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Prima Industrie — Investor Presentation 2018
Sep 5, 2018
4210_rns_2018-09-05_293ece39-3e4f-4c2a-9234-cb78bb42f1a9.pdf
Investor Presentation
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Industrial Day – Milan Stock Exchange, September 5th, 2018
Prima Group at a glance
- • Founded in 1977, Prima Industrie is a global leader in high technology laser and sheet metal processing systems and electronic components for industrial applications
- •Over 13,000 machines installed in more than 80 countries
- •1,781 employees worldwide (~50% in Italy)
- •Manufacturing sites in Italy, Finland, USA and China
- • Broad direct commercial and after-sales presence in EU, NAFTA, BRIC and otheremerging markets.
- • 2017 sales were €449.5 millions (+14%), of which 85% outside Italy.
- •Strong commitment to innovation (R&D is 5.2% of turnover)
- • Listedon Italian Stock Exchange (STAR segment) since 1999
Prima Group business sectors: Prima Power
LASER MACHINES
SHEET METALMACHINERY
Prima Group business sectors: Prima Electro
ELECTRONICS
LASER SOURCES
Sales & service footprint
OTHER 50+ COUNTRIES SERVED WITH AGENTS &DISTRIBUTORS
2015-2019: 5 YEARS OF STRONG INVESTMENTS
Mar 2015 - New Plant in Suzhou (China) – 6.8 M€
The plant, which covers a surface equal to 8.000 square meters, hosts manufacturing, sale and after-sale activities for a wide set of metal sheet processing machines. in addition to manufacturing area and HQ offices, the plant hosts a large show room destined to welcome Chinese and Asian customers.
Oct 2015 – Diode Fab for Fiber Lasers (Torino) – 7.5 M€
The high tech laboratories host research activities focused on the field of high power optoelectronic semiconductors for the latest generation of lasers
May 2016 - New HQ and Technology Center in Torino – 15.0 M€
The HQTC it is structured in 5000 square meters of which 2500 are dedicated to the corporate offices and 2500 dedicated to the Demo Room and to the hospitality of the customers. The Demo Room hosts 10-12 Prima Power machines, including a whole production line.
Jun 2018 – Investment in Lead Laser Cangzhou (China) – 6.7 M€
Prima Industrie, through Prima Power brand, already holds a significant share of the Chinese market of high-end machines (3D laser, systems, panel benders), while it still has a limited presence in the market of 2D laser machines. This investment is aimed at increasing the Group's market share in the Chinese market of 2D laser machines, the largest in the world in terms of size and growth rate.
Jun 2018 – New facility in Munich (Germany) – 4.0 M€
Dec 2018 – R&D + Additive Manufacturing facility in Torino – 6.0 M€
The facility, structured on approx. 3,300 sqm, represents an extension of the HQTC to host the new Prima Additive division in addition to the R&D employees of laser machines development and relevant labs.
Mar 2019 – Finn-Power Oy new Plant in Seinäjoki (Finland) – 21.0 M€
Finn-Power OY is constructing a new, modern and more efficient building (factory & offices) in the City of Seinäjoki, replacing current location in Kauhava. The new plant is being builtto-suit by a local municipality finance company and will be rented to Finn-Power. Seinajoki offers a more convenient location in terms of infrastructures, accommodations and hosts several schools and a university.
A history of growth
Market trends: machine tool & laser machines market
Global Machine Tool Consumption in 2017: ~\$78B Global Laser Systems for Materials Processing in 2017: ~\$14B Laser Systems 18% of Worldwide Machine Tools and Growing
Source: Oxford Economics, Optech Consulting and IPG Photonics Corporation
Source: Optech Consulting and IPG Photonics Corporation
Economic trends
OUR GROUP - KEY INDICATORS
VALUE IN EURO MILLION
R&D EXPENSES
GROUP NET RESULT
Net financial position trend
* = according to Company's business plan
M/L term debt refinancing on main operations
| Am t ou n |
T im ing fo r |
Am t ou n |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ty p e |
Co te ty un rp ar |
( ) M € |
In % ter t r te es a |
Ma i tu ty r |
im bu t re rse me n |
Ty p e |
Co ter ty un p ar |
( ) M € |
In % te t r te res a |
Ma i tu ty r |
| I N S T I T U T I O N A L |
||||||||||
| O B N D |
S O I N V E T R 1 |
4 0 |
5, 8 7 5 |
2 0 2 2 |
h Ma 2 0 1 8 rc |
O B N D |
A V I V A Fra nc e |
2 5 |
3, 5 0 |
2 0 2 5 |
| I T B A N K S |
||||||||||
| T E R M L O A N |
C L U B D E A L |
2 3 |
3, 0 3 |
2 0 2 1 |
Ma h 2 0 1 8 rc |
T E R M L O A N |
B A N K 1 |
2 5 |
2, 0 8 |
2 0 2 2 |
| F I N N B A N K S |
||||||||||
| T E R M L O A N |
C L U B D E A L |
2 0 |
Eu i bo 2, 5 0 r r + |
2 0 2 0 |
De be 2 0 1 7 ce m r |
T E R M L O A N |
B A N K 2 |
2 0 |
1, 7 5 |
2 0 2 2 |
| S S E V E R A L B A N K |
i bo Eu 1, 7 5 r r + |
|||||||||
| T E R M L O A N S |
I N S T A L M E N T S |
2 5 |
av era g e |
2 0 1 8 / 1 9 |
2 0 1 8 / 2 0 1 9 |
T E R M L O A N S |
B A N K 3, 4 5 & |
4 5 |
Eu i bo 1, 5 0 r r + |
2 0 2 2 / 2 0 2 3 |
| T O T A L |
8 1 0 |
3, 7 0 |
8 / 2 0 1 2 0 2 2 |
T | O T A L |
( ) 1 1 5 1 |
2, 1 0 |
/ 2 0 2 2 2 0 2 5 |
Banks involved:
Quarterly order intake since 2011
Analysts' consensus
| 2 0 1 8 |
2 0 1 9 |
2 0 2 0 |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| B. I M I |
Me d io ba nc a |
B. A kro s |
Co nse ns us |
B. I M I |
Me d io ba nc a |
B. A kro s |
Co nse ns us |
Co mp any |
Me d io ba nc a |
|
| 4 2, 0 |
3 6, 0 |
4 0, 0 |
4 2, 0 |
3 6, 0 |
4 0, 0 |
Bus ine Pla ss n |
3 6, 0 |
|||
| A D D |
N E U T R A L |
N E U T R A L |
A D D |
N E U T R A L |
N E U T R A L |
N E U T R A L |
||||
| R E V E N U E S |
8 4 5 |
8 2, 8 4 |
8 4 4 |
8 3, 9 4 |
0 5 1 |
0 9, 5 7 |
5 1 1 |
0, 2 5 1 |
0 0 5 |
9, 9 5 1 |
| E B I T D A |
5 4, 8 1 |
5 0, 1 |
5 3 |
5 2, 6 |
6 1, 2 |
5 7, 9 |
6 0 |
5 9, 7 |
6 0 |
6 1, 4 |
| E B I T |
3 7, 9 5 |
3 2, 6 |
3 6 |
3 5, 5 |
4 4, 3 4 |
3 9, 3 |
4 2 |
4 1, 9 |
- | 4 1, 9 |
| N E T R E S U L T |
3 2, 7 7 |
2 7, 6 |
2 6 |
2 8, 8 |
3 1, 6 9 |
2 8, 8 |
3 1 |
3 0, 5 |
- | 2 9, 4 |
| N F P |
5 4, 2 - |
6 4 - |
4 8 - |
-5 5, 4 |
-3 4, 8 |
4 3 - |
3 7 - |
-3 8, 3 |
- | -1 6, 7 |
Released August 3, 2018
Released August 3, 2018
Released August 29, 2018
Machine revenues by application (2017)
Regional Highlights (2017)
Revenues by technology (2017)
Group Employees
OUR GROUP - EMPLOYEES
VALUE EXPRESSED IN UNITS PRIMA GROUP EMPLOYEES, 2012 - 2017 1.781 1800 1.664 1.643 1.579 1600 1.530 1.521 1400 1200 $1000 r$ 2015 2012 2013 2014 2016 2017 $+ 117 (7 \%)$ in 2017
Collaboration with Politecnico di Torino for Master in:
- Industrial Automation
- Additive Manufacturing
- Industry 4.0
AVERAGE EMPLOYEE AGE: 39 INVESTMENTS IN YOUNG TALENTS: +140 (8%) HEADCOUNT IN 2018 (of which 50 in Italy)
Competitive & Comprehensive product range
Combi Genius Shear PunchBce SmartLaser NextLaser GeniusPSBB
State-of-the-art laser and electronic technologies
Focus on CF fiber laser family
Prima Power Solutions for Industry 4.0 and Smart Manufacturing
Ready for today's production needs… and for tomorrow
INTELLIGENT MACHINES & FACTORIES
Intelligent machines and automated factories collecting real-time and historical data through sensors and cameras
Prima Power software comprehensive portfolio of modular software-based systems
SMART SOFTWARE REMOTE DIAGNOSTICS & MAINTENANCE
Data-driven machine diagnostics and predictive maintenance services. Production performance analysis, monitoring of machines status and condition.
The lower (blue) segment of the bars represents products, while the upper (burgundy) segment represents services. Neither category includes secondary processes, such as tooling, molded parts, or castings. The secondary market segment is reported separately.
Highlights from financial statements as at Jun. 30, 2018
| lue in / ho d Va € t s us an |
C A T 3 0. 0 6. 1 8 |
C A T 3 0. 0 6. 1 7 |
C ha ng e |
C ha % ng e |
|---|---|---|---|---|
| Or de In ke ta r |
2 2 3 4 0. 6 |
2 3 4 0. 6 7 |
( ) 3 4 7 |
2 % 0, - |
| Ba k log c |
9 9 2 1 1. 6 |
8 0 1 7 7. 5 |
1 4. 1 5 7 |
8, 0 % |
| Re ve nu es |
2 1 6. 7 1 0 |
2 0 2. 4 1 5 |
1 4. 2 9 5 |
% 7, 1 |
| E B I T D A |
1 8. 6 8 1 |
1 9. 2 1 1 |
( ) 5 3 0 |
2, 8 % - |
| E B I T D A % |
8, 6 % |
9, % 5 |
( ) 0, 9 % |
- |
| E B I T |
0. 8 2 1 6 |
0. 1 6 4 4 |
8 2 1 |
% 1, 7 |
| E B I T % |
5, 0 % |
5, 3 % |
0, 3 % - |
- |
| Ne Re l t t su |
0 2 1 1. 1 |
0 7. 5 5 |
3. 9 5 7 |
9 % 4 7, |
| F C F |
( ) 9. 2 5 6 |
( ) 4. 8 9 7 |
( ) 4. 3 5 9 |
8 9, 0 % - |
| Ne F ina ia l Po i io t t nc s n |
( ) 7 5. 5 4 4 |
( ) 9 9 5. 4 0 |
9. 9 1 4 6 |
2 9 % 0, |
| dc He t a ou n |
1. 8 3 4 |
1. 7 1 8 |
1 1 6 |
% 6, 8 |
( % calculated over the revenues)
(headcount in units)
| / Va lue in € ho d t s us an |
A C T 3 0. 0 6. 1 8 |
A C T 3 0. 0 6. 1 7 |
C ha ng e |
C ha % ng e |
|---|---|---|---|---|
| Re ta t F X ve nu es c on s n |
2 2 4. 5 8 4 |
2 0 2. 4 1 5 |
2 2. 1 6 9 |
% 1 1, 0 |
| E B I T D A d j a |
1 9. 9 6 7 |
2 0. 0 3 4 |
( ) 6 7 |
% 0, 3 - |
| E B I T D A d j % a |
9, 2 % |
9, 9 % |
0, % 7 - |
- |
| d j E B I T a |
1 2. 4 2 1 |
1 1. 4 9 0 |
9 3 1 |
% 8, 1 |
| E B I T d j % a |
% 5, 7 |
% 5, 7 |
0, 0 % |
- |
( % calculated over the revenues)
- Revenues up +11,0% at constant exchange rates
- Prima Electrorecovery in revenues and margins
- EBIT(adjusted) improvement (+8.1%)
- Sustained Net Profit growth thanks to EPS gain but negatively affected by non recurring costs and refinancing expenses.
- Improvement of Net Debt: +19.9 M€ (vs Jun'17).
Shareholding structure
Source: company info + official communications to Consob