Banqup Group · EURONEXT:BANQ
Banqup — FY2022 Earnings Presentation
26 slides from Banqup's earnings presentation, Mar 6, 2023
Slide 1: Financial Results FY 2022
Financial Results FY 2022 March 6, 2023
Slide 2: Disclaimer
Disclaimer Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations, opinions and other forward-looking statements in relation to the expected future performance of Unifiedpost Group and of the markets in which it
Slide 3: Agenda
Agenda 1 • Financial Results FY 2022 by CFO Laurent Marcelis 2 • Business Update by CEO Hans Leybaert 3 Slides & replay: https://www.unifiedpost.com/en/investor-relations
Slide 4: Financial Results FY 2022
Financial Results FY 2022 By Laurent Marcelis, CFO
Slide 5: Clear focus on network expansion and sustainable customer growth
Clear focus on network expansion and sustainable customer growth One integrated global 1.063k customers network 34,2% to transact & interact customer organic growth OpenBanking >1.400 connections >1.300% y-o-y Customers & network 1.400+ FTEs 465 FTEs in R&D • Paying customers: 468k • Paid by 3rd par
Slide 6: A year of focus on operational efficiency on the road to positive cash flow
A year of focus on operational efficiency on the road to a positive cash flow €190,9m 18,8% y-o-y Digital Growth 41,9% total revenue digital processing 19,1% gross margin +12,0% y-o-y y-o-y Recurring digital growth €126,9m - €6,4m EBITDA €1,8m EBITDA digital processing revenue Q4 2022 - €2m y-o-y €6
Slide 7: Revenues - Digital processing with growth rate of +18,8% y-o-y
Revenues - Digital processing with growth rate of +18,8% y-o-y; both segments with strong Q4 Total revenue (by year) Total revenue (by quarter) in EUR m in EUR m 190,9 170,5 64,0 16,9 63,6 18,8% 16,5 15,9 14,7 126,9 38,3 106,9 29,6 29,6 29,4 2021 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Digital processi
Slide 8: 92,5% of Unifiedpost Group's revenue remains recurring
92,5% of Unifiedpost Group’s revenue remains recurring 1 Subscriptions in EUR m • Subscriptions Banqup available from € 10/month for basic document exchange, 190,9 higher prices for more volume and/or optimisation services more services Postage & parcel Trans- • B2B e-payments subscription in Banqup
Slide 9: Unifiedpost Group has evolved from a regional to a pan-European player
Unifiedpost Group has evolved from a regional to a pan-European player in EUR m Digital processing revenue 190,9 Top 5 countries Belgium 31,1M 25% optimisation services Postage & parcel Sweden 23,6M 19% 35% The Netherlands 16,7M 13% 64,0 Serbia 12,2M 10% United Kingdom 8,2M 6% 4% Postage & parcel op
Slide 10: Gross profit & margins – Operational efforts reflected in Q4 results
Gross profit & margins – Operational efforts reflected in Q4 results Total gross profit & margin (by year) Digital processing gross profit & margin (by quarter) in EUR m in EUR m 31,5% 46,2% 31,6% 7 7,2 42,4% 40,7% 44,8% 39,3% 47,0% 40,0% 42.6% 13.7% 40,6% 1,1 2,6 2,6 2,9 1,7 17,7 53,2 46,7 11 11,6
Slide 11: Cost development – Reflecting expansion into 33 countries
Cost development – Reflecting expansion into 33 countries in EUR m 45,8 Successful self-development of the platform 40,5 leading to reduced R&D spending as a percentage of total digital processing revenue Total R&D of €36,2m 28,5% of digital revenue 61% of total R&D capitalised 29,2 24,9 22,1
Slide 12: EBITDA - Reflection of operational efforts on Q4 EBITDA results
EBITDA - Reflection of operational efforts on Q4 EBITDA results EBITDA (by year) in EUR m FY 2021 FY 2022 (4,4) The Group reported a negative EBITDA of -€6,4 million for FY 2022 (6,4) EDITDA in H2 2022 slightly positive EBITDA (by quarter) EBITDA of €1,8 million in Q4 2022 in EUR m Q1 2022 Q2
Slide 13: Balance sheet – Funding Francisco Partners
Balance sheet – Funding Francisco Partners Balance sheet FY2022 FY2021 in EUR m Goodwill 153,4 155,0 1 Other intangible assets 85,5 83,5 Property and equipment 8,2 8,0 ROU assets 10,2 11,7 Other non-current assets 3,1 2,2 Non-current assets 262,3 260,4 1• Goodwill mainly due to acquisition of Crossi
Slide 14: Equity & cash flow development
Equity & cash flow development – healthy cash position to achieve cash positive guidance Equity evolution Cash evolution in EUR m in EUR m 17,6 0,1 196,4 (3,8) (5,2) 67,6 40,0 158,3 (43,5) (3,3) 17,0 (12,4) (32,2) 1 2 3 4 5 6 7 8 1 Equity 2021 YE 5 Other 2 Issuance of shares 6 Loss of the period 3 F
Slide 15: Key messages
Key messages Strong growth of core digital processing revenue 18,8% y-o-y, growth for Q4 2022 even 24,4% y-o-y FY2022 Group revenue increased by 12,0% y-o-y to €190,9 million Acceleration of customer growth in 2022 (+34,2%), strong growth for core SME product Banqup (+251,1%) Significant EBI
Slide 16: Business Update
Business Update By Hans Leybaert, CEO
Slide 17: Where are we today.
Where are we today. 1 2 3 4 Financials Market Product Team 17 B USINESS U PDATE | 17
Slide 18: Market Size
market 2 Market Size e-procurement: CAGR of 9.8% p.a. reaching USD 13,9 billion in 2030 Reports & Insights e-financing: CAGR of 16.4% p.a. reaching USD 284,4 billion in 2032 Future Market Insights e-payments: CAGR of 15.4% p.a. reaching USD 180,2 billion in 2026 Markets & Markets e-invoicing: CAGR o
Slide 19: EU announcement VIDA
market 2 EU announcement VIDA 2028 EU VAT in Digital Age • Mandatory intra-community electronic invoicing • Mandatory business-to-business (B2B) intra-community digital reporting requirement digital reporting Market Effects for Businesses Market Effects for Governments digital & paper electronic: PD
Slide 20: Strategic product portfolio
product 3 Strategic product portfolio Business Account for SME’s All-in-one business account for handling Personal Account financial and administrative processes Online, in-store and mobile payments in a breeze Mid-sized & Large Seller Solution Mid-sized & Large Buyer Solution Digitize and automate
Slide 21: From competitors to complementary partners
product 3 From competitors to complementary partners procure-to-pay marketplaces order-to-cash e-invoicing other Unique offering Unique technology We are the only vendor covering all aspects combined Standardized and scalable products We are the only vendor serving companies Technology for w
Slide 22: Digital Business Financial Operations Platform
team 4 Digital Business Financial Operations Platform printing e-Invoicing e-Financing e-Invoicing e-Financing validation PPO printing validation e-Procurement e-Payments e-Procurement e-Payments PPO Hybrid Business Business Process Outsourcing Government Licenses 22 B USINESS U PDATE | 22
Slide 23: From static to dynamic
team 4 From static to dynamic FTE capacity FTE capacity Required capacity Required capacity Transition period Cost control Dynanic Capacity Capacity Time Time Platform technically ready leading to a reduction in E-invoicing Projects Mandatory e-invoicing timeline requires a dynamic R&D effort &
Slide 24: Q&A
Q&A 24
Slide 25: Contact data
Contact data Communicate with us Hans Leybaert Join us CEO • 6 March 2023 Publication FY2022 Financial Results hans.leybaert@unifiedpost.com • 14 April 2023 Publication Annual Report 2022 • 16 May 2023 Annual General Meeting of Shareholders • 22 May 2023 Publication Q1 2023 Business Update • 29 Augu
Slide 26: Avenue Reine Astrid 92A, 1310 La Hulpe, Belgium
Avenue Reine Astrid 92A 1310 La Hulpe, Belgium Tel: +32 2 634 06 28 Fax: +32 2 633 46 61 Support / general queries info@unifiedpost.com Contact sales sales@unifiedpost.com