JDC Group AG · XETR:JDC
JDC — FY2022 Earnings Presentation
25 slides from JDC's earnings presentation, Mar 13, 2023
Slide 1: Earnings Call FY 2022: 2022 – positive trend in a divided year
EARNINGS CALL FY 2022: 2022 – positive trend in a divided year Dr. Sebastian Grabmaier (CEO) Ralph Konrad (CFO) JDC Group AG 13. März 2023 1
Slide 2: JDC's Earnings Call presented by
JDC‘s Earnings Call presented by Dr. Sebastian Grabmaier (CEO) Ralph Konrad (CFO) Responsible for Strategy, Sales, Responsible for IT, Operations and Products, IR/PR & Data Security Finance JDC Group AG 13. März 2023 2
Slide 3: Platform technology
Platform technology MAKING GERMAN INSURANCE DIGITAL JDC‘s platform is a market leader for the administration and processing of financial products and the #1 for insurance contracts. Currently there are 4.2M contracts on the platform. Direct Clients Next to increasing back-office efficiency thr
Slide 4: Highlights FY 2022
FY 2022 HIGHLIGHTS • Satisfying development of Advisortech business despite challenging environment Turnover • Slower growth due to weaker advisory business +6% • Turnover growth FY 2022: +6.3% to 156.1m EUR • EBITDA rises from 8.3 to 8.9m EUR (+7.4%) 146.8M 156.1M Historical development of turnover
Slide 5: A divided year
FY 2022 A DIVIDED YEAR Turnover Turnover HY 1 68.6M +18% -4% HY 2 78.2M 81.0M 75.1M HY1 2021 HY1 2022 HY2 2021 HY2 2022 EBITDA EBITDA +24% -11% 4.3M 5.4M 4.0M 3.5M HY1 2021 HY1 2022 HY2 2021 HY2 2022 JDC Group AG 13. März 2023 5
Slide 6: Composition of turnover growth & turnover split
Composition of turnover growth & turnover split Turnover development FY 2022 Advisortech turnover split FY 2022 -0.9M 6.3M -2.6% -0.3M 2.4% -9.0% IFA 5.8M +27.6% business 21.9% +6.2% 156.1M Major 146.8M customers 75.7% Direct clients IFA Major Direct FY 2021 Advisory FY 2022 business customers custo
Slide 7: FY 2022 in numbers – Group
FY 2022 FY 2022 IN NUMBERS – GROUP Q4 2022 FY 2022 FY FY Turnover in million EUR Q4 2022 Q4 2021 vs. vs. 6.3% 2022 2021 Q4 2021 FY 2021 Revenues 40.4 43.8 -7.7% 156.1 146.8 6.3% 146.8M 156.1M Advisortech 35.0 36.7 -4.6% 133.0 121.0 9.9% Advisory 8.3 9.5 -13.3% 34.7 35.7 -2.7% FY 2021 FY 2022 H
Slide 8: FY 2022 in numbers – Advisortech
FY 2022 FY 2022 IN NUMBERS – ADVISORTECH Q4 2022 FY 2022 FY FY Turnover ADVISORTECH Q4 2022 Q4 2021 vs. vs. 2022 2021 9.9% Q4 2021 FY 2021 Revenues 35.0 36.7 -4.6% 133.0 121.0 9.9% 121.0M 133.0M Gross profit 10.2 9.1 12.3% 37.2 30.9 20.6% Depreciation and FY 2021 FY 2022 -1.1 -1.3 12.0% -4.5 -4.1 -1
Slide 9: FY 2022 in numbers – Advisortech commissions
FY 2022 FY 2022 IN NUMBERS – ADVISORTECH in kEUR in kEUR HISTORICAL COMMISSION ANNUAL INCREASE OF ONE OFF SPLIT COMMISSIONS ( 12M YoY ) - other revenues excluded - 10.000 • One-off revenues grow but depend on 80.000 8.000 economic environment/consumer behaviour. +10% 6.000 2022 is a difficult year 7
Slide 10: FY 2022 in numbers – Advisory
FY 2022 FY 2022 IN NUMBERS – ADVISORY Q4 2022 FY 2022 FY FY Turnover ADVISORY Q4 2022 Q4 2021 vs. vs. 2022 2021 Q4 2021 FY 2021 -2.7% Revenues 8.3 9.5 -13.3% 34.7 35.7 -2.7% 35.7M 34.7M Gross profit 3.0 4.0 -25.5% 11.1 11.4 -2.5% Depreciation and FY 2021 FY 2022 -0.4 -0.2 -55.0% -1.3 -1.1 -19.9% amo
Slide 11: FY 2022 in numbers – Advisory turnover
FY 2022 FY 2022 IN NUMBERS – ADVISORY Turnover Post Ukraine Rebound? • Advisory business is a growing and Ukraine war/ profitable business, but its development is Inflation Post COVID depending on the actual consumer Rebound behavior COVID-crisis • Weaker sales from weaker periods are usually follow
Slide 12: Cash & liabilities
FY 2022 CASH & LIABILITIES in kEUR FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Cash on hand 21,906 22,197 21,112 17,743 16,672 Interest bearing 19,491 19,532 19,573 19,614 19,655 liabilities Net cash 2,415 2,665 1,539 -1,871 -2,983 Payments for 4. 246 1,166 1,751 own shares Cash outflows for investing 1
Slide 13: Further facts
FY 2022 FURTHER FACTS Bond 2019/2024 Development of share price 4. Quote (Tradegate): 100.30 % (March 08th, 2023) Price: 17.30 EUR (March 08th, 2023) Volume: 25,000,000 EUR 687,022 own shares coupon: 5.5% p.a Purchase price 9.09 per share ISIN: DE000A2YN1M1 Reserves 5.6M / Share value 11.9M JDC Grou
Slide 14: JDC Group – stock market data
JDC Group – stock market data Shareholder structure JDC 5% Management 11.1% Shares Outstanding 13,668,461 Great West 26.9% ISIN DE000A0B9N37 Other Shareholders 51.0% Bloomberg JDC:GR Current share EUR 17.30 price as of VKB March 08th, 2023 6% Market Cap EUR 236m Average daily trading volume approx.
Slide 15: Spotlights
Spotlights: Development of S-VM in the Provinzial region Update on JV with Bain Capital Results of recent customer survey Discussions about a european ban on commissions Acquisition of Top Ten Group JDC Group AG 13. März 2023 15
Slide 16: Roll Out S-VM in the Provinzial Region
Roll Out S-VM in the Provinzial Region ON TRACK FOR THE NEXT 10 YEARS More than 50 Savings banks have signed S- Versicherungsmanager (S-VM) contracts – more than any other competitor by far! The biggest savings bank in the Provinzial 50 Region Kreissparkasse Köln (KSK) with - approx. 1 million custo
Slide 17: Joint Venture with Bain Capital and Great West
Joint Venture with Bain Capital and Great West SUMMITAS GROUP HAS SUCCESSFULLY STARTED OPERATIONS Company is founded and operational (Shareholding: Bain 65%, Great West 25%, JDC 10%) Several 100m EUR (thereof up to 150m equity) will be invested into a roll up investment case to consolidate the Germa
Slide 18: Recent JDC customer inquiry
RECENT JDC CUSTOMER INQUIRY JDC'S PRODUCTS AND SERVICES ARE RATED GOOD TO VERY GOOD* very bad bad neutral good very good Company is founded and operational (Shareholding: Bain 65%, Great West 25%, JDC 10%) Product variety Several 100m EUR (thereof up to 150m equity) will be invested into a roll up i
Slide 19: No Real Fear of EU-Commission Ban
No Real Fear of EU-Commission Ban CURRENT DISCUSSION BETWEEN EU-COMMISSIONER MCGUINNES & EVP-LEADER IN EU-PARLIAMENT EU commissioner Mairead McGuinness opened a discussion with EVP leader Manfred Weber as she conducts election campaigns both for Irish MP and a second term as EU-commissioner and prop
Slide 20: Acquisition of TopTen Financial Network Group
Acquisition of TopTen Financial Network Group IDEAL ADDITION TO THE JDC-PLATFORM – ANTI-CYCLICAL FOR A FAVORABLE PRICE • Plus approx. EUR 20m in revenues (almost all of them recurring). Date of first consolidation likely in Q3 or Q4 • Approx. up to 1m in EBITDA, additional synergies of min. EUR 0.5
Slide 21: Guidance
Guidance JDC Group AG 13. März 2023 21
Slide 22: Guidance 2022
Guidance 2022 Adj. guidance 2022 Achievements 2022 Turnover Turnover 155 to 165 million 156.1 million EBITDA EBITDA 7.5 to 9.0 million 8.9 million Goals • Successful rollout of further savings banks in the Provinzial region 2022 • Onboarding of other public insurers (e.g. VKB) • Leverage existing pa
Slide 23: Guidance 2023
Guidance 2023 Achievements 2022 Guidance 2023 Turnover Turnover 156.1 million 175 to 190 million EBITDA EBITDA 8.9 million 11.5 to 13 million • Further development of bancassurance business Goals • 3 to 5 acquisitions of Summitas and first turnover on the JDC platform 2023 • Successful market launch
Slide 24: Thank you for your attention!
Thank you for your attention! JDC Group AG 13. März 2023 24
Slide 25: Disclaimer
Disclaimer This presentation does not address the investment objectives or financial situation of any particular person or legal entity. Investors should seek independent professional advice and perform their own analysis regarding the appropriateness of investing in any of our securities. While JDC