A.b.p. Nocivelli S.p.a. · MIL:ABP
A.b.p. Nocivelli — H1 2022/2023 Earnings Presentation
25 slides from A.b.p. Nocivelli's earnings presentation, Mar 29, 2023
Slide 1: Nocivelli ABP H1 2022/2023 Financial Results
NOCIVELLI ABP H1 2022/2023 FINANCIAL RESULTS 29th March 2023
Slide 2: Agenda
AGENDA 1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS H1 ‘22/’23 3. BUSINESS & STRATEGY UPDATE 4. Q&A 5. APPENDIX 3
Slide 3: Leader in supplying PA with energy services
LEADER IN SUPPLYING PA WITH ENERGY SERVICES ABP Nocivelli is specialised in supplying public administrations with energy services thanks to a solid know- how gained over the last 60 years, which includes the promotion of PPP projects (involving the building of hospitals and the supply of energy and
Slide 4: Key success factors
KEY SUCCESS FACTORS Integrated Offer Know-how Certifications Long-lasting Solid BS and financial experience growth 5
Slide 5: Business units
BUSINESS UNITS 1 SERVICES Technological and facility management services v Energy: supply of goods and services aimed at maintaining the “comfort conditions” of buildings, while focusing on the optimised use of resources; v Heat: management of the entire cycle of technological systems, energy supply
Slide 6: Key player in all industry's segments
KEY PLAYER IN ALL INDUSTRY’S SEGMENTS SERVICES – FACILITY MANAGEMENT ENGIE SPA BU SERVICES SIRAM SPA REKEEP SPA BU CONSTRUCTION/SERVICES CPL SPA COMPETITOR/PARTNER EDISON SPA PPP MIECI SPA CMB SPA APLONA SPA ITINERA SPA ANTAS SPA WEBUILD SPA (EX SALINI IMPREGILO) SALC SPA RIZZANI DE ECCHER SPA CONSO
Slide 7: PPPs sponsored by private companies
PPPS SPONSORED BY PRIVATE COMPANIES • Public bodies and private companies cooperate to fund, design, build PPP and manage public infrastructure or services with a long-term view Public-private partnerships • The company’s interest is aligned to the PA’ through long-term agreements (average length 25
Slide 8: Agenda
AGENDA 1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS H1 ‘22/’23 3. BUSINESS & STRATEGY UPDATE 4. Q&A 5. APPENDIX 9
Slide 9: Strong growth in the top line
STONG GROWTH IN THE TOP LINE Values in € REVENUES VALUE OF PRODUCTION 41.8M 40.8M +75.7% +36.6% 40.8 YOY GROWTH YOY GROWTH 29.5 29.9 BACKLOG* 650M as at June 2031 H1 20/21 H1 21/22 H1 22/23 * Not included December 2022 Orders 10
Slide 10: Strengthening profitability at all levels
STRENGTHENING PROFITABILITY AT ALL LEVELS Values in € EBITDA EBIT NET INCOME 9.2M 8.1M 5.9M +28.6% YOY GROWTH +27.9%YOY GROWTH +18.2% YOY GROWTH EBITDA MARGIN EBIT MARGIN NET INCOME MARGIN 22.5% 19.8% 14.4% 11
Slide 11: Profitability over the years
PROFITABILITY OVER THE YEARS EBITDA €mln 25.0% EBIT €mln / 21.2% 24.0% 12 23.8% 22.5% 30.0% EBITDA Margin % 23.0% 22.0% 19.8% 12.0 EBIT Margin % 18.8% 21.0% 9.2 20.0% 19.0% 17.4% 10.0 18.0% 17.0% 16.0% 8.1 8 7.1 15.0% 8.0 14.0% 13.0% 6.3 5.5 12.0% 11.0% 5.1 6.0 10.0% 9.0% 8.0% 4.0 4 7.0% 6.0% 5.0% +
Slide 12: Robust cash generation
ROBUST CASH GENERATION Shareholders’ Equity (cash) €mln Net financial position (cash) €mln H1 21/22 FY 21/22 H1 22/23 57.9 53.7 49.1 -35.4 -39.7 -45.2 Increasing net financial position in line with the previous periods , reaching Euro 45 million H1 21/22 FY 21/22 H1 22/23 at 31 December 2022, confir
Slide 13: Agenda
AGENDA 1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS H1 ‘22/’23 3. BUSINESS & STRATEGY UPDATE 4. Q&A 5. APPENDIX 14
Slide 14: Successful achievements
SUCCESSFUL ACHIEVEMENTS October 2022 v Partner with competitors being a strategic suppliers for long-term, low-risk and inflation-hedged contracts Consip Lot 10 Tender Worth Euro 14,4 Million As Part Of Temporary v Operational flexibility and deeply embedded know-how, its ability to provide solution
Slide 15: Key take aways and outlook
KEY TAKE AWAYS AND OUTLOOK 1 Improving backlog, rising levels of liquidity with a robust cash generation and an extremely strong balance sheet led to solid growth opportunities, with the awarding also of larger orders and scopes of work; 2 Nocivelli is ready to seize the opportunities coming from PN
Slide 16: Agenda
AGENDA 1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS H1 ‘22/’23 3. BUSINESS & STRATEGY UPDATE 4. Q&A 5. APPENDIX 17
Slide 17: Q&A
Q&A
Slide 18: Agenda
AGENDA 1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS H1 ‘22/’23 3. BUSINESS & STRATEGY UPDATE 4. Q&A 5. APPENDIX 19
Slide 19: Appendix 1: Profit & Loss
APPENDIX 1: PROFIT & LOSS PROFIT & LOSS H1 H1 % change 31.12.2021 31.12.2022 H1'21'22/'22'23 Sales 23.78 41.79 75.7% Other revenues and change in WIP 6.07 (1.01) -116.7% Value of production 29.86 40.78 36.6% EBITDA 7.12 9.16 28.6% EBITDA margin 23.8% 22.5% -1.30pp D&A and other (0.79) (1.06) 34.6% E
Slide 20: Appendix 2: Balance Sheet
APPENDIX 2: BALANCE SHEET BALANCE SHEET H1 H1 % change 31.12.2021 31.12.2022 H1'21'22/'22'23 Intangible fixed assets 5.5 7.1 8.7% Tangible Fixed Assets 0.9 0.3 -56.8% Financial Fixes assets 1.1 1.1 -3.9% Fixed assets 7.5 8.5 1.0% Inventories 8.8 11.5 -7.5% Trade Receivables 13.7 12.9 7.6% Trade Paya
Slide 21: Appendix 3: Cash Flow
APPENDIX 3: CASH FLOW CASH FLOW H1 H1 Reclassified statement (€/m) 31.12.2021 31.12.2022 Operating cash flow before change in NWC+/- 7.2 9.6 +/-Change in NWC -0.1 1.1 -Interest, taxes, other -2.1 -2.3 Operating cash flow 5.1 8.4 -Capex -1.9 -1.5 -Other 0.6 0.0 Investing activity -1.2 -1.5 Financing/
Slide 22: Appendix 4: Traditional public tender and the PPP
APPENDIX 4: “TRADITIONAL” PUBLIC TENDER, AND THE PPP • Given the typical size of the projects Novicelli usually bids as a part of a temporary consortium, ATI or RTI (respectively Associazione Temporanea d’Imprese or Raggruppamento Temporaneo d’Imprese). The entity is usually a “consortium-like joint
Slide 23: Appendix 5: Certifications
APPENDIX 5: CERTIFICATIONS “SOA certified”, i.e. legally allowed to bid for public tenders (requirements checked every five years) • “General construction” ü OG 11 “Technological systems”, class VIII: supply, installation, management and maintenance of technological systems; ü OG 1 “Civil and indust
Slide 24: Safe Harbour
SAFE HARBOUR This presentation may contain forward looking objectives and statements about ABP Nocivelli (“Nocivelli” or “the Company”) financial situation, operating results, business activities and expansion strategy. These objectives and statements are based on assumptions that are dependent upon
Slide 25: Thank you for your time
THANK YOU FOR YOUR TIME www.abpnocivelli.com investor.relations@abpnocivelli.com
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