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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


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SLIDE 1

Company Presentation

Last update – 2015 FY Results

CERVED INFORMATION SOLUTIONS S.p.A.

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SLIDE 2

Disclaimer

1

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

  • r 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

  • therwise 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

  • ther factors affecting the business and operations of the company. Neither Cerved Information Solutions S.p.A. nor any
  • f 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.

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SLIDE 3

Table of Contents

2

Full Year 2015 Business Review

3

Overview

1

Investment Case

4

Full Year 2015 Results

2

Appendices

5

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SLIDE 4

The Italian Leader in the Credit Information Market

3

2% 42%

290 (+3.6%) Business Information 627 (+3.9%) 721 (+8.5%)

Cerved Position and

Market Share in 2013 359 (-4.3%)

4.2% 42.7% 7.3%1)

Consumer 321 Corporates 305 €13.8m 4% of Group (11.7% CAGR) €142.6m 40% of Group (+6.3% CAGR) €75.0m 21% of Group (+57.7% CAGR) €124.5m 35% of Group (-2.0% CAGR)

  • No. 9

No.1

  • No. 11)

No.1

Market

2013 Data (€m) (CAGR11-13)

Cerved

2015 Revenues1) (CAGR11-15) NPLs 502 Corporate receivables 219 Business Information 120

Rating & Analytics 39

Real Estate 97 Consumer Information 103

Credit Information Credit Management Marketing Solutions

Source: PwC 1) Preliminary figures 2) No. 1 player In the non-captive market, considering pro-forma revenues in 2013 which include Recus and Tarida

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SLIDE 5

4

Consistent Growth and Cash Flow Generation

Consistent Growth EBITDA Growth High Cash Flows

Revenue (€m) EBITDA (€m) EBITDA – Capex (€m)

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 database acquisition costs

113 119 125 132 139 2011 2012 2013 2014 2015 138 145 152 160 171 2011 2012 2013 2014 2015 267 291 313 331 353 2011 2012 2013 2014 2015

+6.7%/ 1.6% +7.4% / +3.9% % / % Total Growth % / Organic Growth % +5.1% / +3.8% +5.5% +6.7%/ +5.2% +5.2%

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SLIDE 6

Proven Model, Bound for Growth

5

Mission-critical products and services through the cycle Undisputed market leadership Significant competitive advantages High revenue visibility Fundamental sector growth Untapped potential within the Italian market Cerved specific organic growth initiatives M&A Best-in-class EBITDA margins Cash conversion Attractive dividend payout

2

Growth

3

Cash flow

1

Resiliency

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SLIDE 7

Our Growth Strategy

6

Credit Management - Grow AUM and keep focused on collection Credit Information and Marketing Services - Continue to exploit the underpenetrated corporate market Exploit opportunities in adjacent markets Credit Information - Consolidate position in financial institutions Continue to invest in new product development and innovation Add-on opportunities focused on the Italian market

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SLIDE 8

Table of Contents

7

Full Year 2015 Results

2

Investment Case

4

Appendices

5

Overview

1

Full Year 2015 Business Review

3

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SLIDE 9

8

Group Revenues

Revenue Bridge (FY’2014 – FY’2015) – (€m) Revenues (€m) and Revenue growth (%) 290.6 313.5 331.3 353.5

2012 2013 2014 2015

331.3 353.5 2.5 (0.1) 21.7 (0.9) (1.0)

Revenues 2014 CI - Financial Institutions CI - Corporates Credit Management Marketing Solutions Other & Conso clearing Revenues 2015

Credit Information

+7.9% / +5.7% +5.7% / +3.8% % / % Total Growth % / Organic Growth % +6.7% / 1.6%

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SLIDE 10

9

Group EBITDA

EBITDA Bridge (FY’2014 – FY’2015) – (€m) EBITDA (1) (€m) and EBITDA margin (%) 160.1 170.8 3.3 8.3 (0.9)

EBITDA 2014 Credit Information Credit Management Marketing Solutions EBITDA 2015

144.7 151.5 160.1 170.8

2012 2013 2014 2015 48.3% 49.8% 48.3%

(1) FY 2012 EBITDA is adjusted for Shareholder Fees;

+4.7% / +4.6% +5.6/ +4.5% % / % Total Growth % / Organic Growth % +6.7% / +5.2%

48.3%

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SLIDE 11

10

Group Divisional Performance

Credit Information Credit Management Marketing Solutions

127.4 126.3 122.0 124.5 128.8 138.2 142.7 142.6 256.232 264.5 264.7 267.1 2012 2013 2014 2015

Revenue EBITDA

136.8 139.3 142.1 145.4 2012 2013 2014 2015 25.0 36.6 53.3 75.0 2012 2013 2014 2015 4.4 7.6 11.2 19.5 2012 2013 2014 2015 9.9 12.8 14.7 13.8 2012 2013 2014 2015 3.5 4.7 6.8 5.9 2012 2013 2014 2015

35.6% 36.5% 45.9% 20.7% 21.0% 53.4% 52.7% 53.7% (6.2%)

  • Fin. Inst.

Corp.

% YoY Growth %

11.8%

40.8%

44.2% 1.4%

0.9%

2.0%

17.6% (12.6%)

18.8%

74.5%

64.2%

% EBITDA margin % % CAGR

42.7% 26.0% 54.4% % 2.3%

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SLIDE 12

€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

  • f which: Minorities

0.8 1.1 1.4 2.5

11

Summary Profit and Loss

Summary Profit and Loss (€m)

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SLIDE 13

119.5 151.5 145.3 139.8 (25.4) (30.1) (32.4) (30.0) (82.5) (81.9) (73.3) (74.0) 11.7 40.8 40.4 37.8 2012 2013 2014 2015

Inventories Trade receivables Trade payables Deferred revenues Net Working Capital

12

Net Working Capital

Net Working Capital (€m)

4.0% 13.0% 11.7% 10.7% NWC as % of Revenues %

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SLIDE 14

€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 as % of EBITDA 82% 82% 82% 81% Cash change in Net Working Capital(1) (6.1) (24.7) 8.2 3.0 Change in other assets / liabilities / provisions (1.9) 7.3 (13.9) (6.0) Operating Cash Flow 111.1 107.5 126.2 136.1 as % of EBITDA 77% 71% 79% 80% Operating Cash Flow (€m)

Operating Cash Flow

13

(1) Cash change in Net Working Capital exludes non recurring items

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SLIDE 15

€m 2013 2014 H1'15 2015 Bonds 780.0 530.0 530.0 530.0 Other financial Debt 1) 0.6 4.0 25.9 41.8 Accrued Interests 20.6 17.3 17.3 17.3 Gross Debt 801.1 551.3 573.2 589.1 Cash (50.3) (46.1) (14.3) (50.7) Capitalized financing fees 2) (28.6) (17.6) (16.2) (1.5) IFRS Net Debt 722.2 487.6 542.7 536.8 Net Debt/ LTM EBITDA 3) 4.8x 3.0x 3.3x 3.1x Non-recurring impact of "Forward Start" transaction

  • 37.3

Adjusted Net Debt 722.2 487.6 542.7 499.6 Adjusted Net Debt/ LTM EBITDA 4.8x 3.0x 3.3x 2.9x

Financial Indebtedness

14

Net Financial Indebtedness (€m)

(1) FY’15 includes 1m of Revolving Credit Facility,16m of Vendor Loan, and 24m of breakage costs related to the refinancing transaction; H1’15 includes 5m of Revolving Credit Facility and 16m of Vendor Loan (2) Extraordinary write-off of €13.3m in FY’15 and €5.3m in 9M’15 related to the refinancing transaction (3) LTM EBITDA pro-forma including Recus, RL Value and the Creval transaction for the last 12 months

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SLIDE 16

2015 Guidance (Q1 Results Presentation)

EUR 170m (+6.2%)

FY 2015

including Creval Partnership for 3 quarters

Leverage

3.0x EBITDA long-term target, save for non-recurring

  • r strategic transactions and quarterly fluctuations

Dividends

EUR 174m (+8.7%)

Organic Growth

+ EUR 4m (+2.5%) + EUR 7m (+4.5%) EUR 160.1m

FY 2014 Reported

EUR 163.2m

FY 2014 Proforma

Including Recus & RLValue

Maximize distribution of available cash, to the extent permitted by our financial condition and future investment opportunities, as per board’s programmatic resolution

15

EBITDA Leverage & Dividends

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SLIDE 17

16

Revenue Growth Corporate and Mktg Solutions behind target EBITDA Growth In line with guidance Net Profit In line with targets Cash Flow In line with targets Leverage Reduce to c. 3.0x by year-end Refinancing New committed facilities in place M&A Unlikely to close another deal in 2015 Guidance for 2015 EBITDA confirmed in range of €170-174m Cerved’s performance YTD in line with most key objectives for 2015

2015 Guidance Update (Q3 Results Presentation)

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SLIDE 18

17

Macro Highlights

Source: Bank of Italy 11.3% 12.4% 12.8% 11.7% 10.8% 8.6% 8.1% 6.6%

Key Economic Indicators Cerved Proprietary Data Italian unemployment Italian GDP New lending

% of companies paying over 60 days late versus contractual terms Number of proceedings (seasonally adjusted) and growth rates versus same quarter of previous year

 2015 GDP grew +0.8%

versus 2014, first yearly GDP growth since 2011

 Strong

decline in unemployment, and healthy increase in new bank lending

 Despite being positive,

all macroeconomic indicators remain well below pre-crisis levels

 Cerved

proprietary data also reflecting an improved macro

 Fewer

late paying companies and bankruptcies reflect the improved health of SMEs in Italy

 NPLs

confirm lower growth vs prior years

Growth rate compared to the previous quarter New lending volumes in € billions (quarterly)

Key highlights Late paying companies Bankruptcies NPLs Key highlights

Unemployment as % of total working population Default rate on outstanding loans; Cerved estimates on Bank of Italy data

Source: Osservatorio Cerved

50 100 150 200 2008 2009 2010 2011 2012 2013 2014 2015 5.8% 12.8% 8.6%

  • 12.2%

Source: Osservatorio Cerved 3.0% 3.5% 3.7%

3.9%

Source: Osservatorio Cerved, Bank of Italy

Q4

  • 0,5%

Q4 0,0% Q4 0,0%

Q4 0,1% Source: ISTAT, OECD

2012

Q1 Q2 Q3 Q4

YoY

  • 0.4%

YoY

  • 1.7%

YoY

  • 2.8%

Source: ISTAT

Q1 Q2 Q3 Q4

2012 2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

  • 36%

2015

Q1 Q2 Q3 Q1 Q2 Q3 Q4

2012 2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q1 Q2 Q3 Q4

2012 2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

YoY +0.8%

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

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SLIDE 19

Table of Contents

18

Full Year 2015 Results

2

Full Year 2015 Business Review

3

Investment Case

4

Appendices

5

Overview

1

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SLIDE 20

Operational and Strategic Update for 2015 and Key Actions for 2016

Business Review Topics

19

Business Corporate Credit Information – Corporate Credit Information – Financial Institutions Credit Management Marketing Solutions Governance Mergers & Acquisitions Investor Relations

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SLIDE 21

Credit Information – Corporates

20

2015 represents a year of discontinuity, with a significant investment in the revamp of the sales network

Business Corporate

4.0% 2.4% 5.9% 4.3%

Lost Clients Existing Clients New Clients Y-o-Y Consumption

2015 negatively impacted by decline in lost points, despite positive trends regarding the sale and consumption of prepaid points and services (+7.9% and +4.3%, respectively) Revamp of sales force network well underway: completion expected by June 2016, with full impacts expected by year-end 2016 2016 also expected to benefit from product innovation: recent launch of Cerved Credibility, as well as a new platform for Corporate products and services

Consumption of Credit Information Points & Services: 2015 vs 2014 1) Status Quo Sales Force Revamp

1) Consumption of points and services in 2015 compared to 2014 for credit information products by c. 20k corporate clients covered by the field sales network

Key Initiatives

New Go-to-Market Teleselling for Small Clients Salesforce Reinforcement New CRM Churn Reduction Initiatives

finalised

  • ngoing
  • ngoing

advanced advanced

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SLIDE 22

Credit Information – Financial Institutions

21

Business Corporate

2015 characterised by positive conditions with limited renewals and no impact from consolidation Bank New Lending from 2008 (€bn) 1) CI Financial Institutions – Revenue Breakdown 2015

1) Source: Bank of Italy

682 572 517 488 463 401 395 451

(20%) (15%) (10%) (5%) 0% 5% 10% 15% 20% 25%

2008 2009 2010 2011 2012 2013 2014 2015 Real Estate Rating & Analytics Business Information

2015 Revenue growth of +2.0% exceeded initial guidance of -1.0% to +1.0% Better than expected results due to a combination of few bank renewals, no impact yet from bank consolidation, new bank lending returning to growth, and most importantly strong results from the real estate appraisals segment Popolari banks currently preparing themselves for consolidation, which is expected to start to materialise in the latter part of 2016

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SLIDE 23

Credit Management

22

Business Corporate

Another record year for the Credit Management division with Sales and EBITDA up 40.8% and 74.5%, respectively Revenues Breakdown 2015 Credit Management AuMs

Significant opportunities in 2016 offered by government reforms regarding bankruptcy and foreclosure procedures, together with specific initiatives to reduce bank NPLs Strong focus also on optimising the “small tickets” segment, integrating the operations of Recus (utility and finance company clients) with Finservice (corporate clients) Assets Under Management at EUR 12.5bn at YE 2015, reflecting an outflow of EUR 1.6bn

  • f old portfolios. The outflow does not have any impact on future Revenues

NPLs and Problematic Credits 1.8 7.8 10.3 14.1 1.6 12.5 2012 2013 2014 FY'15 (ex.

  • utflows)

Outflows FY'15 Banks & Investors Utilities & Financials Corporates Legal Services Re- marketing

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SLIDE 24

Marketing Solutions

23

Business Corporate

8.9 9.9 12.8 14.7 13.8 3.1 3.5 4.7 6.8 5.9

2011 2012 2013 2014 2015

Revenues Breakdown 2015 Revenues and EBITDA (€m) 2015 was a lacklustre year for the Marketing Solutions division, despite continuing product innovation

Despite the positive launch of the Marketing+ platform, 2015 Revenues and EBITDA declined vs the prior year, due to commercial issues and revenue recognition phasing 2015 saw a solid increase in marketing platforms (eg. Marketing+) and database- derived products, at the expense of projects on industry and competitor analysis 2016 to continue this trend, and also to focus on improving the commercial synergies between the corporate and marketing solutions field sales forces

Database & Marketing Platforms Ad-Hoc Projects Industrial and Competitor Analysis

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SLIDE 25

Mergers and Acquisitions

24

Corporate Business

Continue to complement organic growth with acquisitions in core and adjacent markets in Italy

2015 deals were the Creval transaction (valued €21.7m) and a further stake in SpazioDati (€1m capital increase to reach 43%) 2016 has already seen the acquisition of a further 11% stake (reaching 91%) in the holding company of the Credit Management activities Currently working on a rich pipeline of small, bolt-on transactions in all key business areas in Italy A few deals at a very advanced stage, with Closing expected in the short term

Recus SpA 81% 19.0m RLValue Srl 100% 1.4m Creval Partnership 100% 21.7m SpazioDati Srl 43% 2.3m M&A Since IPO in June 2014 Illustrative Targets

Company Stake % Investment CI BI CM Adj. MS Advanced Preliminary Status

More Less Effort

M&A Effort and Status

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SLIDE 26

2015 was a very busy year also considering CVC’s full exit via 3 ABBs, increasing Cerved’s free float from 44% to 100% and significantly widening its institutional shareholder base IR activity for 2016 focussed on further increasing analyst coverage (currently 11) and attracting new investors, with the objective of increasing average daily volumes In line with 2015 we have planned a rich schedule of conferences and roadshows, together with the Investor Day on May 10th in London

Investor Relations

25

Corporate Business

Marked effort to increase liquidity and share price, in line with Cerved’s status as public company Tentative Agenda for 2016 Cerved Share Price evolution in 2015

Mar 23 Equity Conference (HSBC) Paris May 10 Investor Day London May 11 Business Services Conference (JPM) London May 18 Italy Conference (DB) London Jun 8 Italian Equity Conference (Kepler) Milan Jun 22 CEO Conference (Mediobanca) Milan Jun 28 European Business Services (GS) London Sep 8 Equity Conference (HSBC) Frankfurt Dec 6 Mid Cap Conference (Berenberg) Pennyhill

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 80% 90% 100% 110% 120% 130% 140% 150% 160% AVG NOSH (monthly, k) CERVED FTSE Mid-Cap

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SLIDE 27

Corporate Governance

AGM/EGM on 14 December 2015 aligned Cerved to international best practice in key areas

Corporate Business

26

Appointment of the new Board of Directors

A new Board of Directors will be voted at the AGM to be held on 29 April 2016 Total board members to remain at 11, of which a maximum of 2 from minority slates The incumbent board will propose its own slate, to be published 30 days pre-AGM

Authorisation to issue shares for acquisitions

Enabling resolution for the BoD to issue shares for a maximum of 10% of existing shares, without pre-emption rights, in order to maintain leverage and dividend targets

Long-term Incentive Plan (LTIP)

Performance share plan, 3 year vesting, maximum dilution of 1.5% dilution up to 2021:

  • 70% of target based on Adjusted Pre-Tax Profit/Share CAGR, vesting from 6.0%
  • 30% of target based on TSR, vesting from median of FTSE Italy mid-cap index
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SLIDE 28

Table of Contents

27

Full Year 2015 Results

2

Investment Case

4

Appendices

5

Overview

1

Full Year 2015 Business Review

3

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SLIDE 29

Cerved is a Systemic, Mission-Critical Asset for Italy …

28

Mission-critical for the majority of corporates At the core of the Italian economy supporting c.€1.5trn credit positions

700 1,455 390 365

Stock of monitored lending New lending Commercial credit Total credit supported by Cerved Credit positions supported by Cerved Information (€bn)

Monitoring

Covering the full spectrum of the credit value chain

Recovery Underwriting Origination

c.700 c.31.200 Credit Information client base

Financial insitutions Corporates

Credit management Credit Information Marketing solutions Credit management Decision analytics and Monitoring Credit limit sizing

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SLIDE 30

29

…in a growing market with room for increased penetration

2% 42%

290 (+3.6%) Business Information 627 (+3.9%) 721 (+8.5%)

Cerved Position and

Market Share in 2013 359 (-4.3%)

4.2% 42.7% 7.3%1)

Consumer 321 Corporates 305 €13.8m 4% of Group (11.7% CAGR) €142.6m 40% of Group (+6.3% CAGR) €75.0m 21% of Group (+57.7% CAGR) €124.5m 35% of Group (-2.0% CAGR)

  • No. 9

No.1

  • No. 11)

No.1

Market

2013 Data (€m) (CAGR11-13)

Cerved

2015 Revenues1) (CAGR11-15) NPLs 502 Corporate receivables 219 Business Information 120

Rating & Analytics 39

Real Estate 97 Consumer Information 103

Credit Information Credit Management Marketing Solutions

Source: PwC 1) Preliminary figures 2) No. 1 player In the non-captive market, considering pro-forma revenues in 2013 which include Recus and Tarida

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SLIDE 31

30

Data sourcing Data processing Products Sales

 Investment of c.€40m

p.a.

 16mm companies

and 20mm company- related individuals for >40 years

 Mix of proprietary,

unofficial and official information making it difficult to replicate

 More than 450 FTEs

who process, analyse and check the data

 More than 200 FTEs in

the IT department: almost all of the products are online

 Broadest product

range for corporates and financial institutions: c.30 families and c.180 individual products

 More than 30 FTEs in

the marketing department

 National sales network

  • f approx. 350 FTEs

− More than 300 FTEs for corporates − Around 45 FTEs for financial institutions

Business Information Value Chain based on Scale

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SLIDE 32

Cerved revenue Breakdown 2014

31

RMS 2013 (1) Cerved CAGR 11-14 Cerved CAGR 11-13 Market CAGR 11-13

Source: Company information, PwC (1) Relative Market Share: Cerved’s revenue divided by revenue of No. 2 market player

Credit Information

1.6x 2.4% 3.6% (1.0%)

€649m

Credit Information 80%

Market size and Cerved’s market share in Credit Information 2014

41% market share

Undisputed Leader in Italian Credit Information

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SLIDE 33

Crif Infocamere Ribes Assicom Visura REAG 4 Prometeia Wise 0% 10% 20% 30% 40% 50% 60% 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 EBITDA Margin % Relative Market Share in Credit Information (RMS)(1)

32

Sources: Company information, AIDA, PwC Estimates (1) RMS = Competitor revenue / Cerved’s revenue; except for Cerved’s RMS which is defined as Cerved’s revenue divided by the revenue of the No. 2 market player

Scale vs. profitability – Cerved vs. competitors 2013A

A bubble of this size represents €30 million in revenue

Cerved’s Market Share commands Best-In-Class Margins

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SLIDE 34

29.7% 34.6% 35.1% 48.3%

33

EBITDA margin 2014A Operating cash flow margin 2014A(1)

Source: Company information for Cerved and comparables (1) Defined as (adj. EBITDA – Capex)/Revenue (2) LTM as of September 2014

26.5% 31.0% 27.0% 39.9%

(2) (2)

Compared to the Largest Publicly Listed Peers, Cerved’s Profitability is also Unmatched

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SLIDE 35

Credit Information and Credit Management Markets

255 265 270 275 290 123 126 123 119 120 123 134 118 98 97 41 44 41 40 39 123 115 110 102 103

665 684 662 634 649

2009 2010 2011 2012 2013

34

Credit Information Market (€m)

(6,1)% (1,0)% (7,4)% (1,0)% 2,6%

(0.6)%

Source: IMF, AIFI (Associazione Italiana Private Equity e Venture Capital), AIDA, Financial Reports, PwC Estimates

Consumer Information Banks Rating & Scoring Banks Real Estate Banks Business Information Banks Business Information Corporate

152 164 180 192 219 256 276 311 323 359 100 107 121 133 142

508 547 612 648 721

2009 2010 2011 2012 2013

+9.1%

10.1% 8.0% 8.1%

Bank NPLs Consumer Finance NPLs Corporate NPLs CAGR ‘09-’13 CAGR ‘09-’13

Credit Management Market (€m)

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SLIDE 36

Resilient Demand for Credit Information across Economic and Credit Cycles

35

Increasing need for credit checks Increasing receivable volumes Increasing new lending and stock of loans Increasing economic activity Higher scrutiny and monitoring Increasing need for more frequent checks and credit information

Resiliency Growth

Negative macro environment Positive macro environment

Increasing counterparty risk Corporates Financial institutions Corporates Financial institutions

Resiliency Cash flow Growth

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SLIDE 37

Increasing SME Credit Information penetration expected to continue

1,185 510 437 395 394

The SME Market represents Significant Untapped Potential for Credit Information

Large SME market

Thousands of SMEs (10-250 FTEs) 2013A

Long enforcement times

Average days to enforce a contract 2014A

34% 34% 35% 35% 37% 38% 40% 41% 43% 44% 08A 09A 10A 11A 12A 13E 14E 15E 16E 17E

(1) For companies with more than €1mm in revenue (2) For Italy, penetration represents the weighted average of: 25/35% penetration for ~170k small companies (10-49 FTEs); 60/70% penetration for ~20k medium companies (50-200 FTEs); 70/80% penetration for ~4k large companies (>200 FTEs)

Credit Information penetration 2012A (%) Credit Information penetration 2008A-17E(%)

36

Italian SMEs usage of Credit Information underpenetrated vs. UK

Resiliency Cash flow Growth

78%(1) 37%(2)

Source: World Bank Source: Annual Report of European SMEs 2014 – European Commission (data on 2013)

191 186 158 123 392

Source: Eurostat, Cerved Group, Interviews to industry experts Source: Eurostat, Cerved Group, Interviews to industry experts

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SLIDE 38

50,000 100,000 150,000 200,000 250,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

37

12.5 10.3 7.8 1.8 1.3 0.5 2015 2014 2013 2012 2011 2010

Cerved NPLs

Captive portfolio purchased prior to 2009 €0.8bn SPV corporate /SME €4.3bn on 3 SPVs €1.9bn consumer finance €0.9bn SPV consumer loan

Market Growth

Credit Management Growth in NPLs(1)

Resiliency Cash flow Growth

(1)1) Excludes Finservice which operates on the collection of NPLs for corporates. (2)2) As of December 31st, 2015

€0.5bn various banks contracts €2.1bn from Creval agreement

Cerved Growth

Pre-crisis level of €40-50bn Current level

  • f

€197bn, expected to decrease to €107bn by 2020, thanks to positive impact of reforms and GACS #1 Independent Player Growth from i) NPL growth and ii) increased outsourcing/NPLs disposals acted by banks

Source: Company information

NPLs Evolution in Italy Cerved NPLs

Forecasts

Shorter lenghts

  • f procedures

Inertial scenario (7.3 years) Shorter lenghts of procedure + full effectiveness of GACS system

€216 bn €175 bn €107 bn

Bad debt stock (€m)

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SLIDE 39

 Increasing NPL volumes  Low liquidity, low collections, higher

fees

 Decreasing NPL prices, outsourcing

Credit Management Model across the Economic Cycle

38

Negative economic cycle Opportunistically intake massive portfolios Maximize collections Positive economic cycle

 Increasing liquidity  Refinancing options for debt holders  Increasing collections

Resiliency Cash flow Growth

Illustrative impact of economic cycle

NPL stock Collection rates Time

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SLIDE 40

Consolidation of core markets

Deal Revenue

€28mm Dec 2003 €6mm Dec 2007 €67mm Dec 2008 €16mm Dec 2011 €10mm Mar 2013 n.m. Start-up €1mm Dec 2010

Data Services

Cerved M&A track record 2004-2015

2004 2005 2008

€14mm Mar 2012

Information Services

2012 2011 2013 2014

Illustrative M&A pipeline for 2016

Resiliency Cash flow Growth

Entry into adjacent markets

M&A Track Record and Pipeline

€0.5 Dec 2013 €15.7mm Dec 2014 €8-9m in FY2015 39

CI BI CM Adj. MS

Advanced Preliminary Status

More Less Effort

M&A Effort and Status

2015

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SLIDE 41

Illustrative Free Cash Flow

40

Resiliency Cash flow Growth

Illustrative Free Cash Flow Bridge excluding non-recurring items 178 83 32 16 5 43 Consensus 2016 EBITDA Consensus 2016 Capex Interest Expenses NWC and Other Cash Taxes @ 34%* Free Cash Flow

* Estimated value for the long term using an overall 34% tax rate; cash taxes in 2016 expected to be lower due to non-recurring timing effects

Previously €39m

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SLIDE 42

Table of Contents

41

Full Year 2015 Results

2

Appendices

5

Investment Case

4

Overview

1

Full Year 2015 Business Review

3

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SLIDE 43

42

Basis for Financial Information

Please note that Cerved Information Solutions SpA (“CIS SpA”) was incorporated on 14 March 2014 and holds a 100% stake in Cerved Group SpA (“CG SpA”) since 28 March 2014 In order to provide complete financial information to reflect CIS SpA consolidated business operations, the financial data referred to FY2014 and FY2013 are represented via the following accounts’ aggregation respectively: (i.) CG SpA from 1 January to 31 March 2014 and CIS SpA from 14 March to 31 December 2014, and (ii.) Cerved Holding SpA from 1 January to 27 February 2013 and CG SpA from 9 January to 31 December 2013 On a consolidated basis, there are minor differences between the accounts of CIS SpA and CG SpA, mainly related to costs connected to CIS SpA’s status as listed company, and costs incurred to carry out the IPO of CIS SpA (in 2014 results)

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SLIDE 44

43

Group Revenues and EBITDA - Quarterly Analysis

Quarterly Analysis - Revenues (€m) Quarterly Analysis - EBITDA(€m) 160.1 170.8 FY

2014 2015

38.1 41.3 33.1 47.6 39.4 45.0 35.7 50.7 Q1 Q2 Q3 Q4

+6.7% / +5.2% +9.1%/ 7.4% +3.6% / +1.1% +7.7% / +5.9% +6.4% / +6.0%

331.3 353.5 FY

2014 2015

79.3 84.7 71.5 95.8 83.0 94.6 78.3 97.6 Q1 Q2 Q3 Q4

Total Growth % / Organic Growth % +11.6% / +4.6% % / % +6.7% / +1.6% +4.7% / (0.7)% +9.5% / +2.3% +1.9% / +0.2%

slide-45
SLIDE 45

44

Credit Information – Quarterly Analysis

66.4 69.2 57.9 71.3 264.7 66.3 69.7 59.1 72.1 267.2 Rev CI - Q1 Rev CI - Q2 Rev CI - Q3 Rev CI - Q4 Rev CI - FY

2014 2015

Credit Information – Financial Institutions – Rev (€m) Credit Information – Corporate – Rev (€m) 35.2 37.4 30.4 39.1 142.1 36.0 37.4 30.6 41.5 145.4 EBITDA - Q1 EBITDA - Q2 EBITDA - Q3 EBITDA - Q4 EBITDA - FY

2014 2015

Credit Information – Revenues (€m)

(0.1)% 2.1%

Credit Information – EBITDA (€m)

2.2% (0.2)% 0.8% 0.9% 2.3% 0.4% 6.2% 1.0%

30.3 31.5 28.6 31.6 122.0 31.1 31.6 29.5 32.3 124.5

Rev- Q1 Rev - Q2 Rev - Q3 Rev - Q4 Rev - FY

3.1% 2.0% 1.3% (2.4%) 0.2% 2.6% 1.2% 2.3% (0.1)% (0.1)%

36.1 37.7 29.2 39.8 142.7 35.2 38.1 29.6 39.7 142.6

Rev- Q1 Rev - Q2 Rev - Q3 Rev - Q4 Rev - FY

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SLIDE 46

45

Credit Mgmt and Marketing Solutions – Quarterly Analysis

1.0 1.2 0.9 3.6 6.8 1.0 1.4 0.9 2.6 5.9 EBITDA - Q1 EBITDA - Q2 EBITDA - Q3 EBITDA - Q4 EBITDA - FY

2014 2015

1.8 2.6 1.8 5.0 11.2 2.4 6.3 4.2 6.6 19.5 EBITDA - Q1 EBITDA - Q2 EBITDA - Q3 EBITDA - Q4 EBITDA - FY

2014 2015

Marketing Solutions – Revenues and EBITDA (€m) 10.3 12.7 11.2 19.2 53.3 14.1 21.9 17.2 21.7 75.0 Rev - Q1 Rev - Q2 Rev - Q3 Rev - Q4 Rev - FY Credit Management – Revenues and EBITDA (€m) 2.8 3.2 2.8 6.0 14.7 2.9 3.4 2.8 4.7 13.8 Rev - Q1 Rev - Q2 Rev - Q3 Rev - Q4 Rev - FY

37.3% 73.3% 54.5% 34.2% 4.8% 6.0% 3.4% 142.0% 74.5% 12.2% 4.2% 131.7% 40.8% (22.2%) (6.2%) (28.0%) (12.6%) (2.2%) 13.1% 33.1%

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SLIDE 47

Profit and Loss

46

Source: Company Information, 2013 as “Added data”, 2014 as “Aggregated data”; for further details refer to CIS S.p.A. Quarterly and Annual Reports

€m 2012 2013 2014 2015 Total Revenues (including other income) 290,6 313,7 331,6 353,7 Cost of raw material and other materials (0,7) (2,8) (7,0) (8,3) Cost of Services (76,3) (77,6) (76,3) (78,9) Personnel costs (67,2) (67,2) (73,7) (81,5) Other operating costs (7,4) (8,1) (8,2) (8,5) Impairment of receivables and other provisions (7,1) (6,4) (6,3) (5,7) EBITDA 144,7 151,5 160,1 170,8 Depreciation & amortization (16,4) (23,3) (25,1) (28,5) EBITA 128,2 128,2 135,0 142,3 PPA Amortization (53,1) (39,4) (42,9) (45,8) Non-recurring income and expenses (7,4) (4,5) (3,8) EBIT 75,5 81,4 87,6 92,8 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

  • f which: Minorities

0,8 1,1 1,4 2,5

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SLIDE 48

47

Balance Sheet

Source: Company Information, 2013 as “Added data”, 2014 as “Aggregated data”; for further details refer to CIS S.p.A. Quarterly and Annual Reports (1) Non cash item (2) Net of capitalized financing fees

€m 2012 2013 2014 2015 Intangible assets 248,7 501,1 472,4 459,7 Goodwill 275,8 708,6 718,8 718,8 Tangible assets 16,5 16,6 17,3 16,4 Financial assets 15,0 14,9 14,9 8,3 Fixed assets 556,1 1.241,3 1.223,4 1.203,1 Inventories 0,1 1,3 0,7 2,0 Trade receivables 119,5 151,5 145,3 139,8 Trade payables (25,4) (30,1) (32,4) (30,0) Deferred revenues (82,5) (83,1) (73,3) (74,0) Net working capital 11,6 39,6 40,4 37,8 Other receivables 15,4 5,8 7,1 7,6 Other payables (53,8) (20,4) (26,1) (32,2) Net corporate income tax items (3,0) (27,2) (18,8) (1,0) Employees Leaving Indemnity (9,6) (10,9) (13,1) (12,5) Provisions (10,6) (15,0) (11,1) (8,5) Deferred taxes (1) (60,4) (119,8) (109,1) (88,7) Net Invested Capital 445,7 1.093,3 1.092,7 1.105,6 IFRS Net Debt (2) 280,6 722,2 487,6 536,8 Group Equity 165,1 371,1 605,1 568,8 Total Sources 445,7 1.093,3 1.092,7 1.105,6

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SLIDE 49

48

Cash Flow

Source: Company Information, 2013 as “Added data”, 2014 as “Aggregated data”; for further details refer to CIS S.p.A. Quarterly and Annual Reports

€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 as % of EBITDA 82% 82% 82% 81% Cash change in Net Working Capital (6,1) (24,7) 8,2 3,0 Change in other assets / liabilities (1,9) 7,3 (13,9) (6,0) Operating Cash Flow 111,1 107,5 126,2 136,1 Interests paid (6,9) (29,1) (51,7) (40,3) Cash taxes (21,3) (18,4) (24,1) (40,2) Non recurring items (3,9) 0,1 (3,4) (3,2) Cash Flow (before debt and equity movements) 76,8 60,1 46,9 52,3 Net Dividends (13,1) (0,1) 1,0 (40,1) Acquisitions / deferred payments / earnout (3,4) (509,4) (20,9) (23,5) IPO Capital Increase (net of IPO costs)

  • 220,2
  • Other
  • (0,1)

(1,1) Debt drawdown / (repayment) (48,0) 482,8 (254,5)

  • Net Cash Flow of the Period

12,3 33,5 (7,5) (12,3)

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SLIDE 50

Adjusted Net Income Bridge

49

Source: Company Information, 2013 as “Added data”, 2014 as “Aggregated data”; for further details refer to CIS S.p.A. Quarterly and Annual Reports Note: PPA Amortization refers to business aggregation processes

€m 2012 2013 2014 2015 Reported Net Income 5,1 8,0 12,0 3,6 Non recurring income and expenses (2,5) 7,4 4,5 3,8 Shareholders Fee 2,2

  • Capitalized financing fees

3,2 4,1 3,4 2,9 Earn-out 26,8

  • PPA Amortization

53,1 39,4 42,9 45,8 Financial charges non-recurring

  • 10,1

52,4 IRS termination

  • 1,0
  • Fiscal Impact of above components

(25,3) (15,8) (18,9) (28,4) Adjustments 57,5 35,1 43,0 76,4 Impact of IRES change treatment

  • (11,5)

Adjusted Net Income 62,6 43,0 55,0 68,5

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SLIDE 51

Cerved Information Solutions S.p.A. Via San Vigilio, 1 - 20142 Milano

  • Tel. +39 02 77541

Fax +39 02 76020458 company.cerved.com