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Prima Industrie — Investor Presentation 2018
Jun 6, 2018
4210_rns_2018-06-06_e9f5d547-43ae-442f-a151-a17f6533fcb0.pdf
Investor Presentation
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1977-2017 : 40 SPARKLING YEARS
ISMO Paris – June 6 th, 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 other emerging markets.
- 2017 sales were € 449.5 millions (+14%), of which 85% outside Italy.
- Strong commitment to innovation (R&D is 5.2% of turnover)
- Listed on Italian Stock Exchange (STAR segment) since 1999
Prima Group business sectors: Prima Power
LASER MACHINES
SHEET METAL MACHINERY
Prima Group business sectors: Prima Electro
ELECTRONICS
LASER SOURCES
Our presence in the world
2015 - New Plant in Suzhou (China)
SHOWROOM
MARCH 2015 - OPENING CEREMONY WITH BOTH CHINESE AND ITALIAN AUTHORITIES
2016 - New HQTC in Collegno (Italy)
2018 - New Plant in Seinäjoki (Finland)
RENDERING NEW PLANT
Shake-hands between Finnish Prime Minister (Juha Sipilä) and Gianfranco Carbonato
OTHER 50+ COUNTRIES SERVED WITH AGENTS & DISTRIBUTORS
Market trends: machine tool market – by Oxford Economics (update Spring 2017)
Market trends: laser systems market – by Optech Consulting
REVENUE DRIVERS
- Machine Tool market expected growth (Oxford Economics) – cagr 2016-2020: 2%
- Laser market expected growth (Optech Consulting) – cagr 2018-2025: 7.2%
- Success of newly released products
- Strengthening of market coverage in China & Asia
-
New HQTC (Headquarters &Tech Center) boosting order intake
-
Higher volumes = Operational leverage
- Progressive increase in fiber laser in sourcing
- Diode Fab success in diodes development
- New Additive Manufacturing Division
Net financial position trend
M/L term debt refinancing on main operations
| Amount | Timing for | Amount | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Type | Counterparty | (M€) | Interest rate % | Maturity | reimbursement | Type | Counterparty | (M€) | Interest rate % | Maturity |
| INSTITUTIONAL | INSTITUTIONAL | |||||||||
| BOND | INVESTOR 1 | 40 | 5,875 | 2022 | March 2018 | BOND | INVESTOR 2 | 25 | 3,50 | 2025 |
| IT BANKS | ||||||||||
| TERM LOAN | CLUB DEAL | 23 | 3,03 | 2021 | March 2018 | TERM LOAN | BANK 1 | 25 | 2,08 | 2022 |
| FINN BANKS | ||||||||||
| TERM LOAN | CLUB DEAL | 20 | Euribor +2,50 | 2020 | December 2017 | TERM LOAN | BANK 2 | 20 | 1,75 | 2022 |
| SEVERAL BANKS | Euribor +1,75 | |||||||||
| TERM LOANS | INSTALMENTS | 25 | average | 2018/19 | 2018/2019 | TERM LOANS | SEVERAL BANKS | 45 | Euribor +1,50 | 2022/2023 |
| TOTAL | 108 | 3,70 | 2018/2022 | TOTAL | 115 (1) | 2,10 | 2022/2025 |
Quarterly order intake since 2011
3D CUTTING AREA AT CECOMP CUSTOMER (TURIN AREA)
| 2018 | 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| B. IMI | Mediobanca | B. Akros | Consensus | B. IMI | Mediobanca | B. Akros | Consensus | Company | |
| 46,4 | 40,5 | 40,0 | 46,4 | 40,5 | 40,0 | Business Plan | |||
| REVENUES | 485 | 482,8 | 477 | 481,6 | 510 | 508,2 | 510,5 | 509,6 | 500 |
| EBITDA | 54,81 | 52,1 | 57 | 54,6 | 61,2 | 61 | 65,4 | 62,5 | 60 |
| EBIT | 37,95 | 33,8 | 41 | 37,6 | 44,34 | 41,9 | 49,9 | 45,4 | - |
| NET RESULT | 32,77 | 28,7 | 27 | 29,5 | 31,69 | 30,9 | 33,9 | 32,2 | - |
| NFP | -54,2 | -55,9 | -63 | -57,7 | -34,8 | -32,7 | -40,4 | -36,0 | - |
Released May 8, 2018
Released May 11, 2018
Released November 6, 2017
Machine revenues by application (2017)
Regional Highlights (2017)
Revenues by technology (2017)
Group Employees
Competitive & Comprehensive product range
State-of-the-art laser and electronic technologies
Focus on CF fiber laser family
A selection from our 2,000 customers ww
- ‣ 5÷6% OF REVENUES INVESTED IN R&D
- ‣RANKED BY EU IN THE TOP 500 KNOWLEDGE-BASED COMPANIES IN THE CONTINENT
- ‣LONG HISTORY OF INNOVATION, 1ST LASER MACHINE FOR AUTOMOTIVE APPLICATION IN 1979
- ‣PIONEERS IN SERVO-ELECTRIC PUNCHING AND BENDING SYSTEMS- EFFICIENCY AND SUSTAINABILITY
- ‣ABOUT 15% OF GROUP STAFF EMPLOYED IN R&D
- ‣PRODUCT RANGE ALWAYS AT THE CUTTING EDGE OF TECHNOLOGY
Prima Power Solutions for Industry 4.0 and Smart Manufacturing
Ready for today's production needs… and for tomorrow
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
INTELLIGENT MACHINES & FACTORIES SMART SOFTWARE REMOTE DIAGNOSTICS & MAINTENANCE
Data-driven machine diagnostics and predictive maintenance services. Production performance analysis, monitoring of machines status and condition.
New Additive Manufacturing division
Metal Additive manufacturing systems
New Additive Manufacturing division
Metal Additive manufacturing main technologies
Direct energy deposition - LENS
Financial statements as at Dec. 31, 2017: Balance sheet
| Values in Euro | 31/12/2017 | 31/12/2016 |
|---|---|---|
| Property, plant and equipment | 35.627.751 | 35.281.369 |
| Intangible assets | 149.603.479 | 155.713.399 |
| Investments accounted for using the equity method | - | 1.009.341 |
| Other investments | 355.004 | 139.051 |
| Non current financial assets | 9.578 | 9.578 |
| Deferred tax assets | 11.340.432 | 11.555.324 |
| NON CURRENT ASSETS | 196.936.244 | 203.708.062 |
| Inventories | 113.035.328 | 98.561.165 |
| Trade receivables | 113.649.234 | 88.376.748 |
| Other receivables | 8.018.722 | 6.425.617 |
| Current tax receivables | 9.380.123 | 5.053.888 |
| Derivatives | 57.536 | - |
| Financial assets | 791.509 | 791.509 |
| Cash and cash equivalents | 70.520.659 | 62.679.901 |
| CURRENT ASSETS | 315.453.111 | 261.888.828 |
| Assets held for sale | 1.111.136 | 318.812 |
| TOTAL ASSETS | 513.500.491 | 465.915.702 |
| Capital stock | 26.208.185 | 26.208.185 |
|---|---|---|
| Legal reserve | 4.652.958 | 4.565.082 |
| Other reserves | 69.311.022 | 70.738.752 |
| Currency translation reserve | 1.360.295 | 6.848.598 |
| Retained earnings | 27.620.077 | 19.276.926 |
| Net result | 18.515.392 | 10.102.304 |
| Stockholders' equity of the Group | 147.667.929 | 137.739.847 |
| Minority interest | 1.285.839 | 1.212.065 |
| STOCKHOLDERS' EQUITY | 148.953.768 | 138.951.912 |
| Interest-bearing loans and borrowings | 98.396.076 | 111.675.762 |
| Employee benefit liabilities | 7.693.863 | 8.100.353 |
| Deferred tax liabilities | 5.997.482 | 8.340.653 |
| Provisions | 172.119 | 162.684 |
| Derivatives | 80.445 | 220.866 |
| NON CURRENT LIABILITIES | 112.339.985 | 128.500.318 |
| Trade payables | 110.465.363 | 88.448.383 |
| Advance payments | 43.620.216 | 26.029.170 |
| Other payables | 24.950.838 | 22.076.067 |
| Interest-bearing loans and borrowings | 42.524.711 | 34.894.444 |
| Current tax payables | 6.071.926 | 7.695.264 |
| Provisions | 24.573.684 | 18.424.370 |
| Derivatives | - | 895.774 |
| CURRENT LIABILITIES | 252.206.738 | 198.463.472 |
| TOTAL STOCKHOLDERS' EQUITY AND LIABILITIES | 513.500.491 | 465.915.702 |
Financial statements as at Dec. 31, 2017: P & L
| Values in Euro | 31/12/2017 | 31/12/2016 |
|---|---|---|
| Net revenues | 449.503.244 | 393.885.774 |
| Cost of goods sold | (340.096.252) | (297.902.746) |
| GROSS MARGIN | 109.406.992 | 95.983.028 |
| Research and Development costs | (12.563.644) | (10.932.964) |
| Sales and marketing expenses | (29.630.518) | (27.903.449) |
| General and administrative expenses | (24.034.482) | (21.737.648) |
| OPERATING GROSS MARGIN (EBITDA) | 43.178.348 | 35.408.967 |
| of which: non recurring items | (1.885.086) | (725.313) |
| Impairment - Write-off | (23.299) | (1.027.682) |
| Depreciation | (16.858.918) | (15.853.684) |
| OPERATING PROFIT (EBIT) | 26.296.131 | 18.527.601 |
| of which: non recurring items | (1.908.385) | (1.752.995) |
| Financial income | 2.760.000 | 626.831 |
| Financial expenses | (6.786.647) | (8.507.194) |
| Net exchange differences | (2.973.478) | (349.409) |
| Net result of investments accounted for using the equity method | - | 1.057.207 |
| Net result of other investments (*) | 2.555.677 | (7.729) |
| RESULT BEFORE TAXES (EBT) | 21.851.683 | 11.347.307 |
| of which: non recurring items | 521.291 | (703.517) |
| Taxes | (3.183.842) | (1.187.184) |
| NET RESULT | 18.667.841 | 10.160.123 |
| - Attributable to Group shareholders | 18.515.392 | 10.102.304 |
| - Attributable to minority shareholders | 152.449 | 57.819 |
| RESULT PER SHARE - BASIC (in euro) | 1,77 | 0,96 |
| RESULT PER SHARE - DILUTED (in euro) | 1,77 | 0,96 |
(*) It must be outlined that this figure includes a financial gain deriving from EPS SA sale of share for 2.560 thousand euro. In the Balance Sheet the EPS SA investment is classified in the
Highlights from financial statements as at Mar. 31, 2018
| Values in €/thousand | ACT 31.03.18 | ACT 31.03.17 | Change | Change % |
|---|---|---|---|---|
| Order Intake | 120.510 | 112.242 | 8.268 | 7,4% |
| Backlog | 192.488 | 164.150 | 28.338 | 17,3% |
| Revenues | 95.534 | 89.483 | 6.051 | 6,8% |
| EBITDA | 6.329 | 6.278 | 51 | 0,8% |
| EBITDA% | 6,6% | 7,0% | (0,4%) | - |
| EBIT | 2.243 | 1.979 | 264 | 13,3% |
| EBIT% | 2,3% | 2,2% | 0,1% | - |
| Net Result | 4.659 | 770 | 3.889 | 505,3% |
| FCF | (20.910) | (16.426) | (4.484) | 27,3% |
| Net Financial Position | (84.659) | (101.122) | 16.463 | 16,3% |
| Headcount | 1.812 | 1.702 | 110 | 6,5% |
( % calculated over the revenues)
(headcount in units)
| Values in €/thousand | ACT 31.03.18 | ACT 31.03.17 | Change | Change % |
|---|---|---|---|---|
| Revenues constant FX | 99.628 | 89.483 | 10.145 | 11,3% |
| EBITDA adj | 6.912 | 6.278 | 634 | 10,1% |
| EBITDA adj % | 7,2% | 7,0% | 0,2% | - |
| EBIT adj | 3.135 | 1.979 | 1.156 | 58,4% |
| EBIT adj % | 3,3% | 2,2% | 1,1% | - |
( % calculated over the revenues)
- Revenues up +11,3% at constant exchange rates
- Prima Electro recovery in revenues and margins
- EBIT (adjusted) improvement (+58%)
- Sustained Net Profit growth thanks to EPS gain but negatively affected by refinancing costs
Shareholding structure
Source: latest dividend payment (May 2017) + official communications to Consob
OLYMPIC TORCHES MADE BY CUSTOMERS WITH PRIMA LASER MACHINES