Earnings Release • Mar 27, 2018
Earnings Release
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Borsa Italiana – Star Conference
Milano, 27/28 Marzo 2018
An international ICT specialist, the Exprivia group leverages digital technologies to steer the business drivers of change for its customers
Exprivia is specialized in Information and Communication Technology (ICT) , able to direct drivers of change for the business of its customers, thanks to digital technologies.
Exprivia's offer covers the entire range of digital transformation processes thanks to the plurality of skills and the wealth of experience on the various reference markets: Banking, Finance & Insurance , Telco & Media, Energy & Utilities, Aerospace & Defense, Manufacturing & Distribution, Healthcare and Public Sector.
Exprivia supports its customers in defining new business models through the conception, development and integration of solutions based on consolidated and emerging technologies.
*The tables present adjusted EBITDA and Net Result for 2016 and 2017
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Italtel is a Multinational System Integrator operating in Information and technology sector, with a strong focus on innovation
2017 proved to be a very important year for Exprivia, which recorded 14% increase in revenues and profitability up to 27%. The 2017 consolidated revenues amounted to 161.2 million euro
| Exprivia Group (value in K €) |
31.12.2017 | 31.12.2016 | Variation | Variation % |
|---|---|---|---|---|
| Banking, Finance & Insurance | 29.670 | 26.141 | 3.529 | 14% |
| Utilities | 30.817 | 21.502 | 9.315 | 43% |
| Retail & Manufacturing | 12.801 | 12.845 | -44 | 0% |
| Oil e Gas |
15.332 | 12.701 | 2.631 | 21% |
| Telco & Media | 20.833 | 20.070 | 764 | 4% |
| Healtchare | 22.160 | 21.497 | 663 | 3% |
| Public Sector | 7.521 | 7.323 | 198 | 3% |
| Aerospace & Defence | 9.972 | 6.565 | 3.407 | 52% |
| International Business | 7.200 | 7.846 | -646 | -8% |
| Other | 815 | 808 | 55 | 7% |
| Total | 157.121 | 137.298 | 19.872 | 14% |
Marginality has been adjusted by neutralizing the effects of a nonrecurring tax entry.
This led to charge on the subsidiary's profit&loss amounting to 4.2 million euro, over 700 thousand already accrued in 2016 and overdue interest expense for 1.0 mln euro.
Adjusted net result equal to 5.3 mln, 3.3% on revenues (3.5 mln adjusted
The net financial position is equal to -222.8 million euro and includes the position of Italtel which affects the indebtedness for -164 million. The net financial position of the group without the consolidation of Italtel, whose investment for the acquisition amounted to 25 million, and net of the resolution of the extraordinary tax burden for its subsidiary Exprivia Enterprise Consulting, which absorbed 4.8 million, stands at 58.3 million and would have been -29 million, with an improvement of 6.8 million, from ordinary cash management, compared to 2016.
40
| 2017 | 2016 | |
|---|---|---|
| Cash and equivalents | 24.091.101 | 15.927.761 |
| Short term debt |
-12.724.269 | -27.052.653 |
| Long term debt |
-40.338.384 | -24.662.956 |
| Total Net Debt | -28.971.552 | -35.787.848 |
2017 2016
2017 is a very important year also for Italtel, with a 6% increase in revenues. The consolidated revenues amounted to 430.2 million euro.
EBITDA has been adjusted by neutralizing the effects of a non recurring costs (restructuring costs and transaction costs amounting to 20.4 million euro in 2016 and 5.2 million in 2017)
Normalized EBITDA 2017 (net of extraordinary costs) EUR 5.2 ml, 4,7% of revenues, in line with last year (4,8%)
The 2016 net loss includes the goodwill write-down of Euro 45 million, the writedown of other assets, in particular development costs and deferred tax assets for Euro 18.3 million, and costs of approx. Euro 17 million regarding the personnel provision as part of the restructuring under the 2017-2023 Industrial Plan. The 2017 result is slightly better than the Industrial Plan (10.5 million vs 11.5 million of loss)
| 2015 | 2016 | 2017 | |
|---|---|---|---|
| Cash & Equivalents | 61.666 | 25.998 | 23.215 |
| Short Term Debt | -88.874 -230.384 | -41.228 | |
| Long Term Debt | -145.377 -12.291 -147.120 | ||
| Net Financial Position -172.585 -216.677 -165.133 |
In 2016 all medium/long term liabilities currently subject to renegotiations had been reclassified as short-term in consideration of the ongoing process with the banks
Net debt 2017 includes the effect of the recapitalization operation closed in 2017 and which resulted in the conversion of bank debt by 67 million in SFP (Equity Financial Instruments)
Affari e Finanza, 12 giugno 2017 e 22 Gennaio 2018
• In early June 2017, the involved banks, Cisco Sytems Inc. and the purchaser gave their consent to the Italtel recapitalization plan of 113,8 million euro;
The Group Exprivia-Italtel intends to be one of the most important Italian industrial entities in the digital technologies. The group will provide a complete offering to meet the growing demand coming from the digital transformation and will manage the whole ICT value chain, from infrastructure components to applications and services, significantly benefiting our customers and partners.
Research Laboratories in Milan, Molfetta, Palermo
28 (*) Italtel EBITDA Normalized: without Labour Restructuring, Transaction Costs and others costs non recurring The Exprivis's tables present adjusted EBITDA and Net Result for 2016 and 2017
Rest of the world: 400
3000
Source: Assinform / NetConsulting cube, 2017
| Strong complementary values and huge |
|
|---|---|
| synergies potential are the key reasons for Exprivia-Italtel |
|
Traditional System integrator + Software Development = capability to address the new market requirements
+
Markets: Italy, Europe, America and Asia
Player strongly focused on Telecommunication Networks and their evolutionary process
Cloud
Big Data & Analytics
Enabling Smart Cities through 5G Clouds
Virtualization Testbed within FIRE+
over sliced programmable infrastructure
Embedded Network Services for 5G Experiences
Software Defined Networks and Network Function
Small cEllS coordinAtion for Multitenancy and Edge services
NFV/SDN enabling framework
Exploiting Cloud Computing for Mobile Network Operations
• A careful dividend policy able to sustain the company development and growth
We have closed a year that confirmed our ability to remain focused on the objectives set at the beginning of the year, effectively completing a very important extraordinary operation, as it has been acquisition of Italtel. The year 2017 has rewarded the ability of our people to get the opportunities of the overall economic growth and the capability of the customers to invest, especially in innovation and technology, and we are ready to play the challenges of digital transformation, aware of the potentials we have together with the colleagues in Italtel. We know we can guarantee our customers all the support to the evolution of their business models and to be able to support with the right combination of ambition and realism, the change of Italy.
Investor Relations Office [email protected] Tel. + 39 0803382070 - Fax. +39 0803382077
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