Triboo

Investor Presentation • Nov 19, 2019

1

TRIBOO. A ONE STOP SOLUTION

2019 Mid & Small Conference

Milan – 19/11/2019

A

KEY FEATURES AND STRATEGY AT WORK

a customized IT project to host on our proprietary platform the online store of top brands

We develop

the full spectrum of operations for ecommerce clients We run

OUR BUSINESSES

INTERNATIONAL

KEY FEATURES AND STRATEGY AT WORK

E-COMMERCE

111 online shops As at 30 June 2019

Peanuts 2.0 Our proprietary platform

Long-term Partnership

Recurring revenues

High growth sector export driven

d Merchant
am a may	SCARPE&SCARPE	PittaRosso	OOVER
$\widehat{\mathbf{p}}$ TECNICA	(Henkel)	Pellini	CARPISA
Jeep	Cesper	SERGIO TACCHINI	&BIALetti
ORIGINAL MARINES	ALESSI	altr@peo.jaw

AGENCY

We provide added-value services to some 1,000 clients (not just e-shop clients). We are the leading pure digital agency.

We provide:

• Creative services
• Photoshooting
• Seo
• Performance marketing
• Lead generation

KEY FEATURES AND STRATEGY AT WORK

EDITOR

We deliver integrated communications projects. We are driven by KPI and performance in our marketing and advertising activities, helping brands to gain well-targeted visibility on the web also through our proprietary vortals

www.html.it www.motori.it www.agrodolce.it www.pmi.it www.gravidanzaonline.it www.webnews.it www.greenstyle.it www.studentville.it www.leonardo.it www.borse.it www.finanzaonline.com www.finanza.com www.wallstreetitalia.com

FB Community www.robadadonne.it facebook.com/robadadonne

Thematic blogs www.blogo.it

KEY FEATURES AND STRATEGY AT WORK

MARKETING

INTERNATIONAL BUSINESS

We run international and global businesses and we invest in high growth sectors and areas (US, CHINA, Dubai, Spain and UK)

KEY FEATURES AND STRATEGY AT WORK

T-LAB

We reviewed our business model to be more effective, efficient and to invest in new opportunities. Our T-lab business line includes:

• Innovation and technology: software for predictive analytics of consumer patterns
• New fronteers of e-commerce scalable business: drop shipping and new consumer products

KEY FEATURES AND STRATEGY AT WORK

OUR STRENGHTS

UNIQUE POSITIONING Combining digital & media competences with strong assets

Proactively partnering with brands and retailers

Customer-centric approach

Leveraging the untapped potential of Peanuts 2.0, our state-of-the-art platform

Scalability of business model

Taking our partners into high-growth markets

Effective global reach

KEY OPERATIONAL METRICS

500+ Professionals 12 Languages spoken

29yrs Average age

KEY OPERATIONAL METRICS

3,000,000 Products shipped per year

1000+ Clients

Direct focus on each market for all of triboo's businesses

Products shipped to more than 150 countries

Logistic hubs in Italy, China and USA

Reach on Japan, Far East and MENA

ORGANIC GROWTH / M&A / INTERNATIONALIZATION

ORGANIC GROWTH

Among drivers of headline growth: The increase in the number of e-stores, from 108 at 2018 YE to 111 at 30 June 2019.

Newly-established Sales & Marketing division coordinating commercial activities across all businesses & Key Account Managers following major clients paved the way for upselling and cross selling

M&A

The 100% stake we achieved in Triboo Direct (direct marketing) and the KOI Adv acquisition (performance marketing, webmarketing and adv) both reflect the stronger focus on more dynamic businesses

We also accelerated the integration of recent acquisitions into the Triboo ecosystem:

East Media Sunny Energy Net2B

INTERNATIONALIZATION

50/50 JV with International Luxury Group (ILG) in Dubai now fully operational.

Acceleration of China ventures. Establishment of the Spanish affiliated company (Join the Triboo)

H1 2019 FINANCIALS DELIVERING ON LONG-TERM STRATEGY

B

H1 2019 FINANCIALS

GROUP FINANCIALS

H1 2019 REVENUES

increased by 3.7 million, or 10.7%, compared to H1 2018 as a result of: e-commerce both in Italy and China (both in terms of volume and number of stores), and increase in direct marketing.

GROWTH DRIVERS:

• Growth drivers increase of stores number and volumes;
• increase in value services added;
• Increase business direct marketing;

ADJUSTED EBITDA H1 2019

increased by 0.4 million (+13.5%) mainly as consequence of revenues increase.

Return on Investments of previous years that allowed the start up of new stores and increase of volumes

ADJUSTED NET RESULT H1 2019

amounting to 0.7 million , compared to a loss of 0.045 million in H1 2018.

NWC

million due to: increase of trade

H1 2019 FINANCIALS			payables by 5.2 million and decrease of trade receivables by 9.5 million. The effect is mainly due to
KEY FINANCIALS BALANCESHEET			the seasonality of e-commerce.
Key Financials (balancesheet)	31 dec 2018	30 jun 2019	FIXED ASSET Fixed assets increased by 6.4 million due to: (i) goodwill by 2.5 million, 1.2 building acquisition, 2.5
Operative NWC	-12.6	-17.0	million net investments in technology.
Net fixed assets	56.6	63.0	NFP Net financial debt increased by 2.2 million due to: i) operating cash flow generated in the period, new
Net other activities/(liabilities)	-1.7	-3.1	acquisition (KOI effect about 1 million), accounting effect due to new IFRS 16 for 0.8 million,
Capital employed	42.3	42.9	dividends paid of 2 million.
Net financial position	-6.1	-8,3
Consolideted net equity	36.2	34.6

H1 2019 FINANCIALS

CASH FLOW 1H 2019

Cash increased by 2.2 million in H1 2019

• Operating cash flow 8.1 million
• Investing activities 6.2 including non recurring investments by 1.2 million
• Financing activities including dividend paid 2 million, reimbursement of loan and financial debt 2.2 million and new financing of 4.6 million

Cash availability at the beginning of the period	Cash Form operating activities	Cash Form investing activities	Cash Form financing activities

Cash at the end of the period

10.6

GOVERNANCE AND SHARES

GOVERNANCE AND SHARES

GOVERNANCE

Board of Directors appointed on 29 April 2019. Term of office: three years

Chairman : Camilla Cionini Visani

CEO: Riccardo Maria Monti

Vice-Chairman: Giangiacomo Corno

Managing Director: Marco Giapponese

Directors: Giulio Corno Vincenzo Polidoro Patrizio Mapelli

Independent Directors: Ramona Corti

Enrico Petocchi Rosalba Veltri

BoD Committees

composed by independent BoD members

Control and Risk and Related Party Transactions Committee:

Enrico Petocchi (Chairman) Ramona Corti Rosalba Veltri

Nominations and Compensations Committee:

Rosalba Veltri (Chairman) Enrico Petocchi Ramona Corti

GOVERNANCE AND SHARES

SHARES Main shareolders

Total no. of shares 28,740,210

Treasury shares (as at 27 Sept. 2019) 27,458 (0.10% of share capital)

Mkt cap € 40 mln (@1.35 as at 14 Nov. 2019)

FY2018 DPS € 0.0696 (FY2017 DPS of € 0.0348)

Ex-dividend date 27 May 2019

Payment date 29 May 2019

Dividend yield 4.4% (YE2018 price of € 1.57)

34,58 0,105,30

Compagnia Digitale Italiana S.p.A.

• First Capital S.p.A.
• Treasury shares
• Free float

GOVERNANCE AND SHARES

ANALYST COVERAGE

Gabriele Berti gabriele.berti@intesasanpaolo.com

TP: € 2.00 - Buy 1 October 2019

Giuseppe Grimaldi

giuseppe.grimaldi@mediobanca.com

Fabio Pavan fabio.pavan@mediobanca.com

TP: € 1.80 - Outperform 24 October 2019

FINAL REMARKS AND OUTLOOK

WE CONTINUE TO LEVERAGE ON OUR STRENGTHS: Unique selling proposition and competitive positioning in a high-growth business to deliver profitable growth.

IN H1 2019 WE HAVE worked hard on products, processes, and structured a more effective organization.

Headline grew in line with historic trend, reflecting seasonality of e-commerce.

Cash at the end of June was 2.2 mln above the level at YE, proving that cash flow generation could fully fund capex and dividends.

NOW IS THE TIME FOR A LASER FOCUS ON increasing margins and delivering our full potential

Presentation of new 2020-2022 Strategic Plan

APPENDIX

CORPORATE STRUCTURE

DIVISIONAL REVENUES DIGITAL DIVISION

DIGITAL DIVISION DIVISIONAL EBITDA ADJUSTED

CONSOLIDATED BALANCE SHEET

(in thousands of Euro)	3 0 / 0 6 / 2 0 1 9	3 1 / 1 2 / 2 0 1 8
Non-current assets	66.410	59.724
Property, plant and equipment	9.054	7.858
Activities for rights of	779	-
Goodwill	30.807	28.294
Intangible assets		20.451
Investments in an associate		607
Non-current financial		26
Deferred tax assets		2.158
Other non-current assets	325	330
Current assets	43.341	51.805
Trade receivables	26.407	35.995
Current financial assets	1.825	2.151
Cash and short-term deposit	10.597	8.432
Current tax assets	2.569	3.018
Other current assets	1.941	2.209
Total assets		111.530
(in thousands of Euro)	3 0 / 0 6 / 2 0 1 9	3 1 / 1 2 / 2 0 1 8
Equity and liabilities	34.624	36.224
Equity	28.740	28.740
Legal reserve		475
Straordinary reserve		927
Treasury shares		(860)
Other capital reserves		4.561
Net profit for the period		1.757
Equity attributable
Non-controlling Non-current liabilities		2 4
Non-current financial
Net employee defined		2.364
Provisions		20
Deferred tax liabilities		1.223
Current liabilities		61.042
Current financial liabilities		6.038
Current loans	5.921	3.627
Trade payables	43.436	48.607
Current tax liabilities	1.964	1.562
Other current liabilities	use 22.330 and a joint venture 623 assets 26 2.466 109.751 475 88 (43) 4.782 (183) to equity holders of the parents 33.859 35.600 interests 7 6 5 6 15.753 14.264 liabilities 11.907 10.656 benefit liabilities 2.480 20 1.347 59.373 8.770 5.203 109.751	4.834
Total equity and liabilities		111.530

PROFIT AND LOSS

Revenues	37.100	31.235
Other operating revenues	502	2.718
Cost of sales	(24.001)	(19.852)
Salary and contributions	(8.913)	(7.925)
Other operating expenses	(1.221)	(1.206)
Amortization	(3.600)	(2.958)
Provisions and devaluations	(213)	(103)
Operating profit	(346)	1.909
Finance income	1.105	59
Finance costs	(560)	(226)
Net finance income and costs	5 4 5	(167)
Share of profit of an associate and a joint venture	-	(47)
Adjustments of financial assets	29	(37)
Profit before tax	2 2 8	1.659
Income tax	88	(91)
Net profit for the period	3 1 6	1.568
- Equity holders of the parents	(183)	1.252
- Non-controlling interest	499	316
Other comprehensive income
Other comprehensive income not to be reclassified to profit or loss in subsequent periods (net of tax)	-	-
Total other comprehensive income	-	-
Total comprehensive income, net of tax	3 1 6	1.568
- Equity holders of the parents	(183)	1.252
- Non-controlling interest	499	316
Profit / (loss) for share	(0,01)	0,04

CASH FLOW STATEMENT

Net profit	316	1.568
Amortization of tangible assets	554	473
Amortization of intangible assets	3.046	2.485
Provisions and devaluations	213	103
Share of the result of investments accounted for at equity net of dividends received	-	47
Provisions (Uses) to personnel-related funds	312	302
Other non-monetary items	(789)	-
Cash flow generated by income management	3.652	4.978
Change in trade receivables	9.496	1.746
Change in trade payables	(6.306)	1.430
Change in other receivables and other assets	685	(1.965)
Change in other payables and other liabilities	564	1.041
A - Net flow generated / (absorbed) by operating activities	8.091	7.230
Investments in tangible assets	(1.582)	(209)
Investments in intangible assets	(4.871)	(5.214)
Investments in financial assets (equity investments)	(16)	47
Amounts (paid) / received for the acquisition / disposal of subsidiaries or associates, net of cash and cash equivalents acquired	220	1.883
B - Net flow generated / (absorbed) by investment activities	(6.249)	(3.493)
Dividends paid in the period	(2.000)	(988)
Loans disbursed (repaid)	(791)	(1.425)
Mortgages and loans taken over by banks and other lenders over the period	4.650	2.500
Purchase of treasury shares	(125)	-
Repayment of mortgages and long-term loans	(1.410)	(754)
C- Net flow generated / (absorbed) by financing activities	3 2 4	(667)
D - Total cash flow generated / (absorbed) in the period (A + B + C)	2.166	3.070
E- Cash and cash equivalents at the beginning of the period	8.432	5.445
F - Cash and cash equivalents at the end of the period (D + E)	10.597	8.515

TRIBOO

APPENDIX

DISCLAIMER

This document has been prepared by and is responsibility of Triboo S.p.A. (the Company) for the sole purposes described herein.

• . The information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States, Australia, Canada or Japan or any other jurisdict such an offer or solicitation would require the approval of local authorities or otherwise be unlawful (the "Other Countries"). Neither this document nor any part of it nor the fact of its distribution may form the basis o relied on in connection with, any contract or investment decision in relation thereto.
• . The securities referred to herein have not been registered and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or pursuant to the corresponding regulations in force in the Countries, and may not be offered or sold in the United States or to U.S. persons unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available.
• . The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. This document does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be considered as a recommendation to subscribe or purchase shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered shall be deemed to constitute an offer of or an invitation by or on behalf of the Company.
• . The information contained herein does not purport to be all-inclusive or to contain all of the information a prospective or existing investor may desire. In all cases, interested parties should conduct their own investig analysis of the Company and the data set forth in this document.
• . The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation t information or in relation to any loss arising from its use or otherwise arising in connection with this presentation.
• . The information contained in this document, unless otherwise specified is only current as of the date of this document. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Company may after, modify or otherwise change in any manner the content of this document, without obligation to notify any person of such revision or changes. This document may not be copied and disseminated in any manner.
• . The distribution of this document and any related presentation in other jurisdictions than Italy 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.
• . By attending this presentation or otherwise accessing these materials, you agree to be bound by the foregoing limitations.
• . This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Company with respect to future events. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words "may", "will", "should", "plan", "expect", "anticipate", "estimate", "believe", "intend", "project", "goal" or or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company participates or is seeking to participate.

Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Group's ability to achieve its projected objectives or result is dependent on many factors which are outside management's control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forwardlooking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. All forward-looking statements included herein are based on information available to the Company as of the date hereof. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

CEO - Riccardo Maria Monti VICE PRESIDENT - Giangiacomo Corno GENERAL MANAGER - Marco Giapponese CFO & IRO - Giovanni Marino INVESTOR RELATIONS ADVISOR - Maria Grazia Mantini