company presentation - el.en group€¦ · improvements in laser lipolysis and cellulite treatment...
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CompanyCompany Presentation Presentation
ANNUAL RESULTS 2011
STAR CONFERENCEMarch 28th , 2012
Certain statements in this slide show, including those addressing the Company’s beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward‐looking statements. Forward‐looking statements involve known or unknown risks, including general economic and business conditions, and conditions in the industry we operate and may be affected should our assumptions turn out to be inaccurate. Consequently, no forward‐looking statement can be guaranteed and actual future results, performance, or achievements may vary materially from those expressed or implied by such forward‐looking statements. The Company undertakes no obligation about the contents nor to update the forward‐looking statements to reflect events or circumstances that may arise after the date hereof.
DisclaimerDisclaimer
1. THE GLOBAL LASER MARKET
2. EL.EN. GROUP
3. 2011 FINANCIAL RESULTS
4. 2012 GUIDANCE
SummarySummary
The Global Laser MarketThe Global Laser Market
LASERLASERLight Amplification Stimulated by Emission of Radiation
LASER Sources
LASER Systems
(Laser beam generator)
(Manage laser beam energy to perform several applications)
Communications31%
Data storage11%
Scentific & military5%
Industrial processing37%
Instrumentation & sensor
4%
Medical and aesthetic7%
Pumps4%
Image recording1%
The Laser Market The Laser Market in 2011in 2011: $: $77..1717 BillionBillion
LASERLASER SourcesSources
ONLYONLY
Source: Laser focus World
Industrial Processing: $ 2,8 B
Medical and Aesthetic: $ 0,50 B
El.En.: Trademarks and MarketsEl.En.: Trademarks and Markets
MEDICAL INDUSTRIAL
Source: BCC Research
Global Market trends for Medical Lasers ($ millions)
2.675
6.766
3.047
2010 2011 2016
CAGR 17,3%
The MEDICAL Laser MarketThe MEDICAL Laser Market
Source: BCC Research
1.1291.349
656 692960
1.258
206 239
594
63 73 155
3.799
694622
-
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
2010 2011 2016
Opthalmic (cagr 23%) Surgical (cagr 6,8%)Cosmetic (cagr 12,6%) Dental (cagr 19,9%)Veterinary (cagr 16,2%)
Global Global market market for medical lasers for medical lasers byby end end use use
Leading medical Leading medical laser laser procedures procedures in in termsterms of of equipment spendingequipment spending
Source: BCC Research
Procedure Sales Rank Sales Rank
OCT 430,0 1 2.326,9 1
Refractive correction 293,0 2 461,9 3
Hair removal 218,5 3 468,4 2
Benign prostatic hyperplasia 167,0 4 223,8 6
Gum Surgery 162,0 5 397,6 4
Skin tightening 136,0 6 275,8 5
Angioplasty 111,0 7 111,0 10
Pigmented lesion removal 102,0 8 185,9 7
Skin Resurfacing 75,8 9 151,6 8
Lead Removal 48,9 10 139,8 9
20162010
The The AESTHETIC Laser Market SharesAESTHETIC Laser Market Shares
Revenues in $ M
25.1%11.9%13.2%
$ 683.0
$ 81.5$ 89.920102008 2009 2011
El.En. Aesthetic/Medical $ 97.4 $ 72.8 $ 88.1Cynosure $ 139.0 $ 72.5 $ 110.2
Peer group Total (*) $ 860.7 $ 617.7 $ 812.5
% El.En. 11.3% 11.8% 10.8%% Cyno 16.2% 11.7% 13.6%% El.En. Group 27.5% 23.5% 24.4%
(*)
Lumenis (Aesth) ‐ estimated
Cynosure (CYNO)
Cutera (CUTR)
Palomar (PMTI)
Syneron (ELOS)
Solta Medical (SLTM)
El.En. (aesth w/o Cyno)
2.374
1.655
2.415 2.7922.805
2008 2009 2010 2011 2012
The The INDUSTRIAL Laser MarketINDUSTRIAL Laser Market
Laser and Laser Systems ManufacturersRevenues ($M)
Laser Sources MarketRevenues ($M)
2009 2010 2011
Rofin Sinar $349 $424 $598
IPG $185 $299 $474
Coherent $435 $605 $803
Prima Industrie (*) $300 $325 $402
Trumpf AG (*) (**) $1.742 $2.631 $3.056
Total $3.011 $4.284 $5.333
% YoY Change ‐25,5% 42,2% 24,5%
El.En. (industrial)(*) $30 $44 $53
Source: Laser focus World
(*) cmb euro/usd=1,3 (**) estimated
Strategic StrengthsStrategic Strengths
Multidisciplinary and multifacility R&D activity:sources, systems, applications.
Covering both Medical and Industrial laser markets
IndustrialCombine High tech laser source development with flexible production facilities in high growth areas
MedicalMaximize market penetration by multi brandapproach
Open new markets by developing new applications
Leverage worldwide distribution
El.En. GroupEl.En. Group
Develops, manufactures and distributes laser sources and
laser systems for medical and industrial applications
Know‐how based on 30 years stratification of
multidisciplinary experience
2011: Consolidated Revenues of €211 mln, up 11% YoY,
1.139 employees
Global positioning
Group OverviewGroup Overview
High ‐Tech Industrial Group
Consolidated RevenuesConsolidated Revenues and EBITand EBIT
(*) EBIT 2006 w/o the one time $10M change Cynosure/Palomar
0
50
100
150
200
250
2000 2001 2002 2003 2004 2005 2006(*)
2007 2008 2009 2010 2011
Sales
‐15
‐10
‐5
0
5
10
15
20
25
EBIT
Sales EBIT
R&D ActivityR&D Activity
Clinical trials and validations of new therapeutic laser treatments and research on new applications of laser‐ tissue
interaction
Laser systems for regenerative medicine
Laser and ultrasound combination systems for minimally invasive surgery
Development of new cutting edge CO2 platform
High power surgical lasers
Integrated laser systems for skin ulcers treatment
Home use systems: Unilever project
Improvements in laser lipolysis and cellulite treatment systems: Cellulaze
Cutting and welding applications for 5 axes laser systems
Compact RF medium power sources
R&D expensesR&D expenses
100 Researchers
5 R&D labs:Florence, Milan, Naples, Jena, Boston
31/12/10 31/12/11 Var.%
R&D expenses 12.333 15.197 23.2%
Percentage on group revenues 6% 7%
Grants 1.017 1.053 3.5%
Medical
ENT
Gynaechology
Urology
Endovascular
Onchology
Dermatology
Psoriasis and Vitiligo
Dentistry
Therapy
Medical/Medical/AAestheticesthetic
Aesthetic
Hair Removal
Vascular Lesions
Skin Rejuvenation
Pigmented Lesions
Treatment of Cellulite
Acne
Tattoo Removal
Anti ‐ Aging
LaserBody Sculpting
Removal of Unwanted Fat
CynosureCynosure
2002 70 % Acquisition share price $3,5
2003‐2004 Turnaround
2005 Nasdaq IPO, share price $ 15holding down to 35%
2007 Stock sale, share price $ 29holding down to 23%
2011 Eleme and ConBio acquisition share price $ 11
Control and consolidation allowed by a statutory clause
Strategic cooperation
CynosureCynosure
6,0%
4.167
20102008 2009 2011
Sales of ex Cyno El.En. group to Cynosure (Euro 000)
12.560 4.365 5.434
% on ex Cyno Aesthetic sales 16,8% 7,8% 8,0%
R&D
Distribution
Smartlipo MPX – Triplex ‐ Cellulaze
Smartlipo ‐ Fractional CO2 – Tattoo Removal
0
20
40
60
80
100
120
140
160
Revenues Gross Margin Operating Costs
2008 2009 2010 2011
+35%+35%
+33%+33% +27%+27%
USD
CynosureCynosure
MedicalMedical Laser:Laser: BreakdownBreakdown byby AreaArea
Europe
5132 37 37
2008 2009 2010 2011
Italy
11 13 1215
2008 2009 2010 2011
Far East
30 3041 44
2008 2009 2010 2011
USA
24 30 37
65
2008 2009 2010 2011
IndustrialIndustrial Laser:Laser: BreakdownBreakdown byby AreaArea
America
36 54
2008 2009 2010 2011
Europe9
3 5 5
2008 2009 2010 2011
Italy
8 8 911
2008 2009 2010 2011
Far East
4 511
17
2008 2009 2010 2011
20201111 Financial ResultsFinancial Results
Consolidated Consolidated P&LP&L
31/12/10 31/12/11 Var.%
unauditedRevenues 189.797 100,0% 211.137 100,0% 11,2%
Gross margin 100.448 52,9% 109.059 51,7% 8,6%
EBITDA 14.297 7,5% 13.953 6,6% ‐2,4%
EBIT 5.422 2,9% 2.980 1,4% ‐45,0%
Income before taxes 4.689 2,5% 2.463 1,2% ‐47,5%
Net Income (loss) 1.268 0,7% (270) ‐0,1%
31/12/10 31/12/11unaudited
Net financial position 74.900 53.035
Consolidated Consolidated P&LP&L (w/o Cynosure)(w/o Cynosure)
31/12/10 31/12/11 Var.%
unauditedRevenues 132.566 100,0% 137.392 100,0% 3,6%
Gross margin 67.076 50,6% 67.137 48,9% 0,1%
EBITDA 13.327 10,1% 10.823 7,9% ‐18,8%
EBIT 8.361 6,3% 5.094 3,7% ‐39,1%
Income before taxes 7.697 5,8% 4.765 3,5% ‐38,1%
Net income (loss) 2.200 1,7% 721 0,5% ‐67,2%
31/12/10 31/12/11unaudited
Net financial position 10.042 1.764
81.765 76.208
21.322 25.294
29.479 35.890
2010 2011
Industrial
Service
Medical
El.En. El.En. –– Revenues breakdownRevenues breakdown by businessby business
Medical
Industrial
Cutting
Marking
Laser sources
Aesthetic
Surgical CO2
Physiotherapy
Dental
MedicalAesthetic
Service
Cynosure
El.En
+22%
‐7%
+19%
2011: +4%
9.831 8.209
4.798 5.744
46.728 44.340
4.5943.199
11.14110.854
4.6733.862
2010 2011
Accessories
Other MedicalLasers
Dental
Aesthetic
Physiotherapy
Surgical CO2
‐3%
‐16%
+20%
El.En. El.En. –– Medical and AestheticMedical and Aesthetic
MedicalAesthetic
Service
Cynosure
El.EnIndustrial
Service
Medical
2011: ‐ 7%
‐5%
‐30%
‐17%
7.992 8.946
4.763 4.836
14.643
19.333
1.864
2.775
2010 2011
Other
China & Brazil
Europe
Italy
+49%
El.En. El.En. –– IndustrialIndustrial
MedicalAesthetic
Service
Cynosure
El.EnIndustrial
Service
Medical
+32%
+12%
+2%
2011: +22%
20120122 GuidanceGuidance
20120122 forecast forecast –– El.En. stand aloneEl.En. stand alone
FORECAST (current economic situation)
Sales: + 5%Improvement in EBIT
FORECAST (improvement in economic situation)
Sales: +10%EBIT%: >5%
El.En. and Cynosure stockEl.En. and Cynosure stock performanceperformance
Cynosure
El.En
70
80
90
100
110
120
130
gen 10 apr 10 lug 10 ott 10 gen 11 apr 11 lug 11 ott 11 gen 12 apr 12
El.En S.p.A. (Rebased)
FTSE Italy Star (IT) (Rebased)
70
80
90
100
110
120
130
140
150
160
170
gen 10 apr 10 lug 10 ott 10 gen 11 apr 11 lug 11 ott 11 gen 12 apr 12
Cynosure Inc. (Cl A) (Rebased)
NASDAQ-100 Index (Rebased)
El.En. SPA
Enrico ROMAGNOLI Investor Relations Managertel. +39 055‐8826807E‐mail: [email protected]
POLYTEMS HIR SRL
Bianca FERSINI MASTELLONIFinancial Communication & Press officeTel. +39 06‐6797849 / +39 06‐69923324E‐mail: [email protected]