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IR Top AIM Investor Day
27 November 2018
Disclaimer These slides have been prepared by Bomi Italia S.p.A. (“Bomi”, the “Company” and together with its subsidiaries the “Group”), solely for a presentation of the Company’s major economic drivers, without any guarantee or representation, thus resulting in a mere estimation of the current and prospective results. These slides are strictly confidential and are being shown to you solely for your information. Neither this document nor any copy thereof may be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. By attending this presentation, you are agreeing to be bound by these restrictions. Any failure to comply with these restrictions may constitute a violation of applicable laws. The information contained in this document (“Information”) has been provided by the Company or obtained from publicly available sources and has not been independently verified by BPER Banca S.p.A. (“BPER”) nor from any other auditing firm. None of the Company, BPER or any of their respective affiliates, directors, officers, advisers, agents or employees, nor any other person make any representation or warranty, express or implied, as to, and no reliance should be placed on, the fairness, accuracy, materiality, completeness or correctness of the Information or any opinions contained herein. This presentation may contain financial information and/or operating data and/or market information regarding the business, assets and liabilities of the Company and its subsidiaries and the results of operations and markets in which the Company and its subsidiaries are active. Such financial information may not have been audited, reviewed or verified by any independent accounting firm and/or such operating or market information may be based on management estimates or on reports prepared by third parties which neither the Company nor the BPER have independently verified. BPER has not made an independent evaluation or appraisal of the business, assets or liabilities of the Company or any of its subsidiaries. It is not the intention of the Company or of BPER to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. This presentation speaks as of its date and will not be updated. The Information included in this presentation may be subject to updating, completion, revision and amendment and such Information may change materially without notice. No person is under any obligation to update or keep current the Information contained in this presentation and any estimates, opinions and projections expressed relating thereto are subject to change without notice. Neither the Company or BPER, nor any of their respective affiliates, directors, officers, advisers, agents or employees, nor any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of these materials or its contents or otherwise arising in connection with this presentation. Any projections, estimates, forecasts, targets, prospects, returns and/or opinions contained in this presentation involve elements of subjective judgment and analysis and are based upon the best judgment of the Company as of the date of this presentation. No representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any valuations, forecasts, estimates, opinions and projections contained in this presentation. In all cases, recipients should conduct their own investigation and analysis on the Company and the Information contained in this presentation. THIS PRESENTATION AND ANY RELATED ORAL PRESENTATION DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR, PURCHASE OR OTHERWISE ACQUIRE ANY SECURITIES AND NOTHING CONTAINED HEREIN OR ITS PRESENTATION SHALL FORM THE BASIS OF ANY CONTRACT OR COMMITMENT WHATSOEVER. ANY DECISION TO PURCHASE SECURITIES IN THE CONTEXT OF AN OFFERING SHOULD BE MADE ON THE BASIS OF INFORMATION CONTAINED IN THE ADMISSION DOCUMENT (DOCUMENTO DI AMMISSIONE) IN ITALIAN LANGUAGE PUBLISHED IN RELATION TO SUCH AN OFFERING AND/OR ON THE FOLLOWING PRESS RELEASES, FINANCIAL REPORTS AND OTHER INFORMATIONS THAT HAD BEEN ISSUED BY THE COMPANY, FROM ITS LISTING TO PRESENT DATE. This Information contained in this document and any related presentations is being distributed to and is directed only at persons in Member States of the European Economic Area (“EEA”) who are “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/ec) (“qualified investors”). Any person in the EEA who receives this document will be deemed to have represented and agreed that it is a qualified investor. Any such recipient will also be deemed to have represented and agreed that it has not received this document on behalf of persons in the EEA other than qualified investors or persons in the UK, Italy and other member states (where equivalent legislation exists) for whom the investor has authority to make decisions on a wholly discretionary basis. The company, BPER and their affiliates, and others will rely upon the truth and accuracy of the foregoing representations and agreements. Any person in the EEA who is not a qualified investor should not act or rely on this document or any of its contents. The Information contained in this document is not for publication, release or distribution in Australia, Canada or Japan. The distribution of this document and any related presentation in other jurisdictions may be restricted by law and persons into whose possession this document or any related presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. This document may not be acted on or relied on by persons who are not eligible to invest in securities offered. Any investment or investment activity to which this communication relates is available only to persons eligible to invest in securities and will be engaged in only with such persons.
Agenda
About Bomi
Key Financials
Bomi Investment Opportunities
0.0
1.0
2.0
3.0
Agenda
About Bomi
Key Financials
Bomi Investment Opportunities
0.0
1.0
2.0
3.0
1.1 Bomi Group in a nutshell Since 1985 BOMI GROUP has been designing smart, reliable and advanced supply chain solutions for the
Healthcare Industry.
International presence in 20 Countries through a consolidated network (revenues from abroad equal to 63% as of June 30th, 2018).
Strong brand awareness in medical device, IVD and pharma industries, with more than 100 loyal multinational customers.
Successful and intense M&A process in Europe and worldwide.
Strong organic growth in the latest 13 years (Revenues CAGR ~10%).
EBITDA 1° half 2018
€ 5.5 M
NET PROFIT 1° half 2018
€ 1.2 M
REVENUES 1° half 2018
€ 62,1 M +11,5%
vs 1° half 2017 +14,8%
vs 1° half 2017 +50,8%
vs 1° half 2017
(% increase calculated at constant 2017 Euro/foreign currency exchange rates)
1.2 Vision
Strive to become the N°1 partner to the Healthcare Industry.
Intelligence first, Delivery after,
Customer Care always.
1.3 Key drivers
Global Presence
Customer Loyalty
Beyond Logistics
Bomi Group offers to its multinational customers a well-established NETWORK COVERING 20 COUNTRIES, managed by talented and specialized teams.
Bomi focuses on a HIGH-VALUE ADDED MARKET that rewards strong compliance with regulatory and customized services. This turns into remarkable bluechip customer loyalty.
In addition to its Core Business Division, Bomi Group offers a range of CUSTOMIZED & INNOVATIVE SERVICES. These include Home Care Deliveries, Hospital Logistic Management and Virtual Branch.
South America: Mexico, Argentina, Brasile, Chile, Peru, Colombia, Panama
1.4 Global presence serving a growing market
Mediterranean: Italy, Spain, Turkey
Northern Europe France, Netherlands, Russia
China North America: US
APAC: Singapore (HQ).
T World Medical Market: 423 mld USD
CAGR 16-21: +5,6%
China: +9,9%
APAC: +6,7%
LATAM: +9,1%
West EU: +6%
Sour
ce: B
MI R
esea
rch,
Dec
. 201
7
1.5 More than 100 customers
Medical Devices Implantables Chronic disease
treatments In Vitro
Diagnostics
Pharma & Food
supplements Biotech
Home Patients
Healthcare Companies Hospitals Clinics Labs
Bomi cooperates with almost 90% of the most important multinational companies operating in the Healthcare field, managing every kind of medical device and being involved in all the steps of the healthcare supply chain.
1.6 Service portfolio
1.7 Service portfolio
Safe storage of any kind of healthcare product on behalf of manufacturers in licensed, secure and monitored locations under the strict observation of the quality
standards and local regulations.
• 40 Bomi Group warehouses worldwide • 185.000 sqm of dedicated storage space.
• Ambient and controlled temperature warehouses • Labelling & kitting activities
BOMI Health Carrier is the BOMI brand fully devoted to ambient and controlled temperature deliveries of Healthcare products, including emergency deliveries 24/7 of life-saving devices. • Deliveries to hospitals, home patients, pharmacies and laboratories.. • Leadership in the Home Care channel, addressed to the management of chronic disease.
1.8 Service portfolio
Value-added solutions – beyond standard logistic services - to provide stable and long-lasting support to
our healthcare clients. Some examples are Pharmaceutical Labs for the processing of secondary
packaging of pharma, food supplements and Virtual Branch service (plug&play solutions to enter new
markets).
Since 2006, Bomi has been offering specific solutions for managing Hospital inventories, servicing both manufacturers and clinics, with the complete traceability of stock levels and reconciliation for the clients.
Customer orientation High levels of customization Market-driven approach Target: multinational
companies and industry leaders
Global presence
1.9 Strategic positioning SP
ECIA
LIZE
D G
ENER
ALIS
T
LOCAL INTERNATIONAL
MIT (Dhl)
Due Torri
Fercam
Almacenar
Multipack
Shuttle
Ceva
UPS
DHL
FedEx
Kuehne + Nagel
Chiapparoli Logistica
AGV
Open Market
Andreani
Eurodifarm (Dhl)
Movianto
Xpo
Logista
Arvato (Bertelsmann)
Market trends
Generalist suppliers
Strategic approach Tactical approach
GEN
ERAL
IST
SPEC
IALI
ZED
Competitive arena in Italy and worldwide Competitive positioning
In recent years there has been a steady M&A activity within the industry, as major generalist players are willing to find vertical solutions to the healthcare sector.
Bomi’s other competitors are its potential customers, which can operate in the market using a strategy of insourcing.
1.10 Last 3 years: key facts
Bomi Group buys 80% of Carrai getting market leadership in Home Care and acquires Ritmo Holding B.V, in the Netherlands
30 years of activity. Listing to the AIM market Milan
2015
Bomi Group starts operation in Panama and enters directly the Chinese market. Created a new JV with Distritec, French Transport company
2016
Bomi acquires Logik Trans Srl based in Rome (June) and Berga Srl based in Modena (Oct.) to strengthen its transport network
2016
Bomi Group enters directly the Mexican market and acquires the remaining 20% of G.Carrai
2017
Bomi Group announces the acquisition of the minority stake in its Brazilian subsidiary
2017
Bomi Group acquires De Salute Srl, a logistic player focuse on the pharma sector and acquires the remaining 20% of Biocarrier + an additional 10% of Biomedical Colombia
2018
Bomi Italia announces 2 news into the Articles: Loyalty shares and exemption from the mandatory public tender offer for consolidation effective from “step-up” to the regulated market.
2018
Bomi Italia announces a share capital increase of up to Euro 4.99 million, successfully completed, to reach additional growth and a Board mandate to further increase the share capital for a maximum total of Euro 12 mln (within five years).
2018
Bomi Group announces the acquisition of Farma Logistica S.r.l.
2018 2015
2018
Bomi Italia is the 1st logistic company getting the “Sustainable Logistics”brand and wins the “Logistic Company of the Year Award” for a green project.
2018
Bomi Italia announces the new TC Headquarter in Spino d’Adda (CR) which will be operative by 2019.
1.11 ESG policy: the pathway to Sustainability Bomi Italia is the 1st logistics company in the Healthcare sector to earn the "Sustainable
Logistics" brand, developed by SOS-LOG Association in cooperation with Lloyd's Register LRQA certification body.
This protocol lays the foundations of a sustainability development plan which is one of BOMI strategic milestones for the coming years.
Bomi will focus its investments in developing innovative projects with its clients in order to make the Healthcare Value Chain more sustainable from an environmental, economic and social perspective.
Bomi has recently announced the new fully TC Headquarters in Spino d’Adda, (Cremona), ready by the end of 2019. It will be designed to ensure the maximum energy independence of the structure.
Agenda
About Bomi
Key Financials
Bomi Investment Opportunities
0.0
1.0
2.0
3.0
2.1 Revenue Trends Steady Historical Turnover growth, without M&A &
Newco, (CAGR ~ 10%) along the past 13 years, despite the devaluation of the Brazilian real in recent years.
Revenue composition balanced in the past 3 years, thanks to the growth in Europe, resulting in a risk mitigation in term of macro trends.
New Subsidiaries contribution is expected to increase (in particular LATAM)
0,00 0,50 1,00 1,50 2,00 2,50 3,00 3,50 4,00 4,50
-
20.000
40.000
60.000
80.000
100.000
120.000
140.000
Bomi Group Sold Turnover Growth from M&A & Newco
Historical Turnover Avg Exc.Rate R$/€
Lineare (Historical Turnover)
The LATAM companies, at constant rate, increased their revenues by 16% compared to first half 2017, mainly due to organic growth.
Revenues in Europe increased by 25% compared to first half 2017 due to De Salute company, acquired in January 2018.
49%
45%
4% 2% 1°st half 2018: Revenues by Region
Emea
Latam
Row
Apac
€ 59 € 62 € 67
-6,0%
-1,0%
4,0%
9,0%
14,0%
€ -
€ 10
€ 20
€ 30
€ 40
€ 50
€ 60
€ 70
30/06/2017 30/06/2018 30/06/2018 ex rate 2017
Mio
Revenues
Ebitda Margin
2.2 2018-06: lead indicators of Bomi Group results Revenues rose by approx 5,9% compared to first
half 2017. At constant rate 2017 revenues increased by 15% due to internal growth (about 6%) and the inclusion in the consolidation area of De Salute (about 9%).
Ebitda rose by approx 11,5% , at constant rate first half 2017, compared to first half 2017.
Net earnings Bomi Group first half 2018 increased by 51%, at constant rate, compared to first half 2017, The growth in net earnings Bomi Group is also related to the strategy of consolidation of the minorities.
+15% vs 2017
€ 6,3
€ 5,6 € 5,5
2
4
6
First half 2017 First Half 2018 M
io
EBITDA (constant exc.rate) EBITDA
0,00
0,50
1,00
1,50
2,00
30/06/2017 30/06/2018 30/06/2018 ex rate 2017
Net Earnings Net Earnings Bomi Group
(35) (30) (25) (20) (15) (10) (5) 5 10 15 20 25 30 35 40
Cash & Equivalents
Mid Term Loans
Dividends due to minorities
Vendor Loan
2.3 1° half 2018: NFP Bridge and Composition
OPERATIONAL CASH FLOW
Cash-flow generated from the operational
activity
DELTA NWC Due to the growth of
revenues and seasonality
M&A primarily represented by the acquisition of De Salute and others
minorities
25,5
3,8 2,4 3,2 4,6 4,7 1,3 1,0
29,5
0,00
5,00
10,00
15,00
20,00
25,00
30,00
35,00
NFP 2017 Operational cash flow
Delta NWC Operative Investments
M&A Investments
Capital Increase NFP Newco Others NFP 1st half 2018
Mili
on
i
CAPITAL INCREASE July 1°, 2018 Bomi
closed a Capital Increase fully
subscribed
NFP BREAKDOWN
60,7
6,0
11,3
11,7
10,3
12,9
7,0 1,5
(32,3)
,00
10,00
20,00
30,00
40,00
50,00
60,00
70,00
0,00
10,00
20,00
30,00
40,00
50,00
60,00
70,00
No convertible
financial debts
2018 II half 2.019 2.020 2.021 2.022 2.023 >= 2024 Cash and equivalent
2.4 1° half 2018: Financial debt payments plan
NOTE: The payments due up to 2020 are fully covered by Cash and Equivalent presents at first half 2018.
2.5 Business Plan 2018-2020 The Stand Alone Business Plan
shows the best management estimations on present and future key drivers that might eventually affect the Company’s results.
The main forecasts are meant as “Stand-alone”: the main figure projections include current company structure and ongoing start-ups.
The Stand-alone model aims to represent the best estimation of future organic growth of the present Company’s structure, without considering significant commercial contract upsides or losses.
Exchange rate are estimated considering a devaluation trend in line with expected inflation rates of the different countries.
The Stand-Alone model is showing an organic 8.5% CAGR
EBITDA shall increase at 14.1% CAGR
EBTIDA margin on Revenues shall raise from 8.7% in 2016 to 11.2% in 2020
€ 101 € 118 € 127 € 140 € 151
8,7% 9,6%
10,1% 11,0%
11,2%
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11%
€ -
€ 20
€ 40
€ 60
€ 80
€ 100
€ 120
€ 140
€ 160
2016 2017 2018 2019 2020
Mio
Revenues EBITDA Margin BP published on January 2018
Agenda
About Bomi
Key Financials
Bomi Investment Opportunities
0.0
1.0
2.0
3.0
3.1 To sum up
Strong customer loyalty
Increasing margins on a growing Business Model
Market leadership in Latin America & Italy
Multinational presence is a key winning factor. Bomi Group has market leadership or co-leadership in Brazil,
Colombia, Peru and Italy and a unique network to serve Latin America.
The recent new initiatives are starting to show a postive EBITDA contribution
Present Company set-up has a remarkable over capacity
Upside opportunities through M&A activities
The potential business combination with a high-margin target might result in outstanding business perfomances
Bomi Group relatively low debt levels could fit to a new development stage
The outstanding blue-chip customer loyalty might generate cross-selling opportunities within the Network
3.2 Strategic milestones
Vertical Market Consolidation
Game changing acquisition
IT & Innovation
Focus on new acquisitions to increase Bomi group vertical capabilities and scale
in present markets
- Robotics and Automation
- Remote Healthcare
Plan to identify a potential transformational deal within 9-12 months thus activating the € 12million Capital Increase/Convertible Bond upon decision of Bomi’s BoD
12€m
ESG policy - Deployment of Sustainable Logistics protocol
- Sustainable solutions
3.3 Shareholders information
Graph area Absolute/Relative 12 M The share capital is equal to € 5.904.497,1 and it is divided into n. 16.893.916 ordinary shares without nominal value
45,02
12,39 5,20
37,39
Incab & Co. S.r.l. (in proprio e per il tramite della controllata Palmberg International B.V.)
Quamvis S.C.A., SICAV SIF - Italian Growth Fund gestito da QUAESTIO Capital Management SGR S.p.A. Unipersonale
First Capital S.p.A.
Market < 5%
