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Bertolotti Investor Presentation 2017

Feb 2, 2017

6567_bfr_2017-02-02_189642dc-7e7c-4a98-b958-eab723c6586e.pdf

Investor Presentation

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Building the exellence in Business and ICT Consulting for the financial service industry

European Mid Cap Event, Intermonte Frankfurt Am Main 02.02.2017

AGENDA

I. Company Overview

  • II. Investment Highlights
  • III. 2017-2018 Targets

Who we are? «Company Highlights» & «Group Spikes»

A

B

C

D

E

F

1. Leading «Business Consulting & ICT Services»

Group for Financial Institutions. More than 1,500 professionals involved

  1. Growing share of wallet among the top 20 Banks in Europe. Banks ICT budget growth expected up to 2019.

  2. 6 years to estabilsh from scratch a recognized professional network in 7 european countries (40% of non domestic revenues 2016/9M)

  3. Full interests' alignement among shareholders and an experienced management team.

5. Healthy Balance Sheet and cash generation allows for efficient capital allocation

  1. 3 Year Plan forecasts an EBITDA >28 ml/€ in 2019 (+89% vs 2015) with constant Dividend flow

ABI

•

•

  • •AGID
  • Barclays
  • •Banco Popolare
  • •Banco Popular
  • •Bundesbank
  • •Cassa Depositi e Prestiti
  • •Commerzbank
  • •Coop Bank UK
  • •CNP

•

  • •First Data
  • Gruppo BNP
  • •Gruppo Crédit Agricole
  • •Gruppo IntesaSanPaolo
  • •Gruppo Poste Italiane
  • •Gruppo UBI
  • •Gruppo Unicredit
  • •HSBC
  • •ICCREA
  • •Mastercard
  • •Mediobanca
  • •Payment Council
  • •Postbank
  • •PZU
  • •Royal Mail
  • •Societè Generale

2 main «Business Segments»

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GEOGRAPHICAL SEGMENTS

(*) DACH = Germany, Austria & Switzerland

  • • Grown from 1 to 8 countries in 7 years. 1st M&A deal abroad in 2010 in UK
  • • LOC Consulting (UK) and R&L (DE) joined Be in Q1 2016 adding more than 9ml/€ to our portfolio
  • • 2 additional professional services «boutique» in Spain and Germany under dealing
  • • Expected growth in DACH Area. 3Y plan aims to reduce Italy exposure to 50%
  • • 2019 goal: drive foundations for an outstanding regional player in financial service arena

10 YEARS OF TRANSFORMATION

5

PROJECT EXAMPLES

ICT Project Business Project

Main current projects

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COMPANY TRANSFORMATION BY NUMBERS

  • • Turned around from distressedBPO domestic company to profitable european consulting network
  • • Deleverage from -43.3 ml/€ Net Debt on 62.5 ml/€ revenues and 1.7 EBITDA to -7.1 ml/€ Net Debton 115.0 ml/€ revenues and 15 ml/€ EBITDA
  • • «Cash generation» process in place for self-funded organic/non organic profitable double digit growth
  • • Legacy BPO reduced to less than 8% of total revenues portfolio
  • • Proved M&A track record under 7 different market frameworks
  • • Increasing revenue share of wallet among the Top 20 Financial Institution in Europe

$$
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$$

Consulting revenues increase(>70,0 ml/€ 08/15) Built an European network (from 0 to 8 countries) Back to dividends from 2014 (Div/Yeld 2015 : 2.15%) HR Turnaround> 1,000 professional joined Be 2015 Non domestic revenues c.ca 30%Unique story: from Black List to STAR Segment in 5 years

AGENDA

I. Company Overview

II. Investment Highlights

III. 2017-2018 Targets

A TRANSFORMING WORLD REQUIRES SERVICE MODEL RETHINKING

Source: Gartner, 2015 Total Banking and Securities IT Service Spending by segment, Worldwide 2013-2019, Billions of US Dollars

  • • New competitive landscape with different business models (i.e. online banking, brokerage, …)
  • • Outdated legacy ICT systems with low employee turnover driving skilled outsourcing
  • • Localized economies, culture and regulations require cross-border integration
  • • Regulation push requires significant IT expenditure
  • • Overstaffed branch networks in needof streamlining

RESILIENT BUSINESS MODEL

Continuous revenue stream

  • • Be Operates in the most resilient space of Consulting with multi-year contracts that ensure recurring revenues
  • • >50% of 2017 targets are already under contract or agreed with the clients

• Contract average duration 6m< d < 1+ year

Long term cost planning

• Growing "Top Line" (revenues) visibility will permit a most efficient cost planning

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BE AS AN INDUSTRY CONSOLIDATION PLATFORM

Leverage on a fragmented market

  • • More than 62€ bl/€ in 2017 is the extimatedICT european expenditure for Financial Service Industry in Europe
  • • Fragmented single-service small players offer interesting M&A opportunities (consulting firms, boutiques,…..)
  • • Develop an outstanding wide industry knowledge platform to integrate «niche champions»
  • • Ability to realize a sizeble «client value adding professional firm produce significant revenue and cost sinergies
  • •Historic IRR > Cost of capital
  • • Goal to deploy at least 20 ml/€ for M&A till 2019 reaching > 35ml/€ from new portfolios

AGENDA

  • I. Company Overview
  • II. Investment Highlights

III. 2017-2018 Targets

2017-2019 BUSINESS PLAN

Production volumeEBITDATarget overview 115.4200 +1528 +-7.10 ++74%+89%2015 20192015 2019 2015 2019 + € 7.1 m+ € 52.1 m CF Operations - € 20 m M&A € 8 m Investments- € 6 m Dividends € 11 m Var Circ.NFP

  • • up to 162 ml/€ revenues by organic growth 2019
  • • 40 ml/€ in M&A relatedrevenue growth
  • • 75% of EBITDA originated by consulting perimeter
  • • 50% revenues from non domestic markets
  • • Major growth expected from DACH region
  • • Uninterrupted flow of dividends during 3Y Plan

2019 Organic Targets by Region

€/ml

SHAREHOLDERS & STOCK PERFORMANCE

Corporate Calendar

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Shares Performance 2012-2017

Upcoming Investors Meetings

  • 02.02.17Frankfurt, Intermonte, European Mid Cap Event
  • 23.02.17Milan, Banca IMI, IT Day
  • 21.03.17Milan, Borsa Italiana,STAR Conference
  • 28.06.17Paris, Intermonte European Mid Cap Event
  • 09.10.17London, Borsa Italiana,STAR Conference

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