Euronext Star Conference
Milan, March 21°, 2024
Frédéric SIPAHI - CEO
Benjamin CADIC - General Manager Air and Cooling
AGENDA
- FY 2023 Financials
- Filtration Disposal
- Sogefi Group Profile post Transaction
- Market Outlook 2024
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FY 2023 Financials
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Revenues at €1,627.9m
vs 1,543.4 in 2022
EBITDA at € 221.4m
vs €195.1m in 2022
EBIT
Net Income
FCF1 at € 32.7m
vs €30.5m in 2022
Net debt1 at € 200.7
vs € 224.3m Dec. 2022
Divided Proposal
FY 2023: FINANCIAL HIGHLIGHTS
- +9.1% at constant exchange (5.5% at current) benefiting of price increase related to pass- though (+2.8%) and volume growth (+6.1%)
- Contribution margin € 477.7m vs € 423.6m in 2022
- EBITDA excluding non-recurring: € 235.6 m vs € 193.7m in 2022
- € 105.2m vs € 70.5m in 2022 with higher growth in value excluding non-recurring (€ 119.4m vs € 76.4m)
Net income of operating activities up at € 64.4m vs € 31.0m in 2022. Net income at € 57.8m including -€ 6.7m of discontinued operations (i.e. Mexico Suspensions disposal in Q4)
Free Cash Flow positive at € 32.7m, without acquisition of ATN and UK pension funds at € 45m, up vs €30.5m in 2022
Net debt end December 2023 of € 200.7m vs € 224.3m end of 2022
Management dividend proposal for 2023 is €0.2 per share (€ 23.7m)
1 FCF and Net debt excluding IFRS 16 | 4 |
FY 2023: EBIT PERFORMANCE BREAKDOWN VS 2022
Mainly for inflationary | ||||
pressures | 7.3 % | 6.5 % | ||
of sales | 5.2m Exchange | |||
of sales | ||||
4.6% | differences and | |||
5.0 % | ||||
4.5m one-off | ||||
of sales | of sales | |||
Suspension | ||||
restructuring |
(*) Variances calculated at stable FX
(**) Exchange rate impact net of Argentinian inflation | 5 |
02
Filtration Disposal
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580.0
530.0
480.0
430.0
380.0
330.0
280.0
230.0
180.0
130.0
80.0
30.0
-20.0
FILTRATION: HISTORICAL FINANCIALS
10Y Result
546.4 | 573.6 | |||
529.7 | 535.1 | 537.2 | 535.7 | |
473.7 | 467.1 | 463.4 | ||
421.2 |
73.4 | 83.0 | 102.6 | ||||||||
52.0 | 53.6 | 62.8 | 59.6 | 54.6 | 47.6 | |||||
47.6 | ||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
SALES | EBITDA |
In 2023 Filtration generated the strongest results of the last 10 years
- Filtration's performance, both in terms of sales and profitability, has reached its historical highs, following the divestiture of certain unprofitable operations and a successful commercial and operational improvement program, in a favorable business environment in aftermarket (the most profitable segment)
Note: Historical data don't include A&C Usa that is part of the filtration perimeter to be sold (2023 A&C Usa data: Sales € 22,7 m and Ebitda € 3,6 m, expected to run off over the next few years)
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FILTRATION DISPOSAL
- February 23rd, 2024: Sogefi entered into a put option agreement with the US private equity fund Pacific Avenue Capital Partners committed to acquire the Sogefi Filtration Business Unit.
- Next steps:
- works council consultation process completion (2-3 months as required by French law);
- exercise of the put option by Sogefi and Signing of the Sale and Purchase Agreement;
- Closing (expected within six months).
- Enterprise value: Euro 374 million
- Equity Value: estimated at approximately Euro 330 million to be settled entirely in cash (would be determined at closing taking into account adjustments based on the Working Capital and the Net Financial Position)
- Capital gain: of approximately Euro 130 million.
- Strategic rationale:
- value Filtration in a phase when the unit has achieved unprecedented results;
- reduction powertrain component in the group's business portfolio;
- to focus on the Suspension & Air&Cooling.
- Proceed allocation: a. 50% will be allocated to the reduction of the group's indebtedness; a. 50% the Board of Directors will evaluate to propose its distribution.
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03
Sogefi Group Profile post Transaction
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AT A GLANCE
40years of experience in
+ automotive business
2023 >1 Billions
of revenues
listed on the Milan Stock Exchange
since 1986
14
countries
24 productions plants 5
R&D centers
3 300
EMPLOYEES
Air&Cooling 2 Business
Suspensions Lines
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Attachments
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Disclaimer
Sogefi S.p.A. published this content on 21 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 07:38:14 UTC.