Gpi Spa · MIL:GPI
Gpi Spa — Investor Day (2017)
24 slides from Gpi Spa's investor day presentation, 2017
Slide 1: Continue and see more on Market, Numbers, Company, GPI Shares
… continue and see more on MARKET NUMBERS COMPANY GPI SHARES 1 1
Slide 2: Market
more on MARKET 2 2
Slide 3: Health Expenditure in OECD Countries and Europe
HEALTH EXPENDITURE IN ‘OECD’ COUNTRIES AND EUROPE • Since the end of 2011, OECD countries overall health spending growth closely followed economic growth: the drivers of the latest rise are renewed government and insurance spending • EU members devoted an average 10.3% of their GDP to health spendin
Slide 4: The Changing Healthcare Provider Environment
THE CHANGING HEALTHCARE PROVIDER ENVIRONMENT From: To: • Silos • Integrated ORGANIZATION MODEL • Isolated • Collaborative • Provider-centric • Patient- and populations-centric • Episodic • Coordinated continuity of care CLINICAL MODEL • General • Precision care • Variable • Standardized • Face-to-fa
Slide 5: Numbers
more on NUMBERS 5 5
Slide 6: Income Statement (IFRS)
INCOME STATEMENT (IFRS) €M 2016 2015 Turnover 136,2 89,4 SG A (36,5) (27,7) Labour (79,6) (53,6) * EBITDA ADJUSTED EBITDA (*) 20.1 8,0 € 21.9M EBITDA Margin (%) 14,8% 9,0% DA (4,8) (5,2) (5,1) Risk provisions (0,1) (0,3) EBIT 15,2 2,6 EBIT Margin (%) 11,2% 2,9 0.4 ml Euro re-allocation Net financial
Slide 7: Balance Sheet
BALANCE SHEET €M 2016 2015 Var % WORKING CAPITAL (44,4) (28,3) +57% FIXED ASSETS (52,9) (34,5) +53% (26,1) (20,8) +25% OTHER ASSETS / (LIABILITIES) NET INVESTED CAPITAL 71,2 42,0 +70% EQUITY 61,3 4,3 +>100% - Group 60,4 4,1 - Third 0,9 0,2 (71.8) Cash & Equivalents 31.8 Bonds 18.1 Long Term Debts NE
Slide 8: Cash Flow
CASH FLOW OPERATING CASH FLOW € 7.2M adjusted € 9.0M 2016 Note: ITA GAAP consolidated financials 8 8
Slide 9: Extracting Value from Acquisitions: Cases
EXTRACTING VALUE FROM ACQUISITIONS: cases 26.0 13.5% ACTIVITIES 12.5% adj. UNDERTAKEN: 8.8 3.6 • improvement of the 1.1 overall efficiency • boost on sales TURNOVER EBITDA TURNOVER EBITDA • optimization of staff costs 5 months 2015 FY 2016 A (IFRS) REORGANIZATION PROCESS: • management of company’s s
Slide 10: Details of Outstanding Minibonds
DETAILS OF OUTSTANDING MINIBONDS € 31.75 M Bond out at Bond issues 09/16 Subscriptions Repayments 15.00 15.00 12.00 7.19 4.75 4.75 12.00 8.25 €167.5 M bond out 1st bond at 12/15 Orizzonte fully SGR subscribed No debt 3.75 payments 2013 2014 2015 2016 2017 2018 2019-2020 2020-2025 1st minibond – Issu
Slide 11: 2013-2017 Main Deals
1 issue of minibond GPI “GPI SpA Fixed Rate (5.50%) 2013-2018” € 12,000,000 Orizzonte SGR Sferacarta Logix (rent) Riedl 2014 Pensplan Invest “Euregio Minibond” Banca di Credito Popolare Finanziaria Internazionale Investments “Finint Bond” ensplan Invest Euregio Minibond” Evolvo Lombardia Contact GPI
Slide 12: Growth by M&A: Our Main Strategic Guideline for Future
GROWTH BY M&A: our main strategic guideline for future GPI is currently evaluating a number of potential acquisitions in different business. The main drivers for selecting future M&A deals are: DIRECT ITALIAN COMPETITORS i.e. acquisitions in line with market concentration process OFFER INCREASE with
Slide 13: Company
more on COMPANY 13 13
Slide 14: Group Structure
> ¥ AUTOM Uo, S$ I Sie. v y © GPl spa @ RIEDL gmbh © GPl spa © Argentea srl © GP Africa Austral sa © CRG srl © GBIM srl GPI spa @ SPID spa © GPI Chile spa © Consorzio Stabile Glossa © Groowe Tech srl Cento Orizzonti scarl © GPI Do Brasil srl © Consorzio SST © GSi srl Lombardia Contact srl © GPi spa
Slide 15: Geographical Presence
GEOGRAPHICAL PRESENCE 6 countries ~30 branches 15 15
Slide 16: Top Management
TOP MANAGEMENT MANAGER ROLE EXPERIENCE PROFESSIONAL BACKGROUND FAUSTO 37 years Chairman and CEO Founder of GPI in 1988. Operating in the IT sector MANZANA (o/w 28 in GPI) STEFANO 28 years CFO Mediocredito Trentino Alto Adige and CFO of Diatec Group CORVO (o/w 2 in GPI) PAOLO 20 years General Manager
Slide 17: Valuable Partnerships and Quality Certifications
VALUABLE PARTNERSHIPS and QUALITY CERTIFICATIONS PARTNERS PARTNERS COGEBAN 405010 Call Center Services UNI EN 15838:2010 17 17
Slide 18: GPI Shares
Gr! GRUPPO r GPI SHAR E on
Slide 19: CFP1 / GPI Unit Performance
CFP1 / GPI UNIT PERFORMANCE 19 19
Slide 20: GPI on AIM Italia
GPI ON AIM ITALIA SHARE WARRANT BOND 5,5% 2013-18 Bloomberg GPI:IM Code WGPI ISIN IT0004981913 Reuters GPI.MI ISIN IT0005221475 Market Extramot PRO ISIN IT0005221517 Price € 1.362 Issued € 12.0 m (March, 31) Value Share Capital € 8,526,331.90 par value Outstanding 2,554,700 5,339,969 Ordinary Sh. Wa
Slide 21: Warrants: Warrantholder Wealth Unchanged
WARRANTS: warrantholder wealth unchanged • GPI BoD set Warrant Subscription Price to 9,5 € per share from 0,1 € per share. • By consequence the exchange ratio is now 1:1 (shares:warrants) and the maximum amount of new shares is 2.5 MLN for a capital contribution of approx. 24.2 MLN/€. • The adjustme
Slide 22: GPI-CFP1 Business Combination
GPI-CFP1 BUSINESS COMBINATION GPI VALUATION: € 100 M STRUCTURE OF THE TRANSACTION WARRANT PRICE ADJUSTMENT WARRANTS Share-exchange ratio1:1 A cashless mechanism for the warrant price adjustment is Outstanding 1 m (2:10 in IPO) linked to 2016 financial results and will be through the free GPI 100.0 €
Slide 23: 23
23 23
Slide 24: Contact
Maria Antonietta Pireddu Stefano Corvo @ m.pireddu@irtop.com @ stefano.corvo@gpi.it T +39 02 45473884 T +39 0461 381515 www.irtop.com TRENTO www.gpi.it 24 24