Education: MBA from the MIT Sloan School of Management and MSc in Industrial Engineering from Politecnico di Torino
8 years at Cerved
16 years of TMT industry experience
Prior experience: CVC, Deutsche Bank, Bankers Trust, UBS, SEAT
Education: degree in Economics and Business Administration from University of Bergamo
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Agenda
Executive Summary
Business Review
Financial Review
Appendix
Details on financials
Investor Day - extract
ESG committment
Executive Summary
Macro
H1 2021
Financial
Results
Investor Day 6 March 2021
Public Tender Offer
Following the 8.9% contraction of GDP in 2020, Bank of Italy forecasts growth of 5.1% in 2021, 4.4% in 2022 and 2.3% in 2023, thus returning to pre-pandemic levels by end 2022
Revenues of EUR 251.7m +5.0% vs H1 2020, +4.5% organic Adjusted EBITDA of EUR 105.7m +6.4% vs H1 2020, +6.3% organic Operating Cash Flow of EUR 87.6m, +11.5% vs H1 2020
Adjusted Net Income post minorities of EUR 54.1m +12.7% vs H1 2020 Leverage of 2.7x LTM proforma Adjusted EBITDA
On 26 March 2021 Cerved presented its third Investor Day and Strategic Outlook to 2023
Strategy predicated upon refocus on Data Intelligence businesses, assessing strategic alternatives for Credit Management, and creating firepower for M&A and dividend policy
Key targets are 2020-2023 CAGR of 5-7% organic Revenues and 7-10.5% Adjusted EBITDA including M&A, 75-80% cash conversion, 3.0x leverage EBITDA, 40-50% dividend payout
Tender Offer period from 16 July 2021 to 5 August 2021 (extremes included) Issuer's Statement approved by Cerved's Board on 15 July 2021
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Consistent Growth and Cash Flow Generation
% / %
Total CAGR% /
Organic Growth %
Revenues (€m)
Consistent Growth
+6.9%/ +3.5%
CAGR '12-'20
521
Growth %
488
458
H1 21/19
+2.2%
401 394
313 331 353 377
H1 21/20
+5.0%
291
246 240 252
2012 2013 2014 2015 2016 2017 2017 2018 2019 2020
H1
H1
H2
19
20
21
Not restated
Application of
IFRS 9, 15, 16
Adjusted EBITDA1 (€m)
Sustainable profitability
+4.6%/ +2.5%
CAGR '12-'20
237
213
204
Growth %
171 180
187
186
H1 21/19
-4.8%
145 152 160
H1 21/20
+6.4%
111 99 106
2012 2013 2014 2015 2016 2017 2017 2018 2019 2020
H1
H1
H1
19
20
21
Not restated
Application of
IFRS 9, 15, 16
Operating Cash Flow (€m)
High cash flow generation
+2.8%
CAGR '12-'20
160158
Growth %
136144143143
H1 21/19
+7.9%
126
H1 21/20
+11.0%
111108
85 81 79 87
2012 2013 2014 2015 2016 2017 2017 2018 2019 2020
H1
H1
H1
19
20
21
Not restated
Application of
IFRS 9, 15, 16
1) 2017 Adj. EBITDA includes €4.0m adjustment for IFRS 16
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Cerved Information Solutions S.p.A. published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 15:18:07 UTC.
Cerved Group SpA is an Italy-based company engaged in the professional information services industry. The Company provides financial information for corporate and financial institutions. The Company's business activities are divided into three segments. The Credit Information segment offers business information products and services, real estate information, public credit rating and analytics services, as well as consumer credit information. The Marketing Solution segment provides analysis and economic information, based on which, clients are able to develop businesses, gain customers and calculate sales network. The Credit Management segment focuses on services to assess and manage non-performing loans and other impaired assets for third parties, including investment funds, banks and other financial enterprises. Furthermore, Cerved Information Solutions SpA is a parent of the Cerved Group. It operates through Fox & Parker Srl and Credit Management Srl.
CERVED GROUP S.P.A. 