Rai Way Spa · MIL:RWAY
Rai Way Spa — Q1 2021 Earnings Presentation
17 slides from Rai Way Spa's earnings presentation, Mar 18, 2021
Slide 1: 1Q2021 Results Presentation
1Q2021 Results Presentation 13 May 2021
Slide 2: Disclaimer
Disclaimer FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements regarding future events and the future results of Rai Way that are based on current expectations, estimates, forecasts, and projections about the industries in which Rai Way operates, as well as the beliefs a
Slide 3: Rai Way participants
Rai Way participants ● Aldo Mancino, Chief Executive Officer ● Adalberto Pellegrino, Chief Financial Officer ● Giancarlo Benucci, Chief Corporate Development Officer 1Q2021 Results Presentation 3
Slide 4: Key messages
Key messages ● Start of the year in line with expected trend: o EBITDA up +3,3% with profitability at 60,6% (+100 bps), driven by rising contribution from refarming and cost control o Development capex supported by refarming activities ● Update on refarming: o Operations - Coverage extension reached
Slide 5: 1Q2021 Financial highlights
1Q2021 Financial highlights Mln Eur; % % YoY growth Core Revenues Adjusted EBITDA Net Income Adjusted EBITDA margin +1,6% +3,3% +5,2% 55,6 56,5 33,1 34,2 16,0 16,8 59,6% 60,6% 59,4% 1Q2020 1Q2021 1Q2020 1Q2021 1Q2020 1Q2021 Capex (1) Net debt (Net Cash) Cash conversion(2) Net Debt / 1-y rolling Adju
Slide 6: Core Revenues
Core Revenues Mln Eur; % % YoY growth ● Contribution from New Services to RAI rising as expected, driven +1,6% 56,5 by refarming-related projects and DTH reconfiguration 55,6 7,9 -3,9% New services recurring contribution Third-Parties 8,2 (excl. one-offs and una tantum components) 3,6 Mln Eur 3,6 1,
Slide 7: Opex (excluding non-recurring)
Opex (excluding non-recurring) Mln Eur; % % YoY growth -0,7% 22,5 22,3 Personnel 11,9 11,9 -0,1% ● Opex trending back to more normal level and broadly in line with 1Q20: costs o Stable personnel cost o Operating costs related to implementation of new services (e.g. coverage extension) and higher mai
Slide 8: P&L
P&L Eur Mln, % 1Q 2020 1Q 2021 % YoY Core Revenues 55,6 56,5 1,6% Other Revenues & income 0,0 0,1 ● 1Q2021 Net Income up by 5,2% at € 16,8m Adj. EBITDA 33,1 34,2 3,3% as a result of: % margin 59,6% 60,6% Non recurring costs - - o Higher top line EBITDA 33,1 34,2 3,3% o +100bps profitability, with ma
Slide 9: Net Debt bridge
Net Debt bridge Mln Eur Net Debt/ 1y rolling Adj. EBITDA 46,1 IFRS-16 Debt 36,4m Gross Debt 15,4m Cash&Eq -14,5m 0,34x 37,3 2,7 0,27x Including € 10,1m 4,4 development capex (34,2) 0,2 5,1 13,0 Net Debt 2020YE EBITDA Capex(1) Taxes(2) Financial Δ NWC Funds & Net Debt @ charges(3) Other(4) 31/3/2021
Slide 10: Guidance 2021 confirmed
Guidance 2021 confirmed ● Outlook based on a scenario with 3 MUX managed for RAI after refarming and on current visibility on the evolution of pandemic emergency: ADJUSTED EBITDA ● Growth of Adjusted EBITDA supported by step-up in RAI contract in 2H, although limited by: - Tough comparison with 2020
Slide 11: Q&A session
Q&A session 1Q2021 Results Presentation 11
Slide 12: Contacts
Contacts - Investor Relations +39 06 331 73973 +39 06 331 74815 investor.relations@raiway.it 1Q2021 Results Presentation 12
Slide 13: Appendix
Appendix 1Q2021 Results Presentation 13
Slide 14: Balance sheet
Balance sheet Mln Eur Including rights of use for leasing under IFRS-16 (€ 32,6m) (9,4) (26,2) 219,0 37,3 254,6 181,6 Net Fixed Assets(1) Net Net Funds(2) Net Invested Net Debt Equity Book Value Working Capital Capital 1) Including long-term financial items and the rights of use for leasing introduc
Slide 15: Detailed summary of Income Statement
Detailed summary of Income Statement (€m; %) 1Q20 1Q21 Core revenues 55,6 56,5 Other revenues and income 0,0 0,1 Purchase of consumables (0,2) (0,3) Cost of services (9,7) (9,4) Personnel costs (11,9) (11,9) Other costs (0,6) (0,6) Opex (22,5) (22,3) Depreciation, amortization and write-downs (10,6)
Slide 16: Summary of Balance Sheet
Summary of Balance Sheet (€m) 2020FY 1Q2021 (€m) 2020FY 1Q2021 Shareholders' Equity Non current assets Share capital 70,2 70,2 Tangible assets 200,9 205,0 Legal reserves 14,0 14,0 Rights of use for leasing 32,5 32,6 Other reserves 37,1 37,1 Intangible assets 15,9 15,0 Retained earnings 63,5 80,3 Fin
Slide 17: Summary of Cash Flow Statement
Summary of Cash Flow Statement (€m) 1Q2020 1Q2021 Profit before income taxes 22,3 22,0 Depreciation, amortization and write-downs 10,6 12,0 Provisions and (releases of) personnel and other funds 0,9 0,9 Net financial (income)/expenses 0,2 0,3 Net operating CF before change in WC 34,0 35,1 Change in