Tps S.p.a. · MIL:TPS
Tps — H1 2020 Earnings Presentation
19 slides from Tps's earnings presentation, September 2020
Slide 1: Investor Presentation: 1H 2020 Results and Strategic Guidelines
INVESTOR PRESENTATION September 2020 1H 2020 Results and Strategic Guidelines
Slide 2: Agenda
AGENDA TPS Group Impact of COVID-19 pandemic 1H 2020 milestones and results 2
Slide 3: Solid Growth Path Over the Years
TPS GROUP SOLID GROWTH PATH OVER THE YEARS Consolidated Revenues, € m 36.8 CAGR: +35% 24.1 19.1 14.6 8.1 2015 2016 2017 2018 2019 3
Slide 4: Sharp Focus on EBITDA and Bottom Line
TPS GROUP SHARP FOCUS ON EBITDA AND BOTTOM LINE Consolidated EBITDA, € m 7.05 CAGR: +40% 4.76 4.15 3.12 1.29 2015 2016 2017 2018 2019 Consolidated Net Income €m 0.53 1.91 2.11 2.42 2.44 4
Slide 5: Strong Financial Position
TPS GROUP STRONG FINANCIAL POSITION Consolidated Net Debt € m ▪ TPS Group had a net cash position of €4,60 m at the end of 1H 2020, -2.92 -4.56 increased by ~€1.68 m vs. Dec. 31st -2.92 2019 impact IFRS16 ▪ The effect of the application of IAS / -2.68 IFRS accounting standards, and specifically IFRS
Slide 6: Steady M&A and Integration Machine
TPS GROUP STEADY M&A AND INTEGRATION MACHINE Year Acquisitions Mergers by incorporation ▪ TPS Group has successfully acquired and integrated 12 2013 companies over the last 7 years 2015 ▪ The expansion strategy is focused on the following pillars: ‒ Strengthen the leadership 2017 position in aerospa
Slide 7: Group Structure (expected at year-end 2020)
TPS GROUP GROUP STRUCTURE (expected at year-end 2020) Group structure streamlining ongoing in H2 2020: 70% 100% 100% 100% 80% ▪ Adriatech S.r.l. merged by incorporation into TPS S.p.A. ▪ NEOS S.r.l. merged by incorporation into TPS S.p.A. ▪ TPS Aerospace Engineering S.r.l. merged by incorporation in
Slide 8: Agenda
AGENDA TPS Group Impact of COVID-19 pandemic 1H 2020 milestones and results 8
Slide 9: COVID-19 Impact on Italy
COVID-19 PANDEMIC COVID-19 IMPACT ON ITALY ▪ Italy has been hit by the spread of the Covid-19 before and more than other European countries ▪ To stop the spread of the virus, the national government decided to put the Lombardy region (where TPS Group’s Gallarate HQ is located) in lockdown since Marc
Slide 10: COVID-19 Impact on TPS Group
COVID-19 PANDEMIC COVID-19 IMPACT ON TPS GROUP ▪ TPS S.p.A. and most of the Group’s Italian subsidiaries did not have to shut down because were included among the essential services1 as defined by the DCPM2 of March 22nd and following ▪ Nevertheless, to protect as much as possible the health and saf
Slide 11: COVID-19 Impact on TPS Group's Revenues
COVID-19 PANDEMIC COVID-19 IMPACT ON TPS GROUP’S REVENUES Open during TPS Group revenues during Client Sector TPS Group revenue exposure lockdown lockdown (March & April 2020) % on TPS Group revenues 2019 % on expected within the period Client 1 Aerospace 39% 89% With delays in projects Client 2 Aut
Slide 12: COVID-19 Impact on TPS Group's Operations
COVID-19 PANDEMIC COVID-19 IMPACT ON TPS GROUP'S OPERATIONS ▪ Thanks to immediate reaction to the effect of the crisis, the reduction in revenues over the first semester of the year has been relatively low (~7%), as well as the reduction in margins (~15%) ▪ TPS Group showed resilience to the market
Slide 13: Agenda
AGENDA TPS Group COVID-19 pandemic 1H 2020 milestones and results 13
Slide 14: Key Figures 1H 2020 vs. 1H 2019
1H 2020 MILESTONES AND RESULTS KEY FIGURES 1H 2020 vs. 1H 2019 REVENUES EBITDA 12 LOCATIONS IN ITALY €m €m 16,5 15,4 ▪ Gallarate (headquarters) ▪ Bolzano 3,0 2,5 ▪ Torino (headquarters) ▪ Piacenza -7% -15% ▪ Milano ▪ Monteprandone ▪ Firenze ▪ Nichelino ▪ Roma ▪ Poirino 1H 2019 1H 2020 1H 2019 1H 202
Slide 15: Income Statement Highlights
1H 2020 MILESTONES AND RESULTS INCOME STATEMENT HIGHLIGHTS ▪ Consolidated revenues: €15.4 m ✓ -7% vs. 1H 2019 (1H 2019 does not consolidate EMTB results) ✓ Strong resilience in both technical publishing and engineering services, especially in the aerospace industry ▪ EBITDA: €2.5 m ✓ -15% vs. 1H 201
Slide 16: Balance Sheet Highlights
1H 2020 MILESTONES AND RESULTS BALANCE SHEET HIGHLIGHTS ▪ Consolidated Net Debt / (Net Cash): €(4.56) m ✓ + €1.68 m vs. Dec. 31st, 2019 ✓ Includes €2.79 m impact of IFRS 16 ✓ Cash & cash equivalents on hand : €8.5 m ▪ Net Working Capital: €13.59 m ✓ Stable in comparison with Dec 31st, 2019 (€13.35 m
Slide 17: H2 2020 Update
1H 2020 MILESTONES AND RESULTS H2 2020 update ▪ During first semester 2020 TPS Group has been fully concentrated on the crisis management and on the continuous reorganization of the work activity ▪ Some of the strategic projects (among them, the startup of our aerospace activities in USA) has been p
Slide 18: Strategic Outlook
1H 2020 MILESTONES AND RESULTS Strategic Outlook ▪ In light of its solid financial and operational fundamentals, TPS Group will not change the medium/long-term growth strategy, that is based on: ‒ Geographical diversification (EU and USA) ‒ A proven M&A organization ‒ Further expansion in adjacent i
Slide 19: group
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