A.b.p. Nocivelli S.p.a. · MIL:ABP
A.b.p. Nocivelli — FY2021/2022 Earnings Presentation
26 slides from A.b.p. Nocivelli's earnings presentation, Sep 28, 2022
Slide 1: FY 2021/2022 Financial Results and Strategy Update
NOCIVELLI ABP FY 2021/2022 FINANCIAL RESULTS AND STRATEGY UPDATE September 28,2022
Slide 2: Agenda
Agenda ▪ FINANCIAL HIGHLIGHTS & FY 2021/2022 RESULTS ▪ BUSINESS & STRATEGY UPDATE ▪ Q&A 3
Slide 3: Leader in supplying PA with energy services
Leader in supplying PA with energy services • ABP Nocivelli is specialised 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
Slide 4: Business Units
Business Units BREAKDOWN BY DIVISION - FY 2020/21 SERVICES - technological and facility management services focused on energy and heating solutions: Construction Petroleum products 5% 10% • Energy: supply of goods and services aimed at maintaining the “comfort conditions” of buildings, while focusin
Slide 5: 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 6: FY Highlights
FY Highlights 1 Robust FY performance • Sound and growing profitability at all levels • Strong backlog confirmed at EUR 600m providing visibility for the upcoming next 10 years • Robust cash flow generation leading to a proposed dividend distribution of EUR 0.049 per share • Value of production slig
Slide 7: Key data FY 2021/2022
Key data FY 2021/2022 61,3m 13,9m 9,6m Value of production EBITDA Net income FY 2021/2022 FY 2021/2022 FY 2021/2022 (-4,5% vs. FY ‘20/’21) (+13,7% vs. FY ‘20/’21) (+10,7% vs. FY ‘20/’21) 53,7m 39,7m 600m Shareholders’ equity PFN - Cash positive Backlog FY 2021/2022 FY 2021/2022 at 2031 (44,2m at FY
Slide 8: Sound, growing profitability at all levels
Sound, growing profitability at all levels Value of production 2020-2022 (€m) -4,5% EBITDA 2020-2022 (€m) - EBITDA margin % 13,8% YoY YoY 64,2 61,5 61,3 16,0 13,9 25,0% 14,0 12,2 11,2 22,7% 20,0% 12,0 10,0 19,1% 15,0% 18,3% 8,0 10,0% 6,0 4,0 5,0% 2,0 0,0 0,0% 2019/20 2020/21 2021/22 2019/20 2020/21
Slide 9: Strong cash generation
Strong cash generation 21,7% 25,9% YoY YoY Shareholders' equity FY 2020-2022 (€m) Net financial position, cash 2020-2022(€m) 53,7 2019/20 2020/21 2021/22 44,2 34,9 -18,5 2019/20 2020/21 2021/22 -31,5 -39,7 • Robust, consistent Shareholders' Equity up to EUR 53,7m • Strong improvement in net cash pos
Slide 10: Resilient business performance in FY 2021/2022
Resilient business performance in FY 2021/2022 PROFIT & LOSS FY '20/'21 FY '21/'22 % change 30.06.2021 30.06.2022 FY'21/FY'22 • Slight decrease at top line level due to the expiry Value of production 64,2 61,3 -4,5% of some contracts and construction activities / pass-through revenues EBITDA 12,2 13
Slide 11: Ongoing positive newsflow
Ongoing positive 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 12: Agenda
AGENDA ▪ FINANCIAL HIGHLIGHTS & FY 2021/2022 RESULTS ▪ BUSINESS & STRATEGY UPDATE ▪ Q&A 13
Slide 13: Key success factors
Key success factors Long-lasting Know-how Integrated experience Offer Certifications Solid BS and financial growth 14
Slide 14: Key take aways and outlook
Key take aways and outlook 1 Resilient FY 2022 results with business on track and balance sheet improved 2 Inflationary pressures under control thanks to price revision mechanisms in key contracts 3 Global infrastructure market remains strong and proven to be resilient 4 In Italy, investments in inf
Slide 15: Solid stability and high visibility long term
Solid stability and high visibility long term 1 Thirty-years’ experience and strong competitive edge in the facility management services to PA 2 Integrated and flexible offer of services 3 Use of "Public Private Partnership" model for the construction of new hospitals. Growth in the PPP market, back
Slide 16: Steady growth and robust profitability over the years
Steady growth and robust profitability over the years Value of production 2016-2022 (€m) 12,1% EBITDA 2016-2022 (€m) - EBITDA margin % CAGR 63,4 64,9 64,2 61,5 61,3 16,0 13,9 25,0% 58,3 14,0 12,2 22,7% 20,0% 12,0 11,2 10,0 19,1% 8,3 18,3% 15,0% 7,9 8,0 7,1 12,4% 12,8% 6,0 12,2% 10,0% 4,0 5,0% 2,0 0,
Slide 17: Agenda
AGENDA ▪ FINANCIAL HIGHLIGHTS & FY 2021/2022 RESULTS ▪ BUSINESS UPDATE ▪ Q&A 18
Slide 18: Appendix 1: Profit & Loss
Appendix 1: Profit & Loss PROFIT & LOSS FY 2020-2021 FY 2021-2022 % change Reclassified statement (€/m) 30.06.2021 30.06.2021 FY'20'21/21'22 Sales 60,50 51,66 -14,6% Other revenues and change in WIP 3,70 9,67 161,3% Value of production 64,20 61,33 -4,5% EBITDA 12,26 13,93 13,7% EBITDA margin 19,1% 2
Slide 19: Appendix 2: Balance Sheet and Cash Flow
Appendix 2: Balance Sheet and Cash Flow BALANCE SHEET FY 2020-2021 FY 2021-2022 % change CASH FLOW FY 2020-2021 FY 2021-2022 % change Reclassified statement (€/m) 30.06.2021 30.06.2021 FY'20'21/21'22 Reclassified statement (€/m) 30.06.2021 30.06.2021 FY'20'21/21'22 Intangible fixed assets 4,23 6,52
Slide 20: Appendix 3: Streamline PA purchases
Appendix 3: Streamline PA 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 come unde
Slide 21: Appendix 4: Strong PPP market in Italy
Appendix 4: 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 e
Slide 22: Appendix 4: Huge amount of funds in Italian PNRR
Appendix 4: 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 a
Slide 23: Appendix 5: Traditional public tender, and the PPP
Appendix 5: “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 joint
Slide 24: Appendix 6: Certifications
Appendix 6: 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 indust
Slide 25: 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 26: Thank you for your time
THANK YOU FOR YOUR TIME www.abpnocivelli.com investor.relations@abpnocivelli.com