Investor Presentation • Oct 5, 2015
Investor Presentation
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Emak Group designs, manufactures and distributes a wide range of
products in three different segments:
Chainsaw
Trimmer
Lawnmower
Transporter
Tiller
Piston pumps for industrial applications
High pressure washers
Hydrodynamic units
Diaphragm pumps for agriculture
Urban cleaning systems
electronic applications for agriculture (precision farming).
Line and heads for trimmers
Precision farming
Accessories for chain saws
Seats and technical spare parts for tractors
Guns, nozzles and valves for pressure washers and agricultural applications
| G r o u p |
E l m p o y e e s |
|---|---|
| E u r o p e |
1, 0 8 4 |
| A i m e r c a s |
1 0 4 |
| A i A f i O i s a, r c a, c e a n a |
3 8 6 |
| T l t o a |
5 1, 7 4 |
| A 3 1 / 1 2 / 2 0 1 4 t |
Continuous investments in product innovation, focusing on new technologies, safety, comfort, and emissions control
| W i d f d t e r a n g e o p r o u c s |
|---|
| C i i i t t t t o m m m e n o n n o a o n v |
| G l b l d i i b i k t t t o a s r o n n e o r u w |
| H i h l l f i g e v e o s e r v c e |
| E f f i i d i f i t t t t c e n p r o u c o n o o p r n |
| S h i t t r o n g c a s g e n e r a o n |
| S f f d d i i d d l i 4 0 % i t t t t a e v e n p o c y o n e p r o : |
| M h € l d i i b d h h l d i h l i i 6 5 t t t t t t o r e a n m n s r u e o s a r e o e r s s n c e e s n g |
| € /m ln |
1 H 2 0 1 5 |
1 H 2 0 1 4 |
∆ | 2 0 1 4 |
|---|---|---|---|---|
| Sa les |
2 2 7. 8 |
2 1 2. 5 |
7. 2 % |
3 5 4. 8 |
| E B I T D A d j a |
2 8. 7 |
2 7. 4 |
4. 6 % |
3 3. 2 |
| in ma rg |
1 2. 6 % |
1 2. 9 % |
9. 4 % |
|
| E B I T D A |
2 4 7. |
2 4 7. |
0. 1 % |
3 1. 5 |
| in ma rg |
1 2. 0 % |
8. 9 % |
||
| E B I T |
2 1. 5 |
2 1. 9 |
-1 9 % |
2 0. 1 |
| in ma rg |
9. 4 % |
1 0. 3 % |
5. 7 % |
|
| Ne f i t p t ro |
1 1. 5 |
1 2. 9 |
-1 0. 3 % |
1 0. 3 |
| in ma rg |
5. 1 % |
6. 1 % |
2. 9 % |
|
| Fr h f low fro ion t ee ca s m op er a s |
1 7. 5 |
1 8. 4 |
2 1. 7 |
|
| Ne Eq i t ty u |
1 7 2. 0 |
1 5 9. 3 |
1 6 0. 1 |
|
| Ne f ina ia l de b t t nc |
1 2 2. 6 |
9 6. 8 |
7 9. 0 |
|
| Ne k ing i l t w ta or ca p |
1 8. 8 7 |
1 6 0 7. |
1 4 8. 6 |
|
| Ne f ixe d a t ts ss e |
1 1 8 5. |
8 9. 0 |
9 0. 6 |
|
Sales: persistent organic growth and contribution of acquisitions.
EBITDA: positive contribution of higher sales volumes andproduct mix. Negative impact of non recurring expenses in theamount of € 1.3 million.
Net Profit: higher tax rate due to non recurring items.
Net fin. Debt: increase mainly related to the change in thescope of consolidation, worth € 28.6 million
Net Working Capital: increase coherent with businessseasonality, higher sales and the enlargment of the scope of consolidation.
| € / l m n |
1 H 2 0 1 5 |
1 H 2 0 1 4 |
C h. % |
|---|---|---|---|
| Eu r o p e A i m e r c a s f O A i A i d i s a, r c a a n c e a n a |
9 0. 5 6. 0 1 2. 2 |
9 3 5. 4. 9 7. 2 |
0 % -5 2 2. 1 % 6 8. 6 % |
| T l t o a |
1 0 8. 7 |
1 0 7. 4 |
1. 2 % |
• Europe: sales grew primarily in the markets manageddirectly by the Group, and have been penalized by thedecline in the markets of Russia and Ukraine.
• Americas: positive performance of Latin America'smarkets.
• Asia, Africa and Oceania: positive results obtained in theFar East and the Middle East.
| / € l m n |
1 H 2 0 1 5 |
1 H 2 0 1 4 |
C h. % |
|---|---|---|---|
| Eu r o p e A i m e r c a s |
2 5. 8 2 5. 7 |
2 3. 3 1 6. 8 |
1 0. 6 % 5 3. 1 % |
| A i A f i d O i s a, r c a a n c e a n a T l t o a |
5. 7 5 7. 2 |
6. 7 4 6. 8 |
-1 4. 1 % 2 2. 3 % |
•Europe: higher sales than the previous year, maintaining theprogression recorded earlier in the year.
•Americas: growth driven by the North American market andthe good results achieved in some countries in Latin America. The result has also benefited from the first-time consolidation of Lemasa from April.
•Asia, Africa and Oceania: in the area continued difficultiesalready recorded earlier this year.
•The enlarged scope of consolidation contributed for a total of about € 4.6 million.
| / € l m n |
1 H 2 0 1 5 |
1 H 2 0 1 4 |
C h. % |
|---|---|---|---|
| E u r o p e |
4 1. 8 |
4 1. 2 |
1. 4 % |
| A i m e r c a s A i A f i d O i s a, r c a a n c e a n a |
1 3. 8 6. 4 |
1 1. 6 5. 5 |
1 8. 8 % 1 5. 5 % |
| T l t o a |
6 1. 9 |
5 8. 3 |
6. 2 % |
•Europe: sales in progress despite the slight decline recordedin the second quarter, after a good start of the year, on theItalian market.
•Americas: increase was driven by the United States. LatinAmerican markets recorded a marginal decline compared tothe same period, despite the good performance recorded inthe second quarter. .
•Asia, Africa e Oceania: good results mainly due to the goodperformance recorded in the markets of the Far East.
| €/m ln |
19 98 |
19 99 |
20 00 |
20 01 |
20 02 |
20 03 |
20 04 |
20 05 |
20 06 |
20 07 |
20 08 |
200 9 |
20 10 |
20 11 |
20 12 |
20 13 |
20 14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sa les |
84 .4 |
89 .5 |
133 .0 |
146 .7 |
147 .0 |
152 .7 |
163 .2 |
183 .4 |
20 8.4 |
21 7.8 |
24 3.4 |
194 .9 |
20 6.8 |
20 4.4 |
35 4.8 |
35 5.0 |
35 4.8 |
| EB ITD A |
12 .9 |
12 .8 |
16 .0 |
20 .6 |
22 .9 |
23 .9 |
22 .6 |
22 .3 |
25 .1 |
30 .0 |
31 .7 |
21 .7 |
23 .5 |
17 .5 |
28 .8 |
34 .2 |
31 .5 |
| in ma rg |
15. 3% |
14. 3% |
12. 0% |
14. 1% |
15. 6% |
15. 7% |
13. 9% |
12. 1% |
12. 1% |
13. 8% |
13. 0% |
11. 1% |
11. 4% |
8.6 % |
8.1 % |
9.6 % |
8.9 % |
| EB ITD A a dj |
12 .9 |
12 .8 |
16 .0 |
20 .6 |
22 .9 |
23 .9 |
22 .6 |
22 .3 |
25 .1 |
30 .0 |
31 .7 |
21 .7 |
21 .3 |
19 .6 |
31 .7 |
34 .2 |
33 .2 |
| in ma rg |
15. 3% |
14. 3% |
12. 0% |
14. 1% |
15. 6% |
15. 7% |
13. 9% |
12. 1% |
12. 1% |
13. 8% |
13. 0% |
11. 1% |
10. 3% |
9.6 % |
8.9 % |
9.6 % |
9.4 % |
| EB IT |
9.3 | 8.1 | 10 .6 |
14 .8 |
16 .8 |
17 .5 |
16 .3 |
17 .0 |
19 .8 |
24 .5 |
24 .9 |
14 .9 |
16 .1 |
10 .4 |
16 .6 |
22 .4 |
20 .1 |
| in ma rg |
11. 1% |
9.0 % |
8.0 % |
10. 1% |
11. 4% |
11. 5% |
10. 0% |
9.3 % |
9.5 % |
11.2 % |
10.2 % |
7.6 % |
7.8 % |
5.1 % |
4.7 % |
6.3 % |
% 5.7 |
| Ne fit t p ro |
5.5 | 3.9 | 6.2 | 7.9 | 9.0 | 9.6 | 9.0 | 9.6 | 11 .3 |
15 .2 |
14 .9 |
9.4 | 11 .6 |
5.8 | 8.6 | 10 .5 |
10 .3 |
| in ma rg |
6.5 % |
4.4 % |
4.7 % |
5.4 % |
6.1 % |
6.3 % |
5.5 % |
5.2 % |
5.4 % |
7.0 % |
6.1 % |
4.8 % |
5.6 % |
2.8 % |
2.4 % |
3.0 % |
2.9 % |
| Fre h e c as flo w f tio rom op era ns |
9.1 | 8.6 | 11 .6 |
13 .7 |
15 .1 |
16 .0 |
15 .3 |
14 .8 |
16 .7 |
20 .8 |
21 .6 |
16 .2 |
19 .0 |
12 .9 |
20 .8 |
22 .4 |
21 .7 |
| Ne t E ity qu |
42 .1 |
44 .8 |
48 .8 |
53 .8 |
59 .3 |
65 .1 |
69 .8 |
75 .4 |
81 .9 |
91 .4 |
99 .4 |
104 .6 |
114 .0 |
140 .1 |
145 .0 |
150 .8 |
160 .2 |
| Ne t fi ial de bt na nc |
3.2 | 5.5 | 14 .3 |
26 .4 |
19 .1 |
21 .1 |
16 .4 |
25 .8 |
37 .9 |
31 .0 |
61 .8 |
38 .0 |
27 .4 |
97 .3 |
99 .9 |
76 .4 |
79 .0 |
| De bt /Eq uity |
0.1 | 0.1 | 0.3 | 0.5 | 0.3 | 0.3 | 0.2 | 0.3 | 0.5 | 0.3 | 0.6 | 0.4 | 0.2 | 0.7 | 0.7 | 0.5 | 0.5 |
1998-1999: Creation of 5 commercial branches in Western Europe. 2004: Establishment of Emak Jiangmen, production plant in China. 2005: Creation of Victus, commercial branch in Poland. 2006: Creation of Emak U.S.A. commercial branch in USA. 2008: Aacquisition of Bertolini and Tailong (cylinder manufacturer) 2011: Acquisition of Epicenter (Ukraine), Tecomet, Comet, Sabart and Raico 2012: Start-up of Emak do Brazil, acquisition of Valley in USA 2014: Acquisition of Speed Industrie Sarl (Marocco), S.I.Agro Mexico, Geoline Electronic, Master Fluid; Speed South America (Chile)2015: Acquisition of Lemasa (Brazil)
Aimone Burani, the executive responsible for the preparation of the corporate accounting documents, declares and certifies inaccordance with article 154 bis, paragraph 2, of the Consolidated Finance Act, that the financial statements contained in thispresentation correspond to the underlying accounting documents, records and accounting entries.
Emak S.p.AVia E. Fermi, 442011 Bagnolo in Piano – RE [Italy] [email protected]
Mr. Fausto Bellamico – Chairman and CEOMr. Aimone Burani – Deputy Chairman and CFOMr. Andrea La Fata – Investor [email protected]
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