WIIT TAKE YOUR BUSINESS ABOVE THE CLOUDS - Company Presentation
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WIIT TAKE YOUR BUSINESS ABOVE THE CLOUDS Company Presentation March 2020
Disclaimer
This document has been prepared by Wiit S.p.A. (the “Company”) for information and discussion purposes only, it contains only summary information and, therefore, it is preliminary in nature. Furthermore it has
been drafted without claiming to be exhaustive.
This presentation (“Presentation”) is confidential and, as such, has not been prepared with a view to public disclosure and, except with the prior written consent of the Company, it cannot be used by the
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This document is not an advertisement and in no way constitutes a proposal to execute a contract, an offer or invitation to purchase, subscribe or sell for any securities and neither it or any part of it shall form
the basis of or be relied upon in connection with any contract or commitment or investments decision whatsoever. The Company has not prepared and will not prepare any prospectus for the purpose of the
initial public offering of securities. Any decision to purchase, subscribe or sell for securities will have to be made independently of this Presentation. Therefore, nothing in this Presentation shall create any
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This Presentation does not constitute an offer to the public in Italy of financial products, as defined under article 1, paragraph 1, letter (t) of legislative decree no. 58 of 24 February 1998, as amended.
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similar expressions. The forecasts and forward-looking statements included in this document are necessarily based upon a number of assumptions and estimates that are inherently subject to significant
business, operational, economic and competitive uncertainties and contingencies as well as assumptions with respect to future business decisions that are subject to change. By their nature, forward-looking
statements involve known and unknown risks and uncertainties, because they relate to events, and depend on circumstances, that may or may not occur in the future. Furthermore, actual results may differ
materially from those contained in any forward-looking statement due to a number of significant risks and future events which are outside of the Company’s control and cannot be estimated in advance, such
as the future economic environment and the actions of competitors and others involved on the market. These forward-looking statements speak only as at the date of this Presentation. The Company
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Company Presentation | Mar 2020 2Overview
The Premium Cloud for Business Critical Applications Company Presentation | Mar 2020 4
Highlights
1996 established +70 countries online
1996
since 2007 focused on Cloud in 4 regions
TIER
2 Datacenter 100% Green Energy
IV 1 DC Tier IV since 2016 for datacenter and Wiit offices
70 top clients 6 successful acquisitions
+390 midsize clients since 2007
11 branches 2017 listed on the Stock Market
of which 2 abroad since 2019 in the Star segment
Company Presentation | Mar 2020 5Wiit Cloud Platform Offering
Standard Public Cloud Premium Hybrid Cloud
Infrastructure as a Service only
for Critical Apps
PaaS and Saas
Wiit
Software as a Service Digital Process Applications
Application software Customer
Or Wiit WIIT Peers
Managed Services,
Platform as a Service System Cybersec, DR/BC Virtustream
• Managed services, DR/BC, Secure24
Integrators
Cybersecurity Wiit Attenda
Tricore Solutions
• Application Platform availability Application platform
Symmetry
availability
Oxya
Infrastructure as a Service IaaS Providers Wiit
Telco, Amazon, Msft Azure, Technology Layer (Tier IV +
Datacenter, infrastructure tech, network Aruba, Claranet, Plus Server Tech Assets)
Company Presentation | Mar 2020 6+28% Revenue
+49% Adjusted
Ebitda WIIT GROUP
CAGR 2016-2019
+41% Adjusted
Ebit Growth Comparison
+21% Cloud
Market
Company Presentation | Mar 2020 7Leading operational excellence
and Cloud trend to achieve a sharp Growth
SALES (€mn) EBITDA Adj.* (M€) and MARGIN %
40,0
15,0
35,0 38.9%
13,0
30,0
11,0 41.3%
25,0
9,0 43.3%
20,0
33.9 7,0
13.2
15,0
25.2 5,0 30.6% 10.4
10,0
25.2% 8.5
19.6
15.5 3,0
12.7 4.7
5,0 3.8
1,0
0,0
2015A 2016A 2017A 2018A 2019A -1,0 2015A 2016A 2017A 2018A 2019A
* EBITDA adjusted excluding the Figurative cost of Performance Shares,
non-recurring costs incurred for the STAR segment listing and M&A of
approx. Euro 1.0mln IPO costs
Company Presentation | Mar 2020 8Recurring 88% Wiit
75% Group
Revenues
Semi Recurring 0% Wiit breakdown
12 months renewal
12% Group 2018
One Off 12% Wiit
13% Group
Company Presentation | Mar 2020 9Stock price last 12 months
140%
Coronavirus period
120%
100%
WIIT.MI
80% +79.0%
WIIT
60%
FTSE STAR
CAC 40
40% DAX 30
FTSE100
NASDAQ100
20%
BVP EC
+3.8%
0% +1.5%
-15.6%
-20% -16.5%
-17.9%
-23.4%
-40%
mar-19 apr-19 mag-19 giu-19 lug-19 ago-19 set-19 ott-19 nov-19 dic-19 gen-20 feb-20 mar-20
Company Presentation | Mar 2020 10WIIT Market Cap
Mar 27, 2020
219 M€
WIIT 90 days average 4,000 Share growth
daily volumes shares/dd driven by
undervalued
WIIT EV/Rev multiple
Bloomberg estimates 2020 5.16 x multiples and
BVP Cloud index strong
EV/ Rev 2020 multiple 8.6 x business
performance
Company Presentation | Mar 2020 11BOARD OF DIRECTORS
Chairman & COO Riccardo Mazzanti
Chief Executive Officer Alessandro Cozzi
Executive Director Enrico Rampin
Executive Director Francesco Baroncelli
Director Amelia Bianchi
Independent Director Aldo Napoli 1
Independent Director Dario Albarello 1,2
Independent Director
Independent Director
Riccardo Sciutto 1,2
Annamaria di Ruscio 2
Corporate
BOARD OF STATUTORY AUDITORS Governance
Chairman of the Board of Statutory Auditors Luca Valdameri
Statutory Auditor Paolo Ripamonti
Statutory Auditor Nathalie Brazzelli
SUPERVISORY BODY
Chairman of the Supervisory Body Dario Albarello
(1) Member of Related Parties and Risks Committee
INDEPENDENT AUDIT FIRM Deloitte & Touche S.p.A. (2) Member of Remuneration Committee
Company Presentation | Mar 2020 12Free Float
32.90%
Shareholders
Structure
Wiit Fin Srl
62.16%
Jan 2020
Own Shares No. Shares 2,652,066
4.94%
Company Presentation | Mar 2020 13WIIT at a glance
WHY WIIT We strongly believe in technology as a turning point for a fast and sustainable growth of worldwide economy. The IV industrial revolution can only be achieved through the overcoming of the outdated technological models that do not allow efficiency, safety, scalability, performance. Company Presentation | Mar 2020 15
ENABLE THE DIGITAL SHIFT We support clients in their transformation from a traditional On-Premise IT to a Premium Cloud model for Business Critical Applications. We are focused and we are investing on the continuous development of the premium Cloud provider foundations: people, technologies, processes to guarantee the highest SLAs in the Cloud market. Company Presentation | Mar 2020 16
Global trends of Digital Enabler
80%
% Growing 2020E/2017
BLOCKCHAIN
70%
60%
DIGITAL TRENDS
50% Cloud, IoT and Mobile Business are
IOT WEARABLE
TECHNOLOGY AI leading the growth but still are a
green field.
40%
30%
SECURITY All the digital trends will include, as a
20%
MOBILE
BUSINESS CLOUD foundation, Cloud based
10%
technology, applications and
BIG DATA
% Growing 2017/2016
DevOps.
0%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Source: Il Digitale in Italia – 2018 Mercati, Dinamiche, Policy". “Osservatorio Cloud
Transformation - Cloud Transformation: evolvere con le nuvole verso l’organizzazione agile
Company Presentation | Mar 2020 17Worldwide Cloud Growth 2018-2022
CAGR by Cloud Service Category, 2018-2022
Worldwide Public Cloud Services Revenue Forecast (B$)
Source: Gartner (Apr 2019)
30%
25%
20%
15%
Growth Trends
25.89%
19.49% 10%
IaaS and PaaS growth will continue with the
16.08% 15.77%
14.27% highest CAGR rate in the Cloud Arena
5%
7.47%
0%
Cloud System Cloud Application Total Market Cloud Application Cloud Cloud Business
Infrastructure Infrastructure Services (SaaS) Management and Process Services
Services (IaaS) Services (PaaS) Security Services (BPaaS)
$400
$350 Cloud System
Infrastructure
$74
Services (IaaS)
$300
Revenue Trends
$61 $18 Cloud
$50
$250 Management and
$16 Security Services
$40 $14
$200
IaaS + PaaS still represents 40% of the overall
$151 Cloud Application
$32 $12
Services (SaaS)
$11 $133
$150
$100
$116
Cloud Application
Cloud market
$86
$100 Infrastructure
$58 Services (PaaS)
$40 $48
$26 $32
$50
Cloud Business
$42 $44 $47 $50 $54
Process Services
$- (BPaaS)
2018 2019 2020 2021 2022
Source: Gartner Worldwide Public Cloud Service Revenue Forecast
Company Presentation | Mar 2020 18Italian Cloud between past and future
4.500 €
4.000 €
3,460
Market trend
3.500 €
+22.3% 697
2,830 3.000 € Cloud gr owth will stay strong due to the boost of
+23% 621 +12.3% 2.500 €
new digital areas (i.e. Analytics, Iot, AI etc.) and
2,302
due to the adoption of Cloud for Business Critical
553 +12.2% 1.348
2.000 € apps.
+23.3%
1.094
1.500 €
872 +25.5% Virtual Private is growing 12.3%
1.000 € Hybrid is growing 24.4%
+26.8% 1.415
877
+27.3% 1.116 500 €
0€
2018 2019 2020
Public Cloud Hybrid Cloud Virtual Private Cloud
Source: Netconsulting Cube 2020
Company Presentation | Mar 2020 19Worldwide Cloud IT infrastructure Market Forecast by
Deployment Type, 2017-2023 (shares base on Value)
100%
90%
Cloud shift still
80%
70%
ongoing
60%
50%
Traditional DC
40%
30% Private Cloud
20%
10%
Public Cloud
0%
2017 2018 2019 2020 2021 2022 2023
Traditional DC Private Cloud Public Cloud
Company Presentation | Mar 2020 20Why
complementary?
PRIVATE CLOUD PUBLIC CLOUD
Single or multiple clients Multiple clients
On-premises or off-premises Off-premises
Managed Services No Managed Services
Fully Customizable Limited Customizations
Guaranteed SLA Target SLA
Highest Security standards (up to Tier IV) Low Security standards (No Tier IV)
Fully customizable Tech Performances Standard Tech Performances
Shared or fully private network Shared network
Company Presentation | Mar 2020 21The new trend for Critical Corporate Apps
Business Continuity
Managed Services
Wiit Delivery Platform
AWS
Customer Hosted
Private Cloud Private Cloud Public Cloud
+ Needs: high and guaranteed
service levels, business
Critical Critical Applications (SAP-ERP, CRM, EPM, continuity, information
etc.) core platforms and infrastructures security, personalization,
integration, scalability,
Business flexibility
App Needs: multiple users,
less confidential
information, local data
Non Critical Applications
compliance,
Non Critical geographical
- localization
Company Presentation | Mar 2020 22Why companies move to Cloud
Being global and
digital is imperative. Top 3 business fault causes
BUSINESS
#1 Datacenter technology level
Being global means
RISKS #2 Cyber security
global processes #3 Human Error
governance.
Governance and a. No more CAPEX in no core
BUSINESS
digital mean tech investments
OPPORTUNITIES b. Scalability and flexibility
performance,
data security and c. Competences and experience
process reliability.
Company Presentation | Mar 2020 23Competition in Business Critical Cloud
Entry/Exit barriers
TOP 3
Reasons to choose your Critical App Primary Cloud
Cloud provider entry barriers to
#1 References enter the Critical
#2 Migration experiences App Cloud
#3 Assets/Competences/Certifications
TOP 3
Reasons to change your Critical Business-stop risk due
App Cloud provider to migration
#1 Service quality is the primary
#2 Provider Financial health Client exit barrier
#3 Price
Company Presentation | Mar 2020 24Geographical coverage of clients connected to our datacenters
2
global
70 connected branches
countries
70% 90% 80%
Milan HQ
Top clients Top clients Top clients Turin Vicenza
Castelfranco Veneto
9
with DR/BC run ERP suites run SAP italian Cuneo Carpi
Florence
branches
2
enterprise
70 +390
Rome
datacenter
Top Mid
clients clients
Company Presentation | Mar 2020 25Tier IV datacenter for business critical applications
Compart
WIIT Strategic Assets
Components
TIER Site
IT capacity Distribution
Maintenance Fault tolerant mentation = all
Continuous
Availability
Datacenter infrastructure w/o service = w/o manual components year
to support Path Cooling
Class Definition downtime intervention are separated average
load
and duplicated
Wiit deploys two dedicated Enterprise
Class Data-Centers in Italy
4 Fault tolerant
2N+1 Double
Enterprise Fully Active- 99,995% Milan: Primary Data Center, certified TIER
Corporations Redundant Active 4 Constructed Facility, where the most
N+1
complex and critical ERP infrastructures
Concurrently One Active
3 maintainable
Fault
Tolerant
One 99,982%
are hosted and managed
Large Business Standby
Castelfranco Veneto (TV): the data
2 center that enables Business Continuity
Medium Size Redundant N+1 single 99,75% services for Milan Tier IV DC
Business
The level of use of the 2 Data-Centers is
1 Basic N single 99,67% only 35% of total capacity
Small Business
(*) Source: Uptime Institute Website – Tier Certification of Constructed Facility – March 2018
Company Presentation | Mar 2020 26Key Success Factors
Cyber Security Platform SAP Outsourcing Services Data Resilience
SaaS
+34% 6/6 99.9999%
Average increase of Wiit The only provider in the All the critical production
Digital Process Security Index in our world with all the 6 systems are hosted in
Platform clients after CS platform certification classes on EMC VMAX storage that
PaaS Coverage adoption Certs SAP Outsourcing Resilience guarantees the
Operations maximum resiliency
currently available
SAP Application
Support
SAP system Mgmt
& other APP
Eco-Sustainability Hybrid Cloud Platform Tier IV Availability
IaaS Database
Management
SOC & Cyber
Help Desk Security
Dedicated and
shared servers System Mgmt Private Wiit Private Public
Backup & Data
100% 100% 99.995%
Since 2016 datacenter A fully integrated Hybrid Resiliency level of
Storage
and offices power Cloud supply chain for Datacenter still is the first
Data Center completely comes from governance and cause of potential
Green renewables sources Hybrid workloads management Availability business fault risk
in Clouds at worldwide
level
Wiit Cloud Positioning
Company Presentation | Mar 2020 27High standing Client Base
TOP 10 CLIENTS
76%
OVERSEAS TURNOVER(*)
Retail
Public
5%
TOP 10’s CLIENT
Aerospace &
Fashion
Defence
34%
6%
Professional
REVENUE BY Services
7%
SECTOR Discrete
Manufacturing
8%
(Informative Prospect 2018) Process
Manufacturing
Oil & Gas
11%
13%
Industrial Machinery
(*) Source Clients Financial Report 2018 and Management account – data not audited 11%
Company Presentation | Mar 2020 28Granting a high Visibility of Business
• 5 years average contract period
• 75.4 €M Backlog. 2.2 times 2019A sales
• High penalties for early termination
BACKLOG AS AT 1st JAN 2019 (€mn) BACKLOG AS AT 1st JAN 2020 (€mn)
60,0 80,0
75.4
50,0
48.7 70,0
60,0
40,0
50,0
25.2 33.9 2.2 x
30,0
1.9 x 40,0
30,0
20,0
20,0
10,0
10,0
0,0 0,0
SALES 2018 BACKLOG SALES 2019 BACKLOG
Company Presentation | Mar 2020 29High Cash Flow Growth: +38.2% in FY 2019
Big cash generation potential GROSS CASH FLOW HISTORY (M€)
• Facilities usage at 40% 14,0
• CAPEX 12,0
• Maintenance capex 10,0
tech update + R&D (approx. 8,0
€1.5mn/yr avg in 2016-2019) 6,0 12.3
• Development capex 8.9
4,0
new clients (approx. 20% of TC in 7.0
contract Y1) 2,0 3.8
• Modest NWC needs 0,0
2016A 2017A 2018A 2019A
Company Presentation | Mar 2020 30WHAT NEXT ?
Main drivers for Service portfolio extension
4 on Top Tech trends
FUTURE GROWTH Services expansion to IoT, AI, CX
3 Expansion in Europe
Priority on France & Germany for market
potential and country cloud-readiness for
critical apps
2 Italian market consolidation
Continue cloud market consolidation in
Italy achieving upselling of Wiit services in a
1 new customer set and industrial synergies
Leadership in Italy on
Business Critical Apps
Continue organic growth on SAP and
other business critical apps
Company Presentation | Mar 2020 32M&A Journey Adelante Etæria & Ædera
Presence in Tuscany (Luxury Strong presence in Piedmont
district). 70% potential synergies and Emilia-Romagna. High
achieved. Upselling Wiit Biz quality client portfolio.
critical services on existing Proprietary technological
customers in progress. platform that integrates the
Expansion of service portfolio technological document asset
already owned by Wiit
2015 2018 2019 2020
Visiant Matika
Acquisition of Private Cloud Presence in Veneto (Discrete/Process
datacenters (2) of Visiant with a M. district). 500 k€ potential synergies.
long term partnership. Strong Very good upselling potential on
synergies achieved (DC Matika customer base and expansion
shutdown+migration in Wiit facilities) of service portfolio
Company Presentation | Mar 2020 331. Acquisitions in Italy 1. Strategic acquisitions to enter more effectively in foreign
to increase Wiit’s markets leveraging on:
market share and • a local established brand
gain synergies
(example: data • a native salesforce with relationships with local clients,
centres) knowledge of local market and datacenter in the country
2. Cost savings mainly achievable thanks to the centralization of
operations in Italy. Two examples:
Profile Synergies Integration risks
I. Cloud players with a business model cost synergies lower (same
comparable to Wiit and multiannual business
contracts schemes model)
II. IT players which can be considered cost synergies + medium
part of the current Wiit Value Chain revenue synergies
(for instance Datacenter, Cloud IaaS), (up-selling)
have a client base suitable to an up-
selling strategy and possibly
multiannual contracts
Italy Europe (FR, DE)
External Growth
Company Presentation | Mar 2020 M&A STRATEGY 34Financial boost in target companies
Wiit average
top 20’s client size
900 K€/yr
K€/yr
Application Wiit 400 60%
Software license as a Digital Process
Service
Leverage Wiit Cloud
350
Applications 350
50%
model to scale up 300
45%
Wiit
Platform financials of Managed Services,
Cybersec, DR/BC
250
40%
• Managed services,
DR/BC, Cybersecurity acquired Co. Wiit
200 30%
• Application Platform 157,5
Application platform
availability 150
K€/yr availability 20%
60 60% 100
50
Data Center
40 40% 10%
50
20
15%
20%
Wiit
Data center, infrastructure IaaS Provider 7,5 Technology Layer
tech, network 0 0% (Tier IV + Tech Assets) 0 0%
Revenue Ebitda Ebitda % Revenue Ebitda Ebitda %
FROM AN TO AN
SERVICES IAAS CLOUD PAAS CLOUD
AVG. CLIENT SIZE AVG. CLIENT SIZE
Company Presentation | Mar 2020 35Solutions to face COVID-19 emergency
We enable the remote full access to
the most critical apps currently On
Promo campaign to support companies in
Premise
their cloud migration
Show your W II t!
AWS
Customer Hosted
Public Cloud
Private Cloud Private Cloud
Departmental apps Business Critical apps
Public Cloud Native apps
Production Line apps Critical Data
Collaboration SaaS
Edge apps Centralized Corporate apps
WIIT SMARTWORKING PLATFORM
Backup and management Centralization of voice
of company data communication
Messaging and Internal &
document sharing External Security
Mobile VPN
Landline/mobile
#andràtuttobene
Internet
The initiative to reduce migration costs to one of the cloud
platforms dedicated to critical applications during the
Coronovirus emergency period
@home @home w/ portable Mobility In office
BYOD w/ company devices
devices
ENDPOINT SECURITY
Company Presentation | Mar 2020 36Fund Raising “Un Sacco di grazie!”
for COVID-19 emergency
WIIT started a fundraising
for the "Luigi Sacco“
Hospital donating 100K€
and the first month of
Cloud contracts signed
in April.
#ilcuoredelcloud Donate!
Company Presentation | Mar 2020 37Financials
+34%
Revenues
33.9 M€ vs 25.2 M€ in 2018
Financial
+27%
Ebitda Adjusted*
13.2 M€ vs 10.4 M€ in 2018 Highlights
+27%
Ebit Adjusted
6.8 M€ vs 5.3 M€ in 2018 2019
+74%
Net profit
6.7 M€ vs 3.8 M€ in 2018
vs
25.5 M€
Net debt**
4.4 M€ at Dec 31, 2018
2018
(*) EBITDA adjusted: concerns the non-recurring costs incurred for the STAR segment listing, (**) Including IFRS16 effect of M€ 5.5 in 2019 and M€ 1.1 in 2018. The 2019 amount also
the M&A costs and the PPA impact for a total amount of approx. 1.6 M€. includes the earn out for a total amount of M€ 7,9 related to Adelante and Matika of which 6
M€ payable with treasury shares.
Company Presentation | Mar 2020 39+34.4% 33.9 M€ vs 25.2 M€ in 2018
Revenues
Financial
Highlights
+3.4%
Revenues Pro-forma *
38.4 M€ vs 37.1 M€ in 2018
Positive organic revenues growth and good 2019
vs
•
contribution from Adelante and Matika;
• Upselling on existing clients;
• Acquisition of new clients in a constantly
growing market. 2018
(*)Pro-forma figures consider the consolidation of Adelante and Matika for the entire years
(2018-2019).
Company Presentation | Mar 2020 40+26.7%
Ebitda Adjusted*
13.2 M€ vs 10.4 M€ in 2018
Financial
Highlights
+12.9%
Ebitda Pro-forma Adjusted**
2019
14.1 M€ vs 12.5 M€ in 2018
• Strong improvement in pro-forma margin from 33.5% to 36.6%
vs
thanks to the concentration on Cloud services, reduced low
added value product revenue and optimised process and
operating services organization; in particular:
2018
– WIIT from 44.3% to 46.1%
– Adelante from 15% to 17.7%
– Matika from 20.1% to 25.6%
• Stable operating costs on revenues
(*) EBITDA adjusted: concerns the non-recurring costs incurred for the STAR segment listing, (**)Pro-forma figures consider the consolidation of Adelante and Matika for the entire years
the M&A costs and the PPA impact for a total amount of approx. 1.6 M€. (2018-2019).
Company Presentation | Mar 2020 4125.5 M€
Net debt
4.4 M€ at Dec 31, 2018
• IFRS16 effect of M€ 5.5 in 2019 (M€ 1.1 in 2018); Financial
• Earn out related to Matika and Adelante of M€ 7.9 of Highlights
2019
which M€ 6.0 payable with treasury shares;
• Strong operating cash flow generation of 11.3 M€ ;
vs
• CAPEX expenditure under control at approx. M€ 5.0
related to new orders and headquarter
improvements;
2018
• Buy back program has been completed for a total
value of M€ 4.3, 2.5% of the share capital;
• The treasury shares value (approx. M€ 12.0 at mark to
market value at December 31, 2019) is not included in
the cash accounting.
Company Presentation | Mar 2020 42Balance Sheet: FY 2019 Results
IFRS Form (€ 000) 2016 2017 2018 2019
Intangible Assets 917 1.402 4.050 13.342
Intangible Assets - Goodwill 1.315 1.315 9.736 17.605
Property plant and equipment 8.920 12.912 13.823 19.063
Other Tangible Assets 0 0 0 0
Investments in associates 464 458 68 61
Total non-current assets 11.616 16.087 27.677 50.798
Inventories 12 0 0 83
Trade and other receivables
Intercompany receivables
4.023
875
3.292
1.122
4.699
461
6.443
36
• Fixed assets mainly include the two Wiit’s
Advance Tax 300 377 685 0 datacenters (approx. 40% capacity) –
Other liquid assets 475 395 1.734 269
Total current assets 5.685 5.186 7.580 6.830 amortization in 5 years
Tax current liabilities 292 366 669 0 • Goodwill refers to the merger of Sevenlab
Trade and other payables 1.729 2.058 3.802 4.479
Payables vs related companies 0 0 0 42 S.r.l. into Wiit in 2014 and acquisition of a
Other payables and current liabilities
Total current liabilities
708
2.729
807
3.231
2.056
6.528
3.291
7.812
division of Visiant Technologies in 2015,
Net Working Capital 2.956 1.955 1.053 (982) Adelante Group, Foster in 2018 and Matika
Other payables and non-current liabilities 320 220 1.340 860 in 2019. Goodwill includes also the overall
Employee benefits liabilities 817 918 1.259 1.984
Provisions for deferred tax liabilities 29 29 214 2.872 potential future earn-outs as per achieved
Total non-current liabilities 1.166 1.167 2.813 5.716 financial target plan.
NET INVESTED CAPITAL 13.406 16.875 25.917 44.100 • Intangible Assets YTD 2019: 4.5 millions IFRS16
Equity 4.512 24.755 22.243 20.661
Net Financial Debt (Cash) 8.895 (7.880) 4.383 25.489
Net Financial Debt (Cash) Excluding impact of IFRS16 3.299 20.019
Cash and cash equivalents at year-end 3.610 21.514 17.930 11.836
Company Presentation | Mar 2020 43Income Statement: FY 2019 Results
IFRS Form (€ 000) 2015 2016 2017 2018 2019 • Big potential for a margin expansion thanks
NET SALES 12.791 15.341 19.556 25.237 33.911 to a scalable platform with fixed costs
mainly
Cost of products and service sold (excl. IPO costs) 5.944 7.586 7.255 10.121 15.237
Cost of employees (excl.Figurative cost Perf.Shares)
Other cost and charges
2.532
527
2.616
400
3.606
217
4.395
309
6.229
382
• Performance shares plan generates a
Variation of inventory 1 38 12 0 (66) figurative cost ex IAS principles (tax
Total costs 9.004 10.640 11.089 14.826 28.685
deductible)
EBITDA Adjusted 3.787 4.701 8.467 10.412 13.192
29.6% 30.6% 43.3% 41.3% 38.9% • IPO cost: cost related to listing to MTA
Amortisation, depreciation 1.931 2.300 3.433 5.108 6.903
process (Star Segment)
Figurative cost of Performance Share 2016-2018 585 394 283 0
IPO and M&A Costs 455 142 1.041
• M&A cost: cost related to due diligence for
OPERATING PROFIT 1.856 1.817 4.186 4.878 5.226 Merger and Acquisition
OPERATING PROFIT Adjusted 2.401 5.034 5.303 6.799
15.7% 25.7% 21.0% 20.1%
• Tax benefits active from year 2016 on
Depreciation of investments in associates
Financial income
(750)
28
0
19
(6)
42
0
7
(7)
252
• “Super-ammortamento”:140% overvaluation
Financial costs (354) (466) (452) (508) (439) of the 2017 investments in new assets
Exchange rate differences (1) (18) 92 (90) (40)
RESULT BEFORE TAXES 779 1.352 3.862 4.287 4.492 purchased or leased. Opportunity to benefit
Income taxes 583 441 725 791 (258)
of subsidy for investments in intangible
NET RESULT 195 911 3.137 3.496 5.250 capital goods (software and IT systems)
• “Patent-Box”: benefit starting benefit
* EBITDA adjusted excluding the Figurative cost of Performance Shares, non-recurring costs incurred for the STAR
segment listing and M&A of approx. Euro 1.0mln IPO calculation from Y2015. Renewed the
benefits for the next 5 fiscal years
Company Presentation | Mar 2020 44Group Annual Economic Results 2016-2021E
(Y20 and Y21 Estimate by Analysts Consensus)
SALES (M€) EBITDA Adj.* (M€) and MARGIN %
60,0 25,0
38.2%
50,0
20,0 CAGR
CAGR 35.3%
FY16 - FY19 +41%
40,0
FY16 - FY19 +30% 38.9%
15,0
42%
30,0
43.3%
51.5 10,0
47.0 19.7
20,0 16.6
33.9 30.6% 13.2
25.2 5,0 10.4
10,0 19.6 8.5
15.3
4.7
0,0 0,0
2016A 2017A 2018A 2019A 2020E 2021E 2016A 2017A 2018A 2019A 2020E 2021E
EBIT (M€) and MARGIN % NET PROFIT (M€) and MARGIN %
18.3%
14,0 10,0
22.7%
9,0
12,0
8,0 CAGR 15.3%
10,0 CAGR 18.7%
7,0 FY16 - FY19 +81%
FY16 - FY19 +42% 6,0
15.6%
8,0
15.3% 5,0
19.3% 9.5
6,0 21.4% 11.7 4,0 13.9%
16% 7.2
4,0 8.8 3,0
11.6% 5.3
5.2 2,0 3.5
2,0 4.2 4.9 5.9% 3.1
1,0
1.8 0.9
0,0 0,0
2016A 2017A 2018A 2019A 2020E 2021E 2016A 2017A 2018A 2019A 2020E 2021E
(E) Average of Analysts Consensus for 2020-21 (source: Banca IMI, Intermonte SIM and Midcap LCM, March 2020)
Company Presentation | Mar 2020 45WIIT TAKE YOUR BUSINESS ABOVE THE CLOUDS ir@wiit.cloud wiit.cloud
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