Group profile 2012 A global outlook 4 years after Finn-Power acquisition TAR Conference 2012 –Milan, March 28 t h h 28 t h S S TAR C f 2012 Mil M
Executive summary 1. 1. Action Action plan plan achieved achieved 1. 1 1. Plants Plants reorganization Plants reorganization Plants reorganization: 1 plant =1 reorganization: 1 plant 1 : 1 plant =1 mission : 1 plant 1 mission mission mission 2. 2. Product Product range range rationalization rationalization & & innovation innovation 3. 3. S S ale/ service ale/ service integration integration in EU, NA, China in EU, NA, China 4. 4. Direct Direct presence presence investments investments in in emerging emerging markets markets (The (The Gulf Gulf, Russia, India, , Russia, India, Brazil Brazil, , Turkey Turkey, , Korea Korea) ) 5 5. 5. Rebranding Rebranding Rebranding Rebranding B. B. Financials Financials 1. 1. Market Market trends trends 2. 2. Order Order intake intake & & backlog backlog 3 3. 3. Revenues Revenues & Revenues Revenues & & profitability & profitability profitability profitability 4. 4. NFP & NFP & deleveraging deleveraging 5. 5. Bank Bank facilities facilities & & covenants covenants 6. 6. S S tock price & tock price & shareholders shareholders 7. 7. Analysts Analysts’ ’ coverage coverage
A. ACTION PLAN ACHIEVED A. ACTION PLAN ACHIEVED
Plants reorganization: 1 plant = 1 mission Kauhava – Finland Champlin (MN) – USA Collegno (TO) – Italy Punching & Combi systems - Laserdyne and 3D Automation laser systems 2D – 3D Laser systems systems Cologna V ta (VR) – Cologna V.ta (VR) Italy Shanghai – CHINA (JV Shanghai – CHINA (JV 35% ) Panel benders & press-brakes Moncalieri (TO) – Italy Chicopee (MA) – USA Barone C se (TO) Italy Barone C.se (TO) – Italy 2D laser systems for Chinese market Convergent laser Convergent laser Electronics: R&D lab l i R&D l b sources and board processing = Prima Power plant Electronics: OSAI and DOTS products = Prima Electro plant assembly & testing
Product range rationalization & innovation = New E6x servo electric turret punch press New E6x servo electric turret punch press New RAPIDO equipped with fiber laser + + + + 10% R&D on sales (% ) 8% New S G6e, unique fully electric 6% punching/ shearing system New eP 1030 electric press brake New eP 1030 electric press brake 4% 2% 0% 2006 2007 2008 2009 2010 2011 The Punch The Laser The Bend The Combi The S ystem The S oftware
S S ale/ service integration ale/ service integration in in Europe Europe • Finland & Nordic countries: Fi l d & N di i New HQ in Finland through FP acquisition N HQ i Fi l d h h FP i i i Renovated Tech Center Kauhava – Finland • Italy: Demo room Collegno (TO) New Technology & Training Center Cologna V .ta (VR)
S S ale/ service ale/ service integration integration in in Europe Europe • France: France: Merging & Relocation – Paris Merging & Relocation Paris France Minister of Ecology, S ustainable Development , Transport and Housing p , p g • Germany: • Germany: Merging & Relocation – Frankfurt Merging & Relocation Frankfurt visits a Prima customer • S S pain: i M Merging & Relocation – Barcelona i & R l ti B l • UK: Coventry London 2012 Olympic torch London 2012 Olympic torch • Benelux: Gent manufactured by Prima Power Optimo & S yncrono laser machines • Central Europe: Central Europe: S S ubsidiary relocation to Warsaw, with branches in ubsidiary relocation to Warsaw, with branches in Czech Rep. and Hungary
S S ale/ service ale/ service integration integration in North America in North America • US A: S ubsidiary and Tech Center – Chicago (IL) y g ( ) Laserdyne and 3D laser products – Champlin (MN) Convergent lasers – Chicopee (MA) • Canada: S ubsidiary - Toronto Former MA governor Mitt Romney visiting Chicopee plant i iti g Chi l t US President Obama visiting a Prima Power customer in Wisconsin Multiple RAPIDO machines in operation at MAGNA-COS MA - Canada
S S ale/ service ale/ service integration integration in China in China • Beij ing: Beij ing: Prima Power China - 3D high-end laser machines Prima Power China 3D high end laser machines • Hong Kong: Leeport Distributor – 2D and sheet metal processing systems • S hanghai: JV S hanghai Unity Prima – 2D laser machines • Guangzhou: Prima Electro CNC and other electronic products CIMT expo - Beij ing S .U.P. manufacturing plant Leeport demo room
Direct presence investments in emerging Direct presence investments in emerging markets markets markets markets • The Gulf: Establishment of a branch in S harj ah (U.A.E.) in 2009 • Russia: Establishment of a subsidiary in Moscow in 2010 S teelfab expo – U.A.E. • India: Establishment of a subsidiary in Mumbai in 2011 • Brazil: Brazil: Establishment of a subsidiary in S Establishment of a subsidiary in S ao Paulo in 2011 ao Paulo in 2011 Metallobrabotka expo - Moscow • Turkey: Establishment of a subsidiary in Istanbul in 2011 • Korea: Establishment of a branch in S eoul in 2012 Imtex expo - Bangalore VIP guests in front of a PP machine at CNH plant in S orocaba, Brazil TATEF expo – Istanbul Blech expo - Mumbai Komaf expo – S eoul
Rebranding Rebranding Electronics & laser Machinery Division technologies technologies + New brand launch ceremony
B. FINANCIALS B. FINANCIALS
Market trends Machine Tool Market Evolution (€B, percentage) +9,2 +11,1 +9,2 +19,6 +6,3 +11,1 Double digit sales growth expected in 2011 following double digit orders growth rates in 2010 yoy Flat growth and cyclicality of developed markets (e.g. Western Europe, USA, Japan) completely offset by solid growth of developing markets (e.g. China, Korea, Russia, Turkey) Source: UCIMU (Unione Costruttori Italiani Macchine Utensili) – figures end 2010
Order intake & backlog 400 120 M € M € 341,7 105,9 Order intake 350 350 335,7 335 7 Backlog 100 94,7 300 271,8 82,3 80 250 211,9 211 9 65,1 200 60 150 40 40 100 20 50 0 0 FY2008 FY2009 FY2010 FY2011
Revenues & profitability Revenues by geography M € M € M € M € 2007 * 400 35 Asia and 367,3 31,8 R.o.W. 31,8 Italy Revenues North 340,3 350 12% 24% 30 America EBITDA EBITDA 309,7 17% 300 Europe 25,1 25 47% 250 22,4 250 231,9 20 200 176,4 15 150 Revenues by geography y g g p y 2011 10,4 10 100 Italy Asia and rest 6,2 16% of the world 5 26% 26% 50 50 North Europe America 38% 0 0 20% 2007 * 2008 2009 2010 2011 2012 ** (*) = prior to Finn-Power acquisition (**) = according to analysts’ consensus
Net financial position & deleveraging EVENT AMOUNT TIMING Net financial position after Finn-Power acquisition: 170 M € 1 st capital increase (14.25 €/ share): • 24.7 M € 2008 2 nd capital increase (6.80 €/ share): • 14.9 M € 2009-10 • Net results 2008-2011: 7.3 M € 2008-11 • Real estate & other assets optimization: 20 M € In progress/ Planned • Warrants exercise: 19 M € Expected within 2013 180 160 170 24.7 136.4 140 7.3 14.9 1.3 20 20 120 19 100 80 DONE 2008-2011 ON GOING 60 Expected additional improvements 40 from positive operating cash flow as from 2012 20 0 Net results NFP NFP after FP 1st capital increase 2nd capital increase profit & loss 2008- real estate & other warrants exercise Others Real estate & other * Warrants 2008-11 31/12/11 acquisition 2010 assets optimization assets optimization exercise (*) = NFP includes derivatives and leasing for about 10 M €
Bank facilities & covenants FINPOLAR loan contract, amended on July 29, 2011 The loan includes: TRANCHE TRANCHE AMOUNT AMOUNT REIMBURSEMENT REIMBURSEMENT Bullet tranche Principal amount 63.4 M€ Due date 2016 Two amortizing tranches Total principal amount 40.6 M€ Half-yearly even installments up to 2015 Two working capital lines Two working capital lines Total amount 30 2 M€ (*) Total amount 30.2 M€ ( ) S S elf liquidating elf liquidating The spread currently paid on Euribor is an average 195-230 basis points The spread currently paid on Euribor is an average 195-230 basis points. New covenants have been agreed, based on a Group business plan with adequate headroom headroom (*)= including accrued interests
S tock price & shareholders WARRANTS 8.50 STRIKE PRICE THE RASHANIMA TRUST (through MARKET Erste International 35,08% SA) 28,03% YUNFENG GAO LEE Joseph (through Sharp focus 2,00% International Ltd) 12,89% PEIRETTI family 3,28% CAMBRIA SA LAZARD FRERES CREDIT AGRICOLE (through Cambria GESTIONS CARBONATO CARBONATO SUISSE kop Cooperatief 5,64% family 4,25% U.A.) 3,71% 5,12%
Analysts’ coverage 10.25
APPENDIX APPENDIX • Products Products • Customers Customers
Prima Power: product range The Punch The Punch The Laser The Laser The The The Bend The Bend Bend Bend The Punch The Punch The Laser The Laser The Bend The Bend The Combi The Combi The S The S ystem ystem The S The S h S f h S f oftware oftware The The Combi Combi The System The System The Software The Software
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