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Q1 2018 revenue
Analysts & Investors Presentation
ContentsI. Q1 2018 results
II. Outlook
III. Conclusion
Q1 2018 revenue2
01Q1 2018 results
Q1 2018 revenue3
Q1 2018 results
Key figures
Revenue (1)
Q1Reported
Q1Organic
France€221.8m
+5,5% +5,4%
International€77.0m
+9,5% +8,7%
Group€298.8m
+6,5% +6,2%
Q1 2018 revenue4
(1) Reported revenue with application of IFRS 15 – Impact on Q1 2018 revenue: +€1m
• Q1 revenue growth of 5.5% to €221.8 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 Q1 2017
• Average daily rate and activity rate in services up €11
and 1.2bp respectively
• France represents 74% of Group revenue
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Financial data (France)
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Q1 2018 revenue
Q1 2018 results
Continued growth in France
5
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 theregion (Spain +2.7% and Portugal +6.7%). Both countries are benefiting from supportive market conditions and commercialsynergies with the Group, particularly following recent acquisitions. Good growth in LatAm, fuelled by the ramp-up of Brazil andMexico 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 bycontinued 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 2017. 452 recruitments in Q1 for a net growth of 133people with a turnover of 22.15% growth of 1bp versus Q1 2017.
Q1 2018 revenue
Org. chg. yoy.
Financial data (International)
Q1 2018 results
International: a solid growth channel
6
02Outlook
Q1 2018 revenue7
2018 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
France and international geared for business growth
Q1 2018 revenue8
› Strong sales momentum in France› At end-Q1 2018
› 12-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
2018 profitability
› 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
› 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
Sources of productivity activated
Q1 2018 revenue9
Overview of Realdolmen
11Transaction presentation
› 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 andapplications 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
Realdolmen at a glance
Source: Realdolmen
Business description
IT & Business
consulting services
1
IT & Business support services
Business & IT Alignment
› Providing clients with a bridge between their strategy and the technologysubstructure needed to achieve it
Customer Centricity › Software packages around CRM and ERP functionalities
Engaged workplace› Helping to build the workplace of the future by bringing together all components
(communication, collaboration, security, mobility and data) on a single platform
Hybrid cloud› Cloud roadmap enabling client to understand the impact of a migration to the
cloud
Professional services› Provides clients with the talent they need (IT sourcing) for both infrastructure and
application matters
2IT Outsourcing › Outsourcing of IT workplaces, infrastructure, application and telephony
Products & Licenses › Distributes hardware and third-party software
Company financials
12Transaction presentation
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Key figures
Source: Realdolmen
2017a revenues by sector
2017a revenues split by operating segment
IT & Business Support Services
58%
IT & Business Consulting
42%
Public27%
Industry12%
Banking & Insurance
13%
Services10%
Healthcare10%
Information & communication
8%
Distribution8%
Other12%
(m€ - FYE 31/03) 2015a 2016a 2017a CAGR 15'-17'
Operating revenues 224.7 237.6 245.4 4.5%
% growth 1.6% 5.8% 3.3%
REBIT 8.5 10.6 12.0 18.8%
% of revenues 3.8% 4.5% 4.9%
REBITDA 11.1 13.0 14.2 13.4%
% of revenues 4.9% 5.5% 5.8%
Bal
ance
sh
eet
Financial debt and bank overdrafts 17.4 3.5 0.5
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 216.3 205.3 211.4
Net cash flow from operating activities 9.9 12.9 9.2 (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%)
Changes in cash and cash equivalents 5.7 (2.2) 1.4 (49.9%)
Transaction presentation13
Adding Realdolmen’s capacities to Gfi’s operations overBelgium and Luxemburg would give:
- A solid champion with more than € 1,400m in Revenueand a comprehensive coverage of Europe with strongpresence in all regions and 3 core markets, namely France(€ 900m), Spain (€ 250m) and BeLux (€ 280m). The latter isnot a big market but still a dynamic one and a naturalextension for top accounts with many potential synergies.
- A enlarged group with complementary portfolios, in termsof both customers and offerings, with strong synergiesexpected in the Public and Banking verticals.
- A platform to expand to Netherlands on selected topics.
First major step in European expansion
A transaction supporting global ambitions
Gfi Informatique intends to focus on business continuity and develop joint actions in services offerings by
leveraging both companies’ solutions
14Transaction presentation
Transaction key featuresTransaction perimeter Key features
Source: Realdolmen, Factset Note: * at the same price as the offer price
Realdolmen NV(Operating)
Based in Huizingen
Real software Nederland BV
Dormant compaybased in
Amersfoort
Real Solutions SA (Operating)
Software consultancy& supply company
based in Luxembourg city
Frankim NV
Real Estatecompany based in
Zevergem
Antwerp Digital Mainport NV
Dormant companybased in Antwerp
Public tender offer on 100% of Realdolmen NV
Offer
Voluntary public tender offer in cash on 100% of the share capital of Realdolmen
Offer price of €37.00 per share and €11.03 per warrant translating into a maximum offer amount of €194 million
Undertakings
Undertakings to tender from reference shareholders (Colruyt family and affiliates, Quaeroq) representing 21.94% of the share capital of Realdolmen
Conditions Minimum acceptance threshold set at 75% of
the shares and voting rights of Realdolmen
No antitrust filling required
Colruyt 12.7%
Quaeroq 9.2%
Others78.1%
Squeeze-out
Gfi Informatique may implement a squeeze-out procedure* if it holds >95% of the sharesand has obtained >90% of the shares not owned pre-bid as a result of the offer
Indicative timetable
April, 26 : Opening of the Offer
May, 31 : Closing of the Offer
June, 4 : announcement of the Result of the Offer
Disclaimer
› This presentation does not constitute a formal notification of a voluntarypublic takeover bid, an offer, or a solicitation of any offer, to buy or subscribefor any securities. Any offer will be made only in compliance with and bymeans of a prospectus approved by the FSMA according to the Belgian Lawdated 1 April 2007 relating to public takeover bids. This presentation is not forrelease, publication or distribution, in whole or in part, in or into, directly orindirectly, any jurisdiction in which such release, publication or distributionwould be unlawful. Any non-compliance with these restrictions mayconstitute a breach of financial laws and regulations in such jurisdictions. GfiInformatique expressly disclaims any liability for such a breach of theserestrictions by anyone.
Transaction presentation15
16
05Conclusion
Q1 2018 revenue
› With the support of Mannai, Gfi is implementing its three-year strategic plantargeting revenue of €2 billion, underpinned by strong international growthand 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
Conclusion
A new expansion phase
Q1 2018 revenue
FRANCE | SPAIN | PORTUGAL | BELGIUM | SWITZERLAND | LUXEMBOURG | UNITED KINGDOM | POLAND | ROMANIA | MOROCCO | COTE D’IVOIRE | ANGOLA | USA | MEXICO | COLOMBIA | BRAZIL
Q1 2018 revenue19
Appendix: quarterly sales
Revenue 3 months 3 months
(in euros '000) 03.31.2018 03.31.2017
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%
Reported
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Like-for-like
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