Annual General Assembly - M.J. Maillis GroupAnnual General Assembly ... Core Product Range overview...
Transcript of Annual General Assembly - M.J. Maillis GroupAnnual General Assembly ... Core Product Range overview...
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Forward Looking Statement Disclaimer
This presentation, and comments made by management thereon, contains
forward-looking statements which are based on current expectations and
assumptions about future events. These forward-looking statements are
subject to risks and uncertainties - many of which are beyond M.J. Maillis
Group ability to control or estimate precisely - that could cause actual results to
differ materially from those expressed in the forward-looking statements.
You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this presentation. M.J. Maillis
Group does not undertake any obligation to publicly release any revisions to
these forward-looking statements to reflect events or circumstances after the
date of these materials.
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Overview
• Issues of General Assembly
• Speech of Mr. Maillis
• Financial Results
• The Group’s Restructuring
• Approval of General Assembly’s issues
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Packaging Material
Packaging Equipment Service & Support
The Maillis Total Solution
The Business Model
We provide our clients around the world with comple te high technology and cost effective packaging solutions, that combine packaging equipme nt, packaging materials, service and support
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Tools
Core Product Range overview - Strapping
SteelAluminium
ConstructionPaper & Corrugated
TimberCan & Bottles
Printing & Graphics
Products
Machines
Material
Systems
Migration to
KeyMarketsSectors
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Core Product Range overview - Wrapping
Food & BeverageChemicals
PharmaceuticalsRetails
Logistics
Systems
KeyMarketsSectors
Equipment
Material
Migration to
Products
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• Market Leader in product categories of Solutions
• Preferred Supplier by an increasing number of well recognized multinationals, through the Group’s Unique Value Proposition
Major Clients
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Global Agreements with Multinational
�ArcelorMittal 2year global agreement
�US Steel 3year European agreement
�Corus Tata 3year global agreement
�Nestle Preferred supplier agreement for 460 factorie s
�Procter & Gamble Preferred European supplier agreem ent
�Unilever 2year global agreement, for 271 factories
�CRH 2year European agreement
�Alcoa 3year European agreement
�CCHBC 2year European agreement, for 28 countries
�Henkel 2year agreement, for 97 factories
�Reckitt Benckiser Exclusive film supplier in Europe
�Pepsico Annual European agreement
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Financial Results 2009
€ mio 2009 2008 ∆ (%)
Sales
212.8 340.5 -37.5% - Global economic crisis of leaded sector sales
Gross Profit 47.9 78.7 -39.1%
Gross Margin ( %) 22.5% 23.1% -0.6% - Production restructuring
OPEX 46.5 52.5 -11.6% - Cost cutting programs
Operating E.B.I.T.D.A
-5.8 13.3 -143.8%
Net Profit After Tax
-57.5 -42.9 -34.2% - Revaluation of assets € 10.5mio
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• Provisions
Substantial, non recurring, provisions booked in 2009 total amount of Euro 9.1mio for:
mio €- Stock near obsolescence 2.1- Restructuring cost 2.7- Bad debts 1.6
• Revaluation of assets
Write-off of goodwill amortization amounted to 11.5 mio € so as to adjust goodwill at the fair value as evaluated in the Group’s 5year business plan
mio €Austria 1.2France 3.0Germany 7.3
Financial Results 2009 - Notes
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Upward trend in sales for the Q1 2010/ +5pp in Gross Margin / EBITDA Positive
€ mio Q1 2010 Q1 2009 ∆ (%)
Sales 59.2 51.5 +15%
Gross Profit 14.3 9.8 +45%
Gross Margin (%) 24.1% 19.1% +5 pp
OPEX11.1 11.5 -4%
Operating E.B.I.T.D.A 0.9 -3.3 +127%
E.B.I.T.D.A 0.5 -4,9 +109%
Financial Results Q1 2010
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Improved Sales & Margins
Improved margins as the result of production effici encies and higher volumes
mio€
51.5 51.9 53.9 55.6 59.2
9.8 11.513.7 12.9 14.3
-3.3 -2.5
0.4
-0.4
0.9
19.1%
22.2%
25.4%
23.3% 24.1%
Q1 09 Q2 09 Q3 09 Q4 09 Q1 10
mln €
Turnover Gross Margin
Operating E.B.I.T.D.A Gross Margin (%)
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The Group’s Restructuring
16/4/2010BoD approves Principal Debt Restructuring Proposal/ Main Shareholder
Proposal of the Group’s creditors, for the restructuring of debt liabilities of the MAILLIS Group, totaling approximately Euro 230 million. Basic points of the proposal:
• Capitalization of outstanding loans: For an amount of Euro 70 million with issuance of new common shares of the listed parent company to the Group’s creditors
• For the re-financing of the remaining outstanding loans:
- A syndicated loan of Euro 110 million- A bond loan, of Euro 50 million, with capitalizable (PIK) rate, convertible to new common shares of the listed parent company- New working capital line: For an amount of Euro 16 million for the financing of the Group’s growth
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Productivity Initiatives and Cost Cutting Programs
Management Turnaround Lean Challenge
2007 to 2009
• Targets • Restore profitability to industry standards
• Production efficiencies improvements
2010 to 2011• Period
• Fixed cost base reduction
• Back-office consolidation
• Program
• Actions (i) Production sites rationalization (15 to 8)
(ii) Reduction of commercial affiliates (5 small countries entities closed)
(iii) Consolidation of back offices (Germany / Austria)
(i) Organization structure redesign(ii) Close down 4 local and 1
central warehouse(iii) Consolidate SIAT and Columbia
in Italy
• Realized effect • Production Cost : 4• OPEX : 14
18 mio
• OPEX (target): 5.5 mio
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The New Group Structure
During the last four years, the Group having absorbed the impact of globalization, the changing conditions in the secondary packaging market, the global financial crisis and the breach of financial covenants, has undergone a major re-configuration:
• Products
• Customers
• Leveraged operating expenses(€ mio)
The Group is in a position to return to its previous profit levels, having adjusted to the new market conditions through a drastic turnaround, on the basis of its intact production capacity, brand name recognition and technological advantage, with further opportunity to expand to developing markets
• One-stop-shopping
• Multinational companies of global magnitude (complete solutions, cost effective)
““ OldOld ”” ““ NewNew””
• Providing the market with several stand-alone products
• Small/medium size customers / distributors (price per product)
• Structure
• Production units• Commercial companies• Personnel
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2250
8 (6)
1650
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• Corporate governance • Semi-independent affiliates
• Small customers with high margins through(Telesales)
61 47
• Centralized strategy / targets at a Group level
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