Claranova Se · EURONEXT:ALCLA
Claranova — Q2 2020 Earnings Presentation
31 slides from Claranova's earnings presentation, Apr 2, 2021
Slide 1: Half-Year Results FY 2020-2021
Half-Year Results FY 2020-2021
Slide 2: Claranova, a technology company created just five years ago
Claranova, a technology company created just five years ago A recapitalization in June 2015 with ≃€20m in capital invested in the development of new activities(1)… …Revenue of €409m in FY20, EBITDA margin of 8% in H1 FY21 and net cash of €47m at 12/31/2020… …with an international dimension: 95% of r
Slide 3: Present in 3 technology sectors: personalized e-commerce, software, IoT
Present in 3 technology sectors: personalized e-commerce, software, IoT(1) A diversified technology player making it possible to share risk and growth drivers Strong growth through both organic development and acquisitions in high potential sectors A specific dynamic in each sector: mature technolog
Slide 4: A global player in personalized e-commerce
a global player in personalized e-commerce + GEOGRAPHIC EXPANSION The only truly international player: first launch in the US in 2014, a global presence in 15 countries in 2020 + PERSONALIZED GIFTS + PHOTO PRODUCTS + PHOTO PRODUCTS VISION + PHOTO + PHOTO + PHOTO Launch of FreePrints, a Monetization
Slide 5: A holistic approach to the world of software
a holistic approach to the world of software Segment valuation Traffic ≃ 20m(1) unique visitors / month Traffic generated from paid and free content An objective of controlling the entire value chain Monetization ≃ 5m(1) visitors / month From generating traffic to its WebCompanion Traffic monetizati
Slide 6: A unique platform in the IoT market
a unique platform in the IoT market Manufacturers of components and One platform, infinite IoT plug & play(1) solutions , connected devices whatever the type of network, connected device (≃ 500 references) or business sector The largest community of IoT developers with Cayenne tools (≃ 700k) Network
Slide 7: Considerable potential for organic growth remains for each business
Considerable potential for organic growth remains for each business Acquisition of new customers and Acquisition of new customers and Creation of new applications monetization of the installed base monetization of the installed base Acquisition of new customers Launch of new products Launch of new p
Slide 8: A well-tested M&A strategy that should be continued
A well-tested M&A strategy that should be continued… …Sharing costs (logistics, suppliers) …Complementary product portfolios Sharing infrastructure (teams, IT, content) Sharing infrastructure (teams, R&D, IT) A unique mobile approach through FreePrints Expertise in online traffic acquisition An inte
Slide 9: Growing disconnect between share price trends and the fundamentals
Nevertheless, a growing disconnect between share price trends and the fundamentals 480,0 Revenue (€m) € 11,5 € 11,2 452,6 409,1 65,0 Operational performances and potential not EBITDA (€m) 390,0 55,0 reflected in the share price trend € 8,3 Highest share price (€) 262,3 € 9,3 45,0 300,0 € 5,1 29,4 35
Slide 10: H1 2020-2021: continuing strong growth and significant improvement in earnings
H1 2020-2021: continuing strong growth accompanied by a very significant improvement in earnings Half-year Growth at constant Organic Revenue generated revenue exchange rates Growth(1) outside France EBITDA EBITDA as % of revenue Net income Net Cash 10 Note: (1) Like-for-like (organic) growth equals
Slide 11: Financial results H1 2020-2021
Financial results H1 2020-2021
Slide 12: Continuing strong growth in H1 2020-2021
Continuing strong growth in H1 2020-2021… + 25 % Like-for-like sales 294 288 282 Constant FX(1) 278 8,50% + 17 % growth(2) 276 270 264 258 7,50% 252 246 240€278m 234 234 + 19 % 228 6,50% 222 216 210 +25% 204 198 Constant FX 192 Actual FX 5,50% 186 180 174 168 162 156 140 4,50% Consolidation 150 144
Slide 13: A twofold increase in profitability driven by all divisions
… and a twofold increase in profitability driven by all divisions 8,3% + 107% Growth in EBITDA Positive impact from containing losses until 4,8% the upturn in business Positive impact of the expected when the strategic transition to a health crisis subsides higher margin proprietary software 8.3% EB
Slide 14: Neutral impact of exchange rates on the operating margin
Neutral impact of exchange rates on the operating margin 32% Revenue in foreign 26% 96% currency(1) Revenue (€m) Revenue growth (%) Currency effect on -6% revenue growth 8,3% 8,3% Natural foreign exchange hedging (Revenue and costs in the same currency) Neutral exchange 0pt rate effect on the operat
Slide 15: Strong cash flow generation confirmed
Strong cash flow generation confirmed 1 (€m) 12/31/2020 12/31/2019 Strong capacity for cash flow generation with a net inflow from Cash flow from operations before changes in working capital 23 9 operating activities of €40m in H1 2020-2021 €278m Change in working capital requirements 21 34 Taxes an
Slide 16: A financial position which remains very healthy and solid
A financial position which remains very healthy and solid 1 (€m) 12/31/2020 06/30/2020 No significant changes in financial debt, at €71m at Bank debt 20 19 12/31/2020 Bonds 48 48 Other financial liabilities 2 3 Accrued interest 1 0 2 The Group’s financial position Total financial liabilities 1 71 69
Slide 17: Business Performance H1 2020-2021
Business Performance H1 2020-2021
Slide 18: A first half of strong profitable growth
(€m) 233,7 + 26 % 186,2 A first half of strong profitable growth €278m Strong growth with EBITDA nearly doubling H1 2019-2020 H1 2020-2021 Ever-increasing demand in target markets More limited marketing investments during the year-end holiday period when the supply chain is traditionally under press
Slide 19: Profitability reinforced by recurring business
(€m) 45.9 41.9 54% 44% Profitability reinforced by recurring business +14pts 42% 56% Continuing transition to the SaaS business model H1 2019-2020 H1 2020-2021 A transition that limits growth but accompanied by a significant Recurring sales (%) Non-recurring sales (%) improvement in EBITDA An EBITDA
Slide 20: Business remains resilient while the pandemic slows the rollout
(€m) 2,2 2,2 Business remains resilient while the pandemic slows the pace of the rollout H1 2019-2020 H1 2020-2021 Stable revenue in a context of slower deployment observed since the beginning of the pandemic Losses divided by >2.5x , waiting for the rollout to resume (in €m and % revenue) The posit
Slide 21: A new solid first half for Claranova
A new solid first half for Claranova A 16th consecutive quarter of business growth Revenue growth remains solid and accompanied by a very significant improvement in earnings A first half highlighting the economic strength of our business models combining growth and profitability Resilience demonstra
Slide 22: Questions/Answers
Questions/Answers
Slide 23: Appendices H1 2020-2021
Appendices H1 2020-2021
Slide 24: Division performance
Division performance (€m) H1 2020-2021 H1 2019-2020 Change (€m) H1 2020-2021 H1 2019-2020 Change Revenue 233.7 186.2 26% Revenue 41.9 45.9 -9% EBITDA 19.3 10.1 91% EBITDA 4.8 3.7 31% EBITDA % 8,3% 5,4% +2.8 pts EBITDA % 11,5% 8,0% +3.5 pts (€m) H1 2020-2021 H1 2019-2020 Change Revenue 2.2 2.2 -3% EB
Slide 25: Consolidated Income Statement
Consolidated Income Statement (€m) H1 2020-2021 H1 2019-2020 Revenue 277.8 234.3 Raw materials and purchases of goods (91.0) (73.5) Other purchases and external expenses (119.1) (113.1) Taxes, duties and similar payments (0.4) (0.3) Employee expenses (32.4) (26.8) Depreciation, amortization and prov
Slide 26: Earnings per share
Earnings per share (In €) H1 2020-2021 H1 2019-2020 Number of shares outstanding* (in units) 39,486,529 39,200,753 Number of shares outstanding after potential dilution (in units) 39,905,818 39,905,820 Net income per share € 0.27 € 0.04 Net income per share after potential dilution € 0.26 € 0.04 Adj
Slide 27: Calculation of EBITDA and Adjusted net income
Calculation of EBITDA and Adjusted net income (€m) H1 2020-2021 H1 2019-2020 Recurring Operating Income 20.8 9.7 Impact of IFRS 16 on leases expenses (1.8) (1.6) Share-based payments, including social security expenses 0.0 0.0 Depreciation, amortization and provision 4.1 3.0 EBITDA2 23.1 11.2 Net In
Slide 28: Simplified Statement of Financial Position
Simplified Statement of Financial Position (€m) 12/30/2020 06/30/2020 Goodwill 62.5 61.7 Other non-current assets 31.7 32.0 Current assets (excl. cash) 31.5 33.5 Cash and cash equivalents 118.1 82.8 Total assets 243.7 210.0 Equity 73.2 62.3 Financial liabilities 71.4 68.9 Lease liabilities 9.0 10.1
Slide 29: Glossary
Glossary
Slide 30: Glossary
Glossary B2C: Business-to -Consumer. A direct commercial relationship between a company and a private individual. CAGR: Compound Annual Growth Rate. Fabless: A business model that involves outsourcing production to third-party partners. Freemium: a penetration pricing strategy that involves proposin
Slide 31: Analysts & Investors Contact
Analysts & Investors Contact +33 1 41 27 19 74 ir@claranova.com www.claranova.com Disclaimer This document contains forward-looking statements concerning Claranova’s financial position, operating results, businesses, strategy and projects. Although Claranova believes that the forward-looking stateme