28 slides from A.b.p. Nocivelli's conference presentation, June 2022
Slide 1: H1 2021/2022 Financial Results and Strategy Update
ABP NOCIVELLI H1 2021/2022 FINANCIAL RESULTS AND STRATEGY UPDATE Mid & Small Virtual 2022 | 28-30June
Slide 2: Safe Harbour
Safe Harbour This presentation may contain forward looking objectives and statements about ABP Nocivelli (“Nocivelli” or “the Company”) financial situation, operating results, business activities and expansion strategy. These objectives and statements are based on assumptions that are dependent upon
Slide 3: Agenda
AGENDA ▪ NOCIVELLI AT A GLANCE AND STRATEGY UPDATE ▪ MARKET OPPORTUNITIES ▪ FINANCIAL HIGHLIGHTS AND H1 2021/2022 RESULTS 4
Slide 4: Leader in supplying PA with energy services
Leader in supplying PA with energy services • ABP Nocivelli specialises in supplying public administrations with energy services thanks to a solid know-how gained over the last 60 years, which includes the promotion of PPP projects (involving the building of hospitals and the supply of energy and fa
Slide 5: Key Milestones since 1963
Key Milestones since 1963 Business diversification -The Strengthing the presence in the Acquisition RPP S.r.l. “Run Power Award of the works to company enters new businesses healthcare and hospital sector - Plants” - Involved in the design, construct the new to diversify its activity - switch to Win
Slide 6: Strong Governance and Shareholding's structure
Strong Governance and Shareholding’s structure Board of Directors - five members in charge SHAREHOLDERS - #SHARES - % Free Float 11,3% Alessandra Perego Bruno Nocivelli 0,9% 57,6% Bruno Nocivelli Nicola Turra 3,5% Chiarman Bruno Nocivelli Laura Salvatore Laura Salvatore Nicola Turra 26,6% Alessandra
Slide 7: Managing the entire bidding phase in all segments
Managing the entire bidding phase in all segments SERVICES – FACILITY BU COSTRUZIONI E SERVIZI MANAGEMENT COMPETITOR/PARTNER ENGIE SPA PPP CONSTRUCTION BU COSTRUZIONI SIRAM SPA CMB SPA BU SERVICES REKEEP SPA ITINERA SPA GEMMO SPA CPL SPA WEBUILD SPA (EX GIANNI BENVENUTO SPA EDISON SPA SALINI IMPREGI
Slide 8: Business Units
Business Units SERVICES - technological and facility management services focused on BREAKDOWN BY DIVISION - FY 2020/21 energy and heating solutions: • Energy: supply of goods and services aimed at maintaining the Construction Petroleum products 5% “comfort conditions” of buildings, while focusing on
Slide 9: PPPs sponsored by private companies
PPPs sponsored by private companies • Public bodies and private companies cooperate to fund, design, build PPP and manage public infrastructure or services with a long-term view Public-private partnerships • The company’s interest is aligned to the PA’ through long-term agreements (average length 25
Slide 10: Green energy transition
Green energy transition • Embarked on a path to embrace environmental sustainability, adopting daily measures to protect the environment and limit pollution • Nocivelli obtained EN ISO 14001:2015 certification, to demonstrates that the organization has an appropriate management system to control the
Slide 11: Key success factors
Key success factors Long-lasting Know-how Integrated experience Offer Certifications Solid BS and financial growth 12
Slide 12: Resilient, highly profitable portfolio of contracts
Resilient, highly profitable portfolio of contracts 1 Thirty-years’ experience and strong competitive edge in the facility management services to PA 2 Integrated and flexible offer of services: small enough to customise services and thus meeting the demand unexploited by larger operators 3 Use of "P
Slide 13: Agenda
AGENDA ▪ NOCIVELLI AT A GLANCE AND STRATEGY UPDATE ▪ MARKET OPPORTUNITIES ▪ FINANCIAL HIGHLIGHTS AND H1 2021/2022 RESULTS 14
Slide 14: Strong PPP market in Italy
Strong PPP market in Italy • PPP in Italy as the first market in 2021, with around EUR 2.2bn vs. a negative trend in the last 10 years at European level • Number of projects in the country increased by 12.4% CAGR since 2002 • Positive trend only temporarily stopped by Covid-19 • Public expenditure t
Slide 15: Huge amount of funds in Italian PNRR for Green revolution and Healthcare
Huge amount of funds in Italian PNRR for “Green revolution” and “Healthcare” Italian government to obtain EUR 75bn (EUR ~90bn including additional funding) for in the “ecological transition” and “healthcare” segments combined - 39% of the total PNRR funds Source: Italian PNNR documents and press 16
Slide 16: Streamline public administration purchases
Streamline public administration purchases • The “overseen purchases” (i.e. the theoretical value of purchases covered by Consip’s tools) exceed EUR 51bn, i.e. almost half of the goods and services purchased by the whole Italian state • Over the last few years, energy procurement has increasingly co
Slide 17: Agenda
AGENDA ▪ NOCIVELLI AT A GLANCE AND STRATEGY UPDATE ▪ MARKET OPPORTUNITIES ▪ FINANCIAL HIGHLIGHTS AND H1 2021/2022 RESULTS 18
Slide 18: Solid stability and high visibility long term
Solid stability and high visibility long term 1 Business model and strategic positioning ensure profitability over the coming 10 years 2 Steady and recurring revenue stream (value of production) over the years 3 Sound and consistent profitability 4 Healthy backlog up to EUR 600m spread along ten yea
Slide 19: Steady growth and robust profitability over the years
Steady growth and robust profitability over the years Value of production 2016-2021 (€m) 11,7% EBITDA 2016-2021 (€m) - EBITDA margin % CAGR 63,4 64,9 64,2 14,0 25,0% 61,5 12,2 58,3 12,0 11,2 20,0% 10,0 7,9 8,3 19,1% 8,0 7,1 18,3% 15,0% 6,0 12,4% 12,8% 12,2% 10,0% 4,0 5,0% 2,0 0,0 0,0% 2016/17 2017/1
Slide 20: Strong 5Y cash generation
Strong 5Y cash generation Shareholders' equity 2016-2021 (€m) Net financial position (cash) 2016-2021(€m) 44,2 4,4 1,2 34,9 2016/17 2017/18 2018/19 2019/20 2020/21 27,9 23,0 18,6 -9,3 -18,5 2016/17 2017/18 2018/19 2019/20 2020/21 -31,5 Cumulated Cash Flow generation 2016-2021 (€m) 2,4 2,3 48,1 46,8
Slide 21: Key data FY 2020/2021
Key data FY 2020/2021 64,2m 12,3m 8,6m Value of production EBITDA Net income FY 2020/2021 FY 2020/2021 FY 2020/2021 (+4,5% vs. FY 2019/2020) (+9% vs. FY 2019/2020) (+14,5% vs. FY 2019/2020) 44,2m 31,5m 600m Shareholders’ equity PFN Backlog FY 2020/2021 FY 2020/2021 at 2031 (34,9m at FY 2019/2020) Ca
Slide 22: Positive recent newsflow
Positive recent newsflow • In January 2022 ✓ Award of the contract to construct the new intensive care unit at Borgomanero hospital ✓ Award of the contract for the adaptation of the kitchen of the Sacco hospital in Milan • In March 2022, approval of the 1H Results ended at 31 December, 2021 ✓ Value
Slide 23: Increase in profitability in H1 2022
Increase in profitability in H1 2022 PROFIT & LOSS H1 H1 % change 31.12.2020 31.12.2021 H1'20/H1'21 • Slight increase at top line level despite the expiry of some contracts Value of production 29,5 29,9 1,1% • Thanks to some significant savings, EBITDA 5,5 7,1 28,5% EBITDA margin topped 23,8% vs. 18
Slide 24: Appendix 1: traditional public tender, and the PPP
• Appendix 1: “traditional” public tender, and the PPP • Given the typical size of the projects Novicelli usually bids as a part of a temporary consortium, ATI or RTI (respectively Associazione Temporanea d’Imprese or Raggruppamento Temporaneo d’Imprese). The entity is usually a “consortium-like joi
Slide 25: Appendix 2: Certifications
• Appendix 2: Certifications “SOA certified”, i.e. legally allowed to bid for public tenders (requirements checked every five years) • “General construction” ✓ OG 11 “Technological systems”, class VIII: supply, installation, management and maintenance of technological systems; ✓ OG 1 “Civil and indu
Slide 26: Appendix 3: Profit & Loss
• Appendix 3: Profit & Loss PROFIT & LOSS FY 2019-2020 FY 2020-2021 H1 H1 % change 30.06.2020 30.06.2021 31.12.2020 31.12.2021 19-20/20-21 H1'20/H1'21 Sales 60,64 60,50 29,03 23,78 -0,2% -18,1% Other revenues and change in WIP 0,82 3,70 0,50 6,07 >100 >100 Value of production 61,46 64,20 29,54 29,86
Slide 27: Appendix 4: Balance Sheet
• Appendix 4: Balance Sheet BALANCE SHEET FY 2019-2020 FY 2020-2021 H1 H1 30.06.2020 30.06.2021 31.12.2020 31.12.2021 Intangible fixed assets 0,9 4,2 1,5 5,5 Tangible Fixed Assets 1,5 1,0 1,0 0,9 Financial Fixes assets 2,4 1,7 1,7 1,1 Fixed assets 4,8 6,9 4,3 7,5 Inventories 9,2 5,5 2,5 8,8 Trade Re
Slide 28: Thank you for your time
THANK YOU FOR YOUR TIME www.abpnocivelli.com investor.relations@abpnocivelli.com