AI assistant
TXT E-Solutions Investor Presentation 2021
4061_ip_2021-10-11_9af70488-6de7-4bb2-82e0-9887b6d343c9.pdf
Investor Presentation
Open in viewerOpens in your device viewer
STAR Conference - Fall Edition
October 12, 2021
TXT is an international IT Group, end-to-end provider of consultancy, software services and solutions, supporting the digital transformation of customers' products and core processes. With a proprietary software portfolio and deep expertise in vertical domains, TXT operates across different markets, with a growing footprint in Aerospace, Aviation, Defense, Industrial, Government and Fintech.
TXT is headquartered in Milan and has subsidiaries in Italy, Germany, the United Kingdom, France, Switzerland and the United States of America. The holding company TXT e-Solutions S.p.A, has been listed on the Italian Stock Exchange, STAR segment (TXT.MI), since July 2000.
10+ Location worldwide
1000+ Specialise Know-how Specialised engineers & professionals
30+ Certified Cross-Industry Quality Years Experience €69m Revenues FY-2020 Solid Financial structure Guaranteed by operating excellence & Innovation
3
4
GOVERNMENT
FINTECH
AEROSPACE
INDUSTRIAL
& OTHERS
Projects
Consultancy
Our process consultancy offering is rooted in deep industry & technology expertise
We offer flexible service models excelling in full risk-sharing partnerships
Software
Our solutions leverage on proprietary standard software products, libraries & frameworks, methods and patented technologies
Business Models
Licenses or Software as a Service: We provide digital solutions as SaaS or upon license.
Leave It Up To Us:
Enjoy the benefits of getting your turn-key digital solutions from an experienced one-stop supplier.
Shoulder-to-shoulder:
our experts work world-wide in the customers' premises, with a work package approach or following Customers' needs.
From consulting, to design and implementation of digital solutions
Focus on your core processes and products
Solid network of multidisciplinary competences and vertical excellences
Highly efficient development process
*Included €88.2M of Retail Business sold in FY17 net by extraordinary dividend payment
7
€ 3.4Mn H1-21 EBIT, +62.7% vs. H1-20
€4.2Mn -4% vs. H1-20, recovering from –12% in Q1-21
€ 10.9 Mn 25% of total revenues
€ 34Mnshort term net financial resources (June 2021) & + €10Mn* in Treasury Shares
* Value calculated with stock price of € 8.0 per share
Aerospace & Aviation Fintech
Aerospace & Defense ≃86% (out of 53.4%)
Industrial, Manufacturing, Automotive & Transportation
≃14% (out of 53.4%)
Government & Public Sector
≃23% (out of 46.6%)
Profit & Loss
| (€ thousand) | H1 2021 | % | H12020 | 8 | Var % |
|---|---|---|---|---|---|
| REVENUES | 43,699 | 100.0% | 32,108 | 100.0% | 36.1% |
| Direct costs | 27,085 | 62.0% | 18,087 | 56.3% | 49.7% |
| GROSS MARGIN | 16,614 | 38.0% | 14,021 | 43.7% | 18.5% |
| Research and Development costs | 3,313 | 7.6% | 3,714 | 11.6% | (10.8%) |
| Commercial costs | 3,757 | 8.6% | 3,258 | 10.1% | 15.3% |
| General and Administrative costs | 3,882 | 8.9% | 3,007 | 9.4% | 29.1% |
| EBITDA | 5,663 | 13.0% | 4,042 | 12.6% | 40.1% |
| Amortization, depreciation and write downs | 1,927 | 4.4% | 1,591 | 5.0% | 21.1% |
| Reorganization and non-recurring costs | 316 | 0.7% | 350 | 1.1% | (9.6%) |
| OPERATING PROFIT (EBIT) | 3,419 | 7.8% | 2,101 | 6.5% | 62.7% |
| Financial income (charges) | 271 | 0.6% | 892 | 2.8% | (69.7%) |
| EARNINGS BEFORE TAXES (EBT) | 3,689 | 8.4% | 2,993 | 9.3% | 23.3% |
| Taxes | (1,619) | (3.7%) | (263) | (0.8%) | 515.6% |
| NET PROFIT | 2,071 | 4.7% | 2,730 | 8.5% | (24.2%) |
Balance Sheet
| € thousand | 31.06.2021 | 31.12.2020 | Var. |
|---|---|---|---|
| € thousand | 31.06.2021 | 31.12.2020 | Var. |
| Intangible assets | 37,035 | 37,653 | (618) |
| Tangible assets | 37,035 | 37,653 | (618) |
| Intangible assets | 7,657 | 7,460 | 197 |
| Other fixed assets | 16,269 | 2,299 | 13,970 |
| Tangible assets | 7,657 | 7,460 | 197 |
| Other fixed assets | 16,269 | 2,299 | 13,970 |
| Fixed Assets | 60,961 | 47,412 | 13,549 |
| Fixed Assets | 60,961 | 47,412 | 13,549 |
| Inventories | 5,862 | 4,749 | 1,113 |
| Trade receivables | 32,605 | 35,411 | (2,806) |
| Inventories | 5,862 | 4,749 | 1,113 |
| Trade receivables | 32,605 | 35,411 | (2,806) |
| Other short term assets | 6,402 | 5,782 | 620 |
| Trade payables | (3,783) | (4,176) | 620 |
| Other short term assets | 6,402 | 5,782 | 393 |
| Trade payables | (3,783) | (4,176) | 393 |
| Tax payables | (3,972) | (3,164) | (808) |
| Other payables and short term liabilities | (18,454) | (17,471) | (983) |
| Tax payables | (3,972) | (3,164) | (808) |
| Other payables and short term liabilities | (18,454) | (17,471) | (983) |
| Net working capital | 18,661 | 21,131 | (2,470) |
| Net working capital | 18,661 | 21,131 | (2,470) |
| Severance and other non current liabilities | (4,477) | (4,740) | 263 |
| Severance and other non current liabilities | (4,477) | (4,740) | 263 |
| Capital employed - Continuing Operations | 75,145 | 63,803 | 11,342 |
| Capital employed - Continuing Operations | 75,145 | 63,803 | 11,342 |
| Shareholders' equity | 86,050 | 85,454 | 596 |
| Shareholders' equity | 86,050 | 85,454 | 596 |
| Shareholders' equity (minority interests) | 233 | 409 | (176) |
| Net financial debt | (11,139) | (22,060) | 10,921 |
| Shareholders' equity (minority interests) | 233 | 409 | (176) |
| Net financial debt | (11,139) | (22,060) | 10,921 |
| Financing of capital employed | 75,144 | 63,803 | 11,341 |
Financing of capital employed 75,144 63,803 11,341
Net Cash
| € thousand | 30.06.2021 | 31.12.2020 | Var |
|---|---|---|---|
| Cash & Cash equivalents | 12,942 | 11,933 | 1,009 |
| Trading securities at fair value | 53,638 | 68,161 | (14,523) |
| Current financial assets | - | - | - |
| Current bank loans | (32,350) | (30,636) | (1,714) |
| Short term Financial Resources | 34,229 | 49,458 | (15,229) |
| Non current financial debts - Lessors IFRS 16 Options referred to M&A (Put/Call - Earn Out) |
(3,976) (19,114) |
(3,580) (23,818) |
(396) 4,704 |
| Non current Financial Debts | (23,090) | (27,398) | 4,308 |
| Net Available Financial Resources | 11,139 | 22,060 | (10,921) |
TXT
Dividends and Treasury Shares Repurchase (€m)
Shareholding Structure June 30th, 2021*
* Latest Public Data Available
Rebranding
Reboot of Our
- Reinforce the TXT Group identity
- Enhance the excellence of each part
- Show the change of speed
- Leverage synergies: designed by
TXT Group is going through a phase of change and strong growth. We are aggregating a network of synergic excellencies with the strategic ambition to maintain and expand the strong momentum in all key sectors of our business. This is why we have decided to create, with creative and innovative thinking, a new visual identity capable not only of communicating our nature as digital innovators and our flexibility in responding to ongoing change, but also of reinforcing the group identity, enhancing the excellence of all its parts .
TXT acquires :
strengthened
- TXT e -solutions S.p.A. ("TXT") announces the acquisition of TeraTron GmbH, acquiring 100% of its capital.
- TXT continues its internationalisation process with a further acquisition in Germany.
- This new acquisition strengthens TXT IoT offering in its already robust Automotive & Industrial (Industry 4.0) sector.
- Expected €9 million revenues with EBITDA of approximately €2 million full year results 2021. TXT will consolidate results starting from 1 August 2021.
Never Better.
Via Milano 150 20093 Cologno Monzese (MI) Italy
[email protected] +39 02 257711
© TXT e-solutions –All rights reserved. Confidential and proprietary document.
This document and all information contained herein is the sole property of TXT e-solutions . No intellectual property rights are granted by the delivery of this document or the disclosure of its content. This document shall not be reproduced or disclosed to a third party without the express written consent of TXT e-solutions . This document and its content shall not be used for any purpose other than that for which it is supplied. The statements made herein do not constitute an offer. They are based on the mentioned assumptions and are expressed in good faith. Where the supporting grounds for these statements are not shown, TXT e-solutions will be pleased to explain the basis thereof.