Quest Holdings Sa · ATHEX:QUEST
Quest Holdings Sa — FY2023 Earnings Presentation
27 slides from Quest Holdings Sa's earnings presentation, April 2024
Slide 1: Corporate IR Presentation
Corporate IR Presentation Based on 12M 2023 Financial Results
Slide 2: 12M 2023 Results
01.12M 2023Results Overview Financial Performance Outlook 2
Slide 3: Quest Group at a Glance (12M 2023)
Quest Group at a Glance (12M 2023) ▪ €1.197m Revenues 30 Countries 43 years 2.975 ▪ €83m EBITDA International Activity (est. in 1981) Headcount ▪ €59m EBT ( ~26% of revenue) ▪ €262m Equity Active in : Revenues Track Record 2019 -2023 ▪ Commercial Activities1 € 823m ▪ Revenue CAGR 19% ▪ IT Services €
Slide 4: 12M 2023 Highlights
Quest Group 12M 2023 Highlights 1 Sales €1.197m with growth in all segments 2 Sales +16% / Ebitda +15,7% 3 High demand in IT services & Apple Products 4 Expansion of commercial operations in Romania for Xiaomi. 5 Clima Sector is outperforming. 4
Slide 5: P&L (12M 2023)
P&L (12M 2023) Amounts in ‘000 € 12M 2023 YoY % 12M 2022 Sales 1.196.604 16,0% 1.031.867 EBITDA 83.329 15,7% 71.997 Explanations/Clarifications: % sales 7,0% 7,0% EBIT 69.712 15,7% 60.245 ▪ Sales growth was primarily driven by % sales 5,8% 5,8% Commercial Activities division which EBTD 72.526 8,8% 6
Slide 6: P&L (12M 2023) EBITDA, Sales, EBT
P&L (12M 2023) Amounts in ,000 € EBITDA 100.000 8,9% 10,0% 8,3% 7,0% 8,0% 80.000 7,0% 8,0% 2023 VS 2019 60.000 6,0% +56% 4years CAGR SALES 40.000 75.562 71.997 83.329 4,0% 1.400.000 20.000 53.393 59.858 2,0% +12% 1.200.000 2023 VS 2019 - 0,0% 1.000.000 +99% 800.000 2019 2020 2021 2022 2023 4years CA
Slide 7: Balance sheet (12M 2023)
Balance sheet (12M 2023) Amounts in ‘000 € Group Balance Sheet 12M 2023 12M 2022 Tangible & intangible assets 150.160 137.231 Right-of-use assets 30.239 24.409 Goodwill 37.051 33.780 Other 28.730 32.702 Non-current assets 246.180 228.122 Inventories 87.637 77.236 €729m €262m Trade & other receivable
Slide 8: Cash Flow (12M 2023)
Cash Flow (12M 2023) Amounts in ,000 € Group Cash Flow 12M 2023 12M 2022 EBT 58.910 54.892 Depreciation/Amortization 13.617 11.753 Interests Expense / (income) 11.941 6.491 WoC (Change in Inventories, Receivables, Payables) (54.647) (9.608) Tax paid (9.945) (9.629) Other operating activities (13.393
Slide 9: Quarterly results
Quarterly results Amounts in ,000 € Q1 2023 YoY % Q1 2022 Q2 2023 YoY % Q2 2022 6M 2023 YoY % 6M 2022 Q3 2023 YoY % Q3 2022 9M 2023 YoY % 9M 2022 Q4 2023 YoY % Q4 2022 12M 2023 YoY % 12M 2022 Sales 285.946 20,1% 238.084 258.078 7,2% 240.699 544.024 13,6% 478.783 282.962 8,5% 260.847 826.985 11,8% 73
Slide 10: Commercial Activities Segment
Commercial Activities Segment* Info/Overview 12M Financial Results ▪ Largest distributor of H/W and S/W products in Greece ▪ €823m revenue in 2023 Amount in ,000€ 12M 2023 YoY % 12M 2022 ▪ 40%+ of ICT distribution Market in Greece Sales 822.819 17% 704.051 ▪ Certified Greek partner of major internat
Slide 11: IT Services Segment
IT Services Segment Info/Overview 12M Financial Results ▪ Leading IT integrator in domestic market ~ 20% M. Share ▪ €214m revenue in 2023 Amount in ,000€ 12M 2023 YoY % 12M 2022 ▪ 30+ countries of operations Sales 214.185 22% 175.867 ▪ ~50% International revenues mainly within EU EBITDA 18.946 18% 1
Slide 12: Courier & Postal Segment
Courier & Postal Segment Info/Overview 12M Financial Results ▪ Largest Local Courier operator in Greece (~ 24% Μ. Share ) Amount in ,000€ 12M 2023 YoY % 12M 2022 ▪ €150m revenue in 2023 Sales 149.707 6% 141.762 ▪ Leading Alternative Postal Operator in Greece (~5% Μ. Share) EBITDA 24.195 7% 22.589 ▪
Slide 13: Renewable Energy Segment & Other
Renewable Energy Segment & Other Info/Overview 12M Financial Results ▪ €9,9m revenues for Quest Energy during 2023 Amount in ,000€ 12M 2023 YoY % 12M 2022 ▪ Quest Energy owns 24 photovoltaic parks with > 39MW power Sales 9.893 -3% 10.187 ▪ Quest Holdings(QH): Parent Company, operates as a EBITDA 7.2
Slide 14: Segment Contribution in Sales & Ebitda (12M 2023)
Segment Contribution in Sales & Ebitda (12M 2023) Amounts in ,000 € Commercial Courier & IT Services Energy & Other Total Group Activities Postal 214.185 149.707 9.893 822.819 17,9% 12,5% 0,8% Sales 1.196.604 68,8% 32.957 18.946 24.195 7.232 Ebitda 22,7% 29,0% 8,7% 39,6% 83.329 EBITDA Margin 4% 8,8%
Slide 15: Segment Analysis 12M 2023
Segment Analysis 12M 2023 Amounts in ,000 € 12M 2023 (€ x 1.000) Commercial Activities ΙΤ Services Courier & Postal Renewable Energy Unallocated Total Total gross segment sales 948.610 216.332 150.777 10.297 - 1.326.016 Inter-segment sales (125.790) (2.147) (1.071) (404) - (129.412) Net sales 822.81
Slide 16: Segment Outlook
Segment Outlook IT Services Commercial Activities ▪ Sales and profits are estimated to continue to grow during 2024, driven by strong demand and continuing ▪ Current estimation for 2024 includes a mild growth investments on digital transformation by the private in sales and Ebitda and similar or low
Slide 17: 2024 Outlook
Group Outlook 1 Positive Outlook for 2024. Mild Growth at all lines Sales, EBITDA and EBT. 2024 Outlook 2 Strong demand for IT services. Gradually increasing demand for e-com deliveries. 3 New Business: Romania, Epafos, White devices expanding. 4 Strong financial position (>€300m cash and credit lin
Slide 18: 02. Appendix
02. Appendix Other Corporate info More Financial Data 18
Slide 19: Operating Model
Operating Model INVESTMENT IN HAND’S ON MAJORITY SHAREHOLDER DIVERSIFIED PORTFOLIO MARKET LEADERS MANAGEMENT number Acquire and hold Subsidiaries are market Actively involved in Mitigate risk by controlling stakes in leaders in promising subsidiaries’ investing in different corporate assets sectors
Slide 20: Resilience in challenging times
Resilience in challenging times Amounts in million € 1400 Sales Market Cap 800 1200 1197 700 1000 600 1032 948 800 500 600 721 400 600 400 498 300 436 353 388 200 200 315 100 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2017 2018 2019 2020 2021 2022 2023 90 EBITDA 180 Capital Return 80 160 16
Slide 21: Value Created to Investors
Value Created to Investors 8 Quest share value (€) Market Cap* 2900 7 € 603m General Index 2400 6 5 Aggregate Capital Return/ Dividends to the Shareholders 1900 (2019-2023) ** 4 1400 3 € 114m 2 900 1 400 0 2017 2018 2019 2020 2021 2022 2023 RoE (=EBT/Total Equity) 60,0% Free Float 40,0% 24,73% Tedin
Slide 22: Growth Drivers
Growth Drivers Mobility Cloud & IoT E-Commerce International Markets Commercial Networks Renewable Energy Clima M&A Inorganic Growth 22
Slide 23: Quest Holdings BoD
Quest Holdings BoD Theodore Fessas Eftichia Koutsoureli Apostolos Georgantzis Markos Bitsakos Nikolaos Labroukos Ioanna Dretta President –Exec. Member Non-Exec. Member Exec. Member Exec. Member Exec. Member Independent Non-Exec. Member Founder and major Shareholder and CEO of Quest Holdings Deputy C
Slide 24: Corporate Governance
Corporate Governance ▪ The management and operation of the Quest Group is based Goals on a modern, dynamic and flexible Corporate Governance By applying the core principles of Corporate Governance, the model. company has set the following goals: ▪ Group Corporate Governance: ✓ Is in line with Greek
Slide 25: Sustainability – a strategic focus
Sustainability – a strategic focus ESG Strategy 2022-2030 Annual Sustainability ESG Ratings CSR priorities 4 Pillars - 10 Goals Reporting Participation Innovation & startup EcoSystems Environment -Reduce absolute emissions Scope 1&2 by 40% in 2030 - Climate Neutral 2050 -Circular Economy & Waste pre
Slide 26: Disclaimer
Disclaimer ▪ This document might contain estimations and forward-looking statements relating to the Group’s future business, development and economic performance. It also includes statements from sources that have not been independently verified by the Company. ▪ Such statements may be subject to a
Slide 27: Thank you
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