Rai Way Spa · MIL:RWAY
Rai Way Spa — H1 2015 Earnings Presentation
17 slides from Rai Way Spa's earnings presentation, Jul 30, 2015
Slide 1: 1H2015 Results Presentation
1H2015 Results Presentation Rome, 30th July 2015 30 July 2015 1 1H2015 Results
Slide 2: Forward Looking Statements
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 and assumpti
Slide 3: Rai Way Participants
Rai Way Participants • Camillo Rossotto, Chairman • Stefano Ciccotti, Chief Executive Officer • Adalberto Pellegrino, Chief Financial Officer • Giancarlo Benucci, Head of Investor Relations 30 July 2015 3 1H2015 Results
Slide 4: 1H2015 Financial Highlights
1H2015 Financial Highlights Financial Highlights In 1H2014, Pro Forma figures assume the impact of the Eur Mln, % 2Q 2014 PF 2Q 2015 % YoY 1H 2014 PF 1H 2015 % YoY new service contracts with RAI as effective from 1st Core Revenues 51,7 52,6 1,7% 103,5 105,0 1,4% January 2014 Other Rev enues 1,3 0,3
Slide 5: Core Revenues
Core Revenues Eur Mln; % 1H Core Revenues 103,5 105,0 +1,4% • Revenues from RAI driven by the step-up in the fixed 17,0 -2,8% consideration included in the service contract (from € Third Party 17,5 171m in 2014 to € 175m in 2015, on a yearly basis) • 1H15 Third Party performance impacted by lower RA
Slide 6: Third Party Revenues breakdown
Third Party Revenues breakdown Eur Mln; % 1H15 Third Party Revenues breakdown by service MNOs(1) 75% Other customers 25% Broadcasting 3,0% 1,8% Transmission 94,0% 1,2% Network Services Tower Hosting € 17,0m • Tower Hosting stable at 94,0% of Third Party revenues 30 July 2015 (1) MNOs: Telecom Italia
Slide 7: Opex
Opex Eur Mln; % 1H Opex (excluding non-recurring) 51,9 51,6 -0,6% • Personnel costs up 3,3% vs. 1H14 mainly driven by completion of organizational structure after IPO Personnel 23,1 23,9 +3,3% costs • Other Operating costs declined by 3,8% vs. 1H14, mainly driven by maintenance, utilities and ICT Ot
Slide 8: From Adjusted EBITDA to Net Income
From Adjusted EBITDA to Net Income P&L Eur Mln, % 2Q 2014 PF 2Q 2015 % YoY 1H 2014 PF 1H 2015 % YoY Adj. EBITDA 28,1 27,9 -0,8% 53,1 53,9 1,5% • 1H15 EBITDA at € 53,8m, up 1,2% vs. 1H15, with a % margin 54,3% 53,0% 51,3% 51,4% margin of 51,2% One-off 0,0 -0,1 0,0 -0,1 • 1H15 EBITDA including non rec
Slide 9: Cash Flow generation
Cash Flow generation Net Debt/1y rolling Adj. EBITDA Eur Mln; % 0,69x 0,62x 5,6 Mln from reduction of Trade payables mainly related to 72,5 65,5 capex cycle (reported in 2H and 0,8 cashed-out in 1H) 33,6 (53,8) 8,7 0,9 9,6 7,1 Net Debt EBITDA Capex Taxes(1) Financial ∆Net Dividend Funds & Net Debt 2
Slide 10: Balance Sheet
Balance Sheet Eur Mln 1H2015 Balance Sheet 18,2 (33,4) 212,9 • Conservative capital structure with € 72,5m 72,5 Net Debt as of June 2015: - 0.69x Net Debt/1y-rolling Adj. EBITDA 228,1 - 0.52x Net Debt/Equity book value 140,4 Net Fixed Net Net Funds Net Net Debt Equity Book (2) Assets (1) Working Inv
Slide 11: 2015 Outlook confirmed
2015 Outlook confirmed • EBITDA 2015 EBITDA expected to increase by ∼ € 2m compared to 2014 level • Capex 2015 Capex expected at ∼ € 40m, including maintenance and first tranche of development capex for new services to RAI • Net Debt 2015YE Net Debt targeted at ∼ € 50m 2015-2019 Industrial Plan to b
Slide 12: Q & A session
Q & A session —— —__—_
Slide 13: Contacts
Contacts - Investor Relations Upcoming events Date Event +39 06 331 73973 September 2015 2015-19 Industrial Plan investor.relations@raiway.it 03/11/2015 3Q15 results 30 July 2015 13 1H2015 Results
Slide 14: Appendix
Appendix ——— LIDDDTT TTT
Slide 15: Detailed summary of Income Statement
Detailed summary of Income Statement (€m; %) 2Q14 2Q14 PF 2Q15 1H14 1H14 PF 1H15 Core revenues 28.1 51.7 52.6 63.4 103.5 105.0 Other revenues 1.3 1.3 0.3 1.5 1.5 0.5 Purchase of consumables (0.3) (0.3) (0.3) (0.8) (0.8) (0.6) Serv ice costs (13.1) (12.3) (12.4) (28.0) (26.4) (25.4) Personnel costs (
Slide 16: Summary of Balance Sheet
Summary of Balance Sheet (€m) 2014FY 1H2015 (€m) 2014FY 1H2015 Non current assets Non current assets Equity Tangible assets 243.1 227.0 Share capital 70.2 70.2 Intangible assets 0.6 0.6 Legal reserv es 6.9 8.1 Non-current financial assets 0.6 0.5 Other reserves 37.1 37.1 Non-current tax assets 5.4 5
Slide 17: Summary of Cash Flow Statement
Summary of Cash Flow Statement (€m) 2Q2014 2Q2015 1H2014 1H2015 Earnings before taxes 5.2 15.5 14.4 29.4 D&A 0.1 11.6 0.3 23.3 Prov isions and others (0.7) (1.3) (0.1) (1.3) Net financial Income (1.6) 0.6 (3.2) 1.0 Other non-monetary items (0.6) 0.0 (0.6) 0.0 Net operating CF before change WC 2.4 26