Edil San Felice S.p.a. · MIL:ESF
Edil San Felice — MidSmall Conference Dec 2024
38 slides from Edil San Felice's conference presentation, Dec 3, 2024
Slide 1: Investor Presentation
INVESTOR PRESENTATION Dec 3, 2024 1
Slide 2: Disclaimer
DISCLAIMER “This document (the “Document”) has been prepared by Edil San Felice S.p.A. S.B. (“Edil San Felice”) The Document is confidential in nature and is for the internal use of the recipient (hereinafter the “Recipient”) who, upon receiving it, agrees not to distribute, make known or quote the
Slide 3: People Speaking Today
PEOPLE SPEAKING TODAY LORENZO DI PALMA VINCENZO DI PIETRO MARIKA SGRITTO CEO & FOUNDER CFO IR +20 years of experience at +25 years of experience in Graduate in Business Economics Edil San Felice accounting finance and control for Master’s degree in Finance 3rd generation - Funding Family companies i
Slide 4: Agenda
AGENDA 1. ESF Business Model 2. ESF Market Trends 3. ESF Half-Year Overview 4. ESF Key Facts 5. ESF Strategy 6. ESF Sustainability 7. ESF Appendix 4
Slide 5: ESF Business Model
1. ESF BUSINESS OVERVIEWMODEL 5
Slide 6: Executive Summary
EXECUTIVE SUMMARY 310+ 2 1H23 1H24 Employees* Business Unit Total backlog 114.8 €mn 80.5 234 FY2023, +32,5% … +1 in progress 24.6 21.5 Revenues €mn EBITDA 5.4 5.7 -34% 200+ €mn Net cash position 5.1 (6.5) €mn Scope 1 EURO 6 Vehicles emissions** 150 FY23, +34,6% *Data updated as of 30.11.2024 6 **202
Slide 7: A 40+ History of Growth and Diversification
A 40+ HISTORY OF GROWTH AND DIVERSIFICATION New branch in Emilia Romagna ESF lands on Euronext Growth Milan on 27 September 2023, first day of trading on the Euronext Growth Milan market. 45,8 The San Felice cooperative is born Lorenzo Francesco Di Palma founded 34,3 the San Felice cooperative in Ci
Slide 8: Who We Are
WHO WE ARE VISION WE ARE SPECIALIZED IN: Edil San Felice provides maintenance services primarily to highways and airports (substitution of safety Road Maintenance of highways, To be a national leader maintenance bridges, viaducts, airport, etc.. barriers, road signs, damage repairs, etc.), improving
Slide 9: What We Do
WHAT WE DO Edil San Felice provides a complete offer of infrastructure services of Ordinary and Extraordinary Maintenance works primarily for highways (like supply and installation of safety barriers and road signs) but also for other infrastructures (e.g. Airports). While the ordinary maintenance g
Slide 10: Full Control Over the Awarding and Execution Process
FULL CONTROL OVER THE AWARDING AND EXECUTION PROCESS PARTICIPATION We have a Tender&Order’s team with a high degree of specialization and AWARDING a long experience ESF has signed 76 executive contracts for a total value of Eu94,2mn (1) Average of 2 months between tender awarding and project start E
Slide 11: Our Main Projects
OUR MAIN PROJECT GARGASSA VIADUCT CONTROL ROOM ALENTO VIADUCT MOR CASSINO POLYTECHNIC (Liguria) (Lazio) (Abruzzo) (Campania) UNIVERSITY OF MILAN Value: c.a. € 4 mn Value: c.a. € 1.5 mn Value: c.a. € 5.4 mn Value: c.a. € 8.6 mn (Lombardia) Ongoing Ended Ongoing Ongoing Value: c.a. € 13 mn Extraordina
Slide 12: Human Capital & Certification
HUMAN CAPITAL & CERTIFICATION COMPOSITION OF WORKFORCE The total workforce is equal to 310 people, of whom 22 are women (7%) and 288 are men (93%) 55% of employees are in the 30-50 age group, followed by the over-50 age group with 37%. In particular, the majority of blue-collar workers (53%) are in
Slide 13: Governance and Shareholdings Structure
GOVERNANCE AND SHAREHOLDINGS STRUCTURE POST-IPO SHAREHOLDING POST-IPO BOD PERIMETER LORENZO DI PALMA 11% CEO 6% BENEFIT CARMELO INTRISANO CORPORATION CHAIRMAN 7% NICOLA ROSSI INDEPENDENT DIRECTOR CARLO DI PALMA 100%* 90% DIRECTOR 76% FABIOLA DE SARNO Wesigns S.r.l. Aurest S.r.l. (Italy) DIRECTOR (It
Slide 14: ESF Sector & Market Highlights
2. ESF SECTOR & MARKET HIGHLIGHTS 14
Slide 15: The Italian Infrastructure Maintenance Market
THE ITALIAN INFRASTRUCTURE MAINTENANCE MARKET The Italian infrastructure maintenance market has unique characteristics, due to the country's history and configuration, and offers great opportunities, especially with the support of European funds and renewed interest in safety and sustainability. The
Slide 16: Critical Infrastructure in Crisis
CRITICAL INFRASTRUCTURE IN CRISIS Edil San Felice is primarily active in the maintenance works of highway infrastructures, with some minimal exposure also to airports. In the former vertical, Autostrade per L’Italia and ANAS are the main players, representing, respectively, 36% and 24% of the total
Slide 17: ESF Could Consolidate Its Leading Positioning in a Fragmented Market
ESF COULD CONSOLIDATE ITS LEADING POSITIONING IN A FRAGMENTED MARKET GEOGRAPHICAL DIVERSIFICATION, PRESENCE ON BOTH ORDINARY AND EXTRAORDINAY MAINTEINANCE, A NUMBER OF CERTIFICATION ALLOW ESF TO STAND OUT FROM SMALLER COMPETITIOR ACTIVE ON ORDINARY MAINTAINANCE ESF competes within the group of speci
Slide 18: ESF Half-Year Overview
3. ESF HALF-YEAR OVERVIEW 18
Slide 19: Yet Another Semester of Robust Organic Growth
YET ANOTHER SEMESTER OF ROBUST ORGANIC GROWTH Total Backlog New orders Revenues EBITDA Net Income €114.8mn €94.2mn(1) €24.6mn €5.7mn €4.2mn Hard Backlog: € 62.5mn From January to Higher than Up net of higher Maintained positive Soft Backlog: € 52.3mn(1) Novembrer 2024 FY2020 revenues +6% services an
Slide 20: Snapshot of 1H2024 Financial Results
SNAPSHOT OF 1H2024 FINANCIAL RESULTS Value of Production (in €mn) Net Income (in €mn) Backlog (in €mn) 24.6 4.3 ~114.8 as at 30 June 2024 +14,64% vs. 21.5 +2,64% vs. 4.1 +42,6% vs. 80.5 1H2023 1H2023 FY2023 Higher than FY2020 revenues +6% Ordinary 24,9 22% Maintenance of total Backlog Ebitda (in €mn
Slide 21: Snapshot of 1H 2024 Results
SNAPSHOT OF 1H 2024 RESULTS ESF expanded its extraordinary maintenance activities, 9,1 Value of Production (in €mn) which generated 63% of 1H24 total revenues (€15.5mn), 10,3 now making a significant majority of ESF revenues for the 24.6 first time since the Company started to diversify its activiti
Slide 22: Snapshot of 1H 2024 Results
SNAPSHOT OF 1H 2024 RESULTS Net Debt (in €mn) 6.5 +28% vs. 5.1 FY2023 1H2024 FY2023 Var % (Figures in thousands of Euro) Cash Positive A. Liquidity 13.064 12.272 6,5% B. Current financial debt 2.121 2.138 -0,8% C. Net current financial debt (B – A) (10.943) (10.134) 8,0% D. Non-current financial deb
Slide 23: Snapshot of 1H 2024 Results: Backlog
SNAPSHOT OF 1H 2024 RESULTS 52,3 37,6 24,9 Backlog (in €mn) 78% of total 22% ~114.8 as at 30 June 2024 Backlog of total +42,6% vs. 80.5 Backlog FY2023 Hard Backlog*: € 62.5mn HARD BACKLOG SOFT BACKLOG HARD BACKLOG Soft Backlog*: € 52.3mn(1) EXTRAORDINARY MAINTENANCE ORDINARY MAINTENANCE 52,30 42,00
Slide 24: ESF Key Facts
4. ESF ESF OVERVIEW KEY FACTS 24
Slide 25: Key Facts
KEY FACTS 1. EDIL SAN FELICE ESTABLISHES TWO NEW BUSINESS UNITS The corporate reorganization of Edil San Felice involves the establishment of two Business Units: i) Business Unit Operations (“BUOP”) for the management and implementation of orders relating to the ordinary and extraordinary maintenanc
Slide 26: Facing the Future with Confidence
FACING THE FUTURE WITH CONFIDENCE Road to 2024… (1) (2) 2023 2024E Ongoing Maintenance Plan 2020-2038 Total backlog (1H24) €mn 80.5 114.8* Eu 7 Bn 45.8 > 50 Maintenance in 2020-2038 Revenues €mn EBITDA 11.6 > 12 €mn Ongoing investment plan 2022-2031 Net cash position (5.1) >9 €mn Eu 50 Bn With a sig
Slide 27: ESF Strategy
5. ESF ESF OVERVIEW STRATEGY 27
Slide 28: M&A to Speed-Up Growth in Adjacent Attractive Markets
M&A TO SPEED-UP GROWTH IN ADJACENT ATTRACTIVE MARKETS ESF main strategic pillars are: 1) maintaining a balanced mix of revenues between ordinary/extraordinary works to benefit from higher visibility and profitability, respectively; 2) Continue to expand into new regions in Italy (e.g. increasing awa
Slide 29: ESF Sustainability
6. ESF ESF OVERVIEW SUSTAINABILITY 29
Slide 30: Governance
GOVERNANCE Edil San Felice’s core values—integrity, honesty, and respect—have enabled the company to develop diverse expertise across the sectors in which it operates. The company’s primary goal is to uphold high professional standards, fully aligned with its commitment to safety, ethics, quality, a
Slide 31: Environmental KPIs and Social KPIs
ENVIRONMENTAL KPIs -34% of diesel consumed in 2023 compared to the previous year. -25% of natural gas consumed in 2023 compared to the previous period -19% of waste produced in 2023 compared to the previous year 99.7% of waste produced in 2023 was recovered, with only 0.3% sent to landfills 99.9% of
Slide 32: Sustainable Supply Chain Management; Innovation & Digitalization
SUSTAINABLE SUPPLY CHAIN MANAGEMENT ESF is involved in some projects to ensure circular management of materials and sustainable procurement: Return of used batteries with the aim Using Mapei’s sustainable mortars Production and consumption of renewable energy with of regenerating them In building wo
Slide 33: Appendix
7. APPENDIX ar Foard KK}
Slide 34: Balance Sheet
Balance Sheet 1H2024 FY2023 Var % (Figures in thousands of Euro) Intangible fixed assets 1.024 1.095 -6,4% Tangible fixed assets 12.164 10.658 14,1% (i) Net Working Capital is calculated as the sum of Financial fixed assets 440 445 -1,0% inventories, trade receivables, trade payables, other Net fixe
Slide 35: Profit & Loss
Profit & Loss 1H2024 % (i) 1H2023 % (i) Var % (Figures in thousands of Euro) Revenues from sales 21.177 85,9% 18.353 85,4% 15,4% Changes in contracted work in progress 2.900 11,8% 2.494 11,6% 16,3% Increases in fixed assets for internal - 0,0% 11 0,0% -100,0% work (i) As a percentage of Production V
Slide 36: Financial Debt
Financial Debt (Figures in thousands of Euro) 1H2024 FY2023 Var % A. Cash and cash equivalents 5.898 5.261 12,1% (i) As a percentage of Production Value B. Cash equivalents to liquid assets - - n/a (ii) EBITDA is the operating result before income taxes, financial income and C. Other current assets
Slide 37: One Year Ago…
ONE YEAR AGO… 5,0 Edil San Felice +51% Euronext Growth Milan -6% 4,5 4,0 3,5 3,0 2,53 2,5 2,0 Edil San Felice S.P.A. FTSE Italia Growth Index - Rebased Even without extraordinary transactions, the stock market has been able to appreciate Edil San Felice's growth. The stock has gained more than 60 pe
Slide 38: Question & Answer
QUESTION & ANSWER CONTACTS Thank you for the attention! Via On.le Davide Barba S.C. 80035 - Nola (NA) +39 081 213 86 info@edilsanfelice.it ir@edilsanfelice.it 38