annual general meeting€¦ · “in short, we believe mdf’s core b2b business is a gem (high...
TRANSCRIPT
ANNUAL GENERAL MEETING
Longueuil, September 11, 2019
A LOOK ATMEDIAGRIF• E-commerce pioneer in
Canada• Founded in 1996, public
since 2000• TSX: MDF• 14.8 million shares• Excellent profitability
INTERNATIONAL PRESENCE
LavalLongueuil
Ottawa
AlbanyAtlantaCopenhague
Shenzhen
515 employees
Including 335 Quebec employees
Kanata
Kiev
REFOCUSING OUR OPERATIONS
Focus +
Volatility -
Recurring +
Markets +
2019 FINANCIAL RESULTS
70,2 $ 73,0 $77,7 $ 80,9 $ 83,1 $
FY15 FY16 FY17 FY18 FY19
REVENUES
2015 2016 2017 2018 2019
In Millions of CDN $
$43,4$48,1
$54,9$61,2
$66,1
$26,8 $24,9 $22,8 $19,8 $17,0
2015A 2016A 2017A 2018A 2019A
B2B vs B2C REVENUES
2015 2016 2017 2018 2019
2019 FINANCIAL RESULTS
In Millions of CDN $
2019 FINANCIAL RESULTS
$25,4$22,6
FY18 FY19
ADJUSTED EBITDA2018 AND 2019
*FY18 and FY19 before non-recurring expenses of $2M and $1.9M respectively
$8,5$9,5
FY18 FY19
ADJUSTED PROFIT 2018 AND 2019
($0,57/share)($0,64/share)
FY19 before non-cash impairment charge of $35 million ($2.30/share) on assets held for sale
In Millions of CDN $
2019 FINANCIAL RESULTS
Cash flow: $12,7M
Capital assets ($4M)
Long-term debt($3,2M)
Dividends of $5,9M or $0,40
per share
In Millions of CDN $
FINANCIALHEALTH
• Profitability• Solid balance sheet• Excellent ratios
FINANCIAL HEALTH
Net cash position on debt of $3,9 million - June 30, 2019
06-19 06-1906-1806-18
$12,1
$26,9
$17,0$13,1
Encaisse DetteNet cashAt June 30th
DebtAt June 30th
2018 2019 2018 2019
In Millions of CDN $
ACCELERATE GROWTH
• Targeted investments• Cash flow to act• B2B operations• Growing markets
SOLID FUNDAMENTALS
Recurringrevenues at 80%
Vast international client base
Intellectualproperty
More than500 specialists
Enviable profit margin
Positive liquidity
Financial health
SOLID FUNDAMENTALS
$43,4$48,1
$54,9
$61,2$66,1
$26,8 $24,9 $22,8$19,8
$17,0
2015A 2016A 2017A 2018A 2019A
REVENUS B2B vs B2C
2015 2016 2017 2018 2019
ACCENT ON GROWTH
HELD FOR SALE
SOLD
In Millions of CDN $
NEW PRESIDENT & CEO
Luc Filiatreault
• Wide breadth of relevant experience• Leadership for tech
companies• Business development• Change management
• Starts September 16
Strategic acquisitions
Investments in operations
Marketing, sales, product
management, R&D
GROWTH STRATEGY
Acquisitions to reinforce
our position
STRATEGIC PLANNING EXERCISE
Ambitious growthacceleration plan
Our mission is to provide to ourcustomers innovative and efficient technological solutions. In doing so, we seek to create value for our customers, our employees and ourshareholders.
CURRENT MISSION
ORGANIZATIONS
UNIFIED COMMERCE
STRATEGICSOURCING
EDI
Omnichannel sales
$10B10%
$2B13%
$11B22%
We enable the flow of commerce
NEW MISSION
“In short, we believe MDF’s core B2B business is a gem (high visibility growth), concealed by noise from the much smaller (and highly cyclical) B2C segment. (…)
The resulting company is one with more visibility and growth, and in our experience, both are
key valuation drivers.”
Amr Ezzat, Echelon Wealth Partners, August 7, 2019
ACCORDING TO A FINANCIAL ANALYST
THREE CHALLENGES
Finalize action plan
New level of objectives
Internal and external
communications
1 32
WE BELIEVE
THANK YOU