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2015-2020 Business Plan
Milan, 18 November 2015
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Disclaimer
This document contains preliminary estimates that include information on the economic-financial performance of the company and trends in reference markets.
The estimates are based on management assumptions that are believed to be reasonable and credible as of the date of this document. As estimates, they are subject to changes in the macroeconomic scenario.
Final results may be different from the information contained herein.
This document does not constitute a public offer, nor does it represent instructions for the purchase or sale of Exprivia shares and is addressed to the financial community.
2
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Contents
3
1. EXPRIVIA TODAY
2. RATIONALE AND FOUNDATIONS OF THE 2015-2020 PLAN
3. THE PLAN’S STRATEGIC POLICIES
4. FINANCIALS
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Contents
4
1. EXPRIVIA TODAY
2. RATIONALE AND FOUNDATIONS OF THE 2015-2020 PLAN
3. THE PLAN’S STRATEGIC POLICIES
4. FINANCIALS
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5
42.947.0
65.8
95.990.1
100.1
120.2
132.5131.2
147.2
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Revenues EBITDA
635 700
1,179
1,277 1,243
1,394
1,813 1,792 1,806
2,008
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
€ M € M
Net Result
(2.7)
1.1
3.5
6.9
5.0 4.9
3.2
2.4 2.9 3.0
€ M
CAGR 2005-2014
[13.5%]
The Group’s history in numbers
CAGR 2005-2014
[22.1%]
CAGR 2006-2014
[13.4%]
(FTE)
2.4
5.6
10.1
15.214.6
15.313.5
12.413.1
14.5
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
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6
Corporate structure of the Group
EXPRIVIA S.p.A.
Exprivia Telco & Media
Spegea S.ca.r.l.
Spain Mexico Brazil Asia
Exprivia Project
Exprivia Enterprise Consulting
Exprivia Digital
Financial Solutions
Exprivia Healthcare
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7
International coverage
Exprivia is an Italian Group…with an international view
ITALY Molfetta (Bari) - Headquarters
Trento, Vicenza, Milan, Piacenza, Rome
SPAIN Madrid, Las Palmas
SOUTH AMERICA Lima, Sãn Paulo, Sãn Bernardo do
Campo
CHINA Beijing, Shanghai
NORTH AND CENTRAL AMERICA New York (NY),
Mexico City, Monterrey, Guatemala City
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8
1988
1983 2005
2006
2007
Establishment (as AISoftw@re)
Abaco establishment
Merger of AlSoftw@re and Abaco
Renaming of the Group to Exprivia
Acquisition of Svimservice
and Wel.Network
2008
Acquisition of Aurora Web business unit (Siemens) and
Datilog
Acquisition of Spegea, Infaber, Network
Services and Exprivia Sl (Spain)
2010
Acquisition of Prosap Group (Spain, Mexico
and Guatemala)
2009 2011
Acquisition of Realtech Italia and Sistemi
Parabancari
2012
Acquisition of Exprivia do Brasil
History and milestones
Opening of Representative office
in China
2013
2014
Acquisition of Devoteam and establishment of
Exprivia Asia and Exprivia IT Solutions (China) and Prosap Consulting (USA)
2015
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9
Markets and expertise
Telc
o &
Me
dia
Market
Capital Markets
Credit & Risk Management
Factoring
SAP
Social & Web 2.0
Telco Network
IT Governance & Infrastructure
Business Analytics BPM & EAM
Business Process Outsourcing
Cap
abili
tie
s
Healthcare
Trading Room
Credit & Risk Management
Mobile
Information Infrastructure
Monitoring
SAP Suite
Security
Voice Recognition
Solu
tion
s
Ene
rgy
& U
tilit
ies
Ind
ust
ry &
Aer
osp
ace
Ban
ks &
Fin
ance
Pu
bli
c A
dm
inis
trat
ion
Hea
lth
care
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10
Business area breakdown
Italy 126,858
International (*) 14,792
Top 10 customers
39% Remaining portfolio 61%
Revenues by business area Customers (domestic and international)
Cluster revenues
Banks, Finance, and
Insurance 27,401
Industry & Aerospace
14,486
Energy 14,760
Telco & Media 11,918
Health and Healthcare
24,352
Utilities 28,183
Public Administrati
on 6,409
International Area
12,776
Other 1,363
(*) includes revenues earned abroad by Italian companies
Data in K euro as at 31.12.2014
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Contents
11
1. EXPRIVIA TODAY
2. RATIONALE AND FOUNDATIONS OF THE 2015-2020 PLAN
3. THE PLAN’S STRATEGIC POLICIES
4. FINANCIALS
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Objectives of the 2010-2014 Plan
12
PLAN OBJECTIVES
Revenues 200 M
of which from external growth 60 M
of which from abroad at least 10%
of which for BPO at least 15 M
EBITDA 15%
NFP with external growth -67 M
OBJECTIVES ACHIEVED (*)
Revenues 147 M
of which from external growth 40 M
of which from abroad 12%
of which for BPO 10 M
EBITDA 10.5%
NFP with external growth -30 M
(*) Data as at 31.12.2014
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Acquisitions in the 2010-2014 Plan
13
Company Investment (in K euro)
Revenues (in K euro)
Location
Prosap 1,086 + 150 9,800 Spain and Lat. Am.
Realtech Italia 1,480 9,900 Italy
Sis.Pa. 5,100 7,000 Italy
Visiant do Brasil 500 1,600 Brazil
Devoteam AuSystem (1) 500 12,000 Italy
Exprivia Sl (minorities) (1) 1,038 Spain
Total 9,854 40,300
(1) 2014
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14
• The global economic crisis has had prolonged effects (W-shaped curve)
• In 2010, the outlook was for a V-shaped curve
• Slowdown in the IT market in Italy (15% in the last 5 years)
• IT expenditures in Italy have continued to be lower than other countries
• Contraction in the Industry market
• Financial instability with resulting credit crunch
• From 2010 to 2013, Group grew at the expense of profitability
• Certain acquisitions did not develop synergies in the appropriate time frame
• Organisational complexity
• Beginning in 2013, corporate reorganisation and recovery of profitability
2010-2014 Business Plan - assessment
Events that affected the plan’s implementation
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Foundations of the 2015-2020 Plan
• IT will undoubtedly become more and more pervasive in the future for individuals
and society.
• The digital transformation envisages changes in the ways in which people engage
with each other and, as a result, the economy.
• Exprivia intends to play a leading role in the changing scenario.
• Exprivia is aware of the need to visualise the imaginable future, beyond trends and
technology, which are already commodity embedded.
• The market will be increasingly characterised by global networks that are able to
respond instantly to change.
15
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The Plan’s vision
The vision in six years for Exprivia is based on the objective of setting a clear direction for management and for the entire stakeholder community, in a context in which the speed
and pervasiveness of change present important growth opportunities.
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The 3 phases of the Business Plan
17
1
2
2015-2016 2017-2018
Skills and HR
Organisation
Business network
Profitability
Cash generation
Systematic M&A
Continuous internal growth
Strong global positioning
Profitability and cash flows 3
2019-2020
International expansion
Market leadership
Among the top 5 Italian IT
companies
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Contents
18
1. EXPRIVIA TODAY
2. RATIONALE AND FOUNDATIONS OF THE 2015-2020 PLAN
3. THE PLAN’S STRATEGIC POLICIES
4. FINANCIALS
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The digital transformation
• Centrality of persons
• Centrality of relationships
• Centrality of cities
Changes the way information is used
• All available information, now!
• Availability and synopses (also vs. accuracy)
• Tendency to abandon the search for causality in favour of correlations (star-shaped relationships rather than hierarchy)
19
The Digital Renaissance
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Exprivia’s future
20
• Exprivia believes that digital transformation will focus on the centrality of the individual within the city.
• Cities must be efficient and eco-friendly.
• There will be a strong correlation between livability, efficiency and connections through IT.
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The digital transformation
“We stand today on the precipice of much bigger shifts …
In the years ahead, acceleration in the scope, scale, and economic impact of technology will usher in a new age of artificial intelligence, consumer gadgetry, instant communication, and boundless information while shaking up business in unimaginable ways.
At the same time, the shifting locus of economic activity and dynamism, to emerging markets and to cities within those markets, will give rise to a new class of global competitors.”
McKinsey Quarterly, 2014
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Intelligent applications
Service robots
Specialised technology
The role of IT and its evolution
22
Beyond process automation Automation of services, Virtualisation
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Users’ technology diet (1)
23
Pervasiveness
Continuity
(1) Source: Cefriel
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Exprivia and technology
24
Represents the universe of
available building blocks (sensors,
machines, switches, etc.)
Techniques with
which these blocks
will be connected
and monitored to
provide synthetic
and aggregate
information
Location where the information will
reside and transformations will
occur
Platform on which the information
will be organised for distribution and realisation
(Customer Experience)
CRM Cloud Big Data, Analytics IoT
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Exprivia for individuals and cities
25
Offer Individuals Cities
Industry, Public Services
Finance
Healthcare
Telco & Media
Energy & Utilities
Energy & Utilities
Healthcare
Industry, Public Services
Finance
Telco & Media
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Examples of offering and issues
26
Market/Offer Issue
Energy & Utilities Energy efficiency
Industry: Defense & Aerospace
Tactical tables and augmented reality for simulations and war games; Resiliency of software environments in mission-critical situations
Industry, Finance, PA BYOD and mobile technology in banking Expert systems for risk assessment Orchestration and automatic configuration for the web
Healthcare ICT for genomics, proteomics, and transcriptomics IoT for healthcare Flexible environments for clinical decisions and home healthcare Voice and image recognition
All markets Big data, service robots, predictive analysis, smart robots
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Telco & Media - Scenarios
27
PLUG-IN STRATEGIES FOR THE TELCO MARKET’S CHANGE PHENOMENA
• will be increasingly less local and more global
• search for technology partners/integrators who are able to manage risk sharing, including financial
• technology trends will continue that result in reduced Opex
• search for specialised, as opposed to generalist, global integrators
SERVICE PROVIDERS:
• become more specialised and are looking for partners/suppliers in order to transform fixed costs into variable costs, including through outsourcing
• search for new business models with added value for customers that increase economic margins
TECHNOLOGY VENDORS:
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Telco & Media - Strategy
30
ETM
NEP
OP
Consolidation in Italy and expansion abroad
for proximinty to vertical technologies
Robust development of Network Consulting & Network System Integration abroad and in Italy
NEP: Network Equipment Providers (e.g. Ericson, Huaweii) OP: Operators (e.g. Telecom Italia, Vodafone) GI: Global Integrators (e.g. HP, IBM)
Telco & Media operators
Telco & Media, manufacturers
Global System Integrators
(Reusable) value of skills acquired in delivery
Ad
ded
val
ue
of
serv
ice
off
ered
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Energy & Utilities - Scenarios
29
Business priorities
ICT trends
• Market expansion • Risk management • E&P scouting opportunities • Optimisation and
rationalisation of existing processes
• Optimisation of provisioning and logistics costs
• Growth in retail and trading • Improved system security
• Process reorganisation • System reconversion • Development of marketing
activities • Improved system security
• Asset efficiency • Optimisation of processes
supporting operations • Innovation in HSE
• Internet of Things (IoT) • Internet of Everything (IoE) • Business analytics • Predictive maintenance
• Business analytics • Predictive maintenance
• Business analytics • Predictive maintenance
• Internet of Things (IoT) • Internet of Everything (IoE) • Cloud • Business analytics
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Energy & Utilities - Scenarios
• European Directive on intelligent transport systems
• Unbundling airport services
• Port community system and single window
• Smart grid
• Energy efficiency
• Electricity mobility
• Green economy
• E-building & E-lighting
• Distributed generation and renewable sources
• Cross/up-selling of electrical and gas commodities
30
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Smart metering and energy efficiency
Smart grid and renewable sources
E-Mobility
Digital transformation
CRM transformation
Plant maintenance
Energy & Utilities - Strategy
31
Big Data & Analytics
IoT Cloud Web 3.0 & wearables
XaaS
Smart Home, Smart Building, Smart Lighting
Automated Meter Mgmt, Analytical & Remedial, Weather forecast, Real Time Active Monitor
Geolocalisation, Info Mobility
Proximity Market, Social Sentiment & Social Care
Customer Analitycs, Social Care, Marketing Automation
Smart Lighting, Enhanced SCADA, Outage Mgmt System, Work Force Mgmt
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Industry & Public Services (PA) - Scenarios
• Focus commercial efforts on large companies and production clusters (machinery and retail/fashion)
• Consolidate presence in regions that have a significant production system: Veneto, Emilia, Piedmont
• Build re-sellable solutions for those areas not yet consolidated, such as Cloud, IoT verticalisations and applications, CRM, SCM, e-commerce, etc.
• Maximise the potential of international roll-outs of Italian customers
• Increase consulting volumes
32
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Industry & Public Services (PA) Strategy (1/2)
• Expand the offer of engineering services
• Entrance in:
• Cyber intelligence & investigation domain
• Homeland protection and homeland security
domains
33
• Cyber security
• Smart sensors management
• Geo-Collaboration
• Segment of the control platforms
• Ground stations and analysis of satellite data
• Civil applications based on satellite data
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34
Industry & Public Services (PA)
Internet of me Outcome economy
PaaS/Saas Intelligent Enterprise
SPID SPC Digital security
Cloud Login Italy Electronic Payments
Digital healthcare
Digital justice
Digital schools
Digital agriculture
Cloud computing
Mobile and Bring Your Own Device (BYOD)
Internet of Things (IoT)
Big Data
DIGITAL AGENDA
EXPRIVIA RESEARCH
AND INNOVATION
DIGITAL AGENDA
DIGITAL TRENDS
Financial statement and consolidation solutions Develop a consolidated financial statement solution on BPC Methods of Saas0 distribution
New social collaboration platforms Based on open source and open service innovation platforms Support the interoperability of PA
Big data solutions in digital forensics Approach increasingly focused on searching for electronic evidence More efficient use of forensics labs and consultants
Digital agriculture Farmer’s tools, managing support system IoT, sensors, managing data collected, open data
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Banks and Finance - Scenarios
• Regulatory aspects
• Quantitative easing, bad banks in system
• Payment tracking, launch of electronic payments
• Breaking down procedural barriers for archiving personal data: Cloud
• Market aspects
• Mergers & acquisitions
• M&A Popolari and new laws for foundations
• Leasing and factoring
• Globalisation of commercial trading and global investment banks as intermediaries in international markets
• Development of niche players in digitalisation and Fintech
• Digital transformation and omni-channel
35
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Banks and Finance - Strategy
36
Low Medium High
Nic
he
Glo
bal
5 Finance arenas
2 Factoring arenas
4 Digital Transformation
arenas
Level of market presence
Co
vera
ge o
ffer
ed b
anki
ng
sect
or
1
3 2
4
5
3
4
2
1
2 3
1
1
2
4
4 Credit arenas
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Healthcare - Scenarios (1/2)
• Containment of healthcare costs
• Aging of population with increasing chronic conditions
• Patient and informal caregivers (family members, in-home nurses), players in the treatment process
37
SOCIAL TRENDS
• De-Hospitalisation: hospital used only for acute needs, treatment brought to local communities
• Increase in costs associated with aging
HEALTHCARE POLICY TRENDS
ORGANISATION • Merger of healthcare agencies across vast areas/regions
• Centralisation of ICT expenditures at regional level (in-house companies) and national level (CONSIP)
PRIVATE HEALTHCARE
• Possible contraction in activities covered by the national health service (SSN)
• New services and parties for healthcare tele-assistance to residents
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Healthcare - Scenarios (2/2)
Healthcare agencies and hospitals
Gradual reduction in the limits for direct purchases of ICT products and services
Regional in-house companies
Reduction in active role in developing projects
Central agencies (CONSIP, SOGEI, etc.)
• CONSIP: expansion as purchasing hub for IT healthcare solutions
• SOGEI: likely expansion of central services (smart cards, databases)
38
MARKET TRENDS
PRIVATE HEALTHCARE
Possible mergers of private companies and growth of large groups
RESIDENTS
Active participations in treatment is creating growth in a market for tele-medicine and tele-assistance products and services
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Healthcare - Strategy
39
LOCAL LEVEL
Prevention department
Prescriptions
Veterinary
Accident system
Public & environ. health
Central booking system
Mobility
Named roles and human resources
Information flows
Specialised assistance
Pharmaceutical assistance
Supported registries
Screening
Local healthcare assistance
Integrated home healthcare
Rehabilitation Prosthetics
Residential care centres
e-Prescriptions Electronic medical records
REGIONAL LEVEL
Healthcare gateways
Management
Regional blood banks
Cancer registry Epidemiological observatory
Price and technology observatory
Mortality and infectious diseases
S.I mental health departments
S.I pathological dependencies
Regional central booking system
Prevention & screening
118 S.I transplants
AGENCY LEVEL
HOSPITAL CARE ADMINISTRATION
Anatomic pathology
LIS. clinical chemistry
Operating rooms
Transfusion centre
Nephrology and dialysis
Admission, discharge and transfer
A&E
EMR Clinics
EMR Departments
RIS - PACS
Mgmt. control
Inventory Accounting
HR
Protocols and deliberations
Compensation from insurance
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Globalisation: Vision
40
• Continue to expand the business and opportunities for growth beyond national borders.
• Develop within individual business organisations instances of fusion and connection resulting from a context of a globalised business and economy.
• Re-engineer business processes by developing Group best practices that are easily replicated and adapted to various social, cultural and regulatory contexts.
• Geographic areas that function as vehicles for offer
• Geographic areas for new entrance (large European countries, Asia, Middle East)
• Opportunity-drive areas
TARGET MARKETS
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International development program
41
International Markets
INTERNATIONAL NETWORK
Create/enforce partnerships with customers / players / national and international
entities to cooperate in foreign markets
Input in selected markets through Mergers &
Acquisitions and greenfield investments
INT’L OPERATIONS MANAGER
GLOBAL ACCOUNT MANAGER
INTERNATIONAL OFFERING
Re-engineering of solutions and services to deliver our
differential values to foreign markets
GLOBAL PRODUCT MANAGER
Group standard procedures
Partnership: industrial-scientific-institutional-financial
Portfoglio
Change Management
DIRECT INVESTMENTS
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R&D
During the previous planning period, activities were focused on the following areas:
• Cloud/SaaS: integration of multi-company components for assembly of new SaaS Services, integration with Expo2015 (E2015)
• Big Data and Mobile Assistant: management of customer loyalty programmes, recommendation systems, customer analysis and suggestions;
• Energy Optimisation: monitoring energy efficiency in buildings and identifying optimisation strategies;
• Mobile Ticketing: paying for parking and public transportation, integrating Open Data of regional public transportation schedules, planning optimal public transportation routes, traffic forecasting;
• Healthcare 2.0: monitoring of quality of life for the frail and elderly, bio-technology and customised medicine using genetic information.
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R&D projects
43
2010 2011 2012 2013 2014 2015 2016
SLIMSAFE
SDI
LOGIN
Puglia Digitale 2.0
EFFEDIL
Pot. Lab 8 - A
LabGTP
VINCENTE
Puglia@Service
Serena
SILAB
ITS Italia 2020
Active Aging @Home
Pot. Lab 8 - B
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Change drivers
The Third Platform and its technology paradigms:
• Mobile, access to information expanded to a wide range of portable devices and, above all, to their users;
• Social, means of communication and expressing opinions, preferences and tastes, as well as source of unstructured information;
• Cloud, technology platform on which IT infrastructure and solutions will be developed;
• Big Data, tool for management, interpretation and predictive analysis of the large volumes of data from sources above.
Internet of Things as accelerator: generating data from connected intelligent and economic devices at low cost.
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The future development program
45
• Products on cloud platforms: Edotto, SAP applications, Home Factoring Solutions, Let's Care, ...
• Hybrid Cloud: cloud/on premise integration challenges Cloud Computing
• Enterprise Application Store: Mobile paradigm integration into the business application offering, mobile device use in the workplace, considering privacy and security issues
• Smart Cities
• Wellness and personal care: Assisted Living Environment, Telemedicine, medical records, wearable devices
• Smart Manufacturing
• Predictive and Advanced Analytics instruments: Security, Marketing Support
• Big Data in Cloud solutions
• Predictive Analysis: fault management in production chains, sales forecasting, marketing campaign management …
• Internet of Things: IT Manufacturing, smart factory
Mobile e Bring Your Own Device
Internet of Things
Big Data
SAP
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1. EXPRIVIA TODAY
2. RATIONALE AND FOUNDATIONS OF THE 2015-2020 PLAN
3. THE PLAN’S STRATEGIC POLICIES
4. FINANCIALS
Contents
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Finance fundamentals
Revenue Profit Cash
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• Target: € 360 million for exogenous and endogenous growth
• Endogenous growth: for two-year periods: 2%, 5%, 10%
• Exogenous growth: € 155 million in six years Revenues
• Target: >12% in six years including the exogenous growth
• In absolute value : € 44 Million in 2020
• NWC / Revenues ≈ 30%,
• Debt / Equity <= 1,
• NFP / EBITDA < 3
• NFP/EBITDA = 2 from 2015, < 2 and down from 2016
• DSO (customer + WIP) around 175 days for the whole period of the plan
• DPO aligned to DSO
• NWC / Revenues less than 20% from 2017
EBITDA
Target of Acquisition
CAPEX
PFN
• Investments in the development of proprietary software in Medical and Banks Markets (€ 1.5 to 1.7 Million each Year)
• Net of extraordinary operations in 2015-2022 the CAPEX/depreciation ratio will remain around 1.
The future development program
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Total revenues
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
2014 2015 (e) 2016 (e) 2017 (e) 2018 (e) 2019 (e) 2020 (e)
Ricavi da crescita interna Ricavi da crescita esternaRevenues from external growth
• More than double current revenues, the Plan objective for 2020 is 360M, of which 205M from current business and 155M from external growth, CAGR +16%
• Time horizon of 6 years for Plan, INTERNAL GROWTH broken down into 3 two-year
periods:
• 2015-2016: consolidation
• 2017-2018: +5%/year,
• 2019-2020: ≈+10%/year,
• ABROAD: ≈20% to 2020
• CAGR: +6%
Mill
ion
s
Revenues from internal growth
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Significant recovery in 2015 (+15% over 2014, ≈150 bps, returning to 2011 levels in terms of percentage)
Plan objective:
EBITDA of 44M in 2020 (treble the 2014 level, CAGR: +21%)
EBITDA margin 12.3%, including contribution of acquisitions
Total margin
11.5%
9.8%
11.3% 11.5% 12.3%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
2011 2012 2013 2014 2015 (e) 2016 (e) 2017 (e) 2018 (e) 2019 (e) 2020 (e)
Ebitda margin Ebitda margin %
Mill
ion
s
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Targets, at closing, are expected to have the following parameters:
• NWC / Revenues ≈ 30%,
• D/E = < 1,
• NFP/EBITDA < 3
The total equity value necessary to implement the acquisition programme assumed in the Plan is ≈€35M, financed using the debt capacity without putting the financial ratios in stress conditions.
Acquisition targets
3.2 3.5
2.9
2.0 2.3 1.9 1.7
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
0.0
50.0
100.0
150.0
200.0
250.0
2011 2012 2013 2014 2015(e)
2016(e)
2017(e)
2018(e)
2019(e)
2020(e)
PFN Equity PFN / EBITDA
Mill
ion
s
NFP NFP / EBITDA
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Time horizon of 6 years for Plan, broken down into 3 two-year periods:
• 2015-2016: consolidation
• 2017-2018: +5%/year,
• 2019-2020: ≈10%/year,
• ABROAD: ≈20% to 2020
• CAGR: +6%
Revenues from internal growth
-
50.0
100.0
150.0
200.0
250.0
2011 2012 2013 2014 2015(e)
2016(e)
2017(e)
2018(e)
2019(e)
2020(e)
Ricavi Italia Ricavi estero
Mill
ion
s
Italian revenues Foreign revenues
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Gross margin (as-is perimeter)
• Average annual efficiency is expected of ≈2% in production costs.
• An incentive plan for personnel (MBO + welfare) is expected to be launched at the end of 2015, which will cost 3.5M in 2016, increasing to 5M in 2020. 29.0%
29.5%
30.0%
30.5%
31.0%
31.5%
32.0%
2011 2012 2013 2014 2015(e)
2016(e)
2017(e)
2018(e)
2019(e)
2020(e)
Gross margin %
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SG&A (as-is perimeter)
• SG&A is flat in the first two-year period.
• In 2017-2020, SG&A will grow ≈75% of the growth rate in revenues.
• The percentage of SG&A over net revenues will decrease to 21% from the current level of 24%. 19.0%
20.0%
21.0%
22.0%
23.0%
24.0%
25.0%
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
2011 2012 2013 2014 2015(e)
2016(e)
2017(e)
2018(e)
2019(e)
2020(e)
SG&A SG&A % su Ricavi
Mill
ion
s
% SG&A over revenues
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EBITDA margin (as-is perimeter)
Important recovery in 2015 (+15%, ≈150 bps), due to the effects of the corporate and organisation restructuring.
11.5%
9.8%
11.3% 11.6%
13.3%
0
5
10
15
20
25
30
2011 2012 2013 2014 2015 (e) 2016 (e) 2017 (e) 2018 (e) 2019 (e) 2020 (e)
Mill
ion
s
Ebitda margin Ebitda margin %
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