln/€
+4
New Local
Branches
Revenues in ASIA in 2016 +26,7 mln/€
Revenues in Western Europe in 2016 +72,6 mln/€
8.000 Demos in 2016
47
Discovering our factories
HSD: a 4.0 factory Manufacturing Lab Training Academies
New plants
4.0 factory
Exhibitions
56
4
Inside events
one2one events & Tech Tour
A new step towards the Factory of the Future "For us 4.0 is not simply a number representing the so-called new industrial revolution, but a real commitment toward our customers to allow them, to achieve the highest level of efficiency" Federico Broccoli (Wood Division Director / Sales)
01 Design
02 Materials
03 Production
04 Shape & Installation Software
Materials Innovation
Digital Manufacturing Machines
Industry 4.0
proactivity: from the "break-and-fix" to the proactive service
spare parts: 24x7 assistance / no down time – maintanance contracts – spare parts inventories with more than 8.000 parts
training: dedicated traning of the Biesse engineers and dealers
SERVICES OPTIMIZATION PREDICTIVITY HUMAN INNOVATION ANALYSIS
Sophia is a business solution - a connected asset management - that Biesse developed to create more value for the customers improving the productivity and the operative efficiency decreasing the costs.
Sophia -actually offered inside the IIoT service- is a solution for the customers through the Cloud platform Machine Knowledge Center.
the SOPHIA solution has been already presented during the last LIGNA fair regarding the IIoT service for the Rover (wood) machineries
Starting from the next Biesse Inside (October 2017):
-enlarge the geographical perimeter (wave 1 -2-3-4) even extending the machineries models (edge banding, sizing and inserting) . see the roadmap below
Continuous Growth More products More solutions More Customer Experience
Wood Division Estimated CAGR 2017-2019
G&S Division Estimated CAGR 2017-2019
MechatronicsDivision Estimated CAGR 2017-2019
Tooling Division Estimated CAGR 2017-2019
A.M. Division Estimated CAGR 2017-2019
Market Estimated CAGR 2017-2019
7% Market Estimated
CAGR 2017-2019
5% Market Estimated CAGR 2017-2019
To evolve to Service 2.0: from a "break and fix" approach to a proactive service
To increase our market share in the system solutions market.
To improve our software to keep offering to our Customers endless possibilities.
Where we want to go: 2019 new targets
Markets & Targets Wood Housing Glass & Stone Mechatronics Advanced Materials
Estimated worldwide market share 2016
Market Size
Whole market potential
€3.5bn
2016
Looking forward, we expect the market to continue grow at about 3.9 times the reference sector average growth rate.
The competition in the current market is consolidated. We are the second leading company in the sector. Main competitors are located in Germany and in Italy. The most important of these are HOMAG in Germany (29.5% estimated market share) and SCM in Italy (7% estimated market share*).
*automatic machines
SCA Indústria de Móveis (Brasil)
59
Wood - Targets Where we want to go / More Products
Wood Division Estimated CAGR 2017-2019
Market Estimated CAGR 2017-2019
Improve product reliability, renew existing product range
01
02 Renovation and completion of the range of machines
03
Enhance R&D for innovative solutions (technologies and new materials)
Expand the product range of woodworking machines for the housing market
Estimated worldwide market share 2016
Market Size
Whole market potential
€.0,2bn
2016
Looking forward, we expect the market to continue grow more than the 3.9 times the reference sector average growth rate.
The competition in the market is consolidated. Main competitors are located in Germany and in Italy. The most important of these are Hundegger (the Market Leader), HOMAG and Weinmann in Germany and SCM, Essetre in Italy.
Musée du Vin et du Négoce (Bordeaux)
61
2019 Target in wood construction materials machines market Biesse Group will further extend its product range, increasing penetration in the "niche" yet highly-strategic industry of timber carpentry (beams and structural façades).
01 Expand our offering in other timber carpentry segments (minor complexity and higher volumes)
02 Leverage on Biesse capillarity to boost sales and after-sales worldwide
In the near future. we anticipate that the glass processing market will grow at about 3.9 times the reference sector average growth rate.
(Valencia) We are currently the industry leader in the glass processing market in which we operate. Main competitors are located in Italy and they are CMS. Bottero. and Hegla.
Ciudad de las Artes y las Ciencias, Cerviglas
63
share 2016
worldwide market
Market Size
Estimated
2016
Glass
Whole market potential €880mln
Estimated worldwide market share 2016
Whole market potential
€600mln
Outlook
Looking to the future. as the in the wood sector. we expect the market to continue to grow at about 3.9 times the reference sector average growth rate.
The competition in the current market is consolidated. We are among the leading companies in the sector and we intend to reinforce our positioning. Main competitors are located in France and in Italy and they are CMS. Breton and Thibaut.
"Bicefalo" sculpture Marmi Fontanelli
G&S Division Estimated CAGR 2017-2019
7%
Market Estimated CAGR 2017-2019
01
02
Expand our offering in new product segments
the glass sector
Increase our market share in the stone segment, reinforcing our leadership in this area
Maintain and reinforce our leading position in
controlled since the end of July for its know -how, quality and design in manufacturing automated systems, for storing and handling glass flat panels .
acquired between July and August, the company is a market leader in edge polishers machinery with a very strong technological components . With its know -how the company can reach customers in marble, granite, porcelain and synthetic/advancedmaterials .
Both acquisitions will enable Intermac (the Biesse dedicated brand) to increase its 4 . 0 . solutions enlarge the products gamma offering automated and integrated turnkey plants to larger customers
In the near future, we anticipate that the spindles market will grow in line with the reference markets of WAP and metal working machines.
Our mechatronics division is currently the leader in the WAP (Wood Advanced Materials*. Plastic) spindles sector. We entered the metal spindles sector. Our main competitors are from Germany. They are KESSLER. IBAG. GMN. WEISS (Siemens). FISHER and STEPTEC.
*Advanced materials
Carbon Fiber Foam Composite Alluminium Titanium 68
Estimated
2016
share 2016
worldwide market
Market Size
Whole market potential
(WAP + Metal + G&S)
€
0.7bn
Mechatronics Unit Estimated CAGR 2017-2019
Market Estimated CAGR 2017-2019
19 mln/€
2019 target in metal sector
01 Maintain and reinforce our leading positioning in the Wood- Aluminum- Plastic (WAP) sector
02 Reinforce the partnership with our current customers
03 Substantial market share improvement into the metal sector by replicating our WAP standards of excellence in new sectors
In the near future. we expect that the market of Advanced Materials Processing where we insist will double around the GDP grow rate.
The advanced material processing machinery market is highly fragmented worldwide, main competitors are Geiss, HG Grimme, Belotti CMS Industrie, Breton, Mecanumeric, Multicam and Flow Corporation.
Care Model 1:1 Clay block
02
Extend our product range drawing on the expertise of Uniteam to enhance its range of products and applications for machining advanced composite materials for several industries
Marine
Visual communication 71
application
Defense and Ballistics
2019 new targets Service Systems bSuite
Our network supports our customers worldwide. Through Biesse service and Biesse parts. we offer technical services and machine/component spares to businesses anywhere in the world on-site. as well as on-line - 24/7.
Where we want to go / More Solutions
We increased our market share becoming a leading company in the engineering solutions sector.
The guiding strategy of the Biesse Systems team is based on clear key concepts:
Where we want to go / More Solutions
1.0 Potential Software Fees contribution to % Net Sales
Consolidation. reliability and rationalization. Superior technology for creating synergies in machine automation.
02
01
Technological superiority and sustainability. Ensuring advanced. sustainable know-how in order to develop intelligent machines.
03
Simple. smart software. Meeting growing technological needs through application software and smart apps.
04 Business software. Business-oriented software to enhance collaboration with our customers' businesses. 75 Where we want to go: 2019 new targets
BCx Close to customers Feeling the products Customer Services IIoT: predicting your needs
To expand our global presence to be close to our customers.
77
Continue to promote the "Roadmap to success" for our subsidiaries: moving from reactive to proactive, fostering entrepreneurship at all levels, defining market and customer-oriented strategies
Invest in new and innovative technological complexes, "Biesse Campus", to better contain our expansion in selected areas:
02
01
Invest in human resources and capabilities as growth drivers
To strengthen our dealer network
Continue the Trade Markets Investments towards the "Roadmap to success".
We began the sales growth process by our Headquarters and Subsidiaries, and we are now ready to support our dealers .
We will support them investing in strategic assets providing them with tools and a dedicated team of people: specialists in CRM, Sales Intelligence, Road Mapping, Marketing & Communication, trade fairs, events and showrooms.
In addition to the Italian sites, we boost manufacturing sites in India and China, to better satisfy Customer worldwide.
The two sites, Bangalore and Dongguan manufacture a portfolio Local4Global, distributing their products worldwide.
79
01 Product Quality Made in Biesse
02 Local suppliers certified by Biesse Quality
03 Ongoing integration and training
2019 Target (machines) production abroad quote 15%
Live the Experience at the Biesse Group booth during exhibitions:
Continue to improve our Showroom, increase the number of the Inside and one-to-one events and measure their impact on the local market.
Continue to invest in exhibitions taking part in shows for all sectors including composites.
Promoting, nurturing and developing close and constructive relationships with customers in order to better understand their needs and improve Biesse products and after-sales service.
Orders
Sales breakdown
Results breakdown
Revenue
Profit
O.N.W.C.
Cash
People
Shareholders
| €/mln | FY 2013 | FY 2014 | FY 2015 | FY 2016 | IH 2016 | IH 2017 |
|---|---|---|---|---|---|---|
| Net sales year -1 |
378.4 -1.2% |
427.1 +12.3% |
513.1 +21.5% |
618.5 +19.1% |
283.4 +15.4% |
331.2 +16.9% |
| Value added % |
143.5 37.3% |
163.1 33.6% |
212.4 40.3% |
252.4 40.8% |
116.4 41.1 |
139.1 42.0% |
| Labour cost % |
112.7 23.8% |
128.2 30.0% |
148.2 28.6% |
176.6 28.6% |
86.0 30.3% |
98.3 29.7% |
| EBITDA % |
30.3 8.2% |
40.3 3.6% |
64.1 12.4% |
75.8 12.3% |
30.4 10.7% |
40.8 12.3% |
| EBIT % |
18.1 4.8% |
26.5 6.2% |
43.8 8.4% |
56.3 8.1% |
20.9 7.4% |
29.6 8.9% |
| Net Result % |
4.3 1.1% |
13.8 3.2% |
21.1 4.1% |
29.5 4.8% |
12.0 4.2% |
17.5 5.3% |
| tax rate |
43.2% | 37.2% |
by main geo
-area
Wood Glass & Stone Mechatronics Tooling Components Elisions
Wood Glass & Stone Mechatronics Tooling Components Elisions
| €/mln | IH 2017 | ……. | IH 2007 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales year -1 |
331.2 +16.9% |
226.6 +28.2% |
|||||||||||||
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017e | Value added |
139.1 | 92.4 | ||
| net sales | 466.0 | 454.3 | 268.0 | 327.5 | 388.5 | 383.1 | 378.4 | 427.1 | 519.1 | 618.5 | 676.3 | % | 42.0% | 40.8% | |
| 17.5% | -2.5% | -41.0% | 22.2% | 18.6% | -1.4% | -1.2% | 12.9% | 21.5% | 19.1% | 9.3% | |||||
| labour cost |
-103.9 | -110.9 | -92.8 | -107.7 | -115.6 | -116.3 | -112.7 | -128.2 | -148.2 | -176.6 | -201.0 | Labour cost % |
98.3 29.7% |
53.0 23.4% |
|
| -22.3% | -24.4% | -34.6% | -32.9% | -29.7% | -30.4% | -29.8% | -30.0% | -28.6% | -28.6% | -29.7% | |||||
| EBITDA | 79.1 | 57.3 | -8.4 | 15.7 | 22.4 | 25.0 | 34.3 | 39.6 | 64.1 | 75.8 | 83.3 | EBITDA | 40.8 | 41.0 | |
| 17.0% | 12.6% | -3.2% | 4.8% | 5.8% | 6.5% | 9.1% | 9.3% | 12.4% | 12.3% | 12.3% | % | 12.3% | 18.1% | ||
| EBIT | 65.4 | 35.7 | -32.9 | 0.1 | 5.7 | 0.3 | 18.1 | 24.8 | 43.7 | 55.1 | 60.6 | ||||
| 14.0% | 7.9% | -12.3% | 0.0% | 1.5% | 0.1% | 4.8% | 5.8% | 8.4% | 8.9% | 9.0% | EBIT | 29.6 | 33.5 | ||
| net result | 41.7 | 20.2 | -27.3 | -5.7 | -2.4 | -6.5 | 6.4 | 13.8 | 21.1 | 29.5 | 37.8 | % | 8.9% | 14.8% | |
| Net Result |
17.5 | 19.4 | |||||||||||||
| % | 5.3% | 8.6% |
tax rate 37.2% 42.0%
IH 2016
IH 2009 IH 2010 IH 2011 IH 2012 IH 2013 IH 2014 IH 2015 IH 2017
| €/mln | FY 2013 |
FY 2014 |
FY 2015 |
FY 2016 |
IH 2016 |
IH 2017 |
|
|---|---|---|---|---|---|---|---|
| Inventories % net sales |
22.8% | 23.0% | 21.5% | 21.1% | 48.1% | 43.8% | DSI 171 days |
| Receivables % net sales |
20.1% | 18.3% | 20.3% | 20.8% | 41.3% | 35.7% | DSO 54 days |
| Payables % net sales |
23.4% | 28.8% | 23.5% | 31.1% | 68.7% | 62.0% | DPO 124 days |
| Operating Net Working Capital % net sales |
51.4 13.6% |
55.6 13.0% |
63.4 12.2% |
66.9 10.8% |
71.6 20.7% half year |
72.7 17.5% incidence |
target incidence <12% |
| €/mln | FY 2013 | FY 2014 | FY 2015 | FY 2016 | IH2016 | IH 2017 |
|---|---|---|---|---|---|---|
| Gross Cashflow % net sales |
52.1 13.8% |
38.3 3.0% |
46.3 8.3% |
46.6 7.5% |
22.4 | 18.1 |
| Investments % net sales |
-13.3 5.2% |
-20.8 4.3% |
-25.2 4.3% |
-32.0 5.2% |
-13.2 | -16.5 |
| Net Cashflow % |
32.3 8.5% |
17.5 4.1% |
21.1 4.0% |
- 14.6 2.4% |
9.2 | 1.6 |
| not ordinary items (dividends/treasury shares activity balance /acquisitions payment) |
-- | -4.8 div. paid € 0.18 per share |
-3.8 div. paid € 0.36 per share |
-9.8 div. paid € 0.36 per share |
-9.8 | -10.3 |
| delta Net debt | +32.3 | +12.7 | +11.3 | 4.8 | -0.6 | -8.7 |
| NET FINANCIAL POSITION | -23.3 | -11.2 | 0.1 | 4.9 | -0.5 | -3.8 |
| People distribution | (without interim people) | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| FY 2010 |
FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 |
June 2016 |
June 2017 |
|
| Production % of total people |
365 41% |
1250 46% |
1265 45% |
1175 44% |
1201 42% |
1335 42% |
1482 41% |
1414 41% |
1494 40% |
| Service & After sale % of total people |
568 24% |
577 21% |
574 21% |
613 22% |
628 22% |
630 22% |
803 22% |
777 22% |
867 23% |
| R&D % of total people |
233 12% |
316 12% |
338 12% |
321 12% |
361 13% |
383 13% |
436 12% |
416 12% |
447 11.8% |
| Sales & Marketing % of total people |
340 13% |
361 13% |
364 13% |
351 13% |
433 15% |
435 15.6% |
587 16% |
548 16% |
631 16.7% |
| G & A % of total people |
202 3% |
233 3% |
242 3% |
235 3% |
252 3% |
273 3% |
310 8.5% |
304 9% |
332 8.8% |
| ITALY % of total people |
1660 70% |
1656 61% |
1646 53% |
1547 57% |
1605 56% |
1780 56% |
2.009 56% |
1903 55% |
2108 55% |
| OUTSIDE ITALY** % of total people |
708 30% |
1081 33% |
1136 41% |
1148 43% |
1276 44% |
1336 44% |
1.609 44% |
1556 45% |
1663 45% |
| TOTAL | 2368 | 2737 | 2782 | 2635 | 2881 | 3176 | 3.618 | 3,459 | 3,771 +9% |
| FY 2010 |
FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | June 2016 |
June 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| ITALY % of total people |
1660 70% |
1656 61% |
1646 53% |
1547 57% |
1605 56% |
1780 56% |
2009 56% |
1903 55% |
2108 56% |
| OUTSIDE ITALY** % of total people |
708 30% |
1081 33% |
1136 41% |
1148 43% |
1276 44% |
1336 44% |
1609 44% |
1556 45% |
1663 44% |
| TOTAL | 2368 | 2737 | 2782 | 2635 | 2881 | 3176 | 3618 | 3,459 | 3,771 |
vs dec 2016: +153 without interim people (+4.2%) (+90 Italy +54 Subsidiaries)
IH 2017: 3,771
without interim people
IH 2017: 3,964
with interim people
interim people at the end of December 2016: 191 interim people at the end of June 2017: 193
Biesse B.o.D.:
Annex
€/mln 2011 2012 2013 2014 2015 2016 2018e 2019e 2017e 389 383 378 427 519 826 572 633 704 619 676 752 '16-'18 three years Plan '17-'19 three years Plan
Confirming the growth growth path to consolidate our leadership
10,1% Net sales CAGR 2017-2019
Target COGS incidence on Net Sales
<30%
Target Labor Cost incidence on Net Sales
<20%
Target Overhead Cost on Incidence on Net Sales
Continue our growth path
Optimize our production cost
Invest in human resources and capabilities as growth driver, controlling incidence on net sales
Optimize Overhead cost
Control our Operating Net
*Potential growth strategy through M&A not included
2017e tangible: € 24.4 mln
intangible: € 17.2 mln
main investments drivers:
Indian Manufacturing Site widening to meet the projected productive expansion
ChineseProduction Site upgrade and durable goods investments (KOREX) CNC lathe , vertical and horizontal working center machines
Mechatronics Italian plant (HSD S.p.A.) components production machines (rotary
Metal working (internal phase): improvement of the components production – durable goods investments ,
102
Collaboration Communication Co -sharing
| €/mln | 2013 | 2014 | 2015 | 2016 | 2019e | Targets | |
|---|---|---|---|---|---|---|---|
| Net sales year -1 |
378.4 -1.2% |
427.1 +12.9% |
519.1 +21.5% |
618.5 +19.1% |
CAGR 10.1 | 825.7 | |
| Cost of good sold |
155.9 41.2% |
177.6 41.6% |
206.1 39.8% |
245.1 39.6% |
322 39.0% |
||
| Value added |
147.0 | 167.8 | 212.4 | 252.4 | 347.3 | ||
| % | 38.8% | 39.3% | 40.9% | 40.8% | CAGR 11.2 | 42.1% | |
| Labour cost |
112.7 29.8% |
128.2 30.0% |
148.2 28.6% |
176.69 28.6% |
241.9 29.3% |
< 30% incidence |
|
| overhead | 81.8 21.6% |
91.0 21.3% |
104.7 20.2% |
124.5 20.1% |
159.4 19.3% |
< 20% incidence |
|
| EBITDA | 34.3 | 39.6 | 64.1 | 75.8 | 105.4 | ||
| % | 9.1% | 9.3% | 12.4% | 12.3% | CAGR 11.6 | 12.8% | |
| EBIT | 18.1 | 24.8 | 43.7 | 55.1* | 78.7 | ||
| % | 4.8% | 5.8% | 8.4% | 8.9% | CAGR 12.6 | 9.5% | 104 |
*after non recurring items
| €/mln | 2013 | 2014 | 2015 | 2016 | 2019e | Targets |
|---|---|---|---|---|---|---|
| Inventories % net sales |
22.8% | 23.0% | 21.5% | 21.1% | 20.2% | <21% |
| Receivables % net sales |
20.1% | 18.9% | 20.3% | 20.8% | 20.6% | DSO 60-65 days |
| Payables % net sales |
29.4% | 28.8% | 29.5% | 31.1% | 29.7% | DPO 100-110 days |
| Operating Net Working Capital % net sales |
51.4 13.6% |
55.6 13.0% |
63.4 12.2% |
66.9 10.8% |
92.0 11.1% |
|
| €/mln | 2013 | 2014 | 2015 | 2016 | 2019e |
|---|---|---|---|---|---|
| Gross Cashflow % net sales |
52.0 13.8% |
38.3 9.0% |
46.3 8.9% |
46.6 7.5% |
69.3 8.4% |
| Investments % net sales |
-19.8 5.2% |
-20.8 4.9% |
-25.2 4.9% |
-32.0 5.9% |
-32.0 3.9% |
| Net Cashflow % net sales |
32.2 8.5% |
17.5 4.1% |
21.1 4.1% |
14.6 2.4% |
37.3 4.5% |
| dividends | -4.8 0.18 per share |
-9.8 0.36 per share |
-9.8 0.36 per share |
-9.8 0.36 per share |
|
| Δ Net Debt |
12.7 | 11.3 | 4.8 | ||
| Net Debt | -23.9 | -11.2 | 0.1 | 4.9 | 44.7 |
| TOTAL | 3.618 | 4,003 | +10.6 |
|---|---|---|---|
| OUTSIDE ITALY | 1.609 | 1,837 | + 14.2 |
| ITALY | 2.009 | 2,166 | + 7.8 |
| G & A |
310 | 324 | +4.5 |
| Sales & Marketing |
587 | 676 | +15.2 |
| R&D | 436 | 495 | +13.5 |
| Service & After sale |
803 | 934 | +16.3 |
| Production | 1.482 | 1,574 | + 6.2 |
| FY 2016 | FY 2017e | % |
the labour cost increase is EURO 25.1 mln vs 2016 (29.7% 2017 incidence against net sale vs 28.5% in 2016)
Increase by countries
Construction
114
GDP
Our future in figures / annex
Historical correlation index (since 2004) 3.9
Our future in figures / Annex
world furniture & housing average 2017-2019: +2.9% historical correlation index (2004-2016): 3.9 THEORETICAL BIESSE GROW RATE: 11.3%
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