presentazione standard di powerpoint - indesit · pdf file12/02/2014 2013 fy preliminary...

2013 FY – Highlights Vs. 2012

12/02/2014 2013 FY Preliminary Results 2

FY ‘13

Sales (M €)

EBIT adj. % on sales

FY ’12

EBIT % on sales

2,671 -7.7%(*) 2,894

84 3.1%

-25.9% 113 3.9%

68 2.6%

-49.8% 136 4.7%

Net Debt as of 31st December (M €)

325 256

Sales: Volume down due to unfavourable trend in the main Indesit markets and price enhancement activity

Overwhelming negative impact from Euro appreciation

Price –mix slightly positive over the full year

Profitability: Strong contribution from cost reduction plan both on products and SG&A

Negative impact from volume loss & exchange rates

Net Debt: lower than guidance expectation

(*) At constant Exchange Rates : -4.6%

2013 Q4 – Highlights Vs. 2012


Sales:

Negative exchange rates & volume loss heavily affected Q4 sales

Positive price-mix on sales due to price increases

Profitability:

Continuous cost reduction both on products & SG&A limited impact on profitability

Positive 2012 one-off gain from the UK Pension Fund influenced comparison at EBIT level

Q4 ‘13

Sales (M €)

EBIT adj. % on sales

Q4 ’12

EBIT % on sales

704 -10.2%(*) 784

29 4.1% -21.2%

37 4.7%

26 3.6% -64.9 %

73 9.3%

(*) At constant Exchange Rates : -6.4%


2013 – Sales Variance Vs. 2012 Total MDA

+0.1% +0.9% +0.3% +0.6%

-1.8%

Price/Mix

Volume

Ex. rate

-6.4% -4.3%

-1.3% -5.3%

-8.1%

-3.0% -4.5% -2.2% -0.8%

-3.8%

Total

-8.2% -11.0%

-4.0% -5.9%

-10.6%

Q1 Q2 Q3 Q4 FY

2013 – Industry shipments Vs. 2012

5 12/02/2014 2013 FY Preliminary Results

-

-3.2%

-1.2%

Q4 FY

-1.5%

+0.8%

-0.7%

Western

Europe

Eastern

Europe

Greater

Europe

Western Europe: France, Italy negative both in the Q4 and in the FY. UK

positive

Eastern Europe: Turkey positive but at lower pace in the Q4; Russia and

Ukraine heavily negative in the Q4, the former negative in the FY too

2013 – EBIT Adj. Key Drivers Vs. 2012


Price/Mix

Volume

Product cost

Positive

Negative Exchange rate

SG&A

33

37

-13

-45

-48

6

12

-13

-19

9

FY Q4

2013 – Product cost Vs. 2012

7 12/02/2014 2013 FY Preliminary Results

Manufacturing

Sourcing

Total +0.3%

-0.2%

+2.6%

Q4 FY

-2.6%

-0.5%

-

Manufacturing: savings from factory efficiencies and design change offset by

negative volume effect in the Q4

Sourcing: flat vs 2013 on a FY basis, positive trend in the Q4 thanks to cost of

components & steel. Plastics still negative.

Note: Constant Exchange Rates

2013 – Western Europe

2013 FY Preliminary Results 8

Italy: profitability is improving and sales stabilised in H2. Decision to exit unprofitable

clients affected top line particularly in H1

France: positive trend visible in Q4. Top line and profitability heavily impacted by volume

loss mainly in the previous quarters

UK: substantial price mix enhancement in the Q4. Sales & profitability heavily impacted by

exchange rate.

Overall: profitability improvements in the Q4. FY sales & profitability heavily affected by

volume losses across main geographies and negative FX in the UK

12/02/2014

Sales (M €)

Profitability % on sales

407

31 7.5%

-7.4%

Q4 ‘13

1,503

81 5.4%

-9.7%

FY ‘13

Sales (M €)


440

27 6.0%

Q4 ‘12

1,664

108 6.5%

FY ‘12

2013 – Eastern Europe

2013 FY Preliminary Results 9 12/02/2014

261

5 1.9%

-15.0%

1,017

44 4.4%

-6.3%

Turkey: sales growing although profitability affected by negative exchange rate

Poland: consistently growing both in sales and margin

Russia: sales and profitability negatively affected by volumes, price/mix & exchange rate

Overall: Russian fragile situation and negative FX drove down results, particularly in the Q4

Sales (M €)


Sales (M €)


Q4 ‘13 Q4 ‘12

307

25 8.2%

FY ‘13 FY ‘12

1,086

83 7.7%

2013 – International


Sound top line growth driven by MENA & Americas. A small seasonality effect in

the Q4 sales

Profitability continues to improve through country mix

36

4 12.2%

-2.8%

151

18 11.8%

+5.1%

Sales (M €)


Sales (M €)


Q4 ‘13 Q4 ‘12

FY ‘13 FY ‘12

37

4 11.3%

144

16 11.2%

2013 – Sales by Product


60 Services (M €) -4.6%

Q4 ‘13 Δ Vs. 2012 FY ‘13 Δ Vs. 2012

220

124 Cooking (M €) -15.0% 467 -14.1%

178 Refrigeration(M €) -17.7% 802 -10.8%

291 Laundry(M €) -5.7% 990 -3.7%

49 Dishwashing (M €) -3.6% 188 -3.8%

-4.2%

Q4 market demand: Refrigeration negative, particularly in Russia, Ukraine and

Italy. Dishwashing and Dryers positive

FY market demand: Dishwashing and Dryers slightly positive. All other product

lines negative

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FLEXIBLE DESIGN Premium total glass look with

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NEW DIAMOND® CLEAN OVENS RANGE

Maximum energy efficiency class A++, 20% less energy consumption than an A class model.

FLEXILOAD Maximum loading flexibility and more space at disposal with the new cutlery tray sliding and removal. 10 place settings.

FLEXIPOWER The variable-pressure inverter motor allows optimum control of adjustable washing power to enhance performance as in the Ultra Intensive cycle.

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Maximum silence and comfort of use with 43 dB(A) on Good Night cycle.

ENERGY EFFICIENCY

DISHWASHER 45 CM

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KEY FEATURE Modular range to satisfy the

key consumer needs

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EXTRA CAPACITY

2013 Q4 – Consolidated income statement


Net Sales (M €)

% on sales

Net Group Income (M €)

% on sales

PBT (M €)

% on sales

EBIT (M €)

% on sales

EBITDA (M €)

Q4 2013 Q4 2012

-10.2%

-71.9%

Δ

-83.4%

-64.9%

-46.4%

704

1.6%

11

1.4%

10

3.6%

26

7.7%

55

784

5.2%

41

7.6%

60

9.3%

73

13.0%

102

2013 FY – Consolidated income statement


Net Sales (M €)

% on sales

Net Group Income (M €)

% on sales

PBT (M €)

% on sales

EBIT (M €)

% on sales

EBITDA (M €)

FY 2013 FY 2012

-7.7%

-94.7%

Δ

-83.3%

-49.8%

-27.4%

2,671

0.1%

3

0.6%

17

2.6%

68

6.7%

178

2,894

2.1%

62

3.5%

101

4.7%

136

8.5%

246

2013 – Consolidated Balance Sheet as of 31st December


(M €) (M €)

(M €)

(M €)

(M €)

(M €)

(M €)

2013 2012

15.9%

425 16.1%

465 % on 12m rolling sales

Trade receivables

11.3%

302 11.5%

332 % on 12m rolling sales

Inventories

27.6%

(737) 29.2%

(845) % on 12m rolling sales

Trade payables

-0.4%

(10) -1.6%

(48)

% on 12m rolling sales

Net working capital

(282) (274) Other assets liabilities

1,082 1,135

790 813 Net invested Capital

2013 2012

465 557 Total

Shareholders

equity

325 256 Net Debt

790 813 Total Sources

Non current

operating assets

2013 FY – Consolidated Cash Flow


FY 2013 FY 2012

EBITDA 178 246

Net financial expenses (51) (34)

Income tax expenses (14) (40)

Change in NWC (52) 27

Change in Other

Assets & Liabilities (8) (75)

Capex (89) (153)

Equity (25) (17)

Free cash flow (69) (38)

(8) 7 Change in Funds

(M €)

2014 – Key Business Action


Key commercial priorities

• Price discipline:

• leverage and protect 2013 price increase in key markets (UK, RU, TK mainly)

• further price increases to offset negative exchange rates (RU, TK, ARG mainly)

• Business turnaround and share recovery in France

• Continue to improve the business performance in Italy

Improvement of product cost, preserving a lean SG&A structure

Substantial new product launches

• MDA: New Hotpoint range in BI Cooking. Indesit & Hotpoint washing dryers and

slim dishwashers. New Hotpoint technology: Dialogic washing machine & fridge

• SDA: Completion of Iron range. Food preparation and Vacuum range extension

Industrial plan roll out

• Investments in Italy in high end range and built in products

• Start up of the new Laundry plant in Turkey within the end of 2014

Disclaimer


This presentation contains forward-looking statements regarding future results of Indesit Company

SpA based on intents, beliefs or current expectations. Any of these statements made by or on behalf

of Indesit Company SpA speak only as of the date they are made. Information provided herein have to

be linked to the oral comments made during presentation to analysts.

The forward-looking statements contain no guarantees of future performance and involve risks and

uncertainties that could significantly affect expected results and actual results may materially differ

from those projected or implied in the forward-looking statements as a result of various factors.

Consequently, analysts and investors are warned not to place undue reliance on those statements.

No obligation is undertaken by Indesit Company SpA to update said statements in order to reflect any

expectations with regard thereto or any changes in events, conditions or circumstances on which any

such statement is based.

This presentation does not constitute an offer, or invitation to purchase or subscribe any securities and

no part of it shall form the basis of or be relied upon in connection with any commitment whatsoever.

The manager charged with preparing the company’s financial reports, Stefano Cavacini, confirms,

pursuant to paragraph 2 of art. 154-bis of the Consolidated Finance Law, that the accounting

information included in this press release agrees with the underlying documentation, records and

accounting entries.

presentazione standard di powerpoint - indesit · pdf file12/02/2014 2013 fy preliminary...

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