investor day - cerved company...1)return adjusted for €0.205 dividend per share distributed in may...

May 10th, 2016

Cerved Information Solutions S.p.A.

Investor Day

1

09:30 Opening Remarks Gianandrea De Bernardis (Executive Vice Chairman)

09:35 Executive Summary Marco Nespolo (CEO)

09:40 Credit Information – Financial Institutions Marco Nespolo (CEO)

09:55 Credit Information – Corporate Roberto Mancini (Chief Commercial Officer)

10:10 First Q&A session

10:25 Marketing Solutions Roberto Mancini (Chief Commercial Officer)

10:35 Credit Management Andrea Mignanelli (CEO Cerved Credit Management)

10:50 Product and Service Innovation Marco Nespolo (CEO)

11:00 Second Q&A session

11:15 M&A Pietro Masera (Head of Corporate Development & IR)

11:25 Finance Giovanni Sartor (Chief Financial Officer)

11:35 Strategic Outlook and Closing Remarks Marco Nespolo (CEO)

11:45 Third Q&A session

12:00 Refreshments

Today’s agenda

Time Agenda Presenter

2

Bain Capital & Clessidra acquire

Cerved and merge it with Lince

Cerved’s History & Recent Years

Spin-off of Cerved from Chambers of

Commerce

Incorporation of Cerved

Public Company November 2015

Acquisition of Cerved by CVC Capital Partners

IPO on 24 June 2014

Cerved has entered into a new era upon becoming a public company in November 2015 with the full exit of CVC Capital Partners, after the IPO in June 2014

Private equity ownership had begun in 2008 with the acquisition by Bain Capital & Clessidra, succeeded by CVC Capital Partners in early 2013

Today’s status as “national champion” began in 2009, with the merger of Cerved with Lince under the ownership of Bain Capital & Clessidra

1974 1995 2008 2014 2013 2015

Successful track record since creation of “national champion” in 2009

Bain Capital acquires Lince

2006

3

Recent Governance Events

Marco Nespolo succeeds Gianandrea De Bernardis as CEO

March 25th 2016

Slate of Candidates submitted by the outgoing Board of Directors

Declaration by Gianandrea De Bernardis to accept relevant

executive powers but not the role of CEO

April 29th 2016

Ordinary Shareholders’ Meeting appoints the Board of Directors

and determines number of members, duration of mandate and

remuneration

May 3rd 2016

Fabio Cerchiai confirmed as Chairman

Gianandrea De Bernardis appointed as Executive Vice Chairman

Marco Nespolo appointed as Chief Executive Office

4

Introduction to Marco Nespolo

CEO TeamSystem CEO TeamSystem

& Lince CEO Cerved

Operating Partner Bain Capital COO Cerved

Marco Nespolo

Gianandrea De Bernardis

As Operating Partner of Bain Capital, Marco Nespolo has been closely involved with Cerved since 2008, and even with Lince which was acquired by Bain Capital in 2006

Marco joined Cerved as GM & Chief Operating Officer in July 2013, responsible for Marketing & Product Development, Operations, IT, Rating & Analytics, Marketing Solutions and Human Resources

Bain Capital & Clessidra acquire

Cerved and merge it with Lince

Bain Capital acquires Lince

Bain Capital acquires TeamSystem

Public Company November 2015

CVC acquires Cerved

IPO of Cerved

2004 2006 2008 2014 2013 2015

Marco has been fully involved in Cerved since its acquisition by Bain Capital in 2008

5

Cerved’s Share Price Performance

Cerved’s share price has benefited from the quality of the business and its consistent financial performance

The quality of the Cerved business coupled with its financial results have allowed it to grow +47%1) since the IPO, priced at €5.10 per share, significantly outperforming the Italian FTSE Mid-Cap Index

Cerved’s share price performance has been achieved in spite of CVC Capital Partners placing 55.7% of shares in 3 separate ABBs during the course of 2015, for a total value of €705m

55.7%

39.3%

24.4%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

80.0%

90.0%

100.0%

110.0%

120.0%

130.0%

140.0%

150.0%

160.0%

CVC Stake % CERVED Italian FTSE Mid-Cap Index

ABB I €203m (@6.35)

ABB II €190m (@6.55)

ABB III €312m (@6.55)

1)Return adjusted for €0.205 dividend per share distributed in May 2015; share price as of 6 May 2016

6














12:00 Refreshments

Today’s agenda


7

Cerved’s Management Team and Board of Directors

Cerved has a strong and motivated management team, and its key members will be presenting today

The recently elected Board of Directors has a total of 11 members, of which the absolute majority of 6 are independent directors, and the remaining 5 are managers with executive functions

Cerved benefits from a solid group of managers and directors

F. Cerchiai

Chairman

M. Nespolo

CEO

M. Caverni R. Mancini

A. Regina A. Mignanelli

S. Delle Curti G. Bongiorno

V. Montanari M. Fumagalli

Independent Executive

6 Independent members out

of a total of 11 (55%)

G. De Bernardis

EVC

Marco Nespolo Chief Executive Officer

Giovanni Sartor Chief Financial Officer

Roberto Mancini Chief Commercial

Officer

Andrea Mignanelli CEO of Cerved Credit

Management

Pietro Masera Head of Corporate

Development and Investor Relations

Key Managers Presenting Today

8

Cerved’s Financial Performance

Consistent Revenue, EBITDA and Cash Flow growth

Note: 2011 and 2012 EBITDA adjusted for shareholder’s fees and 2011 adjusted to review the useful life estimate of the database

Revenue Growth EBITDA Growth

Revenue (€m) EBITDA (€m)

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% +6.7%/

+5.2%

Cash Flow Growth

Operating Cash Flow (€m)

114 111 108 126 136

2011 2012 2013 2014 2015

+7.9% +5.0%

9

Summary Business Model and Strategy

Business Model Business Strategy

Resiliency

Cash Flow Growth

Business model and strategy remain consistent with our recent track-record

Innovation/differentiation

Data, scoring, user experience

Organic growth initiatives

new services, x-selling, new segments

Bolt-on M&A

Existing or adjacent businesses, in Italy

Operational Excellence initiatives

10

Today’s agenda














12:00 Refreshments


11

Market and Key Drivers

Credit Information Market – Financial Institutions (€m) Key drivers for Cerved

1. Pricing pressure (a-cyclical)

2. New bank lending (pro-cyclical)

3. Real estate segments (pro-cyclical)

4. Monitoring (anti-cyclical)

5. Bank consolidation (a-cyclical)

6. Bank sophistication (a-cyclical)

7. Bank regulation (a-cyclical)

123 119 120 119

118 98 97 100

41 40 39 43

110 102 103 107

2011 2012 2013 2014

(0.8)%

1.5%

(5.3)%

(1.1)%

(2.0)%

Source: PwC, Cerved

Consumer

Information

Rating &

Analytics

Real Estate

Business

Information

CAGR

‘11-’14

Cerved boasts a strong market position in all segments, exception made for Consumer Information

The bank credit information market declined until 2013 largely due to a sharp contraction in the volume of new bank lending and pricing pressure

Almost all segments of the market finally returned to growth in 2014, and conditions continue to improve in 2015 and 2016

Key drivers are pricing pressure and the volume of new bank lending

Stable

Positive

Positive

Stable

Negative

Positive

Outlook

Positive

12

Breakdown of Credit Information

91 89 88 83 82

27 24 25

26 29

17 15 14

13 13

2011 2012 2013 2014 2015

Revenue breakdown Key comments

Rating & Analytics

Growth from solicited ratings (launched in 2014)

Decline in ECAI products in 2011-2012

Real Estate

Growth from Appraisals (launched in 2013)

Lower margins than Business Information

Business Information

Pricing pressure on large banks, now stabilized after contract renewals

Strong margins

2.0%

(8.1%)

(0.8%)

(3.1%)

CAGR ‘11-’14

(0.7%)

12.4%

(0.8%)

%’15 vs’14 135

127 126 122 125

The decline in Business Information was compensated by growth in Real Estate

13

Business Information Segment

Revenues broken down by Contract Type Key Characteristics of Contracts

Flat Fee Contracts

- c.10 bank groups, including Italy’s largest banks

- Average residual weighted life of 3.2 years

- Longest contracts expire on 31/12/2020

Consumption Contracts

- Revenues based on actual consumption, in some cases with guaranteed minimums

- Includes the majority of Popolari banks, as well as “service centers” which serve smaller banks

Cerved is the leading market player in the Business Information segment with financial institutions: approx. 750 clients covered by approx. 150 contracts

Two pricing models are applied to clients: “Flat Fee” for very large banks with unlimited consumption and/or guaranteed minimums, “Consumption” for other banks based on volumes and unit prices

Recent product innovation has included: Cerved Group Score, coverage of “non-registered” companies, anti-money laundering and decision analytics applications

Business Information is the heart of Cerved’s activity

Flat Fee 55%

Consumption 45%

14

Popolari Consolidation Risk

Popolari Banks object of the Decree Factors for the impact on Cerved

Overlap of underlying client bases

Bank leading the consolidation

Level of operational integration pursued

Competition from other players

Level of sophistication of the merged bank

Pursuant to Legislative Decree no. 3 of 24 January 2015, Italy’s 10 largest Popolari Banks are required to review their by-laws in order to create suitable conditions for their consolidation

In 2015 Cerved generated €13m of Business Information revenues from 6 banks

The impact from the consolidation is currently impossible to assess due to specific elements related to the business combinations

Timing is also difficult to assess: we expect the consolidation to occur in the latter part of 2016 and in 2017, hence impacts for Cerved will be subject to a timelag

Popolari banks consolidation is expected to have a minor impact on Cerved in the next 1-3 years

4 Non-clients

Flat Fee €5m

Consumption €8m

6 Clients €13m

10 Popolari Banks

15

Real Estate and Cerved Rating Agency

Real Estate Cerved Rating Agency

Main Products

Key Figures

Land Registry Reports

Verification of assets and security

Real Estate Appraisals

Value assessment of mortgage

collateral (residential,

commercial)

Business Process Outsourcing

(Mortgages) service and platform

being launched

Double digit organic growth in 2015 to €30m

30% market share (current segments)

55.000 appraisals issues in 2015

Public and Private Rating for Institutional Investors

for Italian mini-bonds, private

placements, direct lending, etc

ECAI Rating for regulatory capital allocation

Private Ratings for securitizations and disposal

of performing and non performing assets

#1 Rating Agency in Europe by number of corporate ratings issues

130 analysts

>300 Corporate Solicited Ratings

c.25.000 ECAI ratings

3 out of 4 bonds issued by Italian SMEs are rated by Cerved Rating Agency

16

Key Facts

High market share in the mature Business Information segment, with improving volume outlook

compensating for some pricing pressure

Growth potential in all other segments, from both market outlook and market share gain

Strategic Pillars

Continue to focus on product innovation, to defend share and enable up-selling in Business Information

Continue to expand product offering in other segments

Complement organic growth with selected bolt-on acquisitions (eg, RL Value)

Key initiatives

Roll out offering for the Consumer Information segment thanks to a renewed partnership with Experian

Launch mortgage services for banks to enter into value-added outsourcing segments (BPO)

Continue to expand Rating&Analytics value proposition

Objective

Flat to low single-digit organic Revenue growth in the Financial Institutions segment

Strategic Outlook for Credit Information - Financial Institutions

17

Today’s agenda














12:00 Refreshments


18


Credit Information Market – Corporates (€m) Key drivers for Cerved

1. Underpenetration of use of business information by Italian corporates (a-cyclical)

2. Commercial effectiveness (a-cyclical)

3. GDPgrowth/ industrial growth/ number of transactions (pro-cyclical)

4. Monitoring (anti-cyclical)

270 275 290 291

2011 2012 2013 2014

2.5%

Source: PwC, Cerved

Cerved is the leading player in the market with a share just below 50%

Regardless macro conditions, the market has always grown due to the increasing penetration of the use of Business Information within the highly fragmented Italian corporate market

Cerved has grown more than the market, thanks also to M&A transactions (Honyvem in 2011 and Experian Data Services in 2013)

Key drivers are underpenetration and commercial effectiveness

Positive

Positive

Positive

Neutral

Outlook

19

Sizing the Underpenetration Opportunity

Origin of New Cerved Clients as per Cerved Customer Satisfaction Analyses (2011-2014)

Cerved’s market currently stands at an estimated value of €290m

The estimated full market potential stands at approx. €400m thus an increase of +38%

Such increase is expected in the long term and derives from new clients to the sector coupled with increased use by existing clients

Market data seems to be certified by Cerved’s customer satisfaction analyses on the origin of new clients, with the absolute majority being new to the sector

We estimate that the market can grow up to 38% in the long term thanks to increased penetration

«Prior to signing your contract with Cerved, did you use other services on business/ commercial information?»

57% 52% 58% 68%

43% 48% 42% 32%

2011 2012 2013 2014

No Yes

Market Potential as per Bain & Co. and Cerved Analysis (€m)

46 90

7

143 35

90

22

147

30

45

35

110

Top Medium/Large Small/Very

Small

Total

Cerved Others Potential

111

225

64

400

20

Cerved Revenues 2008-2015

Cerved Corporate Revenues 2008-2015 (2008 and 2009 pro-forma Cerved & Lince)

95

102 108

124 129

138 143 143

2008 2009 2010 2011 2012 2013 2014 2015

Cerved & Lince merger

Honyvem Experian Data Services

Overall CAGR of 6.0% is a combination of organic growth coupled with acquisitions, Honyvem in 2011 and Experian Data Services in 2013

Organic growth figures are impacted by “shrinkage” effect of newly acquired targets, which typically contract in the 12-24 months following the acquisition

Recent decline in organic growth in 2015 mainly due to a decline in sales force effectiveness, dealt with by the sales force revamp launched in 2015

9.2%

Cerved Corporate Revenues have increased at a CAGR of 6.0% from 2008 to 2015, including M&A

3.6%

6.0%

21

Overview of Cerved Corporate Client Base

In 2015 Cerved generated €143m Revenues with approx. 30k clients

Approx. 32% of Revenues were generated with <1k “Top” clients with highly sophisticated requirements and an ARPU on average of €70k

Approx. 63% of Revenues arise from “Medium-Large” clients with an average ARPU of €7.5k. The smaller sized clients typically buy “off the shelf” products

Only an estimated 5% of Revenues are with “Small” and “Micro” clients with an average ARPU below €2k

Cerved mainly focuses on larger clients, with higher ARPU and more sophisticated requirements

Cerved Revenue Breakdown 2015 Key Characteristics by Client Cluster

Very Small/ Micro

Small

Top

€90m

€46m

€5m

€2m

€143m

12k

<1k

4k

13k

30k

Medium Large

# Clients 2015 Revenues

Client ARPU Product/

Integration

Top €70k Ad-hoc projects with high

level of integration

Medium/Large €7.5k Some integration for larger

clients, limited for others

Small €1.3k “Off the shelf” products

Very Small/Micro <€200 Credit card purchases on

Cervedirect.com

22

Overview of Corporate Go-to-Market

The corporate sales force is segmented into four separate sales channels to best meet client needs

Key Accounts are Cerved employees, key objectives are upselling and retention

Field Sales Agents work exclusively for Cerved on a commission basis, key objectives are upselling and the acquisition of new clients, also via telemarketing operations

Small accounts are managed via internal or external teleselling units, key objectives are upselling and scouting for new clients

Post “revamp”, the corporate sales force is tailored to best meet the requirements of the client base

Sales Force by Client Cluster Sales Force Structure

Field Sales Agents, organised by geography

Key Accounts, organized vertically and geographically

Teleselling (centralized structure)

Website

Sales Channel

Regional Managers

Area Managers

Field Sales Agents

6

26

Approx. 170

Top Clients Responsible

Vertical Managers

Key Accounts

1

3

Approx. 20

Teleselling Responsible

Telesellers

1

Approx. 15

Very Small/ Micro

Small

Top

Medium Large

23

Strategic Projects for the Corporate Division

The Sales Force Revamp was launched in September 2015 and is expected to be fully implemented by June 2016 (certain areas are ongoing, eg reinforcing the network)

Cerved is currently arranging for a Product Revamp, which will begin to be implemented in September 2016, with the objective of being finalised in Q2 2017

Key objectives of the Product Revamp are to ensure that each client category is “matched” to a set of products and services which best meets its requirements

Cerved is now launching a Product Revamp following the successful implementation of Sales Force Revamp

Update on Sales Force Revamp Timing of Sales Force Revamp vs Product Revamp

2015 2016 2017

H1 H2 H1 H2 H1 H2

PLAN IMPLEMENTATION RESIDUAL

PLAN IMPLEMENTATION RESIDUAL

Sales Force

Revamp

Product Revamp

Key

Initiatives

New Go-to-Market

Teleselling for Small Clients

Salesforce Reinforcement

New CRM

Churn Reduction

Initiatives

Finalised

Advanced

Advanced Advanced New Initiative

Finalised

24

4.8% 5.0%4.3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-

20

40

60

80

100

120

140

160

180

2013 2014 2015

Lost Points & Other Consumption * Sales (incl. MS) Growth Organic Consumption

Yearly Revenues are the sum of (i.) consumption of points PLUS (ii.) lost points and other changes

The contraction in lost points in 2015, which fell from €11m to €6m, was due to the post-acquisition impact of Experian Data Services in 2013 coupled with the implementation of a new commercial policy

Consumption of Credit Information points on an organic basis has remained healthy between 2013 and 2015, ranging between 4.3% and 5.0%

Revenues Broken Down by Consumption and Lost Points

Sales, Consumption and Lost Points & other 2013-2015 (€m)

Revenues in 2015 suffered from a one-off contraction in lost points, otherwise consumption of points was healthy

* Excluding the impact of acquisitions

25

Key Facts

Long term market potential stands at €400m representing an increase of 38% vs. current values

Key driver of growth is the underpenetration of the use of business information by Italian corporates

Strategic Pillars

Strong push on integrating large/top clients and attracting new, medium-small clients, where the level

of underpenetration is highest

Complement organic growth with selected bolt-on acquisitions

Key initiatives

Completion of the “Sales Force Revamp”, gradually positively impacting revenues throughout 2016

Launch the “Product Revamp” in order to ensure competiveness of Cerved’s products

Objective

Mid single-digit organic Revenue growth in the Corporate segment

Strategic Outlook for Credit Information - Corporate

26

Today’s agenda














12:00 Refreshments


27

First Q&A Session

28

Today’s agenda














12:00 Refreshments


29

8.9 9.9

12.8 14.7 13.8

2011 2012 2013 2014 2015

Overview of Marketing Solutions

Revenues since 2011 (€m)

+11.7%

The Marketing Solutions market is still underpenetrated and highly fragmented

Marketing Solutions products and services are largely derived from Cerved’s growing databases, and most of its clients are also clients of the Corporate segment

The Marketing Division’s go-to-market is via a dedicated network of field sales agents who work in close cooperation with the Corporate segment, due to the high client overlap

The division registered strong growth in 2013-2014 following a complete revamp of its product mix, coupled with the restructuring of its sales force. 2015 results suffered from an ineffective incentive system on cross-selling and minor focus from the Corporate sales force due to the revamp project

Significant complementarity with the Corporate segment

30

Offer portfolio has three main lines: Marketing & Database Platforms, Competitive Analysis, and Marketing Projects

Revenue mix is gradually moving toward platform-related products and services, which have characteristics which foster higher client retention

Recent product innovation has been particularly intense, with the launch of new marketing platforms (Marketing+, K-search) and new projects (internationalization projects, web analysis, marketing analytics)

24% 28%

43% 47% 51%

45% 32%

33% 23% 18%

31% 40%

25% 30% 31%

2011 2012 2013 2014 2015

Marketing & Database Platforms

Competitive Analysis

Marketing Projects

Product Offering

Products/ Description

Intense innovation of products portfolio

Indicative revenues breakdown

Marketing+

Geomarketing

K-search

DB for You

Company lists

Market overview

Market forecasts

Monitor

Target Countries

Competitive Intelligence

Business Predictor

Customer Satisfaction

Prospect Qualification

Demand Analysis

Marketing Analytics

Internationalization Projects

Web Analysis

Marketing &

Database Platforms

Marketing

projects Competitive

analysis

31

Rationale for the Acquisition of 70% of PayClick

Cerved’s Marketing Solutions division has historically been focused on the B2B sector, and the lead generation products and services had limited access to final clients

The acquisition of PayClick expands Cerved’s footprint by (i.) extending into the DEM sector, and (ii.) extending its offering also to B2C clients

PayClick has access to 12.5m contacts (10.5m consumers, 2m professionals) to which it actively markets products and services

We envisage interesting commercial synergies with Cerved’s existing Marketing Solutions and Corporate clients to whom we can offer a more complete range of products and services

PayClick extends and completes Cerved’s product offering to its Marketing Solutions clients

Competitive analysis

Benchmarking

Customer audit

Market research

Prospect qualification

Databases

Marketing platforms

Direct e-mail marketing

Display advertising

Performance marketing

Marketing Solutions PayClick

B2B

B2C

Market Footprint of Cerved and PayClick

Lead Generation

Performance Marketing

Market Analysis

32

Key Facts

Key driver of growth is the underpenetration of the use of marketing solutions by Italian corporates

Highly fragmented market, where Cerved ranks among the largest players despite its size

Currently focussed only on the “B2B” segment of the market, limited focus on consumers

Strategic Pillars

Continue to exploit cross-selling synergies with the Corporate segment sales force

Innovate the product offering to extend the range of uses of Marketing Solutions products for clients

Key initiatives

Focus sales force effort on marketing platforms and databases, aligning the objectives of the

Corporate and Marketing Solutions sales forces

Exploit commercial synergies with the recently acquired PayClick

Objective

High single-digit to low double-digit organic Revenue growth in the Marketing Solutions division

Strategic Outlook for Marketing Solutions

33

Today’s agenda














12:00 Refreshments


34


Credit Management Market (€m) Key drivers for Cerved

1. Disposals & outsourcing by banks (a-cyclical)

2. Better collection rates (pro-cyclical)

3. NPL-related reforms (a-cyclical)

4. Market entry of new players (a-cyclical)

5. Growth in NPLs (anti-cyclical) Source: PwC, Cerved Note: Including DoBank in 2014

The Credit Management Division has achieved spectacular growth since 2011 from a combination of organic growth, large transactions, and M&A

The underlying market for the servicing of NPLs has been a key driver, fuelled by the increasing trend of banks to sell or outsource NPLs

We expect the trend to accelerate due to capital adeguacy requirements, increased government and regulatory pressure, and the positive impact of numerous reforms

Market currently suffering from an “overhang” effect as banks take time to assess recent reforms

Key drivers are the growth in NPLs coupled with increased disposals and outsourcing by banks

181 193 219 220

311 323 359 349

121 133

142 233

2011 2012 2013 2014

24.3%

4.0%

6.8%

9.4%

Bank NPLs(1)

Consumer

Corporate

CAGR

‘11-’14

Positive

Positive

Positive

Negative

Outlook

Negative

35

1.6

4.9 5.7 5.9

2.1

0.1

1.8

4.7 0.8

2012 2013 2014 Q3'15

Consumer and/or

Unsecured

Mixed

Secured and Other

Overview of NPL Volumes and Transactions

The gross value of bad debts (“sofferenze”) stood at c. €200bn at YE 2015, corresponding to a net book value of €89bn. The gross value of likely defaults (“incagli”) amounted to €127bn

The volume of NPLs sold by banks to date has however been fairly limited, and largely concentrated in the consumer/ unsecured segment

Nevertheless, Cerved has successfully grown its AUMs from €1.3bn in 2011 to €12.5bn by YE 2015, mainly from large organic deals, and complemented by quasi-organic M&A transactions

Breakdown of Non Performing Loans (€bn) NPLs Market Transactions (€bn)

Despite a surge in NPLs, the volume of NPLs sold has been limited to date

43 60

79 108

125 155

184 200

35

57

66

74

91

109

131 127

9

16

12

13

21

18

12 14

2008 2009 2010 2011 2012 2013 2014 2015

Bad debts

Likely defaults

Non performing past

due loans/exposures

Source: Cerved, Bank of Italy Source: Cerved, PwC

36

Cerved Product Offering

Market Map with Cerved’s Product Offering

First and foremost, Cerved’s Credit Management division is entirely independent, ie Cerved never owns the underlying NPLs/receivables, and Cerved is not captive to any banking group

All parts of the value chain: credit workout, legal services, asset remarketing

All types of clients: corporates, utilities, finance companies, banks and investors

All types of assets: small/ large, secured/ unsecured, consumer/ corporate, new/old

The largest independent player offering complete coverage of servicing market for NPLs and receivables

37

Banks &

Investors

43%

Corporates

14%

Utilities &

Finance

Co's

16%

Asset

Remark'ng

12%

Legal

Services

15%

Credit Management Division Revenues

Indicative Revenue breakdown PF20151) Illustrative EBITDA margins

Servicing of Receivables for corporates and utilities & finance companies largely relate to the Finservice and Recus legal entities, respectively

Servicing of Bank NPLs for financial institutions and investors arise from a combination of organic and quasi-organic transactions, such as Credito Valtellinese, Tarida and Banca Italease

Whereas the Receivables-related business is almost entirely related to credit workout, the NPL-related business covers all 3 areas of the value chain

Revenues are split 2/3 from servicing of NPLs and 1/3 from servicing of receivables

Asset

Remarketing

Small Tickets

Credit

Workout

Legal

Services

Advisory

0%

10%

20%

30%

40%

Receivables

Bank NPLs

1) including intercompany figures and pro-forma for Creval partnership for full year 2015

38

Revenue Breakdown 2015 (€m) 1) Credit Management Legal Entities

Corporate and Consumer Finance Segment

Cerved is launching a restructuring of the Recus and Finservice businesses following recent weak performance

Recus in particular suffered from significantly weaker volumes of problematic receivables generated by consumer finance companies, as well as from issues in the post-merger integration into Cerved

Cerved is currently merging Recus into Finservice (effective from 1 July 2016), and has recently appointed a new manager to run the combined businesses

EBITDA will benefit from synergies extracted from the merger, and the impact of the restructuring is expected to positively impact revenues starting in H2 2016

11.1

12.5

2015

Recent results have suffered significantly, restructuring is under way

Recus: stabilisation of Revenues

from H2 2016 as the consumer

credit and utilities markets

stabilise after two years of

decline

Finservice: stabilisation of

Revenues from Q2 2016 thanks to

improved cross-selling with the

Corporate sales force

Cerved Group

Recus

Cerved Credit Management

Group

Finservice

Cerved Credit Management

Cerved Legal Services

Finservice

Merger

1) including intercompany figures

39

34.3

9.6

12.4

2015

Bank NPLs Segment

Revenue Breakdown PF2015 (€m) 1) Cerved Assets Under Management (€bn)

Cerved has registered impressive growth since 2011 in the Bank NPLs segment of the Credit Management business, growing AuMs from 1.8bn in 2011 to 11.8bn in 2015

Such growth has been generated by a number of large servicing contracts, often involving the incorporation of the operations of the counterpart (Banca Italease, Tarida, Creval, BHW)

On 1 April 2015 Cerved completed a transaction with Credito Valtellinese, entering into a long-term partnership to service the bulk of its NPLs for a period of 10 years, and buying its servicing entity

A similar – albeit smaller – transaction was completed in March 2016 with BHW Bausparkasse AG

This is the key driver of growth for Cerved’s Credit Management division

1.8

7.8

10.3

12.5 12.6

2012 2013 2014 2015 Q1'16

Asset Remarketing: growth driven

by ReoCo agreements with clients

Legal Services: benefits from cross-

selling opportunities with clients

Credit Workout: driven by new

outsourcing agreements with banks

and/or distressed asset or private

equity funds; also includes due

diligence and advisory services

1) including intercompany figures and pro-forma for Creval partnership for full year 2015

40

Forecasts

0

50

100

150

200

250

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

Forecast Evolution of NPLs in Italy

Bad debt stock (€bn) in Italy Inertial Scenario and Key Reforms

Inertial scenario: NPLs expected to continue to grow to €216bn by 2020, albeit at a slow pace

Bankruptcy and foreclosure reforms: NPLs could decline to €175bn in 2020 (Bank of Italy favourable scenario) or €197bn (Cerved scenario)

GACS: assuming full benefits of GACS, NPLs could further fall to an estimated €107bn by 2020

Atlante: could potentially enhance the utilisation of the GACS reform

Since mid-2015 the Italian government has launched a host of reforms and initiatives aimed at creating the conditions that can assist banks in resolving their issues with NPLs

This has been accompanied by increased scrutiny on the health of banks launched by the ECB and the Bank of Italy, putting further pressure on the Italian banking system

We view all these initiatives very positively, although their impact in the short to medium term is difficult to predict and especially to quantify

Current situation reflects an “overhang”, with most banks uncertain on how to act

Shorter lenghts of procedures

Inertial scenario (7.3 years)

Shorter lenghts of procedure + full effectiveness of

GACS system

€216 bn

€175 bn

€107 bn

Numerous reforms have been launched to foster the reduction of NPLs

41

Market Potential for NPL-Related Transactions

Gross NPLs (“Sofferenze”, c.€200bn H1 2015) by Counterparty, Collateral and Debt Collection Method

Transactions regarding the sale of NPLs to date have chiefly regarded retail unsecured NPLs, with only 2 large transactions regarding the disposal of bank servicers (Unicredit and Credito Valtellinese)

Future market evolution is likely to involve banks increasingly selling or outsourcing portfolios of NPLs, even assuming that a relevant portion will continue to be managed internally by the banks

Cerved enjoys strong relationships with all the key banks in the Italian market, and its independence and institutional characteristics make it an ideal partner for banks

0%

20%

40%

60%

80%

100%

0% 20% 40% 60% 80% 100%

Selling Debts Servicing Managed Internally

By

co

lle

ctio

n m

eth

od

(2) (1)

Corporate secured 33% Corporate unsecured 46%

Residential 8%

Retail unsecured 13%

77%

58%

37% 18%

51%

53%

36%

19%

10%

31%

(€64bn) (€90bn) (€16bn) (€26bn)

By collateral and counterparty

The bulk of market growth regards areas which are currently managed internally by Italian banks

Source: Barclays, PwC analysis on Bank of Italy and Prometeia Notes: 1. Including DoBank; 2. Including support from external law offices

42

Alternatives for Italian Banks

Options for Banks Cerved Track Record on Major Portfolios

Banks have 4 viable options to manage their NPLs: (i.) sell the NPLs, (ii.) outsource the management of the NPLs, (iii.) sell their internal servicers (with or without NPLs), and (iv.) continue to manage the NPLs internally

Cerved enjoys a unique track record in having successfully completed transactions which cover all the options available to banks

The timing profile based on which the banks will effectively act however remains unclear

Sell bank’s servicer/platform (capital gain to reduce loss on NPLs disposal)

Outsource recovery/management

Sell NPLs

Continue to manage internally

Banks have numerous alternatives they can pursue to manage their NPLs, and Cerved can cover all

Tarida (€2.2bn)

Creval (€2.1bn)

BHW (€0.2bn)

Credit Agricole (€4.8 bn)

MPS (€0.7 bn)

Cerberus-Unicredit (€0.9 bn)

Cerberus-MPS (€0.6 bn)

Balbec-Intesa (€0.2 bn)

43

Key Facts

Pace of disposal and outsourcing of NPLs by banks is due to accelerate, also thanks to reforms

Cerved is the #1 independent player with a unique product offering in a highly fragmented market

Disappointing performance of the Corporate/ Consumer Finance segment

Strategic Pillars

Complete further “insourcing” transactions such as BHW, Tarida and Banca Italease

Use of capital for other “Creval-like” transactions involving the acquisition of servicers

Continue to improve collection rates in virtue of internal and external factors

Key initiatives

Actively position Cerved as an ideal partner for banks and investors in potential deals

Launched the restructuring of the Corporate and Consumer Finance segment

Objective

Low double digit organic Revenue growth in the Credit Management Division

Strategic Outlook for Credit Management

44

Today’s agenda














12:00 Refreshments


45

Some examples from last 24 months

Strategy for Product and Service Innovation

Cerved dedicates significant resources in a 3-pronged strategy on product innovation

Data Sources & Scores Products & Platforms Partnerships

Web & open data

Real estate database and

scores

Data and scores on “non

registered companies”

Data on Public Administration

Dedicated scores for

Insurance Segment

Cerved Rating Agency

Marketing+ & DB-for-You

Graph-for-you

New Customer Monitoring

Platform for Banks

Payline Decision Engine

BPO for Mortgages

Consumer Information &

decision analytics (Experian)

Anti-money laundering

Cerved Credibility (credit on

self)

Proprietary technology and content

Increased Accuracy

Higher value-added output

Improved customer experience

Enriched value proposition

Cross-selling opportunities

46

Data Sources and Big Data

Data lies at the heart of Cerved’s value proposition and competitive advantage

Cerved Access to Data Sources Key Benefits from SpazioDati

Dataset enrichment: ability to retrieve, disambiguate and integrate new data (e.g. mapping and monitoring the whole Italian “corporate web” of about 1 mln websites)

Big Data Analytics: ability to deliver to our customers cutting edge competencies and technology in the field of big data and semantic analysis

Product Innovation: integration of SpazioDati capabilities and technology into Cerved offering

The partnership with SpazioDati is aimed at leveraging Cerved’s unique official and proprietary data backbone, enriching it with meaningful albeit less structured data available from the web

Cerved increased its stake in SpazioDati to 49.99% in March 2016 via a €833k capital increase

Cerved also renewed its agreement with Infocamere until 31 December 2019. Terms and conditions in line with the existing agreement

Web Data

Open Data

Proprietary data

Official data

Chamber of

commerce

C

O

M

P

L

E

X

I

T

Y

47

The partnership aims at providing Italian financial institutions and corporates with the most comprehensive suite of software solutions and datasets for the origination, monitoring and workout of consumer finance

With the new terms agreed in November 2015, the partnership has a clearer go-to-market strategy and more complete offering, with Cerved acting as the exclusive distributor in Italy of all Experian services on Cerved clients

The product offering is based on bundles which include data and software, analytics and consultancy services, fully leveraging on Experian’s offering

Consumer Information Partnership with Experian

Consumer Information Legal Entities Product Offering

Cerved and Experian entered into a partnership in 2011 which was renewed and improved in November 2015

Experian Holding Italia S.r.l.

Cerved Group S.p.A.

Experian Cerved Information Solutions S.p.A. (ECIS)

Consumer database

Software, Analytics,

Consultancy*

4.65% 95.35%

* Formerly in the Experian Decision Analytics S.r.l. legal entity, merged into ECIS in 2016

Consumer database credit bureau

information and scores for origination, monitoring and

collection

Analytics modeling and

scorecards on PD, anti-fraud, pricing, collection

and stress-testing

Software decision engines, anti-fraud solutions, data management and

decision management

Consultancy Basel III and more in

general credit management projects

48

Cerved Credibility

Cerved Credibility is a revolutionary product for Cerved and the Italian market

Cerved Credibility is a completely new service for the Italian market and enables Italian companies to check, monitor and manage their own credit file through an innovative platform

The flow of information is substantially “inverted” compared to Business Information

The platform was developed with Credibility Corporation, leaders in the US market

Key steps are: (i.) analysis of status quo (creditworthiness, benchmark vs industry etc.), (ii.) clients provide additional information to Cerved (financial statements, trade experiences, etc.) and (iii.) clients are informed if there are changes or third parties ask for additional information

49

Today’s agenda














11:45 Refreshments


50

Second Q&A Session

51

Today’s agenda














12:00 Refreshments


52

Cerved M&A Mission Statement

M&A Transactions since 2004

M&A has always complemented Cerved’s organic growth and remains a strategic priority

The contribution of M&A has typically been approx. 2%-3% of Revenues and EBITDA each year

Ideal targets are small, “bolt-on” companies, with favourable pricing and execution risk dynamics

Cerved will also consider larger transactions, on a highly selective basis

Exclusive focus on targets in Italy

De

al

Re

ve

nu

es €28m

Dec

2003

€6m

Dec

2007

€67m

Dec

2008

€16mm

Dec

2011

€10m

Mar

2013

n.m.

Start-up

€1m

Dec

2010

2004

€14m

Mar

2012

€0.5m

Dec

2013

€15.7m

Dec

2014

€8-9m

Dec

2015

n.m.

€8m

Dec

2015

2005 2008 2011 2012 2013 2013 2014 2014 2015 2016 2016 2011

Significant track record in executing bolt-on M&A transactions

53

Focus on Transactions since IPO

Recent transactions details

Deal EBITDA (€) Price (€) Stake% Division

SpazioDati Start-up 2.9m 49,9% Big Data

Recus 3.5m (2014) 18.8m 80% Credit Management

RLValue 0.4m (2014) 1.4m 100% CI – Financial Institutions

Creval 3.9m (2015) 21.7m 100% Credit Management

BHW Italia n.m. n.m. 100% Credit Management

PayClick 2.35m (2015) 14.1m 70% Marketing Solutions

SpazioDati: strategic partnership to extract value from Cerved’s database and Big Data sources

Recus: expansion of footprint in Credit Management for utilities and consumer finance companies

RLValue: consolidation of presence in real estate appraisals within Financial Institutions Credit Information

Creval: long term strategic partnership with Credito Valtellinese in Credit Management

BHW Italia: long term strategic partnership with BHW Bank in Credit Management

PayClick: expansion of product offering in Marketing Solutions, adding B2C contacts and DEM

M&A transactions since the IPO have taken place in all divisions as well as in adjacencies

54

Case Study on PayClick

Ownership Structure Key Data on PayClick

CEO and 30% shareholder: Luca Formicola

2015 Revenues: €7.8m

2015 EBITDA: €2.35m

Net Debt at Closing: €2.5m (net cash)

Price for 70%: €14.1m (paid on 13 March 2016)

Implied multiple: 7.5x 2015 EBITDA

Cerved’s M&A strategy aims at buying businesses with a strong focus on incentivising the entrepreneurs

Typical transaction structure entails Cerved acquiring a majority stake >50% to consolidate the target

The entrepreneur retains a minority stake with put & call options in the medium term, in order to foster the integration of the target and the maximisation of synergies

Shareholders Agreement with customary tag/drag-along, lock-up, underperformance and non-compete clauses

Rigorous due diligence investigations into the financial, legal, tax and business affairs of the target

The PayClick deal is a blueprint for M&A transactions with entrepreneurs

Cerved Group S.p.A.

Luca Formicola

30% 70%

ClickAdv S.r.l.

“PayClick”

Put & Call options

10% FY2016

10% FY2017

10% FY2018

55

M&A Strategy

CI

BI

CM

Adj.

MS

Advanced Preliminary Status

Mo

re

Less

Eff

ort

M&A Effort and Status

Healthy pipeline which includes transactions in all of Cerved’s divisions as well as in adjacent sectors

Recent track record has focussed on small, “bolt-on” transactions, however future deals may also include much larger targets, subject to highly selective criteria

Numerous sources of financing, depending on the size of the target, and aimed at allowing Cerved to pursue its M&A strategy without impacting dividend and leverage guidelines

Illustrative M&A pipeline Sources of financing for M&A

In line with past practice

M&A Sources of Financing

Organic Growth of EBITDA with

leverage kept at 3.0x EBITDA

BoD powers to issue up to 10% new shares for

Acquisitions

Free Cash Flow and €100m Revolving

Credit Facility

56

Today’s agenda














12:00 Refreshments


57

Summary Historical Financials

Results since 2011: consistent Revenue, EBITDA and Cash Flow growth

Cerved offers highly stable and predictable growth in Revenues and EBITDA, with equally strong operating Cash Flow generation thanks to limited Capex and Working Capital needs

Since 2011, Cerved’s organic growth of EBITDA has been on average 4%, with a further 2% generated by bolt-on acquisitions in its key divisions and in adjacent segments

Note: 2011 and 2012 EBITDA adjusted for shareholder’s fees and 2011 adjusted to review the useful life estimate of the database

Revenue Growth EBITDA Growth

Revenue (€m) EBITDA (€m)

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% +6.7%/

+5.2%

Stable and predictable growth of Revenues and EBITDA

Cash Flow Growth

Operating Cash Flow (€m)

114 111 108 126 136

2011 2012 2013 2014 2015

+7.9% +5.0%

58

Divisional EBITDA Margins

Credit Information margins are expected to remain in line with historical levels, enhanced by the growth in the Corporate division, which compensates from a contraction in the Financial Institutions division

Credit Management margins jumped in 2015 largely due to revenue mix coupled with the extraction of internal efficiencies and synergies, reaching long-term objectives

Marketing Solutions’ margin will decline post consolidation of Payclick, which in 2015 had an EBITDA margin of 30%

On a consolidated basis margins are expected to decline, due to the higher growth rates expected for the Credit Management and Marketing Solutions divisions

53.9% 53.4% 52.7%

53.7% 54.4%

2011 2012 2013 2014 2015

17.0% 17.6% 20.7% 21.0%

26.0%

2011 2012 2013 2014 2015

Credit Information EBITDA margins

Credit Management EBITDA margins

Marketing Solutions EBITDA margins

Operating leverage has benefited all divisions and is expected to continue to do so

34.5% 35.6% 36.5%

45.9% 42.7%

2011 2012 2013 2014 2015

59

Operating Cash Flow

Breakdown of Capex (€31.6m in 2015) Breakdown of Net Working Capital (€m)

Capex and Working Capital trends are expected to remain consistent with the recent past

Capex and Working Capital needs reflect the nature of Cerved’s “capital light” business model

Capex has been approx. 9% of Revenues, increasing in recent years due to increased efforts in product innovation and extension, and to upgrade internal IT systems

Net Working Capital reached approx. 10%-11% of Revenues due to the strong growth in the Credit Management division since 2013

121

120

152 145 140

(27) (25) (30) (32) (30)

(84) (83) (82) (73) (74)

11 12

41 40 38

2011 2012 2013 2014 2015

Inventories Trade receivables

Trade payables Deferred revenues

Net Working Capital

4.0% 13.0%

NWC as % of Revenues %

11.7% 10.7% 4.0%

11.7

3.9

16.0

2015

Database

Hardware & Equipment

Projects & Product Development

Projects & Product Development:

growth in recent years driven by

product innovation & upgrade of

internal IT systems, reflecting a

larger and more diversified business

Hardware & equipment: between

€4-5m; expected to remain stable

Database: has remained in the €11-

12m range from 2011 to 2015;

expected to remain stable

60

Interest Expenses and Cash Taxes

New Bank Facilities and Interest Costs Illustrative P&L and Cash Taxes

TLA –Amortizing 160m E+2.00% 4 year

avg. life

TLB – Bullet 400m E+2.50% 6 years

Revolving Credit

Facility 100m E+2.00% 5 years

Initial Margin %

Tenor Facility Amount

(€)

Interest Expenses benefit from the Forward Start, Cash Taxes expected to reach normal levels in 2017

Interest expenses on bank facilities of €560m expected at €13m in 2016 and €15m in 2017 also including an IRS on the TLB tranche starting from January 2017

Taxation has been erratic due to non-recurring events, in particular the acquisition by CVC, the subsequent mergers, the financing and refinancing transactions, and the deductibility of interest and PPA amortisation

Rule of thumb for cash taxes: EBITDA less Capex less Interest to reach a “cash pre-tax profit”, taxed at approx. 32% which is the marginal tax rate applicable to Cerved (28% from 2017)

Cash taxes in 2016 expected to benefit from the deductibility of the non-recurring charges related to the Forward Start transaction, and the deductibility of prior year interest expenses

P&L Taxes 2013 2014 2015

Cum.

13-15

Adj. NPAT 43.0 55.0 68.5 166.6

Adj. P&L Taxes 30.4 30.8 34.6 95.9

Implied Tax Rate 41.4% 35.9% 33.5% 36.5%

Cash Taxes 2013 2014 2015

Cum.

13-15

EBITDA 151.5 160.1 170.8 482.4

Capex -26.6 -28.2 -31.6 -86.4

P&L Net Interest -58.8 -53.5 -42.1 -154.3

"Cash Pre-Tax Profit" 66.2 78.4 97.1 241.7

Cash Taxes 18.4 24.1 40.2 82.8

Implied Tax Rate 27.8% 30.8% 41.4% 34.2%

61

Capital Structure & Dividend Policy

Year-end leverage ratio of 3.0x in the medium to long term, save for seasonal fluctuations, extraordinary transactions and non-recurring events

Progressive “ordinary dividend” with 40%-50% payout of prior year Adjusted Net Income

Variable “special dividend” to reach forecast year-end leverage of 3.0x, subject to cash used for M&A and share buybacks

Use of Cash Flow Dividend Benchmarks

Operating Cash Flow

Leverage

Dividends M&A

* Excluding €37.3m of non-recurring financial charges related to the “Forward Start” transaction which did not have any cash impact in 2015

2014 2015 2016

YE Leverage Ratio 3.0x 2.9x*

Adjusted Net Income 55.0 68.5

Cash Dividend 40.0 45.0

Payout Ratio % 73% 66%

Target Leverage Ratio of 3.0x and progressive dividend policy

62

Adjusted Net Income

Adjusted Net Income (€m)

Adjustments to consolidated statutory Net Income in line with the June 2014 Offering Prospectus

Adjustments for non-recurring income and charges, the amortisation of the PPA, the amortised costs on borrowings, and the tax effect on the above items

PPA Amortisation includes €18.1m related to the amortisation of the database which is tax deductible and will fall to €3.0m in 2017

Aimed at representing Net Income which is consistent with the recurring performance of the business

€m 2011 2012 2013 2014 2015

Reported Net Income 16.9 5.1 8.0 12.0 3.6

Non recurring income and expenses 5.0 (2.5) 7.4 4.5 3.8

PPA Amortization 49.5 53.1 39.4 42.9 45.8

Capitalized financing fees 3.2 3.2 4.1 3.4 2.9

Financial charges non-recurring - - - 10.1 52.4

IRS termination - - - 1.0 -

Shareholders Fee 2.2 2.2 - - -

Earn-out - 26.8 - - -

Database costs 12.7 - - - -

Fiscal Impact of above components (22.7) (25.3) (15.8) (18.9) (28.4)

Impact of IRES change treatment - - - - (11.5)

Adjustments 50.0 57.5 35.1 43.0 64.9

Adjusted Net Income 66.9 62.6 43.0 55.0 68.5

63

Today’s agenda














12:00 Refreshments


64

Business Model

Mission-critical products and services through the cycle

Undisputed market leadership

Significant competitive advantages

A-cyclical and anti-cyclical components in the businesses

Fundamental sector growth

Untapped potential within the Italian market

Organic growth initiatives

Bolt-on M&A focussed on Italy

2 Growth

3 Cash flow

1 Resiliency

Best-in-class EBITDA margins

High cash conversion

Efficient and flexible capital structure

Ability to deliver attractive dividend yield

65

2016-2018 Outlook

Leverage Target Long-term target of 3.0x EBITDA, save for extraordinary transactions and non-recurring events

Dividend Policy

Organic Growth +2.5% +4.5%

Progressive “ordinary dividend” coupled with a variable “special dividend” subject to M&A and buybacks

Bolt-On M&A +1.5% +3.0%

Total Growth +4.0% +7.5%

Consolidated EBITDA Growth

Capital Structure

Outlook on EBITDA growth, Leverage and Dividends in line with past practice and LTIP

Credit Information - Bank

Credit Information – Corporate

Marketing Solutions

Credit Management

Flat to low single digit

Mid single digit

High single digit to low double digit

Low double digit

Organic revenue growth by segment

66

Today’s agenda














12:00 Refreshments


67

Third Q&A Session

68

Appendix

69

Basis for Financial Information

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

To provide the market with complete financial information and to reflect CIS

SpA consolidated business operations in fiscal years 2013 and 2014, financial

data are represented as aggregate of the following consolidated accounts:

(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 Cerved Group SpA from 9 January to 31 December 2013

Fiscal years 2011 and 2012 are referred to Cerved Holding SpA and have been

restated for comparability with the data presented for the other periods

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

a listed company, and the costs incurred to carry out the IPO of CIS SpA

70

Profit and Loss

€m 2011 2012 2013 2014 2015

Total Revenues (including other income) 267.3 290.8 313.7 331.6 353.7

Cost of raw material and other materials (0.6) (0.7) (2.8) (7.0) (8.3)

Cost of Serv ices (60.8) (66.6) (77.6) (76.3) (78.9)

Personnel costs (56.9) (64.4) (67.2) (73.7) (81.5)

Other operating costs (6.4) (7.4) (8.1) (8.2) (8.5)

Impairment of receivables and other provisions (4.5) (7.1) (6.4) (6.3) (5.7)

EBITDA 138.0 144.7 151.5 160.1 170.8

Depreciation & amortization (12.0) (16.5) (23.3) (25.1) (28.5)

EBITA 126.0 128.3 128.2 135.0 142.3

PPA Amortization (49.5) (53.1) (39.4) (42.9) (45.8)

Non-recurring income and expenses (5.0) 2.5 (7.4) (4.5) (3.8)

Database and Shareholders' fees (14.9) (2.2) - - -

EBIT 56.5 75.5 81.4 87.6 92.8

PBT 30.9 20.5 22.6 24.0 (1.7)

Income tax expenses (14.0) (15.4) (14.7) (12.0) 5.3

Reported Net Income 16.9 5.1 8.0 12.0 3.6

Adjusted Net Income 66.9 62.6 43.0 55.0 68.5

of which: Minorities 0.3 0.8 1.1 1.4 2.5

Source: Company Information; 2011 and 2012 restated financials; 2013 as “added data” and 2014 as “aggregated data”;

71

Balance Sheet

€m 2011 2012 2013 2014 2015

Intangible assets 291.5 248.7 501.1 472.4 459.7

Goodwill 275.8 275.8 708.6 718.8 718.8

Tangible assets 17.7 16.5 16.6 17.3 16.4

Financial assets 3.1 15.0 14.9 14.9 8.3

Fixed assets 588.1 556.1 1,241.3 1,223.4 1,203.1

Inventories 0.0 0.1 1.3 0.7 2.0

Trade receivables 121.3 119.5 151.5 145.3 139.8

Trade payables (26.8) (25.4) (30.1) (32.4) (30.0)

Deferred revenues (83.8) (82.5) (83.1) (73.3) (74.0)

Net working capital 10.7 11.6 39.6 40.4 37.8

Other receivables 10.3 15.4 5.8 7.1 7.6

Other payables (44.8) (53.8) (20.4) (26.1) (32.2)

Net corporate income tax items (7.3) (3.0) (27.2) (18.8) (1.0)

Employees Leaving Indemnity (9.8) (9.6) (10.9) (13.1) (12.5)

Provisions (10.7) (10.6) (15.0) (11.1) (8.5)

Deferred taxes (1) (66.9) (60.4) (119.8) (109.1) (88.7)

Net Invested Capital 469.6 445.7 1,093.3 1,092.7 1,105.6

IFRS Net Debt (2) 297.7 280.6 722.2 487.6 536.8

Group Equity 172.0 165.1 371.1 605.1 568.8

Total Sources 469.6 445.7 1,093.3 1,092.7 1,105.6

Source: Company Information; 2011 and 2012 restated financials; 2013 as “added data” and 2014 as “aggregated data”; (1) Non cash item (2) Net of capitalized financing fees

72

Cash Flow

Source: Company Information, 2011 and 2012 restated financials; 2013 as “added data” and 2014 as “aggregated data”;

€m 2011 2012 2013 2014 2015

EBITDA 138.0 144.7 151.5 160.1 170.8

Net Capex (24.8) (25.7) (26.6) (28.2) (31.6)

EBITDA-Capex 113.2 119.0 125.0 131.9 139.1

as % of EBITDA 90% 82% 82% 82% 81%

Cash change in Net Working Capital 7.8 (6.1) (24.7) 8.2 3.0

Change in other assets / liabilities (7.1) (1.9) 7.3 (13.9) (6.0)

Operating Cash Flow 113.9 111.1 107.5 126.2 136.1

Interests paid (8.1) (6.9) (29.1) (51.7) (40.3)

Cash taxes (26.4) (21.3) (18.4) (24.1) (40.2)

Non recurring items (7.3) (3.9) 0.1 (3.4) (3.2)

Cash Flow (before debt and equity movements) 72.1 76.8 60.1 46.9 52.3

Net Div idends (51.1) (13.1) (0.1) 1.0 (40.1)

Acquisitions / deferred payments / earnout (71.5) (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) (39.3) (48.0) 482.8 (254.5) -

Net Cash Flow of the Period (89.8) 12.3 33.5 (7.5) (12.3)

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

Tel. +39 02 77541 Fax +39 02 76020458

company.cerved.com

investor day - cerved company...1)return adjusted for €0.205 dividend per share distributed in may...

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