Rai Way Spa · MIL:RWAY
Rai Way Spa — H1 2021 Earnings Presentation
18 slides from Rai Way Spa's earnings presentation, Jul 28, 2021
Slide 1: 1H2021 Results Presentation
1H2021 Results Presentation 28 July 2021
Slide 2: Disclaimer
Disclaimer 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 a
Slide 3: Rai Way participants
Rai Way participants ● Aldo Mancino, Chief Executive Officer ● Adalberto Pellegrino, Chief Financial Officer ● Giancarlo Benucci, Chief Corporate Development Officer 1H2021 Results Presentation 3
Slide 4: Key messages
Key messages ● Positive 1H2021 in line with expectations: o Top-line growth (+2,0%) mainly supported by contribution of MUXes coverage extension o Adjusted EBITDA up +2,8% with profitability at 61,6% (+50 bps), despite tough comparison vs. 2Q2020 opex level positively impacted by Covid-related measu
Slide 5: Update on refarming
Update on refarming National Regional Regulatory: auctionRegulatory: outcome auction outcome • Refarming base case scenario Areas already awarded to RW P1 confirmed, with 3 MUXes as of 1Q21 results presentation* managed for RAI P2 New region awarded to RW • € 15,8m step-up in Fixed consideration (on
Slide 6: 1H2021 Financial highlights
1H2021 Financial highlights Mln Eur; % % YoY growth Core Revenues Adjusted EBITDA Net Income Adjusted EBITDA margin +2,0% +2,8% +1,3% 67,9 69,8 32,8 33,2 111,1 113,3 61,1% 61,6% 59,4% 1H2020 1H2021 1H2020 1H2021 1H2020 1H2021 Capex (1) Net debt (Net Cash) Cash conversion(2) Net Debt / 1-y rolling Ad
Slide 7: Core Revenues
Core Revenues Mln Eur; % % YoY growth ● Contribution from New Services to RAI up €3m driven by MUX coverage +2,0% extension project and DTH reconfiguration 113,3 111,1 15,7 -3,1% New services recurring contribution Third-Parties 16,2 (excl. one-offs and una tantum components) 7,6 4,2m from 7,7 Mln E
Slide 8: Opex (excluding non-recurring)
Opex (excluding non-recurring) Mln Eur; % % YoY growth +1,8% 43,2 44,0 2Q most impacted quarter by covid measures in 2020 Personnel 23,2 ● Excluding capitalizations, stable underlying personnel cost despite tough 23,4 -1,0% costs comparison (covid-related benefits recorded in 2020) mainly driven by
Slide 9: P&L
P&L Eur Mln, % 2Q 2020 2Q 2021 % YoY 1H 2020 1H 2021 % YoY Core Revenues 55,6 56,8 2,3% 111,1 113,3 2,0% Other Rev enues & income 0,0 0,4 0,0 0,5 ● 1H2021 Net Income up by 1,3% at € 33,2m Adj. EBITDA 34,8 35,6 2,2% 67,9 69,8 2,8% % margin 62,7% 62,6% 61,1% 61,6% as a result of: Non recurring costs -
Slide 10: Net Debt bridge
Net Debt bridge Mln Eur Net Debt/ 1y rolling Adj. EBITDA IFRS-16 Debt 34,3m Gross Debt 56,5m Cash&Eq -6,3m 84,5 0,61x 63,9 46,1 0,34x Including € 23,7m of development capex and small M&A (2,2) 4,5 11,8 0,5 (69,8) 29,9 Net Debt 2020YE EBITDA Capex(1) Taxes(2) Financial Δ NWC Funds & Dividend Net Debt
Slide 11: Guidance 2021 confirmed
Guidance 2021 confirmed ● Outlook based on current visibility on the evolution of pandemic emergency ADJUSTED EBITDA ● Growth of Adjusted EBITDA supported by step-up in RAI contract in 2H, although limited by: - Tough comparison with 2020 figure, positively impacted by temporary factors mainly relat
Slide 12: Q&A session
Q&A session 1H2021 Results Presentation 12
Slide 13: Contacts
Contacts - Investor Relations +39 06 331 73973 +39 06 331 74815 investor.relations@raiway.it 1H2021 Results Presentation 13
Slide 14: Appendix
Appendix 1H2021 Results Presentation 14
Slide 15: Balance sheet
Balance sheet Mln Eur Including rights of use for leasing under IFRS-16 (€ 32,0m) (16,1) (26,3) 218,6 84,5 260,9 134,1 Net Fixed Assets(1) Net Net Funds(2) Net Invested Net Debt Equity Book Value Working Capital Capital 1) Including long-term financial items and the rights of use for leasing introdu
Slide 16: Detailed summary of Income Statement
Detailed summary of Income Statement (€m; %) 2Q20 2Q21 1H20 1H21 Core revenues 55,6 56,8 111,1 113,3 Other rev enues and income 0,0 0,4 0,0 0,5 Purchase of consumables (0,0) (0,3) (0,2) (0,7) Cost of serv ices (8,6) (9,3) (18,3) (18,7) Personnel costs (12,5) (11,3) (24,4) (23,2) Other costs (0,7) (0
Slide 17: Summary of Balance Sheet
Summary of Balance Sheet (€m) 2020FY 1H2021 (€m) 2020FY 1H2021 Non current assets Shareholders' Equity Tangible assets 200,9 211,5 Share capital 70,2 70,2 Rights of use for leasing 32,5 32,0 Legal reserv es 14,0 14,0 I ntangible assets 15,9 15,5 Other reserv es 37,1 37,2 Financial assets, holdings a
Slide 18: Summary of Cash Flow Statement
Summary of Cash Flow Statement (€m) 2Q2020 2Q2021 1H2020 1H2021 Profit before income taxes 22,7 23,0 45,0 45,0 Depreciation, amortization and w rite-dow ns 10,9 12,2 21,5 24,2 Prov isions and (releases of) personnel and other funds (0,2) 0,9 0,7 1,7 Net financial (income)/expenses 0,2 0,3 0,3 0,6 Ot