Q3 13 Results presentation November 13, 2013 Commercial agreement - - PowerPoint PPT Presentation

Q3 ’13 Results presentation

November 13, 2013

Commercial agreement between DL Radiators and Bosch Thermotechnology

1

Contract: OEM supply of steel panel radiators for the European market. Duration: during 5 years DL Radiators will be the exclusive supplier for the steel panel radiators. Product: special range for Bosch Thermotechnology other than DLR’s own brand products . Purchase volume: may reach approximately 30% of the overall radiators business per year, based on steel panel radiators market forecasts. Shipments: began in September 2013 and the expected volumes will be reached during 2014. Additional benefit: DL Radiators can conclude the client portfolio restructuring activities which began in 2012 with the gradual discontinuation

• f non-profitable clients.

Q3 ’13 - Highlights

 Weak market trend in Europe both in ICC&R and Radiators (assumed).  Total Net Sales decrease due to Radiators attributable to Adeo.  EBITDA stable in absolute terms and margin increase.  Positive Cash flow.

2

The figures reported in the following document, included some percentages, have been rounded up from the original

• values. Therefore, some totals in the charts may not coincide with the algebrical sum of their addendums.

Q3 ’13 Sales breakdown and mix by Business Line

Sales stable in ICC&R and decline in Radiators. ICC&R weight on total sales is further increased.

€M

Q3 ‘13 Q3 ‘12 Δ% ICC&R 71,1 70,7 0,5% Radiators 19,2 25,4 (24,3%) Total 90,3 96,1 (6,0%)

% total

Q3 ‘13 Q3 ‘12 Δ% ICC&R 78,7% 73,6% +5,1 pp Radiators 21,3% 26,4%

• 5,1 pp

Total 100,0% 100,0%

Sales breakdown by business line Sales mix by business line

3

• Overall stable.
• Europe slight increase with

growth in Eastern and Southern, decrease in Northern and Western.

• Asia decrease with China

stable.

• ROW significant increase.

Q3 ’13 ICC&R Sales Trend by Geography - Change % vs. Q3 ‘12

€M €M

Q3 ‘13

% tot

QQ3 ’12

% tot

Δ% Europe 51,7

72,7%

51,4

72,6%

0,8% Asia 15,2

21,4%

15,7

22,2% (3,2%)

RoW 4,2

5,9%

3,7

5,2%

13,9% Total 71,1

100,0%

70,7

100,0%

0,5%

4

€M

Q3 ’13 Consolidated Income Statement

5

Q3 '13 Q3 '12 Δ% Q3 '13

impairment

Net Sales 90,3 96,1 (6,0%) 90,3 Gross Margin 31,3 32,7 (4,3%) 31,3

% 34,7% 34,0% +0,6 pp 34,7%

EBITDA 9,9 10,1 (2,1%) 9,9

% 11,0% 10,6% +0,4 pp 11,0%

Impairment

• (21,5)

%

• (23,8%)

EBIT 7,5 7,4 2,0% (13,9)

% 8,4% 7,7% +0,7 pp (15,4%)

Group Net Result 5,0 3,7 35,7% (16,5)

% 5,5% 3,8% +1,7 pp (18,3%)

EPS – Euro cents 3,3 2,5 35,7% (11,0)

9M ’13 - Highlights

 Weak market trend in Europe both in ICC&R and Radiators.  Total Net Sales decrease due to Radiators attributable to Adeo.  EBITDA decrease mainly due to Corporate.  Strong Cash flow generation offset Adeo blocked Receivables.

6

9M ‘13 Sales breakdown and mix by Business Line

€M

9M ’13 9M ‘12 Δ% ICC&R 211,8 208,4 1,6% Radiators 44,5 57,9 (23,2%) Total 256,3 266,3 (3,8%) % total 9M ‘13 9M ‘12 Δ% ICC&R 82,6% 78,3% +4,4 pp Radiators 17,4% 21,7%

• 4,4 pp

Total 100,0% 100,0%

Sales breakdown by business line Sales mix by business line

7

• Overall increase
• Europe increase with

growth in Eastern, decrease in Northern, Southern and Western stable.

• Asia increase with China

substantially stable.

• ROW significant increase.

9M ’13 ICC&R Sales Trend by Geography - Change % vs. 9M ‘12

€M €M

9M ‘13

% tot

9M ’12

% tot

Δ% Europe 155,9

73,6%

154,7

74,2%

0,8% Asia 43,9

20,7%

43,0

20,6%

2,2% RoW 11,9

5,6%

10,7

5,2%

11,3% Total 211,8

100,0%

208,4

100,0%

1,6%

8

€M

9M ’13 Consolidated Income Statement

9

9M '13 9M '12 Δ% 9M '13

impairment

Net Sales 256,3 266,3 (3,8%) 256,3 Gross Margin 89,6 94,3 (4,9%) 89,6

% 35,0% 35,4%

• 0,4 pp

35,0%

EBITDA 24,1 26,0 (7,1%) 24,1

% 9,4% 9,7%

• 0,3 pp

9,4%

Impairment

• (21,5)

%

• (8,4%)

EBIT 16,7 17,9 (6,8%) (4,8)

% 6,5% 6,7%

• 0,2 pp

(1,9%)

Group Net Result 10,4 9,1 13,9% (11,1)

% 4,1% 3,4% +0,6 pp (4,3%)

EPS – Euro cents 7,0 6,1 13,9% (7,4)

9M EBITDA by business

Q3 '13 Q3 '12 Δ% 9M '13 9M '12 Δ% ICC&R 10,1 11,1

(9,0%)

28,4 29,7

(4,5%)

% sales 14,2% 15,8%

• 1,5 pp

13,4% 14,2%

• 0,8 pp

Radiators 1,0 (0,4)

n.a.%

(1,5) (2,0)

n.a.%

+6,7 pp % sales 5,2% (1,5%) (3,4%) (3,5%) +0,1pp

Corporate & elimination (1,2) (0,6)

n.a.%

(2,7) (1,7)

56,7%

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

Consolidated 9,9 10,1

(2,1%)

24,1 26,0

(7,1%)

% 11,0% 10,6% +0,4 pp 9,4% 9,7%

• 0,3 pp

€M

10

9M '13 Net Working Capital trend

Sep '13 Dec '12 Sep '12 Δ Sep ‘13/’12 Trade Receivables (1) 71,3 77,0 93,1 (21,8) Inventory 50,8 44,3 59,2 (8,4)

% on 12 months rolling sales 13,9% 11,8% 15,8%

• 1,9 pp

Trade Payables (90,5) (91,2) (104,0) 13,4

% on 12 months rolling sales (24,8%) (24,3%) (27,8%) +3,0 pp

Net Operating Working Capital 31,6 30,1 48,4 (16,8) Other short term assets / liabilities (14,7) (13,8) (18,0) 3,3

% on 12 months rolling sales (4,0%) (3,7%) (4,8%) +0,8 pp

Net Working Capital 16,9 16,2 30,4 (13,5)

% on 12 months rolling sales 4,6% 4,3% 8,1%

• 3,5 pp

€M

11

(1) Excluding Adeo Receivables. The Adeo receivables overdue at December 31, 2012 were 4,1 €M; at Sept 30 ,2013 are 15,5 €M.

€M

September ‘13 Consolidated Balance Sheet

Sep '13 Sep '12 \ \ Sep ‘13 Sep '12 Net operating fixed assets 237,1 295,3 Net Debt 24,6 42,2 Trade receivables 71,3 93,1 Group Equity 243,7 282,2 Inventories 50,8 59,2 Minorities 1,9 1,8 Trade payables (90,5) (104,0) Shareholders’ Equity 245,6 284,0 Short term assets & liabilities (14,7) (18,0) Net Working Capital 16,9 30,4 Net financial assets 16,2 0,5 Net Capital Employed 270,2 326,2 Total Sources 270,2 326,2

12

Consolidated Cash Flow as of 9M

Excluding Adeo overdue amount (15,5 €M cash absorption) Operating Cash Flow in 9M ‘13 would be significantly higher than 9M ’12.

€M

13

Q3 ’13 Q3 ’12 9M '13 9M '12 Net Debt beginning of period 27,7 41,2 24,5 46,1 EBITDA (A) 10,0 10,1 24,2 26,0 Taxes paid in the period (B) (2,2) (2,4) (4,4) (5,2) Change in provisions (C ) 0,4 0,3 (0,2) 0,1 Change in working capital (D1) 1,2 (5,8) 3,4 (7,1) Adeo effect (D2) (3,1)

• (15,5)
• Investment activities (E)

(2,1) (1,6) (5,3) (5,3) Operating Cash Flow (A+B+C+D1+D2+E=F) 4,1 0,6 2,1 8,5 Equity investment (G)

• Changes in net equity and financial activities (H)

(1,0) (1,5) (2,2) (4,6) Cash Flow for the period (F+G+H) 3,1 (0,9) (0,1) 4,0 Net Debt end of period 24,6 42,2 24,6 42,2

Net Debt : 24,6

Cash, bank deposits and marketable securities

(51,1)

Long-term financial liabilities Short-term financial liabilities Total Financial Liabilities 33,9 41,7 75,6

Net Debt Breakdown as of Sep ’13

€M

14

15

Relevant Projects Q3 ‘13 - CLIMAVENETA

AMAZON LOGISTIC HUB PIACENZA - ITALY

Project: The new logistic hub stands on a 78.000 square meters area located near Piacenza. As strategic hub for Amazon’s European logistics, the distribution centre is expected to expand. An important point was controlling the level of humidity during all seasons. The building required an advanced solution that could optimise the HVAC plant for optimum performance. Climaveneta system is based on ERACS-Q heat pumps for simultaneous and independent production of hot and cold water, and FOCS-N reversible heat

• pumps. Amazon has chosen to manage the whole plant room by ClimaPRO

chiller plant optimiser.

ERACS2-Q Air cooled multipurpose unit for 4-pipe systems with screw compressors

FOCS-N Air cooled reversible units with screw compressors ClimaPRO Chiller Plant Control with Active Optimization System

Application: Logistic Hub End user name: Amazon Plant type: Hydronic System Total installed Cooling capacity: 3.980kW Total installed Heating capacity: 4.126kW Installed equipments: nr 3 x ERACS2-Q 3222 nr 2x FOCS-N/CA 3222 1x ClimaPRO

Relevant Projects Q3 ‘13 - CLIMAVENETA

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Application: Office Building End user name: MSC Cruises Plant type: Hydronic System Total installed Cooling capacity: 3.991kW Installed equipments: nr 3 x TECS2-SL-CA 1154 nr 1x TECS2/SL-CA D 0452 Project: MSC group’s new “Towers of San Benigno” office block modifying the city skyline will bring all of MSC’s departments active in the city under one roof. The complex consists of three buildings and covers an area of ​about 56.000 square meters. Four high efficiency TECS chillers with magnetic levitation compressors have been installed, ensuring very high efficiency at full load and the highest efficiency at partial load.

MSC HEADQUARTERS TOWERS OF SAN BENIGNO GENOA - ITALY

TECS2 High efficiency air cooled chiller with magnetic levitation compressor

Relevant Projects Q3 ‘13 - CLIMAVENETA

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Application: Data Center End user name: VODAFONE Plant type: HPAC System Total installed Cooling capacity: 968 kW Installed equipments: 2x NX/LN-K S 6x AC 70 Close Control Units Project: Refurbishment of the air conditioning system for the server room of the Vodafone data center in Padova – Italy. The designer has selected for the site located in Northern Italy 6 chilled water 60 kw/each HPAC units combined with two chillers with scroll compressors. The keyword for the design of this site has been flexibility. Since during the refurbishment of an existing data center the system can’t be switched off due to work in progress, it was essential to find a solution that allowed servers uptime even during the processing phases.

VODAFONE DATACENTER PADOVA- ITALIA

HPAC ACCURATE AC Close Control Units, air cooled chilled water NX Air cooled chiller with scroll compressors

Relevant Projects Q3 ‘13 - CLIMAVENETA

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Application: Hotel & Resort End user name: Sheraton Plant type: Hydronic System Total installed Cooling capacity: 3 MW Installed equipments: nr 2 x TECS2 nr 1x ERACS-W heat pump nr 1x ClimaPRO Project: Located in Australia’s famous Goald Coast, the Sheraton Mirage Resort & Spa consists of 295 newly refurbished suites, stunning lobby, restaurants and a big pool. Energy efficiency and high levels of comfort are paramount in delivering a 5 star guest experience. For the air conditioning system of the hotel TECS2 chillers and ERACS-W water source multipurpose units were installed: this combination was made possible by using the extensive water lagoon as the heat sink source. ClimaPRO was selected to control the plant room to further optimize efficiency.

SHERATON MIRAGE RESORT GOLD COAST - AUSTRALIA

TECS2 High efficiency air cooled chiller with magnetic levitation compressor ERACS2-WQ Water cooled multipurpose unit for 4-pipe systems with screw compressors

ClimaPRO Chiller Plant Control with Active Optimization System

Relevant Projects Q3 ‘13 - CLIMAVENETA

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Application: Office Buildings End user name: Carrefour Plant type: Air to Air System Total installed Cooling capacity: 919 kW Installed equipments: nr 1 x i-WHISPER-E 0553 nr 2x i-WHISPER-E 0753 nr 5x WIZARD Project : In 2010 Carrefour’s offices were scattered across 16 different locations in Ile de France. This situation generated extra cost and inefficiency. Carrefour decided to consolidate its Ile de France Headquarters functions on the site that would become the Carrefour Campus. For this project 3 high efficiency packaged reversible air to air Roof Top units for the complete thermohygrometric air treatment and the recovery of the rejected heat for the air renewal were installed. This innovative unit is at the forefront of energy efficiency thanks to heat recovery by enthalpy wheel combined with inverter technology.

CAMPUS MASSY MASSY – FRANCE

i-WHISPER-E Reversible air cooled high efficiency all in one rooftop unit, with enthalpy recovery

WIZARD Air Handling Units

Relevant Projects Q3 ‘13 - CLIMAVENETA

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Application: Institutions End user name: Council of Europe Plant type: Hydronic System Total installed Cooling capacity: 9.952 kW Total installed Heating capacity: 3.764 kW Installed equipments: nr 4x ERACS2-WQ 3202 nr 4x TECS2-W/HC H 1614 Project : The Palace of Europe is located in the "European District" of Strasbourg, that has served as the seat of the Council of Europe since 1977 when replaced the House of Europe. Between 1977 and 1999 it was also the Strasbourg seat of the European Parliament. Its total working area is 64,000 square metres: it has 17 meeting rooms and a thousand offices for staff of the Council of Europe secretariat. The system is based on water cooled multipurpose units and high efficiency water cooled chillers with magnetic levitation compressors, the ideal combination for lowest energy and CO2 emissions.

PALAIS DE L’EUROPE STRASBOURG FRANCE

ERACS2-WQ Water cooled multipurpose unit for 4-pipe systems with screw compressors TECS2-W High efficiency water cooled chiller with magnetic levitation compressor

Relevant Projects Q3 ‘13 - CLIMAVENETA

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Application: Museums End user name: Triana Ceramic Museum Plant type: Hydronic System Total installed Cooling capacity: 151 kW Total installed Heating capacity: 198kW Installed equipments: nr 1 x NECS-Q/B 0604 Project : The old ceramic factory Santa Ana in Triana (famous artisans and potters neighbourhood in Seville) has been restored and transformed into a

• museum. Cooling and heating has been entrusted to a Climaveneta

multipurpose unit with scroll compressors for simultaneous and independent production of hot and cold water. A typical museum installation needs to control temperature and humidity: thanks to the use of full heat recovery: this is ensured with highest efficiency and energy saving.

TRIANA CERAMIC MUSEUM SEVILLE - SPAIN

NECS-Q Air cooled multipurpose unit for 4-pipe systems with scroll compressors

Relevant Projects Q3 ‘13 - CLIMAVENETA

22

Application: Office Building End user name: Coca Cola Enterprises Ltd Uk Plant type: Hydronic System Total installed Cooling capacity: 1.800 kW Installed equipments: nr 2x FOCS-CA/LN-S 3602 Project Coca-Cola Enterprises (CCE) Ltd UK & European headquarters has moved over 550 staff to a retrofitted 1960s building in Uxbridge, West

• London. The refurbished building is situated over the main bus depot in

Uxbridge and is 109,000 ft². The building has been accredited ‘Excellent’ under the BREEAM accreditation with a simple but effective approach. The sustainability measures in place include best practice in energy management and energy monitoring; sourcing renewable materials where

• possible. At New Bakers Court the air conditioning system is also sustainable

and is based on 2 Climaveneta FOCS-CA/LN-S 3602 high efficiency chillers.

NEW BAKERS COURT UXBRIDGE - UK

FOCS2/CA Air cooled high efficiency chiller with screw compressors

Relevant Projects Q3 ‘13 - CLIMAVENETA

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Application: Historical Building End user name: Kato Kagatu and Co Plant type: Hydronic System Total installed Cooling capacity: 3.124 Kw Installed equipments: nr 1xTECS2/XL-CA 0652 nr 2xTECS2/SL-CA 0452 nr 2x TECS2/XL-CA 0552 nr 1xTECS2/XL-CA 0452 nr 2x MANAGER 3000 Project : Former home to the BBC World Service, Bush House refurbishments are now taking place and completion of this work is scheduled for June 2014. After 72 years as a broadcast centre, this heritage building will be upgraded to provide sustainable commercial space for Japanese manufacturing company Kato Kagatu and Co Ltd. The project involvesreconfiguring the existing buildings with a BREEAM Excellent rating target for the refurbished site. The air conditioning system based on high efficiency TECS chillers with magnetic levitation compressors managed by Manager 3000 is a key to reach this ambitious goal.

BUSH HOUSE LONDON UNITED KINGDOM

TECS2 High efficiency air cooled chiller with magnetic levitation compressor

MANAGER 3000 Group regulation device

Relevant Projects Q3 ‘13 - CLIMAVENETA

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Application: Office Building – Bank End user name: Santander Bank Plant type: Hydronic System Total installed Cooling capacity: 4.388 kW Installed equipments: nr 4x FX-FC/T+/S 4502 nr 2x MANAGER 3000 Project: Triton Square is part of Regent’s Place mixed use development that comprises commercial office buildings, a residential building, a community theatre, retail spaces, landscaping and public works of art. The site is still under construction. For the central air conditioning 4 chillers with Free Cooling function, controlled by Manager 3000 group control device, have been chosen. These units guarantee maximum energy saving exploiting the low external air temperatures.

SANTANDER BANK 2 TRITON SQUARE LONDON - UK

FX-FC Air cooled chiller with Free Cooling function

MANAGER 3000 Group regulation device

Relevant Projects Q3 ‘13 - CLIMAVENETA

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Application: Office Complex End user name: Grand Canal Square Plant type: Hydronic System Total installed Cooling capacity: 1200 kW Installed equipments: nr 2x FOCS2/SL-K/S 2652 Project : Grand Canal Square is Dublin’s most distinctive new commercial & cultural development. The buildings designed by world renowned architect Daniel Libeskind, benefits from its own dedicated reception and atrium area and sets new standards in terms of design and building finishes. With its excellent support infrastructure, the area has become a home to some of the best known financial and professional services companies, including McCann Fitzgerald Solicitors, Beauchamps Solicitors, Capita, Facebook, Accenture, HSBC, and

• PricewaterhouseCoopers. The air conditioning system of buildings 4 and 5 is

based on air cooled chillers with screw compressors: the challenge was limiting to a very minimum noise emissions, achieved through super low noise version, one of the recognised expertises of Climaveneta.

GRAN CANALE SQUARE (BUILDINGS 4 - 5) DUBLIN - IRELAND

FOCS2/K Air cooled chiller with screw compressors

Relevant Projects Q3 ‘13 - CLIMAVENETA

26

Application: Industrial Process End user name: Aspen Pharmacare Plant type: Hydronic System Total installed Cooling capacity: 1.208 kW Total installed Heating capacity: 1.230 kW Installed equipments: nr 2x ERACS2-Q/CA 2622 Project : Aspen is South Africa's leading pharmaceutical company. Aspen’s primary manufacturing site based in Port Elizabeth is the largest on the continent and houses world-class manufacturing facilities. This long established site is the leading producer of tablets and capsules in South Africa. The air conditioning system is based on 2 air cooled multipurpose units: energy saving is guaranteed by the advanced operation’s logic. The best operation mode is set completely automatically and independently by the unit’s controller, in order to minimize the absorbed energy whatever the cooling and/or heating demand might be

ASPEN HCS PLANT PORT ELIZABETH SOUTH AFRICA

ERACS2-Q Air cooled multipurpose unit for 4-pipe systems with screw compressors

Relevant Projects Q3 ‘13 - CLIMAVENETA

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Application: Residencial & Mixed Use Complex Plant type: Hydronic System Total installed Cooling capacity: 4.940 kW Total installed Heating capacity: 5.260 kW Installed equipments: nr 2x water cooled chillers with screw compressors and heat pump function Project: Wuhan Lanjing International is a mixed use estate under construction in the Hubei region of China. The development will cover a total area of 82.398 square meters and will host a residential area with three buildings dedicated to apartments of different sizes, a business zone for

• ffices and a wide shopping district. The heart of the air conditioning system

is composed of two FOCS-2W units. These units provide great adaptability in the building’s cooling needs thanks to its continuous regulation capacity. The heat pump function allows for floor heating in winter. To increase the HVAC efficiency, these units have been combined with ground source probes, using underground heat unlimited storage capacity to reduce energy consumption.

WUHAN LANJING INTERNATIONAL WUHAN - CHINA

FOCS2-W H water cooled high efficiency chillers with screw compressors

Relevant Project Q3 ‘13 - RC

28

Application: Pediatric Hospital End user name: Children’s Hospital of Medical University of Warsaw, Warsaw (Poland) Plant type: Hydronic Functions ensured by DeLclima equipments: Cooling Total installed Cooling capacity: 6MW Installed equipments: nr. 6 air cooled liquid chiller with A class energy efficiency equipped with turbo compressors Project: cooling plant of 4.8 MW to cool the new Children’s Hospital

• f Medical University of Warsaw.

The main objective in the implementation of the project was to follow the widely variable cooling capacity required by building as efficiently as possible. Focus: Extremely low noise. High efficiency at partial load. Reliability. Solution: UNICO TURBO FL

UNICO TURBO FL Air cooled liquid chiller with turbo compressors TURBO COMPRESSOR

Relevant Project Q3 ‘13 - RC

29

PYXIS Air cooled liquid chiller

Application: University End user name: LUISS Libera Università Internazionale degli Studi Sociali Guido Carli, Roma (Italy) Plant type: Hydronic Functions ensured by DeLclima equipments: Cooling Total installed Cooling capacity: 1,6MW Installed equipments: nr. 2 air cooled liquid chiller equipped with scroll compressors and micro-channel condensing coils Project: LUISS – Libera Università Internazionale degli Studi Sociali Guido Carli, also know as the Guido Carli Free International University for Social Studies. It was created between 1974 and 1978. LUISS has four Departments: Economics and Finance, Business and Management, Law, and Political Science. Focus: Cooling. Low noise. Reliability. Solution: PYXIS

Relevant Project Q3 ‘13 - RC

30

FRIGO TURBO FL Liquid chillers with turbo compressors

Application: University End user name: BERGAKADEMIE, Freiberg University of Mining and Technology, Freiberg, Saxony (Germany) Plant type: Hydronic Functions ensured by DeLclima equipments: Centralized chilled water supply Total installed Cooling capacity: 800kW Installed equipments: nr. 2 x water cooled liquid chiller with A class energy efficiency, oil-free centrifugal compressors and flooded evaporator Project: Bergakademie is a German university with about 6000

• students. The chilled water produced by the RC Group’s units is used

for cooling numbers of laboratories as well as the data center of the University. Focus: High energy efficiency at partial load, Low noise, Reliability, EER higher than 7,0 Solution: FRIGO TURBO FL

Relevant Project Q3 ‘13 - RC

31

Application: Office Building End user name: Portugal Telecom Data Center, Covilha, (Portugal) Plant type: Comfort Functions ensured by DeLclima equipments: Comfort Cooling / Heating Total installed Cooling capacity: 500kW Installed equipments: nr.1 x air cooled multifunction chiller nr.1 x packaged heat pump air/water liquid chiller Project: Located in Covilha, in Portugal, it’s one of the biggest data centers in Europe. Portugal Telecom (PT) focused heavily on architecture, environment and technology with this new building . Outside the facility there is a solar farm supporting 30% of the auxiliary building power usage. Focus: comfort. reliability. Solution: REVERSO PF, MULTIPLO PF, RILHEVA

MULTIPLO PF Air cooled multifunction chiller REVERSO PF Air cooled multifunction chiller

Relevant Project Q3 ‘13 - RC

32

Project: CESI, Centro Elettrotecnico Sperimentale Italiano, operates in the field of consultancy and engineering services to the electricity industry. RC Group supplied chillers for the Southern Europe and Northern Africa Main Regional Headquarters located in Milan. Focus: high energy savings. High energy efficiency at partial loads Solution: FRIGO SCREW CLA +, PYXIS CLA Application: Office Building End user name: CESI Regional Headquarters, Milan (Italy) Plant type: Hydronic Functions ensured by DeLclima equipments: Cooling Total installed Cooling capacity: 3,2MW Installed equipments: nr.3 x water cooled liquid chillers with A+ class energy efficiency equipped with screw compressors; nr.5 x air cooled liquid chillers with A class energy efficiency equipped with scroll compressors

PYXIS CLA Air cooled liquid chiller equipped with scroll compressors FRIGO SCREW CLA+ Water cooled liquid chiller equipped with screw compressors

New Products Q3 ‘13 - CLIMAVENETA

33

FOCS60

GREEN relevant product Extensive range of operation W3000 LARGE latest control system Silent Operation High efficiency air source chiller for outdoor installation - 60 Hz 310-1506 kW (88-233 tons)

New Products Q3 ‘13 - CLIMAVENETA

34

i-KIR-MTD 0061m

Renewable Sources Ease of installation and integration Free domestic hot water production when in cooling mode Silent Operation Air cooled reversible heat pump for residential applications, with axial fans and inverter driven compressor, for heating water up to 60°C and

• perating limit down to -20°C outdoor air temperature.

Domestic hot water production.

New Products Q3 ’13 - RC

35

Air cooled liquid chillers for outdoor installation equipped with scroll compressors and microchannel condensing coils 44,9 ÷ 200,0 kW

PYXIS “U” Air cooled liquid chillers

Italy South Africa

Exhibitions and events Q3 ‘13 - CLIMAVENETA

12-14th September 2013 Turin - Italy 18th September 2013 Johannesburg – S.A. 12th July 2013 San Francisco – U.S.A.

U.S.A. Greece

27-30th September 2013 Athens - Greece

Australia

2nd July 2013 Sidney - Australia 4th September 2013 Bogotà - Colombia

Colombia

62 Climaveneta Stand Domotecnica Climaveneta Stand DCD Bogotà

Exibitions and events Q3 ’13 - RC

37

AUSTRALIA

2nd July Sydney, Hilton Hotel Australia 20-22nd September Nicosia, Cyprus International Fair grounds (EXPO) Cyprus

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. 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.