Q2 13 Results presentation. August 28, 2013

Transcription

1 Q2 13 Results presentation August 28, 2013

2 Q Highlights Weak market trend in Europe both in ICC&R and Radiators. Total Net Sales stable despite decrease in Radiators mainly attributable to Adeo. EBITDA slight decrease mainly due to Adeo. Strong Cash flow generation. 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

3 Q2 13 Sales breakdown and mix by Business Line Sales breakdown by business line Sales mix by business line M Q2 13 Q2 12 % % total Q2 13 Q2 12 Δ% ICC&R 80,3 78,0 2,9% Radiators 13,3 15,6 (14,8%) Total 93,6 93,6 - ICC&R 85,8% 83,3% +2,5 pp Radiators 14,2% 16,7% -2,5 pp Total 100,0% 100,0% ICC&R sales increase and Radiators decline. ICC&R weight on total sales is further increased. 2

4 Q2 13 ICC&R Sales Trend by Geography - Change % vs. Q2 12 M - Overall increase - Europe increase in Western and Northern, with Southern and Eastern decrease. - Asia increase with China stable. - ROW significant increase. M Q2 13 % tot QQ2 12 % tot Δ% Europe 60,5 75,3% 60,2 77,1% 0,4% Asia 15,6 19,4% 14,4 18,5% 8,2% RoW 4,2 5,3% 3,4 4,4% 24,0% Total 80,3 100,0% 78,0 100,0% 2,9% 3

5 Q2 '13 Consolidated Income Statement M Q2 '13 Q2 '12 % Net Sales 93,6 93,6 - Gross Margin 32,8 34,5 (4,9%) % 35,1% 36,9% -1,8 pp EBITDA 10,0 10,7 (6,1%) % 10,7% 11,4% -0,7 pp EBIT 7,5 8,0 (6,1%) % 8,0% 8,5% -0,5 pp Group Net Result 4,0 4,6 (11,2%) % 4,3% 4,9% -0,5 pp EPS Euro cents 2,7 3,0 (11,2%) 4

6 H Highlights Weak market trend in Europe both in ICC&R and Radiators. Total Net Sales slight decrease due to Radiators. EBITDA decrease mainly due to Radiators. Strong Cash flow generation despite Adeo Receivables. 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. 5

7 H1 13 Sales breakdown and mix by Business Line Sales breakdown by business line Sales mix by business line M HY 13 HY 12 Δ% % total HY 13 HY 12 Δ% ICC&R 140,7 137,7 2,2% Radiators 25,3 32,5 (22,3%) Total 166,0 170,2 (2,5%) ICC&R 84,8% 80,9% +3,9 pp Radiators 15,2% 19,1% -3,9 pp Total 100,0% 100,0% 6

8 H1 13 ICC&R Sales Trend by Geography - Change % vs. H1 12 M - Overall increase - Europe increase in all areas with Southern decrease. - Asia increase with China substantially stable. - ROW significant increase. M H1 13 % tot QH1 12 % tot Δ% Europe 104,2 74,0% 103,3 75,0% 0,9% Asia 28,7 20,4% 27,3 19,8% 5,3% RoW 7,8 5,6% 7,1 5,2% 10,0% Total 140,7 100,0% 137,7 100,0% 2,2% 7

9 H1 '13 Consolidated Income Statement M H1 '13 H1 '12 % Net Sales 166,0 170,2 (2,5%) Gross Margin 58,3 61,5 (5,3%) % 35,1% 36,2% -1,0 pp EBITDA 14,2 15,8 (10,3%) % 8,5% 9,3% -0,7 pp EBIT 9,2 10,6 (13,0%) % 5,5% 6,2% -0,7 pp Group Net Result 5,4 5,4 (0,9%) % 3,3% 3,2% +0,1 pp EPS Euro cents 3,6 3,6 (0,9%) 8

10 H1 EBITDA by business M Q2 '13 Q2 '12 % H1 '13 H1 '12 % ICC&R 12,3 11,9 3,6% 18,2 18,5 (1,8%) % sales 15,3% 15,2% +0,1 pp 12,9% 13,5% -0,5 pp Radiators (2,0) (0,8) n.a.% (2,5) (1,6) 56,2% % sales (14,8%) (4,9%) -9,8 pp (10,0%) (5,0%) -5,0 pp Corporate & elimination (0,3) (0,4) n.a.% (1,5) (1,1) n.a.% % sales n.a.% n.a.% - n.a.% n.a.% - Consolidated 10,0 10,7 (6,1%) 14,2 15,8 (10,3%) % 10,7% 11,4% -0,7 pp 8,5% 9,3% -0,7 pp 9

11 H1 '13 Net Working Capital trend M Jun '13 Dec '12 Jun '12 Jun 13/ 12 Trade Receivables (1) 72,6 77,0 80,2 (7,6) % on 12 months rolling sales 19,6% 20,5% 21,1% -1,5 pp Inventory 51,5 44,3 57,2 (5,7) % on 12 months rolling sales 13,9% 11,8% 15,0% -1,2 pp Trade Payables (92,6) (91,2) (94,5) 1,9 % on 12 months rolling sales (25,0%) (24,3%) (24,8%) +0,1 pp Net Operating Working Capital 31,5 30,1 42,9 (11,5) % on 12 months rolling sales 8,5% 8,0% 11,3% -2,8 pp Adeo TA Receivables 16,5 4,1 1,5 15,0 % on 12 months rolling sales 4,4% 1,1% 0,4% +4,1 pp Other short term assets / liabilities (17,4) (13,8) (19,5) 2,1 % on 12 months rolling sales (4,7%) (3,7%) (5,1%) +0,4 pp Net Working Capital 30,5 20,3 24,8 5,7 % on 12 months rolling sales 8,2% 5,4% 6,5% +1,7 pp (1) Excluding Adeo Receivables 10

12 June 13 Consolidated Balance Sheet M Jun '13 Jun '12 \ \ Jun'13 Jun '12 Net operating fixed assets 259,5 296,3 Net Debt 27,7 41,2 Trade receivables 89,1 81,7 Group Equity 261,0 278,7 Inventories 51,5 57,2 Minorities 1,9 1,8 Trade payables (92,6) (94,5) Shareholders Equity 262,9 280,5 Short term assets & liabilities (17,4) (19,5) Net Working Capital 30,5 24,8 Net financial assets 0,6 0,5 Net Capital Employed 290,6 321,7 Total Sources 290,6 321,7 11

13 Consolidated Cash Flow as of 6M M Q2 13 Q2 12 H1 '13 H1 '12 Net Debt beginning of period 42,0 55,1 24,5 46,1 EBITDA (A) 10,0 10,7 14,2 15,8 Taxes paid in the period (B) (2,4) (2,3) (2,2) (2,8) Change in provisions (C ) - 0,2 (0,6) (0,1) Consolidated Cash Flow Change in working capital (D1) 7,9 9,1 2,2 (1,3) Adeo impact on working capital (D2) 1,2 - (12,4) - Investment activities (E) (1,6) (2,3) (3,2) (3,7) Operating Cash Flow (A+B+C+D1+D2+E=F) 15,1 15,3 (2,0) 7,9 Equity investment (G) Changes in net equity and financial activities (H) (0,8) (1,4) (1,2) (3,0) Cash Flow for the period (F+G+H) 14,3 13,9 (3,2) 4,9 Net Debt end of period 27,7 41,2 27,7 41,2 Excluding Adeo overdue amount, Operating Cash Flow in H1 13 would be significantly higher than H

14 Net Debt Breakdown as of June 13 M Cash, bank Long-term financial liabilities 15,5 deposits and marketable (61,6) Short-term financial liabilities 73,7 securities Total Financial Liabilities 89,3 Net Debt : 27,7 13

15 Relevant Projects Q CLIMAVENETA Application: School & University End user name: POZNAN UNIVERSITY OF TECHNOLOGY POZNAN UNIVERSITY OF TECHNOLOGY FACULTY OF CHEMISTRY POZNAN - POLAND Plant type: Hydronic System Total installed Cooling capacity: 615 kw Installed equipments: nr 2x NECS/SL 2418 Project: The Faculty of Chemistry is one of the leading chemistry faculties in Poland and it is one of the fifteen faculties of Adam Mickiewicz University in Poznań. The consultants chose 2 outdoor unit for the production of chilled water with hermetic rotary scroll compressors, in super-low noise version, ensuring maximum acoustic comfort NECS Air cooled chiller with scroll compressors 14

16 Relevant Projects Q CLIMAVENETA Application: Airport End user name: WARSAW MODLIN AIRPORT Plant type: Hydronic System MODLIN AIRPORT MODLIN - POLAND Total installed Cooling capacity: 1060 kw Installed equipments: nr 2x NECS/SL 2015 Project: Two NECS/SL 2015 units for the new terminal at Modlin airport, Warsaw, already Ryanair and Wizzair Hub with more than transit passengers every year. Units will grant maximum comfort to the new terminal that will cover a total area of sqm. SL version, chosen for this project, will ensure also acoustic comfort to the building s users. NECS Air cooled chiller with scroll compressors 15

17 Relevant Projects Q CLIMAVENETA Application: Hotel & Resort End user name: Semarah Hotel Group Plant type: Hydronic System SEMARAH HOTEL LIELUPE JURMALA - LATVIA Total installed Cooling capacity: 452 kw Total installed Heating capacity: 559 kw Installed equipments: nr 1 x FOCS2-W/R/CA-E Project: Semarah Hotel Lielupe is located on one of the most privileged locations in Jurmala, just a few hundreds of meters away from Bulduri beach, one of the main beaches on the Baltic coast and within proximity to main Jurmala shopping and entertainment area. FOCS2-W/CA-E version was selected for its efficiency beyond the Eurovent Class A. The technological choices adopted assure the minimization of operating costs and therefore a quick payback time. FOCS2-W water cooled high efficiency chillers with screw compressors 16

18 Relevant Projects Q CLIMAVENETA Application: School & University End user name: Riga University Plant type: Hydronic System RIGA TECHNICAL UNIVERSITY RIGA - LATVIA Total installed Cooling capacity: 356 kw Installed equipments: nr 1 x NECS/D/B 1314 Project: The new building under construction will have six floors, 250 rooms with a total area of sqm. The building will meet the highest energy efficiency and renewable energy standards. The NECS chiller installed with partial condensing heat recovery function helps to keep the efficiency at the maximum level. NECS Air cooled chiller with scroll compressors 17

19 Relevant Projects Q CLIMAVENETA Application: Industrial Process End user name: JAGUAR LAND ROVER Plant type: Hydronic System JAGUAR LAND ROVER New Engine Plant WOLVERHAMPTON - UK Total installed Cooling capacity: kw Installed equipments: nr 4 x FX-FC/T nr 2 x FOCS2/K 2652 Project: Jaguar Land Rover has chosen i54 South Staffordshire site as its location for a new manufacturing plant that will include an engine testing centre alongside the manufacturing and assembly halls. The original design incorporated standard chillers with additional dry coolers to provide the free cooling. After consultation with the Climaveneta technical staff, the designers decided to change the specification to incorporate the free cooling within 4 of the chillers to provide a more cost effective and compact solution.. Both types of chillers were witnessed at the factory. FX-FC Air cooled chiller with Free Cooling function FOCS2/K Air cooled chiller with screw compressors 18

20 Relevant Projects Q CLIMAVENETA Application: Office Buildings End user name: Standard Life Plant type: Hydronic System STANDARD LIFE HQ EDINBURGH - UK Total installed Cooling capacity: kw Installed equipments: nr 6x TECS2 XL/CA 0452 Project: Standard Life is a long term savings and investment business, with headquarters in Edinburgh and operations across the globe. It is a public company with over 1.5 million shareholders in more than 50 countries and over 6 million customers. For the HQ in Edinburgh 6 new high efficiency TECS chillers replace Climaveneta SRAT chillers supplied in End user was very pleased with the reliability of Climaveneta chillers and wanted to replace them with latest top efficiency solutions. TECS2 High efficiency air cooled chiller with magnetic levitation compressor 19

21 Relevant Projects Q CLIMAVENETA Application: Industrial Process End user name: ROLLS ROYCE Plant type: Hydronic System ROLLS ROYCE NEWCASTLE - UK Total installed Cooling capacity: kw Installed equipments: nr 3 x FOCS2-K 6903 Project: Rolls Royce has started the construction of the new factory in Tyne and Wear. The new m 2 facility will manufacture advanced aerospace discs for aircraft engines. When fully operational, the facility will have capacity to manufacture over fan and turbine discs a year. They provide the power for a wide range of aircraft including the Boeing 787 Dreamliner, the Airbus A380 and the Eurofighter Typhoon. FOCS2/K Air cooled chiller with screw compressors 20

22 Relevant Projects Q CLIMAVENETA Application: Military End user name: ROYAL AIR FORCE Plant type: HPAC System RAF LOSSIEMOUTH - UK Project: RAF Lossiemouth is home to 2 operational squadrons of Tornado GR4s, No 12 (Bomber) Squadron and 617 Squadron, the famous Dambusters. It is also home to the Tornado GR4. The Stations day-to-day task is train and prepare for the projection of air power on operations world-wide. RAF Lossiemouth will become home to Typhoon aircraft in the next few years as the Tornado Force draws down and the Typhoon force grows. The key factor for the choice of Climaveneta HPAC solutions has been a strong focus on reliability and efficiency, delivered also thanks to inverter application. Total installed Cooling capacity: 300 kw Installed equipments: nr 6 x i-axu 50 Nr 6 x BRE 051 m HPAC ACCURATE i-ax Close Control Units, air cooled, direct expansion, with inverter compressors HPAC i-bre Remote condensers with axial-type fans 21

23 Relevant Projects Q CLIMAVENETA Application: Hotel & Resorts RIVER TOWN HOTEL BEIJING GUBEI - CHINA End user name: RIVER TOWN HOTEL Plant type: Hydronic System Total installed Cooling capacity: kw Total installed Heating capacity: kw Installed equipments: Project: High efficiency for low energy consumption around the year The multiuse units produce hot or cold water according to the selected operation mode. In the many instances when hot and cold water are required simultaneously, one is produced for free. Zero carbon emissions on site was crucial. nr 4 x air cooled multiuse units with screw compressors nr 6 x air cooled reversible heat pumps nr 16x air cooled multiuse units with scroll compressors RECS Air cooled reversible unit in heat pump mode ERACS2-Q Air cooled multiuse unit for 4-pipe systems with screw compressors NECS-Q Air cooled multiuse unit for 4-pipe systems with scroll compressors 22

24 Relevant Projects Q CLIMAVENETA Application: Hotel & Resorts End user name: CHINESE ACADEMY SCIENCES Plant type: Hydronic System SHANGHAI INSTITUTE OF TECHNICAL PHYSICS SHANGHAI - CHINA Project: The Shanghai Institute of Technical Physics of the Chinese Academy of Sciences was set up in It is a research and applied research institute with focus on infrared physics and on the development and application of optic-electronic technologies. The institute integrates the research on engineering technology with the high-tech industrialization. Total installed Cooling capacity: kw Total installed Heating capacity: kw Installed equipments: nr 3 x air cooled multiuse units with screw compressors nr 3 x air cooled reversible heat pumps RECS Air cooled reversible unit in heat pump mode ERACS2-Q Air cooled multiuse unit for 4-pipe systems with screw compressors 23

25 Relevant Projects Q CLIMAVENETA Application: Hospital End user name: ANHUI PROVINCIAL HOSPITAL Plant type: Hydronic System ANHUI PROVINCIAL HOSPITAL HEFEI - CHINA Project: Anhui Provincial Hospital covers an area of square meters. With its strong technical force, medical treatments, teaching, research, prevention, care, rehabilitation and first aid activities is one of the provincial large-scale integrated hospitals in Hefei. Focus on renewable energy and efficiency thanks to heat recovery in cooling mode. Total installed Cooling capacity: kw Total installed Heating capacity: kw Installed equipments: nr 4 x air cooled heat pumps with total heat recovery and screw compressors nr 1 x air cooled heat pump with screw commpressors FOCS-NR Reversible air cooled unit with total heat recovery FOCS-N Air cooled reversible units with screw compressors 24

26 Relevant Projects Q CLIMAVENETA Application: Industrial Process - Automotive End user name: HELLA Auto-Lighting Co. Plant type: Hydronic System HELLA AUTO-LIGHTING JIAXING - CHINA Project: This is the 7 th plant that HELLA invested in China, and it will become the company s largest production base locally, covering an area of sqm. Hella is among the world s leading auto suppliers and innovators for lighting and electronic components and systems for the automotive industry. Total installed Cooling capacity: kw Total air volume: 1.84 mil m3/h Installed equipments: nr 8 x air cooled chillers with screw compressors nr 22 x air handling units FOCS2/K Air cooled chiller with screw compressors WIZARD Air Handling Units 25

27 Relevant Projects Q CLIMAVENETA Application: Industrial Process End user name: RISE N SHINE BIOTECH Plant type: Hydronic System RISE N SHINE BIOTECH THEUR - INDIA Total installed Cooling capacity: 1434 kw Installed equipments: nr 3 x FOCS2-CA 2202 Project: The company is in the business of Floriculture and Horticulture. They require chillers for their Biotech Lab where they carry out very high end research on plants. FOCS2/CA Air cooled high efficiency chiller with screw compressors 26

28 Relevant Projects Q CLIMAVENETA Application: Congress Centre End user name: EUR SpA Plant type: Hydronic System LA NUVOLA CONGRESS CENTRE ROME -ITALY Project: The new convention centre in the famous EUR district Rome, designed by archistar Fuksas, is a building of exceptional artistic value and is characterized by innovative features and the use of technologically advanced materials. Numerous options have been employed to reduce the energy consumption by using renewable energy sources and ecointelligent architecture. Manager 3000 was selected as control device to manage the plant room. Total installed Cooling capacity: kw Total installed Heating capacity: kw Installed equipments: nr 5 x ERACS2-WQ 3202 nr 2 x FOCS2-W/CA x MANAGER 3000 FOCS2-W water cooled high efficiency chillers with screw compressors ERACS2-WQ Water cooled multiuse unit for 4-pipe systems with screw compressors MANAGER 3000 Group regulation device 27

29 Relevant Projects Q CLIMAVENETA Application: Data Center End user name: VODAFONE Plant type: HPAC System Total installed Cooling capacity: 510 kw VODAFONE DATACENTER BARI- ITALIA Installed equipments: nr 9 x i-ax 50 nr 2 x i-ax 29 Project: It concerns the installation of a new air conditioning system for the server room of the Vodafone data center in Bari Italy. In this mission critical application, the malfunctioning of the air conditioning system can cause a blockage of the equipment and disruptions in phone/data services. Vodafone is a repeat customer for Climaveneta ACCURATE units. For this site the best performing version was selected to ensure highest efficiency, thanks to inverter technology. HPAC ACCURATE i-ax Close Control Units, air cooled, direct expansion, with inverter compressors HPAC i-bre Remote condensers with axial-type fans 28

30 Relevant Projects Q2 13 RC Application: Data Center End user name: HP, Inverno (Italy) Plant type: Precision air conditioners, Heat pump liquid chiller Functions ensured by DeLclima equipments: Cooling Project: HP realized one of the more largest in Europe and sophisticated versions of Data Center. It s is a compartmentalized building, designed to house and manage a large number of equipment, computing infrastructure and the data they contain, to ensure their physical safety and management. Focus: precision air conditioning, reliability, energy saving, low noise Solution: GLIDER HP, NEXT DX U Total installed Cooling capacity: 734 kw Installed equipments: nr. 10 x precision air conditioners, nr. 1 x heat pump liquid chiller NEXT DX U Precision air conditioners with downflow air delivery GLIDER HP Heat pump air conditioners CQ213 29

31 Relevant Projects Q2 13 RC Application: Data Center End user name: RAI, SAXA RUBRA (Italy) Plant type: HPAC Functions ensured by DeLclima equipments: Cooling Total installed Cooling capacity: 160 kw Project: Rai Saxa Rubra is the home of the television news TG1, TG2, TG3, of Rai International and of RAI TV production center. Installed equipments: nr. 4 x precision air conditioners Focus: High energy saving, Low noise, reliability Solution: NEXT EVO INV NEXT EVO INV U Close control air conditioners with downflow air delivery equipped with inverter driven scroll compressors TEAM MATE Remote air cooled condensers equipped with axial fans CQ213 30

32 Relevant Projects Q2 13 RC Application: Office buildings End user name: Tour Miroir, Paris - FRANCE Plant type: water cooled chiller with magnetic levitation centrifugal compressors Functions ensured by DeLclima equipments: Comfort Cooling Total installed Cooling capacity: 1,5 MW Project: Les Miroirs marked a turning point in the architecture of La Défense. It is the first office complex of the so-called third generation. Les Miroirs consists of 8 connected parts surrounding a central square. In the middle cylinders decorated by Deverne emerge from a pond located below the buildings. Focus: top yearly efficiency, reduced CO 2 emission, quiet operation Solution: FRIGO.TURBO FL Installed equipments: nr. 3 x water cooled liquid chiller with oil-free centrifugal compressors and flooded evaporator FRIGO TURBO FL Liquid chillers with turbo compressors CQ213 31

33 Relevant Projects Q2 13 RC Application: Commercial Building End user name: MC DONALD S ITALIA, Messina ITALY Plant type: Heat pump air/water liquid chiller Functions ensured by DeLclima equipments: Comfort Heating / Cooling Total installed Cooling capacity: 195 kw Project: McDonald s, one of the greatest brand in fast-food restoration, opens a new restaurant in Italy, in Messina. Focus: low noise, comfort heating and cooling Solution: REVERSO PF Installed equipments: nr. 1 x heat pump air/water liquid chiller INTEGRATED PUMPING GROUP REVERSO PF Packaged heat pump air / water liquid chiller for indoor installation CQ213 32

34 Relevant Projects Q2 13 RC Application: Data Center End user name: TELECOM, Cesano Maderno (MI) - ITALY Plant type: Hydronic Functions ensured by DeLclima equipments: Cooling Total installed Cooling capacity: 1,2 MW Project: The new Telecom Italia Data Center located in Cesano Maderno increase the Telecom Italia Data Center infrastructure that is now composed by seven physical sites distributed on the national territory. Focus: top yearly energy saving, low noise, reliability Solution: UNICO TURBO FL Installed equipments: nr. 1 x air cooled liquid chiller equipped with magnetic levitation centrifugal compressors TURBO COMPRESSOR UNICO TURBO FL Air cooled chiller with centrifugal compressors CQ213 5

35 Relevant Projects Q2 13 RC Application: Research laboratory End user name: BONN UNIVERSITY, Bonn GERMANY Plant type: Hydronic Functions ensured by DeLclima equipments: Comfort Cooling Total installed Cooling capacity: 1 MW Project: The University of Bonn is one of the world's leading research based Universities founded almost 200 years ago that proudly maintains partnerships with 56 universities in Europe, America, Asia and Australia. Installed equipments: nr. 2 x water cooled liquid chiller with oil-free centrifugal compressors and flooded evaporator Focus: top yearly efficiency, operating reliability, reduced CO 2 emission, quiet operation Solution: FRIGO.TURBO FL FRIGO TURBO FL Liquid chillers with turbo compressors CQ213 34

36 Relevant Projects Q2 13 RC Application: Winery Process Cooling End user name: Albino Armani Winery, Dolcè (VR) ITALY Plant type: Hydronic Functions ensured by DeLclima equipments: Cooling Total installed Cooling capacity: 430kW Project: Albino Armani Winery, located in Verona, since 1962 produces high quality wine. The winery is founded on a tradition of four hundred years amidst the grapevines and experiencing passion for wine. Focus: high energy saving, reliability Solution: PYXIS CLA Installed equipments: nr.1 air cooled liquid chiller equipped with scroll compressors and microchannel condensing coils PYXIS CLA Air cooled liquid chiller CQ213 35

37 Relevant Projects Q2 13 RC Application: Office Buildings End user name: METROSTAV Prague (CZECH REP) Plant type: Hydronic Functions ensured by DeLclima equipments: Comfort Cooling Total installed Cooling capacity: 1,7 MW Project: The new office complex Palmovka Park II in Prague, designed by architect Josef Pleskot, consists of three building shaped as rounded triangle. The office center will be also the new headquarter of construction company Metrostav. Focus: High energy efficiency, reduced operating costs Solution: GLIDER FREE, MANTA Installed equipments: nr.2 x air cooled free cooling chillers, nr. 1 water cooled chiller GLIDER FREE Free cooled chillers MANTA Water cooled chiller CQ213 36

38 Relevant Projects Q2 13 RC Application: Comfort End user name: Università Bocconi Milan ITALY Plant type: Heat pump air/water liquid chiller Functions ensured by DeLclima equipments: Comfort heating / cooling Total installed Cooling capacity: 600 kw Project: Bocconi is an internationally oriented institution in business, economics, and law. It has close relations with major corporations and international agencies and constantly interacts with the business and economic environment to assess new issues, implement new techniques, and start new research endeavors. Focus: energy saving, easy installation operations Solution: REVERSO Installed equipments: nr. 4 x air cooled heat pump chillers REVERSO Air cooled heat pump liquid chiller CQ213 37

39 New Products Q CLIMAVENETA WSM Reversible air cooled fully configurable and high efficiency rooftop units Maximum Flessibility Very High Reliability Exclusive Refrigerant Booster heat recovery High Versatility 38

40 New Products Q CLIMAVENETA AW(R)- HT Premium efficiency and high temperature heat pumps (reverse-cycle) with hot water production up to 65 C for space heating and domestic hot water Two independent circuits for all sizes System to prevent formation of ice on the coil, ensuring shorter and more efficient defrosts. 39

41 Fairs and events Q CLIMAVENETA Uruguay Italy France China 11-13th June 2013 Montevideo - Uruguay 30th May 2013 Milan - Italy 11th June 2013 Paris - France April 2013 Shanghai - China Malaysia 21th May 2013 Kuala Lumpur - Malaysia 40

42 Fairs and events Q1 13 -RC FRANCE ITALY 11th June Paris, Le Palais des congrès France TUNISIA 30th May Milan, Mariott Hotel Italy POLAND 4th June Warsaw, Sheraton Warsaw Hotel, Poland MOROCCO 10-13th April Tunisi - Tunisie 3-6th April 2013 Casablanca - Morocco CQ213 41

43 Technical Meetings Q RC ITALY ITALY Technical meeting: «How to save energy in data center» 13th June 2013 Turin - Italy Technical meeting: «Refrigerant systems: New technology and energy savings» 5th April 2013 Verona - Italy ITALY ITALY Technical meeting: «Refrigerant systems: New technology and energy savings» Technical meeting: «Refrigerant systems: New technology and energy savings» 17th May 2013 Florence - Italy 22th May 2013 Naples - Italy CQ213 42

44 Important information Disclaimer This document has been prepared in accordance with Italian law and may not be distributed, either directly or indirectly, in any other jurisdiction, in particular Australia, Japan, Canada or the United States of America or other country in which issue of the securities described in this document and the communication of the same are not permitted without specific authorization from the relevant authorities. Distribution of this document in any jurisdiction outside of Italy may be subject to specific regulatory requirements and restrictions. Any person coming into possession of this document should inform themselves of and comply with any such regulatory requirements or restrictions. The securities referred to in this presentation are to be issued in relation to the demerger described herein and have not been, nor is it intended that they will be, registered pursuant to the United States Securities Act of Consequently, they may not be offered or sold, either directly or indirectly, in the United States of America except by special exemption. No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by DeLclima S.p.A. and/or by any companies controlled directly or indirectly DeLclima S.p.A.., nor by any of their respective directors, managers, officials, clerical staff, agents or consultants, as to the accuracy or completeness of the information contained in this presentation. No part of this presentation constitutes, or shall be taken to constitute, an invitation or inducement to invest in DeLclima S.p.A. in any jurisdiction in which registration or qualification of such securities is required under applicable law. Forward-Looking Statements This document contains certain forward-looking statements relating to DeLclima S.p.A.. These statements are not historical fact and are based on current estimates and projections made: (i) by the companies party to the demerger concerning future events and, (ii) by third companies not belonging to the DeLclima group; by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, such as: volatility of commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, changes in government regulation (in Italy or abroad), and many other factors, most of which are outside of the control of the companies party to the demerger.