Investor Presentation • Oct 24, 2018
Investor Presentation
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Gefran was founded in the sixties in Provaglio d'Iseo (Italy) producing electric panels for OEMs in the plastic market.
Today it is a leader in the design and production of electronic solutions for industrial automation.
Alberto Bartoli is leading Gefran Group since April 2017.
In April 2018, the Shareholders appointed Ennio Franceschetti as Honorary Chairman of the company.
The Gefran S.p.A. Board of Directors met at the end of the Shareholders' Meeting and appointed Maria Chiara Franceschetti as Chairman of the Board of Directors and Giovanna Franceschetti and Andrea Franceschetti as Vice Chairmen.
The technological evolution of its products is an important factor for potential future growth.
The skills network guaranteed by the cooperation with universities and research centers is a critical resource for the enterprise system ensuring continuous knowledge transfer.
Gefran typically invests about 5% of its turnover to R&D activities which are concentrated mainly in Italy in company laboratories located in Provaglio d'Iseo and Gerenzano. 15% of the Italian workforce is dedicated to R&D activities.
| Motion control | Automation components |
Sensors | |||||
|---|---|---|---|---|---|---|---|
| €'000 | H1 2018 | H1 2017 | H1 2018 | H1 2017 | H1 2018 | H1 2017 | |
| REVENUES | 20.522 | 18.599 | 20.234 | 18.667 | 32.483 | 29.942 | |
| EBITDA | $-1.393$ | $-1.992$ | 2.438 | 2.529 | 10.165 | 8.521 | |
| EBITDA % | $-6,8%$ | $-10,7%$ | 12,0% | 13,5% | 31,3% | 28,5% | |
| EBIT | $-2.291$ | $-2.913$ | 1.456 | 1.642 | 8.957 | 7.362 | |
| EBIT % | $-11,2%$ | $-15,7%$ | 7,2% | 8,8% | 27,6% | 24,6% |
Inverters for the speed control of AC, DC and brushless motors. Is a device that provides highly accurate, variable control of the speed of a motor.
| INVERTERS FOR INDUSTRIAL APPLICATION |
High power inverters with or without combination with regenerative power supplies, with different technological levels of product. |
|
|---|---|---|
| LIFT INVERTERS | SIEIdrive lift, a wide range of dedicated products, options and accessories specific for civil lift applications. |
Critical success factors: technology, performance, specific application and know-how.
Thanks to these distinctive elements we have the ability and the structure to offer CUSTOM PROJECTS with high level of personalization.
| Competitors | |
|---|---|
| INVERTERS FOR INDUSTRIAL APPLICATION |
ABB - SIEMENS - YASKAWA - OMRON - ROKWELL AUTOMATION - SCHNEIDER … |
| LIFT INVERTERS | VACON - MONARCH - STEP - YASKAWA … |
| Motion control | |||||
|---|---|---|---|---|---|
| €'000 | H1 2018 | H1 2017 | H1 2016 | ||
| REVENUES | 20.522 | 18.599 | 19.536 | ||
| EBITDA | $-1.393$ | $-1.992$ | $-2.732$ | ||
| EBITDA % | $-6,8%$ | $-10,7%$ | $-14,0%$ | ||
| EBIT | $-2.291$ | $-2.913$ | $-3.811$ | ||
| EBIT % | $-11,2%$ | $-15,7%$ | $-19,5%$ |
PC & PLC'S
Hardware and software for indication and regulation of process variables. Controllers, programmers, indicators and other instruments.
Advanced power controllers, solid state power units and solid state relays for Industrial temperature control.
Hardware and software for indication and regulation of process variables. Line of integrated automation solutions that offers a global response to specific automation demands.
Gefran is a leader in the European temperature controllers segment thanks to wide distribution network and personalisation.
PC e PLC Critical success factors: reputation, pre-post sales technical support, key customer references, know-how on specific application.
| Competitors | |
|---|---|
| CONTROLLERS, PROGRAMMERS, INDICATORS |
EUROTHERM – JUMO – OMRON |
| POWER CONTROLLERS | WATLOW |
| PC – PLC |
ROCKWELL AUTOMATION SIEMENS -B&R – KEBA |
Devices that convert a physical quantity into an electric signal in the industry automation (machines).
Gefran SENSORS ensure HIGH ACCURACY and RELIABILITY in the measurement of process variables: PRESSURE, POSITION, TEMPERATURE and FORCE.
ROTARY, TILT, INCLINATION & POSITION for Mobile Hydraulic
POSITION for plastic machines automation
PRESSURE & FORCE for plastic machines automation
Critical success factors: technology, product and quality.
Competitive advantage: In-house design and production of primary elements. Patents. Know-how.
| Phisical entity measured |
Competitors |
|---|---|
| PRESSURE | WIKA - IFM – DANFOSS - HIDAC |
| MELT PRESSURE | DYNISCO |
| POSITION | MTS BALLUFF NOVOTECNIK |
| FORCE | CELESCO |
| ROTATIVE TILT & POSITION | BAUMER ELOBAU AB ELECTRONIK |
| H1 2018 | H 1 2017 | 2017 | 2016 | 2015 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| €'000 | $%^{*}$ | €'000 | % | $\varepsilon$ '000 | $%$ * | $\epsilon$ '000 | $%$ * | $\epsilon$ '000 | $%^*$ | |
| REVENUES | 70.260 | 100,0% | 65.050 | 100,0% | 128,639 | 100,0% | 119.330 | 100,0% 115.352 | 100,0% | |
| GROSS MARGIN | 46.747 | 66,5% | 42.793 | 65,8% | 85,504 | 66,5% | 78.723 | 66,0% | 77.795 | 67,4% |
| EBITDA | 11.210 | 16,0% | 9.058 | 13,9% | 19.039 | 14,8% | 11.324 | 9,5% | 5.681 | 4,9% |
| EBIT | 8.122 | 11,6% | 6.091 | 9,4% | 11.149 | 8,7% | 5.115 | 4,3% | $-630$ | $-0,5%$ |
| NET RESULT | 4.061 | 5,8% | 4.443 | 6,8% | 6.864 | 5,3% | 3.948 | 3,3% | $-4.769$ | $-4,1%$ |
| €'000 | 30 June 2018 | 31 Dec 2017 | 31 Dec 2016 |
|---|---|---|---|
| Net Fixed Assets | 60.664 | 59.901 | 61.460 |
| Working capital | 32.644 | 30.621 | 35.754 |
| Other net assets/payables | $-7.735$ | $-9.554$ | $-9.925$ |
| Net Working Capital | 24.909 | 21.067 | 25.829 |
| Other non current assets | $-7.572$ | $-7.491$ | $-8.677$ |
| Asset available for sales | $\overline{0}$ | 1.214 | 1.214 |
| Net Invested Capital | 78.001 | 74.691 | 79.826 |
| Shareholders' Equity | 68.879 | 69.911 | 66.908 |
| Short-term financial debt | $-1.677$ | $-9.153$ | $-3.127$ |
| Long-term financial debt | 10.799 | 13.933 | 16.045 |
| Net Financial Position | 9.122 | 4.780 | 12.918 |
| Total Sources of Funding | 78.001 | 74.691 | 79.826 |
| €'000 | 30 Jun 2018 | 30 Jun 2017 | 31 Dec 2017 | 31 Dec 2016 |
|---|---|---|---|---|
| Opening Cash & Cash equivalents | 24.006 | 20.477 | 20.477 | 24.602 |
| Gross Cash Flow | 9.505 | 4.662 | 17.676 | 12.052 |
| Change in Working Capital | -2.285 | 5.829 | 3.661 | 3.855 |
| Operating Cash Flow | 7.220 | 10.491 | 21.337 | 15.907 |
| Cash Flow used in Capex | -4.836 | -2.628 | -5.355 | -2.984 |
| Free Cash Flow | 2.384 | 7.863 | 15.982 | 12.923 |
| Changes in financial debt | -3.086 | -4.519 | -8.494 | -16.052 |
| Dividends | -5.040 | -3.596 | -3.600 | 0 |
| Interests and taxes | -2.990 | -1.452 | -2.298 | -1.804 |
| Other | 250 | 178 | 1.939 | 808 |
| Cash Flow from(to) Financing Activities | -10.866 | -9.389 | -12.453 | -17.048 |
| Cash Increase (Decrease) | -8.482 | -1.526 | 3.529 | -4.125 |
| Closing Cash & Cash equivalents | 15.524 | 18.951 | 24.006 | 20.477 |
(*) information as of 09 July 2018
Visit us at: www.gefran.com
Via Sebina, 74 25050 – Provaglio d'Iseo (BS)
Phone +39 030 9888 1 Fax +39 030 983 90 63 [email protected]
Fausta Coffano - Investor Relator Gefran S.p.A
Phone +39 030 9888 1 Fax +39 030 983 90 63 [email protected]
This documentation has been prepared by Gefran S.p.A. for information purposes only and for use in presentations of Gefran S.p.A.'s results and strategies.
This presentation contains forward-looking statements regarding future events and future results of Gefran S.p.A, that are based on the current expectations, estimates, forecasts and projections about the industries in which Gefran S.p.A. operates, and on the beliefs and assumptions of the management of Gefran S.p.A..
Statements contained in this presentation, particularly regarding any possible or assumed future performance of Gefran S.p.A., are or may be forward-looking statements based on Gefran S.p.A.'s current expectations and projections about future events, and in this respect may involve some risks and uncertainties. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Gefran S.p.A. to control or estimate.
This presentation has to be accompanied by a verbal explanation. A simple reading of this presentation without the appropriate verbal explanation could give rise to a partial or incorrect understanding.
This presentation has been prepared solely for the use at the meeting with investors and analysts at the date shown. Under no circumstances may this presentation be deemed to be an offer to sell, a solicitation to buy or a solicitation of an offer to buy securities of any kind in any jurisdiction where such an offer, solicitation or sale should follow any registration, qualification, notice, disclosure or application under the securities laws and regulations of any such jurisdiction.
The Executive in charge of financial reporting of Gefran S.p.A., Fausta Coffano, declares, pursuant to paragraph 2 of art. 154-bis of the Consolidated Law on Finance, that the accounting disclosures of this document are consistent with the accounting documents, ledgers and entries.
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