Q revenue. Analysts & Investors Presentation

Transcription

1 Q revenue Analysts & Investors Presentation

2 Q revenue 2 Contents I. Q results II. Outlook III. Conclusion

3 Q revenue 3 01 Q results

4 Q results Key figures Q revenue 4 Revenue (1) Q1 Reported Q1 Organic France 221.8m +5,5% +5,4% International 77.0m +9,5% +8,7% Group 298.8m +6,5% +6,2% (1) Reported revenue with application of IFRS 15 Impact on Q revenue: + 1m

5 Total revenue and growth Organic growth France Q results Continued growth in France Q revenue 5 Financial data (France) Comments Q1 revenue growth of 5.5% to million, including 5.4% organic growth Negative comparison base with one less working day in France, i.e. 7.7% economic growth Cynapsys' French activities entered the business scope in Q1 Employees came to 9,924, compared with 9,576 in Q1 last year 627 new recruitments over the period with a net growth of 111, despite a turnover of 18.67%, up 2.8 bp versus Q Average daily rate and activity rate in services up 11 and 1.2bp respectively France represents 74% of Group revenue

6 Q revenue 6 Q results International: a solid growth channel Financial data (International) Org. chg. yoy. International revenue of 77.0 million in Q1 2018, i.e. 26% of Group revenue, up 9.5% yoy., of which 8.7% organic growth: Iberia - Latam ( 58.4m) - Strong recorded growth of 7.9%, including 6.9% organic growth. Organic growth was robust across the region (Spain +2.7% and Portugal +6.7%). Both countries are benefiting from supportive market conditions and commercial synergies with the Group, particularly following recent acquisitions. Good growth in LatAm, fuelled by the ramp-up of Brazil and Mexico in historical businesses and Gesfor's entry into the business scope. Northern and Eastern Europe ( 13.9m) - This region recorded an excellent quarter with organic growth of 11.4%, driven by continued growth in Poland and Belgium, as well as in Switzerland with the expansion of our Telco activities outsourced by Nokia. Africa ( 3.7m) Organic growth of 28.3%, mainly driven by Morocco. An overall international workforce of 5,026 at the end of Q1 versus 4,685 in recruitments in Q1 for a net growth of 133 people with a turnover of 22.15% growth of 1bp versus Q

7 Q revenue 7 02 Outlook

8 2018 growth France and international geared for business growth Drivers unchanged Account management across our whole footprint: Growth of +8.1% on «TOP 10» New opportunities emerging with our eligibility for large deals Strong growth in specialised offers Development of our systems integration offers internationally Stronger commercial synergies with countries Q revenue 8 Strong sales momentum in France At end-q month rolling B-to-B ratio: 1.33, an improvement from the start of the year Weighted pipeline: +23.2% y-o-y Significant signatures in France from our Key Accounts in the Transport and Upper Mid Market: food and pharmacy Strong growth in international activities Continued momentum in Southern Europe Eastern Europe is growing strongly Confirmation of the emergence of the LATAM region with Brazil and Mexico, strengthened by the arrival of Gesfor Robust organic growth in Morocco/Africa, boosted by the arrival of Cynapsys and shortly of ValuePass, with increasingly large projects in integration

9 2018 profitability Sources of productivity activated Tangible improvement factors Strong growth in France and internationally Commercial synergies on recent acquisitions Delivery improvement programmes Development of new offers ROI phase on the plan for driving the group's expansion, especially outside France Another marked seasonal variation between the first and second halves of the year Q revenue 9 Selective M&A strategy Gfi Informatique will continue its acquisitions strategy in solutions and internationally in inherently earnings-enhancing markets or those allowing it to optimise cost structures within the existing footprint Confirmation, at constant business conditions, of the targets for revenue growth and an improvement in the operating margin in 2018

10 Overview of Realdolmen Realdolmen at a glance Transaction presentation 11 Leading BeLux ICT provider established in 2008 as a result of a merger between Real Software and Dolmen Supporting clients throughout the complete ICT lifecycle, combining support services in both infrastructure and applications with products Especially strong position in the upper midmarket segment Over 1,000 customers in the Benelux region and over 1,200 professionals 7 offices in Belgium and Luxembourg Business description 1 2 IT & Business consulting services IT & Business support services Business & IT Alignment Providing clients with a bridge between their strategy and the technology substructure needed to achieve it Customer Centricity Software packages around CRM and ERP functionalities Engaged workplace Hybrid cloud Professional services Helping to build the workplace of the future by bringing together all components (communication, collaboration, security, mobility and data) on a single platform Cloud roadmap enabling client to understand the impact of a migration to the cloud Provides clients with the talent they need (IT sourcing) for both infrastructure and application matters IT Outsourcing Outsourcing of IT workplaces, infrastructure, application and telephony Products & Licenses Distributes hardware and third-party software Source: Realdolmen

11 Balance sheet Cash flow statement P&L Company financials Transaction presentation 12 Key figures 2017a revenues split by operating segment (m - FYE 31/03) 2015a 2016a 2017a CAGR 15'-17' Operating revenues % % growth 1.6% 5.8% 3.3% REBIT % % of revenues 3.8% 4.5% 4.9% REBITDA % % of revenues 4.9% 5.5% 5.8% IT & Business Consulting 42% Net cash flow from operating activities (3.5%) % of revenues 4.4% 5.4% 3.7% Net cash flow from investment activities (3.5) (0.5) (2.0) (24.9%) % of revenues (1.6%) (0.2%) (0.8%) Cash flow from financing activities (0.7) (14.5) (5.8) 188.5% % of revenues (0.3%) (6.1%) (2.4%) 2017a revenues by sector IT & Business Support Services 58% Changes in cash and cash equivalents 5.7 (2.2) 1.4 (49.9%) Financial debt and bank overdrafts Cash & cash equivalents (29.1) (26.9) (28.3) Net Debt (11.7) (23.4) (27.8) x LTM REBITDA (1.1x) (1.8x) (2.0x) Total assets Information & communication 8% Healthcare 10% Distribution 8% Services 10% Other 12% Banking & Insurance 13% Public 27% Industry 12% Source: Realdolmen

12 A transaction supporting global ambitions Transaction presentation 13 Adding Realdolmen s capacities to Gfi s operations over Belgium and Luxemburg would give: First major step in European expansion - A solid champion with more than 1,400m in Revenue and a comprehensive coverage of Europe with strong presence in all regions and 3 core markets, namely France ( 900m), Spain ( 250m) and BeLux ( 280m). The latter is not a big market but still a dynamic one and a natural extension for top accounts with many potential synergies. - A enlarged group with complementary portfolios, in terms of both customers and offerings, with strong synergies expected in the Public and Banking verticals. - A platform to expand to Netherlands on selected topics. Gfi Informatique intends to focus on business continuity and develop joint actions in services offerings by leveraging both companies solutions

13 Transaction key features Transaction presentation 14 Transaction perimeter Public tender offer on 100% of Realdolmen NV Others 78.1% Colruyt 12.7% Quaeroq 9.2% Key features Offer Undertakings Voluntary public tender offer in cash on 100% of the share capital of Realdolmen Offer price of per share and per warrant translating into a maximum offer amount of 194 million Undertakings to tender from reference shareholders (Colruyt family and affiliates, Quaeroq) representing 21.94% of the share capital of Realdolmen Antwerp Digital Mainport NV Dormant company based in Antwerp Realdolmen NV (Operating) Based in Huizingen Conditions Squeeze-out Minimum acceptance threshold set at 75% of the shares and voting rights of Realdolmen No antitrust filling required Gfi Informatique may implement a squeezeout procedure* if it holds >95% of the shares and has obtained >90% of the shares not owned pre-bid as a result of the offer Real software Nederland BV Dormant compay based in Amersfoort Real Solutions SA (Operating) Software consultancy & supply company based in Luxembourg city Frankim NV Real Estate company based in Zevergem Indicative timetable April, 26 : Opening of the Offer May, 31 : Closing of the Offer June, 4 : announcement of the Result of the Offer Source: Realdolmen, Factset Note: * at the same price as the offer price

14 Disclaimer Transaction presentation 15 This presentation does not constitute a formal notification of a voluntary public takeover bid, an offer, or a solicitation of any offer, to buy or subscribe for any securities. Any offer will be made only in compliance with and by means of a prospectus approved by the FSMA according to the Belgian Law dated 1 April 2007 relating to public takeover bids. This presentation is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication or distribution would be unlawful. Any non-compliance with these restrictions may constitute a breach of financial laws and regulations in such jurisdictions. Gfi Informatique expressly disclaims any liability for such a breach of these restrictions by anyone.

15 Q revenue Conclusion

16 Q revenue 17 Conclusion A new expansion phase With the support of Mannai, Gfi is implementing its three-year strategic plan targeting revenue of 2 billion, underpinned by strong international growth and an operating margin in line with those of the sector leaders A roadmap based on: Gaining market share in our existing markets Enhancing value through integration of high value-added solutions An organisation that best captures our markets' growth potential Strengthening our hiring strategy Improving delivery efficiency (automation, near/offshoring, etc.) Acceleration potential including: Major European deals (Iberia, BeLux, Italy, etc.) enabling us to target a leadership position Adding or reinforcing Skills Centres with high AV (Digital Transformation, Big Data, etc.) and building on them Group-wide Expanding in recently entered markets (LatAm and Eastern Europe) with strong growth potential and a positive competitive environment

17 FRANCE SPAIN PORTUGAL BELGIUM SWITZERLAND LUXEMBOURG UNITED KINGDOM POLAND ROMANIA MOROCCO COTE D IVOIRE ANGOLA USA MEXICO COLOMBIA BRAZIL

18 Appendix: quarterly sales Q revenue 19 Revenue 3 months 3 months (in euros '000) Reported grow th Like-for-like grow th France 221,8 210,3 5,5% 5,4% International 77,0 70,3 9,5% 8,7% Iberia-Latam 58,4 54,1 7,9% 6,9% Spain 33,3 32,5 2,7% 2,7% Portugal 19,6 18,3 6,7% 6,7% LatAm 5,5 3,3 66,2% 56,5% Northern and Eastern Europe 13,9 12,5 11,1% 11,4% Belux 7,1 7,0 2,1% 2,1% Switzerland 2,5 1,9 34,3% 46,3% Poland 4,2 3,6 16,6% 12,8% Africa 3,7 2,8 32,3% 28,3% Rest of the World 1,0 0,9 16,9% 25,2% Total 298,8 280,5 6,5% 6,2%