FINANCIAL RESULTS 9M 2020
12 November 2020
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Information to Distributors
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the ordinary shares and the warrants of Piovan S.p.A. (the "Securities") have been subject to a product approval process, which has determined that such Securities are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment").
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2
Piovan at a Glance
The Leading Automation Solutions Provider for Plastic, Food & non plastic, Services
What
we do
Applications
- Engineering, production and installation of customized automation solutions
- Global leader in plastic and plastic compounds
- Growing presence in food and non plastic (e.g. powder ingredients)
LTM Sep-20 Key Financials | ||||
Revenues | EBITDA | Net Income | Cash Conv.3 | ROCE4 |
€218m | €32m | €18m | ~96% | ~39% |
(14% Margin) | (8% Margin) | After impact | ||
of IFRS 16 | ||||
-6% | +3% | +7% | ~1% | |
Year-on-Year | Year-on-Year | Year-on-Year | Recurring Capex / | |
(based on Adjusted figures | ||||
Revenues | ||||
for comparability |
Our | • Global and diversified customer base |
across several end-markets | |
customers | • Over 2,300 customers1 |
Global | • 8 manufacturing sites in 4 continents |
• 22 services & sales companies | |
footprint | worldwide2 |
- 70 countries covered
-
C. 4% of Revenues invested in R&D
Innovation and Engineering2
DNA | • 175 dedicated employees2 |
purposes) | |||||
9M 2020 Revenues Breakdown5 | |||||
by Geography | by Application | by Channel | |||
South | Services | Distributors | |||
America | |||||
Italy | 13% | OEMs 7% | |||
North | 5% | ||||
18% | 9% | ||||
America | |||||
20% | Food & Non | ||||
Plastic | |||||
Asia | EMEA | Systems 9% | |||
45% | Plastics | ||||
12% |
Systems | End- | |
78% | ||
82% | users | |
84% | ||
International | ||
Source: Company information
1In 2020. 2As of June 2020. 3Defined as EBITDA - Recurring Capex / EBITDA. 4Computed as EBIT / Net Invested Capital excluding Goodwill and Put and Call Options. Net Invested Capital adjusted for the application of IFRS 16. 5Excluding other sales & other income.
4
PIOVAN COMPETITIVE ADVANTAGES
Global leader in attractive market
Strong innovation DNA and focus on the environment and circular economy
Turn-key solutions for complex customer needs
Truly global presence with local service network
Diversified and long-standing customer base
Track record of profitable growth and cash generation
Growth strategy based on both organic and M&A expansion and new technologies
5
Exploiting Strong Technological Synergies Across Different Materials
Developed For Plastics, Piovan Technological Platforms Can Have Multiple Applications
Systems | Storage | Handling | |||
Granules | Powder | ||||
Plastic | ü | ü | ü | ||
Food¹ & non | plastic | ü | ü | ||
Added | Creamy Liquids | ü | ü | ||
Recently |
Dosing & Blending | Drying & | Temperature | Coolers | Supervision | |
Granules | Powder | Dehum. | Control | Software | |
ü | ü | ü | ü | ü | ü |
ü | ü | ü | ü | ||
ü |
Source: Company information | 6 |
¹Sugar, Flour, Coco and Milk in Powder |
DIVERSIFIED RANGE OF END-MARKETS SERVED
Plastic | Food & | ||||
Consumer & | Construction & | Automotive & | non | ||
Packaging | plastic | ||||
Technical | Compounds | Industrial | |||
As a percentage of Piovan 9M 2020 Revenues | |||||
31.0% | 22.0% | 12.6% | 12.0% | 9.0% | |
Preforms - PET | Rigid | Fibers | Recycling & Compound | ||
Medical | |||||
Thermoforming | Film | Pipes & Cables | |||
Tech Parts | |||||
Source: Company information |
Services |
13.4% |
7
9M 2020 Financial Results
PIOVAN 3Q 2020 KEY BUSINESS HIGHLIGHTS
Acquisition of 100% of Doteco SpA
The rapid decision-making process allowed the Company to reorganize the cost structure and adapt to the new conditions
Acquisition of the 10% of the minority of Penta Srl, which now is owned 100% by Piovan Group
Strong resilience in less cyclical areas like medical and recycled packaging
R&D efforts in packaging recycle technologies
Strong activity in food business with increase of both orders and customer base
The presence of local structures of the group allowed us to gain market share in times of travel restrictions
Approval of dividend distribution
9
PIOVAN GROUP AND DOTECO
TECHNOLOGICAL SYNERGIES
Software | Complete Supervision, Monitoring and Control of the Production Process | Analysis | |||||||||||||||
Instrumentation | |||||||||||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | ||||||||||
Storage | Material Handling | Dosing & Blending | Drying & Dehum. | Temperature Control | Dosing & Blending | Coolers | Granulators | ||||||||||
Piovan | Doteco | ||||||||||||||||
Piovan products | 6 |
Outside Piovan focus | 1 |
2 | 3 | 5 | 7 | 8 |
4 |
Primary |
Machine |
Automating The Whole Process From Silos To Primary Machines
Source: Company information
PIOVAN GROUP AND DOTECO
GEOGRAPHICAL SYNERGIES
Universal Dynamics Inc.
Piovan Canada
Piovan Mexico
Doteco Inc. Nord America
Piovan Brasil
Global presence
Piovan Group | Doteco |
Production plants | Production plants |
Service and Sales Branches/Offices | |
Branches | |
Distributors and representatives HQ | |
Piovan Headquarters | Piovan UK |
FDM | Piovan Slovakia |
Aquatech | Piovan Turkey |
Penta - Progema | Piovan Algeria |
Fea | Piovan UAE |
Doteco | Piovan Morocco |
Piovan Germany | Energys |
Piovan France | |
Piovan Austria | |
Piovan Hungary | |
Piovan Czech Republic | |
11 |
Piovan China
Piovan Beijing (Rep.Office)
Piovan Shenzhen (Rep.Office)
Piovan India
Piovan Thailand
Piovan Indonesia
Piovan Vietnam
Piovan Japan
Piovan Malaysia
Toba PNC
Our Contribution to Circular Economy
Solutions for post consumed plastic and biopolymers
Systems for reduction and control of contaminants
Safe, traceable and stable processes
Service team for CAPEX life maximisation
8 patents registered in 2020 "recycling related"
22.5 % of revenues in Packaging, Fibres, Recycling and Compound is "circular economy related"
12
Putting People First
- Piovan Groups has implemented worldwide the highest Safety and Monitoring protocols and Mitigation Actions to limit the development of COVID-19
- The Group's facilities have been always fully operative assuring high quality products in time to our Customers
- Tangible actions include, but are not limited to:
Separation Barriers
Wearing protective masks
Cleaning the hands frequently with the appropriate gel
Keeping the minimum safety distance from other people
13
Resilient Plastic and Service & Spare Parts, While Food & Other Powders is Back to Growth
Revenues by Application (€m)1 | Revenues by Geography (€m)1 | Comments | ||
Growth YoY | Growth YoY |
168.2 | 168.2 | ||||||
South | |||||||
152.3 | 8.4 (5.1%) | ||||||
Services | 21.5 | (32.3)% | America | 152.3 | (32.3)% | ||
(13.1%) | |||||||
Food & Non | 20.0 | (6.8)% | North | 34.1 | 7.6 (5.1%) | (9.2)% | |
12.5 (7.6%) | (13.4%) | America | |||||
Plastic | (20.8%) | 29.6 | (13.0)% | ||||
Systems | 13.5 (9.0%) | 7.4% | |||||
(19.8%) | |||||||
Asia | 20.8 | ||||||
(12.7%) | 18.0 | (13.6)% | |||||
(12.0%) | |||||||
130.0 | |||||||
Plastic | (79.3%) | 115.9 | (10.8)% | ||||
Systems | (77.6%) | EMEA | 100.8 | 94.2 | |||
(6.5)% | |||||||
(61.5%) | |||||||
(63.1%) | |||||||
9M 19 | 9M 20 | 9M 19 | 9M 20 |
BY APPLICATION
- Plastic Systems: Below 9M 2019 due to COVID19 restrictions on mobility (in particular in 1H), which delayed deliveries and installations.
- Food Systems: Ahead 9M 2019, as a consequence of positive order intake during the year resulting in strong Q3.
- Services: Slight decrease due to restrictions on mobility particularly in Q2.
BY GEOGRAPHY
- North America: COVID19 impact in 9M 2020, particularly in Q2 and Q3 .
- ASIA: Decreased due COVID19 impact in China at the beginning of the year and in South East Asia later in the year.
- EMEA: Slow down due to COVID19 restrictions, mainly in Q2, business recovered in Q3 thanks also to good performance of food market.
- South America: Slow down in Q3 due to COVID19 impact.
Indicates other revenue and income (c. €4.2m in 9M 2019 and €2.8m in 9M 2020)
Source: Company Information | 14 |
1Revenues % breakdown excludes other revenue and income. |
Improving Profitability Both at EBITDA and EBIT Level
Contribution Margin | EBITDA | EBIT | Net Income | |||||||||
€m and Margin | €m and Margin | €m and Margin | €m and Margin | |||||||||
48.4 % | 48.7% | |||||||||||
13.2% | ||||||||||||
81.5 | ||||||||||||
74.211.5%
19.420.0
9.4%
10.5%
15.8 | 15.9 | 6.9% | 6.9% |
11.710.5
9M 19 | 9M 20 | 9M 19 | 9M 20 | 9M 19 | 9M 20 | 9M 19 | 9M 20 |
Source: Company Information
15
Overview of Operating Costs Breakdown
Operating Cost Base as a % of Revenues
Growth YoY
Comments
Raw Materials
Variable Costs
Personnel
Other
EBITDA
Source: Company Information
37.8% | 38.2% |
13.8% | 13.1% |
26.0% | 26.4% |
10.9% | 9.1% |
13.2% | |
11.5% | |
9M FY19 | 9M FY20 |
16
~39bps
~(65)bps
~41bps
~(177)bps
~163bps
- Raw materials substantially stable
- Variable costs reduced more than proportionally thanks to lower level of sales commissions and transportation costs
- Cost of labour reduced in line with a lower level of sales
- Other costs decreased thanks to the efforts in reducing travelling, advertising and consultancy costs
EBITDA Bridge from 9M 2019 to 9M 2020
9M 19 to 9M 20 EBITDA bridge (€m)
EBITDA | 11.5% | +1.6% EBITDA margin | |
margin | +3.1% EBITDA growth | ||
• Personnel costs decrease due to the | |||
Overall impact: (7.3) | |||
19.4 | effect of optimization measures | ||
3.5
0.4
(7.7)
4.4
- Decrease in Other costs mainly driven by reduction of travel, advertising, consultancy and other costs
13.2%
20.0
EBITDA 9M 19 | Contribution Margin due to | Contribution Margin due to Cost | Personnel | Other Costs | EBITDA 9M 20 |
Revenues | Reduction |
Source: Company Information | 17 |
Net Debt Walk from Dec-19 to Sep-20
Dec-19 to Sep-20 Net Debt bridge (€m)
Working Capital Seasonality (€m)
NWC | As a % of Revenue | |||||||||||||||||
13.3 % | 12.3 % | 7.1 % | 11.1 % | 11.6 % | 9.7 % | |||||||||||||
31.2 | 24.8 | |||||||||||||||||
24.6 | ||||||||||||||||||
27.9 | 20.7 | |||||||||||||||||
16.2 | ||||||||||||||||||
Jun-19 | Sep-19 | Dec-19 | Mar-20 | Jun-20Sep-20 |
- Influenced by a more than proportional reduction in trade payables, compared to trade receivables, mainly due to Covid-19
0.9 | (4.0) | (2.8) | ||||||||||||||||||||||||||||||
2.9 | 1.2 | |||||||||||||||||||||||||||||||
2.2 | ||||||||||||||||||||||||||||||||
Overall change in WC: 4.5 | 4.6 | |||||||||||||||||||||||||||||||
5.6 | 0.1 | |||||||||||||||||||||||||||||||
0.9 | ||||||||||||||||||||||||||||||||
(20.0) | (1.2) | |||||||||||||||||||||||||||||||
Net Debt / (Cash) | EBITDA | Recurring Capex Change in Work in | Change in Trade | Other Change in | Taxes | Other | Penta 10% | Net Debt / (Cash) | Non Recurring | Net Debt / (Cash) | ||||||||||||||||||||||
Dec-19 | Progress and | Receivables / | WC | Minority | Sep-20 pre Non | Capex and New | Sep-20 | |||||||||||||||||||||||||
Stocks 1 | Payables | Acquisition and | Recurring Capex | IFRS 16 Contracts | ||||||||||||||||||||||||||||
Put Options | and New IFRS 16 | |||||||||||||||||||||||||||||||
Evaluation | Contracts |
Source: Company Information | |
1 Including advances and contract liabilities. | 18 |
Net Debt Walk from Sep-19 to Sep-20
Sep-19 to Sep-20 Net Debt bridge (€m)
Working Capital Seasonality (€m)
NWC | As a % of Revenue | |||||||||||||||||
13.3 % | 12.3 % | 7.1 % | 11.1 % | 11.6 % | 9.7 % | |||||||||||||
31.2 | 24.8 | |||||||||||||||||
24.6 | ||||||||||||||||||
27.9 | 20.7 | |||||||||||||||||
16.2 | ||||||||||||||||||
Jun-19 | Sep-19 | Dec-19 | Mar-20 | Jun-20Sep-20 |
- Includes translation reserve variation €(2.4)m, put options evaluation €(0.7)m, 10% Penta acquisition €(2.8)m, change in consolidation perimeter for Toba €(1.7)m and other liabilities changes
11.1 | ||||||||||||||||||||||||||||||
(10.2) | 7.4 | (2.8) | ||||||||||||||||||||||||||||
Overall change in WC: (7.2) | 8.8 | |||||||||||||||||||||||||||||
1.4 | 7.3 | |||||||||||||||||||||||||||||
(31.6) | (0.4) | |||||||||||||||||||||||||||||
(5.9) | (0.9) | |||||||||||||||||||||||||||||
Net Debt / (Cash) | EBITDA | Recurring Capex | Change in Work in | 1 | Change in Trade Other change in WC | Taxes | Other | Net Debt / (Cash) | Non Recurring Capex | Net Debt / (Cash) | ||||||||||||||||||||
Sep-19 | Progress and Stocks | Receivables / | Sep-20 pre Non | and New IFRS 16 | Sep-20 | |||||||||||||||||||||||||
Payables | Recurring Capex and | Contracts | ||||||||||||||||||||||||||||
New IFRS 16 | ||||||||||||||||||||||||||||||
Contracts |
Source: Company Information | |
1 Including advances and contract liabilities. | 19 |
Appendix
Income Statement
€m | 9M 2019 | 9M 2020 Reported | Δ% 9M 2019 vs 9M 2020 |
Sales | 164.0 | 149.4 | (8.9%) |
Other sales & other income | 4.2 | 2.8 | (32.3%) |
o/w capital gain on asset disposal | 0.7 | - | |
Revenues | 168.2 | 152.3 | (9.5%) |
Raw materials | (63.6) | (58.1) | (8.6%) |
Cost of services | (37.7) | (31.3) | (17.1%) |
o/w extraordinary costs | (0.8) | - | - |
Personnel | (43.7) | (40.2) | (8.1%) |
Other costs | (3.8) | (2.7) | (30.7%) |
EBITDA | 19.4 | 20.0 | 3.3% |
Capital gain on asset disposal | (0.7) | - | - |
Extraordinary costs | 0.8 | - | - |
Adjusted EBITDA | 19.5 | 20.0 | 2.8% |
% Adjusted Margin | 11.6% | 13.2% | |
D&A and provisions | (3.6) | (4.1) | 13.5% |
EBIT | 15.8 | 15.9 | 0.9% |
Finance income / (expenses) | 0.0 | (0.1) | (251.2%) |
Exchange income (expenses) | 0.5 | (0.9) | n.m. |
Gains (losses) on liabilities for options granted to | (0.1) | 0.1 | n.m. |
non-controlling interests | |||
Gains (losses) from equity investments carried at | 0.1 | - | - |
equity | |||
EBT | 16.3 | 15.1 | (7.1%) |
Taxes | (4.6) | (4.6) | |
Net Income | 11.7 | 10.5 | (10.1%) |
Attributable to Piovan shareholders | 11.8 | 11.1 | (5.9%) |
Attributable to minority shareholders | (0.1) | (0.6) | n.m. |
Source: Company Information | 21 |
Balance Sheet
€m | Dec-19 | Sep-20 |
Property Plant & Equipment | 52.4 | 50.0 |
Intangible Assets (incl. Goodwill) | 7.5 | 7.2 |
Financial Assets | 0.3 | 0.3 |
Net Fixed Assets | 60.2 | 57.4 |
Trade receivable | 52.8 | 43.8 |
Inventory | 29.3 | 33.2 |
Trade payables | (40.6) | (25.9) |
Advanced payments from customers | (16.1) | (19.9) |
Contract assets/(liabilities) | 1.2 | (0.2) |
Net Trade Capital | 26.6 | 31.0 |
Tax receivables | 3.7 | 2.5 |
Other current activities | 3.7 | 4.5 |
Tax payables | (6.7) | (5.6) |
Other current liabilities | (11.1) | (11.7) |
NWC | 16.2 | 20.7 |
Other Credits | 4.9 | 4.5 |
Other Debts | (5.2) | (4.7) |
Pension Fund | (4.8) | (5.0) |
Net Invested Capital before Option | 71.3 | 73.0 |
Put & Call Option | (5.3) | (2.3) |
Net Invested Capital | 66.1 | 70.7 |
Total Shareholders' Equity | 65.2 | 73.5 |
Net Debt / (Cash) | 0.9 | (2.8) |
Total Sources | 66.1 | 70.7 |
Source: Company Information | 22 |
Cash Flow Statement
€m | Dec-19 | Sep-20 |
Adj. EBITDA | 31.0 | 20.0 |
Recurring Capex | (2.7) | (0.9) |
% on Revenues | (1.1)% | (0.6)% |
Cash generation | 28.4 | 19.1 |
Cash Conversion % | 91.4% | 95.4% |
Non-Recurring Capex | (11.5) | (0.4) |
Disposal | 1.5 | 0.1 |
∆ Net Working Capital | (0.1) | (4.5) |
Corporate Taxes | (7.3) | (4.6) |
∆ Funds | 0.9 | 0.2 |
Non operating Items | (1.9) | 0.7 |
Cash Flow from Operation | 10.0 | 10.6 |
Adjusting Items | (0.1) | - |
∆ Put and Call Option | 2.6 | (3.0) |
Dividend distribution | (7.7) | - |
Changes in equity | (2.9) | (2.2) |
Other financial charges | 0.0 | (0.1) |
∆ Exchange loss/gain | (0.0) | (0.9) |
Income from equtiy method investments | (0.1) | 0.1 |
Acquisitions | (2.2) | - |
IFRS 16 impact in the period | (3.2) | (0.9) |
∆ Net Financial Position | (3.6) | 3.8 |
NFP BoP | (2.6) | 0.9 |
∆ Net Financial Position | 3.6 | (3.8) |
NFP EoP | 0.9 | (2.8) |
Source: Company Information | 23 |
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Piovan S.p.A. published this content on 12 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2020 13:38:01 UTC