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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,


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SLIDE 1

WIIT TAKE YOUR BUSINESS ABOVE THE CLOUDS

Company Presentation

March 2020

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SLIDE 2 Company Presentation | Mar 2020 2

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 recipient for any purpose nor can it be disclosed, copied, recorded, transmitted, further distributed to any other person or published, in whole or in part, by any medium or in any form for any purpose. Therefore, the recipient undertakes vis-à-vis the Company (i) to keep secret any information of whatever nature relating to the Company and its affiliates including, without limitation, the fact that the information has been provided (“Information”), (ii) not to disclose any Information to anyone, (iii) not to make or allow any public announcements or communications concerning the Information and (iv) to use reasonable endeavors to ensure that Information are protected against unauthorized access. 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 binding obligation or liability on the Company and its affiliates and any of their advisors or representatives. 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. This Presentation is not for distribution in, nor does it constitute an offer of securities for sale in the United States of America, Canada, Australia, Japan or any jurisdiction where such distribution is unlawful, (as such term is defined in Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”). Neither this Presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any US person. Any failure to comply with this restriction may constitute a violation of United States securities laws. No representation or warranty, express or implied, is or will be given by the Company as to the accuracy, completeness or fairness of any information contained in these materials and, so far as is permitted by law and except in the case of fraud by the party concerned, no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for errors, omissions or misstatements, negligent or

  • therwise, relating thereto. In particular, but without limitation, no representation or warranty, express or implied, is or will be given as to the achievement or reasonableness of, and no reliance may be placed

for any purpose on the accuracy or completeness of, any estimates, targets, projections or forecasts and nothing in these materials should be relied upon as a promise or representation as to the future. The information and opinions contained in this document are provided as at the date hereof and are subject to change without notice. The recipient will be solely responsible for conducting its own assessment of the information set out in the Presentation. Neither the Company and its affiliates, nor any of their advisors or representatives shall be obliged to furnish or to update any information or to notify or to correct any inaccuracies in any information. Neither the Company and its affiliates, nor any of their advisors or representatives shall have any liability to the recipient or to any of its representatives as a result

  • f the use of or reliance upon the information contained in this document.

Certain information contained in this Presentation may contain forward-looking statements which involve risks and uncertainties and are subject to change. In some cases, these forward-looking statements can be identified by the use of words such as “believe”, “anticipate”, “estimate”, “target”, “potential”, “expect”, “intend”, “predict”, “project”, “could”, “should”, “may”, “will”, “plan”, “aim”, “seek” and 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 cautions you that forward looking-statements are not guarantees of future performance and that its actual financial position, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation. In addition, even if the Company’s financial position, business strategy, plans and objectives

  • f management for future operations are consistent with the forward-looking statements contained in this Presentation, those results or developments may not be indicative of results or developments in future
  • periods. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s

expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. By accepting this Presentation, you acknowledge and agree to be bound by the foregoing terms, conditions, limitations and restrictions.

Disclaimer

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SLIDE 3

Overview

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SLIDE 4 Company Presentation | Mar 2020 4

The Premium Cloud for Business Critical Applications

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SLIDE 5 Company Presentation | Mar 2020 5

Highlights +70 countries online

in 4 regions

2 Datacenter

1 DC Tier IV

1996 established

since 2007 focused on Cloud

70 top clients

+390 midsize clients

11 branches

  • f which 2 abroad

100% Green Energy

since 2016 for datacenter and Wiit offices

6 successful acquisitions

since 2007

2017 listed on the Stock Market

since 2019 in the Star segment

TIER IV 1996

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SLIDE 6 Company Presentation | Mar 2020 6

IaaS Providers

Telco, Amazon, Msft Azure, Aruba, Claranet, Plus Server

Infrastructure as a Service

Datacenter, infrastructure tech, network

Platform as a Service

  • Managed services, DR/BC,

Cybersecurity

  • Application Platform availability

Software as a Service

Application software

Customer Or System Integrators Wiit

Technology Layer (Tier IV + Tech Assets)

Wiit

Digital Process Applications

Wiit

Application platform availability

Wiit

Managed Services, Cybersec, DR/BC

Wiit Cloud Platform Offering

Standard Public Cloud

Infrastructure as a Service only

Premium Hybrid Cloud for Critical Apps

PaaS and Saas

WIIT Peers

Virtustream Secure24 Attenda Tricore Solutions Symmetry Oxya

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SLIDE 7 Company Presentation | Mar 2020 7

+28% Revenue

+21%

Cloud Market

+49%

Ebitda Adjusted

+41%

Ebit Adjusted

WIIT GROUP CAGR 2016-2019 Growth Comparison

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SLIDE 8 Company Presentation | Mar 2020 8

Leading operational excellence and Cloud trend to achieve a sharp Growth

EBITDA Adj.* (M€) and MARGIN %

* 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

3.8 4.7 8.5 10.4 13.2

  • 1,0
1,0 3,0 5,0 7,0 9,0 11,0 13,0 15,0

2015A 2016A 2017A 2018A 2019A 41.3% 25.2% 38.9% 30.6% 43.3%

12.7 15.5 19.6 25.2 33.9

0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0 40,0

2015A 2016A 2017A 2018A 2019A

SALES (€mn)

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SLIDE 9 Company Presentation | Mar 2020 9

88% Wiit 75% Group Recurring Revenues breakdown 2018 0% Wiit 12% Group Semi Recurring

12 months renewal

12% Wiit 13% Group One Off

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SLIDE 10 Company Presentation | Mar 2020 10

Stock price last 12 months

+79.0%

+1.5% +3.8%
  • 15.6%
  • 23.4%
  • 16.5%
  • 17.9%

Coronavirus period

  • 40%
  • 20%

0% 20% 40% 60% 80% 100% 120% 140% mar-19 apr-19 mag-19 giu-19 lug-19 ago-19 set-19

  • tt-19

nov-19 dic-19 gen-20 feb-20 mar-20 WIIT FTSE STAR CAC 40 DAX 30 FTSE100 NASDAQ100 BVP EC

WIIT.MI

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SLIDE 11 Company Presentation | Mar 2020 11

WIIT Market Cap

Mar 27, 2020

219 M€

Share growth driven by undervalued multiples and strong business performance

BVP Cloud index EV/ Rev 2020 multiple

8.6 x 5.16 x

WIIT EV/Rev multiple

Bloomberg estimates 2020

WIIT 90 days average daily volumes

4,000

shares/dd

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SLIDE 12 Company Presentation | Mar 2020 12

Corporate Governance

BOARD 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 Riccardo Sciutto 1,2 Independent Director Annamaria di Ruscio 2 BOARD OF STATUTORY AUDITORS 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 INDEPENDENT AUDIT FIRM Deloitte & Touche S.p.A.

(1) (2) Member of Related Parties and Risks Committee Member of Remuneration Committee

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SLIDE 13 Company Presentation | Mar 2020 13

Shareholders Structure

Jan 2020

  • No. Shares 2,652,066

Free Float 32.90% Own Shares 4.94% Wiit Fin Srl 62.16%

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SLIDE 14

WIIT at a glance

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SLIDE 15 Company Presentation | Mar 2020 15

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

  • vercoming of the outdated technological models that do not

allow efficiency, safety, scalability, performance.

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SLIDE 16 Company Presentation | Mar 2020 16

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.

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SLIDE 17 Company Presentation | Mar 2020 17 Source: Il Digitale in Italia – 2018 Mercati, Dinamiche, Policy". “Osservatorio Cloud Transformation - Cloud Transformation: evolvere con le nuvole verso l’organizzazione agile

IOT MOBILE BUSINESS SECURITY WEARABLE TECHNOLOGY

CLOUD

BIG DATA AI BLOCKCHAIN

0% 10% 20% 30% 40% 50% 60% 70% 80% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

% Growing 2020E/2017 % Growing 2017/2016

DIGITAL TRENDS

Cloud, IoT and Mobile Business are leading the growth but still are a green field. All the digital trends will include, as a foundation, Cloud based technology, applications and DevOps.

Global trends of Digital Enabler

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SLIDE 18 Company Presentation | Mar 2020 18

Worldwide Cloud Growth 2018-2022

7.47% 14.27% 15.77% 16.08% 19.49% 25.89% 0% 5% 10% 15% 20% 25% 30% Cloud Business Process Services (BPaaS) Cloud Management and Security Services Cloud Application Services (SaaS) Total Market Cloud Application Infrastructure Services (PaaS) Cloud System Infrastructure Services (IaaS) CAGR by Cloud Service Category, 2018-2022 Worldwide Public Cloud Services Revenue Forecast (B$) Source: Gartner (Apr 2019) $54 $50 $47 $44 $42 $58 $48 $40 $32 $26 $151 $133 $116 $100 $86 $18 $16 $14 $12 $11 $74 $61 $50 $40 $32 $- $50 $100 $150 $200 $250 $300 $350 $400 2022 2021 2020 2019 2018 Cloud System Infrastructure Services (IaaS) Cloud Management and Security Services Cloud Application Services (SaaS) Cloud Application Infrastructure Services (PaaS) Cloud Business Process Services (BPaaS)

Source: Gartner Worldwide Public Cloud Service Revenue Forecast

Growth Trends

IaaS and PaaS growth will continue with the highest CAGR rate in the Cloud Arena

Revenue Trends

IaaS + PaaS still represents 40% of the overall Cloud market

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SLIDE 19 Company Presentation | Mar 2020 19 Source: Netconsulting Cube 2020

Italian Cloud between past and future

1.415 1.116 877 1.348 1.094 872 697 621 553 0 € 500 € 1.000 € 1.500 € 2.000 € 2.500 € 3.000 € 3.500 € 4.000 € 4.500 € 2020 2019 2018

Public Cloud Hybrid Cloud Virtual Private Cloud

2,302 2,830 3,460

+12.2% +25.5% +27.3% +26.8% +23.3% +12.3%

+23% +22.3%

Market trend

Cloud gr owth will stay strong due to the boost of new digital areas (i.e. Analytics, Iot, AI etc.) and due to the adoption of Cloud for Business Critical apps. Virtual Private is growing 12.3% Hybrid is growing 24.4%

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SLIDE 20 Company Presentation | Mar 2020 20

Traditional DC Private Cloud Public Cloud

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2017 2018 2019 2020 2021 2022 2023

Traditional DC Private Cloud Public Cloud Worldwide Cloud IT infrastructure Market Forecast by Deployment Type, 2017-2023 (shares base on Value)

Cloud shift still

  • ngoing
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SLIDE 21 Company Presentation | Mar 2020 21

Why 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

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SLIDE 22 Company Presentation | Mar 2020 22

Needs: multiple users, less confidential information, local data compliance, geographical localization Non Critical Applications Needs: high and guaranteed service levels, business continuity, information security, personalization, integration, scalability, flexibility Critical Applications (SAP-ERP, CRM, EPM, etc.) core platforms and infrastructures

Managed Services Business Continuity Wiit Delivery Platform

Business App

Non Critical

  • +

Critical

Customer Private Cloud Hosted Private Cloud Public Cloud

AWS

The new trend for Critical Corporate Apps

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SLIDE 23 Company Presentation | Mar 2020 23

Being global and digital is imperative. Being global means global processes governance. Governance and digital mean tech performance, data security and process reliability.

  • a. No more CAPEX in no core

investments

  • b. Scalability and flexibility
  • c. Competences and experience

Top 3 business fault causes #1 Datacenter technology level #2 Cyber security #3 Human Error

BUSINESS RISKS BUSINESS OPPORTUNITIES

Why companies move to Cloud

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SLIDE 24 Company Presentation | Mar 2020 24

TOP 3

Reasons to choose your Critical App Cloud provider #1 References #2 Migration experiences #3 Assets/Competences/Certifications

TOP 3

Reasons to change your Critical App Cloud provider #1 Service quality #2 Provider Financial health #3 Price

Primary Cloud entry barriers to enter the Critical App Cloud Business-stop risk due to migration is the primary Client exit barrier Competition in Business Critical Cloud Entry/Exit barriers

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SLIDE 25 Company Presentation | Mar 2020 25

70%

Top clients with DR/BC

90%

Top clients run ERP suites

80%

Top clients run SAP

70

Top clients

+390

Mid clients

70

connected countries

2

global branches

Milan HQ

Florence Rome Castelfranco Veneto Vicenza

italian branches

9 2

enterprise datacenter

Geographical coverage of clients connected to our datacenters

Carpi Cuneo Turin
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SLIDE 26 Company Presentation | Mar 2020 26

WIIT Strategic Assets

Wiit deploys two dedicated Enterprise Class Data-Centers in Italy Milan: Primary Data Center, certified TIER 4 Constructed Facility, where the most complex and critical ERP infrastructures are hosted and managed Castelfranco Veneto (TV): the data center that enables Business Continuity services for Milan Tier IV DC The level of use of the 2 Data-Centers is

  • nly 35% of total capacity
(*) Source: Uptime Institute Website – Tier Certification of Constructed Facility – March 2018

TIER

Datacenter Class Site infrastructure Definition Components IT capacity to support load Distribution Path Maintenance w/o service downtime Fault tolerant = w/o manual intervention Compart mentation = all components are separated and duplicated Continuous Cooling Availability year average

4

Enterprise Corporations Fault tolerant 2N+1 Fully Redundant Double Active- Active 99,995%

3

Large Business Concurrently maintainable N+1 Fault Tolerant One Active One Standby 99,982%

2

Medium Size Business Redundant N+1 single 99,75%

1

Small Business Basic N single 99,67%

Tier IV datacenter for business critical applications

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SLIDE 27 Company Presentation | Mar 2020 27

Key Success Factors

Private Wiit Private Public

Hybrid Cloud Platform

A fully integrated Hybrid Cloud supply chain for governance and workloads management in Clouds at worldwide level

100%

Hybrid

SAP Outsourcing Services

The only provider in the world with all the 6 certification classes on SAP Outsourcing Operations

6/6

Certs

Eco-Sustainability

Since 2016 datacenter and offices power completely comes from renewables sources

100%

Green

Cyber Security Platform

Average increase of Wiit Security Index in our clients after CS platform adoption

+34%

Coverage

Tier IV Availability

Resiliency level of Datacenter still is the first cause of potential business fault risk

99.995%

Availability

Data Resilience

All the critical production systems are hosted in EMC VMAX storage that guarantees the maximum resiliency currently available

99.9999%

Resilience

SaaS PaaS IaaS IaaS

Help Desk Dedicated and shared servers Backup & Data Storage Data Center SAP Application Support SAP system Mgmt & other APP Database Management SOC & Cyber Security System Mgmt Digital Process Platform

Wiit Cloud Positioning

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SLIDE 28 Company Presentation | Mar 2020 28

High standing Client Base

(*) Source Clients Financial Report 2018 and Management account – data not audited

TOP 10 CLIENTS

76%

OVERSEAS TURNOVER(*)

Fashion 34% Oil & Gas 13% Industrial Machinery 11% Process Manufacturing 11% Discrete Manufacturing 8% Professional Services 7% Aerospace & Defence 6% Public 5% Retail

TOP 10’s CLIENT REVENUE BY SECTOR

(Informative Prospect 2018)

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SLIDE 29 Company Presentation | Mar 2020 29
  • 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)

25.2 48.7

0,0 10,0 20,0 30,0 40,0 50,0 60,0

SALES 2018 BACKLOG

1.9 x

Granting a high Visibility of Business

BACKLOG AS AT 1st JAN 2020 (€mn)

33.9 75.4

0,0 10,0 20,0 30,0 40,0 50,0 60,0 70,0 80,0

SALES 2019 BACKLOG

2.2 x

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SLIDE 30 Company Presentation | Mar 2020 30

3.8 7.0 8.9 12.3

0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0

2016A 2017A 2018A 2019A

High Cash Flow Growth: +38.2% in FY 2019

GROSS CASH FLOW HISTORY (M€)

Big cash generation potential

  • Facilities usage at 40%
  • CAPEX
  • Maintenance capex

tech update + R&D (approx. €1.5mn/yr avg in 2016-2019)

  • Development capex

new clients (approx. 20% of TC in contract Y1)

  • Modest NWC needs
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SLIDE 31

WHAT NEXT ?

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SLIDE 32 Company Presentation | Mar 2020 32

Main drivers for

FUTURE GROWTH

1 4 3 2

Leadership in Italy on Business Critical Apps

Continue organic growth on SAP and

  • ther business critical apps

Expansion in Europe

Priority on France & Germany for market potential and country cloud-readiness for critical apps

Italian market consolidation

Continue cloud market consolidation in Italy achieving upselling of Wiit services in a new customer set and industrial synergies

Service portfolio extension

  • n Top Tech trends

Services expansion to IoT, AI, CX

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SLIDE 33 Company Presentation | Mar 2020 33

M&A Journey

Visiant

Acquisition of Private Cloud datacenters (2) of Visiant with a long term partnership. Strong synergies achieved (DC shutdown+migration in Wiit facilities)

Adelante

Presence in Tuscany (Luxury district). 70% potential synergies

  • achieved. Upselling Wiit Biz

critical services on existing customers in progress. Expansion of service portfolio

Matika

Presence in Veneto (Discrete/Process

  • M. district). 500 k€ potential synergies.

Very good upselling potential on Matika customer base and expansion

  • f service portfolio

2019 2015 2018

Etæria & Ædera

Strong presence in Piedmont and Emilia-Romagna. High quality client portfolio. Proprietary technological platform that integrates the technological document asset already owned by Wiit 2020

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SLIDE 34 Company Presentation | Mar 2020 34

External Growth

1. Acquisitions in Italy to increase Wiit’s market share and gain synergies (example: data centres)

M&A STRATEGY

Italy

1. Strategic acquisitions to enter more effectively in foreign markets leveraging on:

  • a local established brand
  • a native salesforce with relationships with local clients,

knowledge of local market and datacenter in the country 2. Cost savings mainly achievable thanks to the centralization of

  • perations in Italy. Two examples:

Europe (FR, DE)

  • I. Cloud players with a business model

comparable to Wiit and multiannual contracts schemes lower (same business model) cost synergies

  • II. IT players which can be considered

part of the current Wiit Value Chain (for instance Datacenter, Cloud IaaS), have a client base suitable to an up- selling strategy and possibly multiannual contracts medium cost synergies + revenue synergies (up-selling) Profile Integration risks Synergies

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SLIDE 35 Company Presentation | Mar 2020 35

IAAS CLOUD SERVICES FROM AN

  • AVG. CLIENT SIZE

50 7,5 15%

0% 20% 40% 60% 20 40 60

Revenue Ebitda Ebitda % K€/yr

Leverage Wiit Cloud model to scale up financials of acquired Co.

PAAS CLOUD TO AN

  • AVG. CLIENT SIZE

350 157,5 45%

0% 10% 20% 30% 40% 50% 60% 50 100 150 200 250 300 350 400

Revenue Ebitda Ebitda % K€/yr

IaaS Provider

Data Center

Data center, infrastructure tech, network

Platform

  • Managed services,

DR/BC, Cybersecurity

  • Application Platform

availability

Application

Software license as a Service Wiit

Technology Layer (Tier IV + Tech Assets)

Wiit

Application platform availability

Wiit

Managed Services, Cybersec, DR/BC

Financial boost in target companies

Wiit average top 20’s client size 900 K€/yr

Wiit

Digital Process Applications

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SLIDE 36 Company Presentation | Mar 2020 36

Solutions to face COVID-19 emergency

Centralization of voice communication Messaging and document sharing Internal & External Security Backup and management
  • f company data

WIIT SMARTWORKING PLATFORM

@home BYOD w/ portable devices Mobility In office @home w/ company devices ENDPOINT SECURITY Mobile VPN Landline/mobile Internet Customer Private Cloud Hosted Private Cloud Public Cloud A W S Departmental apps Production Line apps Edge apps Business Critical apps Critical Data Centralized Corporate apps Public Cloud Native apps Collaboration SaaS

We enable the remote full access to the most critical apps currently On Premise

Show your WIIt!

Promo campaign to support companies in their cloud migration

#andràtuttobene

The initiative to reduce migration costs to one of the cloud platforms dedicated to critical applications during the Coronovirus emergency period

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SLIDE 37 Company Presentation | Mar 2020 37

Fund 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!

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SLIDE 38

Financials

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SLIDE 39 Company Presentation | Mar 2020 39

+27%

Ebitda Adjusted*

13.2 M€ vs 10.4 M€ in 2018

+27%

Ebit Adjusted

6.8 M€ vs 5.3 M€ in 2018

+34%

Revenues

33.9 M€ vs 25.2 M€ in 2018

+74%

Net profit

6.7 M€ vs 3.8 M€ in 2018

25.5 M€

Net debt**

4.4 M€ at Dec 31, 2018

Financial Highlights

vs

2019 2018

(**) Including IFRS16 effect of M€ 5.5 in 2019 and M€ 1.1 in 2018. The 2019 amount also 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. (*) EBITDA adjusted: concerns the non-recurring costs incurred for the STAR segment listing, the M&A costs and the PPA impact for a total amount of approx. 1.6 M€.
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SLIDE 40 Company Presentation | Mar 2020 40

+34.4%

Revenues

33.9 M€ vs 25.2 M€ in 2018

+3.4%

Revenues Pro-forma*

38.4 M€ vs 37.1 M€ in 2018

  • Positive organic revenues growth and good

contribution from Adelante and Matika;

  • Upselling on existing clients;
  • Acquisition of new clients in a constantly

growing market.

(*)Pro-forma figures consider the consolidation of Adelante and Matika for the entire years (2018-2019).

Financial Highlights

vs

2019 2018

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SLIDE 41 Company Presentation | Mar 2020 41

+26.7%

Ebitda Adjusted*

13.2 M€ vs 10.4 M€ in 2018

+12.9%

Ebitda Pro-forma Adjusted**

14.1 M€ vs 12.5 M€ in 2018

  • Strong improvement in pro-forma margin from 33.5% to 36.6%

thanks to the concentration on Cloud services, reduced low added value product revenue and optimised process and

  • perating services organization; in particular:

– 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, the M&A costs and the PPA impact for a total amount of approx. 1.6 M€. (**)Pro-forma figures consider the consolidation of Adelante and Matika for the entire years (2018-2019).

Financial Highlights

vs

2019 2018

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SLIDE 42 Company Presentation | Mar 2020 42

25.5 M€

Net debt

4.4 M€ at Dec 31, 2018

  • IFRS16 effect of M€ 5.5 in 2019 (M€ 1.1 in 2018);
  • Earn out related to Matika and Adelante of M€ 7.9 of

which M€ 6.0 payable with treasury shares;

  • Strong operating cash flow generation of 11.3 M€ ;
  • CAPEX expenditure under control at approx. M€ 5.0

related to new orders and headquarter improvements;

  • 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.

Financial Highlights

vs

2019 2018

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SLIDE 43 Company Presentation | Mar 2020 43

Balance 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 Investments in associates 464 458 68 61 Total non-current assets 11.616 16.087 27.677 50.798 Inventories 12 83 Trade and other receivables 4.023 3.292 4.699 6.443 Intercompany receivables 875 1.122 461 36 Advance Tax 300 377 685 Other liquid assets 475 395 1.734 269 Total current assets 5.685 5.186 7.580 6.830 Tax current liabilities 292 366 669 Trade and other payables 1.729 2.058 3.802 4.479 Payables vs related companies 42 Other payables and current liabilities 708 807 2.056 3.291 Total current liabilities 2.729 3.231 6.528 7.812 Net Working Capital 2.956 1.955 1.053 (982) Other payables and non-current liabilities 320 220 1.340 860 Employee benefits liabilities 817 918 1.259 1.984 Provisions for deferred tax liabilities 29 29 214 2.872 Total non-current liabilities 1.166 1.167 2.813 5.716

NET INVESTED CAPITAL 13.406 16.875 25.917 44.100

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

  • Fixed assets mainly include the two Wiit’s

datacenters (approx. 40% capacity) – amortization in 5 years

  • Goodwill refers to the merger of Sevenlab

S.r.l. into Wiit in 2014 and acquisition of a division

  • f

Visiant Technologies in 2015, Adelante Group, Foster in 2018 and Matika in 2019. Goodwill includes also the overall potential future earn-outs as per achieved financial target plan.

  • Intangible Assets YTD 2019: 4.5 millions IFRS16
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SLIDE 44 Company Presentation | Mar 2020 44
  • Big potential for a margin expansion thanks

to a scalable platform with fixed costs mainly

  • Performance

shares plan generates a figurative cost ex IAS principles (tax deductible)

  • IPO cost: cost related to listing to MTA

process (Star Segment)

  • M&A cost: cost related to due diligence for

Merger and Acquisition

  • Tax benefits active from year 2016 on
  • “Super-ammortamento”:140% overvaluation
  • f

the 2017 investments in new assets purchased or leased. Opportunity to benefit

  • f

subsidy for investments in intangible capital goods (software and IT systems)

  • “Patent-Box”:

benefit starting benefit calculation from Y2015. Renewed the benefits for the next 5 fiscal years

* 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

Income Statement: FY 2019 Results

IFRS Form (€ 000) 2015 2016 2017 2018 2019

NET SALES 12.791 15.341 19.556 25.237 33.911 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) 2.532 2.616 3.606 4.395 6.229 Other cost and charges 527 400 217 309 382 Variation of inventory 1 38 12 (66) Total costs 9.004 10.640 11.089 14.826 28.685 EBITDA Adjusted 3.787 4.701 8.467 10.412 13.192 29.6% 30.6% 43.3% 41.3% 38.9% Amortisation, depreciation 1.931 2.300 3.433 5.108 6.903 Figurative cost of Performance Share 2016-2018 585 394 283 IPO and M&A Costs 455 142 1.041 OPERATING PROFIT 1.856 1.817 4.186 4.878 5.226 OPERATING PROFIT Adjusted 2.401 5.034 5.303 6.799 15.7% 25.7% 21.0% 20.1% Depreciation of investments in associates (750) (6) (7) Financial income 28 19 42 7 252 Financial costs (354) (466) (452) (508) (439) Exchange rate differences (1) (18) 92 (90) (40) RESULT BEFORE TAXES 779 1.352 3.862 4.287 4.492 Income taxes 583 441 725 791 (258) NET RESULT 195 911 3.137 3.496 5.250

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SLIDE 45 Company Presentation | Mar 2020 45 4.7 8.5 10.4 13.2 16.6 19.7 0,0 5,0 10,0 15,0 20,0 25,0 2016A 2017A 2018A 2019A 2020E 2021E 42%

EBITDA Adj.* (M€) and MARGIN % SALES (M€)

(E) Average of Analysts Consensus for 2020-21 (source: Banca IMI, Intermonte SIM and Midcap LCM, March 2020) 15.3 19.6 25.2 33.9 47.0 51.5 0,0 10,0 20,0 30,0 40,0 50,0 60,0 2016A 2017A 2018A 2019A 2020E 2021E 30.6% 43.3% 1.8 4.2 4.9 5.2 8.8 11.7 0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 2016A 2017A 2018A 2019A 2020E 2021E

EBIT (M€) and MARGIN %

0.9 3.1 3.5 5.3 7.2 9.5 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 10,0 2016A 2017A 2018A 2019A 2020E 2021E

NET PROFIT (M€) and MARGIN %

CAGR FY16 - FY19 +30%

11.6% 21.4% 19.3% 5.9% 16% 13.9%

CAGR FY16 - FY19 +41% CAGR FY16 - FY19 +42%

CAGR FY16 - FY19 +81%

15.3% 18.7% 22.7% 15.6% 15.3% 18.3% 38.9% 35.3% 38.2%

Group Annual Economic Results 2016-2021E

(Y20 and Y21 Estimate by Analysts Consensus)

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SLIDE 46

WIIT TAKE YOUR BUSINESS ABOVE THE CLOUDS

ir@wiit.cloud wiit.cloud