Three years plan 2015-2017

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Three years plan 2015-2017
Three-Year Business Plan
2015-2017
Headlines:
actions: more product - plastic and advanced materials
actions: more product - metal - (HSD)
actions: more product - bSuite (software)
actions: more product - Systems – cells
actions: more product - new glass & stone range
actions: more network - subsidiaries – trade channel
actions: more network - Brazil
actions: more network - China
actions: more network - India
actions: more network - marketing
actions: more discipline - orders & market share
actions: more discipline - financials
appendix: sales breakdown
appendix: macro-economic and sector-specific forecast
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Biesse Group
Three-year plan
Biesse Group is a global
leader in the technology for
processing wood, glass,
stone, plastic, advanced
materials and metal.
Founded in Pesaro in 1969 by
Giancarlo Selci, the company has
been listed on the Stock Exchange
(STAR segment) since June 2001.
3
Innovation is our driving force
Three-year plan
Innovation is the driving force in the way we do
business, continuously striving for excellence to
support our customers’ competitiveness.
We innovate to produce the most widely-sold
processing centres in the world.
We innovate to introduce new technology
standards to the market.
We innovate to design production lines and
systems for large enterprises.
We innovate to develop solutions and software
programs to facilitate our customers’ day-to-day
activities.
Innovation is hard-wired in our DNA.
Past, present and future.
4
In
How
Where
With
We
1 industrial group, 4 divisions and
8 production sites
more than 200 patents registered
32 branches and representative offices
300 agents/certified dealers
customers in
120 countries
around 2,880 employees
throughout the world
5
Three-year plan
History 1/3
A perfect combination of innovation and Italian genius
1969 1980 1990 2001
1989 1999
Biesse founded
in Pesaro, Italy,
to design,
manufacture and
distribute
woodworking
machines
Product range
expansion and
diversification into
glass & stone
Expansion into
foreign markets,
acquisitions, and
Group structure
rationalisation.
Listing on the
Italian stock
exchange STAR
segment
6
History 2/3
Three-year plan
Internationalisation and acquistion for growth
2006 2008 2009 2011
2007
Bre.Ma
is acquired
New plant in
Bangalore (India),
the first foreign
production site
Opening of Biesse
Biesse acquires:
Schweiz in Lucern
VIET for calibration
and Biesse Middle and sanding machines
East in Dubai
Centre Gain Ltd Hong
Kong
Korex Machinery
Dongguan (China)
Three-year plan
History 3/3
International expansion and growth through acquisition
2012 2013 2014 2015
New show room in
Codognè (Italy)
Launch bSolid: first Acquisition of 100%
module of bSuite
share of Biesse HK
software package and
Dongguan
Airforce System for
Establishment of
edgebanding
Intermac Brazil
…
Group structure
Three-year plan
9
Biesse
Three-year
In How Where
With Weplan
Since 1969
Specialised in the
woodworking
segment. Solutions
for joiners and large
furniture, windows,
doors and wood
building
components
manufacturers.
In recent years
Specialised in
plastics and
advanced materials
10
Made In Biesse
Three-year plan
Intermac
Since 1987
Specialised in the glass
and stone processing
sector.
Solutions for the flat
glass and stone
processing industry and
for the furniture,
construction and
automotive industry.
Today
Is one of the most
prestigious brands in this
sector.
24/02/2015
11
Technological independence
Three-year plan
Mechatronics
Biesse Group directly designs
and manufactures all high-tech
components for its machines.
Thanks to a dedicated business
unit specialised in Mechatronics,
it manufactures key components
to guarantee high performance
and competitive advantage to its
customers.
12
Cutting-edge
Three-year plan
Diamut creates
customised diamond and
binder mixes - tools
developed and fieldtested on the basis of
customers requirements.
Using high-tech tools, it is
possible to process any
material, from stone
through to concrete,
ceramic, glass and manmade materials.
13
Three-year plan
target
market
shares
actions:
target
growth
more product
more network
target
excellence
more discipline
target
efficiency
14
actions
More product
Three-year plan
–
–
–
–
plastic
metal (HSD)
bSuite (software)
Systems / cells (batch one lines- winstore
range )
– new glass and stone range
15
actions
more network
Three-year plan
– subsidiaries & trade channel development, increased headcount for foreign
subsidiaries (salespeople & engineers), enhanced training and expertise
– development of Latin America sales network /manufacturing (Brazil) and of
Asia sales network
– development of overseas manufacturing (India and China)
– group marketing & communications
16
actions
Three-year plan
more discipline






control non-strategic structural costs
pay-off for software upgrades (financial
incentive to upgrade)
increase operating margins, also taking
advantage of current positive currency
effects (weakening of the EURO)
tight control of operating net working capital
product reliability/quality as a key factor for
the reduction of collection days (DSO ratio)
increase organic cashflow, reduce net debt
and pay regular dividends
financials
orders
market shares
17
actions: more product plastics and
advanced
materials
2
Three-year plan
plastics and advanced materials
assumptions
• Leveraging Biesse CNC machine design knowknow-how
• Leveraging Biesse sales network and reputation on the market
Target
• Penetrating the plastics and advanced materials sectors. Global
market size estimated at 21 bn Euro.
• Cutting, milling and moulding machinery. Global market size
estimated at 2,5 bn Euro.
Estimated turnover for the first three years:
2015 turnover
2016 turnover
2017 turnover
€ 3,000,000
€ 5,000,000
€10,000,000
19
Market
breakdown
Three-year plan
foam
composites
technicals components
visual communications
20
Plastics and advanced materials
Three-year plan
sectors:
- technicals components
- composites
- visual communications
21
Three-year plan
Plastics and advanced materials: CNC
Rover J
sectors:
- foam
- visual communications
Skill Plast FT
Rover Plast A
sectors:
- technicals components
- visual communications
22
Plastics and advanced materials:
CNC Rover B
Three-year plan
sectors:
- technicals parts
- composite
23
Plastics and advanced materials:
Three-year plan
water jet
sectors:
- technicals components
- composites
- foam
- visual communications
24
actions: more product
- metal (HSD)
3
25
metal (HSD)
Three-year plan
assumptions
•
Leveraging HSD knowknow-how and excellence in designing electrospindles and
electroheads for machine tools (metal, alloy and composite materials)
•
Leveraging HSD sales network and market reputation
target
•
•
•
•
•
Market share increase - growth in the metal sector (in 2014 , total turnover of 2.5 m
Euro with limited product range offering)
Estimated size of targetable market 120 m Euro.
Target market share (wood, plastic, aluminium, composite materials 60%)
Estimate size of targetable market 280 m Euro.
HSD share
2015 turnover
2016 turnover
2017 turnover
€ 5,600,000 (2% of metal market)
€ 8,400,000 (3% of metal market)
€ 11,200,000 (4% of metal market)
26
new metal markets:
- automotive, aerospace and medical
Three-year plan
27
metal (HSD)
tapping centre machines
Three-year plan
- automotive
- aerospace
- energy
- marine
28
metal (HSD)
Gantry-type high-speed milling machines:
Three-year plan
- automotive
- aerospace
- energy
- marine
29
Three-year plan
HSD: new plant in Gradara-Pesaro (August 2015),
to increase manufacturing footprint from 4,000 to
8,000 m2
actions: more product
- bSuite (software)
4
Three-year plan
bSuite
•
•
•
•
•
•
•
•
•
•
•
bSolid
bEdge
bWindows
bNest
bProcess
bCabinet
bControl
bCloud e bPad
bApp
bDoors
bTop
Biesse CAD/CAM
edgebanding “in a click”
simplified frame planning
complete nesting control
controlled production
integrated furniture planning
“easy” machine planning
“easy” machine planning
the new “industry 4.0” app
glass door planning
simplified kitchen top management
32
Three-year plan
bSuite
bSolid
bEdge
bProcess
bCabinet
bWindows
bControl
bNest
bCloud bDoors
33
actions: more product
Systems – cells
batch one lines
next step
MDS - winstore range
5
Systems
Three-year plan
target:
•
order management
•
Lean Production (Production Lead Time)
•
inventory reduction (cash flow growth)
•
•
•
easy furniture assembly (new connections)
batch one lines
new line for drilling and inserting
2013 “turnkey
“turnkey projects ” order intake 24 Euro m
2014 “turnkey” projects ” order intake 36 Euro m with 40 orders for batch one lines
(average order value 600k Euro)
2015 60 orders for batch one lines with an estimated budget of 40 Euro m
35
Systems
low size
production
Three-year plan
medium-large size production
9000
CELLS OR INTEGRATED PLANTS- CUSTOM
Continuous and integrated work cells
Service automation
volumes
6000
2000
BATCH ONE
PROCESSES
Plans, lines and
integrated
processes,
1000
process automation
600
150
large size
production
FLEXIBLE
PROCESSES
Plans, lines and
integrated processes,
process automation
MACHINING
CENTRES,
Automated or semiautomated machines
1-30
growing demand
31-150
151-500
>500
size
36
Three-year plan
Systems
BATCH
DRILLING
BATCH EDGEBANDING
BATCH CUTTING
DEVELOPMENT OF PRODUCTS FOR FLEXIBLE
PROCESSES
FLEXIBLE
EDGEBANDING
FLEXIBLE
DRILLING
FLEXIBLE
CUTTING
37
Systems: next step
Three-year plan
Systems: MDS
Three-year plan
Systems: handling
Three-year plan
actions: more product
new glass & stone range
6
41
strategia: prodotti
new glass & stone range
Three-year plan
• completion of vertical machine range
• development of turnkey projects for cutting, laminating
and floating
• new product range for the most advanced turnkey plants
in terms of productivity & automation
• CNC range update
• new design + new 3D bSolid software
• extention of the stone range (machines for roughing
stone blocks and cutting stone slabs)
42
Three-year plan
glass & stone
•
increase the Korex (China) production
of cutting machines. Target emerging markets
•
expand parallel distribution network for water-jet
systems in the metal processing sector
•
opportunity to incentivate Brazilian production
43
Three-year plan
glass & stone
•
extend bSolid solutions for glass & stone
machines: 3D processing parametric
software
•
“turnkey factory” : first experiences in the
supply of fully integrated turkey projects
•
strong partnerships with universities:
•
Ferrara University and Milan Polytechnic
44
actions: more network
subsidiaries – trade channel
manufacturing initiatives
to support the sales network
7
actions / strategy
from tri-band offer to dual strategy
Three-year plan
turnkey projects
stand-alone machines
46
actions /strategy
from tri-band offer to dual strategy
integrated cells
“medium”
customers
“large”
customers
Network
“small”
customers
“Biesse
Biesse in any negotiation”
high
stand alone machines
Three-year plan
turnkey projects
low
Biesse target
low
Complexity
high
47
Three-year plan
export share of consolidated revenues
€/mln
500
100,0%
88%
89%
400
89%
90%
86%
82%
75,0%
76%
300
200
50,0%
2008
2009
2010
consolidated
2011
2012
2013
2014
export incidence
48
subsidiaries: guidelines
Three-year plan
• Invest in human resources and capabilities as growth drivers
(network & technology)
• Transform the management approach from EBIT-driven to
EBIT-consciuos >>> focus on market share and growth
• Improve after-sales service quality to gain customers’ trust
• Enhance sales and marketing integration
49
subsidiaries: local initiatives
Three-year plan
€/mln
• North America: new showroom & service centre in Los Angeles (CA)
– April 2015
• North America: new showroom & service centre in Charlotte (NC) August 2015
• China: double manufacturing capacity in Dongguan – March 2015
• Malaysia: new subsidiary with a dedicated, large showroom – April
2015
50
• India: expand the sale network
• France: complete the hiring plan and organise more “in-house” events
• U.K.: consolidate T1 and T2 share and expand territory network by
increasing the sales force (with specific focus on T3 customers)
51
trade channel: guidelines
Three-year plan
€/mln
• Consolidate market share for cutting, edgebanding and drilling for the top of
the market range
• Hire specialised staff and dedicated (resident) key account managers to
develop line and cell sales in particular
• Focus on “growth” customers target group in the medium-high range
segment, with a focus on “productiong upgrade”
• Strenghten the dealer network for the “stand-alone machine range”
(salespeople, engineers, service engineers) to increase the integration with
“made in Biesse” products manufactured in China and India
• Monitor discount policies to safeguard sales margin, increasing the
perception of the “business offer system” and preventing price conflicts
52
trade channel: key guidelines
Three-year plan
€/mln
• Increase potential customer mapping to enhance knowledge base and
geographic cover, using advanced customer relationship management
tools (salesforce,com)
• Participate in a more proactive way in the organisation of “open house”
events with our distributors
• Embrace plastics and composite materials to seize opportunities in a
sector with similar manufacturing technology (processing and cutting
centres)
• Improve collaboration and schedule support and training activities (service)
with the sales force and direct distribution network, encouraging service
managers to become more direcly involved in the relationship with dealers
• Maximize the benefits of the new showroom (Pesaro), promoting “in
house” Tech Tours as a further enhancement of the “Biesse Experience”
53
actions: more network
Brazil
8
54
Three-year plan
Brazil
• Latin America is the only geographic area
where Biesse has no manufacturing sites
(compared to its main competitors)
• Competing on product cost by
circumventing the “import tax” hurdle
• Reaching new target customers (T2 – T3)
also by gaining access to local mediumterm loans(FINAME)
• Developing own direct sales and
distribution network
55
Brazil
Three-year plan
• prudent approach to business
development in Latin America –investment
timing – in consideration of the cyclicality
of the Brazilian economy
• “green field” scenario evaluation –
partnership with a local player
• reduction of initial investment/low capex
• greater synergies between the “wood”
and the “glass-stone” sectors
56
Brazil - wood
Three-year plan
• local manufacturing of entry-level
machines with advantages in terms of:
 strenghtening the offer system in the
management of the distribution network
 market share increase (current share 16% target share 25% by 2018)
• … as a basis for the complementary
import of high-tech machines from Italy
• focus on key accounts with dedicated
resident area manager
• service strenghtening with resident
service engineers
57
Brazil – glass and stone
Three-year plan
• Local manufacturing of entry-level,
machines
• Leveraging of state incentives for
Brazilian production (land and buildings at
favourable terms, equipment loans, etc/)
• Importing high-tech machines from Italy
• Leveraging the temper over distribution
network
58
actions: more network
China
9
59
China: target
Three-year plan
• increasing our market share in the
largest market in terms of size and growth
potential
• restructuring of Chinese operations after
acquiring 100% control
60
Three-year plan
China: actions
•streamline company and business
organisation
• new, dedicated local manufacturing
facilities for wood – glass/stone
•expand sales network
•develop
develop after-sales service
61
China: streamlining our organisation
Three-year plan
From September 2014, having acquired full control over all Chinese activities,
Biesse Group wants to focus only on 2 legal entities:
Manufacturing – KOREX
Dongguan
1)
2)
3)
4)
streamline the structure of the legal
entity and its activities in China;
progressively introduce Biesse Group
manufacturing standards;
new investments (ERP, CNC metal
cutting etc);
speed up the introduction of a new
product portfolio (high tech);
Sales – Biesse Trading Shanghai
1)
2)
3)
further develop sales (opening of new
branches in China);
logistics Head Quarter in Dongguan
(warehouse, spare parts, showroom etc.)
regroup the Wood and Glass/Stone
business in the same legal entity
split/focus 2 teams to develop product portfolio and sales
network at the same time
62
China: streamlining our organisation
Current state
HK
BS HK
BS ASIA
Centre
Gain
Three-year plan
Future state
HK
BS HK
Centre
Gain
PRC
PRC
Korex
BTS
Wood
Intermac
Korex
BTS
G&S
Production
Wood e
G&S
Sale
Wood e
G&S
Intermac
Streamlining our “business model” in China also entails closing Centre Gain (HK) and
63
Intermac GZ
Three-year plan
China: streamlining our organisation
Korex
Chinese market
Overseas
Local Suppliers
Import of Components,
RM
Overseas
Customers (machines
and Components)
Korex
Production of Wood and
Glass & Stone Machines
BTS
Local Trading, After sales
service, Spare parts
Note:
Inbound
Outbound
China: streamlining our organisation
BTS
Overseas
Imported Machines
and Spare Parts
(Biesse Spa, Bre,Ma,, Viet,
BSMNFG)
Note:
Inbound
Outbound
Three-year plan
Chinese market
Korex
Production of Wood
and Glass & Stone
Machines
Final Chinese
Customers
BTS
Local Trading, After
sales service, Spare
parts
Chinese dealers
Wood
&
Glass
Stone
China: streamlining our organisation
Three-year plan
New HQ in Dongguan
Establishment of an Office on 2° floor of
the Office Building to allow Sales (Wood e
G&S) and Service to operate in Dongguan
66
China: streamlining our organisation
New showroom in
Dongguan
Three-year plan
Opening
End of May
Inside Biesse China
June
Size
864 sm – Intermac &
Wood machines
67
Wood market analysis
Three-year plan
“housing is no longer a welfare item, it’s now a commodity” … (PRC
Government slogan)
Total furniture sector value
5,600 RMB/m (750 €/m)
Over 62% of total production consists of wood
furniture; 16.4% of metal furniture and the rest
of furniture in other materials
China-Italy Chamber of Commerce
The most important regions are:
Guangdong, Shandong, Zhenjiang, Henan,
Liaoning, Sichuan, Fujian, Shanghai, Jiangsu,
Hunan
Biesse supports Chinese local
manufacturers to improve the quality
and design of their products
68
Wood market analysis
Main Competitor
Extimated Turnover
100 €/mln
40 €/mln
Three-year plan
Estimated value of Biesse products market:
300 €/m
Estimated market share
30 €/mln
30%
20 €/mln
Others
90 €/mln
16 €/mln
34%
10%
7%
5%
Homag
Nanxing
Biesse
SCM
Exitech
Rest of the market
14%
… substantial investment in sales people and engineers in 2015 to increase
market share
69
Wood market analysis
Main
Competitor
N° Machines
Sold
Extimated
Turnover
Yinrui
200
8.4 €/mln
*
120
5 €/mln
Jingling
100
4.2 €/mln
Hailining
90
3.8 €/mln
Pujinli
80
3.4 €/mln
Intermac
30
1.3 €/mln
Other
140
5.8 €/mln
* Cutting flat glass
Three-year plan
G&S : market value estimated at
32 €/mln
Estimated market shares
10%
8%
11%
26%
12%
13%
4%
Yinrui
Bottero
Intermac
Jingling
Hailining
Pujinli
16%
70
local manufacturing: Wood
CNC
turnkey integrated
projects
Cells
Three-year plan
Edge-banding
Cutting
IMPORTED
Stream
standalone
Rover Gold
Sektor
Jade
Spark
Akron
Sliding Table
71
local manufacturing Glass
Three-year plan
CNC
turnkey
projects
Cutting
integrated
Cells
IMPORTED
Master 35-45
standalone
Master 23
Master 34
Genius 37-61
Belted Sheet Transfer
72
Three-year plan
expansion of local sales network
North East
Location:
Shenyang

Status

2017
West
North
Location:
 Chengdu
Location:
 Beijing
Status

2017
Status

2016
East
Location:
 Shanghai main office
Status:
South
Location:
 Dongguan branch

Active
Status:
 In process, ready in March
2015
opening of new branches
73
Piano triennale
2015-2019 consolidated revenue
Local
51,9
Export
48,0
39,3
11,0
11,8
5,3
€/mln
29,1
2,1
17,3
2,2
15,1
2014
22,0
1,6
34,0
20,4
2015
37,1
40,1
26,9
2016
2017
CAGR 2015-2019: 23,9%
2018
2019
74
actions: more network
India
10
75
India production
Piano triennale
main production site in Bangalore
76
manufacturing India
Three-year plan
800 act max production limit (*)
•
Average growth rate 2015  2016 2017 : +15%
•
Makali Project can reach max. production of up to 1,500 no.s/year (*)
macro-forecasts (India)
•
•
•
CAGR 2015–2017 housing 7%
CAGR 2015– 2017 furniture 5%
CAGR 2015– 2017 GDP 6.5%
77
actions: more network
marketing
11
78
Three-year plan
corporate identity
definition of new, cohesive group image
rationalisation of brand architecture
implementation in websites, events and exhibitions, brochures,
showrooms, etc.
Catalogo
Product di
product
catalogue
Comunicshare
Corporate
and event
corporate ed eventi
communications
Website
Sito web
79
main objectives
Three-year plan
A new Business Centre in 54 days!
a new 5,000 sm concept space entireley dedicated to customers
and designed to embody the spirit of Biesse Group’s innovation and
its identity, thanks to the use of materials such as wood and glass: a
visual reminder of the application sectors for the Group’s solutions
80
PREVIOUS websites
CURRENT websites
Three-year plan
81
Three-year plan
ITALY
RUSSIA
82
key international events and
exhibitions
Three-year plan
83
Three-year plan
corporate communications & rebranding
2015 new projects
•
•
•
•
•
•
•
completion of the rebranding process
Service & Spare Parts promotional plan
case history (Biesse, Intermac, Diamut) to promote the brand through customers
new image for (Intermac) Headquarters showroom and subsidiaries
financial communications
institutional communications (presentation, Company profile update, etc.)
video
84
product – events and exhibitions –
web & digital
Three-year plan
2015 new projects
•
•
•
•
•
completion of product catalogues (Biesse, Intermac, Diamut, Plastica)
sales e-book
video
plastic promotional plan
customised newsletters
•
key exhibitions: Interzum (China), Vitrum (Milan), Ligna (Hanover), AWFS Las Vegas (USA), Plast
(Milan)
open-house events (Biesse, Intermac) at headquarters and subsidiaries
tech tour and customer visits in showrooms
completion of websites (Biesse, Intermac, Diamut)
publication of subsidiary websites (biesse,com, Intermac,com)
advertising on portals
dedicated plastics section
monitoring of site ranking
integrated newsletter with Salesforce CRM
social networks (Linkedin, Youtube, Facebook, Twitter)
85
Service and parts website
•
•
•
•
•
•
•
•
•
•
actions: more discipline
orders – market share
12
86
Three-year plan
Group order intake & backlog
400
375,6
€/mln
350
335,1
323,2
300
312,7
302,3
278,4
250
205,9
200
150
100
116,3
64,5
58
90,3
76,8
81,9
77,7
50
0
2008
2009
2010
2011
orders intake
2012
2013
2014
backlog
•2014: Group order intake vs 2013 +20.1%
•2014 :Group backlog December 2014 vs December 2013 + 49.7%
87
market share
Three-year plan
glass
size € 235 m
wood (industrial)
size € 2.3 bn.
Bottero
32%
20%
Biesse
Homag
53%
28%
SCM
5%
18%
Biesse
CMS
Rest of the market
25%
Rest of the market
13%
Glaston
mechatronics
6%
size € 400 m
KESSLER
WEISS (Siemens group)
CMS
10%
45%
12%
8%
4%
21%
Breton
Thibaut
Biesse
7%
4% 6%
5% 3%
HSD
7%
STEP TEC
36%
Denver
Rest of the market
stone
Size € 50 m
FISHER PRECISE
IBAG
GMN
17%
OMLAT
7%
8%
JAEGER 88
Rest of the market
actions: more discipline
financials
13
89
Three-year plan
consolidated group turnover
600
€/mln
478
500
514
540
427
400
300
200
100
0
2009
2010
2011
2012
2013
2014e
2015e
CAGR 2015 -2017: 8,1%
2016e
2017e
90
Piano triennale
Consolidated P&L
€/mln
2013
2014e
2015e
2016e
2017e
ricavi netti
378,4
427,3
478,2
514,1
540,1
costo del
venduto
156,5
170,7
187,7
201,5
210,5
costo del
lavoro
112,7
127,2
142,0
151,0
158,6
overhead
81,4
89,8
97,8
99,4
101,9
EBITDA
30,9
41,8
52,8
63,7
70,7
EBIT*
15,1
26,5
36,0
47,0
54,0
*before non-recurring items
91
Three-year plan
EBIT bridge 2014 - 2017
€/mln
39,8
31,5
112,8
14,0
54,0
26,5
ebit 2014e*
∆ Sale
∆ CoGS
∆ HR
∆ Other
ebit 2017e
*before non-recurring items
92
operating net working capital
€/m
Three-year plan
2013
2014e
2015e
2016e
2017e
% inventory
over net sales
86.3
22.8%
98.8
23.1%
107.0
22.4%
112.0
21.8%
116.0
21.5%
% trade
receivables
over net sales
76.2
20.1%
76.9
18.0%
88.0
18.4%
95.0
18.5%
100.0
18.5%
% trade
payables
over net sales
111.1
29.4%
121.7
28.5%
134.0
28.0%
140.0
27.2%
145.0
26.8%
% operating net
working capital
over net sales
51.4
13.6%
54.0
12.6%
61.0
12.8%
67.0
13.0%
71.0
13.1%
historical low
(% over sales)
93
cashflow – net debt
€/mln
Three-year plan
2013
2014e
2015e
2016e
2017e
% gross cashflow
Over net sales
52.1
13.8%
38.4
9.0%
32.3
6.8%
41.5
8.1%
48.6
9.0%
% investments
Over net sales
-19.9
5.2%
-20.9
4.9%
-22.7
4.7%
-15.4
3.0%
-15.4
2.9%
% free cashflow
Over net sales
32.3
8.5%
17.5
4.1%
9.6
2.0%
26.1
5.1%
33.2
6.1%
-4.8
-9.8
-9.8
-9.8
proposed dividend
delta net debt
net debt (net financial position)
-23.9
0.36 per share
0.36 per share
0.36 per share
12.7
-0.2
16.3
23.4
-11.2
-11.4
+4.9
+28.2
94
added value
250
value
added
added
value
Three-year plan
value
added
added
value%
39,5%
36,9%
200
31,5%
37,7%
40,7%
41,8%
42,5%
45%
40%
37,9%
35%
35,5%
30%
150
25%
20%
100
15%
10%
50
5%
0
0%
2009
2010
2011
2012
2013
2014e
2015e
2016e
2017e
95
ebitda
Three-year plan
80
13,1%
12,4%
70
12%
11,0%
9,8%
60
10%
8,2%
50
8%
6,5%
40
6%
5,8%
30
14%
4%
4,8%
20
2%
10
0%
0
-3,1%
2009
-2%
2010
2011
2012
2013
2014e
2015e
-10
-20
2016e
2017e
-4%
EBITDA
EBITDA margin
-6%
96
ebit
Three-year plan
€/MIL
65
10,0%
6,2%
45
7,5%
12%
9,1%
7%
4,0%
25
2%
1,5%
0,1%
0,0%
5
2009
2010
-3%
2011
2012
2013
2014e
-15
2015e
2016e
2017e
-8%
-12,3%
-35
-55
-13%
EBIT
EBIT margin
-18%
97
net debt
Three-year plan
€/MIL
30
28,2
20
10
4,9
0
2009
2010
2011
2012
2013
2014e
2015e
-11,2
-11,4
2016e
2017e
-10
-20
-18,9
-23,9
-30
-32,7
-40
-50
-50,4
-60
-56,2
98
labour cost
Three-year plan
€/MIL
2009
2010
2011
2012
2013
2014e
2015e
2016e
2017e
0
10%
-20
-40
-60
-5%
-80
-100
-120
-20%
-140
-29,7%
-160
-180
-32,9%
-34,6%
-30,4%
-29,8%
labour cost
labour cost %
-29,8%
-29,7%
-29,4%
-29,4%
-35%
99
Three-year plan
breakdown of Group employees
2014
2013
2012
2011
2010
manufacturing
1,201
42%
1,175
44%
1,265
45%
1,250
46%
965
41%
service & after-sales
628
22%
613
23%
574
21%
577
21%
568
24%
R&D
361
13%
321
12%
338
12%
316
12%
293
12%
sales & marketing
439
15%
351
13%
364
13%
361
13%
340
14%
g&a
252
9%
235
9%
242
9%
233
9%
202
9%
Italy
1,605
56%
1,547
57%
1,646
59%
1,656
61%
1660
70%
outside Italy
1,276
44%
1,148
43%
1,136
41%
1,081
39%
708
30%
TOTAL
2,881
2,695
2,782
2,737
2,368
%
%
%
%
%
%
%
100
total capex
Three-year plan
€/MIL
2009
2010
2011
2012
2013
2014e
2015e
2016e
2017e
0
0%
-1%
-5
-2%
-3%
-10
-3,8%
-15
-3,6%
-4%
-5%
-5,4%
-20
-5,6%
-5,0%
-6,2%
-6,3%
-6%
-5,9%
-7%
-7,1%
-8%
-25
-9%
-30
total capex
total capex %
-10%
101
operating net working capital
Three-year plan
€/MIL
100
30%
90
25%
80
70
20%
60
50
12,6%
12,8%
13,0%
13,1%
15%
40
10%
30
20
5%
10
0
0%
2009
2010
2011
2012
2013
operating net working capital
2014e
2015e
o.n.w.c. margin
2016e
2017e
102
receivables – payables - inventories
Three-year plan
€/MIL
100
35%
90
30%
28,5%
80
28,0%
70
27,2%
26,8%
25%
23,1%
22,4%
60
21,8%
21,5%
20%
50
18,0%
18,5%
18,4%
18,5%
15%
40
30
10%
20
5%
10
0
0%
2009
2010
2011
operating net working capital
2012
2013
trade receivables margin
2014e
2015e
2016e
trade payables margin
2017e
inventories margin
103
appendix
sales breakdown
14
104
Three-year plan
Biesse: breakdown of Group sales by
country
%
2014
6,8
10,4
2013
Italy
9,5
Western E.
19,9
Eastern E.
29,2
26,6
4,4
Rest of the W.
18,8
Rest of the W.
Brazil
3,4
Russia
1,7
1,1
India
China
U.S.A. - Canada
Asia Pacific
13,5
2,8
7,3
Eastern E.
20,7
Asia Pacific
19,6
Italy
Western E.
U.S.A. - Canada
14,1
6,1
10,9
2014 B,R,I,C, 13,4%
2013 B,R,I,C, 17,7%
2014
2013
105
Biesse : Group sales breakdown
by division
%
2014
2,30
Wood
4,10 -9,10
Glass - Stone
Mechatronics
14,80
Three-year plan
2013
2,3
4
Wood
-7,9
Glass - Stone
Mechatronics
14,1
Tooling
15,50
72,40
Components
Adjustments
Tooling
16,8
70,7
Components
Adjustments
106
appendix
macro-economic and
sector-specific forecasts
15
Three-year plan
World GDP
7,0%
6,0%
5,4%
5,0%
4,1%
4,0%
3,8%
3,4%
3,4%
3,3%
2012
2013
2014e
4,0%
4,0%
4,0%
4,0%
2016e
2017e
2018e
2019e
3,0%
2,0%
1,0%
0,0%
2010
2011
2015e
International Monetary Found | October 2014
108
Three-year plan
World GDP: by country
World GDP growth forecast: 2015-2019 +4%
1,6%
1,6%
2,9%
6,7%
Legend
Gdp > 0 <
6,6%
Gdp > 2 < 3
4,6%
Gdp > 3
Source:
International Monetary Found Oct 2014
High growth areas
2,5%
3%
Medium growth areas
Low growth areas
109
main markets: housing &
furniture
China 37%
Germany 5,2%
U.S.A 15%
24
68
Three-year plan
Italy 2,4%
170
11
Brazil 2%
9,3
global furniture comsumption estimate for 2015: +3.3%
Global furniture consumption: (size) USD
462 bn; +3.3%
2015 USD bn
Source: CSIL Outlook 2014
2014 USD bn
110
110
15,0
Three-year plan
key markets: housing furniture
Furniture 2015-2017 +3.7%
25
Consolidated sales 2015-2017 +8.1%
Housing 2015-2017
10,0
+4,3%
15
5,0
5
-5
0,0
2004
-5,0
2005
2006
2007
2008
2010
2011
2012
2013
2014e
2015e
2016e
World GDP forecast 2015-2017: +4%
GDP
Housing
-10,0
2009
Furniture
2017e
-15
-25
Δ % y/y
-35
consolidated sales (scala dx)
-15,0
fonti utilizzate: CSIL furniture demand (indice mondiale) - CRESME /SIMCO GDP and new housing (indice mondiale)
111
-45
Three-year plan
key markets: housing furniture
15,0
historical beta average 2.6
25
10,0
15
5,0
5
-5
0,0
2004
-5,0
2005
2006
2007
2008
2009
2010
-10,0
2012
2013
2014e
-15
historical beta average
media housing & furniture
2011
Δ % y/y
-25
-35
consolidated sales
-15,0
-45
112
Three-year plan
key markets:
housing - furniture
4%*
X
Housing & furniture
(outlook 2015-2017)
10.6%
2.6
5
historical beta
average
growth rate
* global “furniture” (2015-2017): average +3.7%
* global “new residential” (2015-2017): average +4.3%
furniture & housing (2015-2017): average +4%
113
Three-year plan
key markets: furniture
office
home
84%
84%
84%
84%
84%
84%
2005
2006
2007
2008
2009
85%
85%
85%
86%
86%
2010
2011
2012
2013
2014e
other
2004
114
Three-year plan
key markets: furniture
500,0
500,0
400,0
400,0
300,0
300,0
200,0
200,0
100,0
100,0
0,0
0,0
2004
2005
2006
2007
2008
Furniture
2009
2010
2011
2012
2013
2014e
2015e
2016e
2017e
consolidated sales
115
UCIMU (Italy)
Three-year plan
Ucimu: press release of 27 january 2015
…on a yearly basis, the order intake index increased by
14.7% thanks to the positive impact of export orders…,,”five
quarters of growth bode well for the immediate future,
particularly in view of the forthcoming EMO exhibition in Milan
(hosted in Italy every six years), and domestic demand seems
to be showing some green shoots”…, as always, the
improvement of the financial environment or special laws
(e.g. the Sabatini Law) can support a recovery in consumer
spending for durable goods…,
116
ACIMALL (Italy)
Three-year plan
Acimall: press release of 3 february 2015
• “…order intake for 2014 is +19.7% over the previous
year, with a growing and important share of internal
demand (+24.7%)…
• …expectations for 2015 are moderately positive both for
order intake and employment levels, even if visibility is
still limited…”
117
VDMA (Germany)
Woodworking
machinery
Three-year plan
+ 14%
production of woodworking
machinery +14% (2014 vs
2013)
forecast (woodworking) 2015:
+3%
VDMA global index:
+ 2% (2014 vs 2013)
Forecast (global index) 2015:
+2%
118
Three-year plan
wood: production by country
20%
2%
3%
3%
15%
4%
4%
5%
6%
25%
Italy
Germany
China
USA
Austria
Japan
Taiwan
Turkey
Canada
Spain
Others
13%
119
source: VDMA 2015 report
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 For further details on the Biesse S.p.A.. reference should be made to publicly
available information. including the Quarterly Reports, the Half Annual Report,
the Annual Reports and the Three Years Business Plan.
 Statements contained in this presentation, particularly the ones regarding any
Biesse S.p.A. possible or assumed future performance, (business plan) are or
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