Results to 30 June 2014 CERVED INFORMATION SOLUTIONS S.p.A. August - - PowerPoint PPT Presentation

Results to 30 June 2014

August 28, 2014 CERVED INFORMATION SOLUTIONS S.p.A.

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.

Table of Contents

2

Half Year ‘14 - Financial Review

3

Introduction to Cerved

1

Appendices

4

Half Year ’14 - Highlights

2

3

The Italian Leader in the Credit Information Market

Credit Information

 €264m (3,6%)  €139m (52,7%) Credit Information 84% 42% No.1

Credit Management

 €37m (73,7%)  €8m (20,7%) Credit Management 12% 5%

• No. 2(1)

Marketing Solutions

 €13m (20,0%)  €5m (36,4%) Marketing Solutions 4% 2%

• No. 10

Source: PwC “Market Vision - Credit information and credit collection markets in Italy” 2014 report and ESOMAR “Global Market Research” 2013 report (1) Cerved has the No. 2 market share position by revenue and is the No. 1 independent credit servicer for non-performing loans by AUM (2) CAGR – Compound Annual Growth Rate for the period 2011-2013

Group

Key Data 2013A Revenue (CAGR (2)) EBITDA (Margin)  €313m (8,3%)  €152m (48,3%) Revenue contribution 2013A Corporates 44% Financial Institutions 40% Cerved Position & Market share 2013A

Clear leader in Credit Information for both Financial Institutions and Corporates in Italy Supports clients in the credit risk assessment of their counterparts Recently developed fast growing businesses in Credit Management and Marketing Solutions Proven track record of organic and M&A growth through the cycle

Proven Model, Bound for Growth

4

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

2

Growth

3

Cash flow

1

Resiliency

Our Growth Strategy

5

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

Outcome of the IPO on June 24, 2014

6

Group structure Organization structure

 Going forward, investors will be

provided with two different sets of financial information: − Equity investors on Cerved Information Solutions SpA − Bondholders on Cerved Group SpA (formerly Cerved Technologies SpA) Cerved Group SpA Chopin Holdings S.A.R.L. Cerved Information Solutions SpA 55,72% 100,0% Primary offering

 Issued 45m shares at €5.1 per share,

raising €229.5m

 Used the proceeds and existing cash

balances to repay €250m of FRNs resulting in an annual interest cost saving of €14.8m

 S&P and Moody’s increased ratings

by a notch to BB- and B1 Leverage impact

730 512 Q1 14 Q2 14

Net debt / EBITDA LTM 4,8x x 3,3x 55,72% 3,96% 3,78% 2,77% 33,78%

Chopin Holdings Sarl Aviva Investors Global Services Credit Suisse Group Pictet Asset Management Others

Secondary offering Shareholder structure

 Initial offering of 39m shares by

Chopin Holdings Sarl

 Post greenshoe (2.3m shares),

Chopin’s ownership stands at 55.72%

 Other significant shareholders are

Aviva, Credit Suisse-Griffo and Pictet (source: Consob)

Basis for Financial Information

7

• 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 the market with complete financial information to reflect

the CIS SpA consolidated business operations through the entire first half of 2014, certain financial data contained in this presentation represents the aggregate of (i.) CG SpA for the period between 1 January 2014 and 30 June 2014, and (ii.) CIS SpA for the period between 14 March 2014 and 30 June 2014

• On a consolidated basis, there are minor differences between the accounts of

CIS SpA and CG SpA, mainly related to costs related to CIS SpA’s status as a listed company, and the costs incurred to carry out the IPO of CIS SpA

• Going forward, financial information will be provided to investors at two

different levels: CIS SpA (listed on the Milan Stock Exchange) and CG SpA (issuer of €530m of bonds)

9,1% 9,1% 9,3% 10,8% 9,2% 7,9% 7,5% 8,6% 7,6%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

9,5% 10,0% 10,2% 10,6% 11,1% 11,7% 11,9% 11,7% 11,7% 11,3%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

• 1,1%
• 0,5%
• 0,4%
• 0,9%
• 0,6%
• 0,3%
• 0,1%

0,1%

• 0,1% -0,2%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

39,9 41,7 38,5 36,9 33,7 34,2 30,6 34,2 31,5 32,4

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

5.6% -2.6% 5.2% 5.1% 14.1% 12.3% 11.6% 12.9% 4.6%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2,7% 2,7% 2,9% 3,0% 3,1% 3,3% 3,4% 3,5% 3,6%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Macro Highlights

8

Key Economic Indicators Cerved Proprietary Data

Italian unemployment Italian GDP New lending Bankruptcies Late paying companies NPLs

% of companies paying over 60 days late versus contractual terms Number of proceedings (seasonally adjusted) and growth rates versus same quarter of previous year NPLs as a % of outstanding loans (Q1 and Q2 2014 are forecasts; Cerved estimates on BankItalia data)

 Marcoeconomic

situation in Italy remains difficult

 “Green shoots” in Q1

now

• vershadowed

by Italy returning into recession based on Q1-Q2 GDP data

Key highlights

 Cerved’s

proprietary database is predictive and currently pointing to mixed signs

 Payment

patterns appear to be improving, however bankruptcies and NPL rates continue to grow

Key highlights

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

2014 2013 2012 2014 2013 2012 2014 2013 2012 2014 2013 2012 2014 2013 2012 2014 2013 2012

Table of Contents

9

Half Year ‘14 - Financial Review

3

Introduction to Cerved

1

Appendices

4

Half Year ’14 - Highlights

2

Business Highlights in H1 2014

10

Leverage

 Net Debt of 3.3x LTM EBITDA to June 2014 following the

repayment of €250m of Floating Rate Notes on 30 June 2014

Revenues

 Group revenue growth of +6.5% in H1 2014, reflecting positive

results for each of the 3 divisions

 On an organic basis, revenue growth was +5.3%

EBITDA

 Group EBITDA growth of +6.1% in H1 2014, confirming the robust

EBITDA margin of 48.3% of revenues. On an organic basis, EBITDA growth was +5.8%

 Excluding the acquisition of Experian Data Services, the EBITDA

margin would have been 48.7% of Revenues

Cash Flow

 EBITDA minus Capex – of 82% of EBITDA, in line with H1 2013 and

FY 2011, 2012 and 2013

 Operating Cash Flow declined from €61.8m in H1 2013 to €47.7m

in H1 2014 impacted by events of non-recurring nature

€164.1m €79.3m €65.2m 3.3x

Group Revenues

11

Revenues (€m) and revenue growth (%) 267,2 290,6 313,5 154,1 164,1 2011 2012 2013 H1'13 H1'14

7,9% 8,8% 6,5%

Revenue Bridge (H1’13 – H1’14) – (€m)

154,1 164,1 (1,4) 4,0 6,3 1,4 Revenue H1'13 CI - Financial Institutions CI - Corporates Credit Management Marketing Solutions Revenue H1'14

Credit Information

74,8 79,3 1,3 2,1 1,1 EBITDA H1'13 Credit Information Credit Management Marketing Solutions EBITDA H1'14

Group EBITDA

12

EBITDA Bridge (H1’13 – H1’14) – (€m) EBITDA (1) (€m) and EBITDA margin (%)

138,0 144,7 151,5 74,8 79,3 2011 2012 2013 H1'13 H1'14 4,7% 4,9% 6,1% 48,3% 49,8% 51,6% 48,5% 48,3% % EBITDA margin % % growth

(1) FY 2011 EBITDA is adjusted for Database Acquisition Costs and Shareholder Fees; FY 2012 EBITDA only for Shareholder Fees

Group EBITDA-Capex and Financial Leverage

13

EBITDA-Capex (€m) and EBITDA-Capex margin (%)

61,7 65,2 113,2 119,0 125,0 2011 2012 2013 H1'13 H1'14 5,0% 5,1% 5,7% 39,9% 41,0% 42,4% 40,0% 39,7% % EBITDA-Capex margin % % growth

Net Debt (€m) and Net Debt/ LTM EBITDA

298 281 722 730 512 2011 2012 2013 Q1'14 H1'14 2,2x 1,5x 4,8x x Adjusted Net debt/EBITDA 4,8x 3,3x

Table of Contents

14

Half Year ‘14 - Financial Review

3

Introduction to Cerved

1

Appendices

4

Half Year ’14 - Highlights

2

134,9 127,4 126,6 63,2 61,8 111,8 128,8 137,9 69,7 73,7 246,6 256,2 264,5 133,0 135,5 2011 2012 2013 H1'13 H1'14 Corporates Financial Institutions

Credit Information

15

Revenues (€m) and revenue growth (%) Key highlights EBITDA (€m) and EBITDA margin (%) Key highlights

132,9 136,8 139,3 71,3 72,6 2011 2012 2013 H1'13 H1'14 1,8% 2,9% 1,8% 3,9% 3,2% 1,9% 52,7% 53,4% 53,9% 53,6% 53,6% % EBITDA margin % % growth 7,1%

• 0,7%

Corporates: Financial Institutions: ‘12-’13A 5,8%

• 2,2%

 Overall Revenue growth of 1.9%

in H1 2014 vs H1 2013

 Overall 5.8% Corporates segment

growth was impacted by the phasing

• f

commercial campaigns and the acquisition of Experian Data Services in 2013

 The

decline in the Financial Institutions segment continues to reflect the extension of 3 large contracts renegotiated in mid- 2013, in line with budget

 Increase in EBITDA of 1.8% in H1

2014 vs H1 2013

 EBITDA margin in line with H1 2013

and FY’s 2011 and 2012, favourably impacted by the businesses’ operating leverage, albeit partially offset by higher investments to support innovation and new product initiatives to foster growth in the future

Credit Management

16

Key highlights

12,1 16,6 25,0 36,6 23,0 2011 2012 2013 H1'13 H1'14 106,2% 46,4% 38,0%

Revenues (€m) and revenue growth (%)

2,1 4,4 7,6 2,3 4,4 2011 2012 2013 H1'13 H1'14 72,4% 112,8% 89,5% 20,7% 17,6% 17,1% 19,0% 14,0%

Key highlights

% % growth

 Strong performance in Revenues

driven by the financial institutions segment, which continues to benefit from the ramp-up of the Credit Agricole and Cerberus portfolios

 The Cerberus portfolio began

generating revenues in Q2 2014 and is gradually ramping up

 H1

2014 EBITDA margins increased to 19.0% from 14.0% in H1 2013 driven by the favourable impact of operating leverage coupled with the surge in Revenues EBITDA (€m) and EBITDA margin (%)

% EBITDA margin % % growth

Marketing Solutions

17

Key highlights

8,9 9,9 12,8 4,6 6,0 2011 2012 2013 H1'13 H1'14 11,7% 29,0% 31,1%

Revenues (€m) and revenue growth (%)

3,1 3,5 4,7 1,1 2,3 2011 2012 2013 H1'13 H1'14 32,3% 15,1% 101,1% 36,5% 35,6% 34,5% 37,9% 24,6%

Key highlights

% % growth

 Continuing

revenue growth reflecting the positive impact of numerous initiatives regarding the sales network and the go to market strategy, as well as from product innovation and cross- selling

 Increased revenues from both

the existing product range, projects for clients, as well as from new products

 Increase in the EBITDA margin of

37.9% in H1 vs 24.6% in H1 2013 thanks to the benefits

• f
• perating leverage coupled with

a more favourable product mix EBITDA (€m) and EBITDA margin (%)

% EBITDA margin % % growth

Key highlights Summary Profit and Loss (€m)

Summary Profit and Loss

18

 EBITDA margin at 48.3% in H1

2014, marginally below H1 2013

 This is attributable essentially to

the mix effect: all the businesses maintained

• r

improved their margins compared to H1 2013 and prior years

 PPA amortisation increases to

€42.6m on a yearly basis, of which €18.1m deductible for tax purposes

 The item non-recurring financial

expenses includes €7.6m related to the write-down of capitalised financing fees (non- cash) and €2.5m prepayment fee on the FRNs

 Adjusted

Net Income is adjusted for non-recurring income and expenses, capitalised financing fees, PPA amortisation, and fiscal impact

• f such components (ca. 31%)

(1) FY 2011 EBITDA is adjusted for Database Acquisition Costs and Shareholder Fees; FY 2012 EBITDA only for Shareholder Fees

€m 2011 2012 2013 H1'13 H1' 14 Total Revenues 267,2 290,6 313,5 154,1 164,1 % growth 8,8% 7,9% 6,5% EBITDA(1) 138,0 144,7 151,5 74,8 79,3 % Revenues 51,6% 49,8% 48,3% 48,5% 48,3% Depreciation & Amortization (12,0) (16,5) (23,3) (10,6) (12,0) EBITA 126,0 128,2 128,2 64,2 67,3 PPA Amortization (49,5) (53,1) (39,4) (18,2) (21,3) Non recurring income and expenses (5,0) 2,5 (7,4) (9,8) (1,7) Shareholder's fees (2,2) (2,2)

• Database acquisition costs

(12,7)

• EBIT

56,5 75,5 81,4 36,2 44,3 Earn out cost

• (26,8)
• Financial income

1,0 0,9 0,8 0,6 0,9 Financial expenses - non recurring

• (10,1)

Financial expenses (26,6) (29,1) (59,6) (29,2) (30,2) PBT 30,9 20,5 22,6 7,6 5,0 Income tax expenses (14,0) (15,4) (14,7) (7,4) (3,3) Reported Net Income 16,9 5,1 8,0 0,2 1,7

• f which: Minorities

0,3 0,8 1,1 0,3 0,6 Adjusted Net Income 66,9 62,6 43,0 21,0 24,2

1 2

121 119 151 115 143 (27) (25) (30) (27) (35) (84) (83) (82) (70) (65) 11 12 41 18 46 2011 2012 2013 H1'13 H1'14

Inventories Trade receivables Trade payables Deferred revenues Net Working Capital

19

4% 4% 13%

NWC/Total Revenues

6% 14%

 Trade

Receivables increase €28m versus last year due to (i.) the roll-out of the ERP platform in H2 2013. The underlying clients have been invoiced and are gradually paying their invoices, and there is c. €18m more cash embedded in receivables; (ii.) late payments from banks clients (c. €3m) and corporate clients (c. €4m); and (iii.) by the growth of the Credit Management division (c. €3m)

 The increase in Trade Payables

includes €8m related to transaction expenses arising from the IPO

 The

decrease in Deferred Revenues reflects the combination of slightly lower sales coupled with higher consumption

Net Working Capital

Key highlights Net Working Capital (€m)

 EBITDA-Capex of 82% of EBITDA

in line with recent years

 Operating Cash Flow of €47.7m

in H1 2014 vs €61.8m in H1 2013 due to:

 €18m

higher current receivables which are converting to cash in July and August

 €1.3m higher payables

linked to the development

• f

the Credit Management business

 VAT payments in January are

higher by €6.5m due to the carryover of Dec 2013 late invoicing attributable to the roll-out of the new ERP system Key highlights Operating Cash Flow (€m)

Operating Cash Flow

20

(1) FY 2011 EBITDA is adjusted for Database Acquisition Costs and Shareholder Fees; FY 2012 EBITDA only for Shareholder Fees (2) Cash change in Net Working Capital exludes non recurring items, eg Trade Payables related to IPO transaction fees

€m 2011 2012 2013 H1'13 H1'14 EBITDA (1) 138,0 144,7 151,5 74,8 79,3 Net Capex (24,8) (25,7) (26,6) (13,1) (14,2) EBITDA-Capex 113,2 119,0 125,0 61,7 65,2 as % of EBITDA 82% 82% 83% 82% 82% Cash change in Net Working Capital(2) 7,8 (6,1) (24,7) (2,9) (13,9) Change in other assets / liabilities (7,1) (1,9) 7,3 2,9 (3,5) Operating Cash Flow 113,9 111,1 107,5 61,8 47,7

 €250m of FRNs repaid on 30

June 2014 using proceeds from primary capital increase (€229.5m) and existing cash balances

 Net Debt/ LTM EBITDA declines

to 3.3x at H1 2014 vs 4.8x in Q1 2014 before the IPO

 The net debt position as of 30

June 2014 reflects cash

• utflows of c. €7m of IPO costs,

including €2.5m prepayment penalties on the FRNs and €1.2m IRS termination fees

 IFRS Net Debt is net of the

entity of capitalised financing fees (€19.1m in Q1 2014)

Capital Structure

21

(1) Adjusted Net Debt is calculatd as IFRS Net Debt plus capitalised financing fees

Key highlights Capitalization table (€m)

€m 2013 Q1'14 H1'14 Bonds 780,0 780,0 530,0 Other financial debt 0,6 0,6 0,6 Accrued Interests 20,6 10,8 17,8 Gross Debt 801,1 791,4 548,4 Cash (50,3) (34,2) (17,1) Capitalized financing fees (28,6) (27,6) (19,1) IFRS Net Debt 722,2 729,6 512,1 Net Debt/ LTM EBITDA 4,8x 4,8x 3,3x Adjusted Net Debt (1) 750,8 757,2 531,3 Adjusted Net Debt/ LTM EBITDA 5,0x 5,0x 3,4x

Table of Contents

22

Half Year ‘14 - Financial Review

3

Introduction to Cerved

1

Appendices

4

Half Year ’14 - Highlights

2

Summary of Profit and Loss

23

€m 2013 % Q1'13 % Q2'13 % Q1'14 % Q2'14 % Total Revenues 313,5 100% 72,1 100% 82,0 100% 79,3 100% 84,8 100% Cost of raw material and

• ther materials

2,8 0,2 1,2 1,1 1,6 Cost of services 77,6 18,2 20,3 19,4 19,9 Personnel costs 64,9 14,7 18,0 17,6 18,5 Other operating costs 10,4 1,6 2,3 1,8 2,0 Impairment of receivables and other provisions 6,4 1,1 1,7 1,2 1,6 EBITDA 151,5 48% 36,4 50% 38,4 47% 38,1 48% 41,2 49% Depreciation & amortization (23,3) (4,0) (6,5) (5,8) (6,2) EBITA 128,2 41% 32,4 45% 31,9 39% 32,3 41% 35,1 41% PPA Amortization (39,4) (8,6) (9,6) (10,7) (10,6) EBIT (1) 81,4 26% 17,7 25% 18,6 23% 21,1 27% 23,2 27% PBT 22,6 7% 1,4 2% 6,2 8% 6,4 8% (1,4) (2%) Income tax expenses (14,7) (4,8) (2,6) (4,9) 1,6 Reported Net Income 8,0 3% (3,4) (5%) 3,5 4% 1,5 2% 0,2 0% Adjusted Net Income 43,0 14% 7,7 11% 13,3 16% 9,8 12% 14,4 17%

(1) Net of non recurring income and expenses

24

Source: Company Information (2011 and 2012 restated financials; 2013 aggregate financials) (1) Non cash item (2) Net of capitalized financing fees

Balance Sheet

€m 2013 Q1'13 H1'13 Q1'14 H1'14 Intangible assets 501,1 244,6 239,7 491,9 481,7 Goodwill 708,6 914,8 915,1 709,0 709,1 Tangible assets 16,6 16,0 16,4 17,1 16,9 Financial assets 14,9 18,5 15,2 15,6 16,4 Fixed assets 1.241,3 1.193,8 1.186,4 1.233,7 1.224,1 Inventories 1,3 0,1 0,1 1,1 1,6 Trade receivables 151,5 119,1 114,8 151,1 143,6 Trade payables (30,1) (27,7) (26,7) (33,8) (34,8) Deferred revenues (83,1) (75,0) (69,9) (73,1) (64,6) Net working capital 39,6 16,5 18,3 45,3 45,7 Other receivables 7,1 6,5 6,6 7,6 7,4 Other paybles (28,2) (21,1) (24,5) (25,4) (27,9) Net corporate income tax items (20,8) (7,5) (1,0) (17,6) (11,1) Employees Leaving Indemnity (10,9) (9,4) (10,8) (11,1) (11,7) Provisions (15,0) (10,3) (12,0) (13,1) (12,0) Deferred taxes (1) (119,8) (58,7) (56,6) (118,5) (110,0) Net Invested Capital 1.093,3 1.109,7 1.106,5 1.100,9 1.104,6 IFRS Net Debt (2) 722,2 747,0 733,2 729,6 512,1 Group Equity 371,1 362,7 373,3 371,4 592,5 Total Sources 1.093,3 1.109,7 1.106,5 1.100,9 1.104,6

25

(1) (1) Cash change in Net Working Capital exludes non recurring items, eg Trade Payables related to IPO transaction fees (2) (2) Includes cash contributed by acquired companies

Cash Flow

€m 2013 Q1'13 H1'13 Q1'14 H1'14 EBITDA 151,5 36,4 74,8 38,1 79,3 Net Capex (26,6) (6,1) (13,1) (7,8) (14,2) EBITDA-Capex 125,0 30,3 61,7 30,2 65,2 as % of EBITDA 82% 83% 82% 79% 82% Cash change in Net Working Capital (1) (24,7) (5,8) (2,9) (5,8) (13,9) Change in other assets / liabilities 7,3 (2,7) 2,9 (5,2) (3,5) Operating Cash Flow 107,5 21,8 61,8 19,3 47,7 Interests paid (29,1)

• (3,0)

(22,3) (32,5) Cash taxes (18,4) (0,2) (12,5) (12,8) (19,2) Non recurring items 0,1

• (0,5)

(1,7) Cash Flow (before debt and equity movements) 60,1 21,5 46,3 (16,2) (5,7) Dividends (0,1)

• 0,4

0,9 Acquisitions / deferred payments / earnout (2) (509,4) (509,4) (509,4) (0,4) (1,2) IPO Capital Increase

• 226,2

Debt drawdown / (repayment) 482,8 482,8 482,8

• (253,2)

Net Cash Flow of the Period 33,5 (5,1) 19,7 (16,2) (33,1)

Reconciliation CIS SpA – CG SpA

26

Consultancy & Other Operating Costs includes Consultancy fees, Audit fees, Board remuneration, Travel costs, Marketing

Profit & Loss H1'14 EBITDA Depreciation & Amortization Non recurring items Financial income & expenses Taxes Net income Cerved Information Solutions 79,3 33,3 11,8 29,2 3,3 1,7 Labor Cost (CIS) 0,2 0,2 Consultancy & Oth. Operating Costs 0,3 0,3 IPO costs

• 0,6

0,6 Transaction costs 0,0 0,0 Other 0,0 0,0 0,0 0,0 0,0 0,0 Cerved Group 79,8 33,3 11,2 29,2 3,3 2,8 Balance Sheet H1'14 Fixed assets Net working capital Other working capital Current and Deferred Taxes Provisions and Other Net Invested Capital Equity NFP Cerved Information Solutions 1.224,1 45,7

• 20,5
• 121,1
• 23,6

1.104,6 592,5 512,1 Trade Receivables

• 0,1
• 0,1

Trade Payables 7,7 7,7 Other receivables/payables 0,5 0,5 Deferred taxes

• 2,3
• 2,3

Current taxes

• 0,1
• 0,1

Equity 0,0

• 5,3

Net Debt 0,0 11,0 Other 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Cerved Group 1.224,1 53,3

• 20,0
• 123,5
• 23,6

1.110,3 587,2 523,1