Gpi Spa · MIL:GPI
Gpi Spa — H1 2023 Earnings Presentation
22 slides from Gpi Spa's earnings presentation, Oct 3, 2023
Slide 1: Live Video Webcast H1 23 Results
Live Video Webcast H1 23 Results 03 10 2023
Slide 2: Vision, Mission, Values
2 VISION VALUES to be at the forefront of the technological ETHICS RESPONSIBILITY and sustainable transformation of preventive and care processes for PEOPLE-CENTERED PASSION healthcare, promoting the well-being of CARE individuals. MISSION we strive to provide health professionals and patients with
Slide 3: Digital Health: the Solution for the Health Care Market
3 Digital Health: the Solution for the Health Care Market Current environment Digital health solution Effects and streamlining Resources optimization and Shortage of medical staff AUTOMATION impact on average (doctors, nurses) hospitalization Complex and intricate Process facilitation and MANAGEMENT
Slide 4: FY22 Revenue and EBITDA overview
4 FY22 Revenue EBITDA € 360.2 M € 54.2 M 1988 - 35 years of experience, History of management team with an Steady Growth excellent track record of internal % on adj. Revenue (1) growth and effective M&As 16.7% 16.4% 16.0% 360 solutions and products used by 327 15.2% 15.1% International 3,000 + clien
Slide 5: Executive Summary H1 23
5 Executive Summary H1 23 Revenue € 193 M, EBITDA € 26 M H1 23 showed a double-digit increase in revenue (+14 %) coupled with a strong EBITDA growth (+50%) stemming from the favorable SBAs’ mix The net debt reached € 174 M, including € 42 M of M&As’ minorities related liabilities and € 13 M of IFRS1
Slide 6: Business Highlights H1 23
6 Business Highlights H1 23 Tenders’ update Framework Agreements: CONSIP “1” Electronic Medical Record & Telemed: Since its start in September last year, Gpi reported ca € 35 M Revenue (o/w ca € 12 M in H1 23) on a total of € 82 M orders. The latter figure includes revenue from the following prestig
Slide 7: Half-year Economic Results H1 23
7 Half-year Economic Results H1 23 STRONG IMPROVEMENT IN REVENUE AND PROFITABILITY as an effect of the shift to Technologically-driven SBAs. Revenue H1 23 - H1 22 EBITDA H1 23 - H1 22 +14% +50% 14.4% % EBITDA on adj. Revenue 13.5% % on tot. Revenue 11.0% 10.2% 9.7% 10.3% 193 9.3% 8.9% 169 152 26 117
Slide 8: Remarkable Results of the Technological Business Areas
8 Remarkable Results of the Technological Business Areas Boosting on EBITDA 2.9% 19.7% 24.0% 0.9% 2.6% % EBITDA 19.6% 23.9% 0.8% on tot.. Revenue 81.8 87.6 83.1 on adj. Revenue 57.7 Revenue 19.5 11.3 EBITDA 2.3 0.7 H1 22 H1 23 H1 22 H1 23 Software Care 23.1% 11.9% 31.2% 19.9% 6.6% 26.7% 9.9 10.1 10.
Slide 9: Revenue and EBITDA by business area
9 Revenue The shift to technologically-driven SBAs EBITDA resulted in an improvement in profitability for the entire Group. 13% 34% H1 22 Software: 10% 52% € 169 M Revenue up by an impressive + 42%, driven by organic H1 22 4% € 17 M (19.3%) and inorganic (22.5%) growth. EBITDA Boost: achieved an out
Slide 10: Geographic Footprint H1 23
10 Geographic Footprint H1 23 +68% RoW H1 o H1 Export 13.8% Italy Italy 86.2% % of worldwide revenue H1 23 Italy: the entire offering Europe & RoW: Blood, HIS, LIS, Automation
Slide 11: Financial Highlights H1 23
11 Financial Highlights H1 23 Fixed assets €M H1 23 FY22 Increase of € 8.7 M, after overall investments of € 23.8 M (o/w € 12 M of investments in R&D for innovative products and solutions) Fixed assets 268.4 259.7 Net Working Capital & Other operating assets/(liabilities) (+) trade receivables € 2.2
Slide 12: Cash flow and Net Debt evolution H1 23
12 Cash flow and Net Debt evolution H1 23 Net debt impacted by increase in working capital and capex Working capital mostly affected by increase in Strong efforts to develop overall trade receivables, new technological due mainly to Consip solutions, coupled with impact. real estate investment Other
Slide 13: Focus
13 Focus Software & European Divestment of Organization & Market non strategic business Cash Generation • Improve • Argentea (PAY) • Strengthening AFC competitive • Improve position in Europe FY22 (IFRS) organization and (Software) Revenue € 14.1 M operations for • Integration of EBITDA € 5.7 M Acco
Slide 14: Guidance 2023
14 Guidance 2023 Significant contribution from value-accretive M&As Revenue 2022 PF EBITDA 2023 PF € ~460 M € ~88 M 460 88 360 327 54 271 50 40 Net Financial Debt < € 340 M o/w ~ € 50 M of financial liabilities from extraordinary transactions. 2020A 2021A 2022A 2023E 2020A 2021A 2022A 2023E Pro Form
Slide 15: Investment Quick Take
15 Investment Quick Take GPI IN THE STOCK MARKET Leadership and Uniqueness ISIN: IT0005221517 Ticker: GPI:IM Price 2 October 2023 € 8.89 Growth and Visibility Ordinary Shares 28,906,881 Capitalisation € M 257 Technology and Service Analyst Target Price Reccomendation Banca Akros 2 October 2023 € 15.
Slide 16: Q&A
16 Q&A • STRATEGIC for the Healthcare Systems • SOLID GROWTH in both Revenue and EBITDA • SOUND and CLEAR STRATEGY • NATIONAL and EUROPEAN REFERENCE POINT Innovation for Sustainable Healthcare Via Ragazzi del '99, 13 - 38123 Trento | T +39 0461 381515 | investor.relations@gpi.it
Slide 17: Appendix Financial Statements
Appendix Financial Statements
Slide 18: Consolidated Income Statement
18 CONSOLIDATED INCOME STATEMENT ‘000 Euros H1 2023 H1 2022 Revenue 189,833 167,470 Other income 3,062 1,445 Total revenue and other income 192,895 168,914 Raw materials and consumables (9,058) (5,445) Service costs (48,045) (45,962) Personnel expense (107,955) (98,510) Amortisation, depreciation an
Slide 19: Consolidated Balance Sheet
19 CONSOLIDATED BALANCE SHEET ‘000 Euros 30 June 2023 31 December 2022 Assets Goodwill 124,947 125,235 Other intangible assets 89,825 86,767 Property, plant and equipment 40,704 34,484 Equity-accounted investments 308 111 Non-current financial assets 11,401 11,580 Deferred tax assets 11,134 9,140 Co
Slide 20: Shareholders' Equity and Liabilities
20 Shareholders’ equity Share capital 13,890 13,890 Share premium reserve 209,562 209,562 Other reserves and retained earnings/(losses carried forward), including 11,824 25,451 profit/(loss) for the period Capital and reserves attributable to owners of the parent 235,276 248,903 Capital and reserves
Slide 21: Consolidated Cash Flow Statement
21 CONSOLIDATED CASH FLOW STATEMENT ‘000 Euros H1 2023 H1 2022 Cash flows from operating activities Profit for the period 506 250 Adjustments for: – Depreciation of property, plant and equipment 4,424 3,232 – Amortisation of intangible assets 10,231 7,654 – Amortisation of contract costs 290 1,247 –
Slide 22: Disclaimer
22 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