half-year results · Econocom - 2020 Half Year Results 20 Financing activities generated €479 M...
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2020half-year resultsANALYST PRESENTATIONSeptember 10th, 2020
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Today’s speakers
Econocom - 2020 Half Year Results 2
JEAN-LOUIS BOUCHARDChairman & CEO
Angel BENGUIGUIManaging Director
Laurent ROUDILManaging Director
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01 One digital company
02 H1 2020results and financial position
03 2021 outlook
OUR AGENDA
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One digital company,a new claim to expressour identity and singularity
Digitalgeneralcontractor
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2009
759
0
2 000
4 000
6 000
8 000
10 000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
29
4767
7489 95
118140
111126
1 021
1 584 1 5381 773
2 093
2 316
2 536
2 927 2 9272 750
130
2020 e
Consolidation period
Impact of disposals:Revenue
ROP
Headcount31/12/n
ECSAcquisition
(2010)
Osiatis Acquisition(2013)
Starting period of new management team
(end 2016 / early 2017)
Appointment of L. Roudil as GM for Services(early 2018)
Appointments as Group Managing Directors of A. Benguigui & L. Roudil(March 2020)
Appointmentas CFO ofA. Benguigui(April 2019)
2018-20: 3 years of consolidation
0
500
1 000
1 500
2 000
2 500
3 000
Revenue In € M
0
50
100
150
200
ROPin €M
Econocom - 2020 Half Year Results 5
154
2 980
Headcount
• Revenue :• ROP :• Cash :
ca. -€200 Mca. -€20 Mca. +€200 M
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Econocom - 2020 Half Year Results 6
One digital company
Committedteams
Strengthenedfundamentals
Supportive market trends
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01 One digital company
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Digital generalcontractorEquipment | Services | Financing
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Digital general contractor
E Q U I P M E N T
S E R V I C E S
F I N A N C I N G
End-to-end support abilityfor the implementation of digital projects
Econocom offering
Econocomexpertise
Applications Recycling
Advisory Solutions
Cloud Managed Services
IntegrationInstallation
Clientsneeds
User experience
Synergies betweenpeople & digital
Funding agility
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Our success factors in digital transformation
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Others17%
Education
22%
Manufacturing18%
Services18%
IT15%
Energy10%
Multi-industry expertise
Wide range of
technologies & services
European presence
Long-termpartnerships
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Econocom - 2020 Half Year Results 11
The teamat the center of the organization
Unfailing support provided to our clients throughout Covid-19 crisis
Very experienced Management Team
New talents to drive sustainable growth
Entrepreneurial mindset
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Case Study #1: large outsourcing project for a global high-tech leader
Goal
Governance
Innovation
Full outsourcing of the Workplace support chain
End-to-end project support
User experience improvement
Key figures
44,000 users
5 yearcontract
€52 Mproject
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Case Study #2: digital transformation of points of sales of a leading car manufacturer
Key figures
15,000 equipment delivered
and installed
16 countries
€30 Mproject
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Goal
Team
Innovation
Transforming and digitalizing dealerships across Europe
All countries involved with central coordination
Installation and maintenance of audiovisual solutions
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02 H1 2020 results and financial position
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Key highlights
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Revenue
€1.24 BnROP
€43.5 MNet financial debt
€303 MNet Result
€22.1 M
4xvs. H1 2019
-12.5%vs. H1 2019
(1) -€102 M vs. H1 2019
+12.4% vs. H1 2019
(1) (2)
(1) On a like-for-like basis(2) Before amortization of intangible assets from acquisitions(3) Excluding impact of IFRS 16 on leases and rentals for which Econocom is a tenant
(3)(1)
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H1 2020 revenue impactedby Covid-19 pandemic
ROP up by €4.8 M (+12.4%) vs. H1 2019
Positive effects of cost savings measures started early 2019 and intensified in H1 2020
Driving sharp increase in profitability
Continued increase in profitability despite Covid-19 impact
Econocom - 2020 Half Year Results 16
€43.5 M
€38.7 M
€1,240 M
€1,417 M
Revenue(1)
Recurring operating profit (ROP) (1)(2)
H1 2020
H1 2019
H1 2020
H1 2019
12.5%-
12.4%+
(1) On a like-for-like basis(2) Before amortization of intangible assets from acquisitions
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France
53% (€659 M)
6% (€68 M)
North America
Benelux
North & East Europe
15% (€182 M)
8% (€102 M)
South Europe
18% (€228 M)
Strong foothold and scale in Europe
All regions similarly impacted by the Covid-19 pandemic
H1 2020 Revenue (% and €)
Total€1,240 M
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Accelerating on cost savings plan
Clear acceleration of cost savings plan over H1 2020
Well on track with €90 M objective of net savings by 2021
Structural cost savings excluding ad hoc cost initiatives in connection with Covid-19 pandemic
H1 2020 Period to date Realized €73 M
€90 M
Cumulated net annual cost savings
2021 Net Global Objective(1)
(1) Equivalent to €96.5 M gross amount (excluding reinvestment) Econocom - 2020 Half Year Results 18
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Similar decline in revenue between Services (-12.4%) and Products & Solutions (-11.7%)
Sharp increase in Services profitability (5.7%) on the back of cost savings implementation and strategic refocus towards value-added contracts
Continued increase in Products & Solutions profitability (3.6% vs. 3.3%)
Services / Products & Solutions (DSS): Strong increase in profitability
Econocom - 2020 Half Year Results 19
Revenue(1)
Recurring operating profit (ROP)(1)(2)
11.9%-
51.5%
+
€761 MH1 2020
H1 2019 €864 M
Services Products & Solutions
(1) On a like-for-like basis(2) Before amortization of intangible assets from acquisitions
€544 M
€481 M
€33.5 M
Services Products & Solutions
€17.9 M
€17.2 M
€22.1 M
H1 2020
H1 2019
€280 M
€16.2 M
€320 M
€4.2 M
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Technology Management & Financing: Revenue and ROP hit by Covid-19 crisis
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Financing activities generated €479 M in revenue down 13.5% year-on-year
Decrease more significant in Q1 (-16.2%) than in Q2 (-11.7%) with new operations gradually introduced again
Translating into €10.0 M ROPgiven less variable cost model
€553 M
Revenue(1)
Recurring operating profit (ROP)(1)(2)
H1 2020
H1 2019
H1 2020
H1 2019
13.5%-
39.4%-
€479 M
€10.0 M
€16.6 M
(1) On a like-for-like basis(2) Before amortization of intangible assets from acquisitions
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Stability of TMF portfolio
€6.1 Bn
€0.18 Bn
€2.9 Bn
Overall stability of portfolio at original purchasing price
Residual interest(1)
• 2.9% of the OriginalPurchase Price
• >2x covered by remarketing of assets and contract extensions
(1)
Contract portfolio
(1) Estimated value of assets at the expiry of the lease contract
Residual interestOriginalpurchase price
Outstandings
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(1) Restated(2) Before amortization of intangible assets from acquisitions
(In €M) H1 2020 H1 2019(1)
Revenue 1,240 1,424
Recurring operating profit2 43.5 41.2
Recurring operating profit 42.5 40.2
Non-recurring operating incomes and expenses -23.7 -13.5
Operating profit 18.8 26.8
Financial result -8.5 -8.9
Profit before tax 10.3 17.9
Income tax -5.6 -7.8
Net profit from continued operations 4.7 10.1
Result from discontinued operations 17.4 -4.9
Net profit 22.1 5.2
Overall increase in ROP and Net profit
Increased in ROP despite declinein revenue
Increase in non-recurring expenses following acceleration in cost program implementation and Covid-19 expenses
Net profit benefited from capital gains of non-core assets disposals
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H1 2020 FCF generation in line with H1 2019
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Free cash flow generation in line with H1 2019 level
• FCF structurally negative over H1
• WCR improvement
OperatingCash flow
Non recurring
items
TMFInvestments
WCR Financial Expenses
& Income tax
CAPEX Free cash flow
+50-44-19
-5 -127
-88
-20
OperatingCash flow
Non recurring
items
TMFInvestments
WCR CAPEXFinancial Expenses
& Income tax
+76-6
-15
-10 -116
-133
-27
Free cash flow
Free Cash flow over H1 2020
Free Cash flow over H1 2019(1)
(1) Published figures
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Solid Free Cash Flow 12 monthsas of end of H1 2020
NFD(1)
H1 2019OperatingCash flow
Non recurring
items
TMFInvest-ments
WCRFinancial Expenses& Income
tax
CAPEX M&A(2) NFD(1)
H1 2020Treasury
shareBuybacksDividend
Others(3)
FCF 12 months H1 2020= +€78 M€78 M of FCF generation over last 12 months contributing to deleveraging
• €140 M of cash flow from operating activities
• €52 M WCR outflow slightly improved
• €110 M net inflow on disposals
+140-30
-35-29
-16
-51
-303-405
+52 -39
+110
Econocom - 2020 Half Year Results 24
(1) NFD: Net Financial Debt excluding impact of IFRS 16 on leases and rentals for which Econocom is a tenant(2) Includes cash proceeds of disposals of assets and cash disbursements on minority stakes bought in satellites(3) “Others” includes cash impact of IFRS 5 and IFRS 16
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NFD reaching €303 Mdown €102 M vs. H1 2019
• Benefits from the sale of EBC in H1 2020
Sharp decrease in leverage ratio at H1 2020
• 1.8x 12 LTM EBITDA vs. 2.5x in H1 2019
Ongoing disposals of non-core assets to further accelerate deleveraging path
Strong progress on deleveraging path
Econocom - 2020 Half Year Results 25
H1 2019 H1 2020
€405 M
€303 M-€102 M 2.5x
1.8x
Net Financial Debt (NFD)(1)
H1 2019 H1 2020
Leverage ratio – NFD to LTM EBITDA
(1) NFD: Net Financial Debt excluding impact of IFRS 16 on leases and rentals for which Econocom is a tenant
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Solid liquidity position
Ample liquidity ofca. € 375 M including planned actions to accelerate deleveraging
No need for state-backed loans
Next bond maturity in November 2021 following partial repayment of Euro PP in June 2020
13
nov-21 2022 2023
Bond repayment schedule – H1 2020
(1) Net cash as of H1 2020 : Cash on hand €478 M minus short-term debt €307 M (commercial papers and drawn credit lines)
Euro PPSchuldschein OCEANE
€55 M
€137 M
€200 M
Econocom - 2020 Half Year Results 26
53 m€
171 m€
Catégorie 1
€171 M
ca. €150 M
€53 M Actionsto come
€224 M
€375 M
Liquidity overview – H1 2020
Net cash(1)
Undrawn credit linesTotal
Liquidity& Schuldschein
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Financial objectives 2020
2020 Revenue growth of -6% or better
2020 ROPslightly better or equal to 2019 ROP(1)
Implement actions towardszero net debt
Econocom - 2020 Half Year Results 27(1) On a like-for-like basis
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03 2021 outlook
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Econocom - 2020 Half Year Results 29
One digital company
Committedteams
Strengthenedfundamentals
Supportive market trends
A new era for growth
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Products & Solutions
Econocom - 2020 Half Year Results 30
At the center of evolving customer needs
2021 focus
Grow in Germany, Italy, Benelux and Spain
Strengthen positions in France
Today key metrics
Revenue 2019
€1.1 Bn
People
ca. 600
#2 in France, challenger positions in rest of Europe
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Focus: acquisition of Switch B2B assets in Belgium
Key highlights
Group dynamics
in Education
€25 Mrevenue in 2019
Econocom - 2020 Half Year Results 31
New Apple certification to develop premium services and support levels for Education clients
Strengthen Econocom leadership as an Apple Authorized Enterprise Reseller (“AAER”)
1st Apple Premium Reseller in Belgium
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Services
Econocom - 2020 Half Year Results 32
Focus on higher value-adding offerings
2021 focus
Mutualize outsourcing model between France, Belgium and Spain
Synergies with satellites
Today key metrics
Revenue 2019
€0.7 Bn
People
ca. 7,800
Top 10 France
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Econocom - 2020 Half Year Results 33
Margin improvement
x 2.5from 2.5% to 6.5% vs. 2017
ROP improvement
x 2.5vs. 2017
Services in FranceStrong increase in results and profitability over the last 3 years
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Technology Management & FinancingA growing market in the next years
2021 focus
Recruit new salespeople
Target external developmentsin Germany
Growth actions all over Europe
Today key metrics
Revenue 2019
€1.1 Bn
People
ca. 650
Leading positionin France scale and foothold in major European countries
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Solid and experienced TMF Management team
Chantal De VriezeBrussels
Emiliano VeronesiMilano
Samira DraouaParis
Carlos Perez-HerceMadrid
Frances WestonLondon
Christoph BläserFrankfurt
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Financial objectives 2021
Econocom - 2020 Half Year Results 36
2021 Revenuegrowth between +5% and +10%
Implementation ofnew 3-year strategic plan to be presentedin February 2021
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Q&A
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Econocom -2020 Half Year Results
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Appendices
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Stock Exchange
Econocom - 2020 Half Year Results 39
Number of shares:
• 220,880,430
Share price as of September 8th, 2020:
• 2.4€
Listing place:
• Euronext Brussels
• EBR: ECONB
• ISIN: BE0974313455
Stock Indexes:
• Bel Mid and Family Business
Holding companies held by Mr. Bouchard
40.6% Free float
57.9%
Treasury Stocks
1.5%
Market Cap€530 M
Equity table
(1) as of July 31st, 2020
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Divisional breakdown overview
Econocom - 2020 Half Year Results 40
Revenue(1)
(1) On a like-for-like basis(2) Before amortization of intangible assets from acquisitions
2019
2018
€2,927 M
€2,927 M
Equipment Services
€1,131 M
€1,026 M €652 M
€671 M
Financing
€1,124 M
€1,249 M
Recurring operating profit (ROP)(1)(2)
2019
2018
€126.2 M
€110.9 M
Equipment Services
€38.7 M €19.9 M
Financing
€52.3 M
€46.9 M €35.4 M €43.9 M
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H1 2020 Revenue and ROP bridges
Econocom - 2020 Half Year Results 41
Revenue
ROP
IFRS 5 impact
IFRS 15impact
1,238 -6
H1 2019Published
192 1,424
H1 2019 Restated
Rayonnancedisposal
ExchangeRates
H1 2019 Like-for-Like
-8 1 1,4171,240
H1 2020
IFRS 5 impact
IFRS 15impact
40.2 1.2
H1 2019Published
- 41.4
H1 2019 Restated
Rayonnancedisposal
Exchange Rates
H1 2019 Like-for- Like
-2.6 -0.1 38.743.5
H1 2020
In €M
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Simplified consolidated balance sheet
Econocom - 2020 Half Year Results 42
ASSETS (IN €M) 30/06/2020 31/12/2019(1)
Goodwill 509 513
Other non-current assets 219 234
Assets related to leasing activities 459 404
Residual interest in leased assets 177 165
Net receivables from own booked TMF contracts 282 239
Other trade and other receivables 731 855
Other current assets 167 137
Assets held for sale 114 201
TOTAL 2,198 2,343
EQUITY & LIABILITIES (IN €M) 30/06/2020 31/12/2019(1)
Equity 498 484
Net Financial Debt 303 252
Commitments on residual value 105 102
Other non-current liabilities 146 131
Trade payables 866 981
Other current liabilities 233 311
Liabilities related to assets held for sale 47 83
TOTAL 2,198 2,343
(1) After application of IFRS 5 and IFRS 16
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Net Financial Debt(1) overview
Econocom - 2020 Half Year Results 43
NFD at €303 M at H1 2020
• of which €282 M related to own booked TMF contracts maturing within 30 months
In €M
NFD
-39
-41Short term
debt
OCEANEEuro PP
Schuldschein
Others
478 -307
Netcash
-191
-55
-150
-78
-303
Cash on hand
Bonds
(1) NFD: Net Financial Debt excluding impact of IFRS 16 on leases and rentals for which Econocom is a tenant
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Contacts
Econocom - 2020 Half Year Results 44
Contact relations investisseurs et relations actionnaires :
Contact relations presse :
Contact agence :
Contact agence: [email protected]. +33 1 80 81 50 00
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Econocom -2020 Half Year Results
45
Thank you