Icape Holding · EURONEXT:ALICA
Icape — Investor Presentation (September 2023)
31 slides from Icape's investor presentation, Sep 27, 2023
Slide 1: Investor Presentation: Financial Outlook
EXPERT BOARDS
Slide 2: Disclaimer
DISCLAIMER This presentation (the “Presentation”) has been prepared by Icape Holding (the "Company’) solely for use in investor presentations. This presentation is provided to you personally solely for your information and to be used solely for the purposes of the presentation of the Company. By rec
Slide 3: Today's Speakers
TODAY'S SPEAKERS YANN DUIGOU 30-year experience in PCB & Electronics SHORA ARNAUD ROKNI LE COGUIC 14-year experience in PCB More than 10 years of experience in auditing (Deloitte, Publicis, KPMG, ...) | Hl Fie ma -_
Slide 4: Main functions of PCBs: electrical, mechanical, connection with environment
Their main functions are electrical, mechanical and to connect with their environment
Slide 5: PCB are strategic parts of the electronics value chain
PCB are strategic parts of the electronics industry value chain and are at the heart of many sectors of our daily lives
Slide 6: Many acquisition opportunities in a consolidating sector
Many acquisition opportunities in a sector facing a dynamic consolidation trend, accelerated by the pandemic
Slide 7: ICAPE Group's strategy enables it to outperform in a falling market
ICAPE Group's strategy enables it to outperform in a market shaped by falling demand and excess inventory
Slide 8: ICAPE Group
ICAPE GROUP
Slide 9: Technical expert model adapted to worldwide customer needs
Based on 2022 including IFRS 5 restatement of future disposals of non-strategic assets For small, medium and express volume requirements, ICAPE Group’s technical expert model is perfectly adapted to worldwide customers needs
Slide 10: Strong market diversification ensuring growth and resilience
| STRONG MARKET DIVERSIFICATION ENSURING GROWTH AND RESILIENCE By geography") By market segment?) Sh. me 9 Industry Automotive sia and Rest of the World 30% 22% Lighting Consumer 7% 13% T Automation elecom 8% T% Railway 1% €147m €42m Europe Aerospace, Military Americas 2% Notes: (!) Customer invoice
Slide 11: Group footprint and key figures
(1) Based on 2022 including IFRS 5 restatement of future disposals of non-strategic assets (2) As of December 31, 2022
Slide 12: ICAPE Group Structure and Value Chain
; INVESTOR PRESENTATION ICAPE GROUP STRUCTURE AND VALUE CHAIN
Slide 13: A strategic position between customers and suppliers
• • • • • • • • • • • • • • A fundamental strategic position between customers and suppliers
Slide 14: Unique logistics capability to deliver on time, everywhere
A unique logistics capability to deliver on time, everywhere in the world and at the best cost
Slide 15: Complex customer acquisition and high business recurrence
Complex customer acquisition processes and high business recurrence Regular business growth with the majority of customers
Slide 16: Solid Business Model and Historical Financial Performance
SOLID BUSINESS MODEL AND HISTORICAL FINANCIAL PERFORMANCE
Slide 17: Income Statement
| INCOME STATEMENT In €m (IFRS standards H1 2022 _H1 2023 Revenue 107.5 945 % growth - (12.1%) Cost of goods sold (79.8) (65.1) Transportation fees (5.8) (43) Agent fees (0.6) (0.7) Gross Margin 213 24.4 % revenue 198% 25.8% Salary (12.2) (13.1) C&A (4.7) (4.2) EBITDA cx VAI % revenue 4.1% 75% D&A (
Slide 18: Asset-light model generating cash for future investments
• • • • • Un modèle économique asset-light générant des liquidités pour de futurs investissements structurants
Slide 19: Balance Sheet: Historical Data
BALANCE SHEET — HISTORICAL DATA Assets Liabilities A Goodwill 18 Equity 23 32 A Goodwill and intangible assets Intangible assets 97 Reserves 30 231 + Increase in goodwill due to acquisitions made since Tangible assets 21 38 Foreign exchange 06 (02) 2021 a 4 reserves + Intangible assets include the v
Slide 20: ESG maturity well above the industry benchmark
ESG maturity well above the industry benchmark Advanced EthiFinance rating at 73 vs 34 for the benchmark
Slide 21: Vision and M&A Strategy
= INVESTORPRESENTATION VISION AND M&A STRATEGY
Slide 22: Structured Group able to absorb future growth without additional costs
A structured Group able to absorb future growth without any additional costs
Slide 23: Weighted average gross margin of acquisitions: 30.5%
28.69% 28.99% 28.30% 28.12% 27.82% 27.50% 27.40% 25.40% 26.50% 26.00% 25.50% 24.90% 24.90% 23.50% 23.20% 23.50% 22.40% 22.60% Weighted average gross margin of acquisitions: 30.5%
Slide 24: Strong post-acquisition organic growth thanks to immediate synergies
• • • • • Strong post-acquisition organic growth thanks to immediate synergies: product diversification, Group purchasing power and supplier networks
Slide 25: Purchasing synergies and cost optimization to increase profitability
• • • + • • • + • • • Purchasing synergies and costs optimization will lead to a profitability increase and significant organic growth post integration
Slide 26: Proven ability to close M&A transactions
• • • • • • • • • • • • • • • • Proven ability to close M&A transactions, reinforcing ICAPE Group’s growth
Slide 27: 11 targets under advanced discussion
11 targets worldwide under advanced discussion with a potential of c.€101.6m additional revenue
Slide 28: Slide 28
Slide 29: Revenue growth bridge to FY 2026E
~500 220 35 163 23 6* FY 2021 Organic Growth M&A FY 2022 Organic growth External growth FY 2026E 2023/26 2023/26
Slide 30: Dividend policy: target pay-out ratio of c. 30%
• • • • • • Dividend policy: target pay-out ratio of c. 30%
Slide 31: Key information, analyst coverage, shareholding structure
Key information Shareholding structure Analyst coverage