Quest Holdings Sa · ATHEX:QUEST
Quest Holdings Sa — Q1 2023 Earnings Presentation
28 slides from Quest Holdings Sa's earnings presentation, May 23, 2023
Slide 1: Corporate IR Presentation
Corporate IR Presentation Based on Q1 2023 Financial Results
Slide 2: Q1 2023 Results
01.Q1 2023Results Overview Financial Performance Outlook 2
Slide 3: Quest Group at a Glance (Q1 2023)
Quest Group at a Glance (Q1 2023) ▪ €286m Revenues 30 Countries 42 years 2.621 ▪ €19m EBITDA International Activity (est. in 1981) Headcount ▪ €14m EBT ( ~24% of revenue) ▪ €248m Equity Active in : Revenues Track Record 2019 -2023 ▪ Commercial Activities1 € 198m ▪ Revenue CAGR 23% ▪ IT Services € 51
Slide 4: Q1 2023 Highlights
Quest Group 1 Sales €286m with growth in all segments Q1 2023 Highlights 2 Sales +20,1% / Ebitda +15,3% 3 High demand in IT services & significant future expectations / Apple sales surge 4 Expansion of commercial operations in Romania for Xiaomi. 5 Clima Sector is performing well. 4
Slide 5: P&L (Q1 2023)
P&L (Q1 2023) Amounts in ,000 € 3M 2023 YoY % 3M 2022 Sales 285.946 20,1% 238.084 EBITDA 19.468 15,3% 16.878 Explanations/Clarifications: % sales 6,8% 7,1% ▪ Sales growth was primarily driven by EBIT 16.216 13,8% 14.251 Commercial Activities division which % sales 5,7% 6,0% grew at a 22,5% pace. EBT
Slide 6: P&L (Q1 2023) EBITDA, Sales, EBT
P&L (Q1 2023) Amounts in ,000 € 9,5% EBITDA 25.000 8,5% 10,0% 8,5% 6,8% 20.000 7,1% 8,0% 2023 VS 2019 15.000 6,0% SALES +64% 350.000 10.000 18.368 19.468 4,0% 4years CAGR 16.878 300.000 5.000 11.845 12.559 2,0% +13% 250.000 - 0,0% 2023 VS 2019 200.000 2019 2020 2021 2022 2023 +129% 150.000 285.946 4
Slide 7: Balance sheet (Q1 2023)
Balance sheet (Q1 2023) Amounts in ,000 € Group Balance Sheet 3M 2023 12M 2022 Tangible & intangible assets 135.364 134.065 Right-of-use assets 26.742 24.409 Goodwill 36.351 36.351 Other 33.433 32.702 Non-current assets 231.890 227.527 Inventories Trade & other receivables 101.376 195.551 77.236 214
Slide 8: Cash Flow (Q1 2023)
Cash Flow (Q1 2023) Amounts in ,000 € Group Cash Flow 3M 2023 3M 2022 EBT 13.654 13.955 Depreciation/Amortization 3.252 2.626 Interests Expense / (income) 2.897 1.647 WoC (Change in Inventories, Receivables, Payables) (23.082) (3.305) Tax paid (2.202) (313) Other operating activities (2.992) (2.928)
Slide 9: Commercial Activities Segment
Commercial Activities Segment* Info/Overview Q1 Financial Results ▪ Largest distributor of H/W and S/W products in Greece Amount in ,000€ 3M 2023 YoY % 3M 2022 ▪ €704m revenue in 2022 Sales 198.489 23% 161.989 ▪ 40%+ of ICT distribution Market in Greece ▪ Certified Greek partner of major internation
Slide 10: IT Services Segment
IT Services Segment Info/Overview Q1 Financial Results ▪ Leading IT integrator in domestic market ~ 20% M. Share Amount in ,000€ 3M 2023 YoY % 3M 2022 ▪ €176m revenue in 2022 Sales 50.701 21% 42.060 ▪ 30+ countries of operations EBITDA 4.772 9% 4.396 ▪ ~50% International revenues % sales 9,4% 10,5%
Slide 11: Courier & Postal Segment
Courier & Postal Segment Info/Overview Q1 Financial Results ▪ Largest Local Courier operator in Greece (~ 24% Μ. Share ) Amount in ,000€ 3M 2023 YoY % 3M 2022 ▪ €142m revenue in 2022 Sales 34.737 9% 31.941 ▪ Leading Alternative Postal Operator in Greece (~6% Μ. Share) EBITDA 5.608 15% 4.869 % sales
Slide 12: Renewable Energy Segment & Other
Renewable Energy Segment & Other Info/Overview Q1 Financial Results ▪ €10,2m revenues for Quest Energy during 2022 due to Amount in ,000€ 3M 2023 YoY % 3M 2022 new investments Sales 2.019 -4% 2.093 ▪ Quest Energy owns 24 photovoltaic parks with > 34MW EBITDA 1.500 -2% 1.538 power % sales 74,3% 73,5%
Slide 13: Segment Contribution in Sales & Ebitda (Q1 2023)
Segment Contribution in Sales & Ebitda (Q1 2023) Amounts in ,000 € Commercial Courier & IT Services Energy & Other Total Group Activities Postal 198.489 50.701 34.737 2.019 Sales 17,7% 12,1% 0,7% 285.946 69,4% 7.587 4.772 5.608 1.500 Ebitda 28,8% 7,7% 24,5% 39,0% 19.468 EBITDA Margin 3,8% 9,4% 16,1%
Slide 14: Segment Analysis Q1 2023
Segment Analysis Q1 2023 Amounts in ,000 € 3M 2023 (€ x 1.000) Commercial Activities ΙΤ Services Courier & Postal Renewable Energy Unallocated Total Total gross segment sales 230.405 51.099 35.011 2.169 - 318.684 Inter-segment sales (31.915) (398) (274) (151) - (32.738) Net sales 198.489 50.701 34.7
Slide 15: Segment Outlook
Segment Outlook IT Services Commercial Activities ▪ Sales and profits are estimated to continue to grow ▪ Initial outlook estimation for 2023 includes a growth during 2023, driven by strong demand and continuing in sales and similar (or slightly higher) profitability investments on digital transform
Slide 16: 2023 Outlook
Group Outlook 1 2023 growth in sales and profitability similar to 2022. 2023 Outlook 2 Strong financial position (~€200m cash and credit lines). Actively looking new growth investments (new solar parks, other M&A’s). Epafos (EDU 3 IT market specialist) acquisition (~€5m revenue / 10% Ebitda Margin)
Slide 17: 02. Appendix
02. Appendix Other Corporate info More Financial Data 17
Slide 18: Quest Group at a Glance (12M 2022)
Quest Group at a Glance (12M 2022) ▪ €1.032m Revenues 30 Countries 42 years 2.599 ▪ €72m EBITDA International Activity (est. in 1981) Headcount ▪ €55m EBT ( ~24% of revenue) ▪ €239m Equity Active in : Revenues Track Record 2018 -2022 ▪ Commercial Activities1 € 704m ▪ Revenue CAGR 20% ▪ IT Services €
Slide 19: Segment Analysis 12M 2022
Segment Analysis 12M 2022 Amounts in ,000 € Discontinued 12M 2022 (€ x 1.000) Commercial Activities ΙΤ Services Courier & Postal Renewable Energy Unallocated Continued operations Total operations Total gross segment sales 829.944 176.959 142.825 10.523 409 1.160.661 27 1.160.688 Inter-segment sales
Slide 20: 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 21: Resilience in challenging times
Resilience in challenging times Amounts in million € 1200 Sales Market Cap 800 1000 700 1032 948 600 800 500 721 600 400 600 400 498 300 436 353 388 200 295 315 200 100 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 2023 EBITDA 180 Capital Return 80 158 160 70 76 6
Slide 22: Value Created to Investors
Value Created to Investors 7 2900 Quest share value (€) Market Cap* 6 € 541m 2400 General Index 5 1900 4 Aggregate Capital Return/ Dividends to the Shareholders (2018-2022) ** 3 1400 € 97m 900 2 1 400 0 2017 2018 2019 2020 2021 2022 2023 RoE (=EBT/Total Equity) 60,0% Free Float 40,0% 24,73% Theodoro
Slide 23: Growth Drivers
Growth Drivers Mobility Cloud & IoT E-Commerce International Markets Commercial Networks Renewable Energy Clima M&A Inorganic Growth 26
Slide 24: 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 25: 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 26: 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 27: 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 28: Thank you
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