Investor Presentation • Nov 18, 2021
Investor Presentation
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• 70-80% of Health budget
From 2020 situation burdened with Covid-19
SUSTAINABLE HEALTH SYSTEMS
We develop software, technologies and services to help innovating the models of care, assistance and prevention of the health care systems, optimizing processes and containing costs
A partnership to make health systems sustainable and help improve people's health and well -being
History of Growth
30 years of experience, management team with a track record of internal growth and M&As
International footprint
solutions used by 2,400 customers in more than 60 countries
Leadership
1st player in Italy: services granting access to care
2nd player in Italy: software solutions for healthcare and social systems
Uniqueness
integrated software, technology and service solutions to optimise the clinical, care, administrative and social processes.
Quality of life
our work helps improve the quality of life
2013 Orizzonte fund providing equity financing First minibond issued.
2016 merger between GPI and the SPAC CFP1. Joining the stock market AIM Italia.
2018 graduated from AIM to MTA main market of Borsa Italiana.
€ 100 M M&A deals
*2018 EBITDA, net of extraordinary costs; 2019 EBITDA includes the effects of IFRS 16
Strategic Business Areas
Pay 3.3% Automation 4.4% ICT 5.5% Software 37.9%
SERVICES 48.9% Care
Notice: % revenue by SBA out of total revenue in FY 2020
main SBAs
86.8% of total revenue
Software
other SBAs
13.2 % of totalrevenue
ICT
Pay
Care
Real answers to Covid- 19: concretely implementing the Group's vision
Telemedicine Software, wearables, technological and medical operational centre, services to monitor more than 55 thousand covid- or chronic-ill patients
consultancy, methodological innovation for the risk stratification and to prioritize the vaccine jabs based on demographic and clinical factors
Software solutions and devices for the queue management, ICT services and Contact Center services to improve the access to Covid diagnostic tests, reducing the waiting time from hours to minutes
Revenue EBITDA +29.6% (22% organic) +35.2%
| • | SW | € 51.9 M | +25.0% | 8.2% Org. |
|---|---|---|---|---|
| • | Care | € 80.3 M | +31.7% | 31.1% Org. |
| • | Other | € 19.6 M | +33.7% | 23.4% Org. |
after an increase in depreciation and amortisation of EUR 1.5 million compared to the previous period
improved results from operations offset the increase in net financial expenses and the positive tax impact of H1 2020
| €M | H1 2021 |
H1 2020 |
|---|---|---|
| Revenue & other income | 151.8 | 117.2 |
| Adjusted Revenue(1) | 138.1 | 108.1 |
| EBITDA | 14.1 | 10.5 |
| EBITDA % of adj. revenue |
10.2% | 9.7% |
| EBIT | 2.5 | 0.9 |
| Net profit | 0.2 | 0.2 |
(1) Net of Temporary Joint Ventures (RTI)
A3.1 CERVED Rating A- S&P |A3 Moody's | A-1 Fitch equivalent
| €M | H1 2021 | FY 2020 Restated |
|---|---|---|
| Net working capital |
126.2 | 109.1 |
| Non-current assets | 167.7 | 158.4 |
| Other operating assets/(liabilities) | (72.6) | (59.2) |
| NET INVESTED CAPITAL | 221.6 | 208.2 |
| Shareholders' equity | 73.5 | 83.4 |
| Net Financial Debt | 148.1 | 124.8 |
| TOTAL SOURCES | 221.6 | 208.2 |
The increase in receivables is mainly linked to the increase in revenues due to the newly acquired companies
Dividend distribution (€ 7.9 M) Related parties (€ 2.2 M minorities Riedl)
Tot. € 29.5 M | M&A € 20.1 M | R&D € 4.5 M
*FY 2020 data - H-pub: public healthcare clients; H-Pri: private healthcare clients, NH-Pub: public non-healthcare clients; NH-Pri: private non-healthcare clients
*From FY 2020, the business of the subsidiary Xidera, which was included in the SBA Software, is now included in the SBA Care. FY 2019 was restated to reflect this change.
*From FY 2020, the business of the subsidiary Xidera, which was included in the SBA Software, is now included in the SBA Care. FY 2019 was restated to reflect this change.
Automated warehouse sales, maintenance and service fees
ePayment services POS rental and related software
Desktop management services fees other system services
Net of Temporary Joint Ventures (RTI)
EBITDA €M
Competitive environment and strategic guidelines
Source: Gartner Hospital + Physician survey (2021 Q2)
value of the Global market for health care software + IT services in 2020
| +7.3% 2020 on 2019 | CAGR 20 – | 24: 12.3% |
|---|---|---|
| 50.5% North America | CAGR 20 – | 24: 12.0% |
| 24.8% Western Europe | CAGR 20 – 24: |
11.0% |
value of the Italian market for health care software + IT services in 2020 -0.4% 2020 on 2019
1.1% Italy CAGR 20 – 24: 6.7%
National Recovery and Resilience Plan
€ 5 B for digitizing health care of which € 1 B for Telemedicine
Source:Netconsulting Cube (June 2021 Q2) - data in € M, %
TOTAL € 1,346.3 M CAGR 20-24 6.8% SW + Svc . € 1,091.3 M CAGR 20-24 6.9%
| Company | Brief description | Focus on HC |
Ranking |
|---|---|---|---|
| ICT solutions and related services for public and private healthcare providers. |
| 1st | |
| ICT solutions, administrative and social-healthcare services for public and private healthcare providers. |
| 2nd | |
| ICT solutions for the segments: finance, industry, telco&utilities and PA. |
Through dedicated healthcare division |
3rd | |
| Software for hospital processes, orders and risk management. |
Reply's subsidiary |
4th | |
| Digital transformation & ICT services for industries, energy, aerospace, healthcare, PA, etc. |
Through dedicated healthcare division |
5th |
| Company | Brief description | Ranking |
|---|---|---|
| ICT solutions, administrative and social-healthcare services for public and private healthcare providers. |
1st | |
| Maintenance services for medical devices, operative in 17 different countries. |
n.a. | |
| BPO services (e.g. cleaning, security, logistics and healthcare services). |
n.a. | |
| Local supplier of services for healthcare and the educational segment, operates in the Region of Veneto. |
n.a. | |
| Local supplier of services for healthcare , operates in the Region of Lazio. |
n.a. |
Blood Management System Gpi is globally ranking among Top 5 providers Pro-forma earnings > € 20 M
BMS strategic software for the Health Systems of all Countries
New targets estimated by equal scope of consolidation as of 31/12/2020
M&A Guidelines
M&A Guidelines Become a Major European Player
• Product Portfolio Evolution software|services| territories
| Leadership and Uniqueness | GPI IN THE STOCK MARKET ISIN: IT0005221517 |
|||
|---|---|---|---|---|
| Growth and Visibility |
Ticker: GPI:IM Price 12 Oct 2021 Ordinary Shares: |
12.80 18,260,496 |
||
| Capitalisation: | 234 | |||
| Technology and Service | ANALYSTS' COVERAGE – Midcap Tp Icap |
Target price 29 September 2021 |
€ 18.00 | SHAREHOLDING STRUCTURE |
| Intermonte SIM | 27 July 2021 |
€ 17.00 | ||
| Evolution of market/NRRP |
Banca Akros | 12 October 2021 |
€ 16.20 | |
| FM srl |
M&A Opportunities
Via Ragazzi del '99, 13 - 38123 Trento T +39 0461 381515 [email protected]
Fabrizio Redavid C. +39 335 1035499 [email protected]
C. +39 340 8223333 [email protected]
The material in this presentation was prepared by GPI S.p.A. ("GPI" or the "Company") without any form of independent verification; it is general, basic information about the current business of GPI as at the date of this presentation. This information is supplied in summary form and is not complete. This presentation is provided for information only and is not an offer or solicitation of an offer of purchase or sale of securities, nor shall there be any sale or purchase of securities in any jurisdiction in which such an offer, solicitation or sale should be illegal before the registration or qualification in accordance with the laws on securities of that jurisdiction. It is intended exclusively by way of a presentation to investors and is provided for information only. This presentation does not contain all information that may be relevant to an investor.
The information contained in this presentation, including the forecast financial information, must not be considered as advice or recommendations to investors or potential investors in connection with the holding, purchase or sale of securities or other products or financial instruments and does not take into account any specific investment targets nor the financial position. Before acting, it is important to consider the adequacy of information in relation to such subjects and, in particular, independent financial advice should be taken. All securities and product transactions or financial instruments entail risks, which include, amongst others, the risk of adverse or unforeseen market, financial or political developments and, in international transactions, the foreign exchange risk. The information contained in this presentation is confidential and is supplied to the user for information only and cannot be reproduced, re-sent or further distributed to anyone else, nor published, entirely or partly, for any purpose. This presentation is only distributed to and intended for: (A) persons in the European Economic Area Member States (excluding the United Kingdom), who are classed as "qualified investors" under Article 2, paragraph 1, letter e) of Directive 2003/71/EC (as amended and complete with any implementing measures applicable in each Member State); (B) in the United Kingdom, professional investment qualified investors coming under Article 19 (5) of the 2005 Order (financial promotion), the Order of Financial Services and markets and/or companies with high shareholders' equity and other persons to whom it can be lawfully disclosed, pursuant to Article 49,
paragraph 2, letters a) to d) of the Order; and (C) other persons to whom this presentation can be legally distributed and disclosed in accordance with applicable laws (all those pursuant to points (A) to (C) above, indicated as "relevant persons").
The information contained in this presentation may include forecasts. Although the Company believes it has a reasonable basis on which to make the forecasts given in this presentation, GPI warns that forecasts are no guarantee of future performance and that the effective operating results, financial conditions and conditions of liquidity and development of the segment in which GPI operates may differ considerably from those effectively achieved or suggested by the declarations given in this presentation or made by the GPI management team. Past performance is also not a reliable indication of future performance.
GPI makes no promise to update or publicly review the forecasts, even if new information is revealed or for any other reason. The information and opinions given in this presentation or in the declarations made by the GPI management team are given as at the date of this presentation or any other date, if indicated, and are subject to change without notice. Do not rely on the information given in this presentation for any purpose. No express or implicit declaration or guarantee is given by GPI, its subsidiaries or the respective consultants, functionaries, employees and agents, as regards the accuracy of information or opinions or for any loss as may derive directly or indirectly from any use of this presentation or its contents. This presentation is not intended for distribution or use by any person or entity that is a citizen or resident of a place, country or other jurisdiction in which such distribution, publication, availability or use may be in conflict with laws or regulations or which would require any registration or licence within such jurisdiction.
Blood Donor Centers Hospitals
ranks 5th on the global market pro-forma revenue ca \$ 26 M - 48% gross margin
GLOBAL COMPETITORS
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