Aubay Sa · EURONEXT:AUB

Aubay Sa — H1 2022 Earnings Presentation

30 slides from Aubay Sa's earnings presentation, Sep 16, 2022

  1. Slide 1: H1 2022 results

    H1 2022 results 16 September 2022 1

  2. Slide 2: Operating highlights, Financial results, Outlook

    01 Operating highlights 02 Financial results 03 Outlook 2

  3. Slide 3: Operating highlights

    01 Operating highlights 3

  4. Slide 4: Resilience and consistency in performance

    RESILIENCE AND CONSISTENCY IN PERFORMANCE Organic growth doubling the medium- term target though benefiting from 10.9% VS. GUIDANCE OF 5%-7% positive timing An improvement in the operating 10.3% margin from ordinary activities (% of VS. 9.6% IN H1 2021 sales) Employee recruitment on track with the 7

  5. Slide 5: Financial results

    02 Financial results 5

  6. Slide 6: H1 revenue - 2018 to 2022

    H1 REVENUE - 2018 to 2022 Revenue growth (€m) Other countries France 258.5 208.1 214.8 233.1 51% 197.4 OUTSIDE FRANCE 131,4 118,3 107,3 110,2 101,6 95,8 100,8 104,6 114,8 127,1 +9% CAGR OVER 5 YRS. 2018 2019 2020 2021 2022 95.2% UTILISATION RATE 6

  7. Slide 7: Revenue growth by business sector - H1 2022

    REVENUE GROWTH BY BUSINESS SECTOR - H1 2022 H1 2022 vs. H1 2021 Industry / Transport Services 6% / Utilities -3% Public sector 12% 6% +34% +3% Revenue by business sector (YoY) Telecoms Insurance 15% 21% +12% +1% Banking/Finance Retail Percentage of H1 2022 sales Revenue growth: H1 2022 vs. H1 2021 3

  8. Slide 8: Workforce (full-time equivalent)

    Since 31/12/2022 WORKFORCE (full-time equivalent) +136 additional employees Belgium / Luxembourg 217 vs. 213 Breakdown by region o France = 2,801 France/UK o International = 4,641 2,801 vs. 2,765 TOTAL: 7,442 Italy 2,162 vs. 2,119 92.5% consultants Spain / Portugal 2262 vs. 2,209 S1 2022 2021 8

  9. Slide 9: Income statement highlights

    INCOME STATEMENT HIGHLIGHTS (€ thousands) H1 2022 H1 2021 Change Revenue 258,480 233,095 +10.9% Operating profit from ordinary activities 26,601 22,457 +18.5% % of revenue 10.3% 9.6% Cost of performance shares (635) (527) Other operating income and expenses (941) (613) Operating profit 25,025 21,317

  10. Slide 10: Income statement highlights by region

    INCOME STATEMENT HIGHLIGHTS BY REGION REVENUE OPERATING MARGIN (IN €M) FROM ORDINARY ACTIVITIES H1 2022 H1 2021 H1 2022 H1 2021 Group 258.5 233.1 +10.9% 10.3% 9.6% France 131.4 118.3 +11.1% 8.7% 8.2% International 127.1 114.8 +10.7% 11.9% 11.1% 10

  11. Slide 11: Balance sheet highlights

    BALANCE SHEET HIGHLIGHTS ASSETS EQUITY AND LIABILITIES In €m 30/06/2022 31/12/2021 In €m 30/06/2022 31/12/2021 Shareholders’ equity 238.2 229.8 Goodwill 131.3 131.3 attributable to owners of the parent Other fixed assets 23.2 21.3 of which right-of-use assets 15.8 14.2 Shareholders’ equity 0.2 0.2 a

  12. Slide 12: Cash flow statement

    CASH FLOW STATEMENT In €m H1 2022 H1 2021 Change Cash flow 29.3 25.7 +13.7% % of revenue 11.3% 11.0% Tax payments (8.8) (4.8) Change in WCR (17.8) (14.5) Net cash provided by (used in) 2.7 6.4 operating activities Net cash provided by (used in) (0.9) (0.3) investing activities Net cash provided by (

  13. Slide 13: Changes in net cash

    CHANGES IN NET CASH In €m 74,8 63,5 44,6 11,6 0,2 2018 2019 2020 2021 2022 13

  14. Slide 14: Outlook

    03 Outlook 14

  15. Slide 15: Market conditions remain positive, with H2 expected to be excellent

    MARKET CONDITIONS REMAIN POSITIVE, WITH H2 EXPECTED TO BE EXCELLENT Customer demand still strong, maintaining the momentum of H1. The business sectors we address appear to be the most resilient. A productivity rate that remains at an excellent level A workforce that should continue to grow in Q3 in

  16. Slide 16: FY 2022 revenue in the upper end of our target range

    FY 2022 REVENUE IN THE UPPER END OF OUR TARGET RANGE A target to be met despite two less working days than in H2 2021 REVENUE (€M) €504m-€513m OPERATING MARGIN FROM ORDINARY ACTIVITIES 9.5% to 10.5% 16

  17. Slide 17: Interim dividend / Shareholder structure

    INTERIM DIVIDEND / SHAREHOLDER STRUCTURE ANNUAL DIVIDEND TRENDS DIVIDEND Regular increases since the beginning The Board of Directors decided to pay an interim dividend of € 0.5 (vs. € 0.34 last year) In €m payable on 10 November 2022. 1,20 1,1 1,10 1,00 0,90 0,80 0,70 0,66 SHAREHOLDER STRUCTURE AT

  18. Slide 18: Questions?

    QUESTIONS? 18

  19. Slide 19: Aubay in brief

    AUBAY IN BRIEF 3.1 19

  20. Slide 20: 20 years to build a distinctive identity and name recognition

    20 YEARS TO BUILD A DISTINCTIVE IDENTITY AND NAME RECOGNITION Today, Aubay is… ✓ The most important Digital Service Provider ✓ A culture of growth, based on a balance of created since 1998 organic and external growth • 30 acquisitions ✓ A Pure Player in each of its two target markets: • digital tran

  21. Slide 21: Aubay, a European digital service provider

    AUBAY, A EUROPEAN DIGITAL SERVICE PROVIDER A STRENGTHENED EUROPEAN GROUP REVENUE (€M) PRESENCE 470,6 426,4 417,8 Created in 1998, Revenue 400,6 353,6 listed on Euronext by market 326,4 (SBF 250) France 50% Italy 24% 17 offices in 7 Spain / 22% European Portugal countries Belux 4% 2016 2017 2018 2019

  22. Slide 22: Aubay, a European customer base

    AUBAY A EUROPEAN CUSTOMER BASE 38% 2021 REVENUE BY BUSINESS SECTOR (%) The top 15 Group customers 21% 15% 12% 7% 6% TIM 1% Bank/ Insurance Public Industry / Services/ Telecoms/ E-commerce / Finance sector Transport Utilities Media/ Retail Gaming 22

  23. Slide 23: A family-held growth company

    A FAMILY-HELD GROWTH COMPANY A HANDS-ON MANAGEMENT TEAM... Op. profit for ordinary activities (€m) Revenue growth (€m) Dividends (€ '000s) 50 500 10000 40 400 30 300 5000 20 200 10 100 0 0 1995 2000 2005 2010 2015 2020 2025 0 1995 2000 2005 2010 2015 2020 2025 1995 2000 2005 2010 2015 2020 2025 A cu

  24. Slide 24: A virtuous circle of growth

    A VIRTUOUS CIRCLE OF GROWTH ACQUIRING GRADUALLY IMPROVING COMPANIES CREATING VALUE MARGINS MARGINALLY & AND CASH FLOW PROFITABLE SHAREHOLDER GENERATION THOUGH WELL- RETURNS RAPID INTEGRATION POSITIONED UNDER A COMMON IN THEIR BANNER RESPECTIVE MARKETS Recruiting highly qualified 30 successfully inte

  25. Slide 25: Financials

    FINANCIALS 3.2 25

  26. Slide 26: Income statement at 30/06/2022

    INCOME STATEMENT AT 30/06/2022 (€ thousands) 30/06/2022 % 30/06/2021 % Revenue 258,480 100% 233,095 100% Other operating income 120 200 Purchases used in production and external charges (49,103) (46,850) Staff costs (176,617) (158,452) Taxes other than on income (2,197) (1,935) Amortisation, depreci

  27. Slide 27: Consolidated statement of financial position at 30/06/2022 (assets)

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30/06/2022 ASSETS (€ 000s) 30/06/2022 31/12/2021 Goodwill 131,305 131,305 Intangible assets 894 917 Property, plant and equipment 4,422 4,156 Right-of-use (ROU) assets 15,809 14,152 Equity-accounted investees - - Other financial assets 2,070 2,102 Defe

  28. Slide 28: Consolidated statement of financial position at 30/06/2022 (liabilities)

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30/06/2022 LIABILITIES (€ 000s) 30/06/2022 31/12/2021 Capital 6,634 6,611 Additional paid-in capital and consolidated reserves 214,256 188,740 Net income attributable to owners of the Company 17,327 34,409 Shareholders' equity attributable to equity ho

  29. Slide 29: Cash flow statement at 30/06/2022

    CASH FLOW STATEMENT AT 30/06/2022 (€ 000s) 30/06/2022 31/12/2021 Consolidated net income (including non-controlling interest) 17,366 34,481 Income from equity-accounted investees Net allowances for amortisation, depreciation and provisions and right-of-use assets for leases 3,816 7,161 Non-cash expe

  30. Slide 30: Changes in consolidated shareholders' equity at 30/06/2022

    CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY AT 30/06/2022 Net income attributable Equity to owners attributable to Non- Share Additional paid-in capital and of the owners of the controlling capital consolidated reserves parent parent interests Total Shareholders' equity at 31 December 2020 6,604 17

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