Rai Way Spa · MIL:RWAY
Rai Way Spa — Q1 2020 Earnings Presentation
17 slides from Rai Way Spa's earnings presentation, May 14, 2020
Slide 1: 1Q2020 Results Presentation
1Q2020 Results Presentation Rome, 14 May 2020
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, Head of Corporate Development & IR 1Q2020 Results Presentation 3
Slide 4: Key messages
Key messages In the new operating environment caused by the COVID-19 outbreak: ● Safety of people protected, preserving business continuity and public service ● First quarter results confirmed solidity and resiliency of the business ● 2020-23 Industrial Plan approved ● Implementation of the refarmin
Slide 5: 1Q2020 Financial Highlights
1Q2020 Financial Highlights Mln Eur; % % YoY growth Core Revenues Adjusted EBITDA Net Income Adjusted EBITDA margin +1,0% +0,8% +2,0% 55,0 55,6 32,9 33,1 15,7 16,0 59,7% 59,6% 59,4% 1Q2019 1Q2020 1Q2019 1Q2020 1Q2019 1Q2020 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 +1,0% 55,6 55,0 Third-Parties ● Customer mix progressively more balanced 8,2 -0,8% 8,3 ● Non-MNO customers up by ca. 3% - New services 1,6 2,2 ● Negligible benefit from CPI 45,1 ● New Services up by +50% (excluding una-tantum +1,3% components) supported by refar
Slide 7: Opex (excluding one-offs)
Opex (excluding one-offs) Mln Eur; % % YoY growth +1,0% 22,2 22,5 Personnel 11,9 -0,1% Personnel costs broadly stable 11,9 costs Other Increase in other operating costs due to higher Operating 10,3 10,5 +2,3% energy price costs 1Q2019 1Q2020 1Q2020 Results Presentation 7
Slide 8: P&L
P&L Mln Eur; % Eur Mln, % 1Q 2019 1Q 2020 % YoY Core Revenues 55,0 55,6 1,0% Other Revenues & income 0,1 0,0 ● 1Q2020 Net Income up by 2,0% at Adj. EBITDA 32,9 33,1 0,8% €16,0m as a result of: % margin 59,7% 59,6% o Higher top-line Non recurring costs 0,0 0,0 o Steady profitability EBITDA 32,9 33,1
Slide 9: Cash flow generation
Cash flow generation Mln Eur; % Net Debt/ 1y rolling Adj. EBITDA 0,07x 9,5 0,02x - IFRS 16 40,4m 2,6 - Gross Debt 0,5m 1,2 - Cash&Eq -38,2m 9,7 (33,1) 0,2 Change in NWC reflecting: - usual tax and capex cycle dynamics 6,3 - temporary build up of trade receivables (mainly from MNOs), already mostly r
Slide 10: Balance sheet
Balance sheet Mln Eur; % Including rights of use for leasing under IFRS-16 (€ 35,3m) 1,7 (27,7) 202,8 2,6 228,8 200,2 Net Fixed Net Net Funds(2) Net Invested Net Debt Equity Book Assets(1) Working Capital Value Capital (1) Including long-term financial items and the rights of use for leasing introdu
Slide 11: Guidance 2020 confirmed
Guidance 2020 confirmed In light of the operating evidences and based on the information available so far, impacts from COVID-19 emergency on the company expected to be managed maintaining the full year outlook already disclosed on 12 March ADJUSTED EBITDA ● Further organic growth of Adjusted EBITDA
Slide 12: Q&A session
Q&A session
Slide 13: Contacts
Contacts - Investor Relations Upcoming Events +39 06 331 73973 Date Event +39 06 331 74815 24/06/2020 Shareholders’ Meeting 30/07/2020 1H20 results investor.relations@raiway.it 12/11/2020 3Q20 results 1Q2020 Results Presentation 13
Slide 14: Appendix
Appendix
Slide 15: Detailed summary of Income Statement
Detailed summary of Income Statement (€m; %) 1Q19 1Q20 Core revenues 55,0 55,6 Other revenues and income 0,1 0,0 Purchase of consumables (0,3) (0,2) Cost of services (9,5) (9,7) Personnel costs (11,9) (11,9) Other costs (0,5) (0,6) Opex (22,2) (22,5) Depreciation, amortization and write-downs (10,4)
Slide 16: Summary of Balance Sheet
Summary of Balance Sheet 2019FY 1Q2020 2019FY 1Q2020 (€m) (€m) Non current assets Shareholders' Equity Tangible assets 177,6 178,5 Share capital 70,2 70,2 Rights of use for leasing 36,2 35,3 Legal reserves 14,0 14,0 Intangible assets 14,3 13,7 Other reserves 37,1 37,1 Financial assets, holdings and
Slide 17: Summary of Cash Flow Statement
Summary of Cash Flow Statement (€m) 1Q2019 1Q2020 Profit before income taxes 22,1 22,3 Depreciation, amortization and write-downs 10,4 10,6 Provisions and (releases of) personnel and other funds 0,6 0,9 Net financial (income)/expenses 0,3 0,2 (Retained earnings)/Losses carried forward - Effect of IF