“Do early birds catch the w orm s ?” Do early birds catch the w orm s ? CYCLI CAL STOCKS SEMI NAR Banca Akros, Milan – July 1 5 th, 2 0 0 9
AGENDA Prima Industrie Group: Overview of the industrial story Products portfolio Industrial sectors & industries served Worldwide presence ▪ The economic context ▪ The reference market trend ▪ Results as at March 31, 2009 ▪ Facing the economic crisis/opportunities ▪ The settlement with EQT Q ▪ The Shareholding structure July 15, 2009 Pag. 2
AN INDUSTRIAL SUCCESS STORY AN INDUSTRIAL SUCCESS STORY Key Milestones 2000 2000 2007: 2000-2007: 2000 2007: Interna 2007: Interna rnationaliza rnationaliza ionalization ionalization tion tion 1990-1995: Focu 1990-1995: F cus o s on Laser ser 1980-1989: Evolution in 1980-1989: Ev ion into an an Industrial dustrial Acquisition of Convergent Energy and Laserdyne Compan Company Increase 3D products range (RAPIDO) (presently both divisions of PRIMA North America) Second JV in China: SHANGHAI UNITY PRIMA Development of International sales/service Leadership in 3D laser robots (OPTIMO) Launch of SYNCRONO and RAPIDO EVOLUZIONE subsidiaries (US, France, UK) Development of industrial electronics & software p Strengthening EU sales/service (Prima GmbH, Prima Strengthening EU sales/service (Prima GmbH, Prima Sale of non ‐ core activities S l f ti iti Scandinavia, Prima Polska) Player in industrial robots for arc welding & handling Entry in 2D laser market through acquisition of Leader in measuring robots the Swiss Company LASERWORK AG First International subsidiary (Germany) 1977-1979 1977-1979 1980-1989 1980-1989 1990-1995 1990-1995 1996-1999 1996-1999 2000-2007 2000-2007 2007-2008 2007-2008 2009… 2009… 1977-1979: St 1977-1979: Star art Up t Up as as En Engineering gineering Co Company mpany 1996-1999: St 1996-1999: Strong Gr ng Growth an th and I d IPO Incorporation under the name of PRIMA PROGETTI ISO 9001 certification 2007-2008: Ext 2007-2008: External g rnal growth th Incorporation of PRIMA ELECTRONICS New 2D product launch (PLATINO) Developments of a wide range of hi ‐ tech products Developments of a wide range of hi ‐ tech products R&D investment program to extend the product range (New R&D investment program to extend the product range (New Acquisition of OSAI Acquisition of OSAI OPTIMO, DOMINO, MAXIMO) First 3D laser machine developed in 1979 (ZAC) Acquisition of Finn Power First JV in China and Branch office in Beijing Listing on Italian Stock Exchange (presently STAR segment) July 15, 2009 Pag. 3
A WORLD LEADER IN LASER AND SHEET METAL MACHINERY Group Group Prima Industrie Prima Industrie Lase Laser Shee Sheet Meta Metal Mac Machinery Busines y Business Electr Electronics onics Punc Punching hing Numer Numeric c 2D Laser 2D Laser X, C, E Series Contr Control ol Punch Press Integrated Int Sy Systems stems SG Shear Genius 3D Laser 3D Laser SB Shear Brilliance Bend Bending ng Other Other Other Other Products Pr oducts BC, EBe Laser Laser Shear Shearing ng Panel Bending Sour So urces ces Press Brakes A t A t Automa omati ti tion on ( E S ( E-Series) i ) After Sales After Sales After Sales After Sales After Sales After Sales Services Ser ices Services Ser ices LB, LP Ser Services ices Laser Brilliance July 15, 2009 Pag. 4
A WORLD LEADER IN LASER AND SHEET METAL MACHINERY LEADING GLOBAL PLAYER IN: FACTS & FIGURES 2008: laser systems SALES : EUR 367.3 m laser sources EBITDA : EUR 31.8 m ( 8.6%) EBITDA : EUR 31.8 m ( 8.6%) punching R&D expenses: 5.7% on sales shearing h i Manufacturing facilities in Italy, Finland, USA and China bending C Customers in over 60 countries t i 60 t i automation industrial electronics July 15, 2009 Pag. 5
A WORLD LEADER IN LASER AND SHEET METAL MACHINERY Sales Breakdown 2008 Europe 42% Sheet Metal Machinery Business 35.7% Laser L Business 40.0% North America Italy y 18% 18% 24% After-sales Auto, Aerospace services & Energy 16.3% R.o.W. 9.3% Electronics Electronics 16% 16% 8.0% July 15, 2009 Pag. 6
MAIN MANUFACTURING FACILITIES MAIN MANUFACTURING FACILITIES FACILITIES FACILITIES COMPANY LOCATION PRODUCT RANGE Prima Industrie S.p.A Collegno (TO) – Italy 2D & 3D Laser systems ITALY Finn ‐ Power Italia S.r.l. Cologna (VR) – Italy Panel Benders Moncalieri (TO) – Italy Prima Electronics S.p.A. Electronics Barone C.se (TO) ‐ Italy FINLAND Punching, Punch/shear, Finn ‐ Power Oy Kauhava – Finland punch/laser Laser generators Chicopee (MA) – USA USA (Convergent) Prima North America Inc. Champlin (MN) ‐ USA Champlin (MN) USA Laserdyne systems CHINA Shanghai Unity Prima (JV) Shanghai – CHINA 2D Laser systems July 15, 2009 Pag. 7
DIRECT SALES & SERVICE IN EUROPE • Kauhava • Gothenburg • Coventry • Gent • Frankfurt • Krakow • K k • Paris • Munich • Zurich • Budapest • Fiesse • Torino • T i • Barcelona • = PI Group direct presence In all other countries Prima Group is present through agents and distributors. July 15, 2009 Pag. 8
DIRECT SALES & SERVICE IN NORTH AMERICA, ASIA & REST OF THE WORLD • Moskow • Champlin • Toronto • Chicago • Chicopee • Osaka • Beijing • Shanghai • U.A.E. • Mumbai • Sao Paulo • = PI Group presence In all other countries Prima Group is present through agents and distributors. July 15, 2009 Pag. 9
A SELECTION FROM OUR CUSTOMER LIST (*) A SELECTION FROM OUR CUSTOMER LIST Housing & Trucks & Energy Electronics Automotive Aerospace Sheet Machinery Machinery Metal Equipment Tier 1 Suppliers (*) = please accept our apologies if you are Prima Group customer and your name is not on the list, but our customer base is so wide that we could not mention all the customers. July 15, 2009 We also would like to remind that many of our customers are contract manufacturing companies and therefore not Pag. 10 renown to the general public.
RESEARCH & DEVELOPMENT RESEARCH & DEVELOPMENT INNOVATIONS Over 200 Engineers in R&D 2005 2005 Syncrono ‐ The C6 ‐ C8 new generation of R&D centers in: fastest 2D cutting hydraulic turret punch • Italy (Torino and Verona) machine presses • Finland (Kauhava) Fi l d (K h ) 2006 2006 • USA (Chicopee and Champlin) R&D New generation LP6 am ount R&D/ sales punching – laser cutting Rapido Evoluzione Rapido Evoluzione 25 0 25,0 8,0% 8 0% cell 7,0% 20,0 2007 2007 6,0% 5,0% 15 0 15,0 Servo electric 4,0% CV 5000 Laser Source 10,0 bending cell EBe5 3,0% 2,0% 5,0 5,0 2008 2008 1,0% 0,0 0,0% Laserdyne 795 ‐ High speed Shear Brilliance ‐ new linear 2004 2005 2006 2007 2008 drilling of shaped holes motors shearing ‐ punching motors shearing punching July 15, 2009 Pag. 11
THE RATIONALE OF FINN ‐ POWER ACQUISITION Total complementarity of product range now Prima offering is comparable/wider than competition Total complementarity of product range: now Prima offering is comparable/wider than competition Significant strengthening of the geographical coverage (60 countries served) Size increase: gap between Prima and main competitors substantially narrowed Important cost/revenues synergies to be exploited p / y g p In ‐ sourcing of highly technological components: – Laser generators from Convergent – CNC & electronics from Prima Electronics Acquisition of a strong brand in sheet metal machinery July 15, 2009 Pag. 12
THE ECONOMIC CONTEXT ORDER ACQUISITION – MACHINE TOOL GERMAN MARKET July 15, 2009 Pag. 13
THE REFERENCE MARKET TREND THE REFERENCE MARKET TREND M Yen 1H 08 ‐ 09 % 2H 08 ‐ 09 % 1H 09 ‐ 10 % change change Forecast change Net sales 127.100 98.689 ‐ 28,8% 69.000 ‐ 43,0% EBIT 14.741 3.960 ‐ 272,2% ‐ 2.700 ‐ 246,7% Netincom Net incom e e 9524 9.524 ‐ 1.036 ‐ 1019,3% 1036 10193% ‐ 600 600 ‐ 72,7% 727% July 15, 2009 Pag. 14
THE REFERENCE MARKET TREND 15% EMAK CEMBRE ANSALDO 10% IMA INTERPUMP MONTI ASCENSORI CHANGE IN TURNOVER 5% CONSIDERING SAME GEWISS CONSOLIDATION AREA PIAGGIO PRIMA AS PREVIOUS YEAR BREMBO ELICA INDUSTRIE 0% RoS % (1) BREMBO ‐ 33% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% FIAT (2) DATALOGIC ‐ 30% SAES GETTERS SOGEFI (3) IMA ‐ 3% -5% (4) INTERPUMP ‐ 29% CARRARO (5) PRIMA INDUSTRIE ‐ 29% DATALOGIC PININFARINA -10% (6 ) SAES GETTERS ‐ 43% BOLZONI GEFRAN BIESSE -15% FIDIA COBRA AT COBRA AT EL.EN -20% July 15, 2009 Sales % Pag. 15
PROFIT & LOSS AS AT MARCH 31, 2009 PROFIT & LOSS AS AT MARCH 31, 2009 31/03/2008 (*) 31/03/2009 K€ SALES 66,675 75,706 VALUE OF PRODUCTION 56,956 88,541 EBITDA 1,852 8,220 % on sales 2.8% 10.9% EBIT (441) 6.543 % on sales % l (0 7)% (0.7)% 8 6% 8.6% EBT (2.305) 3,793 % on sales (3.5)% 5.0% NET INCOME (2,763) 2,863 % on sales (4.1)% 3.8% (*) = FP consolidated for 2 months only July 15, 2009 Pag. 16
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