zignago vetro group presentati… · huta szkla czechy wide range of personalised products for...
Post on 23-Jun-2020
1 Views
Preview:
TRANSCRIPT
Zignago Vetro Group
Company Overview
March 2014
2
Zignago Holding Group Structure
65%
Santa Margherita S.p.A.
Wine producer
35%
100%
100%
Real estate
Zignago Power S.r.l.
Electricity producer
100%
Verreries Brosse
53,1 mln Euro
Vetri Speciali
129,7 mln Euro (*)
100% 50% 30%
Vetreco
1,4 mln Euro (*)
2013 figures
(*) figures referred to 100%
Zignago Holding S.p.A.
(MARZOTTO FAMILY)
Huta Szkla Czechy
20,2 mln Euro
Zignago Vetro SpA
161,9 mln Euro
100%
Zignago Immobiliare S.r.l.
FREE FLOAT on the
ITALIAN STOCK EXCHANGE(since 2007)
3
Milestones
1950's Industrie Zignago Santa margherita ("IZSM") builds its first glass production plant (jars and bottles)
1979 IZSM establishes Zignago Vetro S.p.A. conferring its glass production plants
1987 Zignago Vetro acquires a plant in Empoli from an insolvency proceeding
1994-95IZSM establishes Attività Industriali Friuli s.r.l. (51% owned) which acquires a plant from an insolvency proceeding
2002 Zignago Vetro acquires the assets of Verreries Brosse S.A.S. from an insolvency proceeding
2004IZSM transfers its stakes in Attività Industriali Friuli and Vetrerie Venete ti newly formed Vetri Speciali
2006 Zignago Vetro acquires the 43.5% stacke in Vetri Speciali from IZSM
2006 IZSM sells its 100% stacke in Zignago Vetro to Zignago Holding
2007 Zignago Vetro becames a Listed Company in the Italian Stock Exchange (STAR Segment)
2009 Zignago Vetro acquires the 6.5% of Vetri Speciali
2010Zignago Vetro establishes Vetreco Srl, a joint venture with Saint Gobain Vetri SpA and Ardagh Glass Srl for the treatment of recicled glass, subscribing 30% stacke
2011 Zignago Vetro acquires 79% share of Huta Szkla Czechy
2012 Zignago Vetro acquires an additional 20% share of Huta Szkla Czechy
2013 Production starting in Vetreco plant
4
Competitive StrengthsMain FeaturesProducts2013 (€m)
Our Presence in Selected Business Segments
� Personalization
� Small-run production
Vetri SpecialiHighly customized specialty glass containers produced in very short runs with strong focus on efficiency
Sales €64,9m (50%)
� Innovation
� QualityVerreries Brosse
Extraordinary high-quality, tailor-made product offering and efficiency
Focus on high-end perfumery market
Sales €53,1m
Zignago Vetro � Flexibility
Flexibility, efficiency and technical know-how key for success
Focus on selected segments of food & beverage and cosmetics & perfumery
� QualitySales €161,9m
Food & Beverage
Cosmetics & Perfumery
Luxury
Perfumery
Market segment
� Personalization
� Small-run production
Huta Szkla CzechyWide range of personalised products for niches of the global market of glass containers for cosmetics and perfumery, and for food and beverages.
Sales €20,2m
Specialty Containers
Food & Beverage
Cosmetics & Perf.
5
International Presence with an Italian Footprint
Legend:
Production and distribution DistributionProductionZignago Vetro Verreries Brosse Vetri Speciali
New Jersey, USAEmpoli (FI)
Fossalta di Portogruaro (VE)
Barcelona, Spain
San Vito al Tagliamento (PN)
Ormelle (TV)Trento
Pergine Valsugana (TN)
Vieux Rouen sur Bresle, France
Paris, France
Trabki, Poland
Huta Szkla Czechy
Frosinone
Vetreco
6
What Makes Us Different?
Outperform market growth
Maximise ROCE & profitability
Competitive advantage
Unique positioning and economic returns thanks to a distinctive business model
7
93%20%Vetri Speciali
94%53%Verreries Brosse
94%15%Zignago Vetro
Customer loyalty 1
(Revenues)
Concentration rate of first
5 clients
Excellent Longstanding Client Relationships and Goo d Revenues Visibility
1 Revenues from clients present also the 2 previous years (da ta referred to 2012)
Group
8
27,833,8 34,9 30,9 26,1
12,1% 12,8%12,0%
10,3%8,9%
05
10152025303540
2009 2010 2011 2012 20130%
2%
4%
6%
8%
10%
12%
Net Results (€m) Margin (%)
Strong Financial Performance: Top of the Market Pro fitability
Revenues (€m) EBITDA (€m)
EBIT (€m) Net Result (€m)
62,370,7 76,9 70,6 67,0
27,0%22,9%
26,7%23,6%
26,4%
20
30
40
50
60
70
80
2009 2010 2011 2012 20130%
5%
10%
15%
20%
25%
EBITDA (€m) Margin (%)
39,047,7 52,2
45,0 40,6
16,9% 18,0% 17,9%
15,1%13,9%
05
101520253035404550
2009 2010 2011 2012 20130%
5%
10%
15%
EBIT (€m) Margin (%)
264,9230,4
292,3298,8291,2
0
50
100
150
200
250
300
2009 2010 2011 2012 2013
+10.0% -2.2%+14.9%
++++2.6%
9
Strong track record in sales and profitability
0
50
100
150
200
250
300
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Euro (m)
Sales EBITDA
ZV Group
ZV
ZV Group
ZV
10
Solid Balance Sheet to Support Organic and External Growth
176,1 183,5 196,6 216,9 235,4
0
30
60
90
120
150
180
210
240
2009 2010 2011 2012 2013
Net Capital Employed (€m) Net Working Capital (€m)
Net Equity (€m)
49,1 42,3 50,464,7
76
21,3%
17,3%
21,7%
26,0%
16,0%
0
20
40
60
80
2009 2010 2011 2012 20130%
4%
8%
12%16%
20%
24%
28%
Net working Capital (€m) on sales (%)
Net Financial Debt (€m)
93,4 108,1 118,3 125,5 129,6
0
20
40
60
80
100
120
140
2009 2010 2011 2012 2013
82,8 75,5 75,591,4
105,8
0
20
40
60
80
100
120
2009 2010 2011 2012 2013
11
Cash Flow from Operations (before capex) (€m)
Cash Flow From Operations and Capex
Capex mainly depends on furnaces refurbishment and capacity increase
Capex (€m)
Net Capex related to VS acquisition
41,9
62,354,7
41,3 39,9
0
5
10
15
20
25
30
35
40
45
50
55
60
65
2009 2010 2011 2012 2013
28,8
36,0
22,4
30,7 32,3
4,5
7,6
2,7
0
5
10
15
20
25
30
35
40
2009 2010 2011 2012 2013
VS acquisition HSC acquisition
12
Healthy financial structure, EPS and dividends
EPS and Dividend distribution (Euro)Key financial structure ratios
0,31
0,42
0,35
0,42 0,44
0,350,30
0,218
0,2950,243 0,300 0,310
0,2500,220(1)
70% 70% 70% 71% 71% 70% 73%(1)
30%
40%
50%
60%
70%
0,00
0,10
0,20
0,30
0,40
0,50
0,60
2007 2008 2009 2010 2011 2012 2013
EPS Div per share Pay out %
0,70,9
1,3
1,11,0
1,3
1,6
0,60,7
0,9
0,7 0,60,7
0,8
0,4
0,6
0,8
1,0
1,2
1,4
1,6
2007 2008 2009 2010 2011 2012 2013
Net financial debt / EBITDA
Net financial debt / Net Equity(1) Board meet ing proposal
Pay out guidance: 70% of net group result
top related