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Fidia — Investor Presentation 2015
Oct 2, 2015
4258_10-k-afs_2015-10-02_6aaddb05-63ba-48f6-8a23-2945007a9819.pdf
Investor Presentation
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Highlights September 30, 2015
Table of contents
| Company profile | 3 | Order acquisition | 13 |
|---|---|---|---|
| Fidia Group Organisation | 4 | Order Backlog | 14 |
| Consolidated financial statement | 6 | Research and Development | 15 |
| Main financial data | 10 | Products | 18 |
| Group Net Revenues | 11 | Fidia communication media | 22 |
| Order acquisition | 13 |
|---|---|
| Order Backlog | 14 |
| Research and Development | 15 |
| Products | 18 |
| Fidia communication media | لےلے |
Company profile
FIDIA S.p.A., established in Turin since 1974, designs, manufactures and sells Numerical Controls and Milling Systems for the production of complex shapes mainly for the automotive, aerospace and energy sectors.
With three industrial sites in Italy, one Joint Venture in China and eight Subsidiaries overseas, the FIDIA Group employs approx. 333 people and reached 54,5 MEuro of turnover in 2014, and 28,8 MEuro in Half-Yearly 2015.
The Company is focused on high-quality products and customizable machines being, since its creation, among the world leaders in the field of Numerical Controls for machining of complex surfaces as well as in the one for High-Speed Five Axis Milling Centers. In the last years due to their outstanding performances, the new gantry type machines "GTF" have encountered a considerable success in the global market both in the mould & die and aerospace industries.
A significant percentage of the Group's annual turnover is invested every year in research and development. Certified ISO9001 since 1996, FIDIA S.p.A. is constantly focused on improving the performances, quality and reliability of its products.
Technological excellence, constant innovation, highly skilled human resources and international business presence are the key factors of the FIDIA success over more than 40 years of activity.
4
Fidia Group: consolidated financial statement as at 30.06.2015
| Consolidated profit and loss statement (Euro/thousands) |
30/06/2015 | % | 30/06/2014 | % |
|---|---|---|---|---|
| Net revenues | 28.807 | 87,2% | 19.214 | 89,7% |
| Change in finished goods and W.I.P. | 3.166 | 9,6% | 1.498 | 7,0% |
| Other operating revenues | 1.063 | 3,2% | 697 | 3,3% |
| Value of production | 33.036 | 100% | 21.409 | 100% |
| Raw materials and consumables | (11.478) | -34,7% | (6.989) | -32,6% |
| Commissions, transport and subcontractors |
(4.779) | -14,5% | (3.048) | -14,2% |
| Other services and operating costs | (5.369) | -16,3% | (4.751) | -22,2% |
| Added value | 11.410 | 34,5% | 6.621 | 30,9% |
| Personnel costs | (8.668) | -26,2% | (7.792) | -36,4% |
| Gross operating margin (EBITDA) | 2.742 | 8,3% | (1.171) | -5,5% |
| Allocation to provision for bad debts | (644) | -1,9% | (101) | -0,5% |
| Depreciation and amortization | (320) | -1,0% | (313) | -1,5% |
| Operating margin of the ordinary activity |
1.778 | 5,4% | (1.585) | -7,4% |
| Non-recurring cost | - | 0,0% | 300 | 1,4% |
| Operating margin (EBIT) | 1.778 | 5,4% | (1.285) | -6,0% |
| Net financial income (expenses) | (159) | -0,5% | (160) | -0,7% |
| Profit (loss) on exchange rates | (465) | -1,4% | 49 | 0,2% |
| Margin before taxes (EBT) | 1.154 | 3,5% | (1.396) | -6,5% |
| Income taxes (current and deferred) | (443) | -1,3% | (164) | -0,8% |
| Net income (loss) for the accounting period |
711 | 2,2% | (1.560) | -7,3% |
| Income (loss) attributable to minority interest shareholders |
162 | -0,5% | (150) | -0,7% |
| Income (loss) attributable to the Group | 873 | 2,6% | (1.410) | -8,0% |
| Fidia Group: consolidated financial statement as at 30.06.2015 | ||||
|---|---|---|---|---|
| Consolidated statement of financial position (Euro/thousands) |
30/06/2015 | 31/12/2014 | 30/06/2014 | |
| Property, plant and equipment | 4.777 | 4.261 | 4.297 | |
| Intangible fixed assets | 894 | 694 | 570 | |
| Investments | 16 | 16 | 16 | |
| Other financial assets | 2.579 | 2.653 | 2.265 | |
| Fixed assets – (A) | 8.266 | 7.624 | 7.148 | |
| Net trade receivables | 13.402 | 11.384 | 7.179 | |
| Inventory | 23.139 | 18.718 | 19.965 | |
| Other current assets | 1.762 | 1.457 | 2.186 | |
| Current assets – (B) | 38.303 | 31.559 | 29.330 | |
| Trade payables | (14.598) | (12.391) | (10.558) | |
| Other current liabilities | (14.983) | (12.103) | (10.769) | |
| Current liabilities – (C) | (29.581) | (24.494) | (21.327) | |
| Net working capital (D) = (B+C) | 8.722 | 7.065 | 8.003 | |
| Provision for employee severance indemnities (E) | (2.633) | (2.446) | (2.329) | |
| Other long-term liabilities (F) | (429) | (244) | (304) | |
| Net invested capital (G) = (A+D+E+F) | 13.926 | 11.999 | 12.518 | |
| Financial position | ||||
| Financial assets available for sale | - | - | - | |
| Bank deposits and cash | (12.657) | (10.718) | (7.499) |
| Bank deposits and cash | (12.657) | (10.718) | (7.499) |
|---|---|---|---|
| Short-term loans | 3.487 | 3.250 | 6.110 |
| Current (Assets)/Liabilities for derivatives | 414 | 502 | - |
| Other current financial liabilities | 587 | - | - |
| Current financial position (credit)/debit | (8.169) | (6.966) | (1.389) |
| Long-term loans, net of current portion | 5.017 | 2.437 | 2.760 |
| Non current (Assets)/Liabilities for derivatives | 9 | 15 | - |
| Net financial position (H) (credit)/debit | (3.143) | (4.514) | 1.371 |
| Share capital | 5.123 | 5.123 | 5.123 |
| Reserves | 8.569 | 5.873 | 5.071 |
| Net income (loss) for the accounting period attributable to the Group |
711 | 2.894 | (1.410) |
| Total shareholders' equity attributable to the Group | 14.403 | 13.890 | 8.784 |
| Shareholders' equity attributable to minority interests | 2.666 | 2.623 | 2.363 |
| Shareholders' equity (I) | 17.069 | 16.513 | 11.147 |
| Shareholders' equity and net financial position (L) = (H+I) | 13.926 | 11.999 | 12.518 |
GTFM V3
GTF GTFM The most compact version in GTF family relies on a monolithic structure of steel and cast iron. Perfect size for plastic injection moulds and prototyping. The GTF Line fulfills the most demanding requirements of main industrial applications.
Fidia Group: main consolidated financial data as at 30.06.2015
| Euro/thousands | 30/06/2015 | % | 31/12/2014 | % |
|---|---|---|---|---|
| Net revenues | 28.807 | 87,2% | 54.544 | 95,2% |
| Value of production | 33.036 | 100% | 57.308 | 100% |
| Gross operating margin (EBITDA) | 2.742 | 8,3% | 4.982 | 8,7% |
| Operating margin (EBIT) | 1.778 | 5,4% | 4.324 | 7,5% |
| Earning before tax (EBT) | 1.154 | 3,5% | 3.511 | 6,1% |
| Net consolidated profit/(loss) | 711 | 2,2% | 2.774 | 4,8% |
| - Bank deposits and cash | (12.657) | (10.718) | ||
| - Long and short term loan | 8.504 | 5.687 | ||
| Net financial position debit/(credit) | (3.566) | (5.031) | ||
| Net equity | 17.069 | 16.513 |
Electronic division (CNC) revenues highlighted a significant growth compared to Half-Yearly 2014 (+19,1%), moving from 1,692 MEuro to 2,016 MEuro in Half-Yearly 2015.
High Speed Milling system division (HSM) Half-Yearly 2015 revenues increased as well. Turnover passed from 12,112 MEuro in Half-Yearly 2014 to 20,208 MEuro in Half-Yearly 2015, growing by 66,8%.
Orders portfolio at the Half-Year of 2015 increased respect to the end of 2014, thanks to a good performance of both the business lines. Taking also into account the new orders acquired in the first months of the year, the 2015 production capacity of the High Speed Milling system division business unit is nearly saturated.
Aerospace Other Automotive 11
by geographical region Consolidated Net Revenues
Group Order Acquisition per Area
13
14
Research and Development
The R&D activities, carried out mainly by the parent company Fidia S.p.A., have always been one of the strengths of the Group and received substantial investments over the years. A team of approx. 34 people supported by specialized consultants is currently dedicated to R&D activities.
The R&D activities are carried out mainly by in-house resources and a substantial part of the expenses incurred consisted of costs for personnel (about 2,1 million in the FY 2014). All costs incurred are posted directly to the income statement.
R&D allows the Group to pursue the goal of constantly adapting its products to customer needs and to be always at the forefront thanks to technological innovation in its commodity sector.
Research covers both lines of business of the Group.
The costs incurred by the Group in 2014 amounted to approx. 2,8 million (about 5,1% of revenues). In Half-Yearly 2015 it amounted to approx. 1,4 million (4,9%)
In cooperation with Italian and European Research Centres and several leading Industrial companies, the Group is engaged in:
- Q 5 projects co-financed by the European Commission (NMP, ICT and FOF Programs)
- Q 2 projects co-financed by the Regione Piemonte
- Q 2 projects co-financed by the Italian Ministery for the Economic Development
C40 Rack Service Terminal
XPower Drives
ViMill®
ViMill® real-time 3D virtual collision look-ahead software effectively help the machine operator in avoiding unforeseen and always very costly collisions.
While milling is in progress, ViMill® is monitoring any unexpected collision situation by graphically executing the actual milling process comfortably ahead in the part program future blocks.
Additionally, ViMill® 3D anti-collision graphic simulation software is also active in JOG Mode, allowing a highly safe operation of manual axis displacements. Such feature is of great support to the operator especially in case of low reciprocal visibility of the tool, workpiece or milling head.
Despite the safety provided by off-line part-program simulation software products, actual machining conditions may vary due to the need of modifying a range of machining set-up, like a different positioning of the workpiece, the off settings of tools or "return to job" and stop and go operations.
ViMill® acts like a safety guard of the machine: a 3D virtual reality "avatar" focused on observing and safely controlling the resulting situations of the given milling toolpath in the near future.
C40 Vision
The C40 Vision numerical control is an innovative solution for machining in a modern and efficient way. By integrating the software ViMill® offers performance and features of highest level and extraordinarily effective for the control and the safety of machine tools.
The platform integrates a pallet system shared by two or more machines. A powerful dedicated software, automatically manages and optimizes the flow of production without intervention of the machine operator. Each machine can be also used in a standalone way, nonetheless granting the normal functioning of the FMS system with the other machines.
GTF line
The new GTF Gantry machine Line, identified by a wide operative volume modularity, combines High Speed performances with great structural stiffness.
Heads
Numerical Controls
The FIDIA numerical control line can be installed on a wide range of machine tools: from traditional milling and boring machines to machining centres, including the most complex high speed milling systems.
HMS
The HMS system is a device designed to check and correct geometric errors of continuous and indexed bi-rotary heads as well as roto-tilting tables.
FIDIA S.p.A. Corso Lombardia, 11 10099 San Mauro Torinese - TO - ITALY Tel. +39 011 2227111 Fax +39 011 2238202 [email protected] www.fidia.com
FIDIA GmbH
Robert-Bosch-Strasse 18 63303 Dreieich-Sprendlingen - GERMANY Tel. +49 6103 4858700 Fax +49 6103 4858777 [email protected]
FIDIA Sarl
47 bis, Avenue de l'Europe B.P. 3 - Emerainville 77313 Marne La Vallee Cedex 2 - FRANCE Tel. +33 1 64616824 Fax +33 1 64616794 [email protected]
FIDIA Iberica S.A.
Laida Bidea, Edificio 208 Parque Tecnológico 48170 Zamudio - Bizkaia - SPAIN Tel. +34 94 4209820 Fax +34 94 4209825 [email protected]
OOO FIDIA
c/o Promvost Sushovskiy Val, Dom 5, Str. 2, Office 411 127018 Moscow - RUSSIA Tel.: +7 499 9730461 Mobile: +7 9035242669 [email protected] [email protected]
FIDIA Co.
1397 Piedmont , Suite 800 Troy - Michigan 48083 - USA Tel. +1 248 6800700 Fax +1 248 6800135 [email protected]
FIDIA DO BRASIL LTDA
Av. Salim Farah Maluf, 4.236 - 3º andar Móoca - SÃO PAULO - Cep 03194-010 - BRAZIL Tel. +55 11 29657600 Fax +55 11 20212718 [email protected]
FIDIA INDIA PRIVATE LTD
H Block, Plot No. C-181 M.I.D.C. Chinchwad, PUNE - 411019 - INDIA [email protected]
FIDIA JVE
Beijing Fidia Machinery & Electronics Co., Ltd Room 1509, 15/F Tower A. TYG Center Mansion C2 North Road East Third Ring Road, Chaoyang District 100027 BEIJING - P.R. CHINA Tel. +86 10 64605813/4/5 Fax +86 10 64605812 [email protected]
FIDIA JVE
Shanghai Office 28/D, No.1076, Jiangning Road Putuo District Shanghai 200060 - CHINA Tel. +86 21 52521635 Fax +86 21 62760873 [email protected]
Service centres:
FIDIA GmbH - SERVICE CZ
CZ- 74706 Opava Tel/Fax +420 553 654 402 [email protected]
FIDIA S.p.A. - SALES & SERVICE UK
32 Riverside, Riverside Place Cambridge - Cambridgeshire CB5 8JF - United Kingdom Tel: +44 - (0)1223 305830 Mobile: +44 - (0)7425 838162 [email protected]
3H MAKINA
Atasehir Bulvari, Ata 2/3 Plaza, Kat: 9 No: 80 Atasehir - Istanbul - TURKEY Tel.: +90 216 456 10 43 Fax: +90 216 456 75 23 [email protected] [email protected]
P.V. ELECTRONIC SERVICES C.C.
P.O. Box 96 Hunters Retreat 6017 Port Elisabeth SOUTH AFRICA Tel. +27 41 3715143 Fax +27 41 3715143 [email protected]
AXIS SYSTEMS
Flat No.9, Building No.13, Shraddha Garden, Chinchwad Pune 411033 - INDIA Cell. +91 9881245460 Telefax +91 20 27656682 [email protected]
SHIYAN FIDIA SERVICE CENTRE
N.84 Dong Yue Road, Shiyan, Hubei - CHINA Tel. +86 719 8225781 Fax +86 719 8228241
CHENGDU FIDIA SERVICE CENTRE
Huang Tian Ba Chengdu, Sichuan - CHINA Tel. +86 28 87406091 Fax +86 28 87406091
IE-MAT s.r.l.
Bv. De Los Alemanes No. 3387 5022 Barrio Los Boulevares Cordoba - X5022EOF ARGENTINA Tel. +54 0351 4750483 Fax +54 0351 4750483 [email protected]
Manufacturing plants:
FIDIA S.p.A. Via Valpellice, 67/A 10060 San Secondo di Pinerolo TO - ITALY Tel. +39 0121 500676 Fax +39 0121 501273
FIDIA S.p.A.
Via Golfarelli, 123 47100 Forlì ITALY Tel. +39 0543 770511 Fax +39 0543 795573 [email protected]
SHENYANG FIDIA NC & MACHINE CO.,
LTD. No. 1 17 Jia Kaifa Rd. Shenyang Economic & Technological Development Zone 110141 Shenyang - P.R. CHINA Tel. +86 24 25191218/9 Fax +86 24 25191217 [email protected]
Research centres:
FIDIA S.p.A.
c/o Tecnopolis Str. Provinciale per Casamassima Km 3, 70010 Valenzano Bari - ITALY Tel. +39 080 4673862
FIDIA S.p.A. Corso Lombardia, 11 10099 San Mauro Torinese (TO) - ITALY www.fidia.com