Rai Way Spa · MIL:RWAY
Rai Way Spa — H1 2023 Earnings Presentation
18 slides from Rai Way Spa's earnings presentation, Jul 27, 2023
Slide 1: 1H2023 Results Presentation
1H2023 Results Presentation 27 July 2023
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 ● Roberto Cecatto, Chief Executive Officer ● Adalberto Pellegrino, Chief Financial Officer ● Giancarlo Benucci, Chief Corporate Development Officer 1H2023 Results Presentation 3
Slide 4: Key messages
Key messages ● Strong 1H23 performance: o Revenues up 12,2%, benefitting from CPI-link and rising contribution of regional refarming; o Adjusted EBITDA up 16.1%, with underlying opex trend under control supported by lower energy consumption (effect of declining electricity tariffs limited to 2Q only
Slide 5: Main drivers of the growth path
Main drivers of the growth path STRENGTHENING OF EXPANSION OF OPTIONALITIES FOR INNOVATIVE USES THE CORE BUSINESS THE INFRASTRUCTURE MANAGED OF EXISTING INFRASTRUCTURE Strengthen the Core Business through the Pursue expansion, also by external lines, in Monitor any optionality for innovative uses of
Slide 6: 1H2023 Financial highlights
1H2023 Financial highlights Mln Eur; % % YoY growth Core Revenues Adjusted EBITDA Net Income Adjusted EBITDA margin +12,2% +21,3% +16,1% 44,9 136,0 121,2 90,8 37,0 78,2 59,4% 64,5% 66,8% 1H2022 1H2023 1H2022 1H2023 1H2022 1H2023 Capex(1) Net debt (Net Cash) Cash conversion(2) Net Debt / LTM Adjusted
Slide 7: Core Revenues
Core Revenues Mln Eur; % % YoY growth +12,2% 136,0 121,2 21,1 Third-Parties +26,8% 16,6 3,3 ● Rai up 9,8% driven by CPI escalator and termination of a - New services 3,0 minor radio service effective from 3Q22 101,6 111,7 +9,8% ● New regional MUXes business pushed Third-party revenues up 26,8% o As
Slide 8: Opex (excluding non-recurring)
Opex (excluding non-recurring) Mln Eur; % % YoY growth ● Excluding non-core items and lower capitalization compared to 2022, +4,9% Personnel cost up 3,9% 45,5 43,4 ● Underlying trend of Other Operating costs broadly stable, benefitting from lower utilities Personnel 24,1 +8,3% o Energy bill reductio
Slide 9: P&L
P&L Eur Mln, % 2Q2022 2Q2023 % YoY 1H2022 1H2023 % YoY Core Revenues 61,1 68,1 11,5% 121,2 136,0 12,2% Other Revenues & income 1) 0,3 0,0 0,3 0,3 1H2023 Net Income up by 21,3% at € 44,9m Adj. EBITDA 38,6 46,3 19,9% 78,2 90,8 16,1% % margin 63,2% 68,0% 64,5% 66,8% despite €3,6m non-recurring costs: N
Slide 10: Net Debt bridge
Net Debt bridge Mln Eur Net Debt/ 1y rolling Adj. EBITDA IFRS-16 Debt 37,9m Gross Debt 106,8m Cash&Eq(5) -6,1m 138,6 105,0 73,7 0,85x Including € 14,3 m of development capex 4,7 (87,2) 5,2 0,70x 1,3 17,9 17,9 Net Debt 2022YE EBITDA Capex(1) Taxes(2) Financial Δ NWC Funds & Dividend payment Net Debt
Slide 11: Guidance 2023 confirmed
Guidance 2023 confirmed ● Outlook based on recent levels of power futures for 2023(1) Increased comfort supported by 1H operating performance and energy price expectations for 2H - CPI-link Adjusted Growth rate - Rising contribution from regional refarming EBITDA in the mid-teens area - Lower energy
Slide 12: Q&A session
Q&A session 1H2023 Results Presentation 12
Slide 13: Contacts
Contacts - Investor Relations +39 06 331 73973 +39 06 331 74815 investor.relations@raiway.it 1H2023 Results Presentation 13
Slide 14: Appendix
Appendix 1H2023 Results Presentation 14
Slide 15: Balance sheet
Balance sheet Mln Eur Including rights of use for leasing under IFRS-16 (€ 33,8 m) (24,6) (22,5) 285,7 138,6 332,8 147,1 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 intro
Slide 16: Detailed summary of Income Statement
Detailed summary of Income Statement (€m; %) 2Q22 2Q23 1H22 1H23 Core revenues 61,1 68,1 121,2 136,0 Other rev enues and income 1 0,3 0,6 0,3 1,5 Purchase of consumables (0,2) (0,3) (0,6) (0,6) Cost of serv ices (10,8) (9,9) (19,2) (20,8) Personnel costs (11,1) (15,0) (22,3) (27,5) Other costs (0,7)
Slide 17: Summary of Balance Sheet
Summary of Balance Sheet (€m) 2022FY 1H2023 (€m) 2022FY 1H2023 Shareholders' Equity Non current assets Share capital 70,2 70,2 Tangible assets 280,8 278,2 Rights of use for leasing 33,4 33,8 Legal reserv es 14,0 14,0 I ntangible assets 19,5 20,1 Other reserv es 38,2 38,0 Financial assets, holdings a
Slide 18: Summary of Cash Flow Statement
Summary of Cash Flow Statement (€m) 2Q2022 2Q2023 1H2022 1H2023 Profit before income taxes 25,4 30,1 51,6 62,7 Depreciation, amortization and w rite-dow ns 12,9 11,6 25,7 22,7 Prov isions and (releases of) personnel and other funds (1,0) 0,9 (0,6) 1,8 Net financial (income)/expenses 0,4 1,0 0,8 1,7