Q3 2017 Quarterly Financial Noteholders - Evoca Group€¦ · Q3 2017 Noteholders’ Presentation...

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Q3 2017 NoteholdersPresentation 30 November 2017 May 28 th , 2019 Quarterly Financial Performance Q1 2019

Transcript of Q3 2017 Quarterly Financial Noteholders - Evoca Group€¦ · Q3 2017 Noteholders’ Presentation...

Page 1: Q3 2017 Quarterly Financial Noteholders - Evoca Group€¦ · Q3 2017 Noteholders’ Presentation 30 November 2017 May 28th, 2019 Quarterly Financial Performance Q1 2019

Q3 2017

Noteholders’

Presentation

30 November 2017

May 28th, 2019

Quarterly Financial

Performance

Q1 2019

Page 2: Q3 2017 Quarterly Financial Noteholders - Evoca Group€¦ · Q3 2017 Noteholders’ Presentation 30 November 2017 May 28th, 2019 Quarterly Financial Performance Q1 2019

Disclaimer

May 28th, 2019 Q1 2019 Financial Performance

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In this presentation, the terms “Group”, “we”, “us” and “our” refer to EVOCA S.p.A. (the “Company”) and its subsidiaries. No representation or

warranty (whether express or implied) is given in respect to any information on this presentation or that this presentation is suitable for the

recipient’s purposes. The information herein is not all inclusive nor does it contain all information that may be desirable or required in order to

properly evaluate the Group. Neither the Group nor any of its officers, directors, employees, affiliates or advisors will have any liability with respect

to any use of, or reliance upon, any of the information contained herein. The Group has no obligation whatsoever to update any of the information or

the conclusions contained herein or to correct any inaccuracies that may become apparent subsequent to the date hereof.

This presentation may contain “forward looking statements” within the meaning of the U.S. federal securities laws and the securities laws of certain

other jurisdictions. In some cases, these forward looking statements can be identified by the use of forward looking terminology, including the words

“aims,” “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “forecasts,” “future,” “guidance,” “intends,” “may,” “ongoing,” “plans,”

“potential,” “predicts,” “projects,” “seek,” “should,” “target,” “will,” “would” or, in each case, their negative or other variations or comparable

terminology or by discussions of strategies, plans, objectives, targets, goals, investments, future events, beliefs or intentions. These forward looking

statements are based on plans, estimates and projections as they are currently available to our management. Such forward looking statements are

not guarantees of future performance and are subject to, or are based on, a number of factors, assumptions and uncertainties that could cause

actual results to differ materially from those described in the forward looking statements. Due to such uncertainties and risks, readers are cautioned

not to place undue reliance on such forward looking statements. Any forward looking statements are only made as at the date hereof and, except to

the extent required by applicable law or regulation, we undertake no obligation to publicly update or publicly revise any forward looking statement,

whether as a result of new information, future events or otherwise.

This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or

acquire securities in any entity of the Group. The recipient acknowledges and agrees that it is responsible for making an independent judgment in

relation to information contained herein and for obtaining all necessary financial, legal, accounting, regulatory, tax, investment or any other advice

that it deems necessary or appropriate. This presentation is only for persons having professional experience in matters relating to investments and

must not be acted or relied on by any person.

All figures presented in this report are based on our consolidated management accounts and are unaudited. The financial information herein

includes certain non-IFRS measures that we use to evaluate our economic and financial performance. These measures include, among others,

EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Operating Profit Before Exceptional Items. The non-IFRS measures

may not be comparable to similarly titled measures of other companies and have limitations as analytical tools and should not be considered in

isolation or as a substitute for analysis of our operating results as reported under IFRS.

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May 28th, 2019 Q1 2019 Financial Performance

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EVOCA S.p.A.

Quarterly Financial Performance

Q1 2019 – Period ended March 31st, 2019

I. Q1 2019 Financials Summary

II. Appendix

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Pro forma economic results

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Including the result of Quality Espresso as if it was acquired on January 1, 2018 excluding the discontinued business of SGL with Lavazza

(€ thousands) March 31, March 31, Variance March 31, December 31, Variance

2019 2018 % 2019 2018 %

Results

Revenue 124,361 118,957 4.5% 467,304 461,900 1.2%

Adjusted EBITDA* 28,996 27,032 7.3% 108,692 106,729 1.8%

Adjusted EBITDA margin** 23.3% 22.7% 23.3% 23.1%

Operating profit *** 24,922 22,899 8.8% 83,937 81,914 2.5%

Profit for the period*** 15,220 11,780 26,159 22,718

(*)

(**) We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues.

(***) Excluding the impact of the Purchase Price Allocation

For the twelve months endedFor the three months ended

We define Adjusted EBITDA as net profit (loss) plus income tax expense, net f inancial income (expense), depreciation, amortization, special costs and the

Real/Euro and Argentinian Peso/Euro (since August 2018) foreign exchange adjustment. We present non-IFRS measures because w e believe they and similar

measures are w idely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity and

are intended to assist in the analysis of our operating results, profitability and ability to service debt. Adjusted EBITDA is not a measure of f inancial

performance under IFRS and should not be considered in isolation or as an alternative to any other measures of performance derived in accordance w ith

IFRS. Adjusted EBITDA, as presented in this Report, may not be comparable to similarly titled measures reported by other companies.

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Pro forma economic results

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Compared to the same period of 2018, three months ended March 31st, 2019 pro forma results of operations excluding discontinued

business show an increase in Revenue of Euro 5.4 million (+4.5%) and an Adjusted EBITDA of Euro 2 million (+7.3%).

Adjusted EBITDA has been Euro 29 million, compared to Euro 27 million in 2018 with Adjusted EBITDA margin at 23.3% in the three

months ended March 31st, 2019 compared to 22.7% in the three months ended March 31st, 2018.

In the three months ended March 31st, 2019 Operating profit increased by Euro 2 million compared to the three months ended March 31st,

2018, representing 20% of revenue in 2019 compared to 19.2% in 2018.

For the twelve months ended March 31st, 2019, pro forma Revenue reached Euro 467.3 million (Euro 5.4 million higher than December

31st, 2018 results), Adjusted EBITDA reached Euro 108.7 million (Euro 2 million more than December 31st, 2018 results) and Operating

profit reached Euro 83.9 million (Euro 2 million higher than December 31st, 2018 results) thanks to the solid performance of the Group.

Including the result of Quality Espresso as if it was acquired on January 1, 2018 excluding the discontinued business of SGL with Lavazza

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Pro forma Revenue

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Including the result of Quality Espresso as if it was acquired on January 1, 2018 excluding the discontinued business of SGL with Lavazza

For the twelve

months ended

March 31, 2019 March 31, 2018 Variance % March 31, 2019

Revenue by geography (€ thousands) 124,361 118,957 4.5% 467,304

Italy 29,367 28,912 1.6% 110,351

France 16,113 16,378 (1.6%) 52,369

Spain 16,664 14,592 14.2% 56,511

UK 2,535 2,535 0.0% 11,013

Germany 5,939 5,270 12.7% 21,257

Nordics 5,090 5,289 (3.8%) 17,999

Other Europe 15,051 15,383 (2.2%) 58,647

East Europe 10,976 10,868 1.0% 41,850

Africa & Middle East 1,051 1,893 (44.5%) 4,750

Asia & Pacific 5,338 5,284 1.0% 19,721

North America 11,841 7,638 55.0% 47,923

Central & South America 4,397 4,913 (10.5%) 24,912

Revenue by segment (€ thousands) 124,361 118,957 4.5% 467,304

Auto coffee (1)

35,786 36,753 (2.6%) 131,634

Semi Auto coffee (2)

50,616 44,710 13.2% 192,396

Impulse (3)

12,818 14,086 (9.0%) 49,912

Accessories, Spares & Services 25,141 23,408 7.4% 93,362

(1) Auto coffee: machines for large sized location. Defined as machines with cup dispensing technology

(2) Semi auto coffee: machines for small/medium sized location without cup dispensing technology

(3) Impulse: machines dispensing snack&food and can&bottle

For the three months ended

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Pro forma Revenue

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Very good results for I QRT ended March 31st, 2019 with Revenue increasing by Euro 5.4 million, or 4.5% compared to Pro forma I QRT

2018.

GEOGRAPHIES

In Western Europe, best performers were: i) Spain where Revenue increased by 14.2% or Euro +2.1 million compared to I QRT 2018 with

positive results both with key players and small/medium customers; good performances in all segments especially in Semi Auto Coffee

segment (in particular Ho.Re.Ca) and in Impulse segment thanks to small/medium customers; ii) Germany where Revenue increased by

12.7% or Euro 0.7 million compared to I QRT 2018, thanks to the positive results of small/medium customers in Semi Auto Coffee segment

(OCS Core and Capsules).

Positive results also in Italy: small/medium customers and Spares & Accessories segment good performances.

UK in line with I QRT 2018 trend: downturn of a key player compensated by small/medium customers good performance.

Slight decrease in France and Nordics mainly attributable to a couple of Key customers. Downturn in Other Europe is due to two key

customers underperformances in Belgium and Switzerland only partially offset by good performances in Balkans (Auto Coffee and OCS

Semi Auto Coffee), Holland (thanks to a key customer) and Austria (thanks to Auto Coffee and Semi Auto Coffee – Ho.re.Ca.).

In the Rest of world, the best performer was North America with Euro 4.2 million or 55% Revenue higher than the same period last year

thanks to Semi Auto Coffee machines (especially with a key player).

Asia and Pacific quarterly results were slightly better than the same period 2018 due to the high turnover linked to a China player and good

performance in Thailand, only partially offset by poor results in Japan, Korea, Taiwan and Singapore.

Positive performance also in East Europe mainly thanks to Ukraine and Poland (especially in Semi Auto Coffee) only partially offset by

downturn in Romania and Czech Republic (especially in Auto Coffee).

In Central & South America Revenue are Euro 0.5 million below the same quarter 2018 due to the underperformance of Argentina driven by

the country economic downturn and Colombia due a specific deal in 2018 (driven by Auto Coffee and Impulse segments) partially offset by

good performances in Mexico, Costa Rica and Peru (Ho.Re.Ca and Spares).

The decrease in Africa & Middle East of Euro 0.8 million is mainly driven by Turkey due to the country economic downturn (in Auto Coffee

and Semi Auto Coffee segments – especially OCS) and Kuwait due a specific deal in 2018 (Auto Coffee and Impulse segments).

Including the result of Quality Espresso as if it was acquired on January 1, 2018 excluding the discontinued business of SGL with

Lavazza

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Pro forma Revenue

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SEGMENTS

Auto Coffee segment decrease in Revenue was driven by downturn of Table Top machines in Western Europe countries (Italy, Spain

and France) and Argentina and as well as of Free Standing machines in East Europe countries, partially offset by good performances in

China and with a key player.

Very good performance of Semi Auto Coffee segment: i) Ho.Re.Ca especially in Mexico, Spain, France and UK only partially offset by

Asia&Pacific countries; ii) OCS mainly in Germany, Russia, Ukraine and North America with one key player and iii) Liquid with a key

customer.

Impulse segment was Euro 1.3 million below the same period 2018 due to poor performances in some Western Europe countries

(France, Germany, Italy, Belgium only partially offset by good results in Spain, Poland, Balkans and Nordics countries), in Middle East

and Central & South America. Decrease in this segment is impacted both by market demand decrease and competition in Western

Europe countries.

Including the result of Quality Espresso as if it was acquired on January 1, 2018 excluding the discontinued business of SGL with

Lavazza

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Pro forma Income Statement

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Including the result of Quality Espresso as if it was acquired on January 1, 2018 excluding the discontinued business of SGL with Lavazza

(€ thousands) March 31, March 31, Variance %

2019 2018

Revenue from Sales 124,361 118,957 4.5%

Cost of Sales (76,278) (73,448) (3.9%)

Gross profit 48,082 45,509 5.7%

Gross profit margin 38.7% 38.3%

Sales & Marketing (11,487) (11,158) (2.9%)

Logistic (2,089) (2,093) 0.2%

Administration (5,262) (5,036) (4.5%)

Operating Exchange Difference (249) (190) (31.6%)

Total operating costs (19,087) (18,477) (3.3%)

Adjusted EBITDA 28,996 27,032 7.3%

Adjusted EBITDA margin 23.3% 22.7%

Depreciation (1,959) (1,881) (4.1%)

Amortisation (1,874) (1,237) (51.5%)

Operating profit non business related items 25,163 23,914 5.2%

Brazilian/Argentinian Operating Exchange Difference (*) 127 (280) 145.3%

Restructure costs (17) (10) (57.9%)

Other costs (351) (725) 51.6%

Operating profit 24,922 22,899 8.8%

Operating Profit margin 20.0% 19.2%

(*) includes Argentinian exchange difference since August 2018, given the high devaluation of local currency

For the three months ended

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Pro forma Income Statement

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Including the result of Quality Espresso as if it was acquired on January 1, 2018 excluding the discontinued business SGL with Lavazza

Good results in the three months ended March 31st, 2019: Adjusted EBITDA increased by Euro 2 million compared to 2018 (with Adjusted

EBITDA margin at 23.3% compared to 22.7% for the three months ended March 31st, 2018), primarily as a result of revenue increase in

the different segments, product mix and synergies arising from the integration of companies acquired.

Operating profit is Euro 24.9 million for the three months ended March 31st, 2019, Euro 2 million more compared to Euro 22.9 million for

the three months ended March 31st, 2018, representing 20% of revenue compared to 19.2% of same period 2018.

Other costs of Euro 0.4 million included in Operating Profit refer to integration and acquisition expenses.

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Actual Cash Flow

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Including the result of Quality Espresso from the date of its acquisition (**)

(**) Quality Espresso acquisition occurred on May 15th, 2018.

March 31, March 31, March 31, December 31,

Condensed cash flow statement 2019 2018 2019 2018

(€ thousands)

Adjusted EBITDA 28,990 26,261 108,335 105,605

Change in Trade Working Capital (8,914) (13,541) (1,436) (6,062)

Change in Other Working Capital (1,059) (6,782) (3,772) (9,496)

Taxes (682) (816) (6,736) (6,870)

Special costs (1,016) (597) (6,494) (6,075)

Cash flow from operations 17,319 4,525 89,897 77,102

Investment in assets (Capex) (5,637) (3,864) (27,630) (25,857)

Equity injection for tax settlement 2,251 2,247 8,997 8,993

Tax settlement instalment net of tax refund (2,251) (2,247) (8,997) (8,993)

Price paid for acquisition - (17,723) (17,723)

Cash flow utilised in investing activities (5,637) (3,864) (45,353) (43,580)

Interest and other financial charges paid (412) (814) (40,975) (41,377)

Financial debt raising/(repayment) (502) (1,271) (36,543) (37,311)

Financial debt raising 212 - 36,712 36,500

Cash flow (utilised in)/from financing activities (703) (2,085) (40,806) (42,188)

Cash flow (utilised in)/from the period 10,980 (1,424) 3,738 (8,666)

Cash at Beginning of Period (*) 47,673 56,340 54,915 56,340

Closing cash balance (*) 58,654 54,915 58,654 47,673

For the three months ended For the twelve months ended

(*) Excluding Euro 4.9 million in the escrow account

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Including the result of Quality Espresso from the date of its acquisition

Actual Cash Flow

For the three months ended March 31st, 2019 cash flow generation was positive of Euro 11 million compared to negative performance of Euro 1.4

million in the three months ended March 31st, 2018. Enhanced performance versus previous year mainly driven by cash flow from operating

activities.

Operating cash flow: for the three months period ended March 31st, 2019 cash flow generated from operating activities is Euro 17.3 million

compared to Euro 4.5 million of the three months period ended March 31st, 2018. The increase of Euro 12.8 million is attributable to better economic

performances and Working Capital results.

Investing cash flow: net cash used in investing activities is equal to Euro 5.6 million for the three months period ended March 31st, 2019, Euro 1.8

million more compared to Euro 3.9 million of the three months period ended March 31st, 2018 represented by the net capital expenditures of the

quarter.

Financing cash flow: net cash used in financing activities is equal to Euro 0.7 million for the three months period ended March 31st, 2019

compared to Euro 2.1 million of the three months period ended March 31st, 2018. This mainly comprises the repayment of bank loans and other

finance charges paid.

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Actual Net Debt

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The ratio of Net Debt to Adjusted EBITDA of EVOCA Group (pro forma Adjusted EBITDA related to Quality Espresso) is equal to 4.2x as of March 31st,

2019 improving on the 4.3x ratio and the 4.4x ratio as of December 31st, 2018 and September 30th, 2018 respectively.

Including the result of Quality Espresso from the date of its acquisition

(€ thousand)March 31,

2019

December

31, 2018

September

30, 2018

June 30,

2018

March 31,

2018

Senior Secured Notes - Capital 410,000 410,000 410,000 410,000 410,000

Second Lien Notes - Capital 100,000 100,000 100,000 100,000 100,000

Revolving Facility 0 17,000 -

Senior Secured Notes - Interests 13,154 5,979 13,154 5,979 13,154

Second Lien Notes - Interests 4,813 2,188 4,813 2,188 4,813

Revolving Facility - Interests&Commit. Fee 12 10 7 114 12

Finance leases 364 409 114 105 168

Bank overdraft&other loans 0 246 0 0 58

Gross Debt (*) 528,343 518,832 528,088 535,385 528,205

Less: cash (**) (58,654) (47,673) (45,766) (56,701) (54,915)

Net Debt 469,689 471,159 482,321 478,684 473,289

Adjusted EBITDA 108,692 106,729 105,253 102,831 97,287

Net Debt (***)/Adjusted EBITDA 4.2 4.3 4.4 4.6 4.7

(*) Excluding Capitalized Financing Fees

(**) Cash excludes amounts in escrow accounts

(***) Net Debt excludes accrued interest on the Notes

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May 28th, 2019 Q1 2019 Financial Performance

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EVOCA S.p.A.

Quarterly Financial Performance

Q1 2019 – Period ended March 31st, 2019

I. Q1 2019 Financials Summary

II. Appendix

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Actual Key figures

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Including the result of Quality Espresso from the date of its acquisition

(€ thousands) March 31, March 31, March 31, December 31,

2019 2018 2019 2018

Results

Revenue 124,398 111,535 464,616 451,753

Adjusted EBITDA* 28,990 26,261 108,335 105,605

Adjusted EBITDA margin** 23.3% 23.5% 23.3% 23.4%

Operation profit/(loss) 13,893 11,417 40,058 37,581

Profit/(Loss) for the period 4,191 464 (5,577) (9,304)

Cash flow

Cash at the beginning of period 47,673 56,340 54,915 56,340

Net cash flow from operating activities 17,321 4,525 89,898 77,102

Net cash flow from investing activities (5,637) (3,864) (45,353) (43,580)

Of which: capital expenditures (5,637) (3,864) (27,630) (25,857)

Of which: Acquisition - - (17,723) (17,723)

Net cash flow from financing activities *** (703) (2,085) (40,806) (42,188)

Cash at the end of period **** 58,654 54,915 58,654 47,673

Financial Position

Net debt***** 451,710 462,982

Net debt / Adjusted EBITDA ****** 4.2 4.3

(*)

(**) We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues.

(***) Cash Flow from financing activities includes interest payment.

(****)

(*****)

(******) Adjusted EBITDA for the tw elve months ended March 31, 2019 pro forma for the ratio calculation is €108.7 million.

For the three months ended For the twelve months ended

We define Adjusted EBITDA as net profit (loss) plus income tax expense, net f inancial income (expense), depreciation, amortization,

special costs and the Real/Euro and Argentinian Peso/Euro (since August 2018) foreign exchange adjustment. We present non-IFRS

measures because w e believe they and similar measures are w idely used by certain investors, securities analysts and other interested

parties as supplemental measures of performance and liquidity and are intended to assist in the analysis of our operating results,

profitability and ability to service debt. Adjusted EBITDA is not a measure of f inancial performance under IFRS and should not be

considered in isolation or as an alternative to any other measures of performance derived in accordance w ith IFRS. Adjusted EBITDA, as

presented in this Report, may not be comparable to similarly titled measures reported by other companies.

Cash excludes Euro 4.9 million held in escrow accounts.

Net Debt at March 31, 2019 consists of Senior Secured Notes, Second Lien Notes and €0.4 million of other debt, less cash and cash

equivalents, net of escrow accounts of Euro 4.9 million.

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Actual Balance Sheet

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Condensed balance sheetMarch 31,

2019

December 31,

2018

(€ thousands)

Property, plant and equipment 51,341 51,521

Goodwill and other intangible assets 659,999 667,808

Other non current assets 790 671

Fixed assets 712,130 720,000

Net trade receivables 109,454 98,631

Inventories 76,963 70,371

Trade payables (105,112) (96,971)

Other net working capital (55,438) (62,601)

Current and deferred income taxes (62,683) (59,755)

Assets classified as held for sale 2,160 2,160

Capital employeed 677,475 671,836

Equity 213,720 206,945

Secured Notes and Revolving Facilities 527,979 518,176

Financing fees (5,934) (6,268)

Bank and other borrowings - 246

Finance Leases 364 409

Cash (*) (58,654) (47,673)

Net financial debt (incl. financing fees) 463,755 464,890

(*) Cash excludes the escrow accounts of Euro 4.9 million

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Actual Revenue

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Including the result of Quality Espresso from the date of its acquisition

March 31, 2019 March 31, 2018 Variance %

Revenue by geography (€ thousands) 124,398 111,535 11.5%

Italy 29,404 29,532 (0.4%)

France 16,113 16,189 (0.5%)

Spain 16,664 8,190 103.5%

UK 2,535 2,503 1.3%

Germany 5,939 5,234 13.5%

Nordics 5,090 5,273 (3.5%)

Other Europe 15,051 15,252 (1.3%)

East Europe 10,976 10,580 3.7%

Africa & Middle East 1,051 1,817 (42.1%)

Asia & Pacific 5,338 4,725 13.0%

North America 11,841 7,546 56.9%

Central & South America 4,397 4,695 (6.3%)

Revenue by segment (€ thousands) 124,398 111,535 11.5%

Auto coffee (1) 35,786 36,755 (2.6%)

Semi auto coffee (2) 50,617 38,186 32.6%

Impulse (3) 12,818 14,086 (9.0%)

Accessories, Spares & Services 25,177 22,508 11.9%

(1) Auto coffee: machines for large sized location. Defined as machines with cup dispensing technology

(2) Semi auto coffee: machines for small/medium sized location without cup dispensing technology

(3) Impulse: machines dispensing snack&food and can&bottle

For the three months ended

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Actual Income Statement

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Including the result of Quality Espresso from the date of its acquisition

(€ thousands)

March 31,

2019

March 31,

2018

Revenue from Sales 124,398 111,535

Cost of sales (76,307) (67,910)

Gross profit 48,091 43,625

Sales & Marketing (11,495) (10,619)

Logistic (2,090) (2,062)

Administration (5,266) (4,494)

Operating Exchange Difference (250) (190)

Total operating costs (19,101) (17,365)

Adjusted EBITDA 28,990 26,261

Depreciation (1,959) (1,764)

Amortisation (1,874) (1,237)

Operating profit non business related items and PPA 25,158 23,259

Amortisation from PPA (11,024) (10,809)

Brazilian/Argentinian Operating Exchange Difference 127 (280)

Restructure costs (17) (10)

Special costs (351) (744)

Operating profit 13,893 11,417

Finance Income 632 47

Finance costs (10,591) (11,484)

Net finance expenses (9,960) (11,437)

(Loss) before income tax 3,933 (20)

Income tax expense 258 484

(Loss) for the period from continuing operations 4,191 464

For the three months ended

Page 19: Q3 2017 Quarterly Financial Noteholders - Evoca Group€¦ · Q3 2017 Noteholders’ Presentation 30 November 2017 May 28th, 2019 Quarterly Financial Performance Q1 2019

Q&A

www.evocagroup.com