Rai Way Spa · MIL:RWAY
Rai Way Spa — Q1 2022 Earnings Presentation
17 slides from Rai Way Spa's earnings presentation, May 12, 2022
Slide 1: 1Q2022 Results Presentation
1Q2022 Results Presentation 12 May 2022
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, Chief Corporate Development Officer 1Q2022 Results Presentation 3
Slide 4: Key messages
Key messages ● Robust 1Q22 growth, in line with expectations: o Revenues up 6,5%, driven by refarming for RAI (step-up effective from 2H21) and CPI; first impact from regional refarming with contribution expected to grow materially in the coming quarters o EBITDA up 15,5% with profitability at 65,8%
Slide 5: 1Q2022 Financial highlights
1Q2022 Financial highlights Mln Eur; % % YoY growth Core Revenues Adjusted EBITDA Net Income Adjusted EBITDA margin +15,5% +11,7% 18,8 +6,5% 39,5 16,8 56,5 60,1 34,2 65,8% 60,6% 59,4% 1Q2021 1Q2022 1Q2021 1Q2022 1Q2021 1Q2022 Capex Net debt (Net Cash) Cash conversion(2) Net Debt / Adjusted EBITDA 13
Slide 6: Core Revenues
Core Revenues Mln Eur; % % YoY growth +6,5% 60,1 56,5 7,7 Third-Parties -2,0% 7,9 ● Rai Fixed Consideration up 8,2% driven by refarming-related step-up 1,6 and CPI - New services 1,6 ● Excluding the impact from expiration of certain lower-margin non- hospitality services, stabilization of third-part
Slide 7: Opex (excluding non-recurring)
Opex (excluding non-recurring) Mln Eur; % % YoY growth -7,5% 22,3 20,6 ● Excluding non-core impacts, underlying personnel cost relatively flat reflecting stable headcount Personnel 11,9 -5,7% costs ● Other Opex down by approx. 10% fully driven by lower electricity costs 11,2 benefitting from: − lowe
Slide 8: P&L
P&L Eur Mln, % 1Q2021 1Q2022 % YoY Core Revenues 56,5 60,1 6,5% Other Revenues & income 0,1 0,0 ● 1Q2022 Net Income up by 11,7% at € 18,8m Adj. EBITDA 34,2 39,5 15,5% as a result of: % margin 60,6% 65,8% Non recurring costs 0,0 0,0 o Higher top-line EBITDA 34,2 39,5 15,5% % margin 60,6% 65,8% o Prof
Slide 9: Net Debt bridge
Net Debt bridge Mln Eur Net Debt/ 1y rolling Adj. EBITDA IFRS-16 Debt 38,0m 87,9 Gross Debt 69,4m Cash&Eq(5) -36,5m 70,8 (39,5) 5,7 (0,2) 7,5 0,3 9,2 0,61x 0,48x Including € 8,5 m of development capex Net Debt 2021YE EBITDA Capex(1) Taxes(2) Financial Δ NWC Funds & Net Debt @ charges(3) Other(4) 31/
Slide 10: Guidance 2022 confirmed
Guidance 2022 confirmed REVENUES ● Mid-single-digit revenue growth driven by CPI, refarming for RAI and refarming for third parties ADJUSTED EBITDA ● Growth of Adjusted EBITDA, assuming a progressive normalization of electricity prices ❖ In the event of sustained high level of prices: - CPI-link on
Slide 11: Q&A session
Q&A session 1Q2022 Results Presentation 11
Slide 12: Contacts
Contacts - Investor Relations +39 06 331 73973 +39 06 331 74815 investor.relations@raiway.it 1Q2022 Results Presentation 12
Slide 13: Appendix
Appendix 1Q2022 Results Presentation 13
Slide 14: Balance sheet
Balance sheet Mln Eur Including rights of use for leasing under IFRS-16 (€ 33,9 m) (14,6) (25,8) 255,8 70,8 296,1 184,9 Net Fixed Assets(1) Net Net Funds(2) Net Invested Net Debt Equity Book Value Working Capital Capital 1) Including long-term financial items and the rights of use for leasing introd
Slide 15: Detailed summary of Income Statement
Detailed summary of Income Statement (€m; %) 1Q21 1Q22 Core revenues 56,5 60,1 Other rev enues and income 0,1 0,0 Purchase of consumables (0,3) (0,3) Cost of serv ices 1 (9,5) (8,4) 1 Personnel costs (11,9) (11,2) Other costs (0,6) (0,7) Opex (22,3) (20,6) Depreciation, amortization and w rite-dow n
Slide 16: Summary of Balance Sheet
Summary of Balance Sheet (€m) 2021FY 1Q2022 (€m) 2021FY 1Q2022 Shareholders' Equity Non current assets Share capital 70,2 70,2 Tangible assets 244,5 244,4 Rights of use for leasing 31,5 33,9 Legal reserv es 14,0 14,0 I ntangible assets 17,2 16,3 Other reserv es 37,3 37,5 Financial assets, holdings a
Slide 17: Summary of Cash Flow Statement
Summary of Cash Flow Statement (€m) 1Q2021 1Q2022 Profit before income taxes 22,0 26,3 Depreciation, amortization and w rite-dow ns 12,0 12,8 Prov isions and (releases of) personnel and other funds 0,9 0,4 Net financial (income)/expenses 0,3 0,4 Other non-cash items - 0,0 Net operating CF before cha