capture the led revolution - · pdf filethis prospective information does not in any way ......
Post on 10-Mar-2018
214 Views
Preview:
TRANSCRIPT
Capture the
LED Revolution
JUNE 2014
INVESTOR PRESENTATION
2
This document was put together by Lucibel S.A. (the "Company") for the sole purpose of making thepresentation below (the "Presentation").
The information that appears herein is confidential and may not, under any circumstances, be disclosed,reproduced or distributed, directly or indirectly, to any other person, or published, in whole or in part, forany purpose whatsoever, without the consent of the Company. Some of this information is prospective innature and may include forecasts or profit objectives. This prospective information does not in any wayreflect the current profit or financial performance of the Company or the sector on which it is currentlyoperating.
This Presentation is not aimed at providing a comprehensive analysis of the financial situation,commercial standing or prospects of the Company. The reader should not use it for this purpose.
This Presentation and the information it contains do not constitute a public offering, an offer, a solicitationor any kind of invitation to sell, subscribe or purchase any securities of the Company, nor an applicationfor registration of the shares of the Company, in the United States or in any other country. This documentshall not be used as the basis for any contract, commitment or investment decision.
The distribution of this Presentation in certain countries may be subject to the laws and regulations inforce. Natural persons present in these countries and in which this Presentation is disseminated,published or distributed, should obtain information about such restrictions and comply with them.
DISCLAIMER
1. The digital light revolution offers huge opportunities
2. Our mission: to provide innovation-driven LED solutions creating high value
3. Technological build-up in a fragmented luminaire market
4. Financials & perspectives: a fast-growing company
5. Private placement terms & public listing on Alternext Paris
3
AGENDA
4
OUR VISION
LED IS THE BIGGEST INVENTION SINCE THE INTERNET’S BIRTH AND A POWERFUL DEVELOPMENT LEVER FOR HUMANITY
5
FRENCH CLEANTECH COMPANY which designs and markets LIGHTING SOLUTIONS & SERVICES taking advantage of the LED REVOLUTION
Provide INNOVATION-DRIVEN solutions & services leveraging all the
potential of the LED technology to create HIGH VALUE for demanding
PROFESSIONAL CUSTOMERS
� Develop segment-specific solutions with strong R&D capabilities
� Bring them to market with dedicated customer-centric channels
� Consolidate market positions in attractive segments through our
BUILD-UP STRATEGY
LUCIBEL
IN A NUTSHELL
WHO
WE ARE
OUR
MISSION
OUR
STRATEGY
6
STRATEGY & OPERATIONS
Francois-Xavier OLIVEAU
20 years of management and business
development in manufacturing & energy• Management of business units & business development
• Schneider Electric, Air Liquide, Boston Consulting Group
• MBA Harvard, Centrale Paris, Sciences Po Paris
FOUNDER & CEO Frédéric GRANOTIER A serial & successful entrepreneur• Co-founder and COO of POWEO, a French energy operator (2009 sales ~ €600m)
• Co-founder of a TV channel (Vivolta) and of the first peer-to-peer lending player in France (Prêt d’Union)
• CFO then COO of Selftrade, on-line broker
• Business School (ESC Tours), CPA
TECHNOLOGY Jean-Laurent HOUOT
15 years of experience in LED
technology, a true innovator in lighting• R&D and operations in electronics & IT businesses
• Inventor & designer of LED lighting solutions
• Founder of 2 companies specialized in LED lighting
FINANCE Gilles AUBAGNAC
20 years of experience gained
in fast-growing companies• CFO in IT & media companies / Netgem, Video Futur
• Senior Financial Auditor / E&Y
• Business School (ESG Paris)
SALES & MARKETING Thierry BODIOT
20 years of experience in international
sales & market development • Founder & President of Ecotemis and Intenciti (energy
efficiency), CEO of HelioSphera, manager of global
businesses at Royal Dutch Shell (EU, US)
• IMD Lausanne, Sup’Aero Toulouse
AN EXPERIENCED TEAM
TO DRIVE GROWTH
220 Employees (June 2014)
22 patents registered or filed
(+20 in preparation)
Sales in 28 countries
5 acquisitions completed since 2011
7
CORPORATE
FACT SHEET
Operations started in 2009
FY2013 total sales € 21.5m
FY2013 sales growth +239%
o/w organic growth +87%
International subsidiaries 7
Nominatedin the 2013’
8
Thanks to critical advantages, LED will take the lion’s share of the lighting market
LESS ENERGY
LONGER LIFETIME
BETTER QUALITY
LED: DISRUPTIVE AND
MARKET-LEADING TECHNOLOGY
5
30
51 50
42
32
2011 2016 2020
Traditional
LED
CAGR
+30%p.a.
(Source: McKinsey, 2012) (*) i.e. excluding automotive lightingand TV backlighting
Global general lighting market in €bn (*)
1990 2000 2014
PHOTOGRAPHY
LIGTHING
2000 2014 2020
9
BEYOND LED, A REVOLUTION OCCURS
LIGHT GOES DIGITAL
Traditional lighting sources become LED sources, no significant change occurs in luminaires’ design
The LED lighting source is integrated into the luminaire, those two objects becoming only one
� Integration into building materials
� Intelligent and omnipresent
� Connected objects (LiFi)
� Health and well-being, (known as ‘human-centric lighting’)
� Lighting as a service
10
NEW OPPORTUNITIES
AND BUSINESS MODELS
Replacement
of sources
(2009-2017)
Sources-luminaires
convergence
(2011-2018)
Pervasive and
smart lighting
(2014+)
New uses
(Coming Soon)
LED materials & chips
LED modules & sources
LED LuminairesSolutions & services
LED chip makers
Historical lighting source players
Consumer electronics giants
Luminaire specialists
LED lightingpure-players
Nichia, Seoul SC
Cree
Osram
Lucibel, Lumenpulse, Revolution Ltg
Zumtobel, Acuity…
Samsung, Toshiba, LG, Panasonic
General Electric
Philips
Core business
Strategic development
11
VALUE CHAIN
GOES DOWNSTREAM
…but also Trilux,
Fagerhult, Juno…
HIGHEST
VALUE
1. The digital light revolution offers huge opportunities
2. Our mission: to provide innovation-driven LED solutions creating high value
3. Technological build-up in a fragmented luminaire market
4. Financials & perspectives: a fast-growing company
5. Private placement terms & public listing on Alternext Paris
12
AGENDA
13
WE DO NOT SELL PRODUCTS
WE PROVIDE SOLUTIONS
for Audi customers
coming up to
pick their cars
Audi, France
for shops thanks to better
product enhancement
and store contrast
+25% sales
Carnet de Vol, France
Sky view for the children
hospital’s waiting room
Draguignan Hospital,
France
TOP LINE
BOOSTER
SHOPPING
EXPERIENCEWELL-BEING
14
CASE STUDY #1
RETAIL STORE LIGHTING
Solution & benefits� Dedicated luminaire driving light
precisely on the shelves
� 2.5 more light on the shelves
� -60% power consumption
� Customers say they prefer the atmosphere
Customer needs� Enhance products in shelves to
drive sales
� Optimize lighting distribution and reduce power spend
� Improve customer experience
15
CASE STUDY #2
OFFICE / HEALTH CARE
Solution & benefits� Full retrofit with LED Powerlights
� Low luminance (recessed fit) to prevent glare
� Cool white to create a relaxing daylight feeling
Customer needs� Lighting solution to replace
6,000 CFL lamps
� Reduce the energy consumption and maintenance costs
� Improve light quality and well-being of patients & medical staff
ROI = 2 years
Total Lucibel Sales
~€400k (2012-2013)
� Direct sales to large accounts � Partnerships with global players
16
MARKETING
TARGETED APPROACH
Govt.
� Direct and indirect sales� Acquisition of key players with a
strong vertical expertise
Commercial&
Hospitality
� High LED added value thanks to impact on sales
� Specific lighting concept & solutions
� Complex & multi-players projects
� Need for partial customisation
Office & Healthcare
� Maintenance and financing are key issues
� Need for partial customisation
� Direct sales entity (JV) selling lighting as a service
SEGMENT SPECIFICS GO-TO-MARKET
HQ & domestic sales
International sales subsidiaries
Main sales areas
- EMEA
- APAC
CHINA
HONG KONG
SPAIN
BELGIUM
SWITZERLAND
DUBAÏ
FRANCE
MOROCCO
17
ALREADY SIGNIFICANT
INTERNATIONAL SALES COVERAGE
Sales in 28 countries through 7 international sales subsidiaries
18
R&D / CORE ASSET TO PROVIDE
CLIENT-FOCUSED SOLUTIONS
� Internal R&D resources = 15 people on 3 different sites
� Partnerships in place or under discussion with public bodies: Laplace (CNRS) & CEA Liten in France
Focus on ‘Product Development Process’ to bring innovation to end-users as quickly as possible
Easy installation EasyFix technology
Surface temperature < 45°C Venturi ActiveCore technology
Fascinating shine 10-source dynamic lighting system
Patent # 13/54329 - 13/55072 Patent # 12/60236 Patent # 12/53046
+ 20 in preparation
22 PATENTS
registered
or filed
19
INTEGRATING NEW TECHNO BRICKS
INTO OUR SOLUTIONS
LiFi
Health &
Well-being
CONCEPT APPLICATIONS
� LiFi (Light Fidelity) = data transmission by light high frequency on-off cycles
� Available: precise indoor positioning
� Coming up: high bandwithsecure data transmission
� Ability to reconstitute the whole natural light spectrum thanks to LED
� Ability to use specific wavelength for healing purposes
� Retail: couponing, merchandising, data analysis
� Office: secure Internet data transmission
� Museums: enriched visitor experience
� Office: increased comfort and productivity
� Education: better learning and retention
� Health: comfort, healing and curing
Carrefour
pilot Q4
Available
OFFSHORING (China)
Flextronics is in charge of high-runnerproducts and standard base units
Lucibel keeps the relationships withstrategic suppliers and selects localmanufacturers for complementary rangeproducts
NEXTSHORING (Europe)
Assembly sites close to final demand tomanage late differentiation or small series
� Procédés Hallier’s workshop near Paris
� Lucibel’s plant – Barentin: set up of alate stage assembly plant (deal withSchneider Electric)
�
Flextronics + Lucibel (Shenzhen office)
Procédés Hallier’sworkshop
+ new site in Normandy (op. 2014)
20
SUPPLY CHAIN
FLEXIBILITY AND PROXIMITY
21
KEY SUCCESS FACTORS
VS. COMPETITION
TECHNOL.
KNOW-HOW
SEGMENT
EXPERTISE
CORPORATE
AGILITY
LED specifics and integration know-how� Ability to integrate LED
and forthcoming SSL technologies (OLED…)
� Close connexion with LED chip manufacturers
� Anticipation of new applications/uses
Customer proximity and market access� Clear understanding of
customer expectations
� Segment-focused offerings and customisation options
� Footprint in specialised distribution channels, direct sales force
Moving faster than peers in an ever-changing market� Short product development
cycles for fast time-to-market
� Ability to develop customised solutions in a few weeks
� Fast execution in M&A deals
Combination by Lucibel of these 3 key success factors creates strong barrier to entry
1. The digital light revolution offers huge opportunities
2. Our mission: to provide innovation-driven LED solutions creating high value
3. Technological build-up in a fragmented luminaire market
4. Financials & perspectives: a fast-growing company
5. Private placement terms & public listing on Alternext Paris
22
AGENDA
23
TARGETED ACQUISITIONS FOR A
TECHNOLOGICAL BUILD-UP
Traditional lighting players with expertise andfootprint on vertical segments with high potential forLED conversion� Ex: Cordel, Procédés Hallier
Areas selected for their sales potential� Ex: ElektroLED, Diligent HK
Complementary technological bricks
Leveraging our core skill:our ability to design and
integrate LED solutions
Lucibel targets in priority entrepreneurial and profitable companies focusedon attractive segments, geographies and/or technologies
SEGMENTS
GEOGR.
TECHNOL.
24
French leader in shop-lighting solutions� Specific solutions (products + services) for retail shops
30,000 points of sales already equipped
� Main customers: Casino, H&M, Zara, C&A…
Fast integration process� Acquisition effective on March 1st, 2013
� Team and systems integration completed in 6 months
� 2013 sales of €10.8m (12 months)
Dual business development potential� LED reached ~25 % of Cordel sales in 2013 vs. 8% in 2012
� International sales to be derived from existing Cordel’slarge accounts and group international sales branches (Ex: MAJE Group in China)
BUILD-UP CASE STUDY #1
CORDEL
25
French leader in Museum Lighting� Supplier of 9 French museums out of 10
(Louvre, Orsay, Beaubourg…)
� Successful diversification in luxury shops (Dior, Givenchy, Vuitton…)
High margins and qualitative industrial tool� 2013 sales = €2.5m with EBIT margin > 20 %
� Technical skills & flexible production tool close to Paris
Growth synergies already under way� New targets : art galleries, antique dealers, luxury hotels…
� Workshop used for prototyping & small series with high technical specifications
� Joint-projects already in process in France and abroad (Ex: the Louvre Abu Dhabi)
BUILD-UP CASE STUDY #2
PROCEDES HALLIER
1. The digital light revolution offers huge opportunities
2. Our mission: to provide innovation-driven LED solutions creating high value
3. Technological build-up in a fragmented luminaire market
4. Financials & perspectives: a fast-growing company
5. Private placement terms & public listing on Alternext Paris
26
AGENDA
6,7
31%
9,7
45%
5,2
24%
27
CONSOLIDATED REVENUES
FAST-GROWING SALES PATTERN
Dual-growth strategy real take-off in 2013
International sales = 45% in 2013excluding Cordel acquisition
International France(Lucibel)
France (Cordel)
0,8
3,6
6,3
21,5
2010 2011 2012 2013
Cordel
Lucibel
Group Revenues ( i n €m)
CAGR = 107%
Sales growth +239% (YoY)o/w organic growth +87%
2013 Group Revenues breakdown (in €m)
25,1
2013
pro-forma
28
P&L ACCOUNT
INVESTING FOR GROWTH
Gross Margin rate = 38.8% of revenues in line with industry level
Sales & Marketing efforts, industrial transition and strengthening of operations & structure weighed on
profitability in 2013
R&D expenses = €1.0m in 2013 (4.7% of revenues) of which €0.6m capitalised
Consolidated P&L Account (1)
(in €k)2013 2012
Revenues 21 542 6 357
COGS (13 192) (4 328)
Gross Margin 8 350 2 029
In % of Rev. 38.8% 31.9%
Sales & Marketing (2) (9 774) (5 328)
G&A (3) (4 879) (3 091)
Current Operating Income (Loss) (6 303) (6 390)
_o/w EBITDA (4 716) (5 422)
Other operating profits & losses (391) (266)
EBIT (6 694) (6 656)
Financial Result (601) (30)
Income Tax 55 3
Minority Interests 7 3
Net Result - Group Share (7 233) (6 680)
(1) based on audited IFRS accounts and internal management data
(2) including Operations & Cust. Serv. for €2.2m (2013) and €1.5m (2012)
(3) including R&D costs for €0.5m (2013) and €0.4m (2012)
29
BALANCE SHEET
SOUND FINANCIAL POSITION
Consolidated Balance Sheet (in €K, IFRS)
Dec 2013 Dec 2012
Non-Current Assets 12 101 950
_o/w Goodwill 9 495 48
_o/w Intangible Assets 2 169 511
Current Assets 22 358 5 499
_o/w Inventories 4 070 1 497
_o/w Receivables 7 453 1 650
_o/w Cash & Cash Equivalent 9 306 1 349
Total Assets 34 459 6 449
Net Equity 4 486 (314)
Non-Current Liabilities 15 965 1 647
_o/w Convertible Bond 9 125 -
_o/w Non-Current Financial Debts 5 491 1 101
Current Liabilities 14 008 5 116
_o/w Current Financial Debts 3 254 779
_o/w Payables 3 694 1 864
Total Liabilities 34 459 6 449
Net Equity of €4.5m� Shares issues completed in FY’2013 for a
total amount of €13.5m, o/w €4.3m in partial payment of completed acquisitions (Cordel, Procédés Hallier)
€9.1m bond loan which may be converted upon IPO at listing price subscribed in 2013 by institutional shareholders (Aster Capital, CM-CIC) and Bpifrance
Gross cash position of 9.3m at 2013-end� Adjusted net cash position of €0.6m
(i.e. excluding convertible bonds)
30
6,3
25,1
200,0
2012 2013 2014 2015 2016 2017
AMBITIONS
4-YEAR PLAN TO REACH €200M
Sales ambitions rely on dual-growth strategy� Organic growth based on
• targeted markets’ intrinsic growth
• differentiated offerings and direct / indirect sales
network extension, notably on the international scale
� Acquisitions with our build-up strategy in the European luminaire market
Revenue growth to drive profitability� Largely variable cost structure
� Fixed costs to be stabilised after the current investment and structuration period
� Strict acquisition financial policy should contribute to value creation through LED conversion of traditional luminaire playersBreakeven targeted
in 2015 (EBITDA)
Group Revenues
( in €m)
pro-forma
1. The digital light revolution offers huge opportunities
2. Our mission: to provide innovation-driven LED solutions creating high value
3. Technological build-up in a fragmented luminaire market
4. Financials & perspectives: a fast-growing company
5. Private placement terms & public listing on Alternext Paris
31
AGENDA
32
PRIVATE PLACEMENT
FUEL FOR GROWTH
Finance our build-up strategy� Cash portion of
anticipated deals
� Share deals made easier
Extend our innovation capabilities� Engineer-grade
recruitment
� R&D laboratory equipment
� Complementary to public subsidies (Bpifrance)
Support the sales network extension � Sales force recruitment,
both in France and abroad
� Sales channels animation
� Working capital requirement financing
40% *
ORGANIC
GROWTH
45% *
ACQUISITIONS
15% *
R&D
EFFORT
* Indicative breakdown
33
PRIVATE PLACEMENT
MAIN TERMS & CONDITIONS
Deal structure Private Placement mainly with domestic and foreign
institutional investors
Indicativeprice range
€ 13.50 – 15.00 per share (final issuance price to be set
by a book building procedure)
Number of sharesto be issued
Issuance of 1 403 509 new shares assuming a mid-range
issuance price (this number may be increased subject to final
demand)
Gross proceeds € 20.0m assuming a mid-range issuance price
Lock-up agreements � Management: 180 days
� Main shareholders: 180 days
� Convertible bondholders (bonds to be converted on share
admission on Alternext): 180 days
26%
8%
7%
3%
56%
21%
7%
5%
3%46%
18%
Etoile Finance & F Granotier
Board Members, Managers
& Employees
Aster Capital
CM-CIC Capital Innovation
& Sudinnova
Private Individuals
Private Placement
34
PRIVATE PLACEMENT
COMPANY OWNERSHIP
Post-Money
Assuming the issuance of 1 403 509 newly-created shares, i.e. a total of 7 729 339 outstanding shares post-money on a non-diluted basis
Pre-Money
Based on 6 325 830 outstanding shares on a non-diluted basis
Free float64%
35
DEAL CALENDAR AND
LISTING ON ALTERNEXT
24 June 2014 Opening of the Private Placement
8 July 2014 SFAF Meeting in Paris
9 July 2014 Closing of the Private Placement
10 July 2014 Final setting of price and number of new shares to be issued
15 July 2014 Settlement and delivery of new shares
16 July 2014 Admission on Alternext Paris of all existing or newly-created
shares and start of trading
Listing Sponsor Book Runner
36
WITH LUCIBEL,
CAPTURE THE LED REVOLUTION
Pure LED-player
Truly innovative company (product & marketing)
Distinctive ‘segment-focused’ market positioning
Dual-growth (organic & acquisitions) strategy to grow faster
than a fast-growing market
Agile organisation and experienced management to drive hyper-growth
1
3
2
4
5
top related