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Group profile 2012 A global outlook 4 years after Finn-Power - - PowerPoint PPT Presentation

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Group profile 2012 A global outlook 4 years after Finn-Power acquisition TAR Conference 2012 Milan, March 28 t h h 28 t h S S TAR C f 2012 Mil M Executive summary 1. 1. Action Action plan plan achieved achieved 1. 1 1. Plants

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SLIDE 1

Group profile 2012

A global outlook 4 years after Finn-Power acquisition

S TAR C f 2012 Mil M h 28t h S TAR Conference 2012 –Milan, March 28t h

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SLIDE 2

Executive summary

1.

  • 1. Action

Action plan plan achieved achieved

1 Plants Plants reorganization reorganization: 1 plant 1 : 1 plant 1 mission mission 1. 1. Plants Plants reorganization reorganization: 1 plant =1 : 1 plant =1 mission mission 2. 2. Product Product range range rationalization rationalization & & innovation innovation 3. 3. S ale/ service S ale/ service integration integration in EU, NA, China in EU, NA, China 4. 4. Direct Direct presence presence investments investments in in emerging emerging markets markets (The (The Gulf Gulf, Russia, India, , Russia, India, Brazil Brazil, , Turkey Turkey, , Korea Korea) ) 5 Rebranding Rebranding 5. 5. Rebranding Rebranding

B.

  • B. Financials

Financials

1. 1. Market Market trends trends 2. 2. Order Order intake intake & & backlog backlog 3 Revenues Revenues & & profitability profitability 3. 3. Revenues Revenues & & profitability profitability 4. 4. NFP & NFP & deleveraging deleveraging 5. 5. Bank Bank facilities facilities & & covenants covenants 6. 6. S tock price & S tock price & shareholders shareholders 7. 7. Analysts Analysts’ ’ coverage coverage

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SLIDE 3
  • A. ACTION PLAN ACHIEVED
  • A. ACTION PLAN ACHIEVED
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SLIDE 4

Plants reorganization: 1 plant = 1 mission

Kauhava – Finland Champlin (MN) – USA Collegno (TO) – Italy 2D – 3D Laser systems Punching & Combi systems - Automation Laserdyne and 3D laser systems Cologna V ta (VR) – systems Shanghai – CHINA (JV Cologna V.ta (VR) Italy Panel benders & press-brakes Barone C se (TO) Italy Moncalieri (TO) – Italy Shanghai – CHINA (JV 35% ) Chicopee (MA) – USA l i R&D l b Convergent laser 2D laser systems for Chinese market Barone C.se (TO) – Italy Electronics: R&D lab and board processing Convergent laser sources Electronics: OSAI and DOTS products assembly & testing = Prima Power plant = Prima Electro plant

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SLIDE 5

Product range rationalization & innovation

New E6x servo electric turret punch press New E6x servo electric turret punch press New RAPIDO equipped with fiber laser

+ = + +

10%

R&D on sales (% )

+

New S G6e, unique fully electric punching/ shearing system New eP 1030 electric press brake

6% 8%

New eP 1030 electric press brake

0% 2% 4%

The Punch The Laser The Bend The Combi The S ystem The S

  • ftware

2006 2007 2008 2009 2010 2011

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SLIDE 6

S ale/ service S ale/ service integration integration in in Europe Europe

Fi l d & N di i N HQ i Fi l d h h FP i i i

  • Finland & Nordic countries:

New HQ in Finland through FP acquisition Renovated Tech Center Kauhava – Finland

  • Italy:

Demo room Collegno (TO) New Technology & Training Center Cologna V .ta (VR)

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SLIDE 7

S ale/ service S ale/ service integration integration in in Europe Europe

  • France:

Merging & Relocation – Paris France: Merging & Relocation Paris

  • Germany:

Merging & Relocation Frankfurt

France Minister of Ecology, S ustainable Development , Transport and Housing

  • Germany:

Merging & Relocation – Frankfurt S i M i & R l ti B l

p , p g visits a Prima customer

  • S

pain: Merging & Relocation – Barcelona

  • UK:

Coventry

London 2012 Olympic torch

  • Benelux:

Gent

  • Central Europe:

S ubsidiary relocation to Warsaw, with branches in

London 2012 Olympic torch manufactured by Prima Power Optimo & S yncrono laser machines

Central Europe: S ubsidiary relocation to Warsaw, with branches in Czech Rep. and Hungary

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SLIDE 8

S ale/ service S ale/ service integration integration in North America in North America

  • US

A: S ubsidiary and Tech Center – Chicago (IL) y g ( ) Laserdyne and 3D laser products – Champlin (MN) Convergent lasers – Chicopee (MA)

  • Canada:

S ubsidiary - Toronto

Former MA governor Mitt Romney i iti g Chi l t visiting Chicopee plant US President Obama visiting a Prima Power customer in Wisconsin Multiple RAPIDO machines in operation at MAGNA-COS MA - Canada

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SLIDE 9

S ale/ service S ale/ service integration integration in China in China

  • Beij ing:

Prima Power China - 3D high-end laser machines Beij ing: Prima Power China 3D high end laser machines

  • Hong Kong: Leeport Distributor – 2D and sheet metal

processing systems

  • S

hanghai: JV S hanghai Unity Prima – 2D laser machines

  • Guangzhou: Prima Electro CNC and other electronic products

CIMT expo - Beij ing Leeport demo room S .U.P. manufacturing plant

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SLIDE 10

Direct presence investments in emerging Direct presence investments in emerging markets markets markets markets

  • The Gulf:

Establishment of a branch in S harj ah (U.A.E.) in 2009

  • Russia:

Establishment of a subsidiary in Moscow in 2010

S teelfab expo – U.A.E.

  • India:

Establishment of a subsidiary in Mumbai in 2011

  • Brazil:

Establishment of a subsidiary in S ao Paulo in 2011 Brazil: Establishment of a subsidiary in S ao Paulo in 2011

  • Turkey:

Establishment of a subsidiary in Istanbul in 2011

Metallobrabotka expo - Moscow

  • Korea:

Establishment of a branch in S eoul in 2012

Imtex expo - Bangalore TATEF expo – Istanbul VIP guests in front of a PP machine at CNH plant in S

  • rocaba, Brazil

Blech expo - Mumbai Komaf expo – S eoul

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SLIDE 11

Rebranding Rebranding

Machinery Division Electronics & laser technologies

+

technologies

New brand launch ceremony

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SLIDE 12
  • B. FINANCIALS
  • B. FINANCIALS
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SLIDE 13

Market trends

Machine Tool Market Evolution (€B, percentage)

+11,1 +9,2 +11,1 +9,2 +19,6 +6,3 Double digit sales growth expected in 2011 following double digit orders growth rates in 2010

yoy Flat growth and cyclicality of developed markets (e.g. Western Europe, USA, Japan) completely offset by solid growth of developing markets (e.g. China, Korea, Russia, Turkey)

Source: UCIMU (Unione Costruttori Italiani Macchine Utensili) – figures end 2010

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SLIDE 14

Order intake & backlog

335 7 341,7 105,9 120 350 400 Order intake

M € M €

335,7 211 9 271,8 94,7 82,3 80 100 250 300 350 Backlog 211,9 65,1 40 60 150 200 20 40 50 100 FY2008 FY2009 FY2010 FY2011

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SLIDE 15

Revenues & profitability

M € M €

Revenues by geography

M € M €

2007 *

Italy 24% North America Asia and R.o.W. 12% 367,3 340,3 31,8 31,8 30 35 350 400 Revenues EBITDA Europe 47% 17% 231,9 250 309,7 25,1 22,4 25 250 300 EBITDA

Revenues by geography

176,4 15 20 150 200

y g g p y 2011

Italy 16% Asia and rest

  • f the world

26% 6,2 10,4 5 10 50 100 Europe 38% North America 20% 26% 50 2007 * 2008 2009 2010 2011 2012 **

(*) = prior to Finn-Power acquisition (**) = according to analysts’ consensus

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SLIDE 16

Net financial position & deleveraging

EVENT AMOUNT TIMING Net financial position after Finn-Power acquisition: 170 M €

  • 1st capital increase (14.25 €/ share):

24.7 M € 2008

  • 2nd capital increase (6.80 €/ share):

14.9 M € 2009-10

  • Net results 2008-2011:

7.3 M € 2008-11

  • Real estate & other assets optimization:

20 M € In progress/ Planned

  • Warrants exercise:

19 M € Expected within 2013

140 160 180

170 24.7 14.9 7.3 20 1.3 136.4

80 100 120

DONE 2008-2011 ON GOING 19 20

20 40 60 Expected additional improvements from positive operating cash flow as from 2012 NFP after FP acquisition 1st capital increase 2nd capital increase profit & loss 2008- 2010 real estate & other assets optimization warrants exercise Net results 2008-11

* (*) = NFP includes derivatives and leasing for about 10 M €

Real estate & other assets optimization Others NFP 31/12/11 Warrants exercise

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SLIDE 17

Bank facilities & covenants

FINPOLAR loan contract, amended on July 29, 2011 The loan includes:

TRANCHE AMOUNT REIMBURSEMENT TRANCHE AMOUNT REIMBURSEMENT

Bullet tranche Principal amount 63.4 M€ Due date 2016 Two amortizing tranches Total principal amount 40.6 M€ Half-yearly even installments up to 2015 Two working capital lines Total amount 30 2 M€ (*) S elf liquidating

The spread currently paid on Euribor is an average 195-230 basis points

Two working capital lines Total amount 30.2 M€ ( ) S elf liquidating

The spread currently paid on Euribor is an average 195-230 basis points. New covenants have been agreed, based on a Group business plan with adequate headroom headroom

(*)= including accrued interests

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SLIDE 18

S tock price & shareholders

WARRANTS STRIKE PRICE

8.50

THE RASHANIMA TRUST (through Erste International SA) 28,03% MARKET 35,08% YUNFENG GAO (through Sharp focus International Ltd) 12,89% LAZARD FRERES GESTIONS CAMBRIA SA (through Cambria CREDIT AGRICOLE CARBONATO PEIRETTI family 3,28% LEE Joseph 2,00% 5,64% kop Cooperatief U.A.) 5,12% SUISSE 4,25% CARBONATO family 3,71%

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SLIDE 19

Analysts’ coverage

10.25

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SLIDE 20

APPENDIX APPENDIX

  • Products

Products

  • Customers

Customers

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SLIDE 21

Prima Power: product range

The Punch The Punch The Laser The Laser The The Bend Bend

The Bend The Bend The Laser The Laser The Punch The Punch

The The Bend Bend The Combi The Combi The S ystem The S ystem h S f h S f

The Software The Software The The Combi Combi The System The System

The S

  • ftware

The S

  • ftware
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SLIDE 22

Prima Power: product range

HYDRAULIC AND SERVO-ELECTRIC PUNCHING

The Punch The Punch The Laser The Laser The The Bend Bend

Ex series Ex series E series E series C series C series

The The Bend Bend The Combi The Combi The S ystem The S ystem h S f h S f

Material handling Material handling

The S

  • ftware

The S

  • ftware

Material handling Material handling

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SLIDE 23

Prima Power: product range

2 D LASER CUTTING MACHINES

CO and fiber lasers CO2 and fiber lasers

The Punch The Punch The Laser The Laser The The Bend Bend The The Bend Bend The Combi The Combi The S ystem The S ystem h S f h S f The S

  • ftware

The S

  • ftware
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SLIDE 24

Prima Power: product range

3 D LASER MACHINES

CO fib d Nd Y AG l CO2, fiber and Nd:Y AG lasers

The Punch The Punch The Laser The Laser The The Bend Bend

CUTTING, WELDING, DRILLING

The The Bend Bend The Combi The Combi The S ystem The S ystem h S f h S f The S

  • ftware

The S

  • ftware
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SLIDE 25

Prima Power: product range

PRESS BRAKES, PANEL BENDERS, BENDING CELLS

Hydraulic and servo electric technology Hydraulic and servo electric technology

The Punch The Punch The Laser The Laser The The Bend Bend The The Bend Bend The Combi The Combi The S ystem The S ystem h S f h S f The S

  • ftware

The S

  • ftware
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SLIDE 26

Prima Power: product range

INTEGRATED PUNCHING/ LASER AND PUNCHING/ SHEARING

Hydraulic and servo electric technology Hydraulic and servo electric technology

The Punch The Punch The Laser The Laser The The Bend Bend

Integrated punching/ shearing

The The Bend Bend The Combi The Combi The S ystem The S ystem h S f h S f

Integrated punching/ laser cutting

The S

  • ftware

The S

  • ftware
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SLIDE 27

Prima Power: product range

A COMPLETE LINE OF AUTOMATION AND FMS

The Punch The Punch The Laser The Laser The The Bend Bend The The Bend Bend The Combi The Combi The S ystem The S ystem h S f h S f The S

  • ftware

The S

  • ftware
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SLIDE 28

Prima Power: product range

CAD/ CAM AND PRODUCTION MANAGEMENT SOFTWARE

The Punch The Punch The Laser The Laser The The Bend Bend The The Bend Bend The Combi The Combi The S ystem The S ystem h S f h S f The S

  • ftware

The S

  • ftware
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SLIDE 29

Prima Power – selected customers

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SLIDE 30

Prima Power – selected customers

Miscellanea Miscellanea Contract Contract manufacturing manufacturing

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SLIDE 31

Prima Electro: product range

Prima Electro designs, manufactures and markets for its customers industrial-grade dedicated electronics and laser sources at competitive prices and fast time-to-market

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SLIDE 32

Prima Electro – selected customers

Industrial Transport Motion control

Wood / Plastic Wood / Plastic

Energy Consumer

Glass / Stone Glass / Stone Defence & Aerospace