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IR Top Lugano Small & Mid Cap Investor Day LUGANO SMALL & MID CAP INVESTOR DAY VIII Edizione 22 settembre 2017
IR Top Lugano
Small & Mid Cap Investor Day
LUGANO SMALL & MID CAP INVESTOR DAY VIII Edizione 22 settembre 2017
Disclaimer
2
These slides have been prepared by Bomi Italia S.p.A. (“Bomi”, the “Company” and together with its subsidiaries the “Group”), solely for a presentation of the Company’s major economic drivers, without any
guarantee or representation, thus resulting in a mere estimation of the current and prospective results.
These slides are strictly confidential and are being shown to you solely for your information. Neither this document nor any copy thereof may be reproduced, further distributed to any other person or published, in
whole or in part, for any purpose. By attending this presentation, you are agreeing to be bound by these restrictions. Any failure to comply with these restrictions may constitute a violation of applicable laws.
The information contained in this document (“Information”) has been provided by the Company or obtained from publicly available sources and has not been independently verified by Banca Popolare di Vicenza
S.C.p.A. (“Banca Popolare di Vicenza”) nor from any other auditing firm.
None of the Company, Banca Popolare di Vicenza or any of their respective affiliates, directors, officers, advisers, agents or employees, nor any other person make any representation or warranty, express or
implied, as to, and no reliance should be placed on, the fairness, accuracy, materiality, completeness or correctness of the Information or any opinions contained herein. This presentation may contain financial
information and/or operating data and/or market information regarding the business, assets and liabilities of the Company and its subsidiaries and the results of operations and markets in which the Company and
its subsidiaries are active. Such financial information may not have been audited, reviewed or verified by any independent accounting firm and/or such operating or market information may be based on
management estimates or on reports prepared by third parties which neither the Company nor the Banca Popolare di Vicenza have independently verified. Banca Popolare di Vicenza has not made an independent
evaluation or appraisal of the business, assets or liabilities of the Company or any of its subsidiaries. It is not the intention of the Company or of Banca Popolare di Vicenza to provide, and you may not rely on these
materials as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. This presentation speaks as of its date and will not be updated. The Information included in
this presentation may be subject to updating, completion, revision and amendment and such Information may change materially without notice. No person is under any obligation to update or keep current the
Information contained in this presentation and any estimates, opinions and projections expressed relating thereto are subject to change without notice. Neither the Company or Banca Popolare di Vicenza, nor any
of their respective affiliates, directors, officers, advisers, agents or employees, nor any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of
these materials or its contents or otherwise arising in connection with this presentation. Any projections, estimates, forecasts, targets, prospects, returns and/or opinions contained in this presentation involve
elements of subjective judgment and analysis and are based upon the best judgment of the Company as of the date of this presentation. No representation or warranty is given as to the achievement or
reasonableness of, and no reliance should be placed on, any valuations, forecasts, estimates, opinions and projections contained in this presentation. In all cases, recipients should conduct their own investigation
and analysis on the Company and the Information contained in this presentation.
THIS PRESENTATION AND ANY RELATED ORAL PRESENTATION DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR, PURCHASE OR OTHERWISE ACQUIRE ANY
SECURITIES AND NOTHING CONTAINED HEREIN OR ITS PRESENTATION SHALL FORM THE BASIS OF ANY CONTRACT OR COMMITMENT WHATSOEVER. ANY DECISION TO PURCHASE
SECURITIES IN THE CONTEXT OF AN OFFERING SHOULD BE MADE ON THE BASIS OF INFORMATION CONTAINED IN THE ADMISSION DOCUMENT (DOCUMENTO DI AMMISSIONE) IN ITALIAN
LANGUAGE PUBLISHED IN RELATION TO SUCH AN OFFERING AND/OR ON THE FOLLOWING PRESS RELEASES, FINANCIAL REPORTS AND OTHER INFORMATIONS THAT HAD BEEN ISSUED BY
THE COMPANY, FROM ITS LISTING TO PRESENT DATE.
This Information contained in this document and any related presentations is being distributed to and is directed only at persons in Member States of the European Economic Area (“EEA”) who are “qualified
investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/ec) (“qualified investors”). Any person in the EEA who receives this document will be deemed to have represented and
agreed that it is a qualified investor. Any such recipient will also be deemed to have represented and agreed that it has not received this document on behalf of persons in the EEA other than qualified investors or
persons in the UK, Italy and other member states (where equivalent legislation exists) for whom the investor has authority to make decisions on a wholly discretionary basis. The company, Banca Popolare di
Vicenza and their affiliates, and others will rely upon the truth and accuracy of the foregoing representations and agreements. Any person in the EEA who is not a qualified investor should not act or rely on this
document or any of its contents. The Information contained in this document is not for publication, release or distribution in Australia, Canada or Japan. The distribution of this document and any related
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Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. This document may not be acted on or relied on by persons who are not eligible to invest in securities
offered. Any investment or investment activity to which this communication relates is available only to persons eligible to invest in securities and will be engaged in only with such persons.
Agenda
About Bomi
Key Financials
To sum up
Vision, Mission and key milestones
Key drivers
Service portfolio and strategic positioning
Revenue trend
2016 and first half 2017 results
2017-2019 business plan
0.0
1.0
2.0
3.0
3
Agenda
About Bomi
Key Financials
To sum up
Vision, Mission and key milestones
Key drivers
Service portfolio and strategic positioning
Revenue trend
2016 and first half 2017 results
2017-2019 business plan
0.0
1.0
2.0
3.0
4
Bomi Group designs advanced supply chain solutions
for the Healthcare Industry
1.1 About Bomi
5
1.2 Vision
6
Strive to become the N°1 partner to the
Healthcare Industry.
Intelligence first,
Delivery after,
Customer Care always.
1.3 Mission
7
Our Mission is to design smart, reliable and cost-effective solutions for
the Healthcare Industry, going much beyond the pure logistic concept.
We believe our competitive edge lies in being what we call a “3DPL company”:
a Devoted, Dynamic, and Distinctive
third party logistics player
A focused devotion
to the Healthcare
Industry
Dynamic decisional
chain in a worldwide
company
A distinctive approach
in adapting on customer
requirements
8
2006
Consignment Stock Management launch
2008
New activities in Turkey. Bomi starts a JV in Chile Bomi sells Spain
2004
Bomi Group sells operations in Benelux, France, Germany and UK. Focus on LATAM
1997
Bomi Group starts its 55% JV in Brazil with a local partner (JV still in place)
1998
Giorgio Ruini and other investors buy 100% from Private Equity (MBO)
1996
Bomi Group starts a 51% JV in Mexico with local partners
1990
Schroeder’s Private Equity buys 60% of Bomi Group. Giorgio Ruini buys 20%.
1985
Bomi Group Founded. Giorgio Ruini appointed CEO
1989-92
Bomi Group opens Spain, France, Germany, UK, Benelux
Bomi Group Milestones 1/2
1985 1990 1995 2000 2005 2010
2009
Bomi Group opens in Colombia
2011
Bomi sells Mexico operation to local PE, converting it to a Licencee.
2014
New activities in France, Russia, Netherlands, Perù, USA. Licencee in China. Bomi Group issues a Pre-IPO incentive bond of €1.5m listed at segment ExtraMot-Pro of Borsa Italiana. Gets ELITE certificate from Borsa Italiana
2013
1st transport acquisition in Italy
1.4
1.5
9
Bomi Group Milestones 2/2
2015
2016
2016
2016
Bomi Group creates a new JV with Distritec, French Transport company
Bomi Group starts operation in Panama and enters directly the Chinese market. End of trademark licence agreement in Mexico.
2015
Bomi Group celebrates 30 Years. Listing to the AIM market Milan
Bomi Group buys 80% of G. Carrai for €1.4m, becoming market leader in Home Care dialysis deliveries in Italy
2015 Nov. 2015
Bomi acquires Ritmo Holding B.V, logistic and transport company based in Eindhoven.
2016
Bomi acquires Logik Trans Srl based in Rome (June) and Berga Srl based in Modena (Oct.) to strenghten its transport network .
2016
Bomi Group creates a new JV with Rapid Express Courier S.A, based in Madrid.
Mar. 2017
Bomi Group enters directly the Mexican market
2017
May 2017
Bomi Group acquires the remaining 20% of G.Carrai.
Bomi Group announces the acquisition of the minority stake in its Brazilian subsidiary
July 2017
1.6 Bomi key drivers
10
Global
Presence
Customer
Loyalty
Beyond
Logistics
Bomi Group offers to its
multinational customers a
well-established
NETWORK COVERING
16 COUNTRIES,
managed by talented and
specialized teams.
Bomi focuses on a
HIGH-VALUE ADDED MARKET
that rewards strong compliance
with regulatory and
customized services.
This turns into remarkable
bluechip customer loyalty.
In addition to its Core
Business Division, Bomi Group
offers a range of
CUSTOMIZED
& INNOVATIVE SERVICES.
These include Home Care
Deliveries,
Hospital Logistic Management and
Virtual Branch.
1.7 Global presence in 16 Countries
11
Mediterranean:
Italy, Spain, Portugal,
Turkey
Northern Europe
France, Netherlands,
Russia
Asia:
China
North America:
US
South America:
Mexico, Argentina, Brasile, Chile,
Peru, Colombia, Panama
1.8 More than 100 customers
Medical
Devices Implantables Chronic disease
treatments
In Vitro
Diagnostics
Pharma &
Food
supplements
Biotech
Home
Patients
Healthcare
Companies Hospitals Clinics Labs
Bomi cooperates with almost 90% of the most important multinational companies, managing
every kind of medical device and being involved in all the links of the healthcare supply chain.
12
Survey run on a panel of Bomi Customers across the World
1.9 What do they think about Bomi?
13
Why did you choose Bomi instead of other logistic
partners?
(*) 74% of the respondents
Because
they are Specialists (*)
Which are Bomi’s main strenghts?
1° Operation flexibility
2° Personalized services
3° Quality/price ratio
1.10 A full range of integrated services
14
Core
Business
Division
Innovative
& Customized
Business
Division
Warehousing
Transport Management
Home Care
Virtual Branch
Consignment
Stock & Special Services
Kitting & Labelling
1.11 Service Portfolio: core business division
15
Warehousing
Transport Management
Home Care
Safe storage of any kind of healthcare product on behalf of manufacturers in licensed, secure and monitored locations
under the strict observation of the quality standards and local regulations.
Prorietary truck fleet managed by Bomi Control Tower for ambient and controlled temperature deliveries, including
emergency deliveries 24/7 of life-saving devices.
Value added service addressed to the management of chronic diseases. Bomi specialized network delivers the right treatment
to any at-home patient.
1.12
16
Kitting & Labelling
Virtual Branch
Consignment stock & special services
Since 2006, thanks to Gecos web software, Bomi has been offering specific solutions for managing Hospital inventories, servicing both
manufacturers and clinics, with the complete traceability of stock levels and reconciliation for the clients.
Bomi customers can leverage Bomi’s local expertise to structure plug&play solutions
for new markets. Guarantee of quality and compliance with local laws.
Production and packing of Kit Units in compliance with local regulations, creating sellable units on behalf
of the customer. Already working under UDI and new traceability EU regulations.
Service Portfolio: innovative business division
1.13 Strategic positioning
17
SP
EC
IAL
IZE
D
GE
NE
RA
LIS
T
LOCAL INTERNATIONAL
MIT (Dhl)
Due Torri
Fercam
Almacenar
Multipack
Shuttle
Ceva
UPS
DHL
FedEx
Kuehne + Nagel
Chiapparoli Logistica
AGV
Open Market
Andreani
Eurodifarm (Dhl)
Movianto
Xpo
Logista
Arvato (Bertelsmann)
In recent years there has been a new trend: major international players
are specializing in the healthcare and in the medical device industry.
Bomi’s other competitors are its potential customers, which can operate in
the market using a strategy of insourcing.
Market
trends Generalist
suppliers
Strategic approach Tactical approach
GE
NE
RA
LIS
T
SP
EC
IAL
IZE
D
Customer orientation
High levels of customization
Market-driven approach
Target: multinational companies and industry leaders
Global presence
Competitive arena in Italy and worldwide Competitive positioning
Agenda
About Bomi
Key Financials
To sum up
Vision, Mission and key milestones
Key drivers
Service portfolio and strategic positioning
Revenue trend
2016 and first half 2017 results
2017-2019 business plan
0.0
1.0
2.0
3.0
18
2.1 Revenue Trends
19
0,00
0,50
1,00
1,50
2,00
2,50
3,00
3,50
4,00
4,50
-
20.000
40.000
60.000
80.000
100.000
120.000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Bomi Group Sold Turnover Growth from M&A
Historical Turnover Avg Exc.Rate R$/€
0%
20%
40%
60%
80%
100%
2014 2015 2016 2017 2018 2019
LATAM EMEA ROW APAC
Revenue Trend
Revenue Composition by region
Bomi Group has enjoyed steady organic growth (CAGR 12.3%) along the past 12 years, despite the devaluation of the
Brazilian real occurred in recent years.
Revenue composition has been balanced in the past 3 years, thanks to the growth in Europe, resulting in a risk
mitigation in term of macro trends.
There is now the expectation of an increasing share coming from APAC and ROW regions.
Valu
es in
M E
uro
2.2 EBITDA Trend
20
EBITDA Trend, 2014-2016
Valu
es in
M E
uro
Despite a constant EBITDA growth, at the end of 2016 EBITDA margin was negatively impacted by the intense M&A
activity and the commercial expansion, especially in Europe. In 2017 the Group is focusing on the realization of
expected synergies with an improving on profitability in the first half of 2017.
Exchange rate effects accounted for approx 0.3% in terms of EBITDA margins.
9,26
10,21
7,97 8,25 8,75
-
2
4
6
8
10
12
2014 2015 2016
EBITDA (constant exc.rate) EBITDA
EBITDA Trend, First half 2014-2017
2,64
3,67
4,36
5,97
2,64 3,43 3,79
5,64
-
1
2
3
4
5
6
7
First half 2014 First half 2015 First half 2016 First half 2017
EBITDA (constant exc.rate) EBITDA
2.3 Lead indicators of Bomi Group results 30 June ‘17
21
NFP Euro 2.0 Mio increase was mainly due to acquisitions
(M&A), with special reference to the Mexican market.
It should be noted that the accounting data reported in the
present announcement, has not yet been fully audited, and
that the full, audited six-month interim results will be put
before the Board for its approval at its next meeting on 29
September 2017, as scheduled in the financial calendar.
Va
lue
s in
M E
uro
0,0
5,0
10,0
15,0
20,0
NFP 2016 NFP first half 2017
2017
2016 8%
0 10 20 30 40 50 60 70 80
Revenues
2017
2016
2017
2016
2017
2016 11%
0 1 2 3 4 5 6
Bomi Group Net Profit
Total Net Profit
Ebitda
25%
36%
Va
lue
s in
M E
uro
Exchange rate effect
+25%
+49%
+135%
+254%
2.4
22
Stand Alone Business Plan 2017-2019
The Stand-Alone model is showing an organic 8.5% CAGR
EBITDA shall increase at 12.5% CAGR
EBTIDA margin on Revenues shall raise from 8.7% in 2016 to 10.0% in 2019
8,0%
8,5%
9,0%
9,5%
10,0%
10,5%
€ -
€ 20
€ 40
€ 60
€ 80
€ 100
€ 120
€ 140
€ 160
2016 2017 2018 2019
Revenues Ebitda Margin
Valu
es in
M E
uro
Revenue and EBITDA margin, 2016-2019
The Stand Alone Business Plan shows the best
management estimations on present and future
key drivers that might eventually affect the
Company’s results.
The main forecasts are meant as “Stand-alone”:
the main figure projections include current
company structure and ongoing start-ups.
The Stand-alone model aims to represent the best
estimation of future organic growth of the present
Company’s structure, without considering
significant commercial contract upsides or losses.
The Stand-alone model do not incorporate the
effect of the synergy arising from the acquisition of
the minority shareholding in the Brazilian
subsidiary, which was announced in the press
release of 30 July 2017.
The Stand-alone model has been issued on May
8th, 2017 and based on exchange rates available
at that time.
Agenda
About Bomi
Key Financials
To sum up
Vision, Mission and key milestones
Key drivers
Service portfolio and strategic positioning
Revenue trend
2016 and first half 2017 results
2017-2019 business plan
0.0
1.0
2.0
3.0
23
3.1 To sum up
24
Strong customer loyalty
Increasing margins on a growing
Business Model
Upside opportunities through M&A
activities
Market leadership in Latin America & Italy
Multinational presence is a key winning
factor.
Bomi Group has market leadership or co -
leadership in Brazil, Colombia, Peru and Italy
and a unique network to serve Latin America.
The outstanding
blue-chip customer loyalty might
generate cross-selling
opportunities within the Network
The recent new initiatives are starting to
show a postive EBITDA contribution
Present Company set-up has a remarkable
over capacity
The potential business combination
with a high-margin target might result in
outstanding business perfomances
Bomi Group relatively low debt levels
could fit to a new development stage
Strategic milestones
Network Consolidation
Innovative Services Upscale
Game Changing Acquisition
Bomi Group shall focus on synergies arising from the Backbone strategy performed
over the past 24 months.
Minorities consoldation might also make part of such strategy
3.2
25
Bomi’s Home Care division and Consignment Stock Service might also be
empowered through selected vertical acquisitions
Bomi would focus now on one or two major acquisitions in some
specific markets (i.e. USA), where Investment size could be
significant
3.3
26
Shareholders informations Graph area Absolute/Relative 12 M
Source: Factset
49,65%
7,16% 5,73%
37,46%
Incab & Co. S.r.l. (on its own and through the subsidiary Palmberg International B.V.)
Quamvis S.C.A., SICAV SIF - Italian Growth Fund managed by QUAESTIO Capital Management SGR S.p.A. Unipersonale
First Capital S.p.A.
Other shareholders under 5%
Shareholding structure
