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Q3 ' 12 Results Presentation

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Q3 ' 12 Results Presentation Q3 ‘12 Results presentation November 12, 2012 Q3 ’12 - Highlights Weak market trend in Europe (mainly South) both in ICC&R and Radiators. Total Net Sales decrease, with increase in ICC&R. EBITDA slight decrease and EBITDA margin increase. Stable cash flow. 1 Q3 ’12 Sales breakdown and mix by Business Line Sales breakdown by business line Sales mix by business line €M Q3 ‘12 Q3 ‘11 Δ% % total Q3 ‘12 Q3 ‘11 Δ% ICC&R 70,7 68,8 2,8% ICC&R 73,6% 67,0% +6,6 pp Radiators 25,4 33,8 (25,0)% Radiators 26,4% 33,0% (6,6) pp Total 96,1 102,6 (6,3)% Total 100,0% 100,0% ICC&R sales increased and Radiators sales declined, as expected . ICC&R weight on total sales is further increased. Note: 2011 refer to historical data included in De'Longhi Consolidated financial statements - Professional Division. 2 Q3 ’12 ICC&R Sales Trend by Geography - Change % vs. Q3’ 11 €M €M Q3 ‘12 % tot QQ3 ‘11 % tot Δ% - Overall increase - Europe decline due to Southern; growth in Western Europe 51,4 72,6% 52,7 76,7% (2,6)% Europe. Asia 15,7 22,2% 13,0 19,0% 20,4% - Asia and ROW: significant increase, especially in China, RoW 3,7 5,2% 3,0 4,3% 23,3% in Q3 accounting for 22,2% of total sales. Total 70,7 100,0% 68,8 100,0% 2,8% Note: 2011 refer to historical data included in De'Longhi Consolidated financial statements - Professional Division. 3 Q3 ’12 Radiators Sales Trend by Geography - Change % vs. Q3’ 11 €M €M Q3 ‘12 % tot QQ3 ‘11 % tot Δ% Sales reduction: - Top line rationalisation; Europe 24,8 97,9% 33,5 99,0% (25,9)% - Weak market; Asia 0,2 0,9% 0,1 0,2% 172,8% - low sell-in and shipment delay RoW 0,3 1,2% 0,2 0,7% 23,9% in DIY. Total 25,4 100,0% 33,8 100,0% (25,0)% Note: 2011 refer to historical data included in De'Longhi Consolidated financial statements - Professional Division. 4 Q3 ’12 Consolidated Income Statement €M Q3 ‘12 Q3 ‘11 Δ% Net Sales 96,1 102,6 (6,3)% Gross Margin 32,7 33,1 (1,3)% % 34,0% 32,3% +1,8 pp EBITDA 10,1 10,7 (5,6)% % 10,6% 10,5% +0,1 pp EBIT 7,4 (3,6) +11,2 pp % 7,7% (3,5)% Group Net Result 3,7 (7,7) +11,3 pp % 3,8% (7,5)% EPS – Euro cents 2,5 (5,1) Note: 2011 refer to historical data included in De'Longhi Consolidated financial statements - Professional Division. 5 9M ’12 Sales breakdown and mix by Business Line Sales breakdown by business line Sales mix by business line €M 9M ‘12 9M ‘11 Δ% % total 9M ‘12 9M ‘11 Δ% ICC&R 208,4 210,1 (0,8)% ICC&R 78,3% 74,7% +3,6 pp Radiators 57,9 71,3 (18,7)% Radiators 21,7% 25,3% (3,6) pp Total 266,3 281,4 (5,3)% Total 100,0% 100,0% Note: 2011 refer to historical data included in De'Longhi Consolidated financial statements - Professional Division. 6 9M ’12 Consolidated Income Statement €M 9M ‘12 9M ‘11 Δ% Net Sales 266,3 281,4 (5,3)% Gross Margin 94,3 92,1 2,3% % 35,4% 32,8% +2,6 pp EBITDA 26,0 26,3 (1,4)% % 9,7% 9,4% +0,4 pp EBIT 17,9 7,1 +4,2 pp % 6,7% 2,5% Group Net Result 9,1 (3,9) +4,7 pp % 3,4% (1,4)% EPS – Euro cents 6,1 (2,6) Note: 2011 refer to historical data included in De'Longhi Consolidated financial statements - Professional Division. 7 9M EBITDA by business Q3 ‘12 Q3 ‘11 Δ 9M ‘12 9M ‘11 Δ ICC&R 11,1 9,6 16,6% 29,7 28,5 4,1% % sales 15,8% 13,9% +1,9 pp 14,2% 13,6% +0,7 pp Radiators (0,4) 1,2 (132,3)% (2,0) (2,2) (7,8)% % sales (1,5)% 3,5% (5,,0 )pp (3,5)% (3,0)% (0,4) pp Corporate & elimination (0,6) (1,7) 0,0 na 0,0 na % sales na na Consolidated 10,1 10,7 (5,6)% 26,0 26,3 (1,4)% % 10,6% 10,5% +0,1 pp 9,7% 9,4% +0,4 pp Radiators includes 1,0 € M restructuring charges in Q2 2011 and 0,1 € M in Q3 2012 and shipment delay. Note: 2011 refer to historical data included in De'Longhi Consolidated financial statements - Professional Division 8 Q3 ’12 Net Working Capital trend €M \ ∆ Sept‘12 Dec ‘11 Sept ‘11 \ Sept‘12/’11 Trade Receivables 93,1 91,6 98,6 (5,5) % on 12 months rolling sales 25,0% 23,6% 25,7% (0,8) pp Inventory 59,2 49,2 64,1 (4,9) % on 12 months rolling sales 15,9% 12,7% 16,7% (0,9) pp Trade Payables (104,0) (96,6) (107,9) 4,0 % on 12 months rolling sales (27,9)% (24,9)% (28,2)% +0,3 pp Net Operating Working Capital 48,4 44,1 54,8 (6,4) % on 12 months rolling sales 13,0% 11,4% 14,3% (1,3) pp Other short term assets / liabilities (18,0 ) (18,8) (13,0) (5,0 ) % on 12 months rolling sales (4,8)% (4,8)% (3,4)% (1,4) pp Net Working Capital 30,4 25,3 41,8 (11,5) % on 12 months rolling sales 8,1% 6,5% 10,9% (2,8) pp Note: 2011 refer to historical data included in De'Longhi Consolidated financial statements - Professional Division. 9 Q3 ’12 Consolidated Balance Sheet €M \ 9M ‘12 9M ‘11 9M‘12 9M‘11 \ Net operating fixed assets 295,4 288,9 Net Debt 42,2 63,0 Trade receivables 93,1 98,6 Group Equity 282,4 268,2 Inventories 59,2 64,1 Minorities 1,8 (0,1) Trade payables (104,0) (107,9) Shareholders’ Equity 284,2 268,2 Short term assets & liabilities (18,0) (13,0) Net Working Capital 30,4 41,8 Net financial assets 0,5 0,4 Net Capital Employed 326,3 331,1 Total Sources 326,3 331,1 150,0 € M Capital Increase has been injected in June 2011 Note: 2011 refer to historical data included in De'Longhi Consolidated financial statements - Professional Division. 10 Consolidated Cash Flow as of 9M €M 3Q’ 12 3Q’ 11 9M ’12 9M ’11 Net Debt beginning of period 41,2 70,0* 46,1 61,7* Cash Flow from current operations (A) 6,1 6,7 16,7 16,0 Consolidated Cash Flow Cash Flow from change in working capital (B) (5,3) 1,9 (6,6) (3,5) Cash Flow from investment activities (C) (1,6) (1,9) (5,3) (11,0) Operating Cash Flow (A+B+C =D) (0,7) 6,7 4,9 1,4 Cash Flow from changes in net equity and financial (0,2) 0,3 (0,9) (2,7) activities (E) Cash Flow for the period (D+E) (0,9) 7,0 4,0 (1,3) Net Debt end of period 42,2 63,0 42,2 63,0 Note: 2011 refer to historical data included in De'Longhi Consolidated financial statements - Professional Division. * After 150,0 € M Capital Increase injected in June 2011 11 Net Debt Breakdown as of 9M ’12 €M Long-term financial 23,6 Cash, bank liabilities deposits and Short-term financial (26,7) 45,2 marketable liabilities securities Total Financial 68,8 Liabilities Net Debt : 42,2 12 Relevant Projects Q3 ‘12 - CLIMAVENETA Application : Process ( Data Center ) End user name : LG Chemicals Plant type: HPAC DX system. Installed equipments: AXU 60 Close Control LG Chemicals Units SEOUL -SOUTH KOREA Project : LG Chem is an integrated South Korean chemical company that manufactures a wide range of products from petrochemicals to high-value added plastics, and high performance industrial materials. Solution: AXU 60 Close Control Units HPAC HPAC ACCURATE AX BRE Close Control Units, Remote Condenser air cooled, direct with axial fans expansion CQ212 13 Relevant Projects Q3 ‘12 - CLIMAVENETA Application : Healthcare & Hospitals End user name : Al - Ataba Al - Abassya Plant type: Central Air Conditioning System Functions ensured by DeLclima equipments : Al KAFEEL HOSPITAL Cooling,Heating; Ventilation KARBALA -IRAQ Total installed Cooling capacity: 3438 kW Installed equipments: 3 air cooled reversible chillers/heat pumps , with screw compressors, and 44 x air handling units Installation description: high efficiency for low energy consumption. The units produce hot or cold water according to the selected operation mode. Solution: FOCS-N Heat Pump, WIZARD air handling units FOCS-N WIZARD Air cooled reversible units with screw All in one air handling unit compressors CQ212 14 Relevant Projects Q3 ‘12 – CLIMAVENETA Application : Healthcare & Hospital Plant type: Central Air Conditioning System and Data Center cooling Functions ensured by DeLclima equipments : Cooling,Heating; temperature/ humidity control and NEW HOSPITAL DE ventilation inside the data center TALCA Total installed Cooling/heating capacity: 5.800 kW TALCA - CHILE Installed equipments: nr. 4 x RECS-W 3202 + nr. 2 x RECS-W 1502 Project : New hospital in Talca, nr. 2 x FOCS2-W/CA H 1801 Focus : minimize energy consumption and CO2 emissions , with zero Co2 at site by using the innovative INTEGRA 4 pipe nr. 2 x NECS -N-ST 1104 + nr. 2 x NECS -N-ST 0504 units with Heat Transfer and on top using ground as energy nr.
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