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Datalogic — Investor Presentation 2017
Mar 10, 2017
4452_ip_2017-03-10_f734576d-91f0-45ce-8833-727ab17a2202.pdf
Investor Presentation
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FY 2016 Conference Call
March 10th, 2017
Disclaimer
This document has been prepared by Datalogic S.p.A. (the "Company") for use during meetings with investors and financial analysts and is solely for information purposes. The information set out herein has not been verified by an independent audit company.
Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the "Group"), as well as any of their directors, officers, employees, advisers or agents (the "Group Representatives") accepts any responsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness or completeness of the information set out herein or any other related information regarding the Group, whether written, oral or in visual or electronic form, transmitted or made available.
This document may contain forward-looking statements about the Company and/or the Group based on current expectations and opinions developed by the Company, as well as based on current plans, estimates, projections and projects of the Group. These forward-looking statements are subject to significant risks and uncertainties (many of which are outside the control of the Company and/or the Group) which could cause a material difference between forward-looking information and actual future results.
The information set out in this document is provided as of the date indicated herein. Except as required by applicable laws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward-looking statements.
Under no circumstances shall the Group and/or any of the Group Representatives be held liable (for negligence or otherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise in connection with the document or the aforesaid forward-looking statements.
This document does not constitute an offer to sell or a solicitation to buy or subscribe to Company shares and neither this entire document or a portion of it may constitute a recommendation to effect any transaction or to conclude any legal act of any kind whatsoever.
This document may not be reproduced or distributed, in whole or in part, by any person other than the Company. By viewing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations.
| h l 2 0 6 1 H i g |
h i t g s |
|---|---|
| O G O N E W R A N I Z A T I N |
f f f N i i i 1 st J 2 0 1 7 t t e w o r g a n z a o n e e c v e r o m a n u a r y d l, f d 4 C C i I i R i T & L, M i t t t t t u s o m e r e n r c n u s r e s e a a n u a c u r n g a n – l h h O O G C H i i N E D A T A L I t t e a c a r e w n – f f l d d f b l S 1 O 2 0 1 6 S B U i st i t t t t s e m s s p n o a r e a e e c e r o m c o e r o o n y y x u : u b l h d N S I i t t t e y s e m s n c. e s a s e |
| d f f h h l f d 3 i B i i i G D i I i t t t t t e r e n u s n e s s e s w n e r o u p : a a o g c, n o r m a c s a n l S i N S t t t o u o n e y s e m s |
|
| C S F I N A N I A L |
l l l b k R 7. 7 % Y Y 5 7 6. 5 E t t e v e n u e s u p o o m n u r o w e a o v e m a r e a v e r a g e h h h l ( ) E B I T D A i 9 0. 4 E 2 2. 5 % Y Y t t t + a e g e s e v e r : m n u r o o 1 % E B I T D A M i 5. 7 t a r g n a k l B i i P F N 3. 5 E t t + a c o a p o s v e : m n u r o |
| h h |
|
| O O I N N V A T I N |
C i i i i i i i i i R & D t t t t t o n n u o u s e m p a s s o n n n o v a o n w n c r e a s n g n v e s m e n s n ( ) 4. 5 % Y Y + o f f d 2 3 % 4. * t o r e e n e s r o m n e p r o c s v u w u k h h d h k B i i N Y N R F t t t t t r e a r o u g n n o v a o n p r e s e n e a e e w o r l f l d f 2 0 6 4 5 i i i i i i i 1 t t t t t t p a e n a p p c a o n s p r o e c n g n e n n o a o n s e r e e n o r w v w l f l f h d d i 1, 2 0 0 i t t t t t t t t t t a o a p a e n p o r o o o m o r e a n p a e n s a n p e n n g p a e n |
| l i i t a p p c a o n s |
* new products refer to products announced in the last 12 months
New Organization
A unique player across two markets
Automatic Data Capture
Industrial Automation
DATALOGIC is a unicumin the Global competitive landscape originated by a
▪ Consolidated experience in IA dating back to the foundation of the company in Italy
▪ Leadership in ADC deriving from the acquisition of PSC USA (former Spectra Physics)
From products to customers
From
Product-oriented company
Vendor: Proactive and reactive sales of products to meet existing Customer needs
Customer-centric organization
To
Partner: Long term partnership based on a symbiotic relationship with our Customers aimed at addressing their explicit and unexpressed needs
Datalogic's offer along the value chain
Retail Flows and Applications T&L Flows and Applications
New one DATALOGIC group organization
8
Financials
The best Q4 in Datalogic's history
| l € m n |
Q 2 0 6 4 1 |
Q 2 0 4 1 5 |
% V a r |
|||
|---|---|---|---|---|---|---|
| R e v e n u e s |
1 5 4 7 |
1 4 3 8 |
6 % 7. |
| 6 % R 7 Y Y t + e e n e s o o v u l 1 5 4 7 E m n u r o |
|
| G O i t r o s s p e r a n |
f P i t g r o |
0 8 7 |
6 9 5 |
7. 5 % |
| l d h h B t t a a n c e g r o a m o n g e w d i i i t o s o n s w v |
| % | in Re ve nu es |
4 5. 8 % |
4 5. 8 % |
|||
| O i t p e r a n g e p e x |
n s e s |
9 5 1. |
0 5 5 |
2. 8 % |
| f R & D 8 9 % t t c o s s a o |
| % | in Re ve nu es |
3 3. % 5 |
3 % 5. 1 |
r e e n e s v u |
||
| E B I T D A |
2 3 7 |
2 0 7 |
1 8 % 4. |
| b d E i 1 4 8 % Y Y t t a u o o |
|
| E B I |
T D A M in ar g |
1 3 % 5. |
1 % 4. 4 |
p l 2 3 7 E m n u r o |
||
| E B I T |
1 7 5 |
1 9 4 |
1 7. 8 % |
|||
| E B I T M in ar g |
1 1. 3 % |
1 0. 3 % |
| 3 % E B I T D A i 1 5 t m a r g n a s v % 1 4 4 |
Q4 2016: performance above historical average
FY 2016 P&L
| l € m n |
F Y 2 0 1 6 |
F Y 2 0 1 5 |
V % a r |
|---|---|---|---|
| R e e n e s v u |
6. 5 7 5 |
3 5 5. 1 |
% 7. 7 |
| f G O i P i t t r o s s p e r a n g r o |
2 6 3 5. |
2 8. 6 4 |
6. % 7 |
| % R o n ev e nu e s |
4 6. 0 % |
4 6. 5 % |
|
| O i t p e r a n g e x p e n s e s |
1 9 2. 4 |
1 9 0. 9 |
0. 8 % |
| % R o n ev e nu e s |
3 3. 4 % |
3 5. 7 % |
|
| E B I T D A |
9 0. 4 |
7 3. 7 |
2 2. 5 % |
| b d E i i t a m a r g n |
1 5. 7 % |
1 3. 8 % |
|
| E B I T |
0. 2 7 |
2. 9 5 |
3 2. % 7 |
| b E i i t m a r g n |
1 2. 2 % |
9. 9 % |
|
| E B T |
6 6. 9 |
1. 6 5 |
2 9. % 7 |
| T a x e s |
2 1. 0 |
1 1. 0 |
|
| N I t e n c o m e |
4 5. 8 |
4 0. 5 |
1 3. 1 % |
| % R o n ev e nu e s |
8. 0 % |
7. 6 % |
|
| h Ex R t c a n g e a e |
1. 1 0 6 9 |
1. 1 0 9 5 |
- Sales FY16 increase by 7.7% YoY to 576.5 mln Euro
- Booking continues to growth: +4% YoY at 586 mln Euro
- Robust growth of EBITDA by +22.5% YoY to 90.4 mln Euro
- EBITDA margin at the highest level since 2004: 15.7%
-
Tax Rate increased due tochanges in tax regulation
-
Net Income +13.1% to 45.8 mln Euro
- Proposal dividend of 0.30 Euro per share, +20% YoY
Revenues trend by division
ADC Division: +9.3% to 397.6 mln Euro YoY (+9.1% at constant exchange rate), growth driven by fixed retail and mobile computers in retail sector in Europe and US
IA Division benefited from sustained growth in both in T&L and Manufacturing. Boost of T&L in the US in the last quarter
Industrial Automation division ex BU Systems: + 7.7% to 138.9 million Euro
REVENUES BY DIVISION (%)
Revenues trend by country
REVENUES BY GEOGRAPHIC AREA
| l € m n |
F Y 2 0 1 6 |
F Y 2 0 1 5 |
V % a r |
|---|---|---|---|
| E r o p e u |
3 0 0. 7 |
2 6 8. 5 |
2. 0 % 1 |
| h N A i t o r m e r c a |
6 3 1 7. |
6 1 1. 1 |
3. 9 % |
| f A i P i i s a a c c |
6 9. 6 |
1. 7 5 |
( ) 2. % 7 |
| O R W |
3 8. 9 |
3 0 4. |
1 % 4. 4 |
| l T R t o a e v e n u e s |
5 7 6. 5 |
5 3 5. 1 |
7. 7 % |
- Europe continues to generate robust growth in particular in IA* (+14%) and in ADC (+12%),
- North America growth driven by ADC (+8%)
- Asia Pacific negative on FY but mainly due to retail industry in China not completely offset by manufacturing growth in China
* IA excluding BU Systems
FY segment reporting: GOP and EBITDA
EBITDA* BY DIVISION
| G R O S S O P E R A T I N G M A R G I N |
E B I T D |
A M A R G I N |
||||
|---|---|---|---|---|---|---|
| F Y 2 0 1 6 |
F Y 2 0 1 5 |
F Y 2 0 1 6 |
F Y 2 0 1 5 |
|||
| A D C |
4 6. 9 % |
4 7. 3 % |
A D C |
2 4. 1 % |
2 2. 3 % |
|
| d l I i A i t t t n u s r a u o m a o n |
4 4. 0 % |
4 4. 8 % |
d l I i A i t t t n s r a o m a o n u u |
1 % 7. |
9 % 5. |
|
| I A B U S t e x y s e m s - |
4 8. 1 % |
5 0. 0 % |
I A B U S t e x y s e m s - |
8. 8 % |
9. 3 % |
|
| f I i t n o r m a c s |
3. 0 % 4 |
3. % 4 7 |
f I i t n o r m a c s |
( 6. 3 % ) |
( 0. % ) 1 |
|
| l G T t o a r o p u |
6. 0 % 4 |
6. % 4 5 |
l G T t o a r o p u |
1 % 5. 7 |
1 3. 8 % |
(*) With the purpose to better report the operating sectors economic performances, it was deemed appropriate to highlight the Divisional EBITDA as monitoring KPI.
FY segment reporting: R&D and TWC
ADC 10.4% 10.7%Industrial Automation 11.9% 12.3%Informatics 6.1% 4.3%Total Group 8.7% 9.0% FY2016 FY2015 R&D/Revenues
FY2016 FY2015 TWC/Revenues ADC 7.2% 5.1%Industrial Automation 13.9% 13.7%Informatics 11.4% 6.1%Total Group 9.2% 6.8%
(*) Ordinary Operating: Profit before non recurring costs/revenues and depreciation & amortization (EBITDA)
Note:
The Exchange rate variance is the result of the difference between Dec'16 YTD Actual (1.107) and Dec'15 YTD Actual (1.110) €/USD exchange rates.
Consolidated balance sheet
€ mln
| F Y 2 0 1 6 |
F Y 2 0 1 5 |
F Y 2 0 1 6 |
F Y 2 0 1 5 |
||
|---|---|---|---|---|---|
| l d T F i A t t o a e s s e s x |
3 7 1. 7 |
3 6 3 8 |
l N F i i t e n a n c a P i i t o s o n |
( ) 3 5 |
2 1. 0 |
| d b l T i r a e r e c e a e s v l l l % 1 2 i o n m r o n g s a e s I i t n e n o r e s v l l l % 1 2 i o n m r o n g s a e s d b l T r a e p a y a e s l l l % 1 2 i o n m r o n g s a e s d k l C T W i i t r a e o r n g a p a l l l % 1 2 i o n m r o n g s a e s h l b l O / i i i i t t t e r a s s e s a e s |
7 5 5 1 3. 1 % 8 2 3 1 4. 3 % ( ) 1 0 4 6 1 8. 1 % 3 2 5 9. 2 % ( ) 9 2 |
6 8 8 1 2. 9 % 6 9 5 1 3. 0 % ( ) 1 0 1. 7 1 9. 0 % 3 6 5 6. 8 % ( ) 8 1 |
N E i t t e q u y |
3 3 6 4 |
2 9 8 3 |
| d l C N I i t t t e n e s e a p a v |
3 3 2 9 |
3 1 9 3 |
l S T t o a o r c e s u |
3 3 2 9 |
3 1 9 3 |
New products
Main products launched in 2016
| P i t c u r e |
d P t r o u c n a m e |
h d L t a u n c a e |
D i i t e s c r p o n |
|---|---|---|---|
| A V 7 0 0 0 |
l h A i 2 8 t p r |
h fo lo l H ig in p er rm an ce ng ra ng e ea r c am er a |
|
| M X- E V i i s o n P r o c e s s o r |
h M 5 t ay |
f- he fa ly f M X- E ies i G ig E ta te t t se r a s -o -a r m o , d by f is io I M P A C T So tw v n p ro ce ss or s p ow er e ar e |
|
| D L- Ax i t s |
2 h M 4 t ay |
d dr d h fu l l h h Ru An i P D A i 5 in t to g g e o w uc c d lay isp |
|
| h J T oy a ou c |
ly h J 2 5 t u |
h l l de J ™ To is i- i ice t ta oy a uc a m u p ur p os e re v fo ha de l l h is i io ica io t t t a r va r us ap p ns su c as l f- ho he k k do Se S in Pr ice C in Ma p p g, c g, r w ns , S he l f le hm Co l Re is Inv Ac t, to tro p n en en ry ce ss n , d an m or e. |
|
| R I D A |
b 3 d N ov e m e r r |
d les R I D A D B T 6 4 0 0 2 D im is ar ea ag er a co r s de h lu h ® les hn lo ice i B ire t to t te to v w e o w s c o g y be d h b le de in io i i ice t t us e co nn ec n w m o v s. |
|
| 1 2 0 M ix t a r |
b 2 1 N t ov e m e r s |
l 2 h be d de d U D im i tra t t -c om p ac ag er w em he E t t rn e |
|
| P S 9 3 0 0 ow e r c a n |
b h D 1 9 t e c e m e r |
d du l las Po Sc ™ 9 3 0 0 in ia tr we r an ru g g e s er ies sc an ne r s er |
|
NRF – Retail's big show 2017
VISITORS
- 655registered leads
- (more than doubled vs. 2016)
TOP VISITEDPRODUCTS
- Jade
- Joya Touch
NEWCONCEPT AND PRODUCTS
- Joya Touch Android 6
- Powerscan Retail
- Rida– companion scanner
- RFIDindoor Geo‐Location
- Digital Tailor – 3D imaging body scanner
- NewSingle Plane scanners
- NewLaneHawk – loss prevention
Outlook
A clear new strategy
THE OBJECTIVE THE SCOPE THE ADVANTAGE
Keep on constantly growing, above market average, while significantly improving profitability
Remain a product company with new emphasis on solutions to satisfy the needs of End Users in the following Industries: Retail, Healthcare, T&L and Manufacturing
Become a significant player in North America and further establish in APAC with a growing presence in China
Consolidate our position in EMEA
Moving from a product to a Customer-centric Company, leveraging on our wide range of products that is able to fulfill our customers' needs for both data collection and process automation and providing end-to-end solutions across the entire flow of operations
24
2017 Outlook
- Effective benefits from the reorganization by industry expected mainly in the second half of 2017
- Revenues growth over market average: major focus in NA and APAC, consolidating leadership in Europe
- Keep on increasing R&D investments to maintain leadership in the market
- Strong focus on cost control and profitability
- Maintain Cash Generation
Appendix
FY 2016 Profit and loss
| € l m n |
F Y 2 0 1 6 |
F Y 2 0 1 5 |
V % a r |
||
|---|---|---|---|---|---|
| R e v e n u e s |
5 7 6. 5 |
1 0 0. 0 % |
5 3 5. 1 |
1 0 0. 0 % |
7. 7 % |
| C O G S |
( 3 1 1. 2 ) |
( ) 5 4. 0 % |
( 2 8 6. 5 ) |
( ) 5 3. 5 % |
8. 6 % |
| G O i P f i t t r o s s p e r a n g r o |
5. 2 6 3 |
4 6. 0 % |
2 4 8. 6 |
4 6. 5 % |
6. 7 % |
| O t h R e r e v e n u e s |
3. 3 |
0. 6 % |
3. 5 |
0. % 7 |
|
| R & D |
( 0. 4 ) 5 |
( ) 8. 7 % |
( 4 8. 2 ) |
( ) 9. 0 % |
4. 5 % |
| D i t i b t i C t s r u o n o s s |
( 1 0 1. 2 ) |
( ) 1 7. 6 % |
( 1 0 1. 1 ) |
( ) 1 8. 9 % |
0. 1 % |
| A d i i i E t t m n s r a v e x p e n s e s |
( 3 7. 8 ) |
( ) 6. 6 % |
( 3 9. ) 5 |
( ) 7. 4 % |
( ) 4. 4 % |
| O t h t i e r o p e r a n g e p e n s e s x |
( ) 3. 0 |
( ) 0. 5 % |
( ) 2. 0 |
( ) 0. 4 % |
|
| T l O i d h t t t o a p e r a n g e p e n s e s a n o e r s x |
( ) 1 9 2. 4 |
( ) 3 3. 4 % |
( ) 1 9 0. 9 |
( ) 3 5. 7 % |
0. 8 % |
| N i / t o n r e c r r n g c o s s r e u v |
( 1. 0 ) |
( ) 0. 2 % |
( 2. 6 ) |
( ) 0. 5 % |
|
| A t. I t A t f i m o r n a n g. s s e s r o m a c q u s. |
( 4 9 ) |
( ) 0. 9 % |
( 5. 7 ) |
( ) 1. 1 % |
( ) 1 4. 0 % |
| E B I T |
0. 2 7 |
1 2 2 % |
5 2. 9 |
9. 9 % |
3 2 % 7 |
| ( ) / F i i l t n a n c a c o s s r e v. |
( ) 3. 1 |
( ) 0. 5 % |
( ) 4 6 |
( ) 0. 9 % |
|
| R l f i i t t t t e s u s r o m e q u y n v e s m e n s |
( 0. 3 ) |
( 0. 1 % ) |
0. 1 |
0. 0 % |
|
| ( ) / F i h t o r e g n e c a n g e c o s s r e x v. |
0. 0 |
0. 0 % |
3. 1 |
0. 6 % |
|
| E B T |
6 6. 9 |
1 1. 6 % |
5 1. 6 |
9. 6 % |
2 9. 7 % |
| T a x e s |
( 2 1. 0 ) |
( ) 3. 7 % |
( 1 1. 0 ) |
( ) 2. 1 % |
|
| N I t e n c o m e |
5. 4 8 |
8. 0 % |
5 4 0. |
7. 6 % |
1 3. 1 % |
| D i i t e p r e c a o n |
( 9. 4 ) |
( 1. 6 % ) |
( 7. 8 ) |
( 1. % ) 5 |
|
| A t i t i m o r a o n z |
( 9 ) 4 |
( ) 0. 8 % |
( ) 4 7 |
( ) 0. 9 % |
|
| E B I T D A |
9 0. 4 |
1 5. 7 % |
7 3. 7 |
1 3. 8 % |
2 2 5 % |
| E h R t x c a n g e a e |
1. 1 0 6 9 |
1. 1 0 9 5 |
Consolidated balance sheet at 31.12.16
| € l m n |
A 3 1 / 1 2 / 2 0 1 6 t |
A 3 1 / 1 2 / 2 0 1 t 5 |
|---|---|---|
| I i b l f i d t t n a n g e x e a s s e s |
5 2. 0 |
5 6. 5 |
| G d i l l o o w |
1 8 8. 9 |
1 8 3. 0 |
| T i b l f i d t a n g e x e a s s e s |
7 2. 1 |
6 8. 4 |
| N C l i d d i t t t o n o n s o a e n v e s m e n |
6. 9 |
6. 6 |
| O f t h i d t e r x e a s s e s |
5 1. 8 |
4 9. 3 |
| T l F i d A t t o a x e s s e s |
3 7 1. 7 |
3 6 3. 8 |
| N t t d t i b l e r a e a c c o n r e c e a e s u v |
7 5. 5 |
6 8. 8 |
| S T t b l a c c o u n p a y a e s |
( ) 1 0 4 6 |
( ) 1 0 1. 7 |
| I t n v e n o r y |
8 2. 3 |
6 9. 5 |
| T d W k i C i l t r a e o r n g a p a |
5 3. 2 |
5 3 6. |
| O h i b l t t e r c u r r e n r e c e v a e s |
3 4. 2 |
2 8. 6 |
| O S f & f t h T b l d i i i k t h e r p a a e s a n p r o s o n o r r s r e c a r g e s y v u u |
( 6 ) 7 7. |
( 6 1. 0 ) |
| i C i N W k l t t e o r n g a p a |
9. 8 |
4. 1 |
| O h L T b l t e r p a y a e s |
( 3 0. 8 ) |
( 2 6. 8 ) |
| E l ' I d i t m p o y e e s s e v e r a n c e n e m n y |
( ) 6. 6 |
( ) 6. 8 |
| L T i i f i k & f h t p r o v s o n o r r s u u r e c a r g e s |
( 1 1. 2 ) |
( 1 5. 2 ) |
| N I d C i l t t t e n v e s e a p a |
3 3 2. 9 |
3 1 9. 2 |
| E i t q u y |
3 3 6. 4 |
2 9 8. 3 |
| N F i i l P i i t t e n a n c a o s o n |
3. 5 |
( ) 2 1. 0 |
| E h R t x c a n g e a e |
1. 0 5 4 1 |
1. 0 8 8 7 |
Contact
IR CONTACTS
IR Manager Vincenza ColucciCDR Communication SrlTel. +39 335 [email protected]
IR AssistantDaniela Giglioli Tel. +39 051 3147109Fax +39 051 3147205E-mail [email protected]
Via Candini, 2 40012 Lippo di Calderara di Reno Bologna – Italy
NEXT EVENTS
March 21st -22nd , 2017 Star Conference Milan
May 15th, 2017 1Q results
August 3rd, 2017 6M results
November 13th, 2017 9M results
DATALOGIC ON LINE
www.datalogic.com