Gpi Spa · MIL:GPI
Gpi Spa — FY2022 Earnings Presentation
17 slides from Gpi Spa's earnings presentation, Mar 29, 2023
Slide 1: Conference Call FY22
CONFERENCE CALL FY22 29 March 2023
Slide 2: Vision, Mission, Values
2 VISION 35 years of experience, History of be at the forefront of the technological and Growth management team with a track record of internal growth and sustainable transformation of preventive M&As and care processes for healthcare, promoting the well-being of individuals. International solutions
Slide 3: Highlights FY22: a Year of Extraordinary Transactions and Investments
3 Highlights FY22 a Year of Extraordinary Transactions and Investments for International Growth and Group Consolidation • Sustainability-linked refi stipulated for € 190 M to support M&A • Acquisition of Tesi 65% | 35% put & call | EV € 90 M • Share Capital Increase ~ € 140 M • Rating Agency Confirm
Slide 4: A History of Steady Growth
4 a History of Revenue FY22 EBITDA FY22 Steady € 360.2 M € 54.2 M Growth % on adj. Revenue 17.4% 16.7% 16.4% 16.0% 16.0% 15.2% 15.1% 386.1 14.8% 360.2 61.8 326.9 271.0 54.2 49.8 M&A deals 40.2 ca. 7k € 200 M Employees in the last 6 years 2020 2021 2022 2022 2020 2021 2022 2022 Pro Forma Pro Forma 3,
Slide 5: P&L: Strong Growth in FY22
5 P&L: Strong Growth in FY22 Revenue € 360.2 M +10.2% | 8.7% organic €M FY22 FY22 FY21 (pro forma €386.1 +18.1%) pro forma • SW € 140.5 M +19.5% • Care € 168.8 M +1.6% Revenue & other income 386.1 360.2 326.9 • Other € 50.8 M +18.0% Adjusted Revenue1 355.6 329.7 298.1 EBITDA € 54.2 M | 16.4% on adj.
Slide 6: Revenue Breakdown by SBA (€M)
6 Revenue Breakdown by SBA (€M) • Software reported +19.5% thanks to Consip Framework Agreement Tenders for digitizing health care. 386.1 360.2 13.6 19.7 The acquisition of Tesi flows entirely into SBA Software, 13.6 which would exceed € 166 M in revenue, consolidating its 326.9 17.5 19.7 11.3 17.5
Slide 7: EBITDA Breakdown by SBA (€M)
7 EBITDA Breakdown by SBA (€M) • Software increased its EBITDA by € 4.6 M, which 17.4% 16.7% further grew by € 7.6 M when added up the pro 16.4% 16.0% forma consolidated EBITDA from Tesi. 15.2% 17.5 15.1% 61.8 • Care profitability slightly shrank because of higher 4.5 corporate costs impacting the S
Slide 8: Revenue Adj. and EBITDA by SBA FY22 (€ M)
8 Revenue Adj. and EBITDA by SBA FY22 (€ M) • Software reported an increase both in Revenue and EBITDA with a slight reduction in margin, due to an increase in the incidence of corporate costs and of the cost of services. The pro forma brings the marginality of Software up to € 45 M and an EBITDA 70
Slide 9: Financial Highlights FY22
9 Financial Highlights FY22 CERVED Rating A3.1 equivalent to A- S&P, A3 Moody’s, A-1 Fitch €M Fixed assets FY22 FY21 investments (Tesi and VC “service tech sub-fund” included) investments in new innovative products and solutions Fixed assets 259.7 166.8 Net Working Capital (+) trade receivables € 43
Slide 10: NFI Bridge
10 NFI Bridge TESI, IOP, ESAKON, + € 137.5 M net of cash Non-cash CapitaI acquired adjustments Increase and recovery net of costs Venture of payables Capital for - € 9.2 M extraordinary o/w R&D Dividend cash out for operations € 14.2 M extraordinary (NFI-neutral) operations
Slide 11: Significant M&A Track Record
11 Significant M&A Track Record
Slide 12: Geographic Footprint
12 Geographic Footprint +24.4% YoY Export 10.8% Italy 89.2% Italy: the entire offering % of worldwide revenue FY22 DACH: Blood, HIS, Virtual Care (VC), Automation RoW: Blood, Automation, Virtual Care (mainly in Europe & the Americas)
Slide 13: M&A Guidelines
13 M&A Guidelines Become a Major European Player will keep on investing in software companies both abroad and in Italy to expand its product portfolio Focus on international software companies mainly operating in: Blood Management LIS with an EBITDA margin > 16% Product Portfolio Evolution: Software
Slide 14: Targets 2024
14 Targets 2024 €M 2022 pro forma 2024 Organic Organic REVENUE + 8.7% > 420 mn CAGR 2021-2024 > 8.5% 386 > 500 Organic & inorganic Organic & inorganic + 18.1% > 500 mn CAGR 2021-2024 > 15% EBITDA 16% > 17% Margin
Slide 15: Investment Quick Take
15 Investment Quick Take Shareholder structure based on available information to Gpi on February 21st, 2023 FM srl (Manzana Family) GPI IN THE STOCK MARKET 34.6% Leadership and Uniqueness CDP Equity 46.7% ISIN: IT0005221517 Ticker: GPI:IM Treasury Shares 0.3% Price 27 March 2023 € 13.16 Market 18.4%
Slide 16: IR Contact details
16 IR Contact details Via Ragazzi del '99, 13 - 38123 Trento T +39 0461 381515 investor.relations@gpi.it Fabrizio Redavid Lorenzo Giollo C. +39 335 1035499 C. +39 340 8223333 fabrizio.redavid@gpi.it lorenzo.giollo@gpi.it
Slide 17: Disclaimer
17 Disclaimer The material in this presentation was prepared by GPI S.p.A. ("GPI” or the “Company”) without any paragraph 2, letters a) to d) of the Order; and (C) other persons to whom this presentation can be form of independent verification; it is general, basic information about the current busi