Q1 ’14 Results presentation May 13, 2014
Preliminary notes The figures reported in the present document, including some percentage values, were rounded to the nearest Euro. Therefore, some totals in the tables may not coincide with the sum of constituent amounts. All data Adjusted excluding special items and Deferred tax provision release. For comparison purposes 2013 figures have been restated according to the JV in China shareholders agreements amendments and IFRS 11 requirements. 1
FY ’13 Results restatement according to IFRS 11 and JVA China amendments – P&L €M FY ‘13 FY ‘13 proportional full Net Sales 351,7 388,8 Gross Margin 124,3 139,4 % on sales 35,4% 35,9% EBITDA 37,1 44,0 % on sales 10,6% 11,3% EBIT EBIT 27,0 27,0 33,5 33,5 % on sales 7,7% 8,6% Net Result 17,7 22,6 % on sales 5,0% 5,8% Minorities (0,1) (4,9) % on sales (0,0%) (1,3%) Group Net Result 17,7 17,7 % on sales 5,0% 4,5% EPS – Euro cents 11,8 11,8 2
FY ’13 Results restatement according to IFRS 11 and JVA China amendments – BS €M FY ‘13 FY ‘13 FY ‘13 FY ‘13 proportional full proportional full Net operating fixed 233,2 245,9 Net Debt 16,1 7,0 assets Trade receivables 67,8 75,4 Group Equity 242,4 242,5 Inventories 39,8 46,4 Minorities 1,8 25,6 Shareholders’ Shareholders’ Trade payables Trade payables (83,7) (83,7) (91,6) (91,6) 244,2 244,2 268,1 268,1 Equity Short term assets & (13,3) (17,7) liabilities Net Working Capital 10,6 12,6 Net financial assets 16,5 16,6 Net Capital 260,3 275,1 Total Sources 260,3 275,1 Employed 3
Q1 ’14 - Highlights � Weak market trend in Europe both in ICC&R and Radiators. � Total Net Sales increase with both ICC&R and Radiators positive contribution. � EBITDA increase due to Radiators with ICC&R stable. � Significant Net Result increase. � Significant Net Result increase. � Negative Cash flow due to seasonality and the acquisition of the UK distributor in ICC&R. 4
Q1 ‘14 Sales breakdown and mix by Business Line Sales breakdown by business line Sales mix by business line Δ% Δ% Q1 ‘14 Q1 ‘13 Q1 ‘14 Q1 ‘13 €M % total -2 pp -2 pp ICC&R ICC&R 69,0 69,0 67,0 67,0 3,0% 3,0% ICC&R ICC&R 82,8% 82,8% 84,8% 84,8% +2 pp Radiators 14,4 12,0 19,6% Radiators 17,2% 15,2% Total 83,4 79,0 5,5% Total 100,0% 100,0% � Sales increase in both ICC&R and Radiators . 5
Q1 ’14 ICC&R Sales Trend by Geography - Change % vs. Q1 ‘13 €M Δ% Q1 ‘14 % tot Q1 ‘13 % tot €M - Overall increase . 65,6% 65,6% Europe 45,3 43,9 3,1% - Europe increase with decrease in Western. in Western. 28,3% 29,3% Asia 19,5 19,6 (0,2%) - Asia stable . 6,1% 5,3% ROW significant increase . - RoW 4,2 3,5 19,8% 100,0% 100,0% Total 69,0 67,0 3,0% 6
Q1 ’14 Consolidated Income Statement €M ∆ % Q1 '14 Q1 '13 Net Sales 83,4 79,0 5,5% Gross Margin 29,7 28,1 5,5% % on sales 35,6% 35,6% - EBITDA 5,5 5,1 6,4% % on sales 6,6% 6,5% +0,1 pp EBIT EBIT 3,0 3,0 2,6 2,6 16,1% 16,1% % on sales 3,6% 3,2% +0,4 pp Net Result 1,4 0,8 66,6% % on sales 1,6% 1,0% +0,6 pp Minorities (0,6) (0,4) 52,4% % on sales (0,7%) (0,5%) -0,2 pp Group Net Result 0,7 0,4 80,7% % on sales 0,9% 0,5% +0,4 pp EPS – Euro cents 0,5 0,3 80,7% 7
Q1 ‘14 EBITDA by business €M Δ% Q1 ‘14 Q1 '13 ICC&R 6,8 6,9 (0,9%) % on sales 9,9% 10,3% -0,4 pp Radiators (0,4) (0,6) (38,2%) % on sales % on sales (2,5%) (2,5%) (4,8%) (4,8%) +2,3 pp +2,3 pp Corporate & elimination (1,0) (1,2) (13,8%) % on sales n.a.% n.a.% n.a. Consolidated 5,5 5,1 8,3% % on sales 6,6% 6,5% +0,1 pp 8
Q1 '14 Net Working Capital trend €M ∆ Dec ∆ Mar Mar Dec Mar '14 '13 '13 '14/’13 '14/’13 Trade Receivables (1) 75,4 75,4 85,6 - (10,2) % on 12 months rolling sales 19,2% 19,4% 21,0% -0,2 pp -1,8 pp - NOWC improved. Inventory 54,2 46,4 56,2 7,8 (2,0) - DSO and overdue % on 12 months rolling sales 13,8% 11,9% 13,8% +1,9 pp +0 pp significant decrease Trade Payables (90,2) (91,6) (92,7) 1,4 2,5 - Significant effort in % on 12 months rolling sales (23,0%) (23,6%) (22,7%) +0,5 pp -0,3 pp controlling inventory Net Operating Working Net Operating Working level level 39,4 30,2 49,1 9,2 (9,7) Capital - Trade Payables slight % on 12 months rolling sales 10,0% 7,8% 12,0% +2,3 pp -2 pp increase. Other short term assets / (14,9) (17,7) (24,1) 2,8 9,2 liabilities % on 12 months rolling sales (3,8%) (4,5%) (5,9%) +0,8 pp +2,1 pp Net Working Capital 24,6 12,6 25,1 12,0 (0,5) % on 12 months rolling sales 6,2% 3,2% 6,1% +2,9 pp +0,1 pp (1) Trade Receivables exclude the overdue ADEO Group Receivables. 9
March ‘14 Consolidated Balance Sheet €M Mar ‘14 Mar ‘13 Mar ‘14 Mar ‘13 Net operating fixed 251,3 291,0 Net Debt 23,7 35,7 assets Trade receivables (*) 75,4 85,6 Group Equity 242,6 257,2 Inventories 54,2 56,2 Minorities 26,2 24,0 Shareholders’ Trade payables Trade payables (90,3) (90,3) (92,7) (92,7) 268,8 268,8 281,2 281,2 Equity Short term assets & (14,9) (24,1) liabilities Net Working Capital 24,6 25,1 Net financial assets 16,7 0,8 Net Capital Employed 292,5 316,9 Total Sources 292,5 316,9 (*) Trade Receivables at December 31, 2013 exclude Euro 15.8 million reclassified to the account financial assets relating to disputed receivables with the ADEO Group, as expected to be collected in more than 12 months. For comparative purposes, the Adeo Receivables at March 31, 2013, of Euro 17.7 million, have been reclassified to the account financial assets. 10
Consolidated Cash Flow as of 3M €M Q1 ’14 Q1 ’13 7,0 17,0 Net Debt beginning of period EBITDA (A) 5,5 5,1 (0,8) 0,1 Taxes paid in the period (B) Change in provisions (C ) (0,1) (0,7) (12,0) (8,3) Change in working capital (D1) Adeo effect (D2) - (13,7) Investment activities (E) (1,9) (1,7) (9,3) (9,3) (19,1) (19,1) Operating Cash Flow (A+B+C+D1+D2+E=F) Operating Cash Flow (A+B+C+D1+D2+E=F) Equity investment (G) (7,4) - Changes in net equity and financial activities (H) 0,1 0,4 (16,7) (18,7) Cash Flow for the period (F+G+H) reported 23,7 35,7 Net Debt end of period Adeo blocked receivables (I) - 13,7 Cash Flow for the period rectified (F+G+H+I) (16,7) (5,0) Negative Cash flow due to seasonality and the acquisition of the UK distributor in ICC&R. 11
Net Debt Breakdown as of March ’14 €M Mar ‘14 Dec ‘13 Mar ‘13 Net financial position (23,7) (7,0) (35,7) of which: of which: - positions with bank and other financial (16,5) (3,9) (30,8) payables - fair value of derivative financial instruments and options/payables for (7,2) (3,1) (4,9) investments 12
Net Debt Breakdown as of March ’14 €M Long-term financial 29,5 liabilities Cash and cash Short-term financial 76,9 (82,7) equivalent liabilities 106,3 106,3 Total Financial Total Financial Liabilities Net Debt: 23,7 13
Relevant Projects Q1 ‘14 - CLIMAVENETA Application: Healthcare & Hospital End user name: Alkafeel Hospital Plant type: Hydronic System Total installed Cooling capacity: 2.426 kW Installed equipment: ALKAFEEL HOSPITAL 3x FOCS2-W/CA 4802 KARBALA - IRAQ Project: Al-Kafeel Hospital in Karbala is a multi-speciality hospital , managed by the board of the Holy Attaba Abbasiah. This hospital is planned in an area of 25.000 m² and spans across five floors . The facility has an impressive entrance lobby leading to the central atrium which is well lit with impressive entrance lobby leading to the central atrium which is well lit with natural light and gives the patients and attendants a pleasant experience. The entire hospital is centrally air conditioned and equipped with other building services like fire detection and protection, nurse call system, and PA system surveillance. Climaveneta supplied 3 FOCS-N 4822 units and 44 WIZARD Air Handling Units in 2012. Now the project has been completed with 3 FOC2-W/CA units , which have a Class A efficiency rating from Eurovent. FOCS2-W/CA Water cooled high efficiency chillers with screw compressors 14
Relevant Projects Q1 ‘14 - CLIMAVENETA Application: Data Center End user name: Telefonica Plant type: HPAC System Total installed Cooling capacity: 1.240 kW TELEFONICA Installed equipment: DATA CENTER BOGOTA’ - COLOMBIA 7x i-AXU 130 1x i-AXU 29 Project: Telefónica has been present in Colombia since 2004 . It began its 2x i-AX 150 activities in the mobile market, following the acquisition of Bellsouth's cellular operation in the country. Subsequently, in 2006, Telefónica acquired the control and management of Colombia Telecom. Today, Telefónica the control and management of Colombia Telecom. Today, Telefónica provides voice, broadband and pay television services in the country. Telefónica has Data Centers in Brazil, Argentina, Colombia, Peru, Chile, Germany, Czech Republic and Spain. The new Data Center in Bogotà is cooled by 10 i-ACCURATE units : the inverter compressor allows cooling capacity modulation according to the real internal load , and is particularly efficient at partial loads . HPAC ACCURATE i-AX Close Control Units, air cooled, with inverter compressors 15
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