adesso AG Annual Report Presentation 21 st of April 2017

Transcription

1 adesso AG Annual Report Presentation 21 st of April 2017

2 2 Celebrating 20 years of staying young and agile 33 % more turnover % more employees % more EBITDA...

3 3 Partner in digital transformation adesso optimises the core business processes of companies by IT-Consulting, developing individual software and industry solutions.

4 4 Our philosophy

5 5 Success factors and growth more than 2,100 employees adesso Group as at 31 December 2016 Awards as an employer Group sales 2016 EUR million Expected sales in 2017 EUR 270 million to EUR 300 million Constantly profitable Cash at year-end 2016 more than EUR 43 million

6 6 Our Portfolio >>> business IT-Services Business Consulting IT Consulting Software Development IT Management Strategy > Process Process > Architecture Architecture > Application Application > Operation Industry Solutions IT-Solutions Content Solutions Mobile Solutions technology <<<

7 7 Equity Story Premium positioning adesso will expand to form one of the leading integrated IT companies for sector-specific business processes in central Europe adesso has an ambitious growth strategy and aims to grow by at least twice the rate of the market (plus M&A) adesso aims to have an operating margin above the sector average adesso pays out a dividend and aims to raise it continuously

8 8 Growth Model Tried-and-tested model for expanding sector-wide presence Transfer of model to new sectors: Build up a new core sector every 2-3 years Currently under construction: Automotive Regional expansion Creation of new technology areas Creation of a product & solutions portfolio CONSULTING IMPLEMENTATION SOLUTIONS (Re-)Insurance Banking Healthcare Lotteries Public sector Utilities Automotive

9 9 Geographic Expansion Hamburg Essen Dortmund Cologne Aachen Stuttgart Bern Zurich Stralsund Berlin Hannover Jena Frankfurt Nürnberg Munich Vienna Boston London Istanbul

10 Business Model INNOVATION GROWTH MARGIN EPS / DIVIDEND Portfolio expansion Grow each sector Utilisation New business models Enter new sectors Daily rates Product business Project efficiency International business License & Maintenance Recruiting Costs / changes per FTE M&A - Personnel to daily rates - Travel

11 11 Guidance (increased) met in all criteria IFRS in EUR m 2015 Guidance 2016 Guidance Updated 2016 Sales EBITDA EBITDAmargin 7.3 % > 6.5 % > 6,5 % 8.9 %

12 12 Positive Development / Strong Growth Growth in Sales (in EUR m) Sales % 19 % organic growth 14 % due to acquisitions of smarthouse, flitcon and SP Integration Guidance 2016 was raised due to record sales in Q3 Germany!! Switzerland Banking almost doubled Deutsche Bank Commerzbank Postfinance Grenke Leasing KfW ING-Diba Union Investment Bayern LB Citigroup Vontobel

13 13 Revenue split by business sectors 30% +11% 22% 21% +31% +95% 10% +12% 8% +60% +67% 3% +9% 2% +23% 4% Insurance Banking Health Public Lottery Utilities Automotive Cross Industries

14 14 EBITDA and -margin with strong uplift EBITDA Development (in EUR m) 23,1 EBITDA-margin (in %) 8,9 14,3 +61% 5,6 5,7 6,2 7,3 +22% 6,7 7,8 9,

15 15 EBITDA-Development (Quarters) EBITDA (Quarters, in EUR m) 7,7 +42% 6,5 5,4 4,7 5,1 +38% 3,8 +92% 2,7 +150% 1,5 Q1/2015 Q2/2015 Q3/2015 Q4/2015 Q1/2016 Q2/2016 Q3/2016 Q4/2016

16 16 Business Development 2016 Key figures in EUR m Δ yoy Employees (FTE, avg) 1,956 1, % Sales % Gross Profit % Personnel costs % Other operating expenses % EBITDA % Profit drivers Δ yoy Utilisation & projects D: / AT: / CH: Daily rates Stable and rising License & Maintenance Personnel cost per FTE Maintenance FirstSpirit, Licence inisure

17 17 Profitability and dividend Earnings per Share (in EUR) 1) Dividend per Share (in EUR) 2, % 0,18 0,21 0,25 0,30 0,36 +20% 0,48 0,59 0,82 0, ) EUR 1,5 m positive, one-off tax effect drawn from losses carried forward, EPS 1,88 without effect

18 18 Balance sheet and key figures 2016 Key figures in EUR m Δ yoy Cash % Financial debt % Net-Cash % Operating Cash-Flow % Goodwill % Working Capital % Equity % Equity ratio 32.6 % 35.3 % - 8 % EUR 12.7 m cash from capital increase December 2016 (share price ) EUR 24.0 m new acquisition loans (smarthouse & ARITHNEA 100 %) (1 % interest rate); EUR 5.2 m repayments

19 19 A trip into our business

20 20 adesso insurance solutions Landmark customers won for Life: Generali (no. 2) Aachen Münchner Cosmos Direkt Development of Health successful finished at the end of 2016 Now going into sales mode Development of General well under way Anchor-customer won to develop Motor

21 21 M&A: acquisition of Smarthouse Media GmbH About 140 employees, EUR 17 million turnover, > 20 % EBIT-margin Purchase price EUR 24 million in cash, thereof EUR 20 million financed with loans (7 years, 1.0 %), no earn-out components Integrated market proposal with adesso banking

22 22 Challenging and important projects Probably the biggest ongoing CRM project in the European Banking sector Commerzbank Microsoft Dynamics CRM based technology and solution Trinity Live: complex software for tracking the usage of artists IP GEMA Highly specialized software to measure and price the playlists of media stations Transformation partner of a substantial core-system PostFinance (Switzerland) adesso acts as code and architecture gatekeeper and expert for PEDA-S-system

23 23 Geographic Expansion SmartShoring Boston London Mobile developmet Turkey Istanbul

24 24 Business & Guidance 2017 Keeping up innovation and drive! Germany: win a new employee every day! Open new locations in Aachen, Basel, Essen, Hannover. Win new customers for inisure, first new customer for Health. Expand business in the USA and innovate with FirstSpirit. Integrate new UnitCon GmbH into ecommerce-portfolio (deal done 2017) IFRS in EUR m 2015 Guidance a 2017p Sales EBITDA EBITDAmargin 7.3 % > 6.5 % 8.9 % > 7.5 %

25 25 Thank you! adesso AG Christoph Junge Member of the Executive Board Stockholmer Allee Dortmund Germany T ir@adesso.de

26 26 Appendix

27 27 References

28 28 Key figures (Quarters) in EUR k Q1/2015 Q2/2015 Q3/2015 Q4/2015 Q1/2016 Q2/2016 Q3/2016 Q4/2016 Profit situation Sales revenues 42,081 44,909 53,255 56,204 56,072 62,927 69,402 72,006 domestic 33,738 36,295 37,377 45,326 41,133 49,638 55,812 69,927 foreign 8,343 8,614 15,878 10,878 14,939 13,289 13,591 4,078 EBITDA 1,509 2,667 5,435 4,672 3,771 5,125 7,695 6,469 EBITDA margin (in %) Consolidated earnings ,716 1,515 1, ,204 4,536 Balance Sheet Balance sheet total 87, , , , , , , ,491 Equity 39,658 39,260 41,674 42,475 38,220 39,119 43,454 59,744 Euqity ratio (in %) Liquid assets 21,943 16,006 18,012 28,162 21,293 14,976 15,831 43,144 Net cash position 16,657-7,229-5,223 6,416-5,155-27,983-28,671-4,217 Employees Employees (FTE) 1,410 1,468 1,625 1,702 1,757 1,973 2,075 2,174 domestic 1,260 1,314 1,378 1,456 1,510 1,725 1,826 1,926 foreign Gross profit/employees Share Number 5,793,720 5,793,720 5,799,720 5,799,720 5,841,435 5,873,736 5,873,736 6,167,423 Price at the end of the period (in EUR) Market Cap (in EUR m) Earnings per share (in EUR) ,

29 29 Key figures (FY) in EUR k Profit situation Sales revenues 105, , , , , ,407 domestic 85,375 97, , , , ,510 foreign 20,611 23,017 22,443 24,974 43,713 45,897 EBITDA 8,606 6,711 7,776 9,778 14,283 23,060 EBITDA margin (in %) Consolidated earnings 3, ,027 3,995 5,312 12,696 Balance Sheet Balance sheet total 69,850 76,940 75,129 84, , ,491 Equity 34,368 34,476 36,044 38,748 42,475 59,744 Euqity ratio (in %) Liquid assets 22,491 21,368 21,644 23,724 28,162 43,144 Net cash position 17,706 13,661 16,288 17,977 6,416-4,217 Employees Employees (FTE) 847 1,084 1,221 1,377 1,702 2,174 domestic ,106 1,236 1,456 1,926 foreign Gross profit/employees Share Number 5,741,663 5,747,716 5,763,327 5,793,720 5,799,720 6,167,423 Price at the end of the period (in EUR) Market Cap (in EUR m) Earnings per share (in EUR) Dividend per share (in EUR)

30 30 Shareholder Structure

31 31 The share Market Cap raised to EUR m in 2016 Outperformance compared to TecDAX 92 pp.

32 32 adesso share, Basic Data ISIN Code DE000A0Z23Q5 WKN (national securities identification number) A0Z23Q Symbol / Code ADN1 Reuters Instrument Code ADNGk.DE Bloomberg Symbol ADN1:GR First day of trading 21. June 2000 Trading platforms Xetra Market Segment General Standard Number of Shares 6,167,423 Currency EUR No share with nominal value; Nominal value EUR 1.00 (mathematically) Share capital 6,167,423 Voting rights per Share 1 Index Reporting Standard End of fiscal year CDAX, DAXsector All Software, DAXsubsector All IT-Services, General All-Share, General Standard Index IFRS 31 Dec.

33 33 Shareholdings adesso AG Dortmund adesso Schweiz AG Zurich, Switzerland 100% adesso Austria GmbH Vienna, Austria 100% adesso Turkey Bilgi Teknolojileri Ltd. Sti. Istanbul, Turkey 100% adesso mobile solutions GmbH Dortmund 100% adesso insurance solutions GmbH Dortmund 100% smarthouse adesso financial solutions GmbH Karlsruhe 100% ARITHNEA GmbH Neubiberg 100% e-spirit AG Dortmund, 100% US UK CH adesso as a service GmbH Dortmund 100% A3A Strategy Consulting GmbH Munich 100% gadiv GmbH Much 61% percision services GmbH Dortmund 100%

34 34 Executive Board Michael Kenfenheuer, CEO Michael Kenfenheuer (born in 1958) is a member of the Executive Board and responsible for the departments Banking, Health and Insurance. In the Executive Board of adesso he is furthermore in charge of the adesso shareholdings adesso insurance solutions GmbH, A3A Strategy Consulting GmbH, ARITHNEA GmbH, e-spirit AG, gadiv GmbH, phb services GmbH and smarthouse adesso financial solutions GmbH. He was appointed as a member of the adesso AG Executive Board for these responsibilities in With his many years of business management and project management experience, Michael Kenfenheuer is having a major impact on the development and expansion of the company's network of technical and industry experts. From 2011 to mid-2015 Michael Kenfenheuer was the Co-Chairman of adesso AG. Since 1 July 2015 he assumes the Chairmanship. Christoph Junge, CFO Christoph Junge (born in 1970) is a member of the Executive Board and responsible for Finance, Human Resources, Administration and Legal Affairs as well as Mergers & Acquisitions. He is furthermore in charge of the adesso shareholding percision services GmbH and CFO of e-spirit AG. Before he was appointed as a member of the BOV AG (now adesso AG as the result of a merger) Executive Board in May 2005, he helped shape the company s business operations as Director of Finance and Company Development. Andreas Prenneis, Member of the Executive Board Andreas Prenneis (born in 1965) is a member of the Executive Board and responsible for adesso s automotive & transportation, cross industries, energy sector business, public administration, IT management consulting and Microsoft and is furthermore in charge of the adesso shareholdings adesso as a service GmbH und adesso mobile solutions GmbH. He was appointed as a member of the adesso AG Executive Board for these responsibilities in Andreas Prenneis joins adesso from CompuGroup Medical Germany, where he managed a number of business areas in his role as Area Vice President Telematik & AddOn.

35 35 Supervisory Board Six members experienced with high industry knowledge Prof. Dr. Volker Gruhn (Chairman): co-founder of adesso, professor for Software Engineering Dr. Friedrich Wöbking (Deputy Chairman): e.g. former member of the executive board of Dresdner Bank and Allianz Prof. Dr. Gottfried Koch: e.g. former managing director of a stocklisted software company, professor of insurance information technology Hermann Kögler: e.g. former Director of Finance/Controlling and Spokesman of the Board at COGNOS AG Heinz-Werner Richter: e.g. former member of the executive board of Barmenia Insurance, German Insurance Industry Association Rainer Rudolf: co-founder of adesso, member of the executive board of an IT services company

36 36 Important Dates 2017 Date to06 Event 20th ODDO Forum, Lyon th ODDO German Conference (micro, small & mid cap), Frankfurt/Main Publication of the 2016 annual report, financial press / analyst conference, Dortmund th DVFA Spring Conference 2017, Frankfurt/Main Warburg Highlights 2017, Hamburg Regular ASM, Dortmund Publication of the 2017 half-year report to29 German Equity Forum/One-on-Ones, Frankfurt/Main

37 37 Thank you! adesso AG Christoph Junge Member of the Executive Board Stockholmer Allee Dortmund Germany T ir@adesso.de