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Andrea Guerra

Andrea Guerra. September 26th, 2003. Merloni Elettrodomestici at a glance. Headquarters. Fabriano - Ancona (Italy). Commercial presence. Subsidiaries in 21 countries. Annual sales. 12 m appliances. Turnover.  3 .0 bl € expected in 2003. 2 global: Ariston, Indesit

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Andrea Guerra

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  1. Andrea Guerra September 26th, 2003

  2. Merloni Elettrodomestici at a glance Headquarters Fabriano - Ancona (Italy) Commercial presence Subsidiaries in 21 countries Annual sales 12 m appliances Turnover  3.0 bl € expected in 2003 2 global: Ariston, Indesit 3 regional: Scholtès, Stinol, Hotpoint Major Brands Cookers, refrigerators, washing machines, dishwashers dryers (free standing and built-in) Product lines Production facilities 16 plants in 7 countries

  3. Market overviewDemand breakdown by region Big Europe 55 Fabriano headquarters North America 96 Asia and Pacific 113 Latin America 28 9 Africa Population: 6.2 Bn people Major appliances sold 300 Million Worldwide

  4. 47% 53% Growth = focused organic growth +good acquisitions + fast integrations+new projects Organic Growth Total Growth 2000 - 2002 Acquisitions • Quality: • CAGR (00-02, Rev) = 20% • CAGR (00-02, EBIT) = 42% • Basis: • Acquisition choice and integration capabilities • Good mix of organic and acquisition growth Organic Revenues’ Growth, M EUR Acquisitions History Organic CAGR 11.7% 240 138 Acquired 182 1,419 1999 2000 2001 2002 • Maintaining momentum • Optimizing scale effects • Exploiting synergies • 12 acquisitions in 25 years • 1/3 international • Experience in acquiring and integrating The “One Single Company” concept (1 organization, 1 structure, 1 manufacturing network, …) enables Merloni to realize synergies from acquisitions fast and efficiently

  5. Merloni: the third European player D vs 2002 1st Half 2003 (Volumes) +0,2 Electrolux Electrolux 16,4% -0,6 Bosch Bosch 16,0% Merloni +0,2 Merloni 15,1% Whirlpool 9,6% -0,1 Whirlpool Candy 4,6% Candy 0,0 Others 38,3% Others +0,3 Source: GfK, AMAR, Internal Estimation

  6. The East/West gap represents a significant opportunity for Merloni West Europe: 385 mil people East Europe: 415 mil people ‘98 ‘03 ‘05 ‘98 ‘03 ‘05 Volumes (mil.) 55.0 58.0 60.0 Volumes (mil.) 12.4 17.5 20.0 GDP (index) 100.0 110.5 116.0 GDP (index) 100.0 114.8 136.0 Per Capita GDP (€) 21,800 24,000 25,100 Per Capita GDP (€) 3,300 3,700 4,500 House Holds (mil.) 154 156 157 House Holds (mil.) 111 112 114 Urbanization 78% 79% 80% Urbanization 67% 69% 71% MODERATE GROWTH IN A MATURE MARKET FAST GROWTH IN AN EXPANDING MARKET reduced volatility for the 10 East European countries scheduled to join the EEU 2003 2003 upside + Source: Company estimates on IMF & Freedonia Group data

  7. European market and Merloni’s KSFs European market Western Europe Merloni’s KSFs Mln units WE EE - - - - 320 Million pop., 24,000 $ avg. GDP per capita Progressive segmentation between “commodity” and “value” driven markets “Substitution market” driven by fashion and innovation Around 1/3 of built-in appliances on total appliances sold - - - Innovation & cost leader Design After sales services 73.2 73.2 69.4 67.4 13.6 13.9 11.9 12.4 59.4 59.6 57.5 55.0 Central and Eastern Europe - - - - 430 Million pop., 3,100 $ avg. GDP per capita Forecast of high market growth Market demand driven mainly by the upgrading of installed appliances base Market penetration of washing machine around 55% in Eastern Europe - - Reliability & cost leader Style and fashion 1998 1999 2000 2001 2000-2001: two years of flat demand

  8. A truly European Group Merloni operations Domestic vs. international sales Total sales % of units sold % of Units sold, 2002* 100% 100% 100% 17.7% 20.2 28.5 Italy Eastern Europe & Overseas Western Europe 36% 64% 82.3% 79.8 71.5 Other Countries 2000 2001 2002* Merloni Operations are distributed all over Europe More than 80% sales come from international markets Total sales are well distributed between East Europe (29%) and West Europe (71%) • • • Office Affiliate company Plant *: Including GDA, 9 months at 50%

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