Company Presentation CERVED INFORMATION SOLUTIONS S.p.A. Last update – 2015 FY Results
Disclaimer This presentation and any materials distributed in connection herewith (together, the “Presentation”) do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever. The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or opinions contained herein. None of Cerved Information Solutions S.p.A., its subsidiaries or any of their respective employees, advisers, representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this Presentation. The information contained in this Presentation is provided as at the date of this Presentation and is subject to change without notice. Statements made in this Presentation may include forward-looking statements. These statements may be identified by the fact that they use words such as “anticipate”, “estimate”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe”, and/or other words and terms of similar meaning in connection with, among other things, any discussion of results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. Such statements are based on management’s current intentions, expectations or beliefs and involve inherent risks, assumptions and uncertainties, including factors that could delay, divert or change any of them. Forward-looking statements contained in this Presentation regarding trends or current activities should not be taken as a representation that such trends or activities will continue in the future. Actual outcomes, results and other future events may differ materially from those expressed or implied by the statements contained herein. Such differences may adversely affect the outcome and financial effects of the plans and events described herein and may result from, among other things, changes in economic, business, competitive, technological, strategic or regulatory factors and other factors affecting the business and operations of the company. Neither Cerved Information Solutions S.p.A. nor any of its affiliates is under any obligation, and each such entity expressly disclaims any such obligation, to update, revise or amend any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this Presentation. It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full-year results. 1
Table of Contents 1 Overview 2 Full Year 2015 Results 3 Full Year 2015 Business Review 4 Investment Case 5 Appendices 2
The Italian Leader in the Credit Information Market Credit Information Credit Management Marketing Solutions Cerved € 142.6m € 124.5m € 75.0m € 13.8m 2015 40% of Group 35% of Group 21% of Group 4% of Group Revenues 1) (+6.3% CAGR) (-2.0% CAGR) (+57.7% CAGR) (11.7% CAGR) (CAGR11-15) No.1 No.1 No. 1 1) No. 9 Cerved Position and Market Share in 2013 42% 2% 42.7% 7.3% 1) 4.2% 290 (+3.6%) 359 (-4.3%) 721 (+8.5%) 627 (+3.9%) Consumer Information 103 Consumer NPLs Market 321 Rating & Analytics 39 502 Business 2013 Data Real Information ( € m) Estate (CAGR11-13) 97 Corporates Business Corporate 305 Information receivables 120 219 Source: PwC 1) Preliminary figures 3 2) No. 1 player In the non-captive market, considering pro-forma revenues in 2013 which include Recus and Tarida
Consistent Growth and Cash Flow Generation Consistent Growth EBITDA Growth High Cash Flows Revenue ( € m) EBITDA ( € m) EBITDA – Capex ( € m) +6.7%/ 1.6% +7.4% / +5.1% / +3.9% +3.8% +6.7%/ +5.2% +5.2% +5.5% 353 331 313 171 291 160 267 152 145 138 139 132 125 119 113 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Total Growth % / Organic Growth % % / % Consistent Revenue, EBITDA and Cash Flow growth Note: 2011 and 2012 EBITDA adjusted for shareholder’s fees and 2011 adjusted to review accounting policy related to the data base acquisition costs 4
Proven Model, Bound for Growth Mission-critical products and services through the cycle Undisputed market leadership 1 Resiliency Significant competitive advantages High revenue visibility Fundamental sector growth Untapped potential within the Italian market 2 Growth Cerved specific organic growth initiatives M&A Best-in-class EBITDA margins 3 Cash flow Cash conversion Attractive dividend payout 5
Our Growth Strategy Credit Management - Grow AUM and keep focused on collection Credit Information and Marketing Services - Continue to exploit the underpenetrated corporate market Credit Information - Consolidate position in financial institutions Continue to invest in new product development and innovation Exploit opportunities in adjacent markets Add-on opportunities focused on the Italian market 6
Table of Contents 1 Overview 2 Full Year 2015 Results 3 Full Year 2015 Business Review 4 Investment Case 5 Appendices 7
Group Revenues Revenues ( € m) and Revenue growth (%) Total Growth % / Organic Growth % % / % +6.7% / 1.6% +5.7% / +7.9% / +3.8% +5.7% 353.5 331.3 313.5 290.6 2012 2013 2014 2015 Revenue Bridge (FY’2014 – FY’2015) – ( € m) 21.7 (1.0) (0.9) 353.5 Credit Information (0.1) 331.3 2.5 Revenues CI - CI - Credit Marketing Solutions Other & Conso Revenues 2014 Financial Institutions Corporates Management clearing 2015 8
Group EBITDA EBITDA (1) ( € m) and EBITDA margin (%) Total Growth % / Organic Growth % % / % +6.7% / +5.2% +5.6/ +4.7% / +4.5% +4.6% 48.3% 49.8% 48.3% 48.3% 170.8 160.1 151.5 144.7 2012 2013 2014 2015 EBITDA Bridge (FY’2014 – FY’2015) – ( € m) 8.3 (0.9) 170.8 3.3 160.1 EBITDA Credit Credit Marketing EBITDA 2014 Information Management Solutions 2015 (1) FY 2012 EBITDA is adjusted for Shareholder Fees; 9
Group Divisional Performance Credit Information Credit Management Marketing Solutions 1.4% 0.9% 40.8% 44.2% 267.1 264.5 264.7 256.232 (6.2%) Revenue 11.8% 138.2 142.6 142.7 128.8 Corp. 75.0 53.3 14.7 13.8 12.8 127.4 126.3 122.0 124.5 36.6 9.9 Fin. Inst. 25.0 2012 2013 2014 2015 2012 2013 2014 2015 2012 2013 2014 2015 2.0% 2.3% 74.5% 64.2% (12.6%) 26.0% 18.8% 54.4% 53.7% 52.7% 53.4% 45.9% 42.7% EBITDA 21.0% 36.5% 20.7% 35.6% 19.5 17.6% 145.4 142.1 139.3 6.8 136.8 5.9 11.2 4.7 3.5 7.6 4.4 2012 2013 2014 2015 2012 2013 2014 2015 2012 2013 2014 2015 % YoY Growth % % % CAGR % EBITDA margin % 10
Summary Profit and Loss Summary Profit and Loss ( € m) €m 2012 2013 2014 2015 Revenues 290.6 313.5 331.3 353.5 % growth (YoY) 8.8% 7.9% 5.7% 6.7% EBITDA 144.7 151.5 160.1 170.8 % Revenues 49.8% 48.3% 48.3% 48.3% Depreciation & Amortization (16.5) (23.3) (25.1) (28.5) EBITA 128.3 128.2 135.0 142.3 PPA Amortization (53.1) (39.4) (42.9) (45.8) Non recurring income and expenses 2.5 (7.4) (4.5) (3.8) EBIT 75.5 81.4 87.6 92.8 Financial income 0.9 0.8 1.1 1.1 Financial expenses - non recurring - - (10.1) (52.4) Financial expenses (29.1) (59.6) (54.6) (43.2) PBT 20.5 22.6 24.0 (1.7) Income tax expenses (15.4) (14.7) (12.0) 5.3 Reported Net Income 5.1 8.0 12.0 3.6 Adjusted Net Income 62.6 43.0 55.0 68.5 of which: Minorities 0.8 1.1 1.4 2.5 11
Net Working Capital Net Working Capital ( € m) 4.0% 13.0% 11.7% 10.7% 145.3 139.8 151.5 119.5 40.8 40.4 37.8 11.7 (25.4) (30.0) (30.1) (32.4) (82.5) (74.0) (73.3) (81.9) 2012 2013 2014 2015 Inventories Trade receivables Trade payables % NWC as % of Revenues Deferred revenues Net Working Capital 12
Operating Cash Flow Operating Cash Flow ( € m) €m 2012 2013 2014 2015 EBITDA 144.7 151.5 160.1 170.8 Net Capex (25.7) (26.6) (28.2) (31.6) EBITDA-Capex 119.0 125.0 131.9 139.1 82% 82% 82% 81% as % of EBITDA Cash change in Net Working (6.1) (24.7) 8.2 3.0 Capital (1) Change in other assets / (1.9) 7.3 (13.9) (6.0) liabilities / provisions Operating Cash Flow 111.1 107.5 126.2 136.1 77% 71% 79% 80% as % of EBITDA (1) Cash change in Net Working Capital exludes non recurring items 13
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