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. 2 x AWU 029 + nr. 1 x AWU 015 Close Control Units source , the most efficient solution available today nr. 3 x AXO 026 Close Control Units+ nr. 3 x ED+HCAT0056
RECS-W FOCS2-W HPAC ACCURATE Water cooled reversible units Water cooled high efficiency Close Control Units, air cooled, with screw compressors chillers with screw compressor direct expansion
15 Relevant Projects Q3 ‘12 - CLIMAVENETA
Application : University End user : Weizmann Institute Plant type: Central Air Conditioning System WEIZMANN INSTITUTE OF SCIENCE Functions ensured by DeLclima equipments : cooling, REHOVOT - ISRAEL Total cooling capacity: 7345 kW Project : The Weizmann Institute of Science is one of the Installed Equipments: world’s leading multidisciplinary research institutions, located nr. 5 x FOCS2/CA 6303 in Rehovot, Israel. Mission critical. Focus : reliability and minimize energy consumption on CO2 emissions
FOCS2/CA High efficiency air cooled chiller with screw compressors
16 Relevant Projects Q3 ‘12 - CLIMAVENETA
DNOC Application : Process ( Data Center ) Defence Network End user : HMAS Arman - DNOC Operation Centre HMAS Arman Plant type: Air Conditioning for the Data Center CANBERRA - AUSTRALIA Functions ensured by DeLclima equipments : cooling Project : The new Defence Network Operations Centre Total cooling capacity: 2.443 kW located at HMAS Harman in Canberra co-locates a number of previously separate information based arms of Australia’s Installed Equipments: Defence Force. Under the new roof, the DNOC team nr. 2 x FOCS-FC/NG/SL/S 4202 operates Australia’s fourth largest telecommunications nr. 1 x FOCS-CA/SL/S 1922 network operating 24/7. Mission critical application. Focus : reliability and minimize energy consumption on CO2 emissions Solution: FOCS Free Cooling Units for the DATA CENTER of the Department and FOCS/CA high efficiency chillers
FOCS2/CA FOCS-FC High efficiency air cooled Air source chillers with chiller with screw compressors Free-Cooling function
17 Relevant Projects Q3 ‘12 - CLIMAVENETA
Application : Process End user : ANSTO Australian Nuclear Plant type: Central Air Conditioning System, Science & Technology Functions ensured by DeLclima equipments : Organisation Cooling,Heating; SYDNEY - AUSTRALIA Total cooling/heating capacity: 2.443 kW Project : ANSTO is Australia's national nuclear organisation and the Installed Equipments: centre of Australian nuclear expertise. It is responsible for delivering nr. 2 x NECS-Q multipurpose units for the specialised advice, scientific services and products to government, industry, academia and other research organisations. Mission simultaneous production of chilled and hot water Critical nr. 1 x NECS-HT 0604 high efficiency, high outdoor Focus : reliability and minimize energy consumption on CO2 temperature version emissions, zero Co2 at site nr. 1 x NX/LN-K 1214 P compact and low-noise Solution: . The use of INTEGRA unit that simultaneously produces version both heating and cooling , with” heat tranfer” minimizes energy consumption and overall CO2 emissions, with zero CO2 emission at site
NECS-Q NX Multipurpose INTEGRA unit with Air source chillers with scroll scroll compressor compressors
18 Relevant Projects Q3 ‘12 - CLIMAVENETA
Application : Hotel & Resorts End user name : HILTON CHINA Plant type: Central Air Conditioning Hydronic System Functions ensured by DeLclima equipments : SHENZHEN MARINE Cooling,Heating. Hot Domestic water; WORLD HILTON HOTEL Total cooling/heating capacity: 6.330 kW SHENZHEN - CHINA Installed Equipments:
Project : The Marine World Hotel will cover 56,000 square nr. 2 x FOCS WATER 4502C W/C flooded screw chillers meters. The hotel will have 320 rooms and managed by Hilton nr. 2 x CSRH 4502C-D-Y W/C heat recovery screw chillers Hotels. This will be their first seaside hotel in Shenzhen when its completed in 2013. Focus : minimize energy consumption and CO2 emissions, zero Co2 at site. Use of ground as energy source.
FOCS-WATER Component Detail: Water cooled chiller with screw W3000touch touch screen compressors unit control
19 Relevant Projects Q3 ‘12 - CLIMAVENETA
Application : Office Buildings BEIJING GOLDEN End user name : Golden Butterfly Software Group BUTTERFLY SOFTWARE Plant type: Central Air Conditioning Hydronic System CAMPUS Functions ensured by DeLclima equipments : BEIJING - CHINA Cooling,Heating,Domestic Hot water. Total cooling capacity: 11544kW Project :: New campus in Beijing for Butterfly Software Group Total heating capacity: 12100 kW Focus : minimize energy consumption and CO2 emissions, Installed Equipments: zero Co2 at site. Class A Heat pumps using ground as energy source, and with heat recovery for free generation of nr. 5 x FOCS WATER 4702 C-H flooded screw WSHP domestic hot water. nr. 2 x FOCS WATER 3902C -H-R flooded total heat recovery screw WSHP
FOCS-WATER Component Detail: Water cooled chiller with screw W3000 unit control compressors
20 Relevant Projects Q3 ‘12 - CLIMAVENETA
Application : Public Building BEIJING OLYMPIC End user name : Beijing Municipal Government FOREST PARK Plant type: Central Air Conditioning Hydronic System BIRDSVIEW Functions ensured by DeLclima equipments : BEIJING - CHINA Cooling,Heating Total cooling capacity: 2218 kW Total heating capacity: 2340 kW Project :: Olympic Forest Park is a large beautiful park that was Installed Equipments: built to accommodate the 2008 Olympic games. nr. 2 x PSRHH 2702 W/C screw WSHP Focus : minimize energy consumption and CO2 emissions, zero Co2 at site. Heat pumps using ground as energy source,
PSRHH Heat pump Operating logic diagram
21 Relevant Projects Q3 ‘12 - CLIMAVENETA
Application : Public Building End user name : Gamesa Plant type: Central Air Conditioning Hydronic System EDIFICIO DE Functions ensured by DeLclima equipments : cooling, OFICINAS Total cooling capacity: 1194 kW PAMPLONA - SPAIN Installed Equipments: nr. 3 x FOCS-FC/SL 1902 Super Low Noise screw chillers with Free Cooling Project :: Olympic Forest Park is a large beautiful park that was built to accommodate the 2008 Olympic games. Focus : minimize noise emissions, minimize energy consumption by means of indirect free cooling
FOCS-FC/SL Air cooled chiller with screw compressors with free-cooling and super low noise configuration
22 Relevant Projects Q3 ‘12 - CLIMAVENETA
Application : Hotel & Resort End user name : Hotel Maria Cristina Plant type: Central Air Conditioning Hydronic System Functions ensured by DeLclima equipments : HOTEL MARIA CRISTINA Cooling,Heating,Domestic Hot water. SAN SEBASTIAN - SPAIN Total cooling capacity: 1194 kW Total heating recovery capacity: 610kW Project :: Hotel Maria Cristina is Luxury hotel located in Installed Equipments: nr. 2 x FOCS-CA/SL D 1502 the heart of San Sebastian a few meters away from the Super Low Noise Class A screw chillers with Heat sea. Recovery Focus : minimize noise emissions, minimize energy consumption by means of heat recovery for domestic hot water free generation
FOCS2/CA Component Detail: High efficiency air cooled Evaporator with proprietary chiller with screw compressors design
23 Fairs and events Q3 – Climaveneta
Italy Greece
RIUNIONE DELEGATI REGIONALI
11-12th October 2012 | CV Italy 28-30th September 2012 | Athens
Colombia South Africa Turkey
19th September 2012 | Bogotà 15-17th August 2012 - Johannesburg 18-19 September 2012 - Istanbul
24 Relevant Projects Q3 ‘12 – RC GROUP
Application : Process ( data center ) End user name: Fox Santander Bank – London (U.K.) Plant type : Data center central cooling system, ( hydronic type) Functions ensured by DeLclima equipments : Cooling, Total installed Cooling capacity: 10 MW Installed equipments: nr. 20 x air / water cooled chillers Project: is a diversified retail and commercial bank with around 15,000 branches. Focus : mission critical, reliability , high energy saving, low noise emission Solution: GLIDER, MANTA
GLIDER Air cooled chiller MANTA Water cooled chiller
25 CQ312 25 Relevant Projects Q3 ‘12 – RC GROUP
Application : Naval End user name : STX OVS-yards, Norway Plant type: Hydronic cooling system Functions ensured by DeLclima equipments : Cooling Total installed Cooling capacity : 3 MW STX Europe is an international shipbuilding group with a world leading position in the production of cruise ships, ferries, offshore Installed equipments: each ship is equipped with 2 or and other specialized vessels Europe in Romania, Norway, Brazil, more water cooled chillers with screw compressors, Singapore and Vietnam. Focus : mission critical, reliability , durability in the rough sea environment aboard a ship Solution: FRIGO SCREW in marine execution
FRIGOSCREW K Water cooled chillers
26 CQ312 26 Relevant Projects Q3 ‘12 – RC GROUP
Application : Retail End user : Moolman Plant type: Central Air Conditioning System, Functions ensured by DeLclima equipments : Cooling, Heating Total installed Cooling capacity: 1MW Project : The new Makro store, developed by The Moolman Group, is located on the western side of Bloemfontein and attracts Installed equipments: nr.1 x air cooled liquid chiller shoppers from all over the province and from neighboring Lesotho. nr.1 x air cooled heat pump liquid chiller Installation description: The reversible units heat pump/ chiller are the ideal solution for those applications where the air conditioning is needed all year long, cooling in summer and heating in winter Focus : minimize energy consumption and CO2 emissions , with zero Co2 at site Solution: GLIDER, GLIDER HP
GLIDER HP Air cooled reversible heat pump / chiller
27 CQ312 27 Relevant Projects Q3 ‘12 – RC GROUP
Application : Data centre & office buildings End user name : TELEKOM SERBIA, Bosnia & Herzegovina Plant type: High precision air conditioning system Functions ensured by DeLclima equipments : cooling fluid generation and temperature/ humidity control and ventilation inside the data center Telekom Srbija is a leading telecommunication company that provides a range of fixed line, mobile, and Internet services in Total installed Cooling capacity: 1,5 MW Serbia, Montenegro, Bosnia and Herzegovina. Installation description : The building hosts a large datacenter Installed equipments: n. 2 free-cooling chiller as well as office spaxe, The system is conceived for full reliability, n. 15 DX CRAC units high energy saving, low noise cooling of Belgrade data Centre & Offices. Focus : mission critical, reliability , energy saving, precision control of conditions inside the data center Solution: free cooling to minimize consumption in mild and cold ouside conditions
NEXT DX close control air conditioners
GLIDER FREE Free-cooling chillers
28 CQ312 28 Relevant Projects Q3 ‘12 – RC GROUP
Application : Telecommunications End user name : BH TELECOM, Bosnia & Herzegovina Plant type: High precision air conditioning system Total installed Cooling capacity: 280 kW Installed equipments: COOLSIDE EVO SYSTEM BH Telecom is a leading telecommunication company in Bosnia and Herzegovina. It was the first company in Bosnia and Herzegovina to provide GSM, 3G, IPTV, and other services. Installation description : cooling system for local telephone exchange Solution: COOLSIDE EVO DX + MCAI
MCAI Outdoor unit
COOLSIDE EVO Indoor unit
29 CQ312 29 Relevant Projects Q3 ‘12 – RC GROUP
Application: Data center End user name : BANCA D’ITALIA, Italy Plant type: High precision air conditioning system for high density Functions ensured by DeLclima equipments : temperature/ humidity control and ventilation inside the data center BANCA D’ITALIA installation is located in Palazzo Koch, in the Total installed Cooling capacity: 1,5 MW heart of Rome Installation description : the data processing division of Bank of Installed equipments: n. 20 COOLSIDE EVO CW Italy has been enhanced with high density tower servers. The indoor units COOLSIDE system is modular solution specific for high heat density spots. Focus : mission critical, reliability , cooling high density heat emission areas Solution: COOLSIDE SYSTEM
COOLSIDE EVO CW Indoor unit
30 CQ312 30 Relevant Projects Q3 ‘12 – RC GROUP
Application : multifunctional complex End user name : TONI ALEAR, Switzerland Plant type: Central Air Conditioning System Functions ensured by DeLclima equipments : Cooling, Total installed Cooling capacity: 3,5 MW Installed equipments: nr. 3 x FRIGO.TURBO FL 1140 Toni-Areal is a crucial part of the plan to breathe new urban life into Zürich West. It features spaces for cultural events, as well as apartments for the Zürich University of the Arts and the Zürich University of Applied Sciences. Focus : minimize energy consumptio , reliability , reduced maintenace Solution: water cooled chiller with magnetic levitation centrifugal compressor, with the highets seasonal efficiency
FRIGO TURBO FL Liquid chillers with turbo compressors
31 CQ312 31 Relevant Projects Q3 ‘12 – RC GROUP
Application : Data Center and offices buildings End user name : MINISTRY OF DEFENCE, Russia Plant type : Central air conditioning system and DX high precision air conditioning system Functions ensured by DeLclima equipments : cooling fluid generation and temperature/ humidity control and ventilation inside the data center Total installed Cooling capacity: 4 MW Cooling system for main ministry building in Moscow and in the other constructions located throughout the city. Installed equipments: nr. 12 MANTA A, MAXIMO PF, Installation description : Rc supplied the equipments both for NEXT DX, COOLSIDE EVO DX, MCAI cooling the office area as well for the Data Centre motoevaporating unit, nr. 1 free cooling chiller, nr. 4 dx Solution: free cooling to minimize consumption in mild and cold CRAC, nr. 2 precision cooling split system. outside conditions
MANTA A Motoevaporating unit
NEXT DX MAXIMO PF Direct expansion close Free-cooling chillers control air conditioners 32 CQ312 32 Important information
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