Rai Way Spa · MIL:RWAY
Rai Way Spa — 9M 2023 Earnings Presentation
19 slides from Rai Way Spa's earnings presentation, Nov 14, 2023
Slide 1: 9M2023 Results Presentation
9M2023 Results Presentation 14 November 2023
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 ● Roberto Cecatto, Chief Executive Officer ● Adalberto Pellegrino, Chief Financial Officer ● Giancarlo Benucci, Chief Corporate Development Officer 9M2023 Results Presentation 3
Slide 4: Key messages
Key messages ● Strong 9M23 performance: 9M23 FINANCIAL RESULTS o Revenues up 10.7% (or ca. +12% excluding non-recurring effects) benefitting from CPI-link and rising contribution of regional refarming o Adjusted EBITDA up 19.6%, supported by top-line growth, material reduction in electricity prices
Slide 5: New infra & services projects: progress update
0% >>> 100% Project estimated Activity progress: New infra & services projects: progress update capex Procedure to select Selection & tech partner Network architecture design prioritization of edge locations to Roll-out ~15m Agreement to access Edge in the CDN host cache TLC Access Network next 3y ~
Slide 6: 9M2023 Financial highlights
9M2023 Financial highlights Mln Eur; % % YoY growth Core Revenues Adjusted EBITDA Net Income Adjusted EBITDA margin +10,7% +19,6% +24,1% 69,8 204,1 138,4 56,3 184,4 115,7 59,4% 62,7% 67,8% 9M2022 9M2023 9M2022 9M2023 9M2022 9M2023 Capex(1) Net debt (Net Cash) Cash conversion(2) Net Debt / LTM Adjust
Slide 7: Core Revenues
Core Revenues Mln Eur; % % YoY growth +10,7% 204,1 184,4 ● Excluding non-recurring impacts (e.g. termination of a minor radio 31,5 +23,3% Third-Parties service in 3Q22), RAI fixed consideration up in line with CPI 25,6 5,1 - New services 4,5 ● New services to RAI up 11,8% driven by inflation and a n
Slide 8: Opex (excluding non-recurring)
Opex (excluding non-recurring) Mln Eur; % % YoY growth -4,3% ● Excluding non-core components, Personnel cost up approx. 4% 69,1 66,1 ● Approx 14% reduction of Other Operating costs: Personnel o 9M energy bill down 42% vs. 2022 as a result of sharp price decline 31,8 costs (especially compared to 3Q2
Slide 9: P&L
P&L Mln, %Eur Mln, % 3Q2022 3Q2022 3Q2023 3Q2023 % YoY % YoY 9M2022 9M2022 9M2023 9M2023 % YoY % YoY e Revenues Core Revenues 63,2 63,2 68,2 68,2 7,9% 7,9% 184,4 184,4 204,1 204,110,7% 10,7% er Revenues & income Other Revenues & income 1) 0,1 0,1 0,1 0,1 0,4 0,4 0,4 0,4 9M2023 Net Income up by 24,1%
Slide 10: Net Debt bridge
Net Debt bridge Mln Eur Net Debt/ 1y rolling Adj. EBITDA IFRS-16 Debt 38,4m Gross Debt 106,7m Cash&Eq(5) -11,6m 133,6 105,0 73,7 0,70x 0,77x 7,0 (134,8) Including € 19,7 m of 25,2 development capex 2,3 27,8 27,5 Net Debt 2022YE EBITDA Capex(1) Taxes(2) Financial Δ NWC Funds & Dividend payment Net De
Slide 11: Debt refinancing
Debt refinancing ● Amount: € 185m (vs previous € 170m), of which € 143m Term loan (with bullet repayment at maturity) + € 42m Revolving ● Term Loan to be drawn as needed upon borrower’s request (€ 101m drawn as of today) ● Tenor: 3 years ● Interest: Euribor (0 floor) + 1,10% ● Commitment fee: 35% of
Slide 12: 2023 Adjusted EBITDA guidance raised
2023 Adjusted EBITDA guidance raised ● Outlook based on recent levels of power futures for the rest of 2023(1) - CPI-link Adjusted Growth rate now expected - Rising contribution from regional refarming EBITDA in the «high-teens area» - Lower energy prices(1) and lower consumption - Start-up costs re
Slide 13: Q&A session
Q&A session 9M2023 Results Presentation 13
Slide 14: Contacts
Contacts - Investor Relations +39 06 331 73973 +39 06 331 74815 investor.relations@raiway.it 9M2023 Results Presentation 14
Slide 15: Appendix
Appendix 9M2023 Results Presentation 15
Slide 16: Balance sheet
Balance sheet Mln Eur Including rights of use for leasing under IFRS-16 (€ 32,3 m) (4,6) (22,0) 305,5 133,6 332,0 171,9 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 introd
Slide 17: Detailed summary of Income Statement
Detailed summary of Income Statement (€m; %) 3Q22 3Q23 9M22 9M23 Core revenues 63,2 68,2 184,4 204,1 Other rev enues and income 1 1,5 0,1 1,8 1,6 Purchase of consumables (0,4) (0,3) (1,0) (0,9) Cost of serv ices (16,5) (9,6) (35,7) (30,4) Personnel costs (9,5) (10,0) (31,8) (37,5) Other costs (0,6)
Slide 18: Summary of Balance Sheet
Summary of Balance Sheet (€m) 2022FY 9M2023 (€m) 2022FY 9M2023 Non current assets Shareholders' Equity Tangible assets 280,8 278,5 Share capital 70,2 70,2 Rights of use for leasing 33,4 32,3 Legal reserv es 14,0 14,0 I ntangible assets 19,5 20,6 Other reserv es 38,2 37,8 Financial assets, holdings a
Slide 19: Summary of Cash Flow Statement
Summary of Cash Flow Statement (€m) 3Q2022 3Q2023 9M2022 9M2023 Profit before income taxes 26,9 34,8 78,5 97,6 Depreciation, amortization and w rite-dow ns 10,2 11,6 35,9 34,3 Prov isions and (releases of) personnel and other funds 0,9 (0,8) 0,3 1,1 Net financial (income)/expenses 0,4 1,1 1,2 2,8 Ot