Q1 14 Results presentation May 13, 2014 Preliminary notes The - - PowerPoint PPT Presentation

Q1 ’14 Results presentation

May 13, 2014

Preliminary notes

The figures reported in the present document, including some percentage values, were rounded to the nearest Euro. Therefore, some totals in the tables may not coincide with the sum of constituent amounts. All data Adjusted excluding special items and Deferred tax provision release. For comparison purposes 2013 figures have been restated according to the JV in China shareholders agreements amendments and IFRS 11 requirements.

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FY ’13 Results restatement according to IFRS 11 and JVA China amendments – P&L

€M FY ‘13 proportional FY ‘13 full Net Sales 351,7 388,8 Gross Margin 124,3 139,4

% on sales 35,4% 35,9%

EBITDA 37,1 44,0

% on sales 10,6% 11,3%

EBIT 27,0 33,5

2

EBIT 27,0 33,5

% on sales 7,7% 8,6%

Net Result 17,7 22,6

% on sales 5,0% 5,8%

Minorities (0,1) (4,9)

% on sales (0,0%) (1,3%)

Group Net Result 17,7 17,7

% on sales 5,0% 4,5%

EPS – Euro cents 11,8 11,8

FY ’13 Results restatement according to IFRS 11 and JVA China amendments – BS

€M

FY ‘13 proportional FY ‘13 full FY ‘13 proportional FY ‘13 full Net operating fixed assets 233,2 245,9 Net Debt 16,1 7,0 Trade receivables 67,8 75,4 Group Equity 242,4 242,5 Inventories 39,8 46,4 Minorities 1,8 25,6 Trade payables (83,7) (91,6) Shareholders’ 244,2 268,1

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Trade payables (83,7) (91,6) Shareholders’ Equity 244,2 268,1 Short term assets & liabilities (13,3) (17,7) Net Working Capital 10,6 12,6 Net financial assets 16,5 16,6 Net Capital Employed 260,3 275,1 Total Sources 260,3 275,1

Q1 ’14 - Highlights

Weak market trend in Europe both in ICC&R and Radiators. Total Net Sales increase with both ICC&R and Radiators positive contribution. EBITDA increase due to Radiators with ICC&R stable. Significant Net Result increase. Significant Net Result increase. Negative Cash flow due to seasonality and the acquisition of the UK distributor in ICC&R.

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Q1 ‘14 Sales breakdown and mix by Business Line

Sales breakdown by business line Sales mix by business line

€M

Q1 ‘14 Q1 ‘13 Δ% ICC&R 69,0 67,0 3,0%

% total

Q1 ‘14 Q1 ‘13 Δ% ICC&R 82,8% 84,8%

• 2 pp

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Sales increase in both ICC&R and Radiators. ICC&R 69,0 67,0 3,0% Radiators 14,4 12,0 19,6% Total 83,4 79,0 5,5% ICC&R 82,8% 84,8%

• 2 pp

Radiators 17,2% 15,2% +2 pp Total 100,0% 100,0%

• Overall increase.
• Europe increase with decrease

in Western.

Q1 ’14 ICC&R Sales Trend by Geography - Change % vs. Q1 ‘13

€M €M

Q1 ‘14 % tot Q1 ‘13 % tot Δ% Europe 45,3 65,6% 43,9 65,6% 3,1%

in Western.

• Asia stable.
• ROW significant increase.

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Asia 19,5 28,3% 19,6 29,3% (0,2%) RoW 4,2 6,1% 3,5 5,3% 19,8% Total 69,0 100,0% 67,0 100,0% 3,0%

€M

Q1 ’14 Consolidated Income Statement

Q1 '14 Q1 '13 ∆% Net Sales 83,4 79,0 5,5% Gross Margin 29,7 28,1 5,5%

% on sales 35,6% 35,6%

• EBITDA

5,5 5,1 6,4%

% on sales 6,6% 6,5% +0,1 pp

EBIT 3,0 2,6 16,1%

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EBIT 3,0 2,6 16,1%

% on sales 3,6% 3,2% +0,4 pp

Net Result 1,4 0,8 66,6%

% on sales 1,6% 1,0% +0,6 pp

Minorities (0,6) (0,4) 52,4%

% on sales (0,7%) (0,5%)

• 0,2 pp

Group Net Result 0,7 0,4 80,7%

% on sales 0,9% 0,5% +0,4 pp

EPS – Euro cents 0,5 0,3 80,7%

Q1 ‘14 EBITDA by business

€M Q1 ‘14 Q1 '13 Δ% ICC&R 6,8 6,9 (0,9%)

% on sales 9,9% 10,3%

• 0,4 pp

Radiators (0,4) (0,6) (38,2%)

% on sales (2,5%) (4,8%) +2,3 pp

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% on sales (2,5%) (4,8%) +2,3 pp

Corporate & elimination (1,0) (1,2) (13,8%)

% on sales n.a.% n.a.% n.a.

Consolidated 5,5 5,1 8,3%

% on sales 6,6% 6,5% +0,1 pp

Q1 '14 Net Working Capital trend

€M

• NOWC improved.
• DSO and overdue

significant decrease

• Significant effort in

controlling inventory level

Mar '14 Dec '13 Mar '13 ∆ Dec '14/’13 ∆ Mar '14/’13 Trade Receivables (1) 75,4 75,4 85,6

• (10,2)

% on 12 months rolling sales 19,2% 19,4% 21,0%

• 0,2 pp
• 1,8 pp

Inventory 54,2 46,4 56,2 7,8 (2,0)

% on 12 months rolling sales 13,8% 11,9% 13,8% +1,9 pp +0 pp

Trade Payables (90,2) (91,6) (92,7) 1,4 2,5

% on 12 months rolling sales (23,0%) (23,6%) (22,7%) +0,5 pp

• 0,3 pp

Net Operating Working

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level

• Trade Payables slight

increase.

(1) Trade Receivables exclude the overdue ADEO Group Receivables.

Net Operating Working Capital 39,4 30,2 49,1 9,2 (9,7)

% on 12 months rolling sales 10,0% 7,8% 12,0% +2,3 pp

• 2 pp

Other short term assets / liabilities (14,9) (17,7) (24,1) 2,8 9,2

% on 12 months rolling sales (3,8%) (4,5%) (5,9%) +0,8 pp +2,1 pp

Net Working Capital 24,6 12,6 25,1 12,0 (0,5)

% on 12 months rolling sales 6,2% 3,2% 6,1% +2,9 pp +0,1 pp

€M

March ‘14 Consolidated Balance Sheet

Mar ‘14 Mar ‘13 Mar ‘14 Mar ‘13 Net operating fixed assets 251,3 291,0 Net Debt 23,7 35,7 Trade receivables (*) 75,4 85,6 Group Equity 242,6 257,2 Inventories 54,2 56,2 Minorities 26,2 24,0 Trade payables (90,3) (92,7) Shareholders’ 268,8 281,2

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Trade payables (90,3) (92,7) Equity 268,8 281,2 Short term assets & liabilities (14,9) (24,1) Net Working Capital 24,6 25,1 Net financial assets 16,7 0,8 Net Capital Employed 292,5 316,9 Total Sources 292,5 316,9

(*) Trade Receivables at December 31, 2013 exclude Euro 15.8 million reclassified to the account financial assets relating to disputed receivables with the ADEO Group, as expected to be collected in more than 12 months. For comparative purposes, the Adeo Receivables at March 31, 2013, of Euro 17.7 million, have been reclassified to the account financial assets.

Consolidated Cash Flow as of 3M

€M

Q1 ’14 Q1 ’13 Net Debt beginning of period 7,0 17,0 EBITDA (A) 5,5 5,1 Taxes paid in the period (B) (0,8) 0,1 Change in provisions (C ) (0,1) (0,7) Change in working capital (D1) (12,0) (8,3) Adeo effect (D2)

• (13,7)

Investment activities (E) (1,9) (1,7) Operating Cash Flow (A+B+C+D1+D2+E=F) (9,3) (19,1)

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Negative Cash flow due to seasonality and the acquisition of the UK distributor in ICC&R. Operating Cash Flow (A+B+C+D1+D2+E=F) (9,3) (19,1) Equity investment (G) (7,4)

• Changes in net equity and financial activities (H)

0,1 0,4 Cash Flow for the period (F+G+H) reported (16,7) (18,7) Net Debt end of period 23,7 35,7 Adeo blocked receivables (I)

• 13,7

Cash Flow for the period rectified (F+G+H+I) (16,7) (5,0)

Net Debt Breakdown as of March ’14

€M Mar ‘14 Dec ‘13 Mar ‘13 Net financial position (23,7) (7,0) (35,7)

• f which:

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• f which:
• positions with bank and other financial

payables (16,5) (3,9) (30,8)

• fair value of derivative financial

instruments and options/payables for investments (7,2) (3,1) (4,9)

Cash and cash equivalent

(82,7)

Long-term financial liabilities Short-term financial liabilities Total Financial 29,5 76,9 106,3

Net Debt Breakdown as of March ’14

€M

Net Debt: 23,7

Total Financial Liabilities 106,3

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Relevant Projects Q1 ‘14 - CLIMAVENETA

ALKAFEEL HOSPITAL KARBALA - IRAQ

Project: Al-Kafeel Hospital in Karbala is a multi-speciality hospital, managed by the board of the Holy Attaba Abbasiah. This hospital is planned in an area of 25.000 m² and spans across five floors. The facility has an impressive entrance lobby leading to the central atrium which is well lit with Application: Healthcare & Hospital End user name: Alkafeel Hospital Plant type: Hydronic System Total installed Cooling capacity: 2.426 kW Installed equipment: 3x FOCS2-W/CA 4802

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impressive entrance lobby leading to the central atrium which is well lit with natural light and gives the patients and attendants a pleasant experience. The entire hospital is centrally air conditioned and equipped with other building services like fire detection and protection, nurse call system, and PA system surveillance. Climaveneta supplied 3 FOCS-N 4822 units and 44 WIZARD Air Handling Units in 2012. Now the project has been completed with 3 FOC2-W/CA units, which have a Class A efficiency rating from Eurovent.

FOCS2-W/CA Water cooled high efficiency chillers with screw compressors

Relevant Projects Q1 ‘14 - CLIMAVENETA

Application: Data Center End user name: Telefonica Plant type: HPAC System Total installed Cooling capacity: 1.240 kW Installed equipment:

7x i-AXU 130 1x i-AXU 29 2x i-AX 150

Project: Telefónica has been present in Colombia since 2004. It began its activities in the mobile market, following the acquisition of Bellsouth's cellular operation in the country. Subsequently, in 2006, Telefónica acquired the control and management of Colombia Telecom. Today, Telefónica

TELEFONICA DATA CENTER BOGOTA’ - COLOMBIA

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the control and management of Colombia Telecom. Today, Telefónica provides voice, broadband and pay television services in the country. Telefónica has Data Centers in Brazil, Argentina, Colombia, Peru, Chile, Germany, Czech Republic and Spain. The new Data Center in Bogotà is cooled by 10 i-ACCURATE units: the inverter compressor allows cooling capacity modulation according to the real internal load, and is particularly efficient at partial loads.

HPAC ACCURATE i-AX Close Control Units, air cooled, with inverter compressors

Application: Hotel & Resorts End user name: ASTORIA HOTEL Plant type: Hydronic System Total installed Cooling capacity: 326 kW Total installed Heating capacity: 347 kW Installed equipment: 1x NX-N/K/D 0604P 1x NECS-NR/B 0704 Project: The ASTORIA four star hotel - part of the ASTORIA-OREL complex - is located in the centre of Sunny Beach, on the beach Promenade. The six- storey building offers accommodation of 174 rooms, 3 family rooms and 9

• suites. In this project great importance was given to air conditioning systems,

ASTORIA HOTEL SUNNY BEACH - BULGARIA

Relevant Projects Q1 ‘14 - CLIMAVENETA

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• suites. In this project great importance was given to air conditioning systems,

maintaining high level comfort for occupants whilst reducing running

• costs. The plant is based on 1 NX-N chiller combined with 1 NECS-NR air-

cooled reversible unit with total heat recovery for the simultaneous production of chilled/hot water.

NX-N Reversible air cooled unit with scroll compressors NECS-NR Reversible air cooled unit with scroll compressors and total heat recovery function

Application: Office Building, Data Center End user name: E-TV Plant type: Hydronic System Total installed Cooling capacity: 1.870 kW Installed equipment: 2x NECS-D/SL 2418 6x i-AF 90 1x MANAGER 3000 Project: This project is located in Cape Town and concerns the new Headquarters of e.tv, which is the fifth terrestrial television channel in South

• Africa. The client’s intent was to design the new headquarters for their offices

for Cape Town. The goal is to achieve a 4 star Greenstar rating, through the

E-TV HEADQUARTERS CAPE TOWN SOUTH AFRICA

Relevant Projects Q1 ‘14 - CLIMAVENETA

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for Cape Town. The goal is to achieve a 4 star Greenstar rating, through the Green Building Council of South Africa (GBCSA). The building is being constructed now and is planned to be completed by the end of 2014. The air conditioning system is based on NECS units with scroll compressors, and Close Control units with inverter compressors, completed by the MANAGER 3000 regulation device.

NECS Air cooled chiller with scroll compressors MANAGER 3000 Group regulation device HPAC ACCURATE i-AF Close Control Units, air cooled, with inverter compressors

Application: Cultural Center, Institutions End user name: Tabakalera Plant type: Hydronic System Total installed Cooling capacity: 1.886 kW Installed equipment: 1x TECS2/D/SL-CA-E 0652 1x TECS2/SL-CA-E 0552 1x FOCS2/K 2722 Project: Tabakalera is the name of one of the biggest buildings of San Sebastian: it takes up one of the biggest plots -13.277 m2 - of the urban area. For 90 years (1913–2003) Tabakalera was the town tobacco factory. In 2003 the factory was

• closed. A year later, in 2004, the City Council, the Provincial Council and

TABAKALERA SAN SEBASTIAN - SPAIN

Relevant Projects Q1 ‘14 - CLIMAVENETA

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• closed. A year later, in 2004, the City Council, the Provincial Council and

the Basque Government bought the building in order to transform it into an international contemporary culture centre, as a result the building is now being

• renovated. Contemporary art, television, video and cinema, design and sound will

converge in the same space. A single space of exhibitions and audio-visual programmes and, above all, a place to work, to produce, and to create. The system is based on TECS chillers with magnetic levitation compressors and a FOCS2-K chiller with screw compressors.

TECS2 High efficiency air cooled chiller with magnetic levitation compressor FOCS2/K Air cooled chiller with screw compressors

Application: Office Buildings End user name: Pfizer Portugal Plant type: Hydronic System Total installed Cooling capacity: 2.968 kW Installed equipment: 1x FOCS R 1542 1x ERACS2-Q/CA 1762 Project: With 14 office buildings and several support facilities – among which a 4-star hotel, a congress centre, a health club, a sports complex, a school, a shopping area with a food court and underground public parking – Lagoas Park falls within the concept of an environment

PFIZER PORTUGAL LAGOAS PARK PORTO SALVO PORTUGAL

Relevant Projects Q1 ‘14 - CLIMAVENETA

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public parking – Lagoas Park falls within the concept of an environment friendly business resort. Inside it, the new headquarters of Pfizer Portugal is conditioned by an ERACS2-Q multipurpose unit by Climaveneta, combined with a FOCS R unit, with total heat recovery

• function. This system ensures the highest efficiency together with the

maximum environmental respect.

ERACS2-Q Air cooled multipurpose unit for 4-pipe systems with screw compressors FOCS R Air cooled chiller with screw compressors and total heat recovery

Application: Congress Center End user name: CIC – International Convention Center Plant type: Hydronic System Total installed Cooling capacity: 11.200 kW Installed equipment: 7x FOCS2-K/SL 6303 2x FOCS-SL 1962 2x FOCS-SL 1532 Project :The project to build an international conference center in Club des Pins in Algiers takes shape. The State of residence Sahel, which manages this structure, started the exploration of international companies capable of providing this center with a capacity of 6.000 seats, for the organization of

CIC – INTERNATIONAL CONVENTION CENTER ALGIERS - ALGERIA

Relevant Projects Q1 ‘14 - CLIMAVENETA

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providing this center with a capacity of 6.000 seats, for the organization of conferences and other official events. The future largest palace of the Algeria Congress will be located on a total area of 270,000 m² in Club des Pins, an ultra secure neighborhood west of the capital. The realization of this center will allow Algiers to organize international conferences involving thousands of participants. The capital currently has no such infrastructure. The plant is based on 11 FOCS units.

FOCS Air cooled chiller with screw compressors FOCS2/K Air cooled chiller with screw compressors

Application: Retail End user name: Nave de Vero Plant type: Hydronic System Total installed Cooling capacity: 3.842 kW Installed equipment: 1x FOCS2-W/CA-E 4802 1x NECS/Q/SL 0152 2x FOCS2-W/D/CA-E 4802 1x FOCS-N/SL-CA 4822 Project: A volume of 500.000 cubic meters, 55.000 m² of retail space, with a hypermarket of 4.000 m² and galleries of over 15.000 m²; 120 commercial units planned as well as dining areas, offices and 1.200 covered parking

• spaces. These are just some of the numbers of the new shopping complex in

NAVE DE VERO VENICE - ITALY

Relevant Projects Q1 ‘14 - CLIMAVENETA

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2x FOCS-N/D/SL-CA 4822

• spaces. These are just some of the numbers of the new shopping complex in
• Marghera. “Nave de Vero", the name of the building, is absolutely the first

in Italy to be certified Breeam: many constructive choices were made to guarantee the sustainability of the center and the air conditioning system is

• ne of them.

NECS-Q Air cooled multipurpose unit for 4-pipe systems with scroll compressors FOCS2-W/CA water cooled high efficiency chillers with screw compressors FOCS-N Reversible air cooled unit with sccrew compressors

Application: Retail End user name: Auchan Plant type: Air to Air System Total installed Cooling capacity: 4.624 kW Total installed Heating capacity: 4.455 kW Installed equipment: 2x ERACS2-Q/LN-CA/- 2622 14x i-WHISPER ENTALPHY 1x MANAGER 3000 Project: The project concerns the extension of Auchan Mestre.The new 22.000 m² shopping centre spread over 2 levels above ground, for commercial and parking spaces, and a 30.000 m² underground level for additional parking space. The air conditioning system has been developed in

• rder to give maximum operational independence and reduction of operating

Relevant Projects Q1 ‘14 - CLIMAVENETA

AUCHAN SHOPPING CENTER MESTRE - ITALY

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• rder to give maximum operational independence and reduction of operating
• costs. For the tunnels and medium-sized areas 14 i-Whisper Entalpy

rooftops units with enthalpy recovery were used. For the air conditioning of the stores Climaveneta supplied 2 ERACS2-Q multiuse units managed by Manager3000.The 2 units collect the produced heating and cooling energy in two 5500 liter storage tanks installed on the roof and then distribute this heat to the users.

i-WHISPER ENTHALPY Reversible air cooled high efficiency all in one rooftop units, with enthalpy recovery ERACS2-Q Air cooled multipurpose unit for 4-pipe systems with screw compressors MANAGER 3000 Group regulation device

Application: Retail – Shopping Mall End user name: Kings Avenue Mall Plant type: Hydronic System Total installed Cooling capacity: 5.082 kW Total installed Heating capacity: 1.082 kW Installed equipment: 2x ERACS2-Q/SL-CA 2222 3x TECS2/SL-CA-E 1154 2x i-AXO 29, BRE051M Project: The project concerns a building of total area of 97.500 m², spread

• ver five levels. Kings Avenue Mall is an impressive full concept shopping

mall ideally located in the heart of central Paphos. Leading international fashion brands and retailers, specialty stores and services, a variety of

Relevant Projects Q1 ‘14 - CLIMAVENETA

KINGS AVENUE MALL PAPHOS - CYPRUS

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fashion brands and retailers, specialty stores and services, a variety of restaurant chains, a multiplex cinema with 6 screens, an arcade and children’s indoor and outdoor play area are all available. It’s a state of the art commercial building that has been developed by a joint venture, Athiari Commercial Ltd, and is one of the largest commercial developments on the island. Climaveneta supplied an exclusive HVAC system based on multiuse units and chillers with magnetic levitation technology.

ERACS2-Q Air cooled multipurpose unit for 4-pipe systems with screw compressors TECS2 High efficiency air cooled chiller with magnetic levitation compressor ACCURATE i-AX Close Control Units, air cooled, with inverter compressors

Relevant Project Q1 ‘14 – RC GROUP

Application: IT cooling – Data Center End user name: British Telecom, Rotterdam (Netherlands) Plant type: Data Center Total installed Cooling capacity: 2,3MW Installed equipment: nr.4x close control air conditioners for chilled water feeding; nr.8 x close control air conditioners for chilled water feeding with separate fan section. Project: The Rotterdam site, part of BT's global network of 45 data centers and connected to BT’s worldwide network, will produce a 50% increase in data center capacity in the Benelux . The new facility is a response to the growing demand from business

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NEXT EVO CW “U” Close control air conditioners for chilled water feeding with downflow air delivery NEXT EVO CW PLUS Close control air conditioners for chilled water feeding with downflow air delivery and separate fan section.

The new facility is a response to the growing demand from business customers for hosting and network-based IT services. Focus: precision air conditioning, high energy savings, high cooling density. Solution: NEXT EVO CW, NEXT EVO CW PLUS

Relevant Project Q1 ‘14 – RC GROUP

Application: IT cooling – Data Center End user name: Banka Koper, Koper (Slovenia) Plant type: Data Center Total installed Cooling capacity: 480kW Installed equipment: nr.7 x direct expansion close control air conditioners equipped with scroll compressors and plug-fans; nr.7 x air cooled condensers equipped with axial fans Project: Banka Koper in Slovenia is part of the Intesa Sanpaolo group that is among the top banking groups in the euro zone, with a market capitalization of 40.1 billion euro. Intesa Sanpaolo is leader in Italy and has a selected presence in Central Eastern Europe, Middle Italy and has a selected presence in Central Eastern Europe, Middle East and North African areas. Focus: precision air conditioning, energy efficiency, reliability Solution: NEXT DX, TEAM MATE

NEXT direct expansion close control air conditioners equipped with scroll compressors and plug-fans TEAM MATE air cooled condensers equipped with axial fans

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Relevant Project Q1 ‘14 – RC GROUP

Application: Office Building End user name: BB Centrum, Delta Building I&II, Prague (Czech Republic) Plant type: Cooling Total installed Cooling capacity: 3,7MW Installed equipment: nr.6 x water cooled liquid chillers in “A” class energy efficiency equipped with screw compressors and shell and tube heat exchanger Project: Located in Prague (Czech Republic), Delta is an administrative complex of 39530m2 with a H-shaped plan, including two buildings which, beside being linked on the ground level, can also be linked at each office store via a connecting bridge. also be linked at each office store via a connecting bridge. Focus: “A” class energy efficiency, high energy savings, reliability. Solution: FRIGO SCREW CLA

FRIGO SCREW CLA Water cooled liquid chillers in A class energy efficiency

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Relevant Project Q1 ‘14 – RC GROUP

Application: University-Educational End user name: Politecnico di Torino, Planning, Administration and Finance Area, Torino (Italy) Plant type: Cooling Total installed Cooling capacity: 1,1 MW Installed equipment: nr.2 x water cooled liquid chillers in “A” class energy efficiency equipped with oil-free centrifugal compressors with magnetic levitation bearings, flooded evaporator and shell and tube condenser. Project: Politecnico in Torino is internationally known as a leading institution in engineering and architecture studies. Politecnico in Torino offers its 32000 students a multicultural study environment and a close relationship with business. and a close relationship with business. Focus: high energy savings, “A” class energy efficiency, low noise emission, high reliability. Solution: FRIGO TURBO FL

FRIGO TURBO FL Water cooled liquid chiller in A class energy efficiency with centrifugal compressors

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Relevant Project Q1 ‘14 – RC GROUP

Application: Retail End user name: Shopping Centre “Centro Commerciale i Gigli”, Campi Bisenzio, Firenze (Italy) Plant type: Cooling Total installed Cooling capacity: 4MW Installed equipment: nr.4 x air cooled liquid chillers in “A” class energy efficiency equipped with screw compressors and axial fans. Project: Opened in May 1997 and visited by over 200 million people, “I Gigli” has established itself as one of the largest and original retail and leisure center, comparable to the reality of worldwide mass retailers. retailers. Focus: “A” class energy efficiency, high energy savings, reliability. Solution: GLIDER EVO CLA

GLIDER EVO CLA Air cooled liquid chillers in A class energy efficiency PUMPING GROUP

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Relevant Project Q1 ‘14 – RC GROUP

Application: Hospital End user name: ASZ Hospital, Aalst (Belgium) Plant type: Cooling Total installed Cooling capacity: 560kW Installed equipment: nr.1 x air cooled liquid chiller in “A” class energy efficiency equipped with oil- free centrifugal compressors with magnetic levitation bearings, flooded evaporator and microchannel condensing coil. Project: Aalst hospital is one of the three campus of the (Algemeen Stedelijk Ziekenhuis) ASZ Hospital. The current infrastructure implementation and building renovation will grant efficiency, comfort and modern aesthetics to the building. grant efficiency, comfort and modern aesthetics to the building. Focus: high energy savings, “A” class energy efficiency, low noise emission, high reliability. Solution: UNICO TURBO FL

UNICO TURBO FL Air cooled liquid chiller in A class energy efficiency with centrifugal compressors

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Relevant Project Q1 ‘14 – RC GROUP

Application: Industrial processes End user name: CJSC Svyaz engineering, Dubna (Russian Federation) Plant type: Cooling Total installed Cooling capacity: 1,3MW Installed equipment: nr.2 x Air cooled liquid chillers with free-cooling system in “A” class energy efficiency equipped with screw compressors and axial fans. Project: In Dubna, CJSC Svyaz engineering is creating a pilot high- technology production site aimed to prototyping a new generation of printed circuit boards. The factory, with its 12700m2 covered surface, has a design capacity of 55,000 m2 of printed circuit boards per year. has a design capacity of 55,000 m2 of printed circuit boards per year. Focus: “A” class energy efficiency, very high energy savings, free- cooling, reliability. Solution: GLIDER EVO FREE CLA

GLIDER EVO FREE CLA Free-cooling liquid chillers in A class energy efficiency

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Relevant Project Q1 ‘14 – RC GROUP

Application: University - Educational End user name: Institute of Health Research and Innovation of Porto University, Porto (Portugal) Plant type: Comfort Total installed Cooling capacity: 1,06 MW Installed equipment: nr.2 x Multifunction chillers for outdoor equipped with screw compressors and axial fans. Project: The I3S, Institute of Health Research and Innovation of Porto University, is focused on key areas for the development of responses to new challenges in healthcare, such as Neurodegenerative Diseases, Cancer and Infectious Diseases. Neurodegenerative Diseases, Cancer and Infectious Diseases. Focus: comfort, energy savings, reliability. Solution: MULTIPLO SCREW

MULTIPLO SCREW Multifunction chillers for

• utdoor equipped with screw

compressors and axial fans

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Relevant Project Q1 ‘14 – RC GROUP

Application: Retail End user name: Shopping Center “Oasen”, Bergen (Norway) Plant type: Comfort Total installed Cooling capacity: 840 kW Installed equipment: nr.3 x water/water heat pumps equipped with scroll compressors and plate heat exchangers. Project: “Oasen” shopping center in Bergen occupies an area of 29600m2 with more than 60 dedicated shops, from household items to health services, and 850 parking spaces. Focus: comfort, energy savings, reliability. Solution: MANTA WP

MANTA WP water/water heat pumps equipped with scroll compressors and plate heat exchangers

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New Products Q1 ‘14 - CLIMAVENETA

MHD2

Adjustable air flow direction Arrangement for right-left condensate drain pipe Energy saving

High - Wall type Terminal 2,15 - 4,67 kW

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Energy saving Quite Operation

mark

Telecommunication packaged air conditioners with free-cooling system for indoor or outdoor installation. 5,8 ÷ 9,1 kW

New products Q1 ’14 – RC GROUP

MARK

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coolrow

Direct expansion or chilled water air conditioners for high density racks and blade servers. 14,4 ÷ 61,1 kW

New products Q1 ’14 – RC GROUP

COOLROW

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unico turbo FL free

Packaged air cooled liquid chillers with free-cooling system in “A” class energy efficiency for outdoor installation, equipped with oil-free centrifugal compressors with magnetic levitation bearings, flooded evaporator and microchannel condensing coils Cooling Capacity: 402 ÷ 1548 kW Free Cooling Capacity: 358 ÷ 1180 kW

New products Q1 ’14 – RC GROUP

UNICO TURBO FL FREE

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glider evo free

Packaged air cooled liquid chillers with free-cooling system for outdoor installation, equipped with screw compressors and axial fans Cooling Capacity: 314 ÷ 1343 kW Free Cooling Capacity: 308 ÷ 938 kW

New products Q1 ’14 – RC GROUP

GLIDER EVO FREE

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SWISSBAU

• INT. AiCARR

CONFERENCE

Exhibitions and events Q1 ‘14 - CLIMAVENETA

21° - 25° January 2014 Basel - Switzerland 26°-28° February 2014 Rome – Italy 21° - 23° January 2014 New York – U.S.A.

AHR EXPO 2014 CLIMATE WORLD’14

11° - 14° March 2014 Moscow - Russia

MCE 2014

18° - 21° March 2014 Milan - Italy Climaveneta @ MCE – Milan

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Exhibitions and events Q1 ’14 – RC GROUP

SYMPOSIUM FAIR TECHNICAL MEETING

«Refrigerant systems: New technology and

TECHNICAL MEETING

«Refrigerant systems: New technology and energy savings» March 7th 2014 Bologna - Italy

Mostra Convegno ExpoComfort

March 18-21th 2014 Milan - Italy

«Norvegian Cooling Technical Meeting – Energy efficient cooling solutions»

February13-14th 2014 QualityHotel T

• nsberg-Poland

New technology and energy savings» March 4th 2014 Brescia - Italy

39

Important information

Disclaimer This document has been prepared in accordance with Italian law and may not be distributed, either directly or indirectly, in any other jurisdiction, in particular Australia, Japan, Canada or the United States of America or other country in which issue of the securities described in this document and the communication of the same are not permitted without specific authorization from the relevant authorities. Distribution of this document in any jurisdiction outside of Italy may be subject to specific regulatory requirements and

• restrictions. Any person coming into possession of this document should inform themselves of and comply with any such regulatory requirements or restrictions. The securities

referred to in this presentation are to be issued in relation to the demerger described herein and have not been, nor is it intended that they will be, registered pursuant to the United States Securities Act of 1933. Consequently, they may not be offered or sold, either directly or indirectly, in the United States of America except by special exemption. No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by DeLclima S.p.A. and/or by any companies controlled directly or indirectly DeLclima S.p.A.., nor by any of their respective directors, managers, officials, clerical staff, agents or consultants, as to the accuracy or completeness of the information contained in this presentation. No part of this presentation constitutes, or shall be taken to constitute, an invitation or inducement to invest in DeLclima S.p.A. in any jurisdiction in which registration or qualification of such securities is required under applicable law. DeLclima S.p.A. in any jurisdiction in which registration or qualification of such securities is required under applicable law. Forward-Looking Statements This document contains certain forward-looking statements relating to DeLclima S.p.A.. These statements are not historical fact and are based on current estimates and projections made: (i) by the companies party to the demerger concerning future events and, (ii) by third companies not belonging to the DeLclima group; by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, such as: volatility of commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, changes in government regulation (in Italy or abroad), and many

• ther factors, most of which are outside of the control of the companies party to the demerger.