Investor Presentation • Mar 25, 2015
Investor Presentation
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Certain statements in this slide show, including those addressing the Company's beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward-looking statements. Forward-looking statements involve known or unknown risks, including general economic and business conditions, and conditions in the industry we operate and may be affected should our assumptions turn out to be inaccurate. Consequently, no forward-looking statement can be guaranteed and actual future results, performance, or achievements may vary materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation about the contents nor to update the forward-looking statements to reflect events or circumstances that may arise after the date hereof.
| Market CAGR 2013-2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Market segment | North America |
Europe | Asia | Latin America |
Total | ||||
| Energy Devices | 6,9% | 3,2% | 15,3% | 9,0% | 7,8% | ||||
| Skin Rejuvenation | 7,3% | 5,8% | 13,0% | 11,8% | 8,2% | ||||
| Body Contouring | 11,3% | 6,4% | 18,3% | 15,7% | 12,4% |
Source: Medical Insight, Inc.
| application (by value) | |||||||
|---|---|---|---|---|---|---|---|
| By Value | Global Market (EUR Million) | CAGR (%) | |||||
| 2013 | 2016 | 2020 | 2013-2016 | 2016-2020 | |||
| Cutting | 2.408 | 3.014 | 3.965 | 7,8 | 7,1 | ||
| Welding and Brazing | 1.249 | 1.605 | 2.231 | 8,7 | 8,6 | ||
| Surface treatment and Other | 5 0 |
6 3 |
8 6 |
8,3 | 8,1 | ||
| Total | 3.707 | 4.682 | 6.282 | 8,1 | 7,6 | ||
Develops, manufactures and distributes laser sources and laser systems for medical and industrial applications
Know-how based on 30 years stratification of multidisciplinary experience
FY 2014: Consolidated Revenues of €180 mln, up 14% YoY
951 employees
Global positioning
Multidisciplinary and multifacility R&D activity: sources, systems, applications
Combine High tech laser source development with flexible production facilities in high growth areas
Technological and clinical innovation improving performance and broadening the application scope of our laser systems
Maximize market penetration by multi brand approach
Open new market segments by developing innovative applications
Leverage worldwide distribution with multi brand approach
Clinical trials and validations of new therapeutic laser treatments and research on new applications of laser- tissue interaction
Central role of PHOTOBIOLAB Extending Mona Lisa Touch Clinical studies Clinical studies on cutaneous ulcers New Pico second laser platform New dermatological applications Patents development New mid power range RF laser sources Innovative beam delivery and focusing systems
Euro '000
Impact factors:
Worldwide market share
2012: 17% 2014: 34%
Impact factors:
Impact factors:
Goliath Study
Differentiation strategy
Strategic Agreement with the San Donato Hospital Group, among the most significant groups of hospitals in the world, including San Raffaele from 2012.
· DONATIONS BY QUANTA SYSTEM THULIUM LASER FOR POLICLINICO AGOSTINO GEMELLI IN MEMORY OF JOHN PAUL II,
HOLMIUM LASER SPECIFIC TO THE CARE OF KIDNEY STONES FOR "POPE FRANCIS' KIDS."
| Euro/000 | 31/12/13 | 31/12/14 | Var.% | ||
|---|---|---|---|---|---|
| Revenues | 157.380 | 100,0% | 180.009 | 100,0% | 14,4% |
| Gross margin | 74.563 | 47,4% | 81.849 | 45,5% | 9,8% |
| EBITDA | 13.741 | 8,7% | 17.963 | 10,0% | 30,7% |
| EBIT (*) | 9.582 | 6,1% | 15.301 | 8,5% | 59,7% |
| Pretax Income (**) | 10.694 | 6,8% | 24.409 | 13,6% | 128,2% |
| Net income (**) | 6.080 | 3,9% | 16.520 | 9,2% | 171,7% |
| Net Income per share | 1,27 | 3,42 | 170,5% | ||
(*) 2014 Non recurring: + 1,5 mln of euros. 2014 EBIT% excluding non recurring: 7,7%
(**) 2014 Total one time and non recurring:+6,0mln of euros on pretax income; +5,5mln on net income. In 2013 +2,5 mln on both
Forex loss of 1 mln of euros (2013) and forex gain of 5 mln of euros (2014) included in Pretax income
| Euro/000 | 31/12/13 | 31/12/14 | Var.% |
|---|---|---|---|
| Total non current assets | 72.976 | 61.775 | -15% |
| Net Working Capital | 48.414 | 49.501 | 2% |
| Net financial position | 21.820 | 47.116 | 116% |
| Long term liabilities | 8.904 | 7.856 | -12% |
| Net Equity | 134.306 | 150.536 | 12% |
| Net capital employed | 112.486 | 103.420 | -8% |
| Net Working Capital/sales | 31% | 27% | |
| ROCE | |||
| (EBIT/Net capital employed) | 9% | 15% | |
| Capex | 3.878 | 10.511 |
Medical Aesthetic Surgical Physiotherapy Dental Service
Industrial
Cutting Marking Laser sources
Euro /000
Service
Dec. 31st, 2013 Dec. 31st, 2014
| Stockholder's Equity per share * | 3 1 |
|---|---|
| Price / Book Value Adj. | 1,24 |
| EV /EBIT (85% EBIT) | 8,35 |
| EV / Sales (85% Sales) | 0,71 |
| El.En. Market Cap. | 183,9 @ €38,12 |
|---|---|
| Net financial position | 47,1 @ 31/12/14 |
| Market value of 1,0 mm Cynosure shares | 28,2 @ \$30 (Euro/Usd=1,0624) |
| Enterprise Value | 109 |
| Stockholder's Equity net of minorities, | 148,6 |
| * (with Cynosure shares at market value) |
| Dec. 31, 2014 | Price | Revenue | Var.% Revenue |
EBIT | EBIT % | MK.Cap. | EV | EV/Sales | EV/EBIT | P/Book Value |
|---|---|---|---|---|---|---|---|---|---|---|
| Medical/Aesthetic | ||||||||||
| Syneron | \$12,03 | \$255.750 | 0 % |
\$(2.217) | -1% | \$433.070 | \$339.412 | 1,33 | n.a. | 1,90 |
| Zeltiq | \$33,62 | \$174.480 | 56% | \$2.120 | 1 % |
\$1.280.000 | \$1.235.440 | 7,08 | 582,75 | 18,15 |
| Lumenis | \$11,71 | \$289.719 | 9 % |
\$21.216 | 7 % |
\$412.710 | \$359.144 | 1,24 | 16,93 | 4,11 |
| Cutera | \$14,93 | \$78.140 | 5 % |
\$(10.620) | -14% | \$207.370 | \$126.220 | 1,62 | n.a. | 2,58 |
| Biolase | \$2,00 | \$47.660 | -16% | \$(17.940) | -38% | \$115.140 | \$83.580 | 1,75 | n.a. | 2,74 |
| Cynosure | \$30,00 | \$292.370 | 29% | \$21.260 | 7 % |
\$632.410 | \$541.450 | 1,85 | 25,47 | 1,77 |
| Industrial | ||||||||||
| IPG Photonics Co. | \$97,65 | \$769.830 | 19% | \$283.760 | 37% | \$5.210.000 | \$4.701.180 | 6,11 | 16,57 | 4,98 |
| Rofin-Sinar | \$23,47 | \$531.318 | -2% | \$37.504 | 7 % |
\$664.110 | \$515.700 | 0,97 | 13,75 | 1,25 |
| Prima Industrie | €18,09 | €350.464 | 4 % |
€22.298 | 6 % |
€189.750 | €281.839 | 0,80 | 12,64 | 1,57 |
| El.En. (1) | €38,12 | €180.009 | 14% | €15.301 | 9 % |
€183.905 | €108.590 | 0,71 | 8,35 | 1,24 |
(1) EV and multiplies as for previous slide
Enrico ROMAGNOLI Investor Relations Manager tel. +39 055-8826807 E-mail: [email protected]
Bianca FERSINI MASTELLONI Financial Communication Tel. +39 06-6797849 / +39 06-69923324 E-mail: [email protected]
Veronica ADRIANI Press office Tel. +39 06-6797849 / +39 06-69923324 E-mail: [email protected]
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