Victoria : 2021 Preliminary Results Presentation

J U L Y 2 0 2 1

INVESTOR

PRESENTATION

Preliminary Results for

Year Ending 3 April 2021

Disclaimer

• This presentation has been prepared by and is the sole responsibility of the directors of Victoria plc (the "Company"). This presentation does not constitute a recommendation or advice regarding the shares of the Company nor a representation that any dealing in those shares is appropriate. The Company accepts no duty of care whatsoever to the reader of this presentation in respect of its contents and the Company is not acting in any fiduciary capacity. The information contained in the presentation has not been verified, nor does this presentation purport to be all-inclusive or to contain all the information that an investor may desire to have in evaluating whether or not to make an investment in the Company. No reliance may be placed for any purpose whatsoever on the information contained in this presentation and no warranty or representation is given by or on behalf of the Company nor its directors, employees, agents and advisers as to the accuracy or completeness of the information or opinions contained in this presentation and no liability is accepted by any of them for any such information or opinions, provided that nothing in this paragraph shall exclude liability for any representation or warranty made fraudulently. In all cases potential investors should conduct their own investigations and analysis concerning the risks associated with investing in shares in the Company, the business plans, the financial condition, assets and liabilities and business affairs of the Company, and the contents of this presentation. The information and opinions contained in this presentation are provided as at the date hereof.
• This presentation may contain and the Company may make verbal statements containing "forward-looking statements" with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition, performance, strategic initiatives, objectives and results. Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "seek", "may", "could", "outlook" or other words of similar meaning. By their nature, all forward- looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the control of the Company, including amongst other things, economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the effect of competition, the effect of tax and other legislation in the jurisdictions in which the Company operates, the effect of volatility in the equity, capital and credit markets on the Company's profitability and ability to access capital and credit, the effect of operational risks and the loss of key personnel.
• As a result, the actual future financial condition, performance and results of the Company may differ materially from the plans, goals and expectations set forth in any forward-looking statements. Any forward-looking statements made herein by or on behalf of the Company speak only as of the date they are made. Whilst the directors believe all such statements to have been fairly made on reasonable assumptions, there can be no guarantee that any of them are accurate or that all relevant considerations have been included in the directors' assumptions. Accordingly, no reliance whatsoever should be placed upon the accuracy of such statements, all of which are for illustrative purposes only, are based solely upon historic financial and other trends and information, including third party estimates and sources, and may be subject to further verification.
• Except as required by applicable law or regulation, the Company expressly disclaims any obligation or undertaking to publish any updates or revisions to any forward- looking statements contained in this presentation to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. No statement in this presentation is intended to be a profit forecast, and no statement in this presentation should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

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Table of contents

1. Executive Summary
2. Operational Overview

03	Outlook	2

04 Post Year End Acquisitions

05 Capital structure and financing capacity

06 Investment Case

07 Appendices

Executive Summary 2021 Financial Results

EXECUTIVE SUMMARY

Overview

"2021 was another record year in terms of revenues and operating earnings, with consistent strong cash flow conversion and significant margin expansion post-lockdown"

• REVENUE: £662.3m

• OPERATING CASH FLOW3: £93.9m

• +6.6% y-o-y growth
• +6.3% like-for-like growth1 post initial lockdown

• 83% conversion from pre-IFRS 16 EBITDA
• Free cash generated of £38.8 million, after tax, interest and replacement capex

• EBITDA2: £127.4m

‒	7.9% y-o-y growth	•	NET DEBT4: £345.7m
‒	19.2% margin		‒ £20m reduction from prior year
‒	+340bps organic improvement1
	post initial lockdown
• PBT2: £50.1m;	•	LEVERAGE4: 3.10x
ADJUSTED EPS2: 30.21p

Note

1. Like-for-likerevenue growth and EBITDA margin improvement shown on a constant-currency basis, with a full-year effect of prior year acquisitions and the impact of current year acquisitions removed
2. EBITDA, PBT and EPS shown before exceptional and non-underlying items. Adjusted EPS shown on a fully-diluted basis, excluding the dilution impact of unutilised preferred equity funding, which was deployed for acquisitions post year-end
3. Operating cash flow defined as underlying EBITDA, less operating payments, non-cash items, plus movement in working capital. Free cash flow is before acquisition, refinancing and other exceptional items
4. Net debt shown before right-of-use lease liabilities, preferred equity, bond premia relating to embedded derivatives and before the deduction of prepaid finance costs. Leverage (Net debt / underlying EBITDA) consistent with the measure used by our lending banks

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