Q1 ’13 Results presentation May 9, 2013
Q1 ’13 - Highlights � Weak market trend assumed in Europe both in ICC&R and Radiators. � Total Net Sales decrease due to strong decrease in Radiators despite moderate increase in ICC&R. � EBITDA decrease. � Net Profit significant increase. � Cash flow generation affected by Adeo TA Receivable. The figures reported in the following document, included some percentages, have been rounded up from the original values. Therefore, some totals in the charts may not coincide with the algebrical sum of their addendums. 1
Q1 ’13 Sales breakdown and mix by Business Line Sales breakdown by business line Sales mix by business line ∆ % Δ% Q1 ‘13 Q1 ‘12 €M % total Q1 ‘13 Q1 ‘12 ICC&R 60,5 59,7 1,4% ICC&R 83,4% 77,8% +5,6 pp Radiators 12,0 17,0 (29,4%) Radiators 16,6% 22,2% -5,6 pp Total 72,5 76,7 (5,5%) Total 100,0% 100,0% � ICC&R sales increase and Radiators decline . � ICC&R weight on total sales is further increased. 2
Q1 ’13 ICC&R Sales Trend by Geography - Change % vs. Q1’ 12 €M % tot % tot Δ% Q1 ‘13 QQ1 ‘12 €M - Overall increase 72,4% 72,3% Europe 43,8 43,1 1,4% - Europe increase West and East. East. 21,8% 21,6% Asia 13,2 12,9 2,0% - Asia increase. 5,8% 6,1% RoW 3,5 3,7 (3,1%) - ROW fluctuation . 100,0% 100,0% Total 60,5 59,7 1,5% 3
Q1 '13 Consolidated Income Statement €M ∆ % Q1 '13 Q1 '12 Net Sales 72,5 76,7 (5,5%) Gross Margin 25,5 27,1 (5,8%) % 35,2% 35,3% -0,1 pp EBITDA 4,2 5,2 (18,9%) % 5,8% 6,7% -1,0 pp EBIT 1,7 2,6 (34,4%) % 2,3% 3,4% -1,0 pp Group Net Result 1,4 0,9 51,8% % 1,9% 1,2% +0,7 pp EPS – Euro cents 0,9 0,6 51,8% 4
Q1 ’13: EBITDA by business ∆ % Q1 '13 Q1 '12 ICC&R 5,9 6,7 (11,4%) % sales 9,9% 11,2% -1,4 pp Radiators (0,6) (0,9) (33,2%) % sales % sales (4,7%) (4,7%) (5,0%) (5,0%) 0,3 pp 0,3 pp Corporate & elimination (1,2) (0,7) 75,8% % sales n.a.% n.a.% - Consolidated 4,2 5,2 (18,9%) % 5,8% 6,7% -1,0 pp 5
Q1 '13 Net Working Capital trend €M ∆ ‘13/’12 3M '13 3M '12 Trade Receivables 94,1 86,2 7,9 % on 12 months rolling sales 25,4% 22,2% +3,2 pp Inventory 50,4 53,3 (2,9) % on 12 months rolling sales 13,6% 13,7% -0,1 pp Trade Payables (85,8) (89,6) 3,8 % on 12 months rolling sales 23,1% 23,1% - Net Operating Working Capital 58,7 49,8 8,9 % on 12 months rolling sales 15,8% 12,8% +3,0 pp Other short term assets / liabilities (18,9) (15,2) (3,7) % on 12 months rolling sales (5,1%) (3,9%) -1,2 pp Net Working Capital 39,8 34,6 5,2 % on 12 months rolling sales 10,7% 8,9% +1,8 pp 6
Mar ‘13 Consolidated Balance Sheet €M \ 3M '13 3M '12 3M '13 3M '12 \ Net Debt Net operating fixed assets 260,5 296,1 42,0 55,1 Trade receivables 94,1 86,2 Group Equity 257,1 274,0 Inventories 50,4 53,3 Minorities 1,8 2,0 Trade payables Shareholders’ Equity (85,8) (89,6) 258,9 276,1 Short term assets & liabilities (18,9) (15,2) Net Working Capital 39,8 34,6 Net financial assets 0,7 0,5 Net Capital Employed Total Sources 300,9 331,2 300,9 331,2 7
Consolidated Cash Flow as of 3M €M 3M '13 3M '12 Net Debt beginning of period 24,5 46,1 EBITDA (A) 4,2 5,2 Taxes paid in the period (B) 0,2 (0,4) Change in provisions (C ) 0,1 (0,3) Change in working capital (D) (19,4) (10,4) Investment activities (E) (1,6) (1,4) Operating Cash Flow (A+B+C+D+E =F) Operating Cash Flow (A+B+C+D+E =F) (16,4) (16,4) (7,3) (7,3) Equity investment (G) - 0,0 Changes in net equity and financial activities (H) (1,1) (1,7) Cash Flow for the period (F+G+H) (17,5) (9,0) Net Debt end of period 42,0 55,1 Excluding Adeo overdue amount, Operating Cash Flow in Q1 ‘13 would be the same as Q1 ’12. 8
Net Debt Breakdown as of Mar ’13 €M 18,2 Long-term financial Cash, bank liabilities deposits and Short-term financial 69,4 (45,5) marketable liabilities securities 87,5 87,5 Total Financial Total Financial Liabilities Net Debt : 42,0 9
Relevant Projects Q1 ‘13 - CLIMAVENETA Application : Data Center End user name : CLARO Plant type: HPAC System Total installed Cooling capacity: 600 kW Installed equipments: CABLE SUBMARINO CARTAGENA - COLOMBIA nr 4 x i-AXU 130 nr 4x i-BRE 190 Project : It’s a full inverter solution dedicated to COMCEL ( CLARO ) job in Cartagena. This submarine communications cable is laid on the sea bed between land-based stations (datacenters with Climaveneta HPAC units) to between land-based stations (datacenters with Climaveneta HPAC units) to carry telecommunications signals across stretches of ocean. HPAC ACCURATE i-AX HPAC i-BRE Close Control Units, air Remote condensers cooled, direct expansion, with axial-type fans with inverter compressors 10
Relevant Projects Q1 ‘13 - CLIMAVENETA Application : Shopping Centre - Supermarket End user name : DISCO Plant type: Hydronic System Total installed Cooling capacity: 760 Kw DISCO NUEVOCENTRO Total installed Heating capacity: 770 kW MONTEVIDEO - URUGUAY I nstalled equipments: nr 4 x RECS/SL 1962 nr 10 x WIZARD Air Handling Units Project: Disco is a supermarket chain in South America, founded in 1961 and with 120 stores located all around the country . The project of the air conditioning system for this store located inside NUEVO CENTRO Shopping Mall was characterized by the need to ensure ideal comfort level with high energy characterized by the need to ensure ideal comfort level with high energy efficiency.. RECS WIZARD Air cooled reversible unit All in one air handling unit 11
Relevant Projects Q1 ‘13 - CLIMAVENETA Application : Office Building – IT Services End user name : IBM Bangalore Plant type: Hydronic System Total installed Cooling capacity: 2.750kW Installed equipments: IBM Bangalore BANGALORE - INDIA nr 4 x FOCS2/K/S 2722, Project: IBM has been expanding its footprint in India and has a presence in over 200 cities and towns across the country - either directly or through its strong business partner network. IBM India directly or through its strong business partner network. IBM India has clearly established itself as one of the leaders in the Indian Information Technology (IT) Industry. FOCS2/K Air cooled chiller with screw compressors 12
Relevant Projects Q1 ‘13 - CLIMAVENETA Application : Hotel & Resort End user name : Holiday Inn Plant type: Hydronic System Total installed Cooling capacity: 500 kW Installed equipments: HOLIDAY INN Hotel KRAKOW - POLAND nr 1 x FOCS2-W/CA D 3602 nr 80 x a-LIFE Project: The transformation project into bigger, more comfortable and modern facility concerns the new wing of Holiday Inn Krakow City Center with 85 additional rooms and suites, large health club and top class Center with 85 additional rooms and suites, large health club and top class conference facilities is planned to open in October 2013. FOCS2-W A-LIFE water cooled high Fan coils for efficiency chillers with professonal screw compressors applications 13
Relevant Projects Q1 ‘13 - CLIMAVENETA Application : Industrial Process End user name : 3M Plant type: Hydronic System Total installed Cooling capacity: 2.050 kW 3M Plant Installed equipments: WROCLAW - POLAND nr 3 x FX-FC/T+/S 4802 nr 1 x FOCS2/CA 4822 Project: 3M is a diversified technology company serving customers and communities with innovative products and services. This project concerns Industrial Adhesive and Tapes Division (IATD) plant in Wrocław Wrocław FX-FC FOCS2/CA Air cooled chiller with Free Cooling Air cooled chiller Class A of efficiency function 14
Relevant Projects Q1 ‘13 - CLIMAVENETA Application : Shopping Centre & Retail End user name : Ikea Plant type: Hydronic System Total installed Cooling capacity: 1.100 kW IKEA Store Total air flow: 168900 M³/h FRANOWO Shopping Park Installed equipments: POZNAN - POLAND nr 6 x WHISPER-E/B (2x 0454, 1x 0352, 2x 0604, 1x 0404) Project: The store is located inside Franowo Shopping Park, 7 km south-east of the city centre of Poznan. Care for environment and sustainability are among IKEA core values. The IKEA Poznan store envisions this uncompromised approach to efficiency and sustainability envisions this uncompromised approach to efficiency and sustainability blending cutting edge technologies and low energy consumption. WHISPER-E Autonomous rooftop unit, air/air reversible with enthalpic rotary heat recovery. 15
Relevant Projects Q1 ‘13 - CLIMAVENETA Application : Industrial Process - Military End user name : AIRBUS MILITARY Plant type: Hydronic System AIRBUS MILITARY Total installed Cooling capacity: 3.531 kW TABLADA Site Installed equipments: SEVILLA - SPAIN nr 3 x TECS2/SL-CA-E 1054 Project: Tablada is the first former CASA plant in Seville. More than 700 Airbus Military employees work in this factory. The Tablada plant covers 98.500 square metres including more than 90.000 square meters of buildings. The air conditioning system is being updated in a central chilled water production of the highest efficiency . A second central chilled water production of the highest efficiency . A second phase is designed to double the cooling capacity of the 1st stage. TECS2 High efficiency air cooled chilelr with magnetic levitation compressor 16
Recommend
More recommend
