Triboo

Investor Presentation • Apr 11, 2019

Triboo Group

Small & Mid Cap Conference

London, April 11 2019

Triboo is a "one-stop solution factory", staffed with over 500 professionals from 20 different countries, delivering top quality digital services.

WE MANAGE

hundreds of E-commerce activities and digital platforms worldwide.

WE PROMOTE

digital transformation through an integrated offer that includes digital services, consulting and training.

WE CREATE

vertical digital content for our clients and our own media companies.

London, April 2019

Market Scenario

Gap and Opportunities

Retail E-commerce worldwide market from 2014 to 2021

Digital Advertising worldwide market from 2017 to 2022

Digital Sales & Marketing

Digital sector in Italy € 64.6 billion – 11.6% YoY growth rate

Source: Triboo analysis based on IAB/EY and Atoka 2017 data

Our Answer

There are no secrets to success. It is the result of preparation, hard work, and learning from failures

GROWTH DRIVERS

• Organic growth
• M&A
• Ongoing internationalization

BUSINESS MODEL EVOLUTION

• Digital consulting strategy
• Focus on large accounts

Growth Drivers

ONGOING

INTERNATIONALIZATION

• China
• Spain
• UK

ORGANIC GROWTH

• Expected double digit growth rate for E-commerce & Digital Advertising
• International market reach the worldwide final customers with an international positioning

M&A

Clear scouting strategy of M&A targets based on:

• New Services to complete our portfolio
• Involvement of founder/management of target companies with earn out and put/call options

Business Model Evolution

EVOLUTION OF BUSINESS MODEL

• Consulting, Data & Technology: Promoting an integrated offer of digital consulting, analytics & big data, and innovative technological products.
• E-commerce: Management of more than 100 online stores worldwide.
• Agency Services: Development of creative and effective marketing campaigns.
• Media & Advertising: Creating vertical digital content.

ACCOUNT MANAGEMENT

• Exploiting cross selling and upselling opportunities (increase revenues/client).

STRATEGIC

PARTNERSHIPS

• New logistics partnerships in order to guarantee highly quality service and cost savings.

DELIVERY END-TO-END DIGITAL VALUE PROPOSITION

• A new dedicated Business Unit for digital consulting services.
• Recruiting of Senior Management with international experience and proven track record in professional services.

DIGITAL VERTICAL CONTENT

Focus on our vertical content

• Fashion
• Design
• Telecom
• Business & Finance
• Tech
• Food & Cooking
• Women & Moms
• Motors
• Entertainment
• Retail

2018 Group Achievements

Healthy financials - growth and margin improvement

M&A Deals - strengthening our positioning and fueling growth

Business strategy - focus on value-added services, vertical contents and international reach

Senior Management Team with successful track record in professional services and digital sector

Overview Triboo Group

Group Revenues

• 2018 Revenues amounting to € 69.6 million, + 7% compared to 2017, for both divisions (e-commerce and advertising).
• CAGR 14-18 +12%
• Drivers:
• Increasing number of stores managed
• Increase of vertical contents and value added services

Group EBITDA

• 2018 EBITDA amounting to € 9.9 million, + 29% compared to 2017 for both organic growth and net gain from equity investments dismissal (€ 2.5 million cash-in and € 1.3 million nonrecurring costs)
• CAGR 2014 2018 +12%
• CAGR 2017 2018 +29%

Net result

• 2018 Net Result amounting to € 2.2 million, + 64% compared to 2017, driven by growth in both divisions and gain from dismissal of investments
• CAGR 2014 2018 +14%

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Key Historical Financials – Balance Sheet 2018 – 2017

(€ Mln)	2018	2017
Net Working Capital (operating)	(12.6)	(11.1)
Net Fixed Assets	56.6	49.2
Other Assets (Liabilities)	(1.7)	3.1
Capital Employed	42.3	41.2
Equity	36.2	35.7
Net Financial Position	(6.1)	(5.5)

• Net Working Capital 2018: € 1.5 million decrease vs. 2017, mainly due to the net effect of:
• o € 7.2 million increase in trade payables
• o € 5.7 million increase in trade receivables, as a result of significant growth in stores revenues experienced in late 2018.
• Net Fixed Assets 2018: € 7.4 million increase vs. 2017 driven by new investments.

Strong cash flow generation from operating activities

Source 2018: Consolidated financial statements.

Capex – 2018 – 2017 – 2016

Intangible assets Cash paid (collected) for M&A

• Capex increased in 2018 vs. 2017, mainly due to investments in technology and new stores.
• Technology is related to internal developers and external services of outsourcing providers for investments in "Peanuts 2.0" platform. Use of external providers to manage flexibility and variability of work.
• Capex includes asset deals for acquisition of editorial assets, such as Blogo in 2018, amounting to € 0.9 million.

Business Model Evolution

Triboo is changing its organizational model, by developing 4 Strategic Business Units: Consulting Data & Technology, E-commerce, Agency, Publishing & Advertising.

Triboo shares

Total no. of shares 28,740,210

Treasury shares (as at 5 April 2019): 377,160 (1.312% of share capital)

Mkt cap € 52.3 mln (@1.82 as at 5 April 2019)

FY2018 DPS € 0.0696 (FY2017 DPS of € 0.0348)

Ex-dividend date 27 May 2019

Payment date 29 May 2019

Dividend yield 4.4% (YE2018 price of € 1.57)

Main shareholders

Analyst coverage

Gabriele Berti gabriele.berti@intesasanpaolo.com TP: € 2.70 - Buy 3 April 2019

Giuseppe Grimaldi giuseppe.grimaldi@mediobanca.com Fabio Pavan fabio.pavan@mediobanca.com

TP: € 2.40 - Outperform 27 March 2019

Marco Greco marco.greco@value-track.com FV: € 2.75 5 April 2019

Stock performance

Triboo vs. FTSE Italy All-Share Index (base: 2 Jan. 2019)

Listing market Milan Stock Exchange

MTA (starting from 29 June 2018)

IPO (AIM Italia) First trading day on 11 March 2014

Stock codes

Bloomberg: TBM: IM Reuters: TBM.MI ISIN: IT0005001554

Average daily traded volumes (3m) 66,255

Governance

Board of Directors (in office till 29 April 2019)

Chairman André Schmidt

CEO Giulio Corno

Executive Director (Strategy, Development & Communications) Riccardo Maria Monti

Independent Directors Vittorio Coda Alessandro Copparoni Cinzia Parolini Vincenzo Polidoro

2019 Financial Calendar

FY 2018 Results 18 March 2019

Annual Shareholders' Meeting 29 April 2019

1H 2019 Results 23 September 2019

Threshold to submit a list of candidates for the BoD at the next AGM: one or more shareholders with voting rights that represent at least 2.5% of Triboo share capital. Two lists of candidates presented, respectively on 3 and 4 April 2019, by First Capital SpA and Compagnia Digitale Italiana SpA.

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Appendix

London, April 2019

Divisional Revenues

Divisional EBITDA

Consolidated Balance Sheet at 31 December 2018

(in €000)	31/12/2018	31/12/2017
Non-current assets	59.724	52.223
Property, plant and equipment	7.858	5.814
Intangible assets	20.451	15.809
Goodwill	28.294	27.539
Investments in an associate and a joint venture	607	986
Non-current financial assets	26	78
Deferred tax assets	2.158	1.700
Other non-current assets	330	297
Current assets	51.805	44.860
Trade receivables	35.995	30.277
Current financial assets	2.151	2.852
Cash and short-term deposit	8.432	5.445
Current tax assets	3.018	4.564
Other current assets	2.209	1.723
Assets held for sale	-	1.883
Assets held for sale	-	1.883
Total assets	111.530	98.966

(in €000)	31/12/2018	31/12/2017
Equity and liabilities	36.224	35.667
Equity	28.740	28.740
Legal reserve	475	353
Straordinary reserve	927	938
Treasury shares	(860)	(885)
Other capital reserves	4.561	5.061
Retained earnings	1.757	1.146
Equity attributable to equity holders of the parents	35.600	35.353
Non-controlling interests	624	314
Non-current liabilities	14.264	12.491
Non-current financial liabilities	10.656	9.224
Net employee defined benefit liabilities	2.364	2.137
Provisions	20	188
Deferred tax liabilities	1.223	942
Current liabilities	61.042	50.808
Current financial liabilities	6.038	4.588
Current loans	3.627	1.583
Trade payables	48.607	41.397
Current tax liabilities	1.562	1.479
Other current liabilities	4.834	3.344
Liabilities directly associated with the assets held for sale	-	-
Liabilities directly associated with the assets held for sale		-
Total equity and liabilities	111.530	98.966

Consolidated Statement of Profit or Loss FY2018

(in €000)	31/12/2018	31/12/2017
Revenues	66.296	65.303
Other operating revenue	3.346	50
Cost of sales	(40.620)	(39.765)
Salary and contributions	(15.787)	(15.178)
Other operating expenses	(3.322)	(2.712)
Amortization	(6.203)	(5.757)
Provisions and devaluations	(479)	(63)
Operating profit	3.231	1.878
Finance income	84	698
Finance costs	(439)	(351)
Net finance income and costs	(355)	347
Share of profit of an associate and a joint venture	(61)	(44)
Adjustments of financial assets	(23)	(37)
Profit before tax	2.793	2.144
Income tax	(571)	(792)
Net profit for the period	2.222	1.352
- Equity holders of the parents	1.757	1.146
- Non-controlling interest	465	206
Other comprehensive income
Other comprehensive income not to be reclassified to profit or loss in subsequent periods (net of tax)	(104)	(23)
Employee benefits	(104)	(23)
Total other comprehensive income	(104)	(23)
Total comprehensive income, net of tax	2.118	1.329
- Equity holders of the parents	1.654	1.122
- Non-controlling interest	465	206
Profit / (loss) for share	0,06	0,04

Source: 2018 Consolidated financial statements.

Cash Flow Statement FY2018

(in €000)	31-Dec.-18	31-Dec.-17
Net profit	2.222	1.351
Amortization of tangible assets	801	462
Amortization of intangible assets	5.401	5.295
Provisions and devaluations	369	63
Share of the result of investments accounted for at equity net of dividends received	61	44
Provisions (Uses) to personnel-related funds	227	232
Provisions (Uses) to the risk provision	13	-
Other non-monetary items	452	(655)
Cash flow generated by income management	9.546	6.793
Change in trade receivables	(6.087)	(3.176)
Change in trade payables	7.210	7.184
Change in other receivables and other assets	508	(4.123)
Change in other payables and other liabilities	1.674	444
A - Net flow generated / (absorbed) by operating activities	12.851	7.122
Investments in tangible assets	(1.327)	(1.495)
Investments in intangible assets	(10.043)	(6.292)
Investments in financial assets (equity investments)	378	(106)
Realizable price, or redemption value, of fixed assets	(703)	-
Amounts (paid) / received for the acquisition / disposal of subsidiaries or associates, net of cash and cash equivalents acquired	1.110	(2.275)
B - Net flow generated / (absorbed) by investment activities	(10.585)	(10.169)
Dividends paid in the period	(988)	(2.130)
Loans disbursed (repaid)	(310)	(2.989)
Mortgages and loans taken over by banks and other lenders over the period	3.500	4.100
Increase in share capital	-	-
Purchase of treasury shares	-	-
Repayment of mortgages and long-term loans	(1.479)	(1.289)
C - Net flow generated / (absorbed) by financing activities	722	(2.308)
D - Total cash flow generated / (absorbed) in the period (A + B + C)	2.988	(5.354)
E - Cash and cash equivalents at the beginning of the period	5.445	10.798
F - Cash and cash equivalents at the end of the period (D + E)	8.432	5.445

Disclaimer

This document has been prepared by and is the sole responsibility of Triboo S.p.A. (the Company) for the sole purpose described herein.

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Thank you

Executive Director – Riccardo Maria Monti CFO & IRO – Giovanni Marino Investor Relations Advisor – Maria Grazia Mantini