Q3 ’13 Results presentation November 13, 2013
Commercial agreement between DL Radiators and Bosch Thermotechnology Contract : OEM supply of steel panel radiators for the European market. Duration : during 5 years DL Radiators will be the exclusive supplier for the steel panel radiators. Product : special range for Bosch Thermotechnology other than DLR’s own brand products . Purchase volume : may reach approximately 30% of the overall radiators business per year , based on steel panel radiators market forecasts. Shipments: began in September 2013 and the expected volumes will be reached during 2014. Additional benefit : DL Radiators can conclude the client portfolio restructuring activities which began in 2012 with the gradual discontinuation of non-profitable clients. 1
Q3 ’13 - Highlights Weak market trend in Europe both in ICC&R and Radiators (assumed). Total Net Sales decrease due to Radiators attributable to Adeo. EBITDA stable in absolute terms and margin increase. Positive Cash flow. 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. 2
Q3 ’13 Sales breakdown and mix by Business Line Sales breakdown by business line Sales mix by business line Q3 ‘13 Q3 ‘12 Δ% € M Q3 ‘13 Q3 ‘12 Δ% % total 78,7% 73,6% +5,1 pp ICC&R 71,1 70,7 0,5% ICC&R Radiators 19,2 25,4 (24,3%) Radiators 21,3% 26,4% -5,1 pp Total 90,3 96,1 (6,0%) Total 100,0% 100,0% Sales stable in ICC&R and decline in Radiators . ICC&R weight on total sales is further increased. 3
Q3 ’13 ICC&R Sales Trend by Geography - Change % vs. Q3 ‘12 € M Q3 ‘13 Q Q3 ’12 % tot Δ% - Overall stable. € M % tot - Europe slight increase with growth in Eastern and Europe 51,7 51,4 0,8% 72,7% 72,6% Southern, decrease in Northern and Western. Asia 15,2 15,7 22,2% (3,2%) 21,4% - Asia decrease with China RoW 4,2 3,7 13,9% 5,9% 5,2% stable . - ROW significant increase . Total 71,1 70,7 0,5% 100,0% 100,0% 4
Q3 ’13 Consolidated Income Statement € M Q3 '13 Q3 '13 Q3 '12 Δ% impairment Net Sales 90,3 96,1 (6,0%) 90,3 Gross Margin 31,3 32,7 (4,3%) 31,3 % 34,7% 34,0% +0,6 pp 34,7% EBITDA 9,9 10,1 (2,1%) 9,9 % 11,0% 10,6% +0,4 pp 11,0% Impairment - - - (21,5) % - - - (23,8%) EBIT 7,5 7,4 2,0% (13,9) % 8,4% 7,7% +0,7 pp (15,4%) Group Net Result 5,0 3,7 35,7% (16,5) % 5,5% 3,8% +1,7 pp (18,3%) EPS – Euro cents 3,3 2,5 35,7% (11,0) 5
9M ’13 - Highlights Weak market trend in Europe both in ICC&R and Radiators. Total Net Sales decrease due to Radiators attributable to Adeo. EBITDA decrease mainly due to Corporate. Strong Cash flow generation offset Adeo blocked Receivables. 6
9M ‘13 Sales breakdown and mix by Business Line Sales breakdown by business line Sales mix by business line 9M ’13 9M ‘12 Δ% % total 9M ‘13 9M ‘12 Δ% € M ICC&R 211,8 208,4 1,6% ICC&R 82,6% 78,3% +4,4 pp Radiators 44,5 57,9 (23,2%) Radiators 17,4% 21,7% -4,4 pp Total 256,3 266,3 (3,8%) Total 100,0% 100,0% 7
9M ’13 ICC&R Sales Trend by Geography - Change % vs. 9M ‘12 € M 9M ‘13 9M ’12 % tot Δ% - Overall increase € M % tot - Europe increase with growth in Eastern, decrease Europe 155,9 154,7 0,8% 73,6% 74,2% in Northern, Southern and Western stable. Asia 43,9 43,0 2,2% 20,7% 20,6% - Asia increase with China RoW 11,9 10,7 11,3% 5,6% 5,2% substantially stable . - ROW significant increase . Total 211,8 208,4 1,6% 100,0% 100,0% 8
9M ’13 Consolidated Income Statement € M 9M '13 9M '13 9M '12 Δ% impairment Net Sales 256,3 266,3 (3,8%) 256,3 Gross Margin 89,6 94,3 (4,9%) 89,6 % 35,0% 35,4% -0,4 pp 35,0% EBITDA 24,1 26,0 (7,1%) 24,1 % 9,4% 9,7% -0,3 pp 9,4% Impairment - - - (21,5) % - - - (8,4%) EBIT 16,7 17,9 (6,8%) (4,8) % 6,5% 6,7% -0,2 pp (1,9%) Group Net Result 10,4 9,1 13,9% (11,1) % 4,1% 3,4% +0,6 pp (4,3%) EPS – Euro cents 7,0 6,1 13,9% (7,4) 9
9M EBITDA by business € M Q3 '13 Q3 '12 Δ% 9M '13 9M '12 Δ% ICC&R 10,1 11,1 (9,0%) 28,4 29,7 (4,5%) % sales 14,2% 15,8% -1,5 pp 13,4% 14,2% -0,8 pp n.a.% Radiators 1,0 (0,4) (1,5) (2,0) n.a.% +6,7 pp % sales 5,2% (1,5%) (3,4%) (3,5%) +0,1pp Corporate & elimination (1,2) (0,6) n.a.% (2,7) (1,7) 56,7% % sales n.a.% n.a.% n.a.% n.a.% n.a.% n.a.% Consolidated 9,9 10,1 (2,1%) 24,1 26,0 (7,1%) % 11,0% 10,6% +0,4 pp 9,4% 9,7% -0,3 pp 10
9M '13 Net Working Capital trend € M Δ Sep Sep '13 Dec '12 Sep '12 ‘ 13 /’1 2 Trade Receivables (1) 71,3 77,0 93,1 (21,8) Inventory 50,8 44,3 59,2 (8,4) % on 12 months rolling sales 13,9% 11,8% 15,8% -1,9 pp Trade Payables (90,5) (91,2) (104,0) 13,4 % on 12 months rolling sales (24,8%) (24,3%) (27,8%) +3,0 pp Net Operating Working Capital 31,6 30,1 48,4 (16,8) Other short term assets / liabilities (14,7) (13,8) (18,0) 3,3 % on 12 months rolling sales (4,0%) (3,7%) (4,8%) +0,8 pp Net Working Capital 16,9 16,2 30,4 (13,5) % on 12 months rolling sales 4,6% 4,3% 8,1% -3,5 pp (1) Excluding Adeo Receivables. The Adeo receivables overdue at December 31, 2012 were 4,1 € M; at Sept 30 ,2013 are 15,5 € M. 11
September ‘13 Consolidated Balance Sheet € M Sep '12 \ Sep '13 Sep ‘13 Sep '12 \ Net operating fixed assets 237,1 295,3 Net Debt 24,6 42,2 Trade receivables Group Equity 71,3 93,1 243,7 282,2 Inventories 50,8 59,2 Minorities 1,9 1,8 Trade payables (90,5) (104,0) Shareholders’ Equity 245,6 284,0 Short term assets & liabilities (14,7) (18,0) Net Working Capital 16,9 30,4 Net financial assets 16,2 0,5 Net Capital Employed 270,2 326,2 Total Sources 270,2 326,2 12
Consolidated Cash Flow as of 9M € M Q3 ’13 Q3 ’12 9M '13 9M '12 Net Debt beginning of period 27,7 41,2 24,5 46,1 EBITDA (A) 10,0 10,1 24,2 26,0 Taxes paid in the period (B) (2,2) (2,4) (4,4) (5,2) Change in provisions (C ) 0,4 0,3 (0,2) 0,1 Change in working capital (D1) 1,2 (5,8) 3,4 (7,1) Adeo effect (D2) (3,1) - (15,5) - Investment activities (E) (2,1) (1,6) (5,3) (5,3) Operating Cash Flow (A+B+C+D1+D2+E=F) 4,1 0,6 2,1 8,5 Equity investment (G) - - - - Changes in net equity and financial activities (H) (1,0) (1,5) (2,2) (4,6) Cash Flow for the period (F+G+H) 3,1 (0,9) (0,1) 4,0 Net Debt end of period 24,6 42,2 24,6 42,2 Excluding Adeo overdue amount (15,5 € M cash absorption) Operating Cash Flow in 9M ‘ 13 would be significantly higher than 9M ’ 12. 13
Net Debt Breakdown as of Sep ’13 € M 33,9 Long-term financial Cash, bank liabilities deposits and Short-term financial 41,7 (51,1) liabilities marketable securities 75,6 Total Financial Liabilities Net Debt : 24,6 14
Relevant Projects Q3 ‘13 - CLIMAVENETA Application : Logistic Hub End user name : Amazon Plant type: Hydronic System Total installed Cooling capacity: 3.980kW Total installed Heating capacity: 4.126kW AMAZON LOGISTIC HUB PIACENZA - ITALY Installed equipments: nr 3 x ERACS2-Q 3222 Project: The new logistic hub stands on a 78.000 square meters area located nr 2x FOCS-N/CA 3222 near Piacenza. As strategic hub for Amazon ’s European logistics, the 1x ClimaPRO distribution centre is expected to expand. An important point was controlling the level of humidity during all seasons. The building required an advanced solution that could optimise the HVAC plant for optimum performance . Climaveneta system is based on ERACS-Q heat pumps for simultaneous and independent production of hot and cold water, and FOCS-N reversible heat pumps. Amazon has chosen to manage the whole plant room by ClimaPRO chiller plant optimiser. ERACS2-Q ClimaPRO FOCS-N Chiller Plant Control with Active Air cooled multipurpose unit Air cooled reversible units with Optimization System screw compressors for 4-pipe systems with screw compressors 15
Relevant Projects Q3 ‘13 - CLIMAVENETA Application : Office Building End user name : MSC Cruises Plant type: Hydronic System Total installed Cooling capacity: 3.991kW MSC HEADQUARTERS Installed equipments: TOWERS OF SAN BENIGNO nr 3 x TECS2-SL-CA 1154 GENOA - ITALY nr 1x TECS2/SL-CA D 0452 Project: MSC group’s new “ Towers of San Benigno ” office block modifying the city skyline will bring all of MSC ’s departments active in the city under one roof. The complex consists of three buildings and covers an area of about 56.000 square meters . Four high efficiency TECS chillers with magnetic levitation compressors have been installed, ensuring very high efficiency at full load and the highest efficiency at partial load. TECS2 High efficiency air cooled chiller with magnetic levitation compressor 16
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