Rai Way Spa · MIL:RWAY
Rai Way Spa — H1 2020 Earnings Presentation
18 slides from Rai Way Spa's earnings presentation, Jul 30, 2020
Slide 1: 1H2020 Results Presentation
1H2020 Results Presentation Rome, 30 July 2020
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, Head of Corporate Development & IR 1H2020 Results Presentation 3
Slide 4: Key messages
Key messages ● Impact from Covid-19 managed in line with expectations, with the smoother profile of some development activities offset by lower opex and cost saving initiatives ● Positive 1H2020, confirming solidity and resiliency of the business even in a tough environment: o Top-line growth suppor
Slide 5: 1H2020 Financial Highlights
1H2020 Financial Highlights Mln Eur; % % YoY growth Core Revenues Adjusted EBITDA Net Income Adjusted EBITDA margin +0,7% +3,5% +0,5% 110,4 111,1 65,6 67,9 32,6 32,8 59,4% 61,1% 59,4% 1H2019 1H2020 1H2019 1H2020 1H2019 1H2020 Capex (1) Net debt (Net Cash) Cash conversion(2) Net Debt / 1-y rolling Ad
Slide 6: Core Revenues
Core Revenues Mln Eur; % % YoY growth +0,7% 110,4 111,1 ● Third parties evolution in line with anticipated trend Third-Parties 16,8 16,2 -3,6% ● Customer mix progressively more balanced - New services 3,3 4,7 ● Negligible benefit from CPI 90,2 90,2 ● New Services up by +50% (excluding una tantum com
Slide 7: Opex (excluding one-offs)
Opex (excluding one-offs) Mln Eur; % % YoY growth -3,7% 44,9 43,2 Personnel ● Excluding non core items and capitalization, personnel cost 23,1 costs 23,4 +1,5% down -0,6% vs 1H19 driven by impact of Covid-19 on variable components Other ● Excluding prior year adjustments, Other Opex down -7% mainly
Slide 8: P&L
P&L Mln Eur; % Eur Mln, % 2Q 2019 2Q 2020 % YoY 1H 2019 1H 2020 % YoY ● 1H2020 Net Income up by 0,5% at € 32,8m Core Revenues 55,4 55,6 0,3% 110,4 111,1 0,7% as a result of: Other Revenues & income 0,0 0,0 0,1 0,0 Adj. EBITDA 32,8 34,8 6,3% 65,6 67,9 3,5% o Higher top-line % margin 59,2% 62,7% 59,4%
Slide 9: Cash flow generation
Cash flow generation Mln Eur; % Net Debt/ 1y rolling Adj. EBITDA 32,5 0,24x 9,5 0,07x 63,3 IFRS-16 Debt 38,0m Gross Debt 0,4m Including € 16,0m development capex, Cash&Eq net of DVD-related debt -5,8m mainly related to MUXes coverage extension (67,0) 0,4 (8,3) 12,2 3,3 Change in NWC mainly related t
Slide 10: Balance sheet
Balance sheet Mln Eur; % Including rights of use for leasing under IFRS-16 (€ 30,8m) (16,4) (26,6) 186,2 32,5 229,2 153,7 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 int
Slide 11: Buyback program
Buyback program Buyback program included in the 2020-23 Industrial Plan and approved by the Shareholders’ Meeting held on 24th of June ● Starting date: 5 August 2020 ● Max amount: € 20m ● Program duration: within max 18 months from 2020 Shareholders’ Meeting approval (December 2021) ● Broker: Intesa
Slide 12: Guidance 2020 updated
Guidance 2020 updated The results for the first half 2020 confirmed a limited impact on the Company from the COVID-19 emergency ADJUSTED EBITDA ● Further organic growth of Adjusted EBITDA CAPEX ● Maintenance capex as a percentage of core revenues expected below 2019 figure ● Rising Development capex
Slide 13: Q&A session
Qé&A session
Slide 14: Contacts
Contacts - Investor Relations Upcoming Events +39 06 331 73973 Date Event +39 06 331 74815 12/11/2020 3Q20 results investor.relations@raiway.it 1H2020 Results Presentation 14
Slide 15: Appendix
Appendix
Slide 16: Detailed summary of Income Statement
Detailed summary of Income Statement (€m; %) 2Q19 2Q20 1H19 1H20 Core revenues 55,4 55,6 110,4 111,1 Other revenues and income 0,0 0,0 0,1 0,0 Purchase of consumables (0,3) (0,0) (0,6) (0,2) Cost of services (10,6) (8,6) (20,0) (18,3) Personnel costs (11,1) (12,5) (23,1) (24,4) Other costs (0,6) (0,
Slide 17: Summary of Balance Sheet
Summary of Balance Sheet (€m) 2019FY 1H2020 (€m) 2019FY 1H2020 Non current assets Shareholders' Equity Tangible assets 177,6 180,2 Share capital 70,2 70,2 Rights of use for leasing 36,2 33,9 Legal reserves 14,0 14,0 Intangible assets 14,3 13,9 Other reserves 37,1 37,1 Financial assets, holdings and
Slide 18: Summary of Cash Flow Statement
Summary of Cash Flow Statement (€m) 2Q2019 2Q2020 1H2019 1H2020 Profit before income taxes 23,5 22,7 45,6 45,0 Depreciation, amortization and write-downs 10,5 10,9 20,9 21,5 Provisions and (releases of) personnel and other funds (0,7) (0,2) (0,1) 0,7 Net financial (income)/expenses 0,2 0,2 0,5 0,3 (