Elica

Investor Presentation • May 7, 2019

Q1 2019 GROUP CONSOLIDATED RESULTS

TUESDAY 7TH OF MAY, 2019

AGENDA

Q1 2019 HIGHLIGHTS

• Negative WW Market Demand (-0.4%); worsening trend in Western Europe (-1.4%)
• Organic Net Sales -3.0%(-1,9% Reported), driven by B2B EMEA key customers, partially offset by strong B2C price/mix effect and positive trend on other OEM Customers
• "OWN Brand" @ 50% of cooking business sales, growing 8.2% vs Q1 2018
• Maintaining a Solid Operating Performance growth in a Top line stress scenario
• EBITDA: 10,2 €M @ 8.8% on Net Sales (8,2% @ 2018 IFRS, +10 bps vs. Q1 2018)
• NET PROFIT (*): 2,1 €M vs. 1,8 €M Q1 2018 (+16,6%)
• NFP (67,4) €M vs (73,0) €M Q1 2018 (@ 2018 IFRS)

COOKER HOODS INDUSTRY SHIPMENTS (UNITS)

• Negative Market Demand in EMEA driven by Germany, UK and France
• China slowing down overall Asia Trend

volume Data, Change% Vs . Y-1	FY '18	01 19
Western Europe	(2.1%)	(1.5%)
Eastern Europe (incl. CIS)	2.2%	(0.9%)
Europe	(0.3%)	(1.3%)
EMEA	(0.2%)	(1.2%)
North America	2.5%	2.1%
Latin America	2.0%	1.1%
AMERICAS	2.3%	1.7%
ASIA	2.3%	(0.5%)

Q1 2019 SALES KEY DRIVERS

• Organic Net Sales decrease of (3.0%), mainly driven by Motor Division and negative industry trend.
• B2B EMEA demand drop completely offset by strong B2C growth and positive trend on other EMEA OEM Customers.

Q1 2019
Change vs Y-1	€M €M		%
Vol/Price/Mix	(3,5)		(3.0%)
Currency	1,3		1.1%
Reported	(2,3)		(1.9%)

Q1 SALES DISTRIBUTION & DYNAMICS

• Cooking Business Sales +0,6% vs LY despite Negative Industry and B2B EMEA drop (-12%)
• Motor Division penalised by EU and Turkish demand

HIGH GROWING CATEGORIES

• Growing trend QTR on QTR in all key product categories
• New Platform launch effect on New Ceiling

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PROFITABILITY KEY DRIVERS

• Negative Volume effect recovered through Price/Mix and SG&A containment
• IFRS 16 effect on YoY comparison

Q1 2019
Change vs Y-1
€M Volume/Price/Mix	--
Operations Efficiency	-
Currency	+
Cost Efficiency	++
IFRS 16	+
EBITDA (€M)	0,5

Q1 2019 EBITDA → NET PROFIT

• EBITDA @ 2018 IFRS 8,2%: +10 bps vs. LY despite -1,9% Net Sales
• Net Profit increase of 16,6% with flat minorities effect vs. LY

NET FINANCIAL POSITION

• Operating CF impacted by Gutmann GMbH transaction, NWC increase to support B2C growth and "inside-B2B" Client Mix
• CAPEX YoY reduction plan @ target (- 0,9 €M vs. L)

CONCLUSIONS & TAKEAWAYS

• Persisting Growth in B2C Channel despite a negative WW Market Demand and a worsening trend in Western Europe
• "OWN Brand" @ 50% of cooking business sales, delivering above the plan while B2B EMEA demand decrease still driven by key EMEA customers trend
• Maintaining a Solid Operating Performance @ EBITDA level in a Top line stress scenario
• Net Profit pertaining to the Group increase of ≈ 30% vs Q1 2018
• NFP improvement of 5,6 €M vs Q1 2018, despite Gutmann GMbH transaction, a strong «investment» in B2C inventories and unfavorable B2B client mix.

ANNEXES FINANCIAL HIGHLIGHTS

CONSOLIDATED INCOME STATEMENT

		IFRS 2018
		2.20

*(*) EPS 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.

NET WORKING CAPITAL

€M	01 19	01 18	△
Trade receivables % on annualized sales	60.9 13.1%	76.2 16.0%	(15.3) (290) bps
Inventories % on annualized sales	80.5 17.2%	76.8 16.1%	3.7 110 bps
Trade payables % on annualized sales	(108.9) (23.4)%	(123.1) (25.9)%	14.1 250 bps
Managerial Working Capital % on annualized sales	32.4 7.0%	29.9 6.3%	2.5 70 bps
Short term assets & liabilities % on annualized sales	(12.7) (2.7)%	(8.6) (1.8)%	(4.1) (90 bps)
Net Working Capital % on annualized sales	19.8 4.2%	21.3 4.5%	(1.6) (30 bps)

CONSOLIDATED CASH FLOW

EM	01 '19	01 '18
Operating Cash Flow	(4.9)	1.8
CapEx	(3.1)	(4.0)
Cash Flow from Financing Activities	(2.9)	(2.4)
A Net Financial Position	(10.9)	(4.6)

CONSOLIDATED B/S

	2019	2018		2019	2018
Net Operating Fixed Assets	175.0	156.1	Net Financial Position IFRS 16 eff. on NFP	67.4 10.9	73.0
Net Working Capital	19.8	21.3	Group Equity Minorities	107.0 10.8	101.2 4 4
Net Financial Assets	1.2	1.2	Total Shareholders' Equity	117.8	105.6
Net Capital Employed	196.0	178.6	Total Sources	196.0	178.6

DISCLAIMER

This presentation may contain 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.

Investor Relations

Giulio Cocci - Group Controlling & Investor Relations Director Francesca Cocco – Lerxi Consulting – Investor Relations Tel: +39 (0)732 6104205 E-mail: investor-relations@elica.com