Rai Way Spa · MIL:RWAY
Rai Way Spa — Q1 2023 Earnings Presentation
18 slides from Rai Way Spa's earnings presentation, May 11, 2023
Slide 1: 1Q2023 Results Presentation
1Q2023 Results Presentation 11 May 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 1Q2023 Results Presentation 3
Slide 4: Key messages
Key messages ● Strong 1Q23, in line with expectations: o Revenues up 12,8%, mainly driven by CPI-link and rising contribution from regional refarming; o EBITDA up 12,4% with profitability at 65,5%, despite unfavorable comparison on energy (1Q22 still benefitting from fixed price contract signed in 2
Slide 5: 1Q2023 Financial highlights
1Q2023 Financial highlights Mln Eur; % % YoY growth Core Revenues Adjusted EBITDA Net Income Adjusted EBITDA margin +12,8% +12,4% +25,0% 44,4 23,5 67,8 39,5 18,8 60,1 65,8% 65,5% 59,4% 1Q2022 1Q2023 1Q2022 1Q2023 1Q2022 1Q2023 Capex Net debt (Net Cash) Cash conversion(2) Net Debt / Adjusted EBITDA 9
Slide 6: Core Revenues
Core Revenues Mln Eur; % % YoY growth +12,8% 67,8 60,1 10,4 +34,0% Third-Parties 7,7 1,7 - New services 1,6 ● Rai up 9,7% reflecting CPI-indexation and termination of a minor radio service effective from 3Q22 50,8 55,8 +9,7% ● Third-party revenues up 34% boosted by new regional MUXes business, CPI-l
Slide 7: Opex (excluding non-recurring)
Opex (excluding non-recurring) Mln Eur; % % YoY growth +14,9% 23,7 ● Excluding non-core items and lower capitalization compared to 2021, 20,6 underlying Personnel cost up 3,6% 12,5 ● Difficult comparison on electricity tariffs in 1Q (total equivalent cost (1) +11,9% Personnel per MWh ca 2x YoY), wit
Slide 8: P&L 1Q2022 1Q2023
P&L Eur Mln, % 1Q2022 1Q2023 % YoY Core Revenues 60,1 67,8 12,8% Other Revenues & income1) 0,0 0,3 ● 1Q2023 Net Income up by 25,0% at € 23,5m as a result of: Adj. EBITDA 39,5 44,4 12,4% % margin 65,8% 65,5% o Significantly higher EBITDA Non recurring costs 0,0 0,0 EBITDA 39,5 44,4 12,4% o Lower D&A
Slide 9: Net Debt bridge
Net Debt bridge Mln Eur Net Debt/ 1y rolling Adj. EBITDA IFRS-16 Debt 39,4m Gross Debt 102,2m 105,0 Cash&Eq(5) -49,6m 92,0 2,2 (44,4) 13,5 9,2 0,5 6,0 0,70x Including € 4,9 m of 0,59x development capex Net Debt 2022YE EBITDA Capex(1) Taxes(2) Financial Δ NWC Funds & Net Debt @ charges(3) Other(4) 31
Slide 10: Guidance 2023 confirmed
Guidance 2023 confirmed ● Outlook based on recent levels of power futures for 2023(1) - CPI-link Adjusted Growth rate - Rising contribution from regional refarming EBITDA in the mid-teens area - Lower energy prices(1) and lower consumption - Start-up costs related to new infrastructure/services • Ma
Slide 11: Strengths in the current environment
Strengths in the current environment Contractualized revenues provide high visibility and cash generation Unchanged Resiliency commitment to of the business capital deployment model Supportive scenario • Top-line not linked to economic cycle • Net benefit from indexation to inflation • Digitalizatio
Slide 12: Q&A session
Q&A session 1Q2023 Results Presentation 12
Slide 13: Contacts
Contacts - Investor Relations +39 06 331 73973 +39 06 331 74815 investor.relations@raiway.it 1Q2023 Results Presentation 13
Slide 14: Appendix
Appendix 1Q2023 Results Presentation 14
Slide 15: Balance sheet
Balance sheet Mln Eur Including rights of use for leasing under IFRS-16 (€ 32,6 m) (16,3) (23,3) 291,5 92,0 331,1 199,5 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 16: Detailed summary of Income Statement
Detailed summary of Income Statement (€m; %) 1Q22 1Q23 Core revenues 60,1 67,8 Other rev enues and income 1 0,0 0,9 Purchase of consumables (0,3) (0,3) Cost of serv ices (8,4) (10,9) Personnel costs (11,2) (12,5) Other costs (0,7) (0,6) Opex (20,6) (24,3) Depreciation, amortization and w rite-dow ns
Slide 17: Summary of Balance Sheet
Summary of Balance Sheet (€m) 2022FY 1Q2023 (€m) 2022FY 1Q2023 Shareholders' Equity Non current assets Tangible assets 280,8 278,2 Share capital 70,2 70,2 Rights of use for leasing 33,4 32,6 Legal reserv es 14,0 14,0 I ntangible assets 19,5 19,7 Other reserv es 38,2 38,0 Financial assets, holdings a
Slide 18: Summary of Cash Flow Statement
Summary of Cash Flow Statement (€m) 1Q2022 1Q2023 Profit before income taxes 26,3 32,7 Depreciation, amortization and w rite-dow ns 12,8 11,1 Prov isions and (releases of) personnel and other funds 0,4 0,9 Net financial (income)/expenses 0,4 0,7 Other non-cash items 0,0 0,1 Net operating CF before c