Slide 1: H1 2023 Results Presentation
© esprinet’ enabling your tech experience H1 2023 Results Presentation September 12, 2023
Slide 2: Forward-looking statements disclaimer
This presentation may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. Forward-looking statements may include, in particular, statements about future events, futu
Slide 3: H1 2023 Results
enabling your tech experience H1 2023 RESULTS
Slide 4: Solutions & Services growth sustaining gross profit margins
Solutions & Services, posting strong growth, The inventory reduction process that began in the fourth quarter of are helping to deliver sustained gross profit margins, last year has recorded concrete results. which stood at 5.53%, 26 bps more than the 5.27% of H1-22 and 19 bps up sequentially agains
Slide 5: H1 2023 sales by country, product line and customer segment
LOSS OF MARKET SHARE AS THE RESULT OF GRADUL REDUCTION OF PRODUCT/CUSTOMER COMBINATIONS STRUCTURALLY WITH INADEQUATE ROCE H1 2023 sales at 1,905.8 M€ (-13% compared to H1 2022) Esprinet Market(2) Italy 1,178 M€ -9% -3% Spain 652 M€ -19% +6% Portugal 56 M€ +14% -5% Esprinet Market Screens 1,021 M€ -2
Slide 6: H1 2023 key figures: gross profit, EBITDA, working capital, ROCE
H1 2023 Gross Profit at 105.5 M€ (-8% compared to H1 2022), 5.53% on sales compared to 5.27% of H1 2022. H1 2023 EBITDA Adj. at 24.9 M€ (-34% compared to H1 2022); 1.31% on sales (1.74% on sales in H1 2022). Moving average last 4 quarters at 31 days, -1 day compared to Q1 2023 and +14 days compared
Slide 7: Solutions & Services share of sales and profitability
SOLUTIONS & SERVICES REPRESENT ~23% OF TOTAL SALES AND ~62% OF TOTAL PROFITABILITY WITH A STRONG COMBINED 3.6% EBITDA MARGIN 1,020.7 1,288.5 -267.8 -21% 5.8 12.1 -6.3 -52% 0.57% 0.94% -0.37% 427.5 471.3 -43.8 -9% 6.0 10.3 -4.3 -42% 1.40% 2.19% -0.78% 431.9 385.9 46.0 12% 12.8 13.2 -0.4 -3% 2.96% 3.4
Slide 8: H1 2023 income statement highlights
• The growth in gross profit margin (5.53% in H1 2023 against 5.27% of the previous (M/€) H1 2023 H1 2022 Var. % year), a consequence of the greater incidence of high-margin business lines which increase their weight on total sales to 46% from 41% in the first half of 2022, is unable to compensate f
Slide 9: Net invested capital and net financial position
• Net Invested Capital as of June 30, 2023 stands at 560.8 M€ and is covered by: (M/€) 30/06/2023 30/06/2022 31/03/2023 o Shareholders’ equity for 353.6 M€ (378.9 M€ as of June 30, 2022); o Cash negative for 207.2 M€ (negative for 256.9 M€ as of June 30, 2022). Fixed Assets 158.2 140.2 154.1 Operati
Slide 10: Working capital days, 4-quarter average
90 40 80 34 35 32 31 30 29 70 27 27 28 30 26 26 60 23 25 50 20 21 20 17 40 78 77 75 75 73 1269 70 68 70 66 1366 1368 1372 15 30 62 62 59 57 56 57 58 58 59 57 58 54 55 52 52 54 51 49 48 48 47 47 8 9 49 50 428 45 44 46 44 10 20 3937 4039 4239 39 40 42 37 38 37 38 38 37 3837 3738 35 35 35 35 36 5 10 5
Slide 11: Working capital days, quarterly
90 50 44 80 42 41 40 39 40 33 70 33 31 30 29 29 29 60 25 20 50 15 16 16 85 14 40 82 81 12 77 76 10 73 72 72 73 68 70 68 69 65 66 30 61 59 60 61 60 57 54 52 56 58 55 2 57 53 54 52 51 52 50 51 51 0 48 48 48 -2 43 45 45 44 20 41 40 39 40 4041 40 39 41 4143 39 38 37 36 35 34 34 36 3432 32 -8 27 -11 24 -
Slide 12: ROCE trend
30,0% 25,0% 25.1% 23.2% 20.5% 20,0% 19.7% 17.6% 15.7% 15.8% 16.2% 15.2% 15,0% 14.0% 12.9% 13.3% 11.4% 14.4% 13.1% 10.9% 11.0% 10,0% 9.4% 9.8% 11.6% 10.8% 9.6% 8.2% 8.1% 8.4% 8.6% 10.2% 9.1% 7.0% 8.3% 8.6% 8.2% 8.0% 7.9% 8.0% 7.6% 7.1% 6.9% 6.7% 7.1% 5,0% 0,0% 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1
Slide 13: Guidance 2023
Th Sina Ie @ esprinet’ enabling your tech experience GUIDANCE 2023
Slide 14: Headwinds and short-term scenario
Headwinds Short-term Scenario • The outlook remains uncertain in a highly volatile environment. • The challenging economic backdrop has a direct impact on the IT market, negatively affecting private investments. • A sharp slowdown persists due to high inflation, rising interest rates and unstable fi
Slide 15: Market outlook for H2 2023
• Based on the first signs of reduced demand in Q3, the challenges facing consumer products and the earlier arrival of the infrastructure slowdown, the market will remain under pressure with low prospects for real improvements before the start of next year. • The reduction in infrastructure growth i
Slide 16: Priorities confirmed for the Group
THE FOLLOWING PRIORITIES ARE CONFIRMED FOR THE GROUP Definitive transformation of the value-added distribution Finding value in lower Looking for new growth model, focusing on the Clear reduction in the level of profitability lines only when opportunities, also through combinations of net working ca
Slide 17: Q&A
enabling your tech experience Q&A
Slide 18: Upcoming events
IT Value-Added-Reseller (VAR) Day Event October 5th, 2023 organized by Kepler Cheuvreux 2023 Italian Excellences Mid Corporate Conference October 10th, 2023 organized by Intesa Sanpaolo Board of Directors November 13th, 2023 Approval of the Additional Financial Information as at September 30th, 2023
Slide 19: Thank you
Thank you GRAZIE + GRACIAS - OBRIGADO« DANKE « MERCI « ZA} « iff! « RR © esprinet’ enabling your tech experience