Slide 1: Q1 2023 Results Presentation
© esprinet’ enabling your tech experience Q1 2023 Results Presentation May 16th, 2023
Slide 2: Forward-looking statements disclaimer
This presentation may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. Forward-looking statements may include, in particular, statements about future events, futu
Slide 3: Q1 2023 Results
enabling your tech experience Q1 2023 RESULTS
Slide 4: Remarkable growth in gross profit margins to 5.34%
A remarkable growth in gross profit margins The reduction of excess inventory, accumulated due to the which stood at 5.34%, 29bps more than the 5.05% of Q1-22 and combined effect of the reopening of post-pandemic supply chains 12 bps up sequentially against FY-22. and the slowdown in consumer demand
Slide 5: Q1 2023 sales at 1,018.6 M€ (-11% vs Q1 2022)
Q1 2023 sales at 1.018,6 M€ (-11% compared to Q1 2022) Esprinet Market(2) Italy 623 M€ -10% -1% Spain 358 M€ -14% +9% Portugal 28 M€ +20% -3% Esprinet Market Screens 548 M€ -21% -7% Devices 228 M€ -6% -5% Solutions & Services 234 M€ +23% +18% Own Brands 9 M€ -10% (3) Esprinet Market Retailers & E-ta
Slide 6: Q1 2023 key results: gross profit, EBITDA, cash, ROCE
Q1 2023 Gross Profit at 54.4 M€ (-6% compared to Q1 2022), 5.34% on sales compared to 5.05% of Q1 2022. Q1 2023 EBITDA Adj. at 15.4 M€ (-22% compared to Q1 2022); 1.51% on sales (1.73% on sales in Q1 2022). Closes at 32 days, +6 days compared to Q4 2022 and +19 days compared to Q1 2022. Negative for
Slide 7: Solutions & Services ~23% of sales and ~60% of profitability
SOLUTIONS & SERVICES REPRESENT ~23% OF TOTAL SALES AND ~60% OF TOTAL PROFITABILITY WITH A STRONG COMBINED 3.8% EBITDA MARGIN 547.7 696.2 -148.5 -21% 4.6 7.4 -2.8 -37% 0.84% 1.06% -0.22% 227.9 242.8 -14.9 -6% 3.2 4.8 -1.6 -33% 1.40% 1.98% -0.57% 231.0 188.0 43.0 23% 7.5 7.1 0.5 6% 3.25% 3.75% -0.50%
Slide 8: Income statement summary Q1 2023
• The Group further improved its gross profit margin performance which stood at (M/€) Q1 2023 Q1 2022 Var. % 5.34%, a progressive increase compared to 5.05% in the same period last year and to 5.22% recorded in 2022. Sales from contracts with customers 1,018.6 1,139.4 -11% • This result was achieved
Slide 9: Net invested capital and net working capital
• Net Invested Capital as of March 31, 2023 stands at 754.0 M€ and is covered by: (M/€) 31/03/2023 31/03/2022 31/12/2022 o Shareholders’ equity for 412.9 M€ (396.7 M€ as of March 31, 2022); o Cash negative for 341.0 M€ (negative for 89.2 M€ as of March 31, 2022). Fixed Assets 154.1 139.9 151.6 Opera
Slide 10: Working capital days (4-quarter average)
90 40 80 34 35 32 30 29 70 27 27 28 30 26 26 60 23 25 50 20 21 20 17 40 78 77 75 75 1269 70 68 70 66 1366 1368 1372 15 30 62 62 59 57 56 57 58 58 59 57 58 54 55 52 52 51 49 48 48 47 47 8 9 49 428 45 44 46 44 10 20 3937 4039 4239 39 40 42 37 38 37 38 38 37 3837 3738 35 35 35 35 36 5 10 5 0 0 2018 Q1
Slide 11: Working capital days (quarter-end)
90 50 44 80 42 41 40 40 39 33 70 33 31 30 29 29 60 25 20 50 15 16 16 85 14 40 82 81 12 77 76 10 73 72 72 68 70 68 69 65 66 30 61 59 60 61 60 57 54 52 56 58 55 2 57 53 52 51 52 50 51 51 0 48 48 -2 43 45 45 44 20 41 40 39 40 4041 40 39 41 4143 39 38 37 36 35 34 34 36 3432 32 -8 27 -11 24 -10 -10 10 0
Slide 12: ROCE trend pre and post IFRS 16
30,0% 25,0% 25.1% 23.2% 20.5% 20,0% 19.7% 17.6% 15.7% 15.8% 16.2% 15.2% 15,0% 14.0% 12.9% 13.3% 11.4% 14.4% 13.1% 10.9% 11.0% 10,0% 9.4% 9.8% 11.6% 10.8% 9.6% 8.2% 8.1% 8.4% 8.6% 10.2% 9.1% 7.0% 8.3% 8.6% 8.2% 7.9% 8.0% 7.6% 7.1% 6.7% 7.1% 5,0% 0,0% 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 20
Slide 13: Italian tax authorities VAT assessments
The Company, as described in the Annual Financial Report 2022, was served by the Italian Tax authorities with four tax assessment for the taxable years 2013-2016 and one claim for taxable year 2017, with which VAT related to certain supplies of goods made to customers declared to be habitual exporte
Slide 14: Guidance 2023
Th Sina Ie @ esprinet’ enabling your tech experience GUIDANCE 2023
Slide 15: Headwinds, opportunities and priorities
Headwinds Priorities • Geopolitical tension The Group, consistently with the 2022-2024 Strategic Plan, will continue to pursue • Persistence of high inflation as well as interest rates increases weigh on return to its objectives mainly aimed at growth. Forward-looking indicators suggest disinflation
Slide 16: EBITDA Adjusted between Euro 85 and 95 million
DIGITAL TRANSFORMATION DRIVES STRONG IT SPENDING AND CLEAR AND CONSISTENT GROUP STRATEGY AIMS AT FURTHER GROWTH IN THE HIGH VALUE-ADD PRODUCTS/CUSTOMERS SEGMENTS OF THE IT INDUSTRY 100 For 2023, industry analysts are almost unanimous in predicting a low single digit increase in demand in the Group's
Slide 17: Q&A
enabling your tech experience Q&A
Slide 18: Upcoming investor events and financial calendar
Italian Investment Conference, May 25, 2023 organized by Unicredit & Kepler Cheuvreux Mid & Small | Virtual 2023 June 27, 2023 organized by Virgilio IR Board of Directors September 12, 2023 Approval of the Half-Year Financial Report as at 2023 18
Slide 19: Thank you
Thank you GRAZIE + GRACIAS - OBRIGADO« DANKE « MERCI « ZA} « iff! « RR © esprinet’ enabling your tech experience