Quest Holdings Sa · ATHEX:QUEST
Quest Holdings Sa — H1 2023 Earnings Presentation
28 slides from Quest Holdings Sa's earnings presentation, Sep 6, 2023
Slide 1: Corporate IR Presentation
Corporate IR Presentation Based on 6M 2023 Financial Results
Slide 2: 6M 2023 Results
01.6M 2023Results Overview Financial Performance Outlook 2
Slide 3: Quest Group at a Glance (6M 2023)
Quest Group at a Glance (6M 2023) ▪ €544m Revenues 30 Countries 42 years 2.790 ▪ €39m EBITDA International Activity (est. in 1981) Headcount ▪ €27m EBT ( ~24% of revenue) ▪ €238m Equity Active in : Revenues Track Record 2019 -2023 ▪ Commercial Activities1 € 365m ▪ Revenue CAGR 21% ▪ IT Services € 10
Slide 4: 6M 2023 Highlights
Quest Group 1 Sales €544m with growth in all segments 6M 2023 Highlights 2 Sales +13,6% / Ebitda +13% 3 High demand in IT services & Apple Products 4 Expansion of commercial operations in Romania for Xiaomi. 5 Clima Sector is performing well. 4
Slide 5: P&L (6M 2023)
P&L (6M 2023) Amounts in ,000 € 6M 2023 YoY % 6M 2022 Sales 544.024 13,6% 478.783 EBITDA 39.008 13,0% 34.510 Explanations/Clarifications: % sales 7,2% 7,2% EBIT 32.297 11,0% 29.102 ▪ Sales growth was primarily driven by Commercial Activities division which % sales 5,9% 6,1% grew at a 13,2% pace. EBT
Slide 6: P&L (6M 2023)
P&L (6M 2023) Amounts in ,000 € EBITDA 50.000 12,0% 9,9% 8,9% 8,8% 7,2% 10,0% 40.000 7,2% 2023 VS 2019 8,0% 30.000 6,0% +52% 20.000 39.251 39.008 4years CAGR 600.000 SALES 34.510 4,0% 500.000 10.000 25.645 27.146 2,0% +11% 2023 VS 2019 - 0,0% 400.000 +111% 300.000 2019 2020 2021 2022 2023 4years CAG
Slide 7: Balance sheet (6M 2023)
Balance sheet (6M 2023) Amounts in ,000 € Group Balance Sheet 6M 2023 12M 2022 Tangible & intangible assets 138.732 137.231 Right-of-use assets 23.792 24.409 Goodwill 37.025 33.780 Other 33.365 32.702 Inventories Non-current assets 232.914 107.840 228.122 77.236 €658m €238m Trade & other receivables
Slide 8: Cash Flow (6M 2023)
Cash Flow (6M 2023) Amounts in ,000 € Group Cash Flow 6M 2023 6M 2022 EBT 27.073 27.385 Depreciation/Amortization 6.710 5.408 Interests Expense / (income) 5.592 3.168 WoC (Change in Inventories, Receivables, Payables) (39.161) (24.244) Tax paid (3.781) (1.215) Other operating activities (5.964) (4.3
Slide 9: Commercial Activities Segment
Commercial Activities Segment* Info/Overview 6M Financial Results ▪ Largest distributor of H/W and S/W products in Greece ▪ €704m revenue in 2022 Amount in ,000€ 6M 2023 YoY % 6M 2022 ▪ 40%+ of ICT distribution Market in Greece Sales 364.741 13% 322.285 ▪ Certified Greek partner of major internation
Slide 10: IT Services Segment
IT Services Segment Info/Overview 6M Financial Results ▪ Leading IT integrator in domestic market ~ 20% M. Share Amount in ,000€ 6M 2023 YoY % 6M 2022 ▪ €176m revenue in 2022 Sales 101.786 20% 84.474 ▪ 30+ countries of operations EBITDA 8.860 5% 8.423 ▪ ~50% International revenues mainly within EU %
Slide 11: Courier & Postal Segment
Courier & Postal Segment Info/Overview 6M Financial Results ▪ Largest Local Courier operator in Greece (~ 24% Μ. Share ) Amount in ,000€ 6M 2023 YoY % 6M 2022 ▪ €142m revenue in 2022 Sales 72.643 9% 66.633 ▪ Leading Alternative Postal Operator in Greece (~5% Μ. Share) EBITDA 11.968 11% 10.754 ▪ 50+m
Slide 12: Renewable Energy Segment & Other
Renewable Energy Segment & Other Info/Overview 6M Financial Results ▪ €10,2m revenues for Quest Energy during 2022 due to Amount in ,000€ 6M 2023 YoY % 6M 2022 new investments Sales 4.853 -10% 5.391 ▪ Quest Energy owns 24 photovoltaic parks with > 34MW EBITDA 3.627 -4% 3.794 power % sales 74,7% 70,4
Slide 13: Segment Contribution in Sales & Ebitda (6M 2023)
Segment Contribution in Sales & Ebitda (6M 2023) Amounts in ,000 € Commercial Courier & IT Services Energy & Other Total Group Activities Postal 364.741 101.786 72.643 4.853 18,7% 13,4% 0,9% Sales 544.024 67,0% 14.553 8.860 11.968 3.627 Ebitda 9,3% 22,7% 30,7% 37,3% 39.009 EBITDA Margin 4% 8,7% 16,5
Slide 14: Segment Analysis 6M 2023
Segment Analysis 6M 2023 Amounts in ,000 € 6M 2023 (€ x 1.000) Commercial Activities ΙΤ Services Courier & Postal Renewable Energy Unallocated Total Total gross segment sales 417.508 102.647 73.170 5.104 - 598.430 Inter-segment sales (52.768) (861) (526) (251) - (54.406) Net sales 364.741 101.786 72
Slide 15: Segment Outlook
Segment Outlook IT Services Commercial Activities ▪ Sales and profits are estimated to continue to grow ▪ Initial outlook estimation for 2023 includes a growth during 2023, driven by strong demand and continuing in sales and slightly lower EBT profitability vs 2022. investments on digital transforma
Slide 16: 2023 Outlook
Group Outlook 1 Growth in sales and EBITDA profitability at pace similar to H1 is estimated, with a lower 2023 Outlook growth in EBT profitability compared to 2022. 2 Strong financial position (>€200m cash and credit lines). Actively looking for new growth investments (new solar parks, other M&A’s).
Slide 17: 02. Appendix
02. Appendix Other Corporate info More Financial Data 17
Slide 18: Quest Group at a Glance (12M 2022)
Quest Group at a Glance (12M 2022) ▪ €1.032m Revenues 30 Countries 42 years 2.599 ▪ €72m EBITDA International Activity (est. in 1981) Headcount ▪ €55m EBT ( ~24% of revenue) ▪ €239m Equity Active in : Revenues Track Record 2018 -2022 ▪ Commercial Activities1 € 704m ▪ Revenue CAGR 20% ▪ IT Services €
Slide 19: Segment Analysis 12M 2022
Segment Analysis 12M 2022 Amounts in ,000 € Discontinued 12M 2022 (€ x 1.000) Commercial Activities ΙΤ Services Courier & Postal Renewable Energy Unallocated Continued operations Total operations Total gross segment sales 829.944 176.959 142.825 10.523 409 1.160.661 27 1.160.688 Inter-segment sales
Slide 20: Operating Model
Operating Model INVESTMENT IN HAND’S ON MAJORITY SHAREHOLDER DIVERSIFIED PORTFOLIO MARKET LEADERS MANAGEMENT number Acquire and hold Subsidiaries are market Actively involved in Mitigate risk by controlling stakes in leaders in promising subsidiaries’ investing in different corporate assets sectors
Slide 21: Resilience in challenging times
Resilience in challenging times Amounts in million € 1200 Sales Market Cap 800 1000 1032 700 948 600 800 500 721 600 600 400 400 498 300 436 353 388 315 200 200 295 100 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 2023 EBITDA 180 Capital Return 80 158 160 70 76 6
Slide 22: Value Created to Investors
Value Created to Investors 7 2900 Quest share value (€) Market Cap* 6 2400 € 667m 5 General Index 1900 4 Aggregate Capital Return/ Dividends to the Shareholders 3 (2019-2023) ** 1400 2 € 114m 900 1 400 0 2017 2018 2019 2020 2021 2022 2023 RoE (=EBT/Total Equity) 60,0% Free Float 40,0% 24,73% Theodor
Slide 23: Growth Drivers
Growth Drivers Mobility Cloud & IoT E-Commerce International Markets Commercial Networks Renewable Energy Clima M&A Inorganic Growth 26
Slide 24: Quest Holdings BoD
Quest Holdings BoD Theodore Fessas Eftichia Koutsoureli Apostolos Georgantzis Markos Bitsakos Nikolaos Labroukos Ioanna Dretta President –Exec. Member Non-Exec. Member Exec. Member Exec. Member Exec. Member Independent Non-Exec. Member Founder and major Shareholder and CEO of Quest Holdings Deputy C
Slide 25: Corporate Governance
Corporate Governance ▪ The management and operation of the Quest Group is based Goals on a modern, dynamic and flexible Corporate Governance By applying the core principles of Corporate Governance, the model. company has set the following goals: ▪ Group Corporate Governance: ✓ Is in line with Greek
Slide 26: Sustainability – a strategic focus
Sustainability – a strategic focus ESG Strategy 2022-2030 Annual Sustainability ESG Ratings CSR priorities 4 Pillars - 10 Goals Reporting Participation Innovation & startup EcoSystems Environment -Reduce absolute emissions Scope 1&2 by 40% in 2030 - Climate Neutral 2050 -Circular Economy & Waste pre
Slide 27: Disclaimer
Disclaimer ▪ This document might contain estimations and forward-looking statements relating to the Group’s future business, development and economic performance. It also includes statements from sources that have not been independently verified by the Company. ▪ Such statements may be subject to a
Slide 28: Thank you
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