Francotyp-Postalia Holding AG · LSX:FPH100
Francotyp-Postalia — 9M 2023 Earnings Presentation
23 slides from Francotyp-Postalia's earnings presentation, Nov 23, 2023
Slide 1: Financial Results 9M 2023
Financial Results 9M 2023 CONFERENCE CALL November 23rd, 2023
Slide 2: 9M 2023 financial performance
9M 2023 financial performance Revenue pointing to lower end of full year guidance EBITDA in line with full year guidance Revenue pointing to lower end of the full year guidance Digital Business Solutions: -3.3% -0.9% 0.09 % + 3.1% growth from € m 21.0 to 21.7 Revenue EBITDA EPS + Growth in all Saa
Slide 3: Normalised EBITDA 9M 2023
Normalised EBITDA 9M 2023 Normalised EBITDA 9M 2023 better than prior year period +24.0% €m 9M 2023 EBITDA (as reported) 22.2 EBITDA (at constant currency) 23.7 One ERP 3.7 25.4 Release of provisions (net) -2.0 20.5 6.6 Normalised EBITDA 25.4 Normalised Revenues* 185.3 Normalised EBITDA Margin 13.7%
Slide 4: Free Cash Flow and Net Debt
Free Cash Flow and Net Debt Positive free cash-flow and net debt decreasing FCF -19.6% ▪ Decreased Cash flow from operating activities ▪ Decreased consolidated profit and increased tax and Free Cash Flow € m 9M 2022 9M 2023 interest payments ▪ In 9M 2022 impacted by tax refunds of € m 1.5 in NL, UK
Slide 5: FP Digital Business Solutions
FP Digital Business Solutions Continuous investment and growth in SaaS-based solutions Document Workflow Management +5,1% +3.1% ▪ Continue implementing new Hardware and Software to increase efficiency and offer more data-driven services ▪ Decline in output management due to business decline of a cus
Slide 6: FP Mailing, Shipping & Office Solutions
FP Mailing, Shipping & Office Solutions Revenue in line with expectations - partly impacted by one-offs - and Azolver -1.5% ▪ 9M 2022 revenue influenced by positive one-off effects from rate change in Germany of €m 2.9 ▪ 9M 2023 including revenues from Azolver entities 111.7 110.0 (acquired in Q1 20
Slide 7: FP Mail Services
FP Mail Services Revenue in line with expectations – 9M 2022 influenced by positive one-off effects + 10% -9.6% ▪ Mail Services revenue in line with expectations Berlin ▪ 9M 2022 was impacted by pandemic-related one- off effects (higher volumes and higher share of 55.9 franked mail) One offs 10.0 50
Slide 8: FUTURE@FP – next level 2023 onwards
FUTURE@FP – next level 2023 onwards 5 key programs to continue on the profitable growth path 1. 2. 3. 4. 5. Right Sizing – Digital Business Increase Value for Operating Model ERP/CRM Right Shoring Foundation Customers* Restructuring Implement Group Services First go-lives DBS and Add all SaaS soluti
Slide 9: Summary 9M 2023
Summary 9M 2023 Revenue pointing to lower end of full year guidance ▪ Continuous growth in SaaS-business ▪ Stable MSO and Mail Services business EBITDA in line with full year guidance ▪ EBITDA Margin 12.2 % ▪ Despite tailwinds from one-offs and FX in 2022 and headwind from FX in 2023 On a normalized
Slide 10: Guidance for 2023
Guidance for 2023 Improving revenue and EBITDA 2022 as reported 2022 normalised Guidance 2023 REVENUE € m 251 € m 229 € m 245 - 255 Addressable market EBITDA € m 27.6 € m 26.2 € m 28 – 31 € m 12 – 16 EBITDA-MARGIN 11.0 % 11.4 % 11.4 – 12.2 % 6–8% Disclaimer Statements in this release relating to fut
Slide 11: FUTURE@FP Key investment highlights
FUTURE@FP Key investment highlights Increasing EPS Investing in SaaS solutions – enabling faster growth Improving Free Cash Flow Implementing ONE ERP – foundation for cost base reduction 2021 - 2023 Focused acquisitions – FUTURE@FP € Reducing net debt generating synergies and expanding solution port
Slide 12: Financial Results 9M 2023 Q&A Session
Financial Results 9M 2023 Q&A Session
Slide 13: Appendix
Appendix
Slide 14: Revenue by Product and Service 9M 2023
Revenue by Product and Service 9M 2023 Recurring revenue base €m 9M 2022 9M 2023 Equipment sales & others 27.1 26.2 Consumables 21.2 19.9 Service 23.6 22.0 Teleporto 7.2 6.7 Mail Services 55.9 50.5 Software / Digital 21.9 22.6 Revenue acc. to IFRS 15 156.7 147.9 Operate Lease 24.1 24.0 Finance Lease
Slide 15: Consolidated Statement of profit and loss 9M 2023
Consolidated Statement of profit and loss 9M 2023 €m 9M 2022 9M 2023 Revenue 188.7 182.5 Change in inventories 0.5 -0.1 Other own work capitalised 5.1 5.6 Total output 194.3 188.0 Cost of materials -94.3 -86.7 Personnel expenses -47.6 -48.0 Impairment losses and gains on trade receivables -1.9 -0.9
Slide 16: Financial Situation: Balance Sheet - Assets
Financial Situation Balance Sheet - Assets (30.09.2023) ASSETS 172.7 177.1 in € m Non-Current Assets ▪ Intangible assets decreased by € m 1.7 mainly 75.4 due to depreciation (€ m 3.4). The decrease was 75.9 partly offset by additions totalling to € m 1.8 of NON-CURRENT development projects, of purch
Slide 17: Financial Situation: Balance Sheet - Equity & Liabilities
Financial Situation Balance Sheet - Equity & Liabilities (30.09.2023) EQUITY & 177.1 LIABILITIES 172.2 in € m Equity ratio of 15.1 % (31.12.2022: 13.1%) Non-current liabilities EQUITY 22.6 26.7 ▪ Decrease by € m 22.0 mainly due to change in maturity of syndicated loan (financing liabilities € m 7.7
Slide 18: General Information
rs General Information
Slide 19: FP Management Board
FP Management Board Carsten Lind Ralf Spielberger CEO CFO since November 2020 since October 2022 Degree in M.Sc, Ba and EMBA Degree in Business Administration ▪ Long-standing experience in technology companies: ▪ Proven financial expert with extensive experience in Regional CEO for 13 years in inter
Slide 20: The FP share
The FP share Strong & international shareholder base (in %) Olive Tree Investment GmbH Active Ownership Fund (LUX) # shares 16,301,456 SALTARAX GmbH (GER) 25,3% Ludic GmbH (GER) Market cap approx. 44,4% € m 46* Own Shares Universal-Investment GmbH (GER) 9,5% Prime Standard Magallanes Value Investors
Slide 21: Financial Calendar
Financial Calendar 2024 Results for the First Results for the First German Eigenkapitalforum, Quarter 2024 Half Year 2024 Frankfurt 2024 23rd 29th May August November 2024 25th 25th 21st April June November Final Results for the Annual General Results for the Financial Year 2023 Shareholders’ Meetin
Slide 22: Contact
Contact Francotyp-Postalia Holding AG Prenzlauer Promenade 28 13089 Berlin Phone + 49 30 220 660 410 Fax + 49 30 220 660 425 [email protected] www.fp-francotyp.com FP | 21
Slide 23: Disclaimer
Disclaimer This report contains forward-looking statements on the business development of the Francotyp-Postalia Group. These statements are based on assumptions relating to the development of the economic and legal environment in individual countries and economic regions, which we have made on the
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