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October 2006

Investor Presentation. October 2006. Forward Looking Statements.

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October 2006

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  1. Investor Presentation October 2006

  2. Forward Looking Statements Statements made in this presentation or otherwise attributable to the company regarding the company's business which are not historical fact are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include, but are not limited to variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the company's SEC filings. 1

  3. Company Overview

  4. Middleby Investment Highlights • Market Leader • Established and well-respected brands and leader in the commercial cooking industry • #1 or #2 market position in U.S. across most product lines • Introducing 10-12 new, technologically-advanced products every year • Well-Positioned for Continued Growth • Strong pipeline of new differentiated products • Premiere customer base for replacement market • Proven acquisition strategy and integration • Infrastructure in place and well-positioned for quickly-growing international markets • Experienced, Proven Management Team • 12+ record quarters • Successful record of growth organically and through acquisitions • Strong profitability and commitment to operations excellence 3

  5. Market Leader We are focused on the hot-side of the foodservice equipment industry • The U.S. commercial cooking equipment market is ~$1.5B. • The International commercial cooking equipment market is $1B. • The Middleby focus is the hot side • Most important piece of equipment in the restaurant and critical the success of the restaurant. • Equipment specification and purchasing decisions driven by chef / operator • Product pricing driven by differentiated technology U.S. Hot-side Foodservice Equipment Market by Product (1) • ___________________________ • Source: North American Association of Food Equipment Manufacturers and management estimates. 4

  6. Market Leading Brands Brand Product U.S. Market Position Representative Customers We succeed due to strong brands, product innovation, service and support and our continuous commitment to quality ___________________________ Source: Management estimates. 5

  7. Market Leading Brands (con’t) Brand Product U.S. Market Position Representative Customers We succeed due to strong brands, product innovation, service and support and our continuous commitment to quality ___________________________ Source: Management estimates. 6

  8. Middleby Brand Products We offer a comprehensive line of innovative cooking equipment Conveyor Oven Combi Oven Convection Oven Fryer • Automated oven with energy management system • Combination steam and convection in one cavity • No-turn bake capabilities • Highest efficiency burner Range Infrared Broiler Steamer Baking Oven • Non-clog burner and water proof controls • Used by the best steakhouses in the world • Boilerless, no-lime steamer • V-air technology cooks bread in less than 15 minutes 7

  9. Strong Relationships with Premier Customers • Blue-chip, customer base • Long standing relationships • Limited customer concentration • Large installed base • Serve all food segments 8

  10. Middleby Sales Growth Drivers • New Products • Acquisitions • Replacement Market • International Sales

  11. WOW! Oven Rocket Fryer Bakery Ovens Strato Steam WOW! Oven Rocket Fryer Hydrovection Cyclone Oven Flash Pasteurization 1) Sales Growth Drivers—New Products The Middleby brands introduce10-12 new products every year. By listening to our customers, new products are then developed to meet their needs and satisfy industry trends such as energy savings and speed. Energy Savings Speed 9

  12. Growth Drivers—Middleby R&D Disruptive Design Brand Extension Catalyst Design Designs that reinterpret existing categories with features and benefits Strategic Market Transformation Value to bottom line of customers Benefit: Improved Profit Margins Benefit: Sales Growth Benefit: Customer retention and brand image WOW Oven Rethermalizer StratoSteam 10

  13. $400 million market $10 million $600 million market $40 million $20 million 2) Sales Growth Drivers—Acquisitions Two New Middleby Platforms Combi Ovens Food Processing and Packaging 11

  14. Acquisition Criteria: Leading Brands Patented Technology Focused on Cooking Recent Acquisitions Alkar Rapidpak acquisition allows expansion of customer base into food processing, Denmark-based Houno brings to Middleby European manufacturing and technology. Recent Acquisitions Rationale • Alkar and RapidPak: Broadened product lines and customer base to expand cooking for food processing industry. Benefit from precooked and “ready to eat” trends as fewer meals are prepared at home • Houno:Gives Middleby a strong presence in quickly-growing European markets. • Both: Opportunities to transfer technology across companies Integration Initiatives • Technology Transfer • SKU rationalization and Product Pricing • Cost Reduction and Purchasing Savings 12

  15. Successful Acquirer Transforming Blodgett acquisition; compelling Nu-Vu acquisition in 2005 • Blodgett a key strategic acquisition • More than doubled size of company • Integrated and refocused on strength of brands • Successful new product launches • Post-Blodgett integration, we continue to be opportunistic • Nu-Vu acquisition presents great opportunity • Foodservice equipment industry remains fragmented Blodgett Acquisition Nu-Vu Acquisition Rationale • Broadened product lines to provide more complete range of hot-side foodservice equipment • Better positioned us with fast growing segments of foodservice industry Achievements and Synergies • Rationalized headcount • Consolidated manufacturing facilities • Refocused business on core products Rationale • Acquired in January 2005 • Leader in baking ovens and proofers • Fills gap in product line • Complementary technologies provide further ability to innovate Synergy Opportunities • Cross-selling to be realized • Manufacturing / productivity improvements 13

  16. 3) Sales Growth Drivers—Replacement Market • Middleby Marshall Conveyor Ovens • Convection Ovens • Transfat filter oil fryers • Stratosteam Gas: boilerless 14

  17. 4) Sales Growth Drivers—International Market • Local chains • Specifically designed product for regional specifications • Reorganization of Middleby Worldwide 15

  18. Manufacturing facility, sales office and test kitchen Sales office with test kitchen Sales office only Unique Global Footprint Global presence through sales, service and manufacturing in key international markets • Test kitchens throughout the world allow us to educate customers of the benefits of our equipment through hands-on experience and training • Worldwide service is critical and highly valued by U.S. chains expanding into international markets • Worldwide sales infrastructure allows direct contact with key decision makers, especially in high-growth Asian markets • Philippines manufacturing provides regional presence in high-growth Asian markets and low-cost manufacturing capabilities for U.S. market Net Sales by Geography Bilbao, Spain Manchester, UK Delhi, India Seoul, South Korea Shanghai, China Mississauga, Ontario, Canada Manila, Philippines Mexico City, Mexico Taipei, Taiwan Key Advantages 16

  19. Profit Growth Drivers • $100 Million • Outsourcing to China • Reverse auctions • Higher Margin Products • WOW • 500 Range • Plant Operating Rationalization: consolidation of Toastmaster and Nu-Vu • Move high labor process to the Philippines Supply Chain Higher Margin Products Plant Efficiencies 17

  20. Financial Review

  21. Financial Overview ($ in millions) Middleby Financial Performance Jan 2005 Nu-Vu acquired Dec 2005 ALKAR acquired Aug 2006 Houno acquired New managementteam in place Blodgett acquired in December 2001 Blodgett operations restructured Middleby operationsrestructured 19

  22. Track Record of Growth Historical Net Sales CAGR = 9.9% 21

  23. Focus on Profitability ($ in millions) Historical Gross Profit and Margin Historical Operating Income and Margin Focus on Margin Improvement ___________________________ Note: 2004 operating income and margin exclude stock repurchase transaction expenses of $12.6 million and acquisition integration reserve reversal of $1.9 million. See the Company’s 10-K for further disclosure. 22

  24. Operating Strategy We have achieved success due to our focus on our core management philosophy • Decentralized operations • Incentivizing employees on financial performance goals • Achieving engineering and R&D excellence • Driving operational efficiencies Proven Results • Product standardization • Significant improvements in productivity through reduction of man hours • Material cost initiatives • Reduction of suppliers / improved sourcing • Plant consolidation and headcount reduction • Successful integration of acquisitions • Focus on higher margin products • Eliminated less profitable product lines • Improvement in capacity utilization • Strategic shifts in manufacturing and production • Utilization of low-cost facility • Increased utilization of Philippines facility for U.S. component manufacturing 23

  25. 2006 First Half Review Results Commentary (Amounts in millions, except per share data) • Net Sales increased 27% in 1st half • 9.0% organic growth • 18.0% acquisition growth • Gross margins impacted by: • Benefit of increased volume and production efficiencies • Increased steel and other material costs • Impact of acquisitions • Operating costs impacted by: • Impact of acquisitions • Higher commissions due to increased sales • Rising interest rates 24

  26. Financial Themes • Top Line Growth • Positioned in faster growing segments • Continued new product innovation • Impact of acquisition • Focus on Operating Margins • Standardization of product platforms • Strategic supply chain initiatives • Integration of Alkar • Strong Balance Sheet • Continued debt reduction • Capacity to pursue strategic acquisitions 20

  27. Key Investment Highlights • Market Leader on Hot-Side of Foodservice Equipment • Established Well-Respected Brands • Premier Customer Base • Positioned for Growth • Unique Global Footprint • Strong Profitability and Commitment to Operational Excellence • Successful Track Record of Growth through Acquisitions • Experienced and Proven Management Team 25

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