results to 31 march 2016 - cerved company · 4 executive summary macro highlights macro...

May 5th, 2016

Cerved Information Solutions S.p.A.

Results to 31 March 2016

1

Disclaimer

This presentation and any materials distributed in connection herewith (together, the “Presentation”) do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever. The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or opinions contained herein. None of Cerved Information Solutions S.p.A., its subsidiaries or any of their respective employees, advisers, representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this Presentation. The information contained in this Presentation is provided as at the date of this Presentation and is subject to change without notice.

Statements made in this Presentation may include forward-looking statements. These statements may be identified by the fact that they use words such as “anticipate”, “estimate”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe”, and/or other words and terms of similar meaning in connection with, among other things, any discussion of results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. Such statements are based on management’s current intentions, expectations or beliefs and involve inherent risks, assumptions and uncertainties, including factors that could delay, divert or change any of them. Forward-looking statements contained in this Presentation regarding trends or current activities should not be taken as a representation that such trends or activities will continue in the future. Actual outcomes, results and other future events may differ materially from those expressed or implied by the statements contained herein. Such differences may adversely affect the outcome and financial effects of the plans and events described herein and may result from, among other things, changes in economic, business, competitive, technological, strategic or regulatory factors and other factors affecting the business and operations of the company. Neither Cerved Information Solutions S.p.A. nor any of its affiliates is under any obligation, and each such entity expressly disclaims any such obligation, to update, revise or amend any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this Presentation. It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full-year results.

2

Today’s Presenters

Marco Nespolo – Chief Executive Officer

Giovanni Sartor – Chief Financial Officer

7 years at Cerved

7 years of TMT industry experience

Prior experience: Seves Group,

Nylstar (RP-Snia JV), Eni, Heinz

Education: MBA from Eni University;

Statistics and Economics degree

from University of Padua

Pietro Masera – Head of Corporate Development & IR

3 years at Cerved


Prior experience: CVC, Deutsche

Bank, Bankers Trust, UBS, SEAT

Education: degree in Economics

and Business Administration from

University of Bergamo

8 years at Cerved (last 3 as

GM&COO, beforehand as Board

member and Operating Partner)


Prior experience: Bain Capital, Bain

& Company, Citibank

Education: degree in Business

Administration from Bocconi

University of Milan

Gianandrea De Bernardis – Executive Vice Chairman

10 years at Cerved


Prior experience: TeamSystem,

AMPS, Boston Consulting Group,

AT&T

Education: MBA from Bocconi

University; Electronic Engineering

degree from Polytechnic of Milan

3

Table of Contents

Highlights 1

Financial Review 2

Appendices 4

4

Executive Summary

Macro Highlights

Macro improvements continue albeit at a slower pace

Several reforms on banks and NPLs under way

Q1’16

Financial Results

Revenues +6.6% vs Q1 2015, +3.9% organic

EBITDA +6.1% vs Q1 2015, +3.7% organic

Operating Cash Flow €21.1m in Q1 2016, +9.9% vs Q1 2015

Adjusted Net Income €19.5m in Q1 2016, +32.7% vs Q1 2015

Leverage 3.1x LTM EBITDA

Other

Acquisition of 70% of PayClick on April 13th

New Board of Directors appointed by the AGM on April 29th

Guidance to be provided at Investor Day in London on May 10th

Dividend of €44.85m to be paid on May 11th

5

Board of Directors and Top Management

The Shareholders’ Meeting on 29 April 2016 elected a new Board of Directors, composed of 11 individuals of which 6 independents

The Board of Directors on 3 May 2016 appointed Marco Nespolo as Chief Executive Officer, Gianandrea De Bernardis as Executive Vice Chairman, and Fabio Cerchiai as Chairman

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%)

Following the Shareholders’ Meeting on 29 April 2016 and the Board of Directors meeting on 3 May 2016

G. De Bernardis

EVC

Risks and Controls Committee: M. Caverni

(Chairman), V. Montanari and A. Regina

Remuneration and Nomination Committee:

A. Regina (Chairman), M. Caverni, G.

Bongiorno and M. Fumagalli

Related Parties Committee: F. Cerchiai

(Chairman), M. Fumagalli and M. Caverni

Board of Director Committees

6

Consistent Growth and Cash Flow Generation

Consistent Growth EBITDA Growth High Cash Flows

Revenue (€m) EBITDA (€m) Operating Cash Flow (€m)

Consistent Revenue, EBITDA and Cash Flow growth

Note: 2012 EBITDA adjusted for shareholder’s fees

111 108 126 136

19 21

2012 2013 2014 2015 Q1'15 Q1'16

145 152 160 171

39 42

2012 2013 2014 2015 Q1'15 Q1'16

291 313

331 353

83 88

2012 2013 2014 2015 Q1'15 Q1'16

+6.6%/ 3.9%

+6.7% / +3.7%

% / % Total Growth % / Organic Growth %

+5.7% / +4.7%

+9.9%

+6.1%/ +3.7%

+7.0%

7

Source: Bank of Italy

11.4% 12.4% 12.7%

11.5%

10.8%

8.6% 8.1% 8.0%

Macro Highlights

Key Economic Indicators

Cerved Proprietary

Data

Italian unemployment Italian GDP New lending

% of companies paying over 60 days late versus contractual

terms

Number of proceedings (seasonally

adjusted) and growth rates versus

same quarter of previous year

2015 GDP grew +0.8%

versus 2014, first yearly

GDP growth since 2011

Forecasts for 2016 GDP

growth range between

+1.0% and +1.2%

Unemployment was

11.5% of the working

population in Q1’16,

continuing to gradually

improve

Cerved proprietary data

continue to reflect

improvements in the

macro situation

Late paying companies

at 8.0% in Q4’15, lowest

figure among fourth

quarters since 2012

NPLs appear to have

finally stabilised after

years of growth

Growth rate compared to the

previous quarter

New lending volumes

in € billions (quarterly)

Key highlights

Late paying companies Bankruptcies NPLs Key highlights

Unemployment as % of total working

population

Default rate on outstanding loans; Cerved estimates on

Bank of Italy data

Source: Osservatorio Cerved

50

100

150

200

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

5.8% 12.8% 8.6%

-12.2%

Source: Osservatorio Cerved

3.0% 3.5%

3.7% 3.7%

Source: Osservatorio Cerved, Bank of Italy

Q4

-0,5%

Q4

0,0% Q4

0,0%

Q4

0,1%

Source: ISTAT, OECD

2012

Q1 Q2 Q3 Q4

YoY -0.4%

YoY -1.7%

YoY -2.8%

Source: ISTAT

Q1 Q2 Q3 Q4

2012 2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

-36%

Q1 Q2 Q3 Q4

2012 2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

YoY +0.8%

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2012 2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

8

Table of Contents

Highlights 1

Financial Review 2

Appendices 3

9

Group Revenues

Revenue Bridge (Q1’15 – Q1’16, €m)

Revenues (€m) and Revenue growth (%)

313.5 331.3

353.4

83.0 88.5

2013 2014 2015 Q1'15 Q1'16

83.0

88.5

0.9 1.5

3.3 0.1 (0.3)

Revenues

Q1'2015

CI -

Financial Institutions

CI -

Corporates

Credit

Management

Marketing Solutions Other & Conso

clearing

Revenues

Q1'2016

Credit Information

+6.7% / +1.6%

+5.7% / +3.8%


+6.6% / 3.9%

10

170.8 151.5 160.1

39.4 41.8

2013 2014 2015 Q1'15 Q1'16

Group EBITDA

EBITDA Bridge (Q1’15 – Q1’16, €m)

EBITDA (€m) and EBITDA margin (%)

48.3% 48.3%

+5.6/ +4.5%


+6.1% / +3.7%

47.5% 47.3%

39.4

41.8

1.0 1.3 0.1

EBITDA

Q1'2015

Credit

Information

Credit

Management

Marketing

Solutions

EBITDA

Q1'2016

+6.7/ +5.2%

48.3%

11

Group Operating Cash Flow and Financial Leverage

Net Debt (€m) and Net Debt/ LTM EBITDA

Operating Cash Flow (€m) and Operating Cash Flow /EBITDA (%)

136.1

107.5

126.2

19.2 21.1

2013 2014 2015 Q1'15 Q1'16

71.0% 78.8%

% EBITDA-Capex margin (as % or Revenues) YoY Growth % %

+17.3%

48.7% 50.4%

+9.9%

79.7%

+7.9%

722

488 500 535

2013 2014 2015 Q1'16

4.8x

3.0x

x Adjusted Net debt/EBITDA

2.9x* 3.1x

* Excluding impact of Euro 37.3 million of non-recurring financial charges related to the “Forward Start” financing agreement, not having had any cash impact in 2015.

12

Group Divisional Performance

Credit Information Credit Management Marketing Solutions

126.3 122.0 124.5

31.2 32.1

138.2 142.7 142.6

35.1 36.6

264.5 264.7 267.1

66.3 68.6

2013 2014 2015 Q1'15 Q1'16

Re

ve

nu

e

EB

ITD

A

139.3 142.1 145.4

36.0 36.9

2013 2014 2015 Q1'15 Q1'16

36.6 53.3

75.0

14.1 17.4

2013 2014 2015 Q1'15 Q1'16

7.6 11.2

19.5

2.4 3.8

2013 2014 2015 Q1'15 Q1'16

12.8 14.7 13.8

2.9 3.1

2013 2014 2015 Q1'15 Q1'16

4.7 6.8 5.9

1.0 1.1

2013 2014 2015 Q1'15 Q1'16

36.5%

45.9%

20.7%

21.0%

52.7% 53.7% 54.4%

5.1%

Fin. Inst.

Corp.

% YoY Growth %

4.0%

23.3% 43.1%

0.5%

3.5%

2.2%

7.6%

12.6%

54.9%

60.3%

EBITDA margin % % CAGR

34.8% 35.7% 17.2% 21.7%

54.3% 53.8%

%

2.7%

26.0%

42.7%

13

Credit Information grew +3.5% in

Q1’16 versus +0.9% in Q1 2015

Corporates returned to growth with

a +4.2% increase versus the prior

year, after a 2015 below

expectations

Financial Institutions also continued

to perform well, growing +2.7% in

Q1’16, thanks to the positive

contribution of the real estate

appraisals segment

Q1’16 EBITDA increased +2.7%

versus previous year

EBITDA margins decreased, from

54.3% in Q1’15 to 53.8% in Q1’16,

chiefly due to product mix, with the

real estate segments having lower

margins than the business

information segments

Credit Information



CAGR 2013-2015 Q1’15 vs Q1’16

Key highlights

Key highlights

126.3 122.0 124.5

31.2 32.1

138.2 142.7 142.6

35.1 36.6

264.5 264.7 267.1

66.3 68.6

2013 2014 2015 Q1'15 Q1'16

0.1%

3.5%

0.9%

Financial Institutions:

1.6%

(0.7)% 4.2%

2.7%

Corporates:

139.3 142.1 145.4

36.0 36.9

2013 2014 2015 Q1'15 Q1'16

52.7% 53.7%

% % YoY Growth %

2.0%

54.3% 53.8%

2.7% 54.4%

2.3%

14

Credit Management continued to

grow double digit, with revenues

up +23.3% in Q1’16

Organic growth (excluding the

impact of Creval transaction) high

single digit

Decline in Consumer

Finance/Corporate segment

partially offsetting good growth in

Bank NPLs segment (out of court

settlement, judicial and

remarketing)

Credit Management

Key highlights

Key highlights


Q1’16 EBITDA margins at 21.7%

versus 17.2% in the prior year

Increased margins due to mix

impact and some initial cost

initiatives on Consumer Finance/

Corporate segment

36.6

14.1 17.4

53.3

75.0

2013 2014 2015 Q1'15 Q1'16

7.6 11.2

19.5

2.4 3.8

2013 2014 2015 Q1'15 Q1'16

20.7% 21.0%


% % YoY Growth %

45.5%

47.2%

23.3%

17.2%

21.7%

54.9%

40.8%

74.5%

26.0%

15

Marketing Solutions

Marketing Solutions grew +5.1% in

Q1’16, returning to growth after a

weak Q4’15

The increase in Revenues reflects a

good backlog at YE 2015, together

with an order intake which is

gradually returning into positive

territory

The Revenue mix continues to see

a shift from projects to platform

products

Key highlights

Key highlights


Q1’16 EBITDA margins at 35.7%,

marginally higher compared to

34.8% in the prior year

Due to seasonality trends, it is

normal for margins in Q1 to be

significantly lower than for the

yearly average 1.0 1.1

4.7

6.8 5.9

2013 2014 2015 Q1'15 Q1'16

12.8

14.7 13.8

2.9 3.1

2013 2014 2015 Q1'15 Q1'16

36.5%

45.9%

% % YoY Growth %

45.0%

15.3%

5.1%

34.8% 35.7%

7.6%


(12.6)%

42.7%

(6.2)%

16

Rationale for the Acquisition of 70% of PayClick

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 consumers 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 to answer Marketing and Commercial needs

Market Analysis Lead Generation

Competitive analysis

Benchmarking

Customer audit

Market research

Prospect qualification

Databases

Marketing platforms

Direct e-mail marketing

Display advertising

Performance marketing

Marketing Solutions PayClick

Performance Marketing

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

Market Footprint of Cerved and Payclick

B2B

B2C

17

Key highlights Summary Profit and Loss (€m)

Summary Profit and Loss

Top line growth of +6.6%, of

which +3.9% organic

Personnel costs increased €2.8m

reflecting consolidation of the

Creval transaction and new

hirings in growing areas of

business (eg, real estate and

ratings)

PPA increased by €0.8m due to

the additional PPA of Creval

transaction

Non-recurring financial expenses

of €1.4m referred to the write-off

of old upfront fees

Financial Expenses halved in

Q1’16 versus the previous year,

crystallizing the savings yielded

by the refinancing transaction

€m 2014 2015 Q1'15 Q1'16

Revenues 331.3 353.5 83.0 88.5

% growth (YoY) 5.7% 6.7% 4.7% 6.6%

EBITDA 160.1 170.8 39.4 41.8

% Revenues 48.3% 48.3% 47.5% 47.3%

Depreciation & Amortization (25.1) (28.5) (7.2) (7.3)

EBITA 135.0 142.3 32.2 34.5

PPA Amortization (42.9) (45.8) (10.8) (11.6)

Non recurring income and expenses (4.5) (3.8) (1.0) (2.3)

EBIT 87.6 92.8 20.3 20.6

Financial income 1.1 1.1 0.2 0.2

Financial expenses - non recurring (10.1) (52.4) - (1.4)

Financial expenses (54.6) (43.2) (10.7) (5.9)

PBT 24.0 (1.7) 9.9 13.4

Income tax expenses (12.0) 5.3 (3.8) (5.0)

Reported Net Income 12.0 3.6 6.1 8.4

Adjusted Net Income 55.0 68.5 14.7 19.5

of which: Minorities 1.4 2.5 0.2 0.2

18

Net Working Capital

13.0%

Net Working Capital (€m) Key highlights

NWC as % of Revenues %

11.7% 10.7%

NWC to 14.6% of LTM Revenues,

reflecting an improvement

compared to Q1’15

Such improvement was

achieved in spite of the strong

growth of the Credit

Management business, which

has higher working capital

requirements compared to the

other businesses

Receivables declined due to

improved collection policies

Deferred Revenues increased

versus Q1’15, reflecting positive

trends with respect of pre-paid

points to clients

151.5 145.3 139.8

149.8 149.2

(30.1) (32.4) (30.0) (29.1) (30.3)

(81.9) (73.3) (74.0) (66.9) (68.1)

40.8 40.4 37.8

54.9 52.5

2013 2014 2015 Q1'15 Q1'16

Inventories Trade receivables Trade payables

Deferred revenues Net Working Capital

15.9% 14.6%

19

Operating Cash Flow

increased by 9.9% in Q1’16,

from €19.2m to €21.1m

Improvement in Operating

Cash Flow arises from the

underlying growth in EBITDA,

partially offset by the higher

absorption of Net Working

Capital

Capex of €7.7m, slightly lower

compared to the prior year

The high absorption of Net

Working Capital is due to

season effects which result in

the contraction of Deferred

Revenues and the increase in

Trade Receivables

Key highlights Operating Cash Flow (€m)

Operating Cash Flow

€m 2014 2015 Q1'15 Q1'16

EBITDA 160.1 170.8 39.4 41.8

Net Capex (28.2) (31.6) (8.0) (7.7)

EBITDA-Capex 131.9 139.1 31.4 34.1

as % of EBITDA 82% 81% 80% 82%

Cash change in Net Working

Capital8.2 3.0 (13.5) (14.7)

Change in other assets /

liabilities / provisions(13.9) (6.0) 1.3 1.7

Operating Cash Flow 126.2 136.1 19.2 21.1

20

Financial Indebtedness

Financial Indebtedness table (€m) Key highlights

IFRS Net Debt at €534.5m in

Q1’16, slightly lower than FY’15

Leverage ratio in Q1’16 to 3.1x,

based on LTM EBITDA pro-

forma including the Creval

transaction for the last 12

months

Leverage ratio of 3.1x also

includes approx. €35m of non-

recurring financing charges

related to the refinancing

transaction

€m 2014 Q1'15 2015 Q1'16

Bonds 530.0 530.0 530.0 -

New Facilities - - - 560.0

Other financial Debt 1) 4.0 1.4 41.8 16.7

Accrued Interests 17.3 8.5 17.3 3.0

Gross Debt 551.3 539.9 589.1 579.7

Cash (46.1) (42.1) (50.7) (34.3)

Capitalized financing fees 2) (17.6) (16.9) (1.5) (10.9)

IFRS Net Debt 487.6 480.9 536.8 534.5

Net Debt/ LTM EBITDA 3) 3.0x 2.9x 3.1x 3.1x

Non-recurring impact of "Forward Start"

transaction- - 37.3 -

Adjusted Net Debt 487.6 480.9 499.6 534.5

Adjusted Net Debt/ LTM EBITDA 3.0x 2.9x 2.93x 3.1x

(1) Q1’16 and FY’15 include €16M of Vendor Loan; FY’15 includes also €24m of breakage costs related to the refinancing transaction;

(2) Extraordinary write-off of €13.3m in FY’15;

(3) LTM EBITDA pro-forma including Recus, RL Value and the Creval transaction for the last 12 months.

21

Table of Contents

Highlights 1

Financial Review 2

Appendices 3

22

Basis for Financial Information

Please 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

In order to provide complete financial information to reflect CIS SpA

consolidated business operations, the financial data referred to FY2014 are

represented via the CG SpA from 1 January to 31 March 2014 and CIS SpA from

14 March to 31 December 2014

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

listed company, and costs incurred to carry out the IPO of CIS SpA (in 2014

results)

23

Profit and Loss

Source: Company Information, 2014 as “Aggregated data”; for further details refer to CIS S.p.A. Quarterly and Annual Reports

€m 2014 2015 Q1'15 Q1'16

Total Revenues (including other income) 331.6 353.7 83.0 88.6

Cost of raw material and other materials (7.0) (8.3) (1.3) (0.9)

Cost of Serv ices (76.3) (78.9) (18.9) (20.1)

Personnel costs (73.7) (81.5) (19.7) (22.5)

Other operating costs (8.2) (8.5) (2.1) (2.0)

Impairment of receivables and other provisions (6.3) (5.7) (1.6) (1.3)

EBITDA 160.1 170.8 39.4 41.8

Depreciation & amortization (25.1) (28.5) (7.2) (7.3)

EBITA 135.0 142.3 32.2 34.5

PPA Amortization (42.9) (45.8) (10.8) (11.6)

Non-recurring income and expenses (4.5) (3.8) (2.0) (2.3)

EBIT 87.6 92.8 19.4 20.6

PBT 24.0 (1.7) 9.9 13.4

Income tax expenses (12.0) 5.3 (3.8) (5.0)



of which: Minorities 1.4 2.5 0.2 0.2

24

Balance Sheet

Source: Company Information, 2014 as “Aggregated data”; for further details refer to CIS S.p.A. Quarterly and Annual Reports (1) Non cash item (2) Net of capitalized financing fees

€m 2014 Q1'15 2015 Q1'16

Intangible assets 472.4 462.6 459.7 448.5

Goodwill 718.8 718.8 718.8 718.8

Tangible assets 17.3 17.0 16.4 16.3

Financial assets 14.9 14.9 8.3 9.1

Fixed assets 1,223.4 1,213.4 1,203.1 1,192.7

Inventories 0.7 1.2 2.0 1.7

Trade receivables 145.3 149.8 139.8 149.2

Trade payables (32.4) (29.1) (30.0) (30.3)

Deferred revenues (73.3) (66.9) (74.0) (68.1)

Net working capital 40.4 54.9 37.8 52.5

Other receivables 7.1 14.2 7.6 8.7

Other payables (26.1) (28.1) (32.2) (22.6)

Net corporate income tax items (18.8) (31.5) (1.0) (10.8)

Employees Leaving Indemnity (13.1) (13.4) (12.5) (12.3)

Provisions (11.1) (10.8) (8.5) (8.3)

Deferred taxes (1) (109.1) (106.8) (88.7) (88.2)

Net Invested Capital 1,092.7 1,091.8 1,105.6 1,111.8

IFRS Net Debt (2) 487.6 480.9 536.8 534.5

Group Equity 605.1 610.9 568.8 577.2

Total Sources 1,092.7 1,091.8 1,105.6 1,111.8

25

€m 2014 2015 Q1'15 Q1'16

EBITDA 160.1 170.8 39.4 41.8

Net Capex (28.2) (31.6) (8.0) (7.7)

EBITDA-Capex 131.9 139.1 31.4 34.1

as % of EBITDA 82% 81% 80% 82%

Cash change in Net Working Capital 8.2 3.0 (13.5) (14.7)

Change in other assets / liabilities (13.9) (6.0) 1.3 1.7

Operating Cash Flow 126.2 136.1 19.2 21.1

Interests paid (51.7) (40.3) (19.2) (19.0)

Cash taxes (24.1) (40.2) - -

Non recurring items (3.4) (3.2) (1.0) (1.4)

Cash Flow (before debt and equity movements) 46.9 52.3 (1.0) 0.7

Net Div idends 1.0 (40.1) - -

Acquisitions / deferred payments / earnout (20.9) (23.5) (0.4) (10.7)

IPO Capital Increase (net of IPO costs) 220.2 - - -

Other (0.1) (1.1) (1.0) -

Debt drawdown / (repayment) (254.5) - - -

"Forward-Start" Refinancing - - - (35.5)

Net Cash Flow of the Period (7.5) (12.3) (2.4) (45.5)

Cash Flow

Source: Company Information, 2014 as “Aggregated data”; for further details refer to CIS S.p.A. Quarterly and Annual Reports

26

Adjusted Net Income Bridge

Source: Company Information, 2014 as “Aggregated data”; for further details refer to CIS S.p.A. Quarterly and Annual Reports Note: PPA Amortization refers to business aggregation processes

€m 2014 2015 Q1'15 Q1'16


Non recurring income and expenses 4.5 3.8 1.0 2.3

Capitalized financing fees 3.4 2.9 0.7 0.6

PPA Amortization 42.9 45.8 10.8 11.6

Financial charges non-recurring 10.1 52.4 - 1.4

IRS termination 1.0 - - -

Fiscal Impact of above components (18.9) (28.4) (3.9) (4.9)

Adjustments 43.0 76.4 8.6 11.1

Impact of IRES change treatment - (11.5) - -


results to 31 march 2016 - cerved company · 4 executive summary macro highlights macro...

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