Elica

Earnings Release • Aug 25, 2016

H1 '16 Highlights

• Overall market demand turns to increase 0.4%, thanks also to Asian and Eastern Europe markets recovery, Western Europe and North America still growing.
• Group Net Sales increase 6.1% driven by strong Cooking business growth, due mostly to Elica brand robust performance +23.4%
• EBIT growing by 46.3%, positively influenced by rising volumes, procurement activities, enhanced industrial productivity, and FX impact
• Outstanding Managerial Working Capital performance (7.1% on Net Sales)
• Net Financial Position at 62.0 million Euro, in line with business seasonality

H1'16 Cooker Hoods Industry Unit Shipments*

Volume Data_Change % vs Y-1

	Q2 '16	H1 '16
Western Europe	4.4%	3.8%
Eastern Europe (including CIS)	2.5%	0.5%
Europe	3.6%	2.4%
North America	4.0%	4.5%
Latin America	0.0%	(1.2)%
Americas	2.4%	2.1%
Rest of the World	1.5%	(1.3)%
World	2.3%	0.4%

Elica Sales H1 2016

Sales Trend vs. H1 '15

• Cooking 8.2%
• Own Brands: increase 13.8%
• Client brands: increase 4.4%, growing share on Top OEM
• Electric Motors decrease (-5.6%), mainly due to heating segment trend

	Q2' 16	H1' 16
Americas	5.9%	7.7%
Europe	3.8%	5.6%
Rest of the World	9.9%	6.8%
Total	5.0%	6.1%

Elica Brand Sales H1 '16

	H1 '16
Europe	24.1%
Americas	8.5%
Rest of the World	24.0%
Total	23.4%

H1 '16 Consolidated Income Statement

€M	H1'16	H1'15	Δ%
Net Sales	215.6	203.2	6.1%
EBITDA %	16.2 7.5%	13.4 6.6%	20.7% 0.9 p.p.
EBIT %	7.1 3.3%	4.9 2.4%	46.3% 0.9 p.p.
Net Result %	2.8 1.3%	1.6 0.8%	76.2% 0.5 p.p.
EPS* – Euro cents	4.20	2.21	90.1%

* EPS as at June 30 is calculated by dividing the Net Result pertaining to the Group by the number of ordinary shares outstanding, excluding treasury shares at the same data.

Q2 '16 Consolidated Income Statement

€M	Q2'16	Q2'15	Δ%
Net Sales	112.2	106.9	5.0%
EBITDA	9.1	7.3	24.6%
%	8.1%	6.8%	1.3 p.p.
EBIT	4.5	3.0	49.6%
%	4.0%	2.8%	1.2 p.p.
Net Result	2.0	0.3	630.8%
%	1.8%	0.3%	1.5 p.p.
EPS* – Euro cents	3.09	0.33	836.4%

* EPS as at June 30 is calculated by dividing the Net Result pertaining to the Group by the number of ordinary shares outstanding, excluding treasury shares at the same data.

H1 '16 Marginality Key Drivers

Change vs. 2015

Volume/Price/Mix	+++
Production efficiency	+++
Currency	+
Cost efficiency	- -
EBITDA	2.8

H1 '16

Net Working Capital as of June, 30

€M

	12M'13 H1 '16	12M'13 H1 '15	Δ
Trade receivables	75.0	73.5	1.5
% on annualized sales	17.4%	18.1%	(0.7) p.p.
Inventories	66.0	63.9	2.1
% on annualized sales	15.3%	15.7%	0.4) p.p.
Trade payables	(110.2)	(102.7)	(7.5)
% on annualized sales	(25.6)%	(25.3)%	(0.3) p.p.
Managerial Working Capital	30.8	34.6	(3.8)
% on annualized sales	7.1%	8.5%	(1.4) p.p.
Short term assets & liabilities	(8.7)	(9.6)	(1.0)
% on annualized sales	(2.0)%	(2.4)%	0.4 p.p.
Net Working Capital	22.1	25.0	(2.8)
% on annualized sales	5.1%	6.1%	(1.0) p.p.

Consolidated Operating Cash Flow as of June, 30 €M

	H1 '16	H1 '15
EBITDA	16.2	13.4
∆ Working Capital	0.9	1.3
Restructuring Costs Cash Out	(0.2)	(6.8)
Taxes	(3.8)	(2.3)
Others	(4.7)	(2.7)
Operating Cash Flow	8.4	2.9
Cap Ex	(12.8)	(10.1)
FOCF	(4.4)	(7.2)

NFP

MWC % *

Net Financial Position Evolution €M

* Managerial Working Capital

Disclaimer

This presentation contains forwards-looking information and statements about Elica S.p.A and its Group. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance.

Although the management of Elica S.p.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Elica are cautioned that forward-looking information and statements are subject to various risk and uncertainties, many of which are difficult to predict and generally beyond the control of Elica S.p.A.; that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking statements.

These risks and uncertainties include, but are not limited to, those contained in this presentation. Except as required by applicable law, Elica S.p.A. does not undertake any obligation to update any forward-looking information or statements.