HY `15 Results presentation

HY ’15 Results presentation
August 27, 2015
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 2014.
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
HY ’15 Sales Trend by Geography - Change % vs. HY ‘14
€M
€M
HY ‘15 % tot HY ‘14 % tot
Δ%
- Asia significant increase.
Europe
109,5 63,1% 107,1 65,9%
2,2%
- Europe increase with growth
in West and North; South and
East decrease.
Asia
56,3
32,4%
46,6
28,7% 20,7%
RoW
7,9
4,5%
8,7
5,4%
- Overall increase.
(9,9%)
- RoW decrease.
Total
173,6 100,0% 162,4 100,0%
Revenues are reported under the “ship-to method”.
2
6,9%
HY ‘15 EBITDA by operating segments
€M
- EBITDA
growth
geographies.
in
all
- Corporate
costs
stable
despite additional accruals
for Phantom Stock Option.
HY '15
HY '14
Δ%
Europe
16,2
15,5
4,9%
% sales
12,6%
12,2%
+0,4 pp
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.%
-
(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
Asia
Eliminations
Figures are reported under the “invoice-from method”.
3
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
to Group would have been 8,6 €M (2015 Growth +10,4% vs 2014).
4
Discontinued Operations
€M
HY '15
HY '14
Δ%
Net Sales
EBITDA
32,3
5,6
28,5
(1,4)
13,3%
n.a.%
% on sales
17,3%
(4,8%)
+22,1 pp
4,7
(3,3)
n.a.%
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
EBIT - pre writedowns
% on sales
7,0 €M insurance reimbursement cashed in July 2015.
0,7€M sale of the business cost accrued.
Writedown due to the estimated difference between Sale Price and carrying amount.
5
June ‘15 Net Working Capital trend
€M
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.
(* )The
Δ
Jun ‘15
Dec ’14
Δ Jun
'15/’14
Jun '15
Dec '14
87,3
82,8
78,5
4,5
8,8
24,3%
23,8%
23,5%
+0,5 pp
+0,8 pp
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
Trade Receivables
% on 12 months rolling sales
Inventory
2014 June figures relate to Continuing Operations.
6
Jun '14
(*)
June ‘15 Consolidated Balance Sheet
€M
Jun ‘15 Jun ‘14
Jun '15 Jun ‘14
Net debt (cash) - Continuing
(6,7)
Operations
Net Debt (cash) 2,5
Discontinued Operations
Group Equity
217,6
247,3
(83,5)
Minorities
35,4
27,3
(26,1)
(20,6)
Shareholders’ Equity
252,9
274,6
Net Working Capital
12,6
11,9
Net financial assets
Net Capital Employed - Continuing
Operations
1,1
0,7
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
280,6
Net operating fixed assets
214,9
207,8
Trade receivables
87,3
78,5
Inventories
39,2
37,5
Trade payables
(87,8)
Short term assets & liabilities
2015 and 2014 figures consider the Radiators business under the Discontinued Operations line.
7
(0,8)
6,8
Consolidated Cash Flow of HY
€M
Net Debt beginning of period
EBITDA (A)
Change in TA Receivables (b1)
Change in Inventory (b2)
Change in TA Payables (b3)
Change in NOWC (B) (b1+b2+b3)
Change in other current assets/liabilities (C)
Investment activities (D)
Change in provisions (E )
Taxes paid in the period (F)
Operating Cash Flow (A+B+C+D+E+F=G)
Financial Items (H)
Change in Equity (J)
Cash Flow from the business (G+H+I=J)
Put & Call revaluation (K)
Dividends distribution (L)
Discontinuation effect (M)
Change in consolidation perimeter (N)
Cash Flow for the period (J+K+L+M+N =O )
Net Debt end of period
8
6M ’15
6M ‘14
(13,9)
20,3
(0,1)
18,9
(0,5)
(5,4)
0,8
(3,1)
(3,2)
4,9
(6,9)
3,5
(5,1)
0,5
(2,9)
9,4
(0,5)
3,7
12,6
(0,9)
(8,7)
(10,2)
(7,2)
(6,7)
(1,4)
(5,0)
(2,4)
0,2
(1,8)
8,5
(0,3)
0,3
8,5
(3,4)
(4,4)
0,7
(0,8)
Net Debt Breakdown as of June ’15
€M
Net Debt (Cash)
Jun ‘15
Dec ‘14
Jun ‘14
(6,7)
(13,9)
(0,8)
(16,4)
(22,8)
(6,0)
9,7
8,9
5,2
of which:
- positions with bank and other
financial payables
- fair value of derivative financial
instruments and options/payables for
investments
9
Relevant Projects Q2 ‘15 - CLIMAVENETA
Application: Office
New Build
End user: Botswana Innovation Hub
Plant type: Hydronic System
BOTSWANA
INNOVATION HUB
GABORONE - BOTSWANA
Total installed Cooling capacity: 2112 kW
Total installed Heating capacity: 2283 kW
Installed equipment:
DeLclima has supplied the air conditioning units to Innovation Hub in Botswana for a total
order value of Euro 550.000. 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 chiller i-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.
i-FX (1 + i)
Air cooled chiller with 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
3x ERACS2-Q XL-CA 2722
i-FX (1+i) CA 2722
1x ClimaPRO
Relevant Projects Q2 ‘15 - CLIMAVENETA
Application: Office
New Build
End user: BNL – BNP PARIBAS
BNL ROMA TIBURTINA
NEW HEADQUARTERS
ROME - ITALY
Plant type: Hydronic System
Total installed Cooling capacity: 5036 kW
Total installed Heating capacity: 4130 kW
Installed equipment:
The new BNL Headquarters, designed by 5+1AA Alfonso Femia Gianluca Peluffo, is located
4x ERACS2-Q/SL-CA 3222 +2P MODULE
near the Rome Tiburtina high speed railroad station. The building – 67.000 sqm including
20.000 underground – is centered around employees well being. It will provide 3.800
1x ERACS2-Q/SL-CA 3222
ergonomic workplaces and a vast range of facilities for employees, including: gym, service
1x FOCS2/SL-CA 3902
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 DeLclima INTEGRA 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.
ERACS2-Q
Air cooled multipurpose unit
for 4-pipe systems with screw
compressors
FOCS2/CA
High efficiency
air cooled chiller with
screw compressors
11
Relevant Projects Q2 ‘15 - CLIMAVENETA
Application: Healthcare & Hospital, Datacenter
New Build
End user: AUBMC
Plant type: Hydronic System
AMERICAN UNIVERSITY OF
BEIRUT MEDICAL CENTER
BEIRUT - LEBANON
Total installed Cooling capacity: 650 kW
Installed equipment:
2x NX-LN 1114T
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
DeLclima units. 2 NX-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 DeLclima close
control units AXU.
NX-LN
Air cooled chiller with
Scroll compressors
WIZARD
Air Handling Units
ACCURATE AX
Close Control Units
12
4x WIZARD Air Handling Units
2x AXU 15
Relevant Projects Q2 ‘15 – RC GROUP
Application: Hotel
Revamping/Upgrading
End user: HOLIDAY INN
Plant type: Hydronic System
Total installed Cooling capacity: 0,7 MW
HOLIDAY INN HOTEL
NAPLES - ITALY
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
Relevant Projects Q2 ‘15 – RC GROUP
Application: Retail
Revamping/upgrading
End user: EPPING PLAZA
Plant type: Hydronic System 4 pipe type
Total installed Cooling capacity: 1,8 MW
PACIFIC EPPING
MELBOURNE - AUSTRALIA
Total installed heating capacity: 2,0 MW
Installed equipments:
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.
Focus: energy saving.
MULTIPLO SCREW
Multifunction chillers equipped with screw
compressors and axial fans.
14
2x MULTIPLO SCREW 920 V2 U12
Relevant Projects Q2 ‘15 – RC GROUP
Application: IT Cooling
New build
End user: DTU Risø campus
Total installed Cooling capacity: 1 MW
TECHNICAL UNIVERSITY
OF DENMARK
ROSKILDE - DENMARK
Installed equipment:
FRIGO TURBO FLG 930 T3 SP.
New “Super Computer” at DTU (Technical University of Denmark) Risø campus 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 2020. These features combined with the
incomparably superior efficiency of FRIGO TURBO FLG represent the very best in eco
sustainability for data center cooling.
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
New Products Q2 ‘15 - 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 *)
No need for:
× Gas network connection
× oversized electric connections
× electric heaters
16
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.
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.
New Products Q2 ‘15 – RC GROUP
Chiller Technology
The new complete chiller range leading the “go-green” evolution in HVAC combing :
Green refrigerant gas
Magnetic levitation
Oil free Inverter driven
Compressor
GWP < 6
400 times lower than the maximum allowed by EU
FGAS regulation up to 2020.
RANGE OVERVIEW
UNICO TURBO FLG
Air cooled liquid chillers
260 – 1260 kW
Comfort applications
UNICO TURBO FLG FREE
Free-cooling liquid chillers
250 – 1240 kW
Data Center applications
17
Best available technical
solutions
FRIGO TURBO FLG
Water cooled liquid chillers
400 – 1260 kW
Comfort and Data Center applications
New Products Q2 ‘15 – RC GROUP
IT Cooling
X TYPE SYSTEM
X TYPE CRAC UNIT
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
Power supply
35°C
50 – 190 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:
25°C
18°C
Double power supply
Double CHW source
2 x cooling perfectly balanced circuits
28°C
CFD Analysis proving perfect
temperature distribution
18
Exhibitions and Events Q2 ‘15 - CLIMAVENETA
LADM 2015
Latin America Distibutors Meeting
April 21 - 24th 2015
Buenos Aires
REbuild
Habitech
Distretto Tecnologico Trentino
Jun 25 – 26 th
Riva del Garda
BATIMATEC EXPO
May 3 – 7 th
Algiers
DCD CONVERGED
Apr 28th
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
19
May 8th
Christchurch
Exhibitions and Events Q2‘15 – RC GROUP
ACQUA TERM
«DATACENTER EXPO»
April 1st-2nd , 2015 - CNIT
Paris – La defence - France
May 12-15th, 2015
Kiev - Ukraine
SEMINARS
Novara, Italy – Apr 17th
Ancona, Italy – Apr 23th
Rome, Italy – May 21th
Naples, Italy – May 22th
«Refrigerant systems: New
technology and energy savings»
AIRAH – TRADE NIGHT IN PERTH
May 28th, 2015 – Perth, Australia
20
Important information
Disclaimer
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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
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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
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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.