Corporate Presentation - Italian Lifestyle Day, Milan September 4th, 2018 - Elica
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Corporate Presentation
Italian Lifestyle Day, Milan
September 4th, 2018
VISIONAIR
«CREATE OUTSTANDING VALUE FOR
CONSUMERS AND PROFESSIONALS IN
THE VENTILATION, FILTRATION AND
PURIFICATION OF AIR AT HOME»
ELICA: QUALITY WORK, ETHICAL
EMPATHY FOR THE WELFARE OF
PEOPLE AND THE ENVIRONMENT
Product Leadership: Focus on Design and Innovation
3
A Story of Innovation through Design
LEGO OM STAR SPACE FEEL ICO 35CC SWEET SNAP NIKOLA TESLA
First Breakthrough The hood The most silent E>>motion Low consumption Unique Experimental The first IOT Hob
1970 Elica Hood product becomes lamp hood in the world control System Cubic Design new materials Monitor & Air extractor Extractor
TODAY
PROMISE A unique and distinctive Brand with an emotional design and a technological imprinting that gives value to you and your home
PURPOSE
VALUES Design Innovation Expertise
PIONEERSHIP
REASON TO More than 65 Design Awards A number of world firsts EPL Elica Propulsion Lab
BELIEVE World-class Innovation and
With over 130 Patents testing Lab
(25 patents per year) (€2.5m in 2017)
PAY OFF
aria nuova
4
Becoming the world leader in hoods production
World market leader in the hoods segment with 2017A Revenues by Product
21m units sold and a 14% worldwide market share
Elica and
Other
Own
Brands OEMs
€479m sales (+9.1% vs 2016) and 40% 47%
€36.8m (+13.8% vs 2016) EBITDA in 2017A
Electric
Truly international Group with sales in >100 Motors
13%
countries
2017A Revenues by Geography
Asia
13%
7 manufacturing plants located in Italy, Poland,
Mexico, India and China
Americas
16%
EMEA
55%
c. 3,800 employees
Italy
16%
• Source: Company Documents. 5
…with a strong and experienced management team
Antonio Recinella
Chief Executive Officer
● Appointed CEO of Elica in
October 2016
Alessandro Carloni ● Previously covered senior Piero Pracchi
Chief Financial Officer management positions in Chief Marketing Officer
Honeywell International and
Magneti Marelli
● Appointed CFO of Elica in ● Appointed CMO of Elica in
June 2017 ● Holds an MBA from IMD January 2018
International University of
● Previously covered senior ● Previously covered senior
Losanne
management positions in management positions in
Whirlpool, Honeywell Whirlpool and Indesit
International and Deloitte ● Holds a Master Degree from
● Holds a Master Degree from Bocconi University
LUISS University
Enrica Satta – VP Corporate & Luca Barboni – Motors Division Gianluca D’Arcangelo –
Marco Cimino – R&D Director
Strategy and Group HR Director Director Chief Information Officer
● Appointed in September ● Appointed in April 2013 ● Appointed in January ● Appointed in January
2015 2015 2017
● Previously covered senior
● Previously covered senior management positions in ● Previously covered senior ● Previously covered senior
management positions in Elica’s technical management positions in management positions in
Techint Group, Fastweb departments Elica and Fime Phillips and Honeywell
and Omnitel-Vodafone
Mauro Fugnanesi – Category &
Gianguido Cerullo – VP Go to Market Marcello Malano – VP Operations
Program Management Director
● Appointed in May 2017 ● Appointed in September ● Appointed in January
2015 2017
● Previously covered senior
management positions in ● Previously covered senior ● Previously covered senior
Elica management positions in management positions in
Indesit and Merloni Honeywell and Tecnogas
6
Truly International Group with Global Capabilities
7 production plants in Italy, Poland,
India, China and Mexico
Poland
● Italian sites (3) dedicated to high-end
and low-end products
● The remaining European production is
carried out in Poland
● America is entirely served by the
Mexican plant
● Local-for-local approach in China, India
and Japan (production controlled by the
company’s partner, Fuji)
China
Mexico
Italy India Sales in > 100 countries
● Qualified retail chains (especially in
France and the UK)
● Distributors (serving furniture and
household appliance shops, kitchen
studios and contractors)
Production Network Country
● Kitchen manufacturers which serve
kitchen and furniture shops
7
Continuous Focus on Own Brands Expansion
Elica Hoods Revenues
Breakdown by Brand(1) Flagship brand
Elica Brand
High design
and technology
Worldwide
presence
16%
29%
Other Own Brands
20%
Brands for
17% local markets
Value to high-
end products
64%
54%
Wide client
portfolio
OEMs
Client branded
2010A 2017A
hoods
• Source: Company Documents. (1) Excluding electric motors business . 8
Investment Highlights
1 World Market Leader in Kitchen Hoods Manufacturing
2 Solid Long-Term Market Fundamentals with Attractive Growth Prospects
3 Value-enhancing Focus on “Own Brand” Growth Strategy
4 Long-standing Relationships with a Well Diversified Base of Leading International OEMs
5 Continuous Focus on Consumer Focused Technology Roadmap
6 New Leadership Team
7 Considerable Value Creation Opportunities through Additional Product Development
9
6th QTR of solid performance growth
20,0 9,0%
8,3%
8,1%
7,9%
18,0 7,6% 7,6% 7,7% 8,0%
16,0
7,0%
6,2%
14,0
6,0%
12,0
10,4 5,0%
10,0 9,4 9,6 9,7
9,0 8,8
4,0%
8,0 7,4
3,0%
6,0
2,0%
4,0
2,0 1,0%
0,0 0,0%
4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018
EBITDA AdJ (€M) % on Net Sales
10,4 M€ Highest EBITA Adj. since Q4 2015
10A Brand Portfolio to Cover all Consumer Segments
TRENDY/
ICONIC
BRAND
A
Premium
BRAND
B
Core
BRAND
E
Value
BRAND
C
WILLINGNESS
CONSERVATIVE
TO PAY
Rightly positioned to win in the competitive arena
11We Designed our Strategy to Expand our Home Presence
FROM KITCHEN TO HOME
STRENGTHEN COOKING AIR QUALITY
THE CORE EXPERIENCE CARE
to be Consistent to be Different creating to be Meaningful and
and Salient an Emotional Link creating demand
FROM APPLIANCE TO SYSTEM
12Capturing Market Opportunities to Consolidate and
Expand into Valuable Segments
Target Market Elica Strategy
The most important category of the ELICA leads the category with a complete range
HEAD FREE à Keeping the leadership
market in terms of value
(23% market share value)
Core Range
High end box (RRP>€500) represents ELICA is the second brand in volume
BOX almost 50% of category value à Boosting the Premium segment penetration
AVG RRP of the category is 25% upper ELICA is the category leader
DECORATIVE
than total market RRP à Keeping its premium positioning
Emerging
Double digit increase YoY both in unit ELICA develops a complete range with a strong
CEILING and value, confirming a P.IDX higher value proposition in order to differentiate from
than 300 competitors
13Focusing on Technological Leadership to Anticipate New
Solutions and Drive Demand
Powerful and effective fumes detection, through innovative and efficient 5 year roadmap
system of air flow governance and design optimization
€50m+ Investments
over 100 people involved
Always high standard of clean air, thanks to automatic filtering
maintenance and customized filtering solutions
more than 25 patents per year
stream-lining global platforms
Silence ever, through new generation of electronic control motors and
calibrated fluid dynamic
14Cooking Provides Strong Brand Purpose through a
Significant New Experience
End of 2016 – Elica entered the aspiration hob category
Two models on high and middle market segment
Value proposition focused on simplicity
Generating circa €18m revenues until today
15Which Now Unfolds with 6 New Models in 2018-19
PRICE
POSITIONING CHEF
4.000 €
SWITCH
UPSIDE
current CURRENT
current
2.000 €
PRIME LIBRA
FLAME
with a world first PRODUCT VALUES
1.000 €
Easy To Use Easy To Clean/ Added Powerful and Silent Cooking Experience
functionalities
16NIKOLA TESLA PRIME
Phase in: July 2018
Priority Market: Italy, Germany, Iberian area, France
NIKOLA TESLA SWITCH
Phase in: July 2018
Priority Market: Italy, Germany, Iberian area, France
17Leveraging on our Brand Authority to Expand in the
Domestic Enviroment
Indoors, the air can be two to five times more polluted than the air outside according to the U.S. Environmental
Protection Agency. Studies show that breathing clean air can contribute to health and well-being.
Public concerns on indoor air quality (IAQ) have drawn a great deal of attention
Today we estimate an European market value of almost €1bn
Leveraging dominant leading position and its significant know how
Elica will launch a new complementary business of the air
Connectivity as enabler, design as uniqueness
18ConnectAir is Elica’s First Connected System, which
Guarantees Air Control in your Kitchen
IT WORKS AUTOMATICALLY
It guarantees best cooking and air purifying performance by simply activating
the hob
MONITORS, INFORMS, SIMPLIFIES
Offers the opportunity to control air quality in the domestic environment, even
while away from the home
ALWAYS CONNECTED
It helps to reduce the risk of meals burning and sends an
Indoors, the air can be two to five times more polluted than the air outside according to the U.S. Environmental
alert via the app to advise that the burners have been
Protection Agency. Studies show that breathing clean air can contribute to health and well-being.
automatically turned off
19Brand Leadership
Indoors, the air can be two to five times more polluted than the air outside according to the U.S. Environmental
Protection Agency. Studies show that breathing clean air can contribute to health and well-being.
20The journey to affirm our leadership is well underway…
Brand leadership Product leadership Company leadership
ELICA ELICA ELICA
THE ACCENT TO MAKE THE TOP OF MIND A GLOBAL COMPANY,
YOUR KITCHEN OUTFIT SOLUTION TO DESIGN THE NUMBER 1
SPECIAL AND UNIQUE A KITCHEN TO LOVE IN THE INDUSTRY
ELICA PILLARS: DESIGN | INNOVATION | SMART TECHNOLOGY
21… selecting carefully our strategic target audience
CONSUMERS PURCHASE INFLUENCERS CORPORATE STAKEHOLDER
DESIGNERS
DESIGN PASSIONATE ARCHITECTS INVESTORS
FOODIES BLOGGERS INSTITUTIONS
SMART FAMILIES MEDIA ASSOCIATIONS
TRADE PARTNERS
22We reached breakthrough results in 2018
In H1 we focused on building ELICA brand equity through the activation of our NEW BRAND CAMPAIGN and the presence at
SALONE DEL MOBILE & DESIGN WEEK
AND ELICA REACHED IMPORTANT GOALS
+5 POINTS OF EXCELLENT MEDIA PRESENCE VISITORS @ MILAN A TV SHOW @ EUROCUCINA COMPASSO D’ORO
BRAND PREFERENCE FUORISALONE BOOTH
72 NATIONAL 12 ADDITIONAL DESIGN
BRAND IMAGE PROFILE 115 INTERNATIONAL 220,000 PEOPLE FIRST TIME EVER DURING AWARDS ACROSS THE RANGE
IMPROVED 25 TIER 1 MEDIA MET 750 JOURNALISTS SALONE DEL MOBILE
700+ GUESTS
BUT WE WANT TO SPEAK LOUDER TO GET MORE VISIBILITY
23To continue in H2 2018 and in 2019 with international
deployment
Print
TV 30’
OnlineVideo 60’
Digital
242017-2019 Strategic Plan Highlights
Key Drivers to Create Long Term Sustainable Value
LEVERAGE ON OWN
BUSINESS MODEL
BRAND
ENANCHING
QUALITY
&
SERVICE
MARKET
ICT
SYSTEMS
OPERATIONS’
EFFICIENCY
26Strategic Levers of Business Plan
1
Disposal of non-performing German operation (Gutmann)
ü
2
Increase the B2C portfolio share
ü
3
Transforming Distribution Model and Enlarging Geographical
Presence ü
4
Technology Improvement – Standardization – Cost Competitiveness Ongoing
5
Digital Business Model: Smart Products & Services Ongoing
27Strategic Plan Key Financial Statements
Strong organic growth while increasing profit margins
CAGR
2016A 2017A
17-19E
Net Sales 439.3 479.3
5.6%
YoY % 9.1%
EBITDA Adj 36.8 34.9
12.3%
% on NS 7.4% 7.7%
EBIT Adj 13.7 16.3
13.7%
% on NS 3.1% 3.4%
NFP
NFP 60.8 69.3 73.0
RONA*
2.1% 8.1% 10.0%
Return on Net Asset
* Calculate as EBIT on Net Capital Employed
282017FY Guidance exceeded
OBJECTIVES Guidance 2017FY
Group Net Sales growth +9% +9.1%
EBITDA Adj* growth +13% +13.8%
EBIT Adj* growth +10% +19.2%
Net Financial Position 74.8 €M 69.3 €M
RONA** 7.0% 8.1%
* Data adjusted by non recurring items, restructuring costs and non-ordinary charges ** Calculated as EBIT on Net Capital Employed
29M&A Project Omega: Value Enhancing Transaction
Transaction Overview
Joint Venture Agreement
Elica Indian Partner
Transaction Highlights
● On June 1, 2018, Elica and its Indian Partner
58.5% 41.5%(1)
approved the sale of 49% stake of Elica PB
India Private Ltd (“Elica India”) to Whirlpool of
Elica India
India Ltd
33% Stake 16% Stake
Cash
Elica India Elica India
Cash ● The transaction includes an exclusive
distribution agreement for Whirlpool built-in
cooking products in India
Whirlpool of India Ltd
● Elica will maintain BoD control :
– Elica will appoint 3 out of 5 directors,
Post-Transaction
including the Chairman and CEO
● Elica India will remain consolidated in Elica
Elica Indian Partner
Group financial accounts
50% 50% ● Enterprise value c.$48m (c. $15.9m cash-in of
Inter-shareholders which net cash-in for Elica $10.7m)
Agreement Whirlpool of India Ltd
Elica – Indian Partner ● Put / call agreement for 51% stake exercisable
51% 49% in 2021
Elica India
31Clear Strategy to Exploit India Full Potential
The transaction allows to consolidate Elica’s market leadership in India and to
maximise financial return related to Elica’s business
2018 – 2020 From 2021 Onwards
● For a 3 years period starting from closing date, ● In case Whirlpool or Elica decides to sell their stake to
new distribution agreement to remain in place, a third party tag along rights may be exercised;
● Elica India will become the exclusive distributor ● Put / call agreement for 51% stake exercisable in 2021.
of all Whirlpool-branded built-in cooking
products in India,
● Elica India will be the sole manufacturer of
built-in Whirlpool’s products in India,
● Full range of cooking products with two
complementary brands targeting different
customers segments,
● The agreement will allow to exploit the full
potential of the two brands and to deploy
leading manufacturing capabilities to increase
market penetration and consolidate the market
leadership position in India.
32Elica India: Successful Track-record
Achieved leadership position in less than 10 years from operations inception
Revenues Evolution (€m) EBITDA (€m) and EBITDA Margin Evolution
CAGR 2011-2017: 21.7% EBITDA Margin 7.0% 6.9% 6.9% 7.9% 14.3% ● Significant track record of
3,5
4 .0 %
24,3
consistent growth and
7 :3
-2 01
20
14 improved profitability
R
C AG 16,8
1,3 ● Significant growth expected
12,7 0,9
0,6 0,7
9,0
10,1 to continue in the coming
7,5 8,5
years
3,5
(0,5)
(0,8) (0,9) ● Long term profitability of >
2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 15% EBITDA margin
● Leadership position in cooker
EBIT (€m) and EBIT Margin Evolution PBT (€m) and PBT Margin Evolution
hoods market share
EBIT Margin 3.6% 3.7% 4.0% 5.7% 12.6% PBT Margin 3.0% 2.3% 4.8% 11.4%
3,1
● High potential market with 7-
2,8
8% estimated growth over the
0,5
1,0 0,8 medium term
0,3 0,4 0,3 0,3
(0,2)
(0,9) (1,1) (0,8) (1,0)
(1,4)
(1,7)
2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A
33Extracting Value from the Indian Business
1
Recognition of a
premium valuation to
Elica business in India
5 2
Evidence of Elica’s Monetisation of a
capabilities and minority stake allowing
credibility to be a enhanced strategic and
reliable partner for large financial flexibility for
international players Elica Group
4 3
Potential sizeable future
Enhanced market
monetisation whilst
leadership in India
maintaining strong
enabling significant
focus on the Indian
growth and profitability
market
34H1 2018 Results
H1 2018 Highlights
§ 6th QTR of EBITDA Adj. growth
§ Elica Reported Sales +0.2% vs H1 2017
§ +3.1% vs 2017 Net FX
§ +5.5% vs 2017 @ constant perimeter
§ EBITDA Adj. 20,1 M€ (+9,2% vs H1 2017) @ 8.2% on Net Sales (+70 b.p. vs H1 2017)
§ EBIT Adj. 10,2 M€ (+28,8% vs H1 2017) @ 4.2% on Net Sales (+90 b.p. vs H1 2017)
§ Raw Materials cost increase and FX fluctuations completely offset trough Price/Mix and
operational efficiency
§ Extraordinary “non cash” provision due to the opening of a preliminary voluntary insolvency
procedure by Exklusiv Hauben Gutmann GmbH, impacting EBITDA/EBIT figures
§ Operating CF 16,3 M€ (6,9 M€ in H1 2017) financing New Product launch and production capacity
increase
§ “Own Brand” business boosting in key product categories after enthusiastic customer
feedbacks and high visibility @ April Eurocucina fair
36Cooker Hoods Industry Unit Shipments
Volume Data_ Change % vs. Y-1 Q2 ‘18 H1 ‘18 Key evidence
Western Europe (0.5%) (0.4%)
Eastern Europe (incl. CIS) 3.2% 4.2% EMEA
European positive demand driven by Eastern Europe –
Europe 1.1% 1.6% mainly thanks to Russia.
WE keeps showing a slight deceleration due to German
market stagnation and UK Brexit uncertainty.
EMEA 0.9% 1.3%
North America 2.8% 2.9% AMERICAS
NA slight positive demand.
Latin America 1.2% 1.3% LA continues its recovery.
AMERICAS 2.2% 2.3% ASIA
Asia-Pacific region shows a slight growth.
India continues to drive Asia demand.
ASIA 0.3% 0.9%
WORLD 0.8% 1.3%
Source: Elica Group Estimates 37Sales Key drivers
H1 2018 Q2 2018
Change vs. Y-1 Change vs. Y-1
€M % €M %
(Divestiture) (5.8) (2.4)% (Divestiture) (3.1) (2.5)%
Vol/Price/Mix 13.3 5.5% Vol/Price/Mix 6.7 5.4%
Currency (7.1) (2.9)% Currency (3.6) (2.9)%
Total 0.4 0.2% Total 0.0 0.0%
Consolidated Net Sales growing @ +5,5% vs 2017 Net of FX (*)
(*) constant consolidation perimeter
38Sales Distribution
H1 2018 (M€) Q2 2018 (M€)
§ REGIONAL SALES DISTRIBUTION § REGIONAL SALES DISTRIBUTION
175,5 +4.8% vs. LY (+5.2% Net FX) 72% 89,8 +4.3% vs. LY (+4.7% Net FX)
EMEA 72% 167,5 EMEA 86,2
35,4 -11,6% vs. LY (-1.8% Net FX) 15% 18,1 -9.1% vs. LY (+0.8% Net FX)
AMERICAS 15% 40,0 AMERICAS 19,9
32,3 +9,7% vs. LY (+18.4% Net FX) 16,4 +8.0% vs. LY (+16.4% Net FX)
ASIA 13% ASIA 13%
29,4 15,2
GUTMANN 0% GUTMANN 0%
3,0
5,8 +0.2% vs. LY (+3.1% Net FX) +0.0% vs. LY (+2.9% Net FX)
100% 243,3 100% 124,4
TOT REPORTED 242,8 TOT REPORTED 124,3
H1 2018 H1 2017 H1 2018 H1 2017
§ BUSINESS & BRAND (*) § BUSINESS & BRAND (*)
+2.4% vs. LY (+5.9% Net FX) +2.8% vs. LY (+6.3% Net FX)
208,4 107,4
COOKING 86% 203,6 COOKING 86% 104,5
34,8 +4.2% vs. LY 17,0 +0.9% vs. LY
MOTORS 14%
33,4
MOTORS 14%
16,8
OWN BRANDS 47% 97,2 +8.3% vs. LY (+12.1% Net FX) OWN BRANDS 47% 50,7 +7.6% vs. LY (+11.2% Net FX)
89,8 47,1
OEM 53% 111,2 -2.3% vs. LY (+1.0% Net FX) OEM 53% 56,7 -1.1% vs. LY (+2.2% Net FX)
113,8 57,4
H1 2018 H1 2017 H1 2018 H1 2017
(*) 2017 Figures excluding Gutmann sales 39EBITDA Adj - Key drivers
H1 2018 Q2 2018
Change vs. Y-1 Change vs. Y-1
Volume/Price/Mix +++ Volume/Price/Mix +++
Operations efficiency + Operations efficiency +
Currency - Currency
-
Cost efficiency -- Cost efficiency --
EBITDA Adj 1.7 EBITDA Adj 1.0
40H1 2018 EBITDA Adj à EBITDA
H1 2018 Q2 2018
M€ M€
% NS 8,2% +60 bps 7,6% % NS 8,3% +70 bps 7,6%
25,0
20.1 +9,2% 18.4 12,0
20,0 10.4 +10.6% 9.4
4,0 1,3 10,0
1,0
15,0 8,0 4,0
6,0
10,0
16,1 17,1
4,0 8,4
5,0
6,4
2,0
0,0 0,0
H1 2018 H1 2017 H1 2018 H1 2017
EBITDA ADJUSTMENT EBITDA ADJUSTMENT
§ 4.0 M€ of extraordinary costs in H1 2018, related to the opening of a preliminary voluntary insolvency procedure by Exklusiv
Hauben Gutmann GmbH
§ 1.3 M€ of extraordinary costs in H1 2017 mainly related to reorganization costs
41H1 2018 Consolidated Net Profit
H1 2018 Q2 2018
M€ M€
2,5 2.4 0.6
0,6
2,0 0,5
1,3 0,4
1,5
1.2 0,3
0.2
0,5
1,0 0,3
0,2
0,5 1.0 0,3
0,9 0,1
0,0 0,0 0,0
H1 2018
0,0
H1 2017
H1 2018 H1 2017
-0,1
Net Profit (Att. Group) Minorities Net Profit (Att. Group) Minorities
§ Adjusted Net Profit attributable to the Group : 4.0 M€ vs. 1.9 M€ H1 2017 (+117.9%)
§ Q2 Net Profit impacted by 3.0 M€ of extraordinary costs related to Exklusiv Hauben Gutmann GmbH
(*) Break-even expected for Q4 2018 42H1 2018 - Consolidated Income Statement
€M
H1 ’18 H1 ’17 %
Net Sales 243.3 242.8 0.2%
EBITDA Adj 20.1 18.4 9.2%
% 8.2% 7.6% 60 b.p.
EBITDA 16.1 17.1 (6.2%)
% 6.6% 7.1% (50 b.p.)
EBIT 6.2 6.7 (7.0%)
% 2.6% 2.8% (20 b.p.)
Net Result 2.4 1.2 96.9%
% 1.0% 0.5% 50 b.p.
EPS* – Euro cents 1.67 1.47 13.6%
* EPS as at June 30 is calculated by dividing the Net Result pertaining to the Group by the number of ordinary
shares outstanding, excluding treasury shares at the same data.
43H1 2018 Net Financial Position
H1 2018 H1 2017
69,3 16,3 14,2 2,9 0,3 69,9 4,2 0,5 70,6
60,8 13,0
6,9
OPENING OPERATING CAPEX OTHER FX EFFECT CLOSING OPENING OPERATING CAPEX OTHER FX EFFECT CLOSING
NFP CASH FLOW FINANCIAL NFP NFP CASH FLOW FINANCIAL NFP
ITEMS ITEMS
Operating CF 16,3 M€ financing New Product launch and production capacity increase
44Elica H1 2018: Takeaways
§ WW positive Market demand environment
§ “Own Brand” business boosting in key product categories after enthusiastic
customer feedbacks and high visibility @ April Eurocucina fair
§ 6th QTR in a row of solid performance growth (EBIT Adj. +28,8% vs H1 2017)
§ Strong improvement in Operating CF
45Elica Shareholders
Ordinary Shares
F.A.N. S.r.l. 52.81 %
Whirlpool EMEA S.p.A. 12.57 %
Elica S.p.A. 2.01 %
Francesco Casoli 0.25 %
Others 32.36 %
TOTAL NUMBER OF SHARES: 63.322.800
46Disclaimer
This presentation contains forwards-looking information and statements about Elica S.p.A. and its Group.
Forward-looking statements are statements that are not historical facts. These statements include financial
projections and estimates and their underlying assumptions, statements regarding plans, objectives and
expectations with respect to future operations, products and services, and statements regarding future
performance.
Although the management of Elica S.p.A. believes that the expectations reflected in such forward-looking
statements are reasonable, investors and holders of Elica are cautioned that forward-looking information and
statements are subject to various risk and uncertainties, many of which are difficult to predict and generally beyond
the control of Elica S.p.A.; that could cause actual results and developments to differ materially from those
expressed in, or implied or projected by, the forward-looking statements.
These risks and uncertainties include, but are not limited to, those contained in this presentation. Except as
required by applicable law, Elica S.p.A. does not undertake any obligation to update any forward-looking
information or statements.
Elica Investor Relations
Giulio Cocci - Group Controlling & Investor Relations Director
Francesca Cocco – Lerxi Consulting – Investor Relations
Tel: +39 (0)732 6104205
E-mail: investor-relations@elica.com
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