Tinexta Spa · MIL:TNXT
Tinexta Spa — Tecnoinvestimenti Group — Q1 2018 Earnings Presentation
31 slides from Tinexta Spa's earnings presentation, May 15, 2018
Slide 1: Tecnoinvestimenti Group Q1 2018 Results
Tecnoinvestimenti Group Q1 2018 Results 15 May 2018
Slide 2: Disclaimer
Disclaimer ▪ This document was prepared by Tecnoinvestimenti Spa (the “Company”) for the sole purpose of presenting the performance and the activities of the Company. The information provided with this document does not contain nor constitute an offer of securities for sale, or the solicitation of a
Slide 3: Agenda
Agenda I. Q1 2018 Results 4 II. InfoCert’s International Growth Strategy 14 III. Looking Forward 19 IV. Appendix 20 Q1 2018 Results 3 15 May 2018
Slide 4: Q1 2018 Results Highlights
I. Q1 2018 Results Q1 2018 Results Highlights Q1 2018 Q1 2018 Q1 20171 Change Δ% € mn IFRS 2018 IFRS 2017 IFRS 2017 IFRS 2017 IFRS 2017 Revenues 51.6 51.5 40.9 10.6 25.8% EBITDA 10.2 10.1 8.5 1.6 18.3% Operating Result 6.8 6.7 5.7 1.0 17.2% Net Profit 4.2 4.2 3.4 0.8 23.3% 2 Adjusted Net Result 5.0
Slide 5: Results by Business Segment
Results by Business Segment Net of Non-recurring items I. Q1 2018 Results EBITDA% EBITDA% EBITDA% Summary Income Statement by Q1 2018 Q1 2018 Q1 2017 Change Change IFRS 2017% Q1 2018 Q1 2018 Q1 2017 Business Segment (€ '000) IFRS 2018 IFRS 2018 IFRS 2017 IFRS 2017 IFRS 2017 IFRS 2017 IFRS 2017 Total
Slide 6: Highlights – Digital Trust
Highlights – Digital Trust Net of Non-recurring items I. Q1 2018 Results Q1 2018 Q1 2018 Q1 2017 Change Δ% € mn IFRS 2018 IFRS 2017 IFRS 2017 IFRS 2017 IFRS 2017 Revenues 21.8 21.6 17.8 3.8 21.5% EBITDA 4.9 4.8 4.4 0.3 7.8% EBITDA Margin 22.5% 22.1% 25.0% -2.8 pp Revenue Growth% EBITDA Growth% 3.1%
Slide 7: Digital Trust
I. Q1 2018 Results Digital Trust InfoCert: - Revenues +5.2% (Q1 2018 vs. 2017 Q1) Mass market (PEC, Standardized products) increased Enterprise market: TOP growing, particularly well outside Italy with significant investment today that will produce increased marginality tomorrow - Camerfirma acquisi
Slide 8: Highlights – Credit Information & Management
Highlights – Credit Information & Management Net of Non-recurring items I. Q1 2018 Results Q1 2018 Q1 2018 Q1 2017 Change Δ% € mn IFRS 2018 IFRS 2017 IFRS 2017 IFRS 2017 IFRS 2017 Revenues 18.4 18.4 18.4 0.0 -0.1% EBITDA 4.1 4.1 3.8 0.2 6.5% EBITDA Margin 22.1% 22.1% 20.7% +1.4 pp Innolva (New Name
Slide 9: Highlights – Innovation & Marketing Services
Highlights – Innovation & Marketing Services Net of Non-recurring items I. Q1 2018 Results Q1 2018 Q1 2018 Q1 2017 Change Δ% € mn IFRS 2018 IFRS 2017 IFRS 2017 IFRS 2017 IFRS 2017 Revenues 11.4 11.4 4.7 6.8 145.0% EBITDA 2.9 2.8 1.8 1.1 60.1% EBITDA Margin 25.2% 24.9% 38.1% -13.2 pp Revenue Growth%
Slide 10: Innovation & Marketing Services
Innovation & Marketing Services Co.Mark I. Q1 2018 Results - Revenues +0.9% vs. strong Q1 of 2017 New clients / contracts signed with the MISE voucher incentives will be producing revenue growth starting in Q2 - EBITDA: -5% due to investments to support future growth in Italy and Spain Warrant Group
Slide 11: Balance sheet highlights
I. Q1 2018 Results Balance sheet highlights The change in Net invested €233.6 capital is mainly attributable Net invested capital -5.8% to the effects of the mn implementation of IFRS 15. The change in Shareholders’ Equity is mainly attributable Total Shareholders’ €133.6 to the adoption of IFRS15,
Slide 12: Net Financial Indebtedness
Net Financial Indebtedness I. Q1 2018 Results € mn 31/12/2017 31/03/2018 Net Financial Indebtedness fell 4.4% Net Financial Indebtedness 104.6 100.0 as a result of strong Gross Financial Indebtedness 145.9 146.2 operating cash flow equal to €14.8mn in the Bank Debt 51.7 49.4 quarter Loan from Tecno
Slide 13: Free Cash Flow Effect on NFI
I. Q1 2018 Results Free Cash Flow Effect on NFI € mn Cash in Cash out Q1 2018 Results 13 15 May 2018
Slide 14: Agenda
Agenda I. Q1 2018 Results 4 II. InfoCert’s International Growth Strategy 16 III. Looking Forward 28 IV. Appendix 20 Q1 2018 Results 14 15 May 2018
Slide 15: International Growth Strategy
II. Infocert’s International Growth Strategy International Growth Strategy “InfoCert’s goal is to create the leading Pan-European Trust Service Provider through the acquisition of local champions with institutional roots to deliver Trust Services to enterprise customers and manage the digital identi
Slide 16: Complete EU Coverage through 5 strong local presences
II. Infocert’s International Growth Strategy Strategy: complete EU Coverage through 5 strong local presences Unified legal base: EIDAS Access to all EU countries with the same solutions and legal framework Concentration process In time, the number of TSPs will decrease, while their dimension will in
Slide 17: Camerfirma – Spain: acquisition & rationale
II. Infocert’s International Growth Strategy Camerfirma – Spain: acquisition & rationale Strong brand awareness and brand positioning in Iberian and Latam Regions 51% of capital acquired Chamber of Commerce Through the underwriting of € 3.1 shareholders/Institutional roots. mln reserved capital incr
Slide 18: Agenda
Agenda I. Q1 2018 Results 4 II. InfoCert’s International Growth Strategy 14 III. Looking Forward 19 IV. Appendix Q1 2018 Results 18 15 May 2018
Slide 19: Take-aways/Looking forward
III. Looking foward Take-aways/Looking foward 1Q 2018 Results on track • Revenues and profitability growing in line with expectations • Operating cash flow of € 14.8 million • Warrant Group contribution to Group results, as a result of its business model, will increase throughout the year • Net fina
Slide 20: Agenda
Agenda I. Q1 2018 Results 4 II. InfoCert’s International Growth Strategy 16 III. Looking Forward 28 IV. Appendix 20 Q1 2018 Results 20 15 May 2018
Slide 21: Adjusted Net Result
I. Q1 2018 Results Adjusted Net Result Q1 2018 Q1 2018 Q1 2017 Change Δ% Summary Income Statement (€ '000) IFRS 2018 IFRS 2017 IFRS 2017 IFRS 2017 IFRS 2017 Net Profit 4,248 4,190 3,398 792 23.3% Non-recurring Personnel Costs - - 380 (380) Amortisation of Intangibles recognised 993 993 1,113 (120) u
Slide 22: Results by Business Segment (Reported)
Results by Business Segment Reported I. Q1 2018 Results EBITDA% EBITDA% EBITDA% Summary Income Statement by Q1 2018 Q1 2018 Q1 2017 Change Change IFRS 2017% Q1 2018 Q1 2018 Q1 2017 Business Segment (€ '000) IFRS 2018 IFRS 2018 IFRS 2017 IFRS 2017 IFRS 2017 IFRS 2017 IFRS 2017 Total Organic Perimeter
Slide 23: Business Plan 2018-2020 approved by the BoD
Tecnoinvestimenti Group Business Plan 2018-2020 approved by the BoD IV. Appendix € mn Revenues Ebitda 240+ 215+ EBITDA will EBITDA grow growth will be 181.0 proportion- close to 50% ally more vs 2017 than revenues Preliminary 147.3 vs. 2017 Results Preliminary results 40.6 29.3 2016 2017 * 2018 2020
Slide 24: SBU Digital Trust 2018-2020 Business Plan
SBU Digital Trust (2/2) 2018-2020 Business Plan IV. Appendix 120.0 29.0% € mn 100.0 28.0% 82.7 80.0 27.0% ▪ The InfoCert Group targets 59.2 significant growth in revenues 60.0 26.0% 25.0% 25.3% (almost double-digit), in line 40.0 25.0% with the trend of recent 14.8 20.9 years. Enterprise Solutions 2
Slide 25: SBU Credit Information & Management 2018-2020 Business Plan
SBU Credit Information & Management (2/2) 2018-2020 Business Plan IV. Appendix ▪ The 2018-2020 Plan for the € mn AssicomRibes Group is based on 90.0 the following assumptions: 80.0 74.9 76.1 24.0% ‐ Modest growth in revenues is 70.0 21.8% 22.0% assumed after 2018. 60.0 20.0% ‐ assume a decrease in t
Slide 26: SBU Innovation & Marketing Services 2018-2020 Business Plan
SBU Innovation & Marketing Services (2/2) 2018-2020 Business Plan IV. Appendix 70.0 € mn 43.0% Co.Mark Group: 60.0 41.7% 42.0% ▪ revenue growth of 10+%, w/growth 50.0 41.0% concentrated in 2018 and 2019 driven 40.1% 40.0% by an increase in the number of orders 40.0 39.0% managed on average during th
Slide 27: Investment case: Why Tecnoinvestimenti
IV. Appendix Investment case: Why Tecnoinvestimenti 1. TECN is a dynamic, solid company that is growing rapidly ‐ TECN is market leader in expanding businesses such as Digital Trust and Temporary Export Management ‐ TECN management actively manages its businesses to extract industrial synergies and
Slide 28: Group Perimeter
IV. Appendix Group Perimeter 99.9% 60.0 % 100.0 % 83.1 % 80.0% 70.0% Creditreform 100.0 % Bewarrant S.p.r.l. 80.0 % 100.0 % 100.0 % 99.0 % Co.Mark TES Sl Assicom Ticino SA Warrant 96.81 % Innovation Lab S.c.a.r.l. 51.0 % 92.0% Warrant Service 50.0 % S.r.l. DIGITAL TRUST CREDIT INFORMATION & MANAGEME
Slide 29: Shareholder Base
IV. Appendix Shareholder Base Total Free Float: 43.49% 33.55% Other Investors** Market 56.51% * 9.94% *** * Owned by the Chambers of Commerce of Turin, Milan, Rome & Others ** Includes Cedacri (largest IT outsourcing company for the Italian banking sector). In October 2017 Cedacri exercised the opti
Slide 30: External growth using disciplined M&A approach
External growth using disciplined M&A approach ▪ Product extension IV. Appendix ▪ Increase market share ▪ Widen distribution channels ▪ products for PMI/Micro Companies M&A approach ▪ Enter the Credit Information & Management market ▪ Widen value proposition Ecomind App ▪ Widen product offer Factory
Slide 31: For further information: Investor Relations
For further information: Tecnoinvestimenti Investor Relations [email protected] Tel: +39 06 42012631
Tecnoinvestimenti Group — Q1 2018 Earnings Presentation on 6ix