Gpi Spa · MIL:GPI
Gpi Spa — Investor Presentation (December 2020)
30 slides from Gpi Spa's investor presentation, December 2020
Slide 1: Investor Presentation December 2020
INVESTOR PRESENTATION DECEMBER 2020
Slide 2: The context: Healthcare
The context Healthcare HEALTHCARE: AN EVOLVING 2019 ITALY HEALTHCARE A PIVOTAL MARKET MARKET EXPENDITURE A segment that can impact a country’s economic • demographic ageing and increased life expectancy 115 B € development, the keeping of • increased health costs public accounts and its very (chroni
Slide 3: Your Global Partner for a Better Future
> 30 years of experience, management History of Your Global Partner Growth team with a track record of internal growth and M&As for a Better Future International footprint solutions used by more than 2,200 customers in more than 60 countries We develop software, technologies and services to help the
Slide 4: GPI in figures
GPI in figures A history of steady growth Revenue €M +18.3% Vs 2018 EBITDA €M * • 2013 Orizzonte fund providing equity financing - First minibond issued. 203.7 240.9 • 2016 merger between GPI and the 179.9 26.1 28.6 32.2 SPAC CFP1. Start of trading in the stock market AIM Italia. 2017 2018 2019 2017
Slide 5: Strategic Business Areas
Strategic Business Areas TECHNOLOGIES 50.6% Pay 2.8 Automation 4.8 ICT 4.9 Software 38.1 SERVICES 49.4% Care Note: % revenues for SBA out of total revenues referring to FY 2019 5
Slide 6: Supply Lines
Supply Lines • hospital information system • health social care • blood transfusion & tissue bank • health administration Software • Business Intelligence, data analytics main SBAs • other 87.5% of total revenue • BPO health care administrative svc. (AtC,..) • telemedicine Care • other • automated p
Slide 7: Highlights main M&As
Highlights main M&As 1H2020 • Covid-19 • Slowdown in ordinary business, increase in extraordinary 1H2020 • business and innovation activities Overall increase in volume and positive net balance • Oslo Italia (Business Intelligence Health Care SW, Big Data & Analytics) | 4.3 M€ Rev. | 30% EBITDA • Ne
Slide 8: Main Results 1H2020, Outlook FY2020
Main Results 1H2020 Outlook FY2020
Slide 9: Resilience and Growth 1H 2020
Resilience and Growth 1H 2020 Revenue +6.1%, EBITDA +8.7% M€ 1H2020 1H2019 Revenue 117.2 M€, +6.1% thanks to the contribution of the SBAs: Revenue & other income 117.2 110.5 • SW 41.5 M€, +2.1% • Care 61.0 M€ +5.9% Adjusted Revenue(1) 108.1 99.6 • Other 14.7 M€ +20.1% EBITDA 10.5 9.6 1H 2020 marked
Slide 10: Financial Highlights 1H2020
Financial Highlights 1H2020 A3.1 CERVED Rating confirmed M€ 1H2020 FY2019 A- S&P |A3 Moody’s | A-1 Fitch Net working capital 97.4 91.3 Net working capital 97.4 M€ (91.3 M€ FY2019): Non-current assets 134.7 119.4 • higher inventory for 1.4 M €, higher trade receivables and contract assets and liabili
Slide 11: Segmentation 1H2020
Segmentation 1H2020 Revenues 1H2020 by EBITDA 1H2020 by Revenues 1H2020 by Strategic Business Area Strategic Business Area Geographic Area 12.5% 14.5% 6.6% 35.5% 15.8% 69.7% 52,0% 93.4% Software Care Other Software Care Other Italy International FY2019
Slide 12: Focus SBA Software 1H2020
Focus SBA Software 1H2020 Recurring fees Adj. Revenue M€ (1) EBITDA M€ Supply Lines • 51% % on total SBA’s revenue Contract duration Δ +2.0% • 1-3 years Competitive position • 3° player ITA 25.8% % 33.4%% 18.1% 17.8% 40.3 41.1 6.7% % 7.3 7.3 10.9% 13.2% % % 10.0% Clinical Administrative Blood Transf
Slide 13: Focus SBA Care 1H2020
Focus SBA Care 1H2020 Recurring fees • 97% Adj. Revenue M€ (1) EBITDA M€ Supply Lines % on total SBA’s revenue Contract duration Δ +11.1% • 4-6 anni 2.9% Competitive position • 1° player ITA 47.1 52.4 3.2% 3.2% 97.1% 1.5 1.7 BPO (AtC) Telmed. / Other (1) Net of Temporary grouping of companies (RTI)
Slide 14: Focus Other SBAs 1H2020
Focus Other SBAs 1H2020 Automation Automated warehouse sales, Revenue M€ EBITDA M€ 1H 2020 Revenue maintenance and service fees • Retail Pharmacies • Hospital Pharmacies • Wholesaler and other industries 23.5% 32.1% Δ +20.0% ICT Desktop management services fees other system services 44.4% • Healthca
Slide 15: Outlook FY 2020
Outlook FY 2020 M€ 2019 Outlook 2020 REVENUE INCREASE: > 6.0% Revenue & other income 240.9 >255.4 EBITDA: INCREASE > 8.5% EBITDA 32.2 >34.9 EBITDA % 13.4% >13.7%
Slide 16: The customers
The customers +2,200 Public and private customers Hpub Hpri NHpub NHpri 2019 74.5% 2019 9.0% 2019 6.8% 2019 8.8% 2018 74.0% 2018 13.4% 2018 6.3% 2018 6.3% • Healthcare Authorities • Nursing homes, • Municipalities • Large-scale retail channel • Hospitals private clinics, etc. • Provinces • Banks • P
Slide 17: GPI worldwide
GPI worldwide ITALY > 40 branches SOLUTIONS > 60 countries
Slide 18: Target market and competitive environment
Target market and competitive environment
Slide 19: Market Analysis
Market Analysis Software Market value Forecast 2020 - World Market Healthcare software+IT services IT $70.0 bn 45 % North America CAGR 20 – 24: 11.4% bn 21 % Western Europe 3.4% Mature Asia/Pacific 2.3 % Latin America CAGR 20 – 24 : 9.9% CAGR 20 – 24 : 11.5% CAGR 20 – 24 : 6.3% 5.1 % Greater China C
Slide 20: Market Analysis: Top Players
Market Analysis Top Players Software Care Focus on Company Brief description HC Ranking >>28 28MMcitizens cittadinireached serviti ICT solutions and related services for public and private healthcare providers. 1st Company Brief description Ranking ICT solutions, administrative and 1st ICT solutio
Slide 21: Strategic intentions 2020-2024
Strategic intentions 2020 - 2024
Slide 22: Strategic guidelines 2020 - 2024
Strategic guidelines 2020 - 2024 01 02 03 04 05 EVER MORE GROWTH IN ITALY from from GLOBAL PRIVATE HEALTH CARE PRODUCTS/ PROVIDER to HEALTH SW MARKET SERVICES to PARTNER CARE LEADERSHIP INTEGRATED SOLUTIONS Strong increase doubling up of Major regional Greater integration of Multi-business over the
Slide 23: 2024 economic-financial targets
2024 economic-financial targets Equal scope of consolidation as of 31/12/2019 2019 2024 REVENUE CAGR 2019-2024 > 4% 241.0 > 295.0 13.4% >15.0% EBITDA 82.8 ≤ 1xEBITDA NFP
Slide 24: M&A Guidelines
M&A Guidelines
Slide 25: Historic M&A process
1988 - Pl established in October Historic M&A process ACQUIRED Spid (16%) Selfin (health) INCREASED HOLDING IN Sysline (70%) ESTABLISHED CRG MADO ACQUIRED & CONSOLIDATED. Logicast (100%) Larea (100%) Argentea (100%) ACQUIRED Sysline(os%) ESTABLISHED Selfin it ACQUIRED GCS (health) ACQUIRED Sintac (2
Slide 26: M&A Guidelines
M&A Guidelines ITALY EXPORT 1. Product portfolio evolution 1. Structured software software/services/territories TARGET companies (€20-30 M (€1-10 M revenues) revenues) 2. Big players 2. Product portfolio evolution
Slide 27: M&A Guidelines: Resources
M&A Guidelines RESOURCES • BONDS • TRADITIONAL FINANCING • WARRANTS • SHARES/SHARES • Big players • Abroad
Slide 28: Investment Attractiveness
Investment Attractiveness Leadership and Uniqueness GPI IN THE STOCK MARKET Bloomberg: GPI:IM 15,909,539 Ordinary Shares (ISIN: IT0005221517) Price: 7.16 € (27 November 2020) Growth and Visibility Capitalisation: 113.9 M€ ANALYST COVERAGE – Target price Technology and Service Intermonte SIM (14/10/2
Slide 29: IR Contact details
IR Contact details Fabrizio Redavid Lorenzo Giollo Maria Antonietta Pireddu Mob. +39 335 1035499 Mob. +39 340 8223333 Via C. Cantù, 1 - 20123 Milan fabrizio.redavid@gpi.it lorenzo.giollo@gpi.it Tel. +39 02 45473883/4 m.pireddu@irtop.com Via Ragazzi del '99, 13 - 38123 Trento T +39 0461 381515 invest
Slide 30: Disclaimer
Disclaimer The material in this presentation was prepared by GPI S.p.A. ("GPI” or the “Company”) without any paragraph 2, letters a) to d) of the Order; and (C) other persons to whom this presentation can be form of independent verification; it is general, basic information about the current busines