Slide 1: Investor Presentation
Investor Presentation October 2022
Slide 2: Today's presenting team
Today’s presenting team Luca Tempesta Daniele Parretta Gianluca Massini Rosati CFO - Allcore SpA IR Manager - Allcore SpA Founder Chairman – Allcore SpA In Allcore since 2022 Started Allcore in 2015 In Allcore since 2017 Industry experience >7yrs Serial entrepreneur Industry experience >5 yrs Privat
Slide 3: At a glance
CN 7 Allcore At a glance
Slide 4: A growing one-stop-shop for Italian SMEs & Micro Enterprises
A growing one-stop-shop for Italian SMEs & Micro Enterprises
Slide 5: Legal headquarters and local units
Legal headquarters and local units Sedi legali Como Udine Via San Gregorio, 55 Via Forcella. 11 Milano Pordenone 20124 Milan 72015 Torino Brescia Treviso Fasano (BR) Ferrara Allcore S.p.A. YuxMe S.r.l. Rimini ST Consulting S.a.s Finera S.r.l. Pistoia Soluzione Meeting S.r.l. Amyralia Consulting S.r.
Slide 6: Allcore Spa VoP (Eu mn) FY16-1H22A
Allcore Spa VoP (Eu mn) FY16-1H22A +56% VoP CAGR FY18-21 Allcore Spa VoP (Eu mn) FY16-FY21* Clients** served by the 5,624 group in 2021 (o/w -50% recurring***) 27,5 17,5 1,88% 12,3 8,50% +42.5% VoP YoY Growth in 2021 19,3 4,15% 11,80% 13,3 5,84% 3,45% 7,3 4,94% 5,25% 2,4 83,19% 71,00% 0,1 FY16A FY17
Slide 7: …laying on a cash generative and solid business
…laying on a cash generative and solid business Net debt (Eu mn) Commercial Working Capital evolution (DSOs e DPOs) (0.9) (12.3) (0.9) (10.5) FY20 FY21 1H21 1H22 14 58 28 51 FY20 FY21 1H21 1H22 68 56 74 56 Operating Free Cash Flow evolution (Eu mn) Capex evolution (Capex/VoP) 0.9 0.5 0.8 0,8 0.8% 9.
Slide 8: Profitable and recurrent growth set to accelerate…
Profitable and recurrent growth set to accelerate… Value of Production (Eu mn) FY2020 - 1H2022 19.3 27.5 12.3 17,4 FY20 FY21 1H21 1H22 EBITDA (Eu mn) FY2020 - 1H2022 1.3 2.2 0.9 2,6* * EBITDA ADJ - Operating profit/loss (EBIT) before amortisation/depreciation adjusted for non-recurring items such as
Slide 9: Back in 2015: a fragmented market served by different consulting players…
Back in 2015: a fragmented market served by different consulting players… Large BIG 4 Enterprises Revenues > Eu50mn – Employees > 250 ✔ Large enterprises clients 3k (0.3%) ✔ Best practice consulting ✔ Well reputed brands Consulting firms & large professional studies SMEs ✔ SMEs/Large Revenues Eu1-50
Slide 10: …where Allcore occupies an interesting space
…where Allcore occupies an interesting space Micro SMEs Enterprises – – 208k 821k (20.2%) (79.5%) Revenues Eu1-50mn Revenues < Eu1mn Employees 10-240 Employees <10 Tax burden ~60%* High-quality tax and legal consulting to optimize SMEs tax Strong brand burden identity thanks to an intense marketing
Slide 11: …and offers huge potentials for crosselling
…and offers huge potentials for crosselling • Software • Exclusive • Support to • Strategic ● Fiscal and legal development community SMEs in consulting to consultancy on cryptocurrency Winning membership obtaining SMEs made by • Offers to Micro bank sector experts and digital solution for and SMEs f
Slide 12: Innovation is at the heart of Allcore processes…
Innovation is at the heart of Allcore processes… Augmented Accounting 24 developers as of 30 June 22 Artificial Intelligence Internally developed algorithms Eu2.1mn invested in R&D since foundation Technology as Business enabler ✔ Streamline lengthy non-core activities ✔ Allow professionals to focus
Slide 13: …and marketing activities
…and marketing activities Several tools used supporting marketing activities 30 resources to marketing Paid Media activities as of 30 June 2022 ca Eu3,5mn Marketing Automation marketing spend in 2,5 years (FY20- 1H22, 5,5% of SMEs and Micro enterprises VoP) Target clients Data Management ca. 50k and
Slide 14: An appealing equity story to build value on the long-term
An appealing equity story to build value on the long-term A unique value proposition addressing a clear (and large) target market A scalable business model resulting in a WIN-WIN solution for SMEs and professionals A digital-driven consulting business disrupting a laggard market A fast-growing compa
Slide 15: Plenty of room to expand the existing service offering…
Plenty of room to expand the existing service offering… development projects Specific ✔ Continue investing on ✔ Further enlarge ✔ Become credit Artificial the community provider with Intelligence network the creation ✔ Develop new ✔ Creation of of new Fintech features to take Quantico start-up on la
Slide 16: …with M&A being the potential accelerator
…with M&A being the potential accelerator Business advisors Software companies New verticals development company To speed-up To further enlarge strategic services offered Complementary consulting division to SMEs to Yuxme activity growth Private and confidential Sources: management
Slide 17: Appendix
=, — IA e = Allcore
Slide 18: Shareholding Structure
Shareholding Structure Private and confidential Sources: management *valore di conferimento
Slide 19: Corporate Governance
Corporate Governance Board of Directors G. Massini Rosati Chairman and CEO Edoardo Narduzzi A. Piovesana Independent Director Director Independent Auditor Private and confidential Sources: management
Slide 20: Financials: Income statement
Financials Income statement Description 2020A 2021A 1H2021 1H2022 Value of production 19.3 27.5 12.3 17.5 operating costs (18.0) (25.3) (11.4) (15.5) EBITDA 1.3 2.2 0.9 2.0 %on value of production 6.8% 8.0% 7.3% 11.1% Non recurring cost 0,7 EBITDA ADJ* 1.3 2.2 0.9 2.6 * Operating profit/loss (EBIT)
Slide 21: Financials: Balance sheet
Financials Balance sheet Description 2020A 2021A 1H2021 1H2022 Intangible Assets 0.7 2.9 1.5 3,6 Tangible Assets 0.0 0.1 0.0 3,5 Financial Assets 0.7 0.4 0.2 2,8 Fixed Assets 1.4 3.4 1.7 9,9 Inventory 0 2.5 0 0 Trade receivables 0.9 4.2 0.9 4,9 Trade payables (2.6) (3.5) (2.1) 4,2 Other current asse
Slide 22: Financials: Cash flow statement
Financials Cash flow statement Description 2020A 2021A 1H2021 1H2022 EBITDA 1.4 2.2 0.9 2.0 Change in NWC 0.1 (3.9) (0,0) 0.7 Interests (paid) (0.0) 0.0 0.0 0,0 Taxes (paid) (0.6) (0.3) (0,2) (0,3) Other items Operating Free Cash Flow 0.9 (2.0) 0.7 2.4 Capex (0.2) (2.6) (0,9) (1.8) Tangible (0.0) (0
Slide 23: Disclaimer
Disclaimer This document has been prepared by and is the sole responsibility of Allcore S.p.A. (“Allcore S.p.A.” or the “Company”) for the sole purpose described herein. The information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an offer to pu
Slide 24: Allcore S.p.A
Allcore S.p.A Via S. Gregorio, 55 Milan (MI) +39 800 960599 www.soluzionetasse.com