Bosqar D.d. · ZSE:BSQR
Bosqar D.d — BOSQAR — Investor Presentation (June 2024)
35 slides from Bosqar D.d's investor presentation, Jun 20, 2024
Slide 1: Investor presentation
Investor presentation June 20th 2024 1
Slide 2: Disclaimer
Disclaimer IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING. THE FOLLOWING DISCLAIMER APPLIES TO THIS PRESENTATION. FOR THE PURPOSES OF THIS DISCLAIMER, THE “PRESENTATION” MEANS THIS DOCUMENT, ITS CONTENTS OR ANY PART OF IT, ANY ORAL OR VIDEO PRESENTATION, ANY QUESTION OR ANSWER SESSION AND
Slide 3: Presenting team
Presenting team Tomislav Glavaš Vanja Vlak Ana Babić Member of the Director of Corporate Chief Financial Governance & Management Board Officer Compliance BOSQAR Inc. BOSQAR Inc. BOSQAR Inc. 3
Slide 4: Agenda
Agenda 1 Who we are ……………………………………………………………………………………………………..……………………….. 5 2 Our Growth model & Strengths ………..….………………..………………..…………………… 12 3 Governance & Sustainability ………………………………………………….……….………………….. 16 4 Deeper dive into the verticals ....………………..……………………………….…………………….. 19 5 Appendix …………………………
Slide 5: Who we are
BOS@AR INVES
Slide 6: At a glance
At a glance BOSQAR INVEST: 4 business verticales • BOSQAR Inc. (previously Meritus ulaganja Inc.) is a fast-growing CEE company builder and perpetual capital provider (Company), well-positioned to create BPTO2 HR3 eCommerce Food4 industry champions in home regions and growing them into pan-European
Slide 7: Historical development
Historical development 303 179 216 226 130 Revenue (EUR M)1 94 143 ZSE MCap (EUR M)2 43 105 90 30 2019 2020 2021 2022 2023 2024 2017 2019 2020 2021 2022 2023 2024 1st acquisition ZSE IPO MidEuropa (MEP) ZSE SPO EUR 40m SLB3 EBRD EUR 60m 4th vertical launched EUR 12.3m capital became strategic EUR 14
Slide 8: Track record
Track record 1 Revenue (EUR M) 3 100 .0 Net debt (EUR M) 1.6 x Net debt/EBITDA Adj. (x)1 1.36x 1.4 x 303 80. 0 1.35x 1.2 x 60. 0 55.9 1.0 x 179 40.4 +70% 40. 0 0.8 x 94 105 87 0.6 x 43 51 20. 0 0.4 x 0.0 (5.9) 0.2 x 2019 2020 2021 2022 2023 Q1 2023 Q1 2024 2021 2022 2023 (20.0) 0.0 x 2 EBITDA Adj. (
Slide 9: Evolution to a company builder
Evolution to a company builder Identity • Over the past few years, we gained strong track record in successfully acquiring and integrating diversified business operations. Our 4 business verticals today represent each other’s platform for future growth • On the back of successful demonstration of pe
Slide 10: Our business today
Our business today BPTO HR eCommerce Food Four verticals MPLUS Workplace Group Eplus Ventures Future Food Solutions Year of establishment 2016 2022 2023 2024 Employees1 11,600+ 2,200+ 60+ 700+ Countries 15 8 13 2 Notes: Revenue (FY2023)1 EUR 209M EUR 79M2 EUR 13M3 1) Company’s consolidated financial
Slide 11: Geographical footprint
Geographical footprint Core markets Revenue split per country, FY20231 5% 3% 6% 29% 9% EUR 303M 15% 18% 15% Turkey (29%) Serbia (18%) Croatia (15%) Germany (15%) Slovenia (9%) Hungary (6%) Countries Bulgaria (5%) Other (3%) Present in Croatia, Serbia, Bosnia and Herzegovina, Slovenia, Hungary, Turke
Slide 12: Our Growth model & Strengths
2 Our Growth model & Strengths 12
Slide 13: Growth model
Growth model Commercialize on scale and technology, cross- selling between BOSQAR INVEST growth model combines focused geographies and units M&A approach with organic growth through operational efficiency and focus on clients Continue geographic expansion by acquiring Continue intensive competitors
Slide 14: Growth model cont’d
Growth model cont’d Up-selling and cross- Expanding on Evolvement of digital selling with existing Win new clients services and innovative Operational excellence M&A Strategy geographies clients solutions • Leverage existing client base • Leverage relationships and • Expand current business • Shift
Slide 15: Strengths
Strengths • Proven buy and build platform with extensive acquisition, integration and operation track record • Strong financial profile characterized by rapid growth, strong margins and cash generation • Experienced management teams with longstanding expertise and joint track record • Value accretiv
Slide 16: Governance & Sustainability
3 Governance & Sustainability 16
Slide 17: Governance
Governance M a n a ge m e nt B o a rd S u p e r vi s o r y B o a rd • Consisting of 5 members, out of which 4 members are independent • Professionally supported by 3 Committees: • Audit Committee • Nomination Committee • Remuneration Committee Darko Horvat Tomislav Glavaš Member of the Board + Appro
Slide 18: Sustainability commitment
Sustainability commitment Selected sustainability achievements Relevant SDGs • Our corporate sustainability starts with its value system and a principles-based approach to business 1 Our spotlight SDGs 2 Our Runner-up SDGs 1st ever SLB in Croatian Capital • Organizational pillars: ethical principles
Slide 19: Deeper dive into the verticals
4 Deeper dive into the verticals 19
Slide 20: BPTO
BPTO • Mplus Croatia d.o.o. is the operational holding for BPTO vertical operating under the Key facts1 EUR 209M EUR 35.4M 11,600+ brand Mplus Revenue (FY 2023) 2 EBITDA Adj. (FY 2023) Employees • It is BPTO service provider in Europe with powerful nearshore focused delivery model and service offeri
Slide 21: BPTO
BPTO Nearshoring Attractive client mix • Nearshore delivery model provides typically higher margin due to labour cost • Highly diversified customer base with limited concentration risk and arbitrage & favourable labour laws (e.g., Turkey, CEE) low revenue churn rate (~3%1 average) • Mplus is well po
Slide 22: HR
HR • Through the acquisition of Workplace Group (closed on 1 April 2023), Bosqar In. Key facts1 EUR 79M EUR 2M positioned itself as one of the regional HR leaders Revenue (FY 2023)2 EBITDA Adj. (FY 2023) • Workplace Group owns companies operating under the Manpower brand franchise, MPS integrator, B
Slide 23: HR services ecosystem / Attractive client mix
HR HR services ecosystem1 Attractive client mix TAILORED MADE ECOSYSTEM TO SUPPORT CLIENTS THROUGH THE PROJECT LIFETIME • Workplace Group serves top local and multinational clients across 81 countries • It has diversified portfolio of over 1,4002 clients across various attractive and Need Identifyin
Slide 24: eCommerce
eCommerce Key facts1 • eCommerce vertical is operated under the brand Eplus Ventures and is EUR 13M EUR 3M established in September 2023 upon successfully executed acquisitions of: Revenue (FY2023)2 EBITDA (FY2023) ➢ Megabon in 2022 – tourist platform 60+ 2 ➢ Pink Panda in 2023 – beauty platform Emp
Slide 25: eCommerce business models and competitive advantages
eCommerce Business models Eplus Ventures competitive advantages ➢ Value add focused platforms • Eplus Ventures focus on differentiated business models for higher profit margins, customer retention, and lower acquisition costs ➢ Offers hotel packages at best market prices ➢ Multi-brand store with a w
Slide 26: Food
Food • In May 2024, Future Food Solution LLC (BOSQAR Inc.’s subsidiary company, indirectly Key facts2 EUR 111M Revenue (FY2022)1 EUR 10M EBITDA (FY2022)1 fully owned) signed an acquisition of 51% in Panvita Group (Slovenia), closing is subject to merger control authorities’ approval (Slovenia and Se
Slide 27: Food
Food Agriculture – Primary segment (i) Agriculture production – production of corn, wheat and other grains and crops used in the animal feed Revenue (EURm) EBITDA (EURm) production securing the full vertical integration of production chain. Also produces fruit and vegetables 58 47 +24% for wholesale
Slide 28: Appendix
5 Appendix 28
Slide 29: P&L in EUR M
P&L in EUR M1 2021 2022 2023 ∆% ’23/’22 Q1 2023 Q1 2024 ∆% • In the 2023, the largest adjustment of EBITDA Revenues 105.4 179.4 302.8 ↑69% 51.0 86.9 ↑70% relates to the BPTO vertical - impact of the Costs of raw materials and supplies (1.0) (2.1) (2.7) (0.2) (0.6) earthquake in operations in Turkey
Slide 30: Cash flow
Cash flow in EUR M1 31.12.2021. 31.12.2022. 31.12.2023. Q12024 • In 2023, net cash flow generated from operating Cash generated from operating activities before changes in 18.7 24.6 40.7 8.8 activities and changes in working capital working capital significantly increased, primarily due to increased
Slide 31: Balance sheet
Balance sheet in EUR M1 31/12/2021 31/12/2022 31/12/2023 31/03/2024 • Bosqar In.'s assets growth at the end of 2023 compared Non-current assets 47.6 107.7 129.2 134.2 to the end of 2022, were significantly influenced by Inventories 0.1 0.2 1.5 1.8 acquisition of several companies from HR industry Tr
Slide 32: ZSE Equity and SLB
ZSE Equity and SLB Key info – BOSQAR Inc. share Top shareholders MCap (EUR M) 1 216 Stock exchange ZSE ORSO GLOBAL LLC; 51.3% PBZ CO OPF; 9.9% ISIN HRMRULRA0009 130 Erste Plavi OPF; 9.6% ZSE ticker BSQR Fund NEK; 8.4% EUR 210M1 30 No. of shares 982,032 AZ OPF; 8.0% Raiffeisen OPF; 4.8% Share price (
Slide 33: Awards and recognitions
Awards and recognitions Development of Full corporate Big Thinking Award in Customer Experience Entrepreneurial Best Customer Global Sourcing European Small and Croatian governance the Employee management Company of the Year Experience Redesign Association reward Mid-Cap award capital market complia
Slide 34: Q&A
Q&A 34
Slide 35: Investor relations
Investor relations ir@bosqar.com 35 1