May 2020
Section 1 Company Overview 2
At a Glance 3 FY19 Financials • Esautomotion (ESA) develops and sells Integrated Mechatronic CNC €18.6mn Systems (Software and HW), Motors, Drivers and other tools for the 70-80% automation of industrial production machines Revenue Foreign Revenue +0.5% YoY • ESA is the only manufacturer in the world that offers a full range of CNC systems €3.4mn 18.2% specialized in applications able to cover all the processing phases (up to the EBITDA EBITDA margin user interface) of: -32.9% YoY ✓ Sheet metal -9pp YoY ✓ Wood €1.7mn 9.1% ✓ Marble Net Income margin Net Income -43.4% YoY -7.1pp YoY • 70-80% of products are directly or indirectly distributed abroad €2.5mn €7.0mn ✓ ESA is well positioned i n Western countries Net Cash Position Operating Cash ✓ Growth is focused on emerging markets Flow (OFC) -8.2pp YoY • ESA’s FY19 Key Numbers 48% workforce is focused on R&D and software development € 6.8mn R&D investments since 2012 57 40 Employees • Full product range under ESA’s IP Value Added Resellers +6%YoY ✓ Hardware is internally designed but produced in outsourcing (asset-light business model) 300+ 3 ✓ The core business is the creation of software for CNC systems Foreign Branches Clients ✓ Turnkey automation system (Brazil, China and Spain)
At a Glance 4 FY19 Consolidated Financial Results FY19 Esautomotion S.p.A. Results €18.6mn €2.0mn €0.655mn 70-80% Net Income Revenue Dividend Foreign Revenue +38% YoY +0.5% YoY €3.4mn 18.2% EBITDA EBITDA margin FY19 Key Numbers -32.9% YoY -9pp YoY €1.7mn 9.1% 57 40 Employees Net Income Net Income margin Value Added Resellers -43.4% YoY -7.1pp YoY +6%YoY €2.5mn €7.0mn 300+ 3 Operating Cash Net Cash Position Foreign Branches Clients Flow (OFC) (Brazil, China and Spain) -8.2pp YoY
Key Milestones 5 Since the management buyout, our strategy is based on the following drivers of growth: FOCUS ON SYNERGIC AND PROFITABLE MARKET NICHES In FY19 good business resilience in a weakening macroeconomic scenario HARDWARE OPTIMIZATION AND A COMPLETE FULL-PACKAGE and sector INTERNATIONALIZATION FULL SERVICE HIGH-END and LOW-END SOLUTIONS TURNKEY SOLUTIONS Revenue EBITDA Adj. margin 1973 2011 2018 BUYOUT LISTING BIRTH In order to strengthen its leadership Founded as ESA GV , a ESA GV faces a deep financial in the controlled niches and seize historic company that crisis that threatens business the opportunities for growth and has always been continuity diversification offered by the market, committed to providing the company went public on the ESA GV’s General Manager and technological solutions Borsa Italiana AIM Italia market for industrial automation an Italian entrepreneur take over company’s operational assets: Esautomotion started up
Footprint and Distribution 6 ITALY R&D 1 Department BARCELONA SHANGHAI Sales 1 Subsidiary Production 1 Site Other Brasil 8.8% 4.6% San Marino 7.3% Spain&Portugal SAN PAOLO Italy 7.4% 49.4% Production 1 Turkey Site 10.0% Headquarter Subsidiary China 12.5% Value Added Reseller Note: Data as of December 31 st , 2019
Management and BoD 7 Management Board of Directors FRANCO FONTANA GIAN MAURIZIO ARGENZIANO Chairman and Founder Independent Director Franco Fontana boasts 18 years of experience in the Machine Gian Maurizio Argenziano is CEO and founder of Arventia Group. He has a 25-years track record in over 80 managed companies (e.g. BN Tools/CNC sector. He was the CEO of DMTG Europe Srl for 14 years, the Italian subsidiary of Dalian Machine Tool Group (the AMRO Capital S.p.A, Heller Financial). Past Chairman of the Tax&Legal Commission of AIFI, he is registered with the UK FCA for the CF1 and major Chinese manufacturer of machine tools) CF30 controlled functions. He is also professor at LIUC University GIANNI SENZOLO CLAUDIO BULGARELLI CEO and Founder Independent Director Gianni Senzolo has 32 years of experience in the CNC sector. He A graduate in mechanical engineering, since 1973 he has been an worked as director and general manager in leading industrial entrepreneur, president and CEO in several companies active in companies (ECS and Aerre). After that he worked as General mechanical, hydraulics and automatic machines sectors. Currently, he is Manager of ESA GV the Chairman of FIN TEL S.r.l and a Board member of Sabaf S.p.A. ANDREA SENZOLO GIULIO CENTEMERO Sales Manager and Board Member Independent Director Andrea Senzolo joined ESA in 2012. Previously, he worked in Having graduated in Economics, Giulio Centemero has been a RedCom (an Italian manufacturer of plasma and laser cutting chartered accountant and statutory auditor since 2009. From 2009 machines), initially covering the role of Europe Sales Manager; later to 2015 he worked as Parliamentary Assistant at the European he was in charge of the global network of the company Parliament. Currently he is a partner of OCAdvisory and an Italian politician LORENZO BRANDOLI ANGELO GERVASI Independent Director R&D Director Angelo Gervasi is a chartered accountant since 1996. He is also an After graduating in Electronic Engineering from the University of entrepreneur and has been manager of companies operating in Bologna, Lorenzo Brandoli started his career working for companies several sectors active in the automation and IT sector. He joined ESA GV in 1991 as a researcher and in 2007 he was appointed R&D Director, maintaining this position even after the buyout
Section 2 Business Overview 8
Products (1/2) 9 INTEGRATED CNC SYSTEM… …FOR CLIENTS’ AUTOMATED MACHINES to process Metal, Wood, Marble and Other Materials The Brain: CNC SOFTWARE integrated with CNC Software HW sends commands to determine and control machine movements The Nervous System: DRIVERS Managed by CN, control motor’s speed and torque enabling to machine a variety of materials with different material hardness The Muscles: MOTORS Transform CNC commands into precise machine movements and functions The Tools/Accessories Cutting Heads, Sensors, Positioning, Robot etc The integrated offer makes us a privileged partner for industrial machines manufacturers as customers can meet their needs with a single supplier. One CNC for every different machine into Customer’s factory Full Industry 4.0: remote control, production monitoring and remote tele- assistance service
Products (2/2) 10 We develop and sell CNC SW and HW dedicated to several applications All the CNC application software share the same user interface Dedicated Software Advantages Better performance Cost reduction CNC APPLICATION SOFTWARE Strong integration with the customer for each type of final machine Turnkey solutions internally developed REVENUE BY APPLICATION * ESA Press Brake Calender 0.9% Others 11.3% ESA Laser Transfer 1.3% Waterjet CNC BASIC SOFTWARE 3.4% ESA Plasma/Oxy/Punch. applicable to all applications Plasma 4.6% Press internally developed CNC HARDWARE 44.2% ESA Calender Laser DRIVERS - MOTORS 7.8% + OTHER COMPONENTS ESA Wood HW Shared all internally designed and Firmware Real Time Wood Abstraction Memory produced in outsourcing Program Database 10.7% ESA Marble Layer Program Marble 15.8% ESA Waterjet • Lower purchase costs * Data as of December 31 st , 2019 • Localized production > 50% of turnover came from application • Just-in-time production ESA Transfer • dedicated to the metal sector Dual quality control In Developing …
Customer Service – Teleassistance 11 Sales/Installation Support Spare parts reparation On-site and 24/24 online worldwide support and 1 technical assistance throughout the whole cycle Subsidiaries or Local Partners (sales/service) 2 follow our customers in theirs daily needs Our Headquarter gives commercial and 3 technical support Telephone On-site Support Assistance Our worldwide service network is a key point 4 to be successful in our market as 80% of machines manufacturers export in the world and need to assure their customers faster reliable services Remote Diagnostic
R&D 12 €1.1mn €6.8mn 26 R&D Investments R&D R&D Investments 2012-19 R&D Investments (€ mn) In FY19 Employees* since 2012 ALL HW, SW, APPLICATIONS SOLD ARE UNDER ESA’S IP • Growing investments in R&D have enabled ESA to create innovative and high-quality solutions at competitive costs • Development and growth are strongly influenced by the ability to hire and retain a highly skilled workforce • In most cases software is co-developed with clients according to their needs
Recommend
More recommend
