First Quarter
2024
Consolidated results, May 14th, 2024
Index
- MISSION
- COMPANY OVERVIEW / IVS AT A GLANCE
- COMPANY OFFICERS
- GROUP STRUCTURE
- HIGHLIGHTS
- CONSOLIDATED INCOME STATEMENT
- SIGNIFICANT AND SUBSEQUENT EVENTS
- ADJUSTED CONSOLIDATED INCOME STATEMENT
- OPERATING SECTOR PERFORMANCE
- VENDING PERFORMANCE
- RESELLING PERFORMANCE
- Ho.Re.Ca. PERFORMANCE
- COIN DIVISION PERFORMANCE
- CAPEX
- M&A
- NET FINANCIAL POSITION
- CASH FLOW STATEMENT
- ANNEX
32. DISCLAIMER
Consolidated Results First Quarter 2024
2
Company Overview / IVS at a glance
IVS Group S.A. is the market leader in the Italian vending machine
operators' sector (~21% Italian market share in value; 17% in
volumes)(2), and the only player with a nationwide presence.
Second player in Europe (7% market share) and the only public
listed vending company.
Owned by its active managers and founding shareholders,
which control ~ 62% of the shares, while the rest is on the market.
Italian leader in vending, second in Europe and Spain(2),
solid base for growth
Worldwide leader in
vending technologies and
contact payments
Over 990 million vends
and over 725 million
sales in 2023
Continuous
investments in
new services and models
of Vending Machines
n.279.9 thousand Vending Machines
installed (~167.5K Automatic +
~112.4K OCS)
Over 4,280 employees, 127 branches in Italy,
Spain, France and Switzerland of which 10 Coin Division (Italian leader in coins management)
Value of European vending market)(1):
~10-12 billion, with > 10,000 players (mostly very small and family owned)
Leadership position
in a highly fragmented
European and Italian market
(>10,000 players)
Margin and pricing power
track record:
Best in class logistic and operations
Well-regarded
management team
with strong industry experience
Diversified
customer portfolio (contract renewal rates in excess of 95%)
Proven success
in the integration
of more than 225 bolt-on
acquisitions since 2007
Relatively
stable sector in normal market
conditions and
high entry barriers
Total Revenues 2024
1.9
9.2
7.7
81.2
- Data year 2022 EVA
- Data proforma 2022 Confida - including 2022 M&A
Other
Italy
France
Spain
Consolidated Results First Quarter 2024
3
Consolidated Results First Quarter 2024
4
Consolidated Results First Quarter 2024
5
Vending Machines
40.1% (112.4K)
Office Coffee
Service (OCS)
~279.9K*
59.9% (167.5K)
Automatic Vending Machines (AVMs)
8%
4%
1Q2024 | 1Q2023 (Restated) | 1Q2024 | 1Q2023 (Restated) | |
(€/thousands) | (€/thousands) | |||
Total Revenues | -0.2% | Vending Sales | +1.1% | |
183,152 | 183,585 | 134,772 | 133,326 | |
Ebitda Adjusted | +3.5% | Vends (million) | -2.8% | |
29,077 | 28,086 | 254.1 | 261.3 | |
Ebitda Reported | +6.8% | Average Sale Price | +4.0% | |
28,904 | 27,064 | 53.05 | 51.03 | (€/cents) |
Acquisitions
+3 | +0 | |
1Q2024 1Q2023 | ||
0.1 | Revenues | 0.0 |
(€/million) |
23% | 127 | Branches | Employees +6.8% | |
65% | 1Q2024 | 1Q2023 | ||
4,288 | 4,016 | |||
Italia Spagna | Francia Altri | |||
*The decrease in the number of vending machines installed, mostly OCS, is due to a targeted policy of reducing low-volumes locations. | ||||
Note: Compared to the pre-COVID-19 pandemic presentations the Group decided to show some KPIs in ANNEX | ||||
slides. | Consolidated Results First Quarter 2024 |
6
CONSOLIDATED INCOME STATEMENT
(in thousands of Euro) | 31/03/2024 | Inc.% | 31/03/2023 | Inc.% | Variation | Var.% | ||||
Reported | Reported | |||||||||
Revenue from sales and services | 173,743 | 94.9% | 175,718 | 95.7% | (1,975) | (1.1%) | ||||
Other revenues and incomes | 9,409 | 5.1% | 7,867 | 4.3% | 1,542 | 19.6% | ||||
Total revenues | 183,152 | 100.0% | 183,585 | 100.0% | (433) | (0.2%) | ||||
Cost of raw materials, supplies and consumables | (65,561) | (35.8%) | (67,400) | (36.7%) | 1,839 | (2.7%) | ||||
Cost of services | (17,130) | (9.4%) | (17,462) | (9.5%) | 332 | (1.9%) | ||||
Personnel costs | (46,831) | (25.6%) | (46,364) | (25.3%) | (467) | 1.0% | ||||
Other operating income / (expenses), net | (24,618) | (13.4%) | (25,247) | (13.8%) | 629 | (2.5%) | ||||
Gains / (losses) from disposal of fixed assets, net | (108) | (0.1%) | (48) | (0.0%) | (60) | 125.0% | ||||
EBITDA | 28,904 | 15.8% | 27,064 | 14.7% | 1,840 | 6.8% | ||||
EBITDA Adjusted (1) | 29,077 | 15.9% | 28,086 | 15.3% | 991 | 3.5% | ||||
Depreciation and amortization | (19,600) | (10.7%) | (19,420) | (10.6%) | (180) | 0.9% | ||||
EBIT | 9,304 | 5.1% | 7,644 | 4.2% | 1,660 | 21.7% | ||||
Financial income/(expenses), net | (6,001) | (3.3%) | (4,669) | (2.5%) | (1,332) | 28.5% | ||||
Foreign exchange differ. and var. in derivatives fair value, net | (349) | (0.2%) | 115 | 0.1% | (464) | (403.5%) | ||||
Result of companies valued at net equity | 60 | 0.0% | (6) | (0.0%) | 66 | (1,100.0%) | ||||
Profit / (loss) before tax | 3,014 | 1.6% | 3,084 | 1.7% | (70) | (2.3%) | ||||
Income taxes | (295) | (0.2%) | (47) | (0.0%) | (248) | 527.7% | ||||
Net profit/(loss) for the period | 2,719 | 1.5% | 3,037 | 1.7% | (318) | (10.5%) | ||||
Net profit/(loss) for the period Adjusted (1) | 3,432 | 1.9% | 3,935 | 2.1% | (503) | (12.8%) | ||||
Net profit/(loss) attributable to non-controlling interests | (118) | (0.1%) | 735 | 0.4% | (853) | (116.1%) | ||||
Net profit/(loss) attributable to owners of the parent | 2,837 | 1.5% | 2,302 | 1.3% | 535 | 23.2% | ||||
Net Financial Position | (422,806) | (402,879) | (19,927) | 4.9% | ||||||
Operative Capex | 16,407 | 12,099 | 4,308 | 35.6% | ||||||
Free Cash Flow (FCF) | 1,548(2) | 14,350 | (3) | (12,802) | (89.2%) | |||||
- All the Adjusted figures of this presentation don't include items considered exceptional in nature, non-cash charges and start-up cost detailed in slide 14.
- After negative changes in working capital of EUR 5,4M. Adjusted FCF, excluding EUR 1.5 M related to M&A price paid, is equal to EUR 3 M.
- After positive changes in working capital of EUR 2.2M. Adjusted FCF, excluding EUR 0.1M related to M&A price paid in the period, is equal to EUR 14.3M.
Consolidated Results First Quarter 2024
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SIGNIFICANT and SUBSEQUENT EVENTS (1/2)
On January 2024 IVS Group:
- sold the OCS business unit of Cialdamia S.r.l. for a final consideration of EUR 60 thousands;
-
through the Polish vending subsidiary Aora Vending Sp. z o.o., acquired the 100% of Rafago Sp. z o.o., for a final consideration of
EUR 929 thousands. - after winning the tender process commenced in 2023, IVS Group continues the installation of its vending machines and related services to Stellantis group in Europe (excluding Spain). This important new contract confirms IVS growing strength at continental level, mostly due to its recognized service quality and technical innovations.
On February 2024 IVS Group:
- through one of its Italian subsidiaries, acquired the vending business unit of Coffee Service di Sarno Michela active in Campania region for a provisional consideration transferred of EUR 615 thousands, already paid for EUR 150 thousands within March 31st , 2024
- through its Italian subsidiary Vendomat Partecipazioni S.r.l., the Group sold its subsidiary MIDA S.r.l. for a final consideration of EUR 7 thousands;
- through its Italian subsidiary IVS H24 S.r.l., IVS Group acquired the 70% of Toscana H24 S.r.l. active in Toscana region, for a final consideration of EUR 175 thousands; the company is active in the H24 vending business.
After March 31st, 2024 IVS Group:
- through one of its Italian subsidiaries, acquired the vending business unit of D'Aspin Di D' Alonzo Sebastiano active in Abruzzo region for a provisional consideration transferred of EUR 170 thousands, already paid for EUR 59 thousands within March 31st, 2024;
- through one of its Italian subsidiaries, acquired the vending business unit of Wending Market S.r.l. active in Puglia region for a provisional consideration transferred of EUR 610 thousands.
Consolidated Results First Quarter 2024
8
SIGNIFICANT and SUBSEQUENT EVENTS (2/2)
On April 22nd , 2024 IVS Partecipazioni S.p.A. ("IVSP", the majority shareholder of IVS Group) and E-Coffee Solutions S.r.l. ("ECS", controlled by Lavazza group, the Italian leader in the coffee industry) announced the launch of a voluntary totalitarian offer on IVS Group shares - through a newly incorporated company, Grey S.a.r.l. ("Grey") - aimed at the delisting of IVS Group.
In the event of a positive outcome of the offer and depending on the percentage of the offer acceptance, IVSP would hold a stake of at least 51% of the share capital of Grey and ECS would hold a stake between 39% and 49% of Grey.
A reciprocal agreement between IVSP and ECS provides for options to purchase (call options) of ECS and options to sell (put options) of IVSP, on the shares held by IVSP in IVS Group S.A. (after the merger between IVS Group and Grey). Call and put options will be exercisable after the approval of IVS Group consolidated Annual Report at 31st December 2026 (and therefore starting from 2027 until 2034).
Consolidated Results First Quarter 2024
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IVS Group SA published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 15:49:03 UTC.