Earnings Release • Feb 14, 2019
Earnings Release
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Tuesday 12th of February, 2019
| Volume Data_ Change % vs. Y-1 | Q4 '18 | FY '18 | Key facts | |
|---|---|---|---|---|
| Western Europe | (2.1%) | (2.1%) | EMEA | |
| Eastern Europe (incl. CIS) | 0.1% | 2.2% | UK and France Markets. | |
| Europe | (1.2%) | (0.3%) | ||
| EMEA | (0.6%) | (0.2%) | Market. | |
| North America | 2.0% | 2.5% | AMERICAS | |
| Latin America | 3.6% | 2.0% | NA persisting growing demand. | |
| AMERICAS | 2.6% | 2.3% | ||
| ASIA | 9.0% | 2.3% | ASIA | |
| WORLD | 4.6% | 1.4% | and APAC. | |
European slight negative demand driven by Western Europe – mainly due to Germany, UK and France Markets. EE continues its growth essentially thanks
to Russia that offsets the drop of Turkish Market.
NA persisting growing demand. LA improving an already positive path.
Asia-Pacific region shows a positive performance thanks to India (+15%) and APAC.
| 12M 2018 | Q4 2018 | ||||
|---|---|---|---|---|---|
| Change vs Y-1 | €M €M |
% | Change vs Y-1 | €M | % |
| (Divestiture) | (8,8) | (1.8)% | (Divestiture) | - | - |
| Vol/Price/Mix | 10,5 | 2.2% | Vol/Price/Mix | (3,6) | (3,0)% |
| Currency | (8,6) | (1.8)% | Currency | (0,6) | (0,5)% |
| Reported | (6,9) | (1.4%) | Reported | (4,2) | (3.5%) |
12M Organic Net Sales growth above Industry (+2,2%), despite B2B EMEA demand drop in Q4 (-24% YoY)
DD growth in all key product categories
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Phase in: Jan. 2019 Priority Markets: France, Belgium, Italy, Germany, Iberian area
Phase in: Jan. 2019 Priority Markets: France, Belgium, Italy, Germany, Iberia
LULLABY Phase in: Feb. 2019 Priority Markets: France, Belgium, Italy, Germany, Iberia
Phase in: Oct. 2018
Priority Markets: France, Belgium, Italy, Germany, Iberia
Additional 60 bps Adj. EBITDA improvement vs Q3 2018 (+110 bps vs Q4 2017, +280 bps vs Q4 2016)
(*) Preliminary 10
| 12M 2018 (Preliminary) |
Q4 2018 | |
|---|---|---|
| Change vs Y-1 | Change vs Y-1 | |
| Volume/Price/Mix | ++ | Volume/Price/Mix |
| Operations efficiency | + | Operations efficiency |
| Currency | - | Currency |
| Cost efficiency | - | |
| Adj. EBITDA (€M) | 3,1 |
| Volume/Price/Mix | -- |
|---|---|
| Operations efficiency | + |
| Currency | - |
| Cost efficiency | ++ |
| Adj. EBITDA (€M) | 0,9 |
Q4 OEM drop in EMEA (-24% YoY) balanced by cost containment and B2C MIX profitability effect.
Tuesday 12th of February, 2019
| €M | 12M '18 | 12M '17 | % | |
|---|---|---|---|---|
| Net Sales | 472.4 | 479.3 | (1.4%) | |
| EBITDA Adj | 40.0 | 36.8 | 8.5% | |
| % | 8.5% | 7.7% | 80 bps | |
| EBITDA | 33.2 | 34.5 | (3.8%) | |
| % | 7.0% | 7.2% | (20) bps | |
| EBIT | 13.0 | 14.0 | (7.1%) | |
| % | 2.8% | 2.9% | (10) bps | |
| Net Result | 5.5 | 1.4 | 292.2% | |
| % | 1.2% | 0.3% | 90 bps | |
| EPS* – Euro cents |
3.52 | 0.27 | 1203.7% |
* EPS as at September 30th 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.
| €M | Q4 '18 | Q4 '17 | % | |
|---|---|---|---|---|
| Net Sales | 117.3 | 121.6 | (3.5%) | |
| EBITDA Adj | 10.5 | 9.6 | 9.3% | |
| % | 9.0% | 7.9% | 110 bps | |
| EBITDA | 7.8 | 8.9 | (12.1%) | |
| % | 6.6% | 7.3% | (70) bps | |
| EBIT | 2.7 | 4.0 | (30.9%) | |
| % | 2.3% | 3.3% | (100) bps | |
| Net Result | 1.4 | 3.9 | (64.7%) | |
| % | 1.2% | 3.2% | (200) bps | |
| EPS* – Euro cents |
0.02 | 4.97 | (99.6%) |
* EPS as at September 30th 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.
| €M | 12M '18 12M'13 |
12M '17 12M'13 |
Δ |
|---|---|---|---|
| Trade receivables % on annualized sales |
51.2 10.8% |
75.9 15.8% |
(24.7) (500) bps |
| Inventories % on annualized sales |
76.2 16.1% |
73.3 15.3% |
2.9 80 bps |
| Trade payables % on annualized sales |
(109.9) (23.3)% |
(120.5) (25.1)% |
(10.6) (180 bps) |
| Managerial Working Capital % on annualized sales |
17.5 3.7% |
28.7 6.0% |
(11.2) (230) bps |
| Short term assets & liabilities % on annualized sales |
(9.7) (2.1)% |
(14.7) (3.1)% |
(5.0) (100 bps) |
| Net Working Capital % on annualized sales |
7.8 1.6% |
14.0 2.9% |
(6.2) (130 bps) |
| €M | 12M '18 | 12M '17 |
|---|---|---|
| Operating Cash Flow | 33.3 | 29.0 |
| CapEx | (27.8) | (27.9) |
| Cash Flow from Financing Activities | 6.9 | (9.4) |
| ∆ Net Financial Position | 12.4 | (8.4) |
| 2018 | 2017 | 2018 | 2017 | ||
|---|---|---|---|---|---|
| Net Operating Fixed Assets |
165.7 | 158.2 | Net Financial Position | 56.3 | 69.3 |
| Net Working Capital | 7.8 | 14.0 | Group Equity | 106.1 | 99.5 |
| Minorities | 11.3 | 5.0 | |||
| Net Financial Assets | 0.1 | 1.6 | Total Shareholders' Equity |
117.3 | 104.5 |
| Net Capital Employed | 173.6 | 173.8 | Total Sources | 173.6 | 173.8 |
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.
Giulio Cocci - Group Controlling & Investor Relations Director
Francesca Cocco – Lerxi Consulting – Investor Relations
Tel: +39 (0)732 6104205
E-mail: [email protected]
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