Investor Presentation • Oct 5, 2016
Investor Presentation
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Emak Group designs, manufactures and distributes a wide range of
products in three different segments:
Group's shareholders
Star Conference 2016, London
Star Conference 2016, London
Continuous investments in product innovation, focusing on new technologies, safety, comfort, and emissions control
Consolidate the position in the markets with direct presenceExpand distribution network in markets with high growth potential
Improve lean manufacturing system Exploit supply chain efficienciesCost reduction plan
Access new technologiesComplete product rangePenetrate new markets
| € /m |
1 H 2 0 1 6 |
1 H 2 0 1 5 |
∆ | 2 0 1 5 |
|---|---|---|---|---|
| Sa les |
2 3 0. 0 |
2 2 7. 8 |
1. 0 % |
3 8 1. 6 |
| E B I T D A d j a |
3 0. 4 |
2 8. 7 |
6. 1 % |
3 7. 5 |
| in ma rg |
13. 2% |
12. 6% |
9.8 % |
|
| E B I T D A |
3 0. 2 |
2 7. 4 |
1 0. 2 % |
3 5. 8 |
| in ma rg |
13. 1% |
12. 0% |
9.4 % |
|
| E B I T |
2 3. 7 |
2 1. 5 |
1 0. 5 % |
2 3. 3 |
| in ma rg |
10. 3% |
9.4 % |
6.1 % |
|
| Ne t p f i t ro |
1 5. 8 |
1 1. 5 |
3 6. 8 % |
9. 0 |
| in ma rg |
6.9 % |
5.1 % |
2.4 % |
|
| Fre h f low fro ion t e c as m op era s |
2 2. 3 |
1 7. 5 |
2 1. 5 |
|
| Ne t Eq i ty u |
1 7 8. 5 |
1 7 2. 0 |
1 6 8. 5 |
|
| Ne t f ina ia l de b t nc |
1 0 6. 0 |
1 2 2. 6 |
9 9. 4 |
|
| Ne i l e d t c ta |
2 8 4. 6 |
2 9 4. 6 |
2 6 7. |
|
| loy ap mp e |
9 | |||
| Ne k ing i l t w ta or ca p |
1 6 9. 3 |
1 7 8. 8 |
1 5 4. 6 |
|
| f Ne t ixe d a ts ss e |
1 1 5. 2 |
1 1 5. 8 |
1 1 3. 4 |
Sales: positive sales performance of all segments. The improvement is due to organic growth for 1.7%, change in scope of consolidation for 0.7% and negative currency effect for 1.4%.
EBITDA: a positive sales mix among the various areas of activity; sale of most professional products of the range, decrease in operating costs.
Net Profit: Currency management was positive for 2€/m (negative for 0.06 €/m in 2015), due to the favourable trend of the Brazilian currency. Higher financial charges for 0.4 €/m for the price adjustment related to the acquisition of S.I.Agro Mexico.
Cash flow: The improvement in EBITDA together with a more efficient net working capital management contributed to cash generation in the period.
Net fin. Debt : increase compared to December 2015 coherent with business seasonality.
| € /m ln |
1 9 9 8 |
1 9 9 9 |
2 0 0 0 |
2 0 0 1 |
2 0 0 2 |
2 0 0 3 |
2 0 0 4 |
2 0 0 5 |
2 0 0 6 |
2 0 0 7 |
2 0 0 8 |
2 0 0 9 |
2 0 1 0 |
2 0 1 1 |
2 0 1 2 |
2 0 1 3 |
2 0 1 4 |
2 0 1 5 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sa les |
8 4. 4 |
8 9. 5 |
1 3 3. 0 |
1 4 6. 7 |
1 4 7. 0 |
1 5 2. 7 |
1 6 3. 2 |
1 8 3. 4 |
2 0 8. 4 |
2 1 7. 8 |
2 4 3. 4 |
1 9 4. 9 |
2 0 6. 8 |
2 0 4. 4 |
3 5 4. 8 |
3 5 5. 0 |
3 5 4. 8 |
3 8 1. 6 |
| E B I T D A d j a |
1 2. 9 |
1 2. 8 |
1 6. 0 |
2 0. 6 |
2 2. 9 |
2 3. 9 |
2 2. 6 |
2 2. 3 |
2 5. 1 |
3 0. 0 |
3 1. 7 |
2 1. 7 |
2 1. 3 |
1 9. 6 |
3 1. 7 |
3 4. 2 |
3 3. 1 |
3 7. 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% |
10. 3% |
9.6 % |
8.9 % |
9.6 % |
9.3 % |
9.8 % |
| E B I T D A |
1 2. 9 |
1 2. 8 |
1 6. 0 |
2 0. 6 |
2 2. 9 |
2 3. 9 |
2 2. 6 |
2 2. 3 |
2 5. 1 |
3 0. 0 |
3 1. 7 |
2 1. 7 |
2 3. 5 |
1 7. 5 |
2 8. 8 |
3 4. 2 |
3 1. 5 |
3 5. 8 |
| 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 % |
9.4 % |
| E B I T a d j |
9. 3 |
8. 1 |
1 0. 6 |
1 4. 8 |
1 6. 8 |
1 7. 5 |
1 6. 3 |
1 0 7. |
1 9. 8 |
2 4. 5 |
2 4. 9 |
1 4. 9 |
1 3. 9 |
1 2. 5 |
1 9. 6 |
2 2. 4 |
2 1. 7 |
2 0 5. |
| 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 % |
6.7 % |
6.1 % |
% 5.5 |
6.3 % |
6.1 % |
6.5 % |
| E B I T |
9. 3 |
8. 1 |
1 0. 6 |
1 4. 8 |
1 6. 8 |
1 7. 5 |
1 6. 3 |
1 7. 0 |
1 9. 8 |
2 4. 5 |
2 4. 9 |
1 4. 9 |
1 6. 1 |
1 0. 4 |
1 6. 6 |
2 2. 4 |
2 0. 0 |
2 3. 3 |
| in ma rg |
1% 11. |
% 9.0 |
% 8.0 |
1% 10. |
4% 11. |
5% 11. |
0% 10. |
% 9.3 |
% 9.5 |
2% 11. |
2% 10. |
% 7.6 |
% 7.8 |
% 5.1 |
% 4.7 |
% 6.3 |
% 5.6 |
% 6.1 |
| Ne f i t p t ro |
5. 5 |
3. 9 |
6. 2 |
9 7. |
9. 0 |
9. 6 |
9. 0 |
9. 6 |
1 1. 3 |
1 2 5. |
1 4. 9 |
9. 4 |
1 1. 6 |
8 5. |
8. 6 |
1 0. 5 |
1 0. 2 |
9. 0 |
| 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 % |
2.4 % |
| F C F fro m t ion op era s |
9. 1 |
8. 6 |
1 1. 6 |
1 3. 7 |
1 1 5. |
1 6. 0 |
1 3 5. |
1 4. 8 |
1 6. 7 |
2 0. 8 |
2 1. 6 |
1 6. 2 |
1 9. 0 |
1 2. 9 |
2 0. 8 |
2 2. 4 |
2 1. 7 |
2 1. 5 |
| Ne t Eq i ty u |
4 2. 1 |
4 4. 8 |
4 8. 8 |
5 3. 8 |
5 9. 3 |
6 5. 1 |
6 9. 8 |
7 5. 4 |
8 1. 9 |
9 1. 4 |
9 9. 4 |
1 0 4. 6 |
1 1 4. 0 |
1 4 0. 1 |
1 4 5. 0 |
1 5 0. 8 |
1 6 0. 1 |
1 6 8. 5 |
| Ne t f ina ia l de b t nc |
3. 2 |
5. 5 |
1 4. 3 |
2 6. 4 |
1 9. 1 |
2 1. 1 |
1 6. 4 |
2 5. 8 |
3 7. 9 |
3 1. 0 |
6 1. 8 |
3 8. 0 |
2 7. 4 |
9 7. 3 |
9 9. 9 |
7 6. 4 |
7 9. 0 |
9 9. 4 |
| Ne i l t c ta ap loy d em p e |
4 5. 3 |
5 0. 3 |
6 3. 1 |
8 0. 3 |
7 8. 5 |
8 6. 2 |
8 6. 3 |
1 0 1. 2 |
1 1 9. 7 |
1 2 2. 5 |
1 6 1. 2 |
1 4 2. 6 |
1 4 1. 4 |
2 3 7. 4 |
2 4 4. 9 |
2 2 7. 2 |
2 3 9. 1 |
2 6 7. 9 |
| Ne t w k ing or i ta l ca p |
2 7. 5 |
3 2. 1 |
4 3. 7 |
5 5. 6 |
5 4. 2 |
6 0. 2 |
5 9. 3 |
6 6. 4 |
8 1. 8 |
8 1. 1 |
1 0 3. 2 |
8 2. 9 |
8 3. 7 |
1 5 7. 5 |
1 5 5. 9 |
1 4 2. 2 |
1 4 8. 6 |
1 5 4. 6 |
| De b / Eq i t ty u |
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 |
0. 6 |
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 in accordance with article 154 bis, paragraph 2, of the Consolidated Finance Act, that the financial statements contained in this presentation 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 Relator [email protected]
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