Elica

Earnings Release • Feb 13, 2017

Q4 '16 Highlights

• Overall market demand continue to increase 1.8%, with all markets growing
• Quarterly Net Sales increase 4.4%, driven by strong Cooking Own brand business growth +17.3%, mostly due to Elica brand performance +24.7%
• EBITDA adjusted* decrease by 37.7%, affected by increasing structural costs not completely offset by increasing volume trend, procurement saving and positive FX trend
• Outstanding Managerial Working Capital performance (5.3% on annualized Net Sales)

Q4'16 Cooker Hoods Industry Unit Shipments*

Volume Data_Change % vs Y-1

	Q4 '16	FY '16
Western Europe	3.0%	3.0%
Eastern Europe (including CIS)	2.5%	1.1%
Europe	2.8%	2.3%
North America	5.0%	4.8%
Latin America	0.6%	(0.6)%
Americas	3.3%	2.6%
Rest of the World	0.9%	(0.1)%
World	1.8%	1.0%

Elica Sales Breakdown by Geography

	Q4 '16	12M '16
Americas	(3.5)%	0.6%
Europe	4.2%	3.9%
Rest of the World	14.6%	9.7%
Total	4.4%	4.2%

12M '16 Consolidated Income Statement

€M	12M'16	12M'15		Δ%
Net Sales	439.3	421.6		4.2%
EBITDA Adj	32.4	35.3		(8.2)%
%	7.4%	8.4%		(1.0) p.p.
EBIT Adj	13.7	17.9		(23.6)%
%	3.1%	4.3%		(1.2) p.p.
EBIT	6.5	16.2		(60.1)%
%	1.5%	3.8%		(2.3) p.p.
Net Result Adj	3.2	9.4		(66.0)%
%	0.7%	2.2%		(1.5) p.p.
Net Result	(3.4)	7.4		(145.9)%
%	(0.8)%	1.8%		(2.6) p.p.
EPS* – Euro cents	(5.61)	9.98		(156.2)%

* EPS as at December 31 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.

Q4 '16 Consolidated Income Statement

€M	Q4'16	Q4'15		Δ%
Net Sales	118.3	113.3		4.4%
EBITDA Adj	7.4	11.8		(37.7)%
%	6.2%	10.4%		(4.2) p.p.
EBIT Adj	2.5	7.4		(66.6)%
%	2.1%	6.5%		(4.4) p.p.
EBIT	(3.0)	6.9		(143.4)%
%	(2.5)%	6.1%		(8.6) p.p.
Net Result Adj	(2.1)	4.3		(149.1)%
%	(1.8)%	3.8%		(5.6) p.p.
Net Result	(6.9)	3.7		(287.1)%
%	(5.9)%	3.3%		(9.2) p.p.
EPS* – Euro cents	(10.54)	4.59		(329.8)%

* EPS as at December 31 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.

12M '16 Marginality Key Drivers

Change vs. 2015

Net Working Capital as of December, 31

€M

	12M '16 12M'13	12M '15 12M'13	Δ
Trade receivables % on annualized sales	70.6 16.1%	68.5 16.2%	2.1 (0.1) p.p.
Inventories % on annualized sales	67.7 15.4%	62.7 14.9%	5.0 0.5 p.p.
Trade payables % on annualized sales	(114.8) (26.1)%	(99.5) (23.6)%	(15.4) (2.5) p.p.
Managerial Working Capital % on annualized sales	23.5 5.3%	31.7 7.5%	(8.3) (2.2) p.p.
Short term assets & liabilities % on annualized sales	(11.8) (2.7)%	(14.1) (3.3)%	2.3 0.6 p.p.
Net Working Capital % on annualized sales	11.7 2.7%	17.7 4.2%	(6.0) (1.5) p.p.

Consolidated Cash Flow as of December, 31 €M

	Q4 '16	Q4 '15	12M '16	12M '15
Operating Cash Flow	13.0	16.1	28.8	26.1
CapEx	(9.1)	(5.7)	(28.3)	(19.9)
Cash Flow from Financing Activities	(1.5)	(1.3)	(7.2)	(7.5)
FX impact on NFP	(0.6)	0.1	(1.0)	(0.3)
∆ Net Financial Position	1.8	9.2	(7.7)	(1.6)

NFP

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.