AI assistant
TXT E-Solutions Investor Presentation 2021
4061_cp_2021-05-18_77cfef72-f8ad-47ed-85d9-82826591acef.pdf
Investor Presentation
Open in viewerOpens in your device viewer
TXT Group Corporate Presentation
Tech Sector Day May 19| 2021
Daniele MISANI, CEO Andrea FAVINI, IR
Disclaimer
The material in this presentation has been prepared by TXT esolutions ("TXT") and is general background information about TXT's activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk.
This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to TXT's businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward-looking statements. TXT does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside TXT's control. Past performance is not a reliable indication of future performance. Unless otherwise specified all data refers to FY 2020.
Enrico Magni
Chairman
A seasoned entrepreneur with a solid track record in driving companies' growth, Enrico joined TXT as relative majority Shareholder and became first CEO in 2018 and then Chairman in 2020 with the goal to drive the growth path of TXT.
Misani Daniele
- 20 years in TXT, strong international background in business development and delivery, in 2020 Daniele Misani has been appointed Group CEO after the achievement of brilliant results in driving the international growth of the Aerospace & Aviation business as Managing Director of TXT Group.
Eugenio Forcinito
Group CFO
+20 years experience in the Finance and Administration sector and a deep knowledge of managerial dynamics, in the last fifteen years Eugenio has always been focused and committed to the sustainable growth and development of TXT Group.
_Reboot completed: a new phase of growth ahead
NEVERBETTER
innovative services
* Included Retail business sold in FY2017
_A valuable partner for products & processes digitalization
_AEROSPACE
_An emerging player with innovative solutions
FINTECH_
_diversifying: by adjacent Offerings, Geographies & Markets
Q1-2021 HIGHLIGHTS
_Q1 Results: 2021 vs. 2020
Since 2018, constantly improving quarterly Revenues and EBITDA results
#NEVERBETTER
NET PROFIT EXPANSION € 1,2Mn Q1 -21 NET PROFIT, +391% vs Q1 -20
SOFTWARE REVENUES
€ 2Mn -14% vs. Q1 -20, due to the slow -down of new business in civil aviation
)
R&D + COMMERCIAL INVESTMENT (expensed in the P&L € 4.2Mn in Q1 -21, +13.2% vs Q1 -20
CASH + TREASURY SHARES AVAILABLE FOR GROWTH € 67Mn Cash & Cash equivalents & > €9Mn* in Treasury Shares
* Value calculated with stock price of € 7,42 per share
_Aerospace & Aviation
AIRBUS (NAVBLUE) and PACE partnership
We provide flight crews with optimized speeds and altitudes fully integrated in NAVBLUE's electronic flight folder eFF+
New positive outlook for our XR platform WEAVR Large market debut, first contracts via Unity marketplace (https://unity.com/products/weavr). New strategic partnerships signed (Academic: PoliTO, Industrial: Paladin AI).
_Fintech
First Success for POLARIS
Maire Tecnimont Group is launching a financial program aimed at fostering the growth of
1 CHELEO strengthens its positioning in NPL market Beginning of a long-term collaboration with AMCO for the management of a portfolio of leasing receivables sold to them in March 2021. strategic Italian suppliers. 12
1
_Q1-2021 FINANCIALS
| € thousand |
Q1 2021 | % | Q1 2020 | % | VAR % |
|---|---|---|---|---|---|
| REVENUES | 21,481 | 100.0 | 16,255 | 100.0 | 32.2 |
| Direct costs | 13,210 | 61.5 | 8,981 | 55.3 | 47.1 |
| GROSS MARGIN | 8,271 | 38.5 | 7,274 | 44.7 | 13.7 |
| Research and Development costs | 1,650 | 7.7 | 1,803 | 11.1 | (8.5) |
| Commercial costs | 2,513 | 11.7 | 1,872 | 11.5 | 34.2 |
| General and Administrative costs | 1,405 | 6.5 | 1,634 | 10.1 | (14.0) |
| EBITDA | 2,703 | 12.6 | 1,965 | 12.1 | 37.6 |
| Amortization, depreciation and write downs | 975 | 4.5 | 793 | 4.9 | 23.2 |
| Reorganization and non-recurring costs | 0 | 0 | 0 | 0 | 0 |
| OPERATING PROFIT (EBIT) | 1,728 | 8.0 | 1,172 | 7.2 | 47.4 |
| Financial income (charges) | 256 | 1.2 | (672) | (4.1) | n.a. |
| EARNINGS BEFORE TAXES (EBT) | 1,984 | 9.2 | 500 | 3.1 | 296.8 |
| Taxes | (746) | (3.5) | (248) | (1.5) | 200.8 |
| NET PROFIT | 1,238 | 5.8 | 252 | 1.6 | 391.3 |
| € thousand | 31.03.2021 | 31.12.2020 | VAR |
|---|---|---|---|
| Cash | 13,461 | 11,933 | 1,528 |
| Trading securities at fair value | 53,469 | 68,161 | (14,692) |
| Cash & Cash equivalents | 66,930 | 80,094 | (13,164) |
| Short term bank loans | (28,992) | (28,181) | (811) |
| Options referred to M&A (Put/Call – Earn Out) |
(964) | (960) | (4) |
| Short term financial debts – Lessors IFRS 16 |
(1,470) | (1,494) | 24 |
| Short term Financial Resources | 35,504 | 49,459 | (13,955) |
| Other Non -current Financial Debts |
(16,444) | (18,874) | 2,430 |
| Non -current financial debts – Lessors IFRS 16 |
(3,279) | (3,580) | 301 |
| Options referred to M&A (Put/Call – Earn Out) |
(4,944) | (4,944) | 0 |
| Non -current Financial Debts |
(24,667) | (27,398) | 2,731 |
| Net Available Financial Resources | 10,837 | 22,061 | (11,224) |
| € thousand | 31.03.2021 | 31.12.2020 | VAR |
|---|---|---|---|
| Intangible assets Tangible assets Other fixed assets Fixed Assets |
37,311 7,054 16,691 61,056 |
37,653 7,460 2,299 47,412 |
(342) (406) 14,392 13,644 |
| Inventories Trade receivables Other short term assets Trade payables Tax payables Other payables and short term liabilities Net working capital |
5,826 34,070 6,683 (4,206) (5,506) (20,055) 16,812 |
4,749 35,411 5,782 (4,176) (5,147) (17,471) 19,148 |
1,077 (1,341) 901 (30) (359) (2,584) (2,336) |
| Severance and other non current liabilities | (2,770) | (2,757) | (13) |
| Capital employed - Continuing Operations | 75,099 | 63,803 | 11,296 |
| Shareholders' equity Shareholder's equity (Minority interests) Net financial debt/(cash) |
85,936 0 (10,837) |
85,454 409 (22,060) |
482 (409) 11,223 |
| Financing of capital employed | 75,099 | 63,803 | 11,296 |
Shareholding Structure March 31st, 2021*
Market Data
| Share Price Dec 31st, 2010 |
1.51€/share* |
|---|---|
| Share Price Mar 31st, 2021 | 7.42€/share |
| Mkt Mar 31st, 2021 |
87m€ |
| Dividend Yield |
0,5% |
rebased for free share distribution*
Dividends and Treasury Shares Repurchase (€m)
Dividends
| Year | Dividends | Year |
|---|---|---|
| 2013 0.20 € / share | 2017 0.30 € / share | |
| 2014 Free Share Distribution 1:1 | 2018 1.00 € / share | |
| 2014 | 0.25 € / share | 2019 0.50 € / share |
| 2015 | Free Share Distribution 1:10 | 2020 nil |
| 2015 0.25 € / share | 2021 0.04 € / share |
|
| 2016 0.25 € / share |
