HY 15 Results presentation. August 27, 2015

Transcription

1 HY 15 Results presentation August 27, 2015

2 HY 15 - Highlights Sales increase by 6,9%. EBITDA increase by 7,8%. Cash Flow from the business 12,6 M vs 8,5 M Dismissal of Radiators business activities are progressing. 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. 1

3 HY 15 Sales Trend by Geography -Change % vs. HY 14 M - Overall increase. - Asia significant increase. - Europe increase with growth inwestandnorth;southand East decrease. - RoW decrease. M HY 15 % tot HY 14 % tot Δ% Europe 109,5 63,1% 107,1 65,9% 2,2% Asia 56,3 32,4% 46,6 28,7% 20,7% RoW 7,9 4,5% 8,7 5,4% (9,9%) Total 173,6 100,0% 162,4 100,0% 6,9% Revenues are reported under the ship-to method. 2

4 HY 15 EBITDA by operating segments M HY '15 HY '14 Δ% - EBITDA growth in all geographies. - Corporate costs stable despite additional accruals for Phantom Stock Option. Europe 16,2 15,5 4,9% % sales 12,6% 12,2% +0,4 pp Asia 6,0 5,5 10,2% % sales 12,5% 13,7% -1,3 pp Corporate (2,0) (2,0) (1,2%) % sales n.a.% n.a.% n.a.% Eliminations - (0,1) n.a.% % sales n.a.% n.a.% n.a.% Consolidated 20,3 18,9 7,8% % 11,7% 11,6% +0,1 pp Figures are reported under the invoice-from method. 3

5 HY 15 Consolidated Income Statement M HY 15 HY 14 Δ% Net Sales 173,6 162,4 6,9% EBITDA 20,3 18,9 7,8% % on sales 11,7% 11,6% +0,1 pp EBIT 16,7 15,6 6,8% % on sales 9,6% 9,6% 0 pp Group Net Result 8,4 7,9 6,0% % on sales 4,8% 4,9% -0,1 pp EPS Euro cents 5,6 5,3 6,0% Excluding the discontinuation and the Put & Call effects, 2015 Net Profit pertaining to Group would have been 9,5 M and 2014 Net Profit pertaining togroupwouldhavebeen8,6 M(2015Growth+10,4%vs2014). 4

6 Discontinued Operations M HY '15 HY '14 Δ% Net Sales 32,3 28,5 13,3% EBITDA 5,6 (1,4) n.a.% % on sales 17,3% (4,8%) +22,1 pp EBIT - pre writedowns 4,7 (3,3) n.a.% % on sales 14,6% (11,8%) +26,3 pp Net Result - pre writedowns 2,8 (2,8) n.a.% % on sales 8,7% (9,9%) +18,7 pp Writedowns (1,6) (0,1) n.a.% % on sales (5,1%) (0,5%) -4,6 pp EBIT 3,1 (3,5) n.a.% % on sales 9,5% (12,3%) +21,8 pp Net Result 1,2 (3,0) n.a.% % on sales 3,7% (10,4%) +14,1 pp 7,0 M insurance reimbursement cashed in July ,7 Msaleofthebusinesscostaccrued. Writedown due to the estimated difference between Sale Price and carrying amount. 5

7 June 15 Net Working Capital trend M Jun'15 Dec'14 Jun'14 (*) Δ Jun 15 Dec 14 Δ Jun '15/ 14 HY 15 Vs HY 14 - NOWC as percentage of revenues overall increase due to TA Receivables. - TA Receivables increase due to Chinese market liquidity restriction. Trade Receivables 87,3 82,8 78,5 4,5 8,8 % on 12 months rolling sales 24,3% 23,8% 23,5% +0,5 pp +0,8 pp Inventory 39,2 32,6 37,5 6,7 1,7 % on 12 months rolling sales 10,9% 9,4% 11,2% +1,6 pp -0,3 pp Trade Payables (87,8) (83,5) (83,5) (4,2) (4,3) % on 12 months rolling sales (24,5%) (24,0%) (25,0%) -0,4 pp +0,5 pp Net Operating Working Capital 38,7 31,8 32,5 6,9 6,2 % on 12 months rolling sales 10,8% 9,1% 9,7% +1,6 pp +1,1 pp Other short term assets / liabilities (26,1) (21,2) (20,6) (4,9) (5,5) % on 12 months rolling sales (7,3%) (6,1%) (6,2%) -1,2 pp -1,1 pp Net Working Capital 12,6 10,5 11,9 2,1 0,7 % on 12 months rolling sales 3,5% 3,0% 3,6% +0,5 pp 0 pp (*) The2014JunefiguresrelatetoContinuingOperations. 6

8 June 15 Consolidated Balance Sheet M Jun 15 Jun 14 Jun'15 Jun 14 Net operating fixed assets 214,9 207,8 Trade receivables 87,3 78,5 Net debt (cash) -Continuing Operations Net Debt (cash)- Discontinued Operations (6,7) (0,8) 2,5 6,8 Inventories 39,2 37,5 Group Equity 217,6 247,3 Trade payables (87,8) (83,5) Minorities 35,4 27,3 Short term assets & liabilities (26,1) (20,6) Shareholders Equity 252,9 274,6 Net Working Capital 12,6 11,9 Net financial assets 1,1 0,7 Net Capital Employed -Continuing Operations 228,6 220,3 Net Capital Employed -Discontinued Operations 20,2 60,3 Total Net Capital Employed 248,8 280,6 Total Sources 248,8 280, and 2014 figures consider the Radiators business under the Discontinued Operations line. 7

9 Consolidated Cash Flow of HY M 6M 15 6M 14 Net Debt beginning of period (13,9) (0,1) EBITDA (A) 20,3 18,9 Change in TA Receivables (b1) (0,5) (3,1) Change in Inventory(b2) (5,4) (3,2) Change in TA Payables(b3) 0,8 4,9 Change in NOWC (B)(b1+b2+b3) (6,9) (1,4) Change in other current assets/liabilities (C) 3,5 (5,0) Investment activities(d) (5,1) (2,4) Change in provisions (E) 0,5 0,2 Taxes paid in the period (F) (2,9) (1,8) Operating Cash Flow (A+B+C+D+E+F=G) 9,4 8,5 Financial Items(H) (0,5) (0,3) Change in Equity (J) 3,7 0,3 Cash Flow from the business (G+H+I=J) 12,6 8,5 Put & Call revaluation (K) (0,9) - Dividends distribution(l) (8,7) - Discontinuation effect(m) (10,2) (3,4) Change in consolidation perimeter(n) - (4,4) Cash Flow for the period (J+K+L+M+N =O ) (7,2) 0,7 Net Debt end of period (6,7) (0,8) 8

10 Net Debt Breakdown as of June 15 M Jun 15 Dec 14 Jun 14 Net Debt (Cash) (6,7) (13,9) (0,8) of which: -positions with bank and other financial payables -fair value of derivative financial instruments and options/payables for investments (16,4) (22,8) (6,0) 9,7 8,9 5,2 9

11 Relevant Projects Q CLIMAVENETA Application: Office New Build End user: Botswana Innovation Hub BOTSWANA INNOVATION HUB GABORONE - BOTSWANA DeLclimahas supplied the air conditioning units to Innovation Hub in Botswana for a total order value ofeuro The Botswana Innovation Hub is located on a 57 hectares site in Gaborone. The building and its systems have been designed to save energy and be as efficient as possible at the same time providing maximum comfort. The building design incorporates large overhangs to passively shade the building s interior volumes, mechanisms to collect and re-use water, and photovoltaic systems to harness solar energy. The 4 pipes HVAC system is based on 3 INTEGRA multipurpose ERACS2-Q and 1 high efficiency air cooled chilleri-fx (1+i). The entire plant room is managed and optimized by ClimaPRO, all supplied by Climaveneta. Maximum yearly efficiency and reliability are ensured without any compromise on comfort. Plant type: Hydronic System Total installed Cooling capacity: 2112 kw Total installed Heating capacity: 2283 kw Installed equipment: 3x ERACS2-Q XL-CA 2722 i-fx (1+i) CA x ClimaPRO i-fx (1 + i) Air cooled chillerwith fixed speed and variable speed screw compressors ERACS2-Q Air cooled multipurpose unit for 4-pipe systems with screw compressors ClimaPRO Chiller Plant Control with Active Optimization System 10

12 Relevant Projects Q CLIMAVENETA Application: Office New Build BNL ROMA TIBURTINA NEW HEADQUARTERS ROME -ITALY The new BNL Headquarters, designed by 5+1AA Alfonso FemiaGianlucaPeluffo, is located near the Rome Tiburtinahigh speed railroad station. The building sqmincluding underground is centered around employees well being. It will provide ergonomic workplacesand a vast range of facilities for employees, including: gym, service center, nursery school, restaurants. BNL Rome Tiburtina fits well in the urban context where the building is located, and combines the values of environmental,economical and social sustainability. To satisfy with utmost efficiency the heating and cooling needs of the buildings the HVAC designer selected 5 DeLclimaINTEGRA multiuse ERACS2-Q units, 4 of which equipped with+2p MODULE (a patented solution with 2 additional pipes for hot water for domestic use at temperatures up to 80 C) and 1 Super Low noise version, Class A Efficiency FOCS2 chiller. End user: BNL BNP PARIBAS Plant type: Hydronic System Total installed Cooling capacity: 5036 kw Total installed Heating capacity: 4130 kw Installed equipment: 4x ERACS2-Q/SL-CA P MODULE 1x ERACS2-Q/SL-CA x FOCS2/SL-CA 3902 ERACS2-Q Air cooled multipurpose unit for 4-pipe systems with screw compressors FOCS2/CA High efficiency air cooled chiller with screw compressors 11

13 Relevant Projects Q CLIMAVENETA Application: Healthcare & Hospital, Datacenter New Build End user: AUBMC AMERICAN UNIVERSITY OF BEIRUT MEDICAL CENTER BEIRUT - LEBANON Part of the American University of Beirut Medical Center, the nuclear Cyclotron PET Center laboratory is the first in Lebanon and is air conditioned by high efficiency DeLclimaunits. 2NX-LN air source chillers and 4 WIZARD air handling units, all supplied by Climaveneta, grant perfect comfort and air purity to the patients, with proven reliability. American University of Beirut Medical Center is equipped with its own Data Center to manage and store the great number of records and medical data of all patients. In the server room humidity, temperature and filtration are ensured by 2 DeLclimaclose control units AXU. Plant type: Hydronic System Total installed Cooling capacity: 650 kw Installed equipment: 2x NX-LN 1114T 4x WIZARD Air Handling Units 2x AXU 15 NX-LN Air cooled chiller with Scroll compressors WIZARD Air Handling Units ACCURATE AX Close Control Units 12

14 Relevant Projects Q2 15 RC GROUP Application: Hotel Revamping/Upgrading End user: HOLIDAY INN Plant type: Hydronic System HOLIDAY INN HOTEL NAPLES - ITALY Total installed Cooling capacity: 0,7 MW Installed equipment: 2x PYXIS 340 P4 D VT3 Holiday Inn Naples is a prestigious hotel located in the heart of the modern business district. RC Group has upgraded the existing air conditioning system of the hotel through the substitution of three old chillers equipped with piston compressors with two new PYXIS with rotary scroll compressors. The new units are significantly more efficient and on top are equipped with a heat recovery system. Focus: energy saving, higher reliability, partial heat recovery system. PYXIS Air cooled liquid chillers with scroll compressors and microchannel condensing coils 13

15 Relevant Projects Q2 15 RC GROUP Application: Retail Revamping/upgrading End user: EPPING PLAZA Plant type:hydronicsystem 4 pipe type PACIFIC EPPING MELBOURNE - AUSTRALIA Pacific Epping under one roof houses more than 230 stores and 3 quality supermarkets. The RC Group units provide higher capacity to match the increased demand, at the same time reducing overall consumption thanks to a much higher efficiency level and by providing free heating or free cooling according to the season. IDEA dynamic control of defrosting cycle further increases efficiency in the heat pump mode. Total installed Cooling capacity: 1,8 MW Total installed heating capacity: 2,0 MW Installed equipments: 2x MULTIPLO SCREW 920 V2 U12 Focus: energy saving. MULTIPLO SCREW Multifunction chillers equipped with screw compressors and axial fans. 14

16 Relevant Projects Q2 15 RC GROUP Application: IT Cooling New build End user: DTU Risø campus TECHNICAL UNIVERSITY OF DENMARK ROSKILDE - DENMARK Total installed Cooling capacity: 1 MW Installed equipment: FRIGO TURBO FLG930 T3 SP. New Super Computer at DTU (Technical University of Denmark) Risøcampus in Roskilde, Denmark. FRIGO TURBO FLG is oil free and uses HFO gas 1234ze with a Global Warming Potential as low as 6, that is 400 times lower than the maximum GWP 2500 allowed by EU FGAS regulation up to These features combined with the incomparably superior efficiency of FRIGO TURBO FLG represent the very best in eco sustainability for data centercooling. Focus:. Green refrigerant, with Lowest GWP< 6. Highest energy efficiency, low noise emission. PICTURE OF THE BUILDING??? FRIGO TURBO FLG Water cooled liquid chillers in A class energy efficiency with centrifugal compressors. Refrigerant charge HFO1234ze ENIA ARCHITECTES 15

17 New Products Q CLIMAVENETA Heat Pump Technology EW-HT: THE WATER SOURCE HEAT PUMP FOR VERY HIGH TEMPERATURE WATER PRODUCTION The special heat pump designed to heat water at a very high temperature (up to 78 C), using medium temperature water as a source to deliver: One unit for many applications Hot water production up to 78 C Low primary energy consumption Strong plant simplification Reduced dimensions High performance also at part loads: COP = 4,2 (hot water production 70/78 C *) COP = 6,0 (hot water production 60/65 C *) Residential / commercial Ideal in existing buildings for replacing boilers with a high efficiency heat pump, when the system was designed for high temperature, typically in radiators based distribution system IT Cooling Ideal to recover the rejection heat generated by data center cooling system and turn it into high temperature water for heating requirements of buildings located nearby. No need for: Gas network connection oversized electric connections electric heaters Industrial process Ideal in industrial processes needing heating besides cooling. EW-HT recovers waste heat from cooling, turning it into high temperature hot water and making it available for other processes. 16

18 New Products Q2 15 RC GROUP Chiller Technology The new complete chiller range leading the go-green evolution in HVAC combing : Green refrigerant gas GWP < times lower than the maximum allowed by EU FGAS regulation up to Magnetic levitation Oil free Inverter driven Compressor RANGE OVERVIEW Best available technical solutions UNICO TURBO FLG UNICO TURBO FLG FREE FRIGO TURBO FLG Air cooled liquid chillers kw Free-coolingliquid chillers kw Water cooled liquid chillers kw Comfort applications Data Center applications Comfort and Data Center applications 17

19 New Products Q2 15 RC GROUP IT Cooling X TYPE SYSTEM X TYPE represents best available technology in precision air conditioning systems for green data centers. It is based on the smart integration of specifically designed innovative chillers and indoor units, managed by COOL NET and sequencer control systems. Energy analysis on a London based data center demonstrate that X TYPE system with UNICO TURBO FLGX free-cooling chiller can achieve PUE (Power Utilization Efficiency) levels as low as 1,15, b est in class and with no water consumption. Power supply 25 C 35 C Power supply X TYPE CRAC UNIT kw Close control air conditioners for chilled water feeding with down-flow air delivery Operation with DT10 C water temperature returning at 35 X type heat exchangers Variable air and water flow High filtration TIER IV ORIENTED DESIGN: Double power supply Double CHW source 2 x cooling perfectly balanced circuits 18 C 28 C CFD Analysis proving perfect temperature distribution 18

20 Exhibitions and Events Q CLIMAVENETA LADM 2015 Latin America Distibutors Meeting REbuild Habitech Distretto Tecnologico Trentino BATIMATEC EXPO April 21-24th 2015 Buenos Aires Jun th Riva del Garda May 3 7 th Algiers DCD CONVERGED Apr 28 th Jakarta Climaveneta@ CLIMEXPO CLIMEXPO TUNIS IRHACE Institute of Refrigeration, Heating & Air conditioning engineers of New Zealand Trade Exhibition & International Industry Conference Apr 8 11 th Tunis May 8 th Christchurch 19

21 Exhibitions and Events Q2 15 RC GROUP ACQUA TERM «DATACENTER EXPO» April 1st-2nd, CNIT Paris La defence - France May 12-15th, 2015 Kiev - Ukraine SEMINARS Novara, Italy Apr 17 th Ancona, Italy Apr 23 th Rome, Italy May 21 th Naples, Italy May 22 th «Refrigerant systems: New technology and energy savings» AIRAH TRADE NIGHT IN PERTH May 28th, 2015 Perth, Australia 20

22 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.