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Sabaf Investor Presentation 2021

Jun 15, 2021

4440_ip_2021-06-15_4c8872c7-423d-4ef0-b824-dd0d6d6cc26e.pdf

Investor Presentation

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www.sabafgroup.com

FINANCIAL PRESENTATION

Mid & Small 2021

Milan, 15th - 17th June 2021

Table of contents

  • I. COMPANY PROFILE
  • II. I QUARTER 2021 RESULTS
  • III. 2021 OUTLOOK
  • IV. BUSINESS PLAN 2021 - 2023

COMPANY PROFILE

Sabaf Group Timeline and history

Sabaf Group Business diversification in three divisions

Sabaf Group Product range

  • • Standard Burners
  • • Special Burners
  • • Professional Burners
  • • Oven and Grill Burners
  • • Gas Valves
  • • Gas Oven Thermostats
  • • Microswitches & Accessories

GAS HINGES

  • • Ovens
  • • Dishwashers
  • • Washing machines
  • • Special applications
  • • Small compartments
  • • Catering appliances

ELECTRONIC COMPONENTS

  • • Cooker Hoods
  • • Ovens
  • • Cookers and hobs
  • • Air Curtain
  • • Refrigerators/freezers
  • • Other products

Sabaf Group Industrial Footprint: present and near future

Total Group employees at 31 May 2021 1,488

Sabaf Group Market

Global leader in the segment of components for domestic gas

cooking appliances, with 400 customers in 64 different countries. A strong leadership in Europe (market share above 40%), estimated market share worldwide of about 10%

Weight of top 10 customers on total Group sales is 48% (47% in 2019)

No customer represents more than 11% of total Group sales

Long-term agreements and strong relationships with all the main players in the household appliances business, based on mutual trust, technical cooperation, co-engineering and tailor-made products

Sabaf Group Product & technology

Product Innovation: about 88 active patents

Know-how:

  • Mechanical: forefront process technology - internal development of special machinery, high performance molds for robotic die-casting, high speed and high precision tools not available on the market
  • Electronic: strong skills in new product development

Intellectual capital:

highly specialized and qualified staff (50+ R&D engineers)

Strong operational leverage: great flexibility in production volumes growth, ready to satisfy customers requests

Sabaf Group Main Shareholders

%
2
0.
9
4		 Cin
Sa
ler
i S
zia
.a.p
.a.
%
2
0.
0
0		 Qu
tio
S
GR
aes
%
7.
6
6		 Fin
l S
l.
te
.r.
%
4.
9
5		 Pa
lom
a R
he
In
stm
ent
em
ve
s
%
3.
4
7		 Fid
lity
e
%
3.
0
1		 Tr
S
ha
eas
res
ury
3
9.
9
7
%		 Ma
rke
t

Pietro Iotti, CEO of Sabaf, owns 1.5%

Sabaf Group Stock price

2021 DIVIDEND

  • € 0.55 per share
  • Ex-date: 31st May 2021
  • Dividend yield: 2.4%
  • Payout ratio: 45.4%
S
b
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(
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1
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+

I QUARTER 2021 FINANCIAL PERFORMANCE

Business update

Performance data Income statement - I quarter 2021

0
0
0
€ x		 Q
I
2
0		 2
1		 Q
I
2
0		 2
0		 % 2
Δ
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ies
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M
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ity
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6		 (
)
3
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9
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9
6
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)
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2
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6
7.

Figures in euro million

Performance data Sales by market

00
0
€ x		 I
Q
2
0
2
1		 I
Q
2
0
2
0
Eu
(
lu
d
in
Tu
ke
)
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p
e
ex
c
g
r
y		 2
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0
2
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6,
8
5
7		 4
0
%
5.
+
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ke
r
y		 1
6,
2
7
6		 1
1,
0
9
9		 %
4
6.
6
+
No
h
Am
ica
t
r
er		 7,
3
0
1		 5,
5
4
3		 %
3
1.
7
+
So
h
Am
ica
t
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er		 9,
8
9
0		 6,
7
7
8		 %
4
5.
9
+
A
fr
ica
d
i
d
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le
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t
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s		 3,
9
0
8		 2,
3
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9		 %
6
7.
8
+
As
ia
d
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ia
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n		 3,
3
9
8		 1,
5
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6		 %
1
2
4.
1
+
l
To
ta		 6
4,
8
2
5		 4
3,
8
5
2		 +4
8
%
7.

Performance data Sales by Division

0
0
0
€
x		 I
Q
2
0
2
1		 I
Q
2
0
2
0
Ga
s		 4
4,
8
9
5		 3
0,
2
2
7		 4
1
%
5.
+
H
in
g
es		 1
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3
1
9		 9,
9
3
1		 4
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2
%
+
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ic
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tro
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ts
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m
p
on
en		 9
1
5,
7		 3,
1
9
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0
%
5.
+
To
l
ta		 6
4,
8
2
5		 4
3,
8
5
2		 %
4
7.
8
+

Performance data Balance Sheet

€
0
0
0
x		 /
/
3
1
0
3
2
0
2
1		 /
/
3
1
1
2
2
0
2
0		 /
/
3
1
0
3
2
0
2
0
F
ix
d
ts
e
as
se		 1
3
2,
2
4
4		 1
3
1,
5
4
3		 1
3
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1
0
8
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ie
to
ve
n
r
s		 5
0,
0
8
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2
2
4		 3
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0
8
0
Tr
de
iv
b
le
a
re
ce
a
s		 7
3,
0
2
0		 6
3,
4
3
6		 5
3,
1
3
6
Ta
iv
b
le
re
ce
a
s
x		 2,
9
8
0		 2,
4
1
9		 3,
0
6
7
O
he
iv
b
le
t
t r
r c
re
n
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e
a
s
ur		 2,
8
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1
6
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6
9
4
de
b
le
Tr
a
ay
a
s
p		 (
)
5
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8
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3		 (
)
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)
2
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5
5
8
b
le
Ta
x p
ay
a
s		 (
)
4,
4
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7		 (
)
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2
8
7		 (
)
1,
6
1
7
O
he
b
le
t
r p
ay
a
s		 (
)
1
2,
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3
0		 (
)
1
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9
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7		 (
)
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0
7
6
k
l
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i
t w
ta
or
g
ca
p		 6
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5
4
6		 5
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2
2
9		 5
5,
7
2
6
Pr
is
io
fo
is
ks
d
ov
ns
r r
a
n
se
ve
ra
nc
e
in
de
i
ty
m
n		 (
)
9,
2
7
1		 (
)
9,
6
4
3		 (
)
1
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5
1
C
i
l
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lo
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ta
ap
p
y
e		 1
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1
9
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1
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0
8
3
7
Eq
i
ty
u
de
b
Ne
t
t		 1
2
3,
8
8
6
5
9,
6
3
3		 1
1
8
0
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7
5
6,
3
2
2		 1
1
4
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5
5
6
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5
3
8
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f
f
in
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rc
e
s
o
an
c
e		 1
8
3,
5
1
9		 1
7
4,
1
2
9		 1
7
8,
0
8
3

Performance data Cash flow statement

€ x
0
0
0		 I
Q
2
0
2
1		 M
O
N
T
H
S
1
2
2
0
2
0		 I
Q
2
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2
0
Ca
h
he
be
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ing
f
he
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s
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p
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3
1
8		 1
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6
8
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Ne
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t p
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De
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8
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1
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0
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3
6
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1
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9
6
8
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8
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6
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3
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6
C
ha
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ies
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1
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1
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(
)
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(
)
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0
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(
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(
)
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6
O
he
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ing
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op
er
a
s		 3
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)
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5
9		 (
)
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f
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ls
Inv
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ee
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w		 (
)
6,
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(
)
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8		 (
)
1
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6
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7
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1		 (
)
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3
3
9
(
)
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Ca
h
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low
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f
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ia
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s
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c
Ow
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x		 1,
6
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7
-
-
-
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)
3
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4		 (
)
2,
1
3
6
(
)
2,
0
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3
(
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2
4
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(
3,
0
6
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9
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4		 (
)
9
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)
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)
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5
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f
in
ia
l
f
lo
t
an
c
w		 (
)
1,
4
7
5		 (
)
5,
3
6
9		 (
)
5,
7
3
1
Ca
h
he
d o
f
he
io
d
t
t
t
a
en
er
s
p		 1
1,
8
4
3		 1
3,
3
1
8		 1
2,
9
6
5

Working capital

  • • Increase in working capital due to the increase in inventories, as a result of the need to ensure continuity of supplies and to limit the impact of changes in raw material prices
  • • Nevertheless lower incidence of NWC on turnover: 23.3% compared to 31.8% at 31 March 2020 and 28.2% at 31 December 2020

Investments

The high levels of activity led the Group to bring forward to 2021 some investments originally planned for 2022, where growth is considered structural, in order to be able to guarantee continuity in supplies to customers and full production efficiency

Performance data Financial Indicators

I Q 2021 I Q 2020 12 MONTHS 2020
Change in turnover
(vs. previous year)		 +47.8% -2.3% +18.6%
Change in turnover - Organic
(vs. previous year)		 +47.8% =2.3% +8.4%
ROCE (return on capital employed) 24.0% 7.5% 11.5%
Net debt/EBITDA 0.99 1.97 1.52
Net working capital/Turnover 23.3% 31.8% 28.2%
Net debt/equity 48.1% 51.5% 47.8%
Days of Sales Outstanding 101 106 111
Days of Payables Outstanding 87 88 98
Days of Inventory Outstanding 95 82 97

2021 OUTLOOK

Outlook 2021

23

Revenues: 2019 – 2021E

BUSINESS PLAN 2021 - 2023

Business plan 2021 – 2023

KEY POINTS

NEW FINANCIAL DEBT up to

€

•

by 2023

26

65 mn

Business plan 2021 - 2023 Organic growth

Figures in euro million

Business plan 2021 - 2023 Organic growth - Market development

M
A
R
K
E
T		 2
0
2
0		 2
0
2
1		 2
0
2
2		 2
0
2
3		 V
%
a
r
2
0
2
3
2
0
2
0
v
s.		 C
A
G
R
O
E
U
R
P
E
(
l.
T
k
)
e
x
c
u
r
e
y		 6
9.
6		 6.
3
7		 8
0.
3		 8
6.
6		 %
2
4.
5
+		 %
6
7.
T
U
R
K
E
Y		 4
4.
8		 5
1.
6		 5
5.
6		 5
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6		 %
2
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3
+		 %
8.
1
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C
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5.
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1
0
6

+8.5%

+9.7%

+13.9%

Figures in euro million

Growth vs. previous year

Business plan 2021 - 2023 Organic growth - By division

O
P
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E		 C
S
T		 G
S
A		 G
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%
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m
n		 1
0.
6
%
+

HUGE NEW PROJECTS PIPELINE

ORGANIC GROWTH +35.5% on 2020

STRONG RELATIONSHIPS WITH GLOBAL PLAYERS

Business plan 2021 - 2023 Organic growth - R&D

solutions to meet the needs of individual markets and on the design of customized products

More than 50 R&D engineers in force

Product innovation will be oriented to the following areas:

GAS

  • Premium flame valves
  • High performances burners for better combustion efficiency
  • New burners for North America market
  • New models of professional burners

HINGES

  • Hinges for top load washers
  • Customized hinges for specific markets and customers
  • Motorized hinges

ELECTRONICS

  • Development of new oven controls
  • Vitroceramic hobs control cards
  • Completion of product range for cooker hood controls
  • Feasibility study of induction cooking
  • Development of products for new business sectors like medical appliances, dishwashers, dryers, heaters, etc.

Business plan 2021 - 2023 Organic growth - New facilities

Business plan 2021 - 2023 Organic growth - Sustainability

Sabaf's strategy and governance model are aimed towards ensuring long-term sustainable growth. For Sabaf, sustainability is primarily based on sharing values with its stakeholders; compliance with common values increases mutual trust and encourages knowledge development. " "

1 Area KPI Development of resources and skills Hours of training per capita Health and safety Accident frequency rate Accident severity rate Eco-efficiency and Emissions into the atmosphere tCO2eq emissions on sales SDGs 2 3

SABAF GROUP VISION

«We believe in a world in which all people's basic needs, such as home, food and reliable energy, are fulfilled in an environmentally sustainable way.

We promote a company that improves the quality of the environment and the communities where we live and work»

BUSINESS PLAN KPI

Business plan 2021 - 2023 Growth by acquisitions - M&A Strategy

M&A as a tool for achieving longterm targets through:

  • • the acquisition of know-how and technologies
  • • the expansion of the product offer
  • • the opening to new markets
  • • the risk diversification
  • • the ability to scale the business quickly

Growth of the competitive advantage by differentiating the Sabaf value proposition from competitors

Preservation of the identity of acquired companies, which maintain their brand, local supply chain and workforce

Retention of talents and soft skills

Achievement of significant commercial and industrial synergies

From an entrepreneurial to an industrial approach

Joint effort for growth and positives influence on margins

Preferably seller is taken onboard as a director and/or minority shareholder

INVESTMENT SECTORS

Business plan 2021 - 2023 Growth by acquisitions - Target profile

TARGET PARAMETERS

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Business plan 2021 - 2023 Summary - Targets

Around € 300 mn sales

Total growth: 62% by 2023 vs. 2020 (Organic and by acquisitions growth) (CAGR 17.5%)

Total investments € 130 mn of which:

  • € 58 mn organic growth
  • € 72 mn growth by acquisitions

Dividends: € 20 mn

Investments and dividends, for a total amount of € 150 mn financed with:

  • Operating cash flow: € 85 mn
  • New financial debt: € 65 mn

Sustainability targets:

  • Hours of training per capita
  • Accident frequency and severity rates
  • CO2 emissions reduction

HIGH PROFITABILITY (EBITDA AT LEAST 19%)

ROI > 12.5% COMPARED TO 11.5% IN 2020

NET DEBT/EBITDA ~ 2.0

DISCLAIMER

Certain information included in this document is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially.

The Company's business is in the domestic appliance industry, with special reference to the gas cooking sector, and its outlook is predominantly based on its interpretation of what it considers to be the key economic factors affecting this business. Forwardlooking statements with regard to the Group's business involve a number of important factors that are subject to change, including: the many interrelated factors that affect consumer confidence and worldwide demand for durable goods; general economic conditions in the Group's markets; actions of competitors; commodity prices; interest rates and currency exchange rates; political and civil unrest; and other risks and uncertainties.

Pursuant to Article 154/2, paragraph 2 of the Italian Consolidated Finance Act (Testo Unico della Finanza), the company's Financial Reporting Officer Gianluca Beschi declares that the financial disclosure contained in this financial presentation corresponds to the company's records, books and accounting entries.

For further information, please contact

Gianluca Beschi - +39.030.6843236 [email protected]

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