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Nexi — Earnings Release 2020
Mar 11, 2021
4248_er_2021-03-11_fb446cb9-0ce5-4fa8-8c8a-81299a13ba87.pdf
Earnings Release
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| Informazione Regolamentata n. 2170-24-2021 |
Data/Ora Ricezione 11 Marzo 2021 14:34:36 |
MTA | ||
|---|---|---|---|---|
| Societa' | : | NEXI S.p.A. | ||
| Identificativo Informazione Regolamentata |
: | 143376 | ||
| Nome utilizzatore | : | NEXIN04 - MANTEGAZZA | ||
| Tipologia | : | 1.1 | ||
| Data/Ora Ricezione | : | 11 Marzo 2021 14:34:36 | ||
| Data/Ora Inizio Diffusione presunta |
: | 11 Marzo 2021 14:34:37 | ||
| Oggetto | : | PR 2020 Financial Results | ||
| Testo del comunicato |
Vedi allegato.
THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED FINANCIAL RESULTS AND THE DRAFT FINANCIAL RESULTS OF NEXI SpA AS OF DECEMBER 31st 2020
- Preliminary data announced on February 11th, 2021 confirmed
- Call of the Annual General Shareholders' Meeting to be held on May 5th, 2021
Milan, March 11th 2021 – The Board of Directors of Nexi S.p.A. approved the Group consolidated financial results as of December 31st 2020 and the draft financial results of Nexi S.p.A. as of December 31st 2020, confirming the preliminary data already presented in the press release published on February 11th, 2021.
Non-financial statement
The Board of Directors approved the consolidated non-financial statement as of December 31st 2020 prepared pursuant to Legislative Decree 254/2016. Non-financial statement will be published in a separate document from the consolidated Financial Report as of December 31st, 2020.
Annual General Shareholders' Meeting
The Board of Directors resolved to convene the Annual General Shareholders' Meeting for May 5th, 2021 - single call – to agree resolutions on the following matters:
-
Approval of the draft financial statements of Nexi S.p.A. as of December 31st 2020, together with the Report of the Board of Directors, the Report of the Board of Statutory Auditors and the Report of the external Statutory Auditor. Presentation of the Consolidated Financial Statements as of 31st December 2020 and of the consolidated nonfinancial statement prepared pursuant to Legislative Decree 254/2016. Inherent and consequent resolutions.
-
Resolutions pursuant to art. 123-ter, paragraph 6 of Legislative Decree no. 58 of February 24th, 1998 related to the second section of the Remuneration Report prepared pursuant to art. 123-ter of Legislative Decree no. 58 of February 24th, 1998 and art. 84 quater of the regulation adopted with Consob resolution no. 11971 of May 14th, 1999.
-
Proposal for authorization to purchase and dispose treasury shares, subject to revocation of the authorization conferred by the Ordinary Shareholders' Meeting of May 5th, 2020. Inherent and consequent resolutions.
The notice of call and the documentation related to the individual items in the agenda, including the Corporate Governance and Ownership Structure Report and the Remuneration Report, will be published within the terms and conditions provided for by current law provisions.
1
Allocation of the result of the year 2020
With regard to the draft financial statements at December 31st 2020, the distribution of dividends for the year 2020 will not be proposed to the Shareholders' Meeting. It is proposed to retain earnings the profit for the year.
Authorization to purchase and dispose treasury shares
As regards the proposal to authorize the purchase and disposal of treasury shares, the Board of Directors will submit to the Shareholders' Meeting for approval a new proposal to authorize the purchase and disposal of treasury shares, effective from the date of the Shareholders' Meeting, due to the fact that the period within the resolution approved in the 2020 Shareholders' Meeting will expire on November 5th 2021.
* * *
Pursuant to paragraph 2 of article 154 bis of the Consolidated Finance Act, the undersigned, Enrico Marchini, in his capacity as the manager in charge of preparing Nexi's financial reports, declares that the accounting information contained in this press release corresponds to the accounting documents, books and records of Nexi S.p.A..
Data awaiting validation by the auditing firm PricewaterhouseCoopers
About Nexi
Nexi is the leading PayTech company in Italy, the reference point for the digital payments in the Country. The company, listed on MTA of Borsa Italiana, operates in strong partnership with ~150 partner banks: thanks to its end-to-end omni-channel technology connects banks, merchants and consumers with the aim of changing the way people and companies pay and collect money every day, thus accelerating the spread of digital payments and the transition to a cashless society, which is essential for the modernization of the Country. Nexi operates in three market areas: Merchant Services & Solutions, Cards & Digital Payments and Digital Banking Solutions.
Merchant Services & Solutions: Nexi, together with its partner Banks, serves c. 900,000 merchants;
Cards & Digital Payments: Nexi, together with its partner Banks, manages c. 43 million payment cards;
Digital Banking Solutions: Nexi manages c. 12.800 ATMs, c. 480,000 e-banking workstations and c. 900 million clearing transactions. In addition, Nexi, as a technological partner, developed the CBI S.c.p.a. open banking system, to which the main Italian banks have already adhered.
Nexi - External Communication & Media Relations
Daniele de Sanctis [email protected] Mobile: +39 346/015.1000 Direct: +39 02/3488.4491
Matteo Abbondanza
[email protected] Mobile: +39.348/406.8858 Direct: +39 02/3488.2202
Nexi - Investor Relations
Stefania Mantegazza [email protected] Mobile: +39.335/580.5703 Direct: +39 02/3488.8216
Barabino & Partners
Media Relations Office: +39 02/72.02.35.35 Sabrina Ragone - [email protected] Paola Cuccia - [email protected] Francesco Faenza – [email protected]
Key financial results – P&L Normalized
| €M | FY19 | FY20 | Δ% vs. FY19 |
4Q19 | 4Q20 | Δ% vs. 4Q19 |
|---|---|---|---|---|---|---|
| Merchant Services & Solutions | 569.2 | 549.9 | -3.4% | 158.2 | 156.4 | -1.1% |
| Cards & Digital Payments | 387.4 | 380.0 | -1.9% | 101.4 | 103.8 | +2.4% |
| Digital Banking Solutions | 117.7 | 114.0 | -3.1% | 32.9 | 30.2 | -8.4% |
| Revenues | 1074.3 | 1043.9 | -2.8% | 292.4 | 290.3 | -0.7% |
| Personnel & related expenses | (169.1) | (156.3) | -7.6% | (45.4) | (41.4) | -8.6% |
| Operating Costs | (318.4) | (286.2) | -10.1% | (87.7) | (76.3) | -13.0% |
| Total Costs | (487.6) | (442.5) | -9.2% | (133.1) | (117.8) | -11.5% |
| EBITDA | 586.7 | 601.4 | +2.5% | 159.3 | 172.5 | +8.3% |
| D&A | (121.0) | (144.8) | +19.7% | |||
| Interests & financing costs | (76.9) | (76.9) | +0.0% | |||
| Normalized Pre-tax Profit | 388.8 | 379.7 | -2.3% | |||
| Income taxes | (135.2) | (132.2) | -2.2% | |||
| Minorities | (1.5) | (1.7) | +14.7% | |||
| Normalized Net Profit | 252.1 | 245.8 | -2.5% |
2019 and 2020 P&L managerial data as they include ISP merchant acquiring book acquisition since the beginning of the period
FY 2020 P&L – Reported vs Normalized
| €M | Reported FY20 |
Delta | Normalized FY20 |
|---|---|---|---|
| Merchant Services & Solutions | 500.0 | 50.0 | 549.9 |
| Cards & Digital Payments | 380.0 | 380.0 | |
| Digital Banking Solutions | 114.0 | 114.0 | |
| Revenues | 993.9 | 50.0 | 1,043.9 |
| Personnel & related expenses | (155.1) | (1.3) | (156.3) |
| Operating Costs | (285.1) | (1.1) | (286.2) |
| Total Costs | (440.2) | (2.3) | (442.5) |
| EBITDA | 553.7 | 47.7 | 601.4 |
| D&A | (177.0) | 32.2 | (144.8) |
| Interests & financing costs | (65.3) | (11.5) | (76.9) |
| Non recurring items | (102.3) | 102.3 | - |
| Pre-tax Profit | 209.0 | 170.7 | 379.7 |
| Income taxes | (79.7) | (52.5) | (132.2) |
| Minorities | (1.4) | (0.3) | (1.7) |
| Net Profit | 127.9 | 117.9 | 245.8 |
Reported data include ISP merchant book consolidation since 30.06.2020. Normalized data include ISP merchant book acquisition since 01.01.2020 and exclude non-recurring items and other oneoffs (incl. D&A of customer contracts)
4
Income Statement
| (€'000) | FY 2020 | FY 2019 |
|---|---|---|
| Fees for services rendered and commission income | 1,644,025 | 1,642,500 |
| Fees for services received and commission expense | (637,796) | (647,071) |
| Net fee and commission income | 1,006,229 | 995,429 |
| Interest and similar income | 15,375 | 18,036 |
| Interest and similar expense | (87,930) | (183,543) |
| Net interest income | (72,555) | (165,507) |
| Profit / loss on trading activity / hedging/ financial assets and liabilities designated at fair value trought profit or loss |
(119) | (7,526) |
| Dividends and profit / loss from investments and sale of assets at fair value through OCI (former AFS) |
(6,574) | (8,685) |
| Financial and operative income | 926,981 | 813,711 |
| Personnel - related costs | (180,572) | (223,721) |
| Other administrative costs | (350,015) | (391,016) |
| Total administrative costs | (530,587) | (614,737) |
| Other operating income, net | (4,388) | (2,056) |
| Net value adjustments on assets measured at amortized cost | (6,880) | (6,239) |
| Net accruals to provisions for risks and charges | 157 | 6,455 |
| Net value adjustments / write-backs on tangible and intangible assets | (175,315) | (155,817) |
| Operating margin | 209,968 | 41,317 |
| Profits (Loss) from equity investments and disposal of investments | (212) | (598) |
| Pre-tax profit /(loss) from continuing operations | 209,756 | 40,719 |
| Income taxes | (79,709) | (4,180) |
| Income (Loss) after tax from discontinued operations | (739) | 99,547 |
| Profit for the period | 129,308 | 136,086 |
| Profit (loss) for the period attributable to the parent company | 127,926 | 135,166 |
| Profit (loss) for the period attributable to non-controlling interests | 1,382 | 920 |
Balance Sheet
| ASSETS (€'000) | 31/12/2020 | 31/12/2019 |
|---|---|---|
| Cash and cash equivalents | 159,084 | 115,388 |
| Financial assets at fair value through OCI | 151,700 | 118,581 |
| Financial asset measured at amortised cost: | 1,540,583 | 1,595,709 |
| a) loans and receivables with banks | 578,696 | 507,024 |
| b) loans and receivables with financial entities or customers | 961,887 | 1,088,685 |
| Equity investments | - | - |
| Property, equipment | 186,906 | 193,102 |
| Investment property | 2,101 | 2,229 |
| Intangible assets | 3,707,369 | 2,684,671 |
| Goodwill | 2,856,460 | 2,093,428 |
| Tax assets | 54,991 | 101,909 |
| a) current | 4,447 | 37,614 |
| b) deferred | 50,544 | 64,295 |
| Non-current assets held for sale and discontinued operations | 1,697 | 2,262 |
| Other assets | 481,670 | 474,442 |
| Total assets | 6,286,101 | 5,288,293 |
| LIABILITIES (€'000) | 31/12/2020 | 31/12/2019 |
|---|---|---|
| Financial liabilities measured at amortised cost | 3,862,904 | 3,140,389 |
| a) due to banks | 2,226,418 | 1,952,072 |
| b) due to financial entities and customers | 370,753 | 369,303 |
| c) securities issued | 1,265,733 | 819,014 |
| Financial liabilities measured at fair value through profit and loss | 22,912 | - |
| Tax liabilities | 243,274 | 131,896 |
| a) current | 19,125 | 1,820 |
| b) deferred | 224,149 | 130,076 |
| 509 | 335 | |
| Liabilities associated with non-current assets held for sale and discontinued operations | ||
| Other liabilities | 557,511 | 644,628 |
| Post-employment benefits | 14,808 | 14,528 |
| Provisions for risks and charges | 26,433 | 31,967 |
| Share capital | 57,071 | 57,071 |
| Share premium | 1,082,204 | 1,082,204 |
| Reserves | 236,846 | 29,428 |
| Valuation reserves | 44,018 | 13,609 |
| Profit (loss) for the period (+/-) | 127,926 | 135,166 |
| Equity attributable to non-controlling interests (+/-) | 9,685 | 7,072 |
| Total liabilities and equity | 6,286,101 | 5,288,293 |