SeSa Group s Presentation

Transcription

1 SeSa Group s Presentation September 20th, 2013

2 Disclaimer The following presentation (hereinafter the Presentation or the Document ) has been prepared by SeSa S.p.A. ( SeSa or the Company ) and by its subsidiaries (hereinafter «SeSa Group») for information purposes only The presentation does not represent any investment research, recommendation, consulting or suggestion, concerning the Company or its shares or any other securities/financial instruments issued by the Company The presentation does not represent any offer of sale or underwriting, nor any solicitation or proposal of buying or underwriting any securities or any other financial instruments issued by the Company nor any other kind of agreement or obligation. The presentation can not be employed in a public offer or investment solicitation The presentation at any time is subject to updates and modifications by the Company. However, SESA does not assume any obligation to communicate or otherwise make known any changes and updates. The document is not intended as, nor should it be regarded as a complete and comprehensive description of the Company and does not necessarily contain all the information that the recipients may consider relevant in relation to the Company. The provision of the Document does not give the recipient any right to access more information The Company, its directors, managers, employees, consultants do not release any declaration or warranty nor assume any obligation, express or implied, nor assume any responsibility for the accuracy, sufficiency and completeness of the information contained in this document or in respect of any errors, omissions, inaccuracies or negligence contained in it. As a result, the Company, its directors, employees, contractors, and consultants do not accept any liability in relation to any loss or damage, costs or expenses suffered by any person who relies on the information contained in this document or otherwise arising from the use of the same and any such liability is expressly disclaimed The information contained in this document include statements relating to future events which may affect the future results of the Company and the Sesa Group. These declarations, being based on expectations, estimates, forecasts and projections, are subject to risks, uncertainties and other factors that depend on circumstances beyond the company's control and are not guarantees of future performance: the results or actual performance may therefore be different, even significantly, from historical and / or from those obtained by such forward-looking statements. Forward-looking statements are made as of the intended date hereof. We do not assume any obligation or undertaking to update or revise the information contained in this document, including forward-looking statements in order to reflect any changes in circumstances that underpin subsequent to the date hereof Reproduction, redistribution or transmission to third parties, or part, of this document are forbidden. Participation in the presentation or receipt of this document constitutes your acceptance of the terms and restrictions above 2

3 Corporate Overview SeSa is the leading Italian Group in IT value added distribution (server, storage, software enterprise, networking) with a market share equal to 36% (source Sirmi, June 2013) Financial Highlights as of April 30, 2013 (last annual Financial Statement approved by SM) Revenues Eu 832 mn 912 employees as of April 30, 2013 Net Profit before minority interest Eu 20.6 mn (CAGR >35%) Ebitda Eu 44.3 mn (CAGR >20%) ROE as of April 2013 equal to 15% Strategic partner for the Italian market of the global leading players of the IT industry (IBM, Cisco, Oracle, Microsoft, HP) focused on value added solutions: Software and IT Services; Server, Systems and Storage; Networking Growth of revenues since 1973, based on the following main drivers: Acquisition of new distribution agreements for IT value added distribution Development of the customer base, development of the human resources skills and know-how 3

4 SeSa Group SeSa Group (consolidated revenues equal to Eu 809 mn as of April 30, 2012) consisted of 2 main strategic business units: VAD (Value Added Distribution): through the fully owned subsidiary Computer Gross Italia S.p.A. ( CGI ), SeSa is the leading Italian player in the VAD industry (Source: SIRMI, 2013), with revenues equal to Eu 735 mn and a customer base of over 7,000 software houses and system integrators all over the Italian territory Software and System Integration: through the fully owned subsidiary Var Group S.p.A. ( Var Group ), SeSa is one of the main Italian player in the System Integration/VAR industry for SME, with revenues equal to Eu 150 mn and a customer base of over 10,000 SME Breakdown of revenues as of April 30, 2012 Group s Structure SeSa S.p.A. 82.0% 18.0% 100% 100% Computer Gross Italia S.p.A. Var Group S.p.A. Full Coverage of the Italian territory with 912 employees over the main Italian industrial districts and cities (Milano, Padova, Genova, Ancona, Firenze, Roma, Napoli) 4

5 Focus on Cloud Computing SeSa Group on April 2013 completed the new datacenter dedicated to Cloud Computing services, focused on SME segments and located in the Group s headquarters of Empoli (Florence) Starting from the new fiscal year the cloud computing operations for the distribution channel will be managed under the brand Arcipelago Cloud by SESA Capex equal to Eu 8 Mn, including real estate infrastructure (fire system, power and cool unit) and datacenter IaaS (infrastructure as a service) services and SaaS (Software as a Service) services developed in partnership with the main International Vendors ISO/IEC 27001:2005 quality certification, obtained on March 2013 Datacenter surface: 700 smq, expandable up to 1,400 smq 800 sqm of equipment supporting the Datacenter: power unit, Cooling system, UPS (uninterruptible power supply) Reliability level TIER 3+ Power coverage up to 2 Mwatt, Emergency power of 36 hours 5

6 IT Supply Chain Vendor Technology (hardware and software) producers, mainly multinational and global GLOBAL VENDOR OF IT Distributors They distribute IT solutions directly from Vendors to Resellers, providing logistics, financial, technical, education training services Value Distributors Focused on valued added IT solutions (systems, networking, software and storage), they provide training, education, marketing enablement, technical assistance services in addition to the traditional ones (finance and logistic) Volume Distributors Wholesalers of a wide range of IT and consumer electronics products, focusing on logistics, finance services and volume products (notebook, PCs, consumables, consumer electronics) Resellers They buy from distributors and sale technology to the final users. The resellers are different for size, target of customer (business, consumer), range of services and solutions (delivery, installation, technical assistance, IT architecture, maintenance and development, outsourcing) System Integrators Top Clients Enterprise SME VAR-Value Added Reseller Top Clients Enterprise SME Corporate Resellers Top Clients Enterprise SME Specialized Resellers Enterprise /SME Soho Consumer Dealer and shop in line Enterprise /SME Soho Consumer Computer Shop Soho Consumer GDO/GDS Consumer 6

7 Partnership with the IT Titans CGI (SeSa s VAD SBU) is the Italian reference partner of the IT Titans, for IT value added solutions and SME segments CGI is the largest Italian distributor of brands like IBM, Cisco, Oracle and one the main Italian distributors of Microsoft. CGI has a 36% share on the IT value added (system, storage, software enterprise, networking) Italian market (source Sirmi, June 2013): The long-term partnership with the IT Titans and other IT trend setters Vendors (such us VMWare, Symantec, Citrix, ) represents the driver of the group s organic growth, based on the development of the IT Titans market share on the Italian market * IT Titans definition made by the international consultancy firm Canalys to identify the players which lead and influence globally the Information Technology industry. They include Apple, Cisco, Dell, EMC, Google, HP, IBM, Intel, Lexmark, Microsoft, Oracle and SAP 7

8 Focus on value and growing market segments SeSa Group operates in the Italian IT market, with an estimated value (suorce Sirmi, March 2013), including consumer segments, equal to Eu 19.3 bn in 2013 SeSa is focused on the SME and corporate segments targeting value added IT categories like software enterprise, systems, storage, networking and management services Among the main IT market categories, software grew by 1% over the period , despite a negative trend of total IT market (-3.8% in 2011 and 2012 driven by hardware in particular volume and consumer hardware). Strong and progressive growth of Cloud services with an estimated CAGR of 18% over the period (source Sirmi, March 2013) Italian It market Eu Mn E 2014E 2015E Hardware 7,539 6,988 7,037 7,450 7,548 Software 3,994 4,020 4,026 4,034 4,047 Project Services 3,877 3,751 3,625 3,527 3,439 Management Services 5,067 4,942 4,844 4,808 4,806 Total Italian IT 20,477 19,701 19,532 19,819 19,840 O/W cloud computing % cloud on total IT 2.9% 3.6% 4.3% 5.0% 5.8% Growth rates E 2014E 2015E Hardware -7.3% -7.3% 0.7% 5.9% 1.3% Software 1.5% 0.7% 0.1% 0.2% 0.3% Project Services -2.1% -3.2% -3.4% -2.7% -2.5% Management Services -3.5% -2.5% -2.0% -0.7% 0.0% Total Italian IT -3.8% -3.8% -0.9% 1.5% 0.1% O/W cloud computing 15.8% 17.7% 18.2% 17.7% 16.5% Cloud Market Eu Mn E 2014E 2015E SaaS PaaS IaaS Mobile Clud Totale extended Cloud ,144.4 Source Sirmi, June

9 Value-added products market segments Total Market Leader in Italy s VAD industry CGI is Italy s largest VAD (Value added distributor) with a 2012 market share equal to 36% (source Sirmi, March 2013) Italian IT value added distribution market In particular CGI is the largest Italian distributor for value added categories like storage, server, software enterprise and networking Servers, Systems, Storage CGI 41% 43% Software Enterprise CGI 42% 44% Networking CGI 24% 29% Source SIRMI, March

10 Entry Barriers and competitive advantages SeSa Group market position is based on the following entry barriers/competitive advantages Long-term relationship with the IT Titans CGI is the reference partner of the value added IT Titans, customizing for the Italian SME market the innovative solutions globally designed by the Vendors mainly for large-sized institutions and multinational customers Rating and financial standing Vendors give credit lines to partners under credit insurance programs with major international banks and insurance companies. Vendors partners must be compliant with rating and financial standing requirements HR technical and commercial skills Acquisition and retention of the distribution agreements with Vendors rely on group s human resources technical and commercial skills (over 100 vendors certifications obtained by CGI personnel as of today). SeSa Group personnel are involved in the Vendors training and education programs to the channel and the corporate users 10

11 Revenues Eu Mn Continuous growth since 1990s Over the past 20 years SeSa Group grew in a continuous way (7.8% CAGR over the last 3 year period ) Growth driven by the acquisition and the retention of new distribution agreements with major international vendors of value-added IT solutions CAGR +7,8%

12 Eu mn Eu mn Economic Results Consolidated EBITDA CAGR +21% % % % % 6.25% 5.75% 5.0% 4.25% 3.75% 3.0% P&L as of 30 April 2010, according to Italian Gaap Figures as of April 30, 2011, 2012 and 2013 according to Ifrs (Financial Statement approved by the Shareholders General Meeting on September 10, 2013) % % % 0.0 April 30, 2010 April 30, 2011 April 30, 2012 April 30, 2013 Ebitda Eu Mn Ebitda Magin 0.0% Consolidated Net Profit before minority interest s P&L as of 30 April 2010, according to Italian Gaap CAGR +36.5% % 3.0% Figures as of April 30, 2011, 2012 and 2013 according to Ifrs (Financial Statement approved by the Shareholders General Meeting on September 10, 2013) Consolidated net profit after minority interests equal to Eu 19.9 Mn as of April , compared with the Eu 17.2 Mn as of April (+ 18,5% YoY) % % 2.0% 2.4% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0 April 30, 2010 April 30, 2011 April 30, 2012 April 30, % Net Profit Eu Mn Net Profit Margin 12

13 Eu mn Financial results Financial Structure Shar. Equity Net Fin. Pos April 30, 2011 April 30, 2012 April 30, 2013 (20.7) Financial Standing. Shareholders equity equal to eu 130mn as of April 30, 2012 obtained thanks to the reinvestment of earnings over the last 10 years and the capital injection deriving from the merger between SeSa and MiI1 on February Intangibles assets equal to approximately Eu 5 mn 13

14 Value for Shareholders The Ordinary Shareholders meeting on September 10, 2013 approved the Financial Statement as of April and deliberated the distribution of dividends for Eu 6.4 mn (Euro 0.45 per share gross tax, payment date starting from October 10, 2013, date of detachment of the coupon October 7th, 2013) SeSa is a company listed on the Italian AIM starting from February 2013, as a result of the merger with the fist SPAC under Italian law Made in Italy 1 (as of today the 66.4% of SESA share capital is held by the SeSa s founders and managers through the holding company ITH S.r.l.) In progress the listing of shares and warrants SeSa from AIM to the main Italian Stock Exchange MTA, which will be closed after obtaining the relative authorization of Consob and Borsa Italiana No further capital increase nor sale of any stake held by SeSa s majority shareholder ITH (under a lock up period of three years since February 2013) are planned over the MTA stock exchange listing 14