Bertolotti — Interim / Quarterly Report 2019

May 9, 2019

Informazione Regolamentata n. 0469-36-2019		Data/Ora Ricezione 09 Maggio 2019 18:11:42	MTA - Star
Societa'	:	BE
Identificativo Informazione Regolamentata	:	118192
Nome utilizzatore	:	SERVICEN03 - Sforza
Tipologia	:	REGEM
Data/Ora Ricezione	:	09 Maggio 2019 18:11:42
Data/Ora Inizio Diffusione presunta	:	09 Maggio 2019 18:11:43
Oggetto	:	REGEM_PR20190509_Be Approves 2019Q1 Results
Testo del comunicato

Vedi allegato.

Shaping the future

Be: Total Revenues equal to €/mln 36 (+7.7% vs Q12018). EBITDA +24.2%

May, 9th 2019 // Milan

Be: Total Revenues equal to €/mln 36 (+7.7% vs Q12018). EBITDA +24.2% and EBIT +12.7% vs 2018

and EBIT +12.7% vs 2018

May 9th, 2019 // Milan

Business at a glance

• Total Revenues equals to €/mln 36 (€/mln 33.5 as of 31.03.2018)
• EBITDA equals to €/mln 6 (€/mln 4.8 as of 31.03.2018)
• EBIT equals to €/mln 4 (€/mln 3.6 as of 31.03.2018)
• EBT equals to €/mln 3.3 (€/mln 3.1 as of 31.03.2018)

The Board of Directors of Be Think Solve Execute S.pA. (the Company), listed to the STAR Segment of Borsa Italiana, today convened at the Company registered office in Milan and approved the Interim Financial Report as of March 31st, 2019.

The best first quarter result ever – says Stefano Achermann, CEO of Be - but above all a decisive strengthening of our competitive capacity and a solid contracts basis for the full year. Revenues increased by 7.7% without any extraordinary component, an increasing contribution from the international operations (+ 5.5% y / y), an EBITDA up to 24.2% confirm the good current trend. All the companies in different countries recorded positive performances. The result also includes € 0.5 mln of extra costs for the last part of a restructuring turn-around carried out last year on the Operations business. Also the NFP - excluding the IFRS accounting effects - improved by € 1.4 mln compared to

STOCK DATA		GROUP DATA (as of 31.12.2018)		HEADQUARTER	MAIN OFFICES
Reuters code:	BET.MI	Total Revenues (Euro mlm):	150.2	Rome	Milan
Bloomberg code:	BET IM	EBITDA (Euro mln):	23.6		London
		EBIT (Euro mln):	11.3		Munich
SHAREHOLDERS DATA		EBT (Euro mln):	10.1		Frankfurt
No. of ordinary shares (mln):	134.9	Net Profit (Euro mln):	5.5		Madrid
Total no. of shares (mln):	134.9	Net Financial Position (Euro ml.):	0.9		Vienna
Market cap. (Euro mln):	133.5				Varsaw
Floating (%):	43.3				Bucharest
Floating (Euro mln):	57.8				Kyiv
Main Shareholder:	T.I.P.

Be S.p.a Investor Relations | Patrizio Sforza | +39 06 54 24 86 24 | IR.be@be-tse.it

May 9th, 2019 // Milan

the same period last year. The challenge of our Group is all in our ability to attract high-quality talents, professionals and companies to satisfy a market demand that digital transformation has made stable in the medium-long term".

Main consolidated results as of March 31st, 2019

Total Revenues stood at € 36 million compared to € 33.5 million as of March 31st, 2018. Business Consulting and ICT segments recorded revenues equalling respectively € 27.2 million (€ 22.1 million as of March 31st, 2018) and € 8.9 million (€ 11.4 million as of March 31st, 2018). The operating revenue earned by foreign subsidiaries totalled € 14.3 million (39.6% of total Revenues), compared to € 12.2 million recorded on March 31st, 2018.

The Gross Operating Margin (EBITDA) came to € 6 million, up 24.2% on March 31st, 2018 (€ 4.8 million).

EBIT amounted to € 4 million, up to 12.7% on March 31st, 2018 (€ 3.6 million).

The Group pre-tax result amounted to € 3.3 million, up 6.7% compared to € 3.1 million as of March 31st, 2018.

Net Financial Position, excluding pre-IFRS-16 off-balance sheet operating leases, amounts to Euro -14.5 million, compared to Euro 0.9 million (positive) as of December 31st, 2018.

The application of IFRS 16 required the recognition of financial debt for operating leases as of March 31st 2019 for Euro 9.4 million, which added to the Net Financial Debt brings total post-IFRs 16 net debt to Euro 23.9 million.

The Net Financial Position figure reflects the cyclical trend that sees the first quarter of the year influenced by the slow start of the customers procurement process.

May 9th, 2019 // Milan

Significant events in the period

In January 2019 Be completed the full acquisition of its German subsidiary R&L AG, reaching the ownership of 100% of its share capital. The transaction has been finalized through Be TSE GmbH, the sub-holding of Be in the DACH Region, which already owned 58.8% of R&L AG; it is preparatory to the integration of the German subsidiaries in Bavaria in a unique specialized hub counting more than Eur 25 million revenues.

In February 2019 Be acquired 5% of the share capital of Tesla Consulting, Italian company specialized in Cyber Security and Digital Forensics; by July 2019 Be will buy a further 55% of the share capital. The first tranche already grants Be the complete operating governance over the Company through the appointment of the majority of the members in the Company's Board of Directors.

Significant facts after the period

In April 2019 Be Group and Yolo have signed a strategic partnership agreement in the areas of technology innovation and domestic/international marketing to accelerate the transformation of the Insurance Insurance market, in the On-Demand Insurance segment. Yolo's innovative capacity and different offering dimensions (B2C, B2B, B2B2C) will be fully supported by labs, teams of specialists and industry experts from Be.

The shareholders' meeting of Be has been held on April 18th 2019, in first call, resolving about the following:

• consolidated economic and financial results at December 31st 2018,
• economic and financial results of Be S.p.A. as of December 31st 2018,
• allocation of profit for the year 2018,
• report on remuneration pursuantto Article123-ter of LegislativeDecree no.58 of 24February 1998,
• purchase and disposal of treasury shares subject to revocation of the authorization by the Ordinary Shareholders' Meeting on April 26th, 2018.

Business outlook

According to the results recorded in the first quarter of 2019, it is reasonable to confirm the overall scenario of growth for the rest next quarters of the year.

May 9th, 2019 // Milan

The Executive in charge of preparing the company's accounting documents, Manuela Mascarini, declares, in accordance with art. 154 bis, paragraph 2 of Italian Legislative Decree no. 58 dated 24 February 1998, that the accounting disclosures contained in this press release correspond to that recorded in company documents, ledgers and accounting entries.

In attachment

• 1. Restated consolidated income statement as of March 31st, 2019
• 1. Restated consolidated statement of financial position as of March 31st, 2019
• 1. Consolidated net financial position as of March 31st, 2019

About Be

Be Group is listed in the STAR segment of Borsa Italiana and is one of the leading Italian players in the Consulting sector. The company provides Business Consulting and Information Technology services. A combination of specialist skills, advanced proprietary technologies and a wealth of experience enable the Group to work with leading international financial and insurance institutions to create value and boost business growth. With more than 1,100 employees and branches in Italy, United Kingdom, Germany, Austria, Switzerland, Spain, Romania, Poland and Ukraine, in 2018 the Group recorded revenues in the amount of Euro 150.2 million.

Be S.p.a Investor Relations | Patrizio Sforza | +39 06 54 24 86 24 | IR.be@be-tse.it

This press release is available on the Company's website www.be-tse.it and on the centralized storage mechanism "eMarket STORAGE" at .

May 9th, 2019 // Milan

RESTATED CONSOLIDATED INCOME STATEMENT AS OF MARCH 31st, 2019

(amounts in EUR millions)	1Q 2019	1Q 2018	Δ	Δ (%)
Operating revenue	35,633	33,328	2,305	6.9%
Other operating revenue and income	424	159	265	n.a.%
Value of production	36,057	33,487	2,570	7.7%
Cost of raw materials and consumables	(121)	(50)	(71)	n.a.
Cost of services and use of third-party assets	(12,868)	(12,498)	(370)	3.0%
Personnel costs	(17,937)	(16,766)	(1,171)	7.0%
Other costs	(330)	(161)	(169)	n.a.
Internal capitalisations	1,198	820	378	46.1%
Gross Operating Margin (EBITDA)	5,999	4,832	1,167	24.2%
Amortisation and depreciation	(1,990)	(1,274)	(716)	56.2%
Operating Profit (Loss) (EBIT)	4,009	3,558	451	12.7%
Net financial income and expense	(228)	(272)	44	(16.2%)
Profit (loss) before tax from continuing operations	3,781	3,286	495	15.1%
Net Result from discontinued operations	0	0	0	n.a.
Profit/(Loss) ) before tax of the period including minority interests	3,781	3,286	495	15.1%
Minority interests	472	186	286	n.a.
Profit/(Loss) before tax for the Group	3,309	3,100	209	6.7%

May 9th, 2019 // Milan

RESTATED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF MARCH 31st, 2019

(amounts in EUR millions)	31.03.2019	31.12.2018	D	D (%)
Non-current assets	101,431	87,128	14,303	16.4%
Current assets	42,465	31,488	10,977	34.9%
Non-current liabilities	(26,941)	(25,474)	(1,467)	5.8%
Current liabilities	(34,759)	(39,290)	4,531	(11.5%)
Net Invested Capital	82,196	53,852	28,344	52.6%
Shareholders' Equity	58,276	54,776	3,500	6.4%
Net Financial Position	23,920	(924)	24,844	n.a.

CONSOLIDATED NET FINANCIAL POSITION AS OF MARCH 31st, 2019

	(amounts in EUR millions)	31.03.2019	31.12.2018	D	D (%)
	Cash and cash equivalents at bank	20,129	36,010	(15,881)	(44.1%)
A	Cash and cash equivalents	20,129	36,010	(15,881)	(44.1%)
B	Current financial receivables	47	511	(464)	(90.8%)
	Current bank payables	(11,926)	(9,644)	(2,282)	23.7%
	Current share of medium/long-term indebtedness	(9,289)	(9,980)	691	(6.9%)
	Other current financial payables	(202)	(490)	288	(58.8%)
C	Current financial indebtedness	(21,417)	(20,114)	(1,303)	6.5%
D	Net current financial position (A+B+C)	(1,241)	16,407	(17,648)	n.a.
	Non-current bank payables	(13,212)	(15,418)	2,206	(14.3%)
	Other non-current financial payables	(60)	(65)	5	(7.7%)
E	Net non-current financial position	(13,272)	(15,483)	2,211	(14.3%)
F	Net financial position ANTE IFRS 16 (D+E)	(14,512)	924	(15,436)	n.a.
	Current right of use payables	(2,289)	0	(2,289)	n.a.
	Non current right of use payables	(7,118)	0	(7,118)	n.a.
G	Total right of use payables	(9,407)	0	(9,407)	n.a.
H	Net financial position POST IFRS 16 (F+G)	(23,919)	924	(24,843)	n.a.