Unidata S.p.a. · MIL:UD
Unidata — FY2022 Earnings Presentation
37 slides from Unidata's earnings presentation, Mar 14, 2023
Slide 1: Company Presentation FY 2022 Results
14TH MARCH 2023 COMPANY PRESENTATION FY 2022 Results
Slide 2: Today's Speakers
TODAY’S SPEAKERS Renato Brunetti Roberto Giacometti Chairman & CEO CFO & Investor Relations Officer Expert in IT systems and software projects. Expert in Administration and Finance, In 1985, he founded Unidata together with Planning and Control. He held the position of two partners, guiding the comp
Slide 3: Index
INDEX KEY HIGHLIGHTS ACHIEVEMENTS SUSTAINABILITY FINANCIALS FY2022 GROWTH STRATEGY APPENDIX INVESTOR PRESENTATION 3
Slide 4: Key Highlights
KEY HIGHLIGHTS INVESTOR PRESENTATION
Slide 5: A Leading and Integrated Infrastructure Player
A LEADING AND INTEGRATED INFRASTRUCTURE PLAYER… VALUE PROPOSITION KEY OPERATIONAL DATA Unidata is a Fiber Company, leader in Telecommunications, Cloud & IoT Datacenter Customer Base over 5,450 km over 17,000 property >80% business optical fiber laid1 customers1 TIER IV customers2 Fiber & Cloud & IoT
Slide 6: Achievements
ACHIEVEMENTS INVESTOR PRESENTATION
Slide 7: Unifiber
UNIFIBER Investment agreement signed in 2020 with the CEBF fund1 To deploy high-quality FTTH networks for residential and business customer in areas characterized by digital divide (the so-called “grey areas”) of Latium region by connecting more than 190,000 homes and 8,000 business units Total inve
Slide 8: UniCenter (JV with Azimut)
UNICENTER (JV WITH AZIMUT) Investment Agreement signed in 2022 with Fondo Infrastrutture per la Crescita - ESG1 Construction of a green and neutral Tier IV level datacenter with a power of about 16 MW and with 3,200 rack capacity, for a total area of 20,000 sqm with domestic and international custom
Slide 9: UniTirreno (JV with Azimut)
UNITIRRENO (JV WITH AZIMUT) Construction of a system of underwater cables in the Tyrrhenian Sea of about 890km that will connect Mazara del Vallo (western coast of Sicily) with Genoa with a junction point near Rome - Fiumicino Total investment equal to Eu 80 million, of which Eu 36 million through e
Slide 10: Acquisition of TWT
ACQUISITION OF TWT Brief description Selected information • Founded in 1995 in Milan, TWT is a primary Italian TLC, connectivity and ICT services operator specialized in the B2B segment1 Sale channels Proprietary platform +33.000 • TWT operates across all Italy with a strong presence in Northern Dir
Slide 11: Wide Geographical Footprint in Italy
WIDE GEOGRAPHICAL FOOTPRINT IN ITALY Direct clients & Indirect clients through resellers High +33,000 Direct & indirect clients ~30% of TWT’s clients are based in Lombardy ~370 Low ~3.3k Resellers ~30k SME & corporates Final clients Geographical reach complementary with Unidata’s thanks to TWT’s str
Slide 12: Strategic Rationale of the Transaction
STRATEGIC RATIONALE OF THE TRANSACTION PENETRATION IN NORTHERN ITALY AND EXPANSION OF SALESFORCE FIREPOWER TO BECOME AN INTEGRATED NATIONAL PLAYER Value-accretive transaction POTENTIAL INDUSTRIAL SYNERGIES (Indicative) From a Rome-based infrastructure to a national integrated player Preliminary obje
Slide 13: Structure of the Transaction – Preliminary Consideration
STRUCTURE OF THE TRANSACTION – PRELIMINARY CONSIDERATION 10.1 (8.0) (8.0) Implied EV/EBITDA Estimated adjusted To cover: (a) a net cash after due potential liabilities 2022E multiple of or (b) a potential diligence activities ~7.7x based on additional (Eu mn) 2022E EBITDA 68.1 consideration to be 58
Slide 14: Sustainability
SUSTAINABILITY
Slide 15: ESG
ESG IN THE LAST THREE YEARS, UNIDATA HAS ACCELERATED ITS JOURNEY TOWARDS SUSTAINABILITY ▪ 3rd ESG Report published (FY2022) and identification of 3 macro-purposes of Achieved certifications common benefit: ▪ Infrastructure of gray areas to resolve conditions of total or partial digital divide ▪ Redu
Slide 16: Financials FY 2022
FINANCIALS FY 2022 INVESTOR PRESENTATION
Slide 17: Financial Highlights
Financial FINANCIAL Highlights HIGHLIGHTS FY2021 FY 2022 +39% +15% 8.5 M€ Revenues EBITDA NFP 51.3 M€ 16.2 M€ (cash negative) vs 37.0 M€ in FY2021 vs 14.1 M€ in FY2021 vs 2.2 M€ in FY2021 +30% +1,200km Customer Growth Optical Fiber 17,209 >5,450 km vs 13,199 in FY2021 vs 4,239 in FY2021 INVESTOR PRE
Slide 18: Strong Revenues Generation Driven by Customers Increase
Financial STRONG Highlights REVENUESFY2021 GENERATION DRIVEN BY CUSTOMERS INCREASE Revenues FY 2022 breakdown by line of business • Increasing volumes related to optical fiber infrastructure Services 1 development 57.6% • Customer growth especially in Business & P.A. (+8% YoY) and Consumer (+35% YoY
Slide 19: Outstanding and Continuous Growth (1/2)
OUTSTANDING AND CONTINUOUS GROWTH (1/2) EBITDA & Margin EBITDA bridge CAGR ’19-’22A: 46% 39.3% 38.1% 36.8% 31.6% 16.2 EBITDA EBITDA FY 2021 FY 2022 14.1 8.6 5.2 • The improvement in EBITDA in FY 2022 is mainly due to the increase in network construction activity, which resulted 2019A 2020A 2021A 202
Slide 20: Outstanding and Continuous Growth (2/2)
OUTSTANDING AND CONTINUOUS GROWTH (2/2) EBIT & Margin Net Income & Margin CAGR ’19-’22A: 72% CAGR ’19-’22A: 75% 24.6% 21.2% 20.9% 20.9% 14.5% 14.6% 15.9% 10.6% Extraordinary fiscal impact ~1.8 mn 10.7 9.1 7.8 7.5 4.9 3.4 2.1 1.4 2019A 2020A 2021A 2022A 2019A 2020A 2021A1 2022A EBIT Margin (%) Net In
Slide 21: Limited Financial Exposure
LIMITED FINANCIAL EXPOSURE 5.2% 17.5% Net Debt / (tang. + Net Debt / (tang. + intangible assets) intangible assets) Net Cash/ Net Cash/ (Net debt) (Net debt) Dec ‘21 Dec ‘22 INVESTOR PRESENTATION 21
Slide 22: Growth Strategy
GROWTH STRATEGY INVESTOR PRESENTATION
Slide 23: Growth Strategy
GROWTH STRATEGY Organic Growth Opportunities Development of Value-Added Sectors ▪ New infrastructure Partnerships / Additional ▪ Access and VoIP M&A Opportunities services Earning Retention to ▪ Cloud Sustain Investments ▪ Consolidation of ▪ Datacenter market positioning ▪ IoT & Smart Solutions ▪ In
Slide 24: 2025 Target Revenues & EBITDA
2025 TARGET REVENUES & EBITDA + 2022A 2025W 2025B 2022F Agg.1 2025W 2025B Revenues Eu 51.3mn ~Eu 72mn ~Eu 75mn ~Eu 111mn ~Eu 128mn ~Eu 134mn CAGR 22-25 (%) ~12% ~13% ~5% ~7% EBITDA Eu 16.2mn ~Eu 23mn ~Eu 25mn ~Eu 22mn2 ~Eu 34mn ~Eu 36mn CAGR 22-25 (%) ~12% ~16% ~15% ~18% EBITDA margin 31.6% ~32% ~33
Slide 25: Unidata's 2025 Targets by Stream of Revenues
UNIDATA’S 2025 TARGETS BY STREAM OF REVENUES Business lines Revenues 2022 Revenues 2025 Description ▪ Includes Consumers, Business, Wholesale and P.A. clients' revenues € ~29.6mn € 34.2 – 35.6mn from TLC & ICT services (Fiber&Networking, Wholesale, Datacenter&Cloud, IoT&Smart Solutions) Services Fib
Slide 26: Appendix
APPENDIX INVESTOR PRESENTATION
Slide 27: A Leading Integrated Telco Focused on Fiber
A LEADING INTEGRATED TELCO FOCUSED ON FIBER CUTTING EDGE NETWORK: focus on FTTH technology, with no risk of disruptive changes and limited maintenance capex in the long run STRATEGIC LOCATION: capillary future-proof FTTH network in the largest and most complex market for P.A. and residential clients
Slide 28: IoT Solutions
IoT SOLUTIONS Unidata has adopted the LoRa™ technology to provide IoT and Smart Solutions, since it is a rapidly growing market segment. LoRa is the new wireless technology to support IoT solutions and its network protocol is LoRaWAN. It is a technology of type 'LPWA' (Low Power Wide Area) networks,
Slide 29: A Cutting Edge Network
A CUTTING EDGE NETWORK… THE COMPANY’S FIBER OPTIC INFRASTRUCTURE COVERS OVER 5,200 KM CONNECTING STRATEGIC DISTRICTS • ~80% is owned by the company • ~20% is available indirectly through IRU1 agreements with other wholesale providers • ~60 Points of Presence • > Eu 54mn invested to build, develop an
Slide 30: …In an Area with High Potential
…IN AN AREA WITH HIGH POTENTIAL STRATEGIC LOCATION FOR BOTH NETWORK AND CLIENTS • First mover in fiber optic (FTTH) and radio (Fixed Wireless Access) infrastructure in the province of Rome • Proprietary network in strategic location • No availability to replicate the infrastructure by competitors bo
Slide 31: Scalable Business Model
SCALABLE BUSINESS MODEL HIGH DEGREE OF OPEATING LEVERAGE AND SPARE CAPACITY TO SERVE CLIENTS WITHOUT ADDITIONAL INVESTMENTS Geo-marketing activities for the evaluation of new geographical Scouting areas to be covered and new customer targets to be reached Planning and Strategic investment planning a
Slide 32: Attractive Market with Strong Growth Potential
ATTRACTIVE MARKET WITH STRONG GROWTH POTENTIAL THE BROADBAND & ULTRABROADBAND MARKET IS RAPIDLY SHIFTING LINES FROM DSL TO FWA, FTTC AND FTTH TECHNOLOGIES WHICH ARE UNIDATA CORE BUSINESS FTTH 21.2% +33.2% YoY FWA FTTC 11.4% 67.4% 34.7% +4.2% YoY 50.1% 59.3% 69.7% 72.3% 74.4% 75.9% 78.1% +3.5% YoY 79
Slide 33: Rapidly Growing Cloud Market
RAPIDLY GROWING CLOUD MARKET DIGITAL TRANSFORMATION AND BUSINESS MODEL INNOVATION Companies stand investing in cloud technologies to modernize Cloud is the technology with the strongest enabling role in major applications and systems to leverage on scalability, flexibility and time to digitalization
Slide 34: Income Statement
INCOME STATEMENT (Eu mn) 2022 2021 Revenues 50.4 36.3 Other revenues 0.9 0.7 Total Revenues 51.3 37.0 Purchase of raw materials and consumables (7.9) (7.6) Purchase of services (22.2) (11.0) Personnel costs (4.0) (3.4) Other operating costs (0.9) (0.7) Amortisation (5.5) (5.0) Adjustments to assets
Slide 35: Balance Sheet
BALANCE SHEET (Eu mn) 2022 2021 (Eu mn) 2022 2021 Share Capital 2.5 2.5 Other intangible assets 0.4 0.6 Legal reserve 0.5 0.4 Extraordinary reserve 0.1 0.1 Fixed assets for right of use 9.3 9.3 Provision for post-employment benefits (0.3) (0.2) Property, plant and equipment 39.0 33.1 Quotation provi
Slide 36: Disclaimer
Disclaimer This document has been prepared by UNIDATA S.p.A. (the “Company”) solely for information purposes. It contains summary information only and is therefore preliminary in nature. It has also been prepared without any intention of being exhaustive. THIS PRESENTATION AND THE ASSOCIATED VERBAL
Slide 37: Contacts
CONTACTS Unidata S.p.A. ROBERTO GIACOMETTI CFO & Investor Relations Officer +39 329 2478696 [email protected] CDR Communication S.r.l. Investor Relations Consultant SILVIA DI ROSA +39 335 7864209 [email protected] ELEONORA NICOLINI +39 333 9773749 eleonora.nicolini@cdr-communi