Openjobmetis S p A : Conference Call 3M 2020 - 15 May 2020

WINEGROWER OR		PARAMEDIC OR
TRACTOR DRIVER?		PHYSIOTHERAPIST?

3M 2020 Results Conference Call

Milan, 15 May 2020

THE HEAVY IMPACT OF COVID-19 ON THE ECONOMIES

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1. In the Eurozone a drop of 7,7% - EU's Single Market in danger
2. Recovery too slow: Italy worst of all in the biennium2020-21
3. Work market: in March increase of inactives
4. The cry of the mechanical sector: every day we loss 1.7 billion

© Openjobmetis S.p.A. - Sede Legale: Via G. Fara 35, 20124 Milano - www.openjobmetis.it - [e-mail]

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SUSPENSION OF THE DIGNITY DECREE

In order to promote the recovery of business activities, the Government has adopted two facilities for the temporary work by agencies

• Law 24 April 2020, n.27 Art. 19bis
• • The Article19bis, introduced during the conversion into law of «Cure Italy» decree, grants the possibility to renew or extend temporary work by agencies contracts even if social shock absorbers (e.g. «Cassa Integrazione Guadagni») have been requested.
• «Relaunch Decree» approved on 13 May 2020
• • The Article 99 grants the possibility to renew or extend temporary work by agencies contracts without the need to indicate the «reasons» required by the «Dignity Decree».

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TEMPORARY WORK IN ITALY

Revenues Q1 2020 vs. Q1 2019

-6,0%

-5,3%

-0,6%

-8,0%

Sources: Company data

© Openjobmetis S.p.A. - Sede Legale: Via G. Fara 35, 20124 Milano - www.openjobmetis.it - [e-mail]

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#OURSMARTWORKING

Openjobmetis was one of the essential activities enabled to operate during the lockdown phase. A plan of «Smart Working» was implemented in record time

• Commercial Activity
• • Constant support to clients on the legislation relating to theCOVID-19 epidemic
  • Ad hoc initiatives on lead sectors such asagri-food
  • Organization for the restart of the activities with clients
• Selection and branch activities
• • Interviews through digital platforms
  • Ad hoc recruitment campaign on specific sectors such as health care andagri-food
• Direct staff training
• • Branch staff training through Webinars
  • Advanced training of commercial network

#neverstoplookingforajob #Openjobmetisishere #oursmartworking

© Openjobmetis S.p.A. - Sede Legale: Via G. Fara 35, 20124 Milano - www.openjobmetis.it - [e-mail]

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RESULTS 3M 2020 VS 3M 2019

REVENUES AND

NET INCOME		NFP
Stable		Better ~ € 3,7 mln
despite COVID -19		vs NFP as at 31/12/2019

#RESULTS

3M 2020

© Openjobmetis S.p.A. - Sede Legale: Via G. Fara 35, 20124 Milano - www.openjobmetis.it - [e-mail]

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REVENUES BY COMPANY(EURO '000, NET OF INTERCOMPANY)

Company	Business area	3M 2019	3M 2020	Var%
		126.271	124.910	(1,1%)
	Temporary work
		2.378	3.042	27,9%
	Temporary workers training	687	657	(4,4%)
	and other revenues
	Research and selection;	714	811	13,6%
	focus on middle and top
	management
	Head Hunting digital platform	125	51	(59,2%)

	Outplacement and	463	255	(44,9%)
	managerial training
	Research and selection of	-	128	-
	personnel with disabilities
Group Revenues		130.638	129.854	(0,6%)
Group Gross Margin (reported)		17.164	15.667	(8,7%)
Gross margin % (reported)		13,1%	12,1%

© Openjobmetis S.p.A. - Sede Legale: Via G. Fara 35, 20124 Milano - www.openjobmetis.it - [e-mail]

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ECONOMIC INDICATORS 3M 2020 VS 3M 2019

			Revenues (€ mln)		EBITDA (€ mln)
		3M 2019		130,6			2018			4,6
					3M 2019
		2019
Q1	2018					Q1	2018
		2019	129,9			3M 2020	3,4
		3M 2020						2019
		2018						2018
		2019						2019
		Gross Margin (€ mln )		Net Income (€ mln)
								2018
		2018
		2019				17,2		3M20192019		1,2
		3M 2019
Q1	2018					Q1
							2019
		2019
		3M 2020			15,7			3M 2020		1,2
								2018
		2018
		2019						2019

© Openjobmetis S.p.A. - Sede Legale: Via G. Fara 35, 20124 Milano - www.openjobmetis.it - [e-mail]

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BALANCE SHEET INDICATORS

		31/12/18	31/03/19	31/12/19	31/03/20
NWC			41,4		36,0		42,4		39,2
(Euro millions)
NFP			24,2		29,5		30,1		26,4
(Euro millions)				17,6 PRE IFRS 16		18,1 PRE IFRS 16		14,4 PRE IFRS 16
DSO(days)			70		75		74		73
Credits/Revenues *360 or
*90 (3M)
NFP / EQUITY			0,25		0,30		0,29		0,25
			0,18 PRE IFRS 16		0,18 PRE IFRS 16		0,14 PRE IFRS 16

Quarterly DSO

Q1:	Q2:	Q3:	Q4:		Q1:	Q2:	Q3:	Q4:
76	72	74	69		75	73	70	70

© Openjobmetis S.p.A. - Sede Legale: Via G. Fara 35, 20124 Milano - www.openjobmetis.it - [e-mail]

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INCOME STATEMENTS 3M 2020 VS 3M 2019

(Euro '000)		At 31 March	Var. 2020/2019
	2020	2019
Revenues	129.854	130.638	(784)
Costs of temporary work	(114.187)	(113.474)	(713)
Gross Margin	15.667	17.164	(1.497)
Other income	1.986	2.194	(208)
Employee costs	(8.274)	(8.441)	167
Cost of raw materials and consumables	(53)	(75)	22
Costs for services	(5.792)	(6.135)	343
Other operating expenses	(142)	(148)	6
EBITDA	3.392	4.558	(1.166)
Impairment loss on trade and other receivables	(320)	(1.190)	870
Amortisation/depreciation	(1.173)	(1.144)	(29)
EBITA	1.899	2.225	(326)
Amortisation of intangible assets	(11)	(11)	0
EBIT	1.888	2.214	(326)
Financial income	3	11	(8)
Financial expense	(135)	(295)	160
Pre-tax profit (loss)	1.756	1.930	(174)
Income taxes	(586)	(706)	120
Profit (loss) for the period	1.170	1.224	(54)

© Openjobmetis S.p.A. - Sede Legale: Via G. Fara 35, 20124 Milano - www.openjobmetis.it - [e-mail]

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BALANCE SHEET 3M 2020 VS 2019

(Euro '000)					Var 2020/2019
	31/03/2020	% on NIC* /	31/12/2019	% on NIC* /
	Total sourc.	Total sourc.
Intangible assets and goodwill	76.039	57,6%	75.992	62,7%	47
Property, plant and equipment	2.474	1,9%	2.422	2,0%	52
Right of use for leases	11.999	9,1%	11.989	-	10
Other net non-current assets and liabilities	2.197	1,7%	1.602	1,4%	595
Total non-current assets/liabilities	92.709	70,3%	92.005	66,0%	704
Trade receivables	104.862	79,5%	116.357	94,6%	(11.495)
Other receivables	10.414	7,9%	8.479	6,6%	1.935
Current tax assets	469	0,4%	1.081	0,0%	(612)
Trade payables	(7.662)	(5,8%)	(7.942)	(4,7%)	280
Current employee benefits	(40.487)	(30,7%)	(40.403)	(32,8%)	(84)
Other payables	(26.360)	(20,0%)	(33.171)	(27,6%)	6.811
Current tax liabilities	(51)	(0,0%)	(24)	(0,6%)	(27)
Current provisions for risks and charges	(1.945)	(1,5%)	(1.962)	(1,6%)	17
Net working capital	39.240	29,7%	42.415	34,0%	(3.175)
Total loans - net invested capital	131.949	100,0%	134.420	100,0%	(2.471)
Equity	104.326	79,1%	103.159	79,2%	1.167
Net financial indebtedness	26.391	20,0%	30.103	19,9%	(3.712)
Employee benefits	1.232	0,9%	1.158	0,9%	74
Total sources	131.949	100,0%	134.420	100,0%	(2.471)

* Net invested capital	© Openjobmetis S.p.A. - Sede Legale: Via G. Fara 35, 20124 Milano - www.openjobmetis.it - [e-mail]	11

DISCLAIMER

• This document was prepared by Openjobmetis S.p.A. Employment Agency ("Openjobmetis" or the "Company") to be used exclusively during today's presentation on the Company and its subsidiaries (jointly the "Group") for purposes other than that for which it was prepared.
• The information contained here was not subject to review or audit by any independent body or party and there are no guarantees of any type, implicit or explicit, to that regard, nor it is possible to rely on the correctness, accuracy, completeness, or precision of the information and opinions contained in this document.
• Certain portions of this presentation contain prospective statements/figures that merely represent estimates and that could be different, even dramatically, from effective future results obtained. The Company, the other companies of the Group, related directors, employees, consultants or representatives, its directors, employees, consultants or representatives, cannot be considered in any way responsible for any consequences, direct or indirect, resulting from the reading, processing or evaluation of this document or from any event that occurs to anyone with which it is associated. This document does not contain all the information inherent to the Company, its activities and the reference sector that may be necessary to evaluate an investment decision.
• This document cannot constitute the information and valuation basis for any type of market solicitation and does not constitute an offer or an invitation to purchase or subscribe shares, and it does not, nor does any part of it, constitute a contract or a commitment to contract, nor can it be relied upon in relation to the stipulation of any contract or assumption of commitments of any kind.
• The document was presented exclusively for your information and cannot be reproduced, transmitted or distributed to third parties, nor can it be published, as a whole or in part, for any reason. Failure to observe these conditions could constitute a violation of applicable regulations.
• Unless otherwise provided, the information and opinions contained in this document are provided based on the situation existing as at the date of this presentation and, therefore, are subject to changes or variations without the obligation of prior notification. The Company does not assume any responsibility in relation to the modification or update of this document, nor does it commit to provide additional information that may be requested by the intended readers.
• This document contains statements and estimates that are not necessarily linked to actual events, but that regard future events and are identified by word such as "belief", "expectation", "estimate", "intention", "forecast", "objective", "strategy", "target" and other similar expressions. These statements, as well as the assumptions, opinions, and judgements of the Company and third parties, are subject to modification, even significantly, and are by nature opinions and forecasts and, as such, are uncertain and subject to risks. Therefore, the final results or events may differ, possibly dramatically, from the forecasts. Neither the Company nor the Group assumes any obligation to update any of the statements regarding future circumstances or forecasts, hence these statements are updated as of the date of this document and it is not possible to rely on them.
• The statements contained in this document and regarding past activities or trends do not constitute a representation or a guarantee that these activities or these trends will continue in the future.
• Having accepted this document or having taken part in its presentation, the reader (a) declares that he/she has read and accepts that he/she is bound to comply with the provisions of this disclaimer; and (b) commits to not divulge the information contained herein to third parties, in full compliance with the above.

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