Rai Way Spa · MIL:RWAY
Rai Way Spa — 9M 2021 Earnings Presentation
18 slides from Rai Way Spa's earnings presentation, Nov 11, 2021
Slide 1: 9M2021 Results Presentation
9M2021 Results Presentation 11 November 2021
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 9M2021 Results Presentation 3
Slide 4: Key messages from 9M2021: execution to support growth
Key messages from 9M2021: execution to support growth ● Positive 9M2021 results, with the effects of development activities on growth beginning to be more visible: o Excluding non-core items, top-line growth of ca. +3% in 9M and above 4% in 3Q driven by the step-up in RAI contract effective from 1st
Slide 5: 9M2021 Financial highlights
9M2021 Financial highlights Mln Eur; % % YoY growth Core Revenues Adjusted EBITDA Net Income Adjusted EBITDA margin +2,2% +5,2% +3,8% 110,0 50,8 52,8 168,0 171,8 104,5 62,2% 64,0% 59,4% 9M2020 9M2021 9M2020 9M2021 9M2020 9M2021 Capex (1) Net debt (Net Cash) Cash conversion(2) Net Debt / 1-y rolling
Slide 6: Core Revenues
Core Revenues Mln Eur; % % YoY growth Excluding non-core items, ● Refarming-related step-up in revenues from RAI (€ 15,8m + € 0,6m from 3Q21 top-line growth above 4% reclassified new services on an annual basis) +2,2% Restatement of Revenues from RAI from 1st July 2021 171,8 168,0 13,5 23,4 -7,2% Ne
Slide 7: Opex (excluding non-recurring)
Opex (excluding non-recurring) Mln Eur; % % YoY growth -1,9% 63,5 62,3 ● Excluding capitalizations and non-core items, underlying personnel cost Personnel 32,7 31,7 down -0,5% vs. 9M2020 reflecting benefits from headcount reduction costs -3,0% and lower temporary savings due to covid-related safety
Slide 8: CPI-link provides natural hedge vs rising electricity prices
CPI-link provides natural hedge vs rising electricity prices ● Rising electricity prices also reflected in higher inflation o CPI (FOI index) estimated at ca. +3% in October 2021 or ca. +1% excluding energy components (1) ● Current annual electricity contract, based on fixed price, effective from Ap
Slide 9: P&L
P&L Eur Mln, % 3Q 2020 3Q 2021 % YoY 9M 2020 9M 2021 % YoY Core Revenues 56,9 58,4 2,7% 168,0 171,8 2,2% Other Revenues & income 0,0 0,0 0,0 0,5 ● 9M2021 Net Income up by 3,8% at € 52,8m Adj. EBITDA 36,6 40,1 9,8% 104,5 110,0 5,2% as a result of: % margin 64,3% 68,7% 62,2% 64,0% Non recurring costs
Slide 10: Net Debt bridge
Net Debt bridge Mln Eur Net Debt/ 1y rolling Adj. EBITDA IFRS-16 Debt 33,8m Gross Debt 71,5m Cash&Eq -7,1m 98,1 0,69x 64,0 46,1 Including € 46,6 m of 0,34x development capex 7,0 and small M&A 15,3 0,7 19,4 (110,0) 55,5 Net Debt 2020YE EBITDA Capex(1) Taxes(2) Financial Δ NWC Funds & Dividend Net Deb
Slide 11: Guidance 2021
Guidance 2021 ADJUSTED EBITDA ● Growth of Adjusted EBITDA supported by step-up in RAI contract in 2H, although limited by: - Tough comparison with 2020 figure, positively impacted by temporary factors mainly related to COVID-19 outbreak - Slightly negative CPI recorded in 2020 Compared to initial ex
Slide 12: Q&A session
Q&A session 9M2021 Results Presentation 12
Slide 13: Contacts
Contacts - Investor Relations +39 06 331 73973 +39 06 331 74815 investor.relations@raiway.it 9M2021 Results Presentation 13
Slide 14: Appendix
Appendix 9M2021 Results Presentation 14
Slide 15: Balance sheet
Balance sheet Mln Eur Including rights of use for leasing 1,5 under IFRS-16 (€ 30,9 m) (25,3) 251,8 98,1 275,7 153,7 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 introduce
Slide 16: Detailed summary of Income Statement
Detailed summary of Income Statement (€m; %) 3Q20 3Q21 9M20 9M21 Core revenues 56,9 58,4 168,0 171,8 Other rev enues and income 0,0 0,0 0,0 0,5 Purchase of consumables (0,3) (0,3) (0,5) (1,0) Cost of serv ices (10,2) (8,8) (28,5) (27,5) Personnel costs (9,3) (8,5) (33,7) (31,7) Other costs (0,6) (0,
Slide 17: Summary of Balance Sheet
Summary of Balance Sheet (€m) 2020FY 9M2021 (€m) 2020FY 9M2021 Shareholders' Equity Non current assets Share capital 70,2 70,2 Tangible assets 200,9 227,7 Legal reserv es 14,0 14,0 Rights of use for leasing 32,5 30,9 Other reserv es 37,1 37,2 I ntangible assets 15,9 15,2 Retained earnings 63,5 52,2
Slide 18: Summary of Cash Flow Statement
Summary of Cash Flow Statement (€m) 3Q2020 3Q2021 9M2020 9M2021 Profit before income taxes 25,0 27,2 70,0 72,2 Depreciation, amortization and w rite-dow ns 11,2 12,5 32,7 36,7 Prov isions and (releases of) personnel and other funds 2,3 (0,9) 3,0 0,9 Net financial (income)/expenses 0,2 0,4 0,5 1,0 Ot