1 / 39

PRESENTA T ION TO ANALYSTS

PRESENTA T ION TO ANALYSTS. Milan, OCTOBER 10 2002. Missione.

abena
Download Presentation

PRESENTA T ION TO ANALYSTS

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. PRESENTATION TO ANALYSTS Milan, OCTOBER 10 2002

  2. Missione The mission of Centrale del Latte di Torino & C. is to supply the Italian market with top quality milk and derivates and to become an interregional pole in the producer market, positioned between the major groups and the large number of small operators.

  3. Company structure FAM. RESTANO REFIN S.S. 1.0 % FINANZIARIA CLTO S.P.A. 1.0% UNIPLAN 12.5% 51.5% MERCATO 32.49% AZ. PROPRIE IN PORTAF. (6,691 azionisti)** 1.5% 99.98% 40% 82% * * = Indirect investment ** = At august 31 2002

  4. Presenza sul territorio CENTRALE DEL LATTE DI TORINO CENTRALE LATTE VICENZA Vicenza Turin Turin Carmagnola Carmagnola Rapallo Bardineto INTERREGIONAL GROWTH CENTRO LATTE RAPALLO FRASCHERI Turin Turin Carmagnola Carmagnola Rapallo Rapallo Bardineto

  5. Centrale Latte Vicenza acquisition On April 11 2002 Centrale del Latte di Torino & C. S.p.A. acquired ha acquisito la Centrale Latte Vicenza S.p.A. 2001 Data: - Revenues: 28,1 milion Euros - EBITDA: 841 thousand Euros - Shareholders equity: 9.1 milion Euros - PFN: 1.1 milion Euros - Employees: 61

  6. Centrale Latte Vicenza acquisition • April 11 2002 - Acquisition of CL Vicenza by a three-company partnership:con una Partnership a tre : CL Torino (leading partner), Granarolo e CL Brescia • Management fee from Granarolo e CL Brescia of approximately 478 thousand euros, net of acquisition expenses and costs • September 13 2002: purchase of share owned byCL Brescia • Overall acquisition for 82% share owned in CL Vicenza: 17,7 milioni di Euros (13,5 self-financed e 4,2 by debt) • October 24 2002: merger by incorporation of CL Vicenza in CLAV Industria- merger will become operative from November 1 2002

  7. Centrale Latte Vicenza acquisition October 24 2002: MERGER BY INCORPORATION OF CL VICENZA IN CLAV INDUSTRIA 100% 82% 18%

  8. Acquisition rationale ACHIEVEMENT OF STRATEGIC OBJECTIVES Growth by external lines, in accordance with objectivies stated during the IPO stage, to create an interregional pole in the fresh milk and derivatives producer market.

  9. Fresh milk: Highlights 2002 1) MARKET: price trend of milk purchases from producers 2) LEGISLATION: extension of “best-before” date of fresh milk 3) NEW TECHNOLOGIES: micro-filtration of milk

  10. Reference Market Period January – July 2002 Piedmont Italian market Liguria Veneto VALUE VOLUME VALUEVOLUME VALUE VOLUME VALUE VOLUME FRESH MILK +15.0% +10.8%+2.3% -2.9% +7.0% +0.7%+4.5% +0.3% UHT MILK +3.6% +0.8% +19.4% +14.3% -1,7% -11.8% +4.9% +1.4% TOTAL MILK +9.8%+ 5.2%+11.3%+7.9% +5.4% -7.6% +4.7% +1.0% YOGHURT+9.8% +3.9% +13.8% +9.4% +4.7% +6.5% +7.0% +0.2% Fonte: IHA Italia - Consumi nelle famiglie

  11. Breakdown of main competitors FRESH MILK: Percentages for January-July 2002 - Market share by value (househlod consumption)) ITALY 100% = total sales Others 36.7 % Granarolo 20.7% Newlat 1.4% Parmalat 37.2% Gruppo CLT * 4.0% Source: IHA Italia – July 2002 * = Internal estimate

  12. * = Internal estimate +i IHA Italia data – July 2002 Breakdown of main competitors FRESH MILK: Percentages for Januery - July 2002 - Market share by value (household consumption) VENETO 100% = total sales LIGURIA 100% = total sales PIEDMONT 100% = total sales Others 41.9% Others 27.7 % Granarolo 11.7% Others 37.5% Abit 25.2% Granarolo 7.8% Granarolo 16.6% Parmalat 28.7% Gruppo CLT 12.8% Parmalat 41.5%, Gruppo CLT * 23.0% Gruppo CLT 25.6% Fonte: Piedmont: IHA Italia – Luglio 2002 Liguria: IHA Italia – Luglio 2002 Veneto: IHA Italia – Luglio 2002c

  13. Breakdown of main competitors UHT MILK: Pecentages for January – July 2002 – Market share by value (household consumption) ITALIA 100% = totale commercializzato Others 28.6% Parmalat 32.0% Granarolo 14.9% Gruppo CLT * 2.3% Sterilgarda 4.5% Newlat 3.6% Private Label 14.1% * = Internal estimate Fonte: IRI – August 2002

  14. Others 25.7% Parmalat 21.7% Granarolo 15.9% Sterilgarda 4.4% Abit 1.7% Private Label 17.9% * = Internal estimate + dati IHA Italia data – July 2002 Breakdown of main competitors UHT MILK: Percentages for January - July 2002 - Market share by value (househole consumption) VENETO 100% = total sales LIGURIA 100% = total sales PIEDMONT 100% = total sales Parmalat 44.5% Others 31.3% Parmalat 32.6% Others 19.1% Gruppo CLT 12.7% Granarolo 7.1% Granarolo 4.0% Gruppo CLT 9.8% Gruppo CLT * 12.5% Private Label 19.9% Sterilgarda 8.0% Private Label 11.2% Fonte: Piedmont: IRI – August 2002 Liguria: IHA Italia – July 2002 Veneto: IRI – August 2002

  15. ITALY 100% = total sales Gruppo CLT * 1.4% Muller 12.6% Parmalat 5,9% Private Label 7.2% Others 24.7% Granarolo 4.4% Danone 25.8% Yomo 18.0% Breakdown main competitors YOGHURT: Percentages January - July 2002 - Market share by value (household consumption) * = Internal estimate Fonte: IHA Italia – July 2002

  16. Parmalat 3.6% Others 42.6% Gruppo CLT 5.5% Muller 8.0% Private Label 12.5% Danone 17.5% Yomo 8.3% * = Internal estimate Breakdown of main competitors YOGHURT: Percentages for January – July 2002 - Market share by value (household consumption) VENETO 100% = total sales LIGURIA 100% = total sales PIEDMONT 100% = total sales Gruppo CLT * 2.3% Gruppo CLT * 1.8% Muller 13.6% Muller 21.6% Parmalat 5.5% Parmalat 6.0% Private Label 9.3% Private Label 11,8% Others 27.6% others 29.3% Danone 19.4% Danone 12.6% Granarolo 2.0% Yomo 24.1% Yomo 17.4% Fonte: Piedmont: IHA Italia – July 2002 Liguria: IHA Italia – July 2002 Veneto: IHA Italia – July 2002c

  17. Areas covered in 2002 DIRECTLY Provinces of Turin, Genova, La Spezia, Vicenza, Verona, Padova, Treviso. INDIRECTLY Province of Turin (part), Asti, Alessandria, Cuneo, Vercelli, Aosta Savona, Imperia. Retail MD PIEDMONT Directly 750 3,235 Indirectly / 1,050 Retail MD LIGURIA Directly 447 2,053 SALES OUTLETS Indirectly / 1,560 Retail MD Directly 300 1,155 VENETO Indirectly / 105 Retail MD TOTAL Directly 1,497 8,003 Indirectly / 1,155

  18. Retail MD Direttamente 39,2% 41.8% Indirettamente / 19.0% Areas covered in 2002 DIRECTLY Provinces of Turin, Genova, La Spezia, Vicenza, Verona, Padova, Treviso. INDIRECTLY Provinces of Turino (part), Asti, Alessandria, Cuneo, Vercelli, Aosta Savona, Imperia. Retail MD PIEDMONT Directly 44.0% 49.6% Indirectly / 6.4% LIGURIA NET TURNOVER Retail MD Directly 46.3% 51.9% VENETO Indirectly / 1.8% Retail MD TOTAL Directly 43.1% 47.9% Indirectly / 9.0%

  19. Breakdown of consolidated turnover Turnover breakdown by type of product 30/06/2002 31/12/2000 31/12/2001 PRE VICENZA Others products 21.8% Others products 17.1% Others products 19.8% Bulk milk and cream 4.6% Bulk milk and cream 3.2% Bulk milk and cream 3.2% Yoghurt 2.9% Yoghurt 2.7% Yoghurt 2.7% UHT milk 21.1% Fresh milk 51.1% UHT Milk 22.3% Fresh milk 53.1% UHT milk 21.8% Fresh milk 52.5% 2000,2001 and 2002 data from consolidated financial statements and ahlf-yearly report of Centrale del Latte di Torino & C. S.p.A. (Turin + Rapallo)

  20. Breadkdown of consolidated turnover Turnover breakdown by type of product 30/06/2002* 30/06/2002** POST VICENZA PRE VICENZA Other products 21.8% Other products 20.9% Bulk milk and cream 3.,2% Bulk milk and cream 2.4% Yoghurt 2.7% Yoghurt 7.9% UHT milk 21.1% Fresh milk 51.1% UHT milk 24.0% Fresh milk 44.8% * 2002 data from consolidated financial results of Centrale del Latte di Torino & C. S.p.A. (Turin + Rapallo) ** 2002 data from consolidated financial results of Centrale del Latte di Torino & C. S.p.A. (Turin+Rapallo+Vicenza)

  21. FIOR DI BIO one year after the launch • PRODUCT RANGE UHT Milk (2 varieties), Yoghurt (4 varieties), Butter, Mozzarella, Stracchino, Mascarpone, Orange juice, Extra-pure Olive Oil, Insalata IV Gamma (2 referenze) • DISTRIBUZIONE 1,350 sales outlets Piedmont and Liguria, covering channels TURNOVER 605,000 Euros in the 10 months since the launch • MARKETING ACTIVITIES 3 Advertising campaign flights, public relations activities, sponsorship, partecipation in sector exhibitions, consumer competition with advertising support

  22. FIOR DI BIO Project FUTURE PLANS • Further broadening of the product range and distribution in areas where already present • Territorial expansion to include Veneto by means of Centrale del Latte di Vicenza • Advertising-promotional support for launch of new products and brand image and awereness

  23. IV Range Frsh Cut Products INTERNATIONAL BACKGROUND • The IV Fresh cut Range refers to fresh market garden products and fruits, picked, washed, cut, packaged and ready for consumption • A concept launched in the USA in the ’60s and immediately successful • Launched in Europe in the early ’70s without any particular emphasis, but from then on growth has been exponential, first in France and then in UK SIZE OF CERTAIN INTERNATIONAL MARKETS (Year 2000) • USA 12.8 billion US$ (+19% vs 1999) France 332 mln Euros (+7% vs 1999) • UK 490 mln Euros (+20% vs 1999) Germany 239 mln Euros (+8% vs 1999) • Italia 134 mln Euros (+8% vs 1999) FRESH CUT PRODUCT FEATURES • SAFER – because of a more controlled production process and protection provided by packacing • PRACTICAL – saves time for consumers as there is no nedd to sort, cut and wash • TRASPARENT QUALITY – the product is fully visible within the pack

  24. Fresh Cut products in Group Companies IV RANGE SALADS IV RANGE FRESH FRUIT • Area test underway in Piedmont and Liguria • Two varieties: dish-packed fruit salad and pineapple

  25. Centrale Latte Vicenza STRENGTHS • Brand awareness • Marketing and sales synergies • Increased business importance in mass distribution • High growth potential for the newly-acquired company, given that its financial-asset situation progressively deteriorated over the 24 month-long sales procedure

  26. CL Vicenza: Brand awareness Brands of fresh milk and youghurt purchased in Vicenza and its Province (percentages based on consumer “sample”) Comune di Vicenza Totale Provincia di Vicenza FRES MILK Centrale Vicenza Latterie VicentineCentrale Vicenza Latterie Vicentine87.3% 27.3% 51.6% 34.6% UHT MILK Centrale Vicenza ParmalatCentrale Vicenza Parmalat 69.0% 24.1% 39.9% 18.5% YOGHURTCentrale Vicenza DanoneCentrale Vicenza Danone75.0% 18.1% 62.0% 12.3% 1° MARCA 2° MARCA 1° MARCA 2° MARCA Source: Astra/Demoskopea quantitative survey – june 2002

  27. Turn-around strategy for CL Vicenza 1) STRENGTHEN THE SALES STRUCTURE BY HIRING: • A Sales executive (from November 1 2002) • A Key Account Manager • Two officials for training/control/replacement of distributors 2) CHANGE THE SALES SYSTEM FROM “BY ORDER” TO A “SALE-OR-RETURN” APPROACH

  28. Turn-around strategy for CL Vicenza 3) INTENSE, DIVERSIFIED MARKETING ACTIVITY: • Launch of new products • New flavours of yoghurt • New variaties of IV Range salads • New range of milk puddings and desserts • Line of Fior di Bio brand biological products • Investments : in advertising-promotion to: • Relaunch the image of Centrale del Latte di Vicenza fresh milk • Support the image and sales of Centrale del Latte di Vicenza’s traditional mainstream product lines (yoghurt and UHT milk)

  29. Turn-around strategy for CL Vicenza 3) INTENSE, DIVERSIFIED MARKETING ACTIVITY (continued): • Investments in advertising-promotion to: • Support the favourable distribution and sales growth trend for the IV Range salad line • Support the launch of new products • Public relations activity and sponsorship to: • Relaunch and strengthen the Centrale del Latte’s “produced in Vicenza” image • Maintain a close lins with the local situations

  30. Turn-around strategy for CL Vicenza 4) PLAN AND CONSTRUCT THE NEW VICENZA PLANT: • Planin aspects are currently being defined • Overall investment required: 10 milion Euros • Construction funded by a 4 milion euros mortgage loan • Capial expanditure for plant funded by means of leasing and medium-long term Regional loans • Time-line: • Studio e progettazione entro il 31 dicembre 2002 • Inizio lavori di costruzione entro il 31 luglio 2003 • Trasferimento della produzione entro la fine del 2005

  31. Strategie di turn-around della CL Vicenza 5) IMPLEMENTAZIONE DEL NUOVO SISTEMA INFORMATIVO CON POTENZIAMENTO DELL’HARDWARE E COLLEGAMENTO E INTERFACCIAMENTO CON LA SEDE DI TORINO 6) INTRODUZIONE DI MINI-TERMINALI PER LA GESTIONE DEGLI ORDINI E DELLE BOLLE DI CONSEGNA

  32. Dati economici e finanziari consolidati / 1 Dati in milioni di Euro VALORE DELLA PRODUZIONE 63.2 59.4 SEMESTRALE 46.9 (1) 13.3 IMPATTO CL VICENZA 31.5 33.6 31 12 00 30 06 01 30 06 02 31 12 01 PRO-FORMA EBITDA SEMESTRALE 5.1 4.7 3.7 3.0 (1) IMPATTO CL VICENZA 0.6 3.1 31 12 00 31 12 01 30 06 01 30 06 02 PRO-FORMA Dati 2000, 2001 e 2002 da bilancio consolidato e relazioni semestrali di Centrale del Latte di Torino & C. S.p.A. (1) In azzurro il contributo ai risultati al 30 giugno 2002 della Centrale Latte Vincenza consolidata al 100%

  33. Dati economici e finanziari consolidati / 2 Dati 2000, 2001 e 2002 da bilanci consolidati e relazioni semestrali di Centrale del Latte di Torino & C. S.p.A. EBIT (*) 1.9 Semestrale IMPATTO CL VICENZA 1.4 1.4 1.1 0.8 -0.2 0.4 0.8 0.6 1.1 1.0 0.2 0.6 0.5 -0.4 (1) 3 1 1 2 0 1 3 1 1 2 0 0 3 0 0 6 0 1 30 06 02 PRO-FORMA UTILE LORDO (*) Semestrale IMPATTO CL VICENZA 1.3 1.3 0.9 0.4 -0.6 0.6 0.8 0.6 0.2 0.9 0.5 0.3 -0.8 3 1 1 2 0 1 3 1 1 2 0 0 3 0 0 6 0 1 3 0 0 6 0 2 (1) PRO-FORMA (*) I dati consolidati sono stati rettificati degli ammortamenti (in verde) relativi al marchio e all’avviamento di Centro Latte Rapallo e ai marchi della Centrale Latte Vicenza, evidenziati nel bilancio e nella semestrale consolidati della CLTO & C. (1) In rosso e in azzurro il contributo ai risultati al 30 giugno 2002 della Centrale Latte Vicenza consolidata al 100% (in azzurro l’ammortamento dei marchi)

  34. Dati economici e finanziari consolidati / 3 Dati 2000, 2001 e 2002 da bilanci consolidati e relazioni semestrali di Centrale del Latte di Torino & C. S.p.A. (Valori in %) EBITDA/SALES EBIT/SALES (*) Semestrale Semestrale 9.7% 8.0% 4.4% 8.0% 8.1% 2.2% 2.2% 3.1% -1.4% (1) IMPATTO CL VICENZA -1.6% (1) IMPATTO CL VICENZA 3 1 1 2 0 1 3 1 1 2 0 0 3 0 0 6 0 1 3 0 0 6 0 2 3 1 1 2 0 1 3 1 1 2 0 0 3 0 0 6 0 1 30 06 02 PRO-FORMA PRO-FORMA EBIT/CAP. INVESTITO (*) DEBT/EQUITY 0.40 Semestrale 5.8% 4.2% 3.9% 0.29 (1) IMPATTO CL VICENZA 1.7% -0.11 -0.17 -0.1 0.11 (1) IMPATTO CL VICENZA -1.0% 31 12 01 31 12 00 30 06 01 30 06 02 3 1 1 2 00 3 0 0 6 0 1 3 1 1 2 0 1 3 0 0 6 0 2 PRO-FORMA PRO-FORMA (*) L’Ebit consolidato è stato rettificato degli ammortamenti relativi al marchio e all’avviamento di Centro Latte Rapallo e ai marchi della Centrale Latte Vicenza, evidenziati nel bilancio e nella semestrale consolidati della CLTO & C. (1) In rosso il contributo ai risultati al 30 giugno 2002 della Centrale Latte Vicenza consolidata al 100%

  35. Dati economici e finanziari consolidati / 4 CONTO ECONOMICO CONSOLIDATO 31 dicembre 2001, giugno 2001 e 2002 effettivo 31.12.2001 (Euro/milioni) 30.06.2001 (3) 30.06.2002 (1) (2) (1) Relazione semestrale al 30/06/2002 - CON CONSOLIDAMENTO CLAV FINANZIARIA AL 50% (2) Relazione semestrale al 30/06/2001 (3) Bilancio consolidato al 31/12/2001

  36. Dati economici e finanziari consolidati / 5 STATO PATRIMONIALE CONSOLIDATO 31 dicembre 2001, 30 giugno 2001 e 2002 effettivo (Euro/milioni) (2) (1) 31.12.2001 30.06.2001 30.06.2002 (3) 30.06.2001 (1) (Euro/milioni) 30.06.2002 31.12.2001 (2) (3) (1) Relazione semestrale al 30/06/2002 - CON CONSOLIDAMENTO CLAV FINANZIARIA AL 50% (2) Relazione semestrale al 30/06/2001 (3) Bilancio consolidato al 31/12/2001

  37. Dati economici e finanziari consolidati / 6 CONTO ECONOMICO CONSOLIDATO 31 dicembre 2001, giugno 2001 e giugno 2002 pro-forma 31.12.2001 (Euro/milioni) 30.06.2001 (3) 30.06.2002 (1) (2) (1) Relazione semestrale al 30/06/2002 - CON CONSOLIDAMENTO CLAV FINANZIARIA AL 100% (2) Relazione semestrale al 30/06/2001 (3) Bilancio consolidato al 31/12/2001

  38. Dati economici e finanziari consolidati / 7 STATO PATRIMONIALE CONSOLIDATO 31 dicembre 2001, 30 giugno 2001 e 2002 pro-forma 30.06.2002 (1) (3) 31.12.2001 30.06.2001 (Euro/milioni) (2) (Euro/milioni) 30.06.2002 (3) 30.06.2001 31.12.2001 (1) (2) (1) Relazione semestrale al 30/06/2002 - CONSOLIDAMENTO DELLA CLAV FINANZIARIA AL100% (2) Relazione semestrale al 30/06/2001 (3) Bilancio consolidato al 31/12/2001

  39. Contatti SOCIETA’ Luigi Luzzati Presidente Vittorio Vaudagnotti Investor Relator Tel. +390113240215 Fax +390113240300 vaudagnotti@centralelatte.torino.it Centrale del Latte di Torino & C. S.p.A. Via Filadelfia, 220 10137 Torino www.centralelatte.torino.it Stefano Piantelli Head of Corporate Finance Tel. +390115162411 Fax +390115162607 s.piantelli@bimbank.it Banca Intermobiliare di Investimento e Gestioni S.p.A. Via Gramsci, 7 10121 Torino www.bimbank.it SPECIALIST

More Related