Company Presentation 14th November 2017 - Italiaonline
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Company Presentation
14th November 2017
1
Disclaimer
This presentation contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and
financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Italiaonline S.p.A.’s current
expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results
or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are
beyond the ability of Italiaonline S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments,
fluctuations in the price, and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are
made only as of the date of this presentation. Italiaonline S.p.A. does not undertake any obligation to publicly release any updates or revisions to any
forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this presentation does
not purport to be comprehensive and has not been independently verified by any independent third party.
This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or
a solicitation of any offer to buy any securities issued by Italiaonline S.p.A. or any of its subsidiaries.
Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate
accounting documents at Italiaonline S.p.A., Gabriella Fabotti, declares that the accounting information contained herein correspond to document
results, books and accounting records.
PRO FORMA 9M 2016
9M 2016 results have been normalized (pro-forma data) for an amount of revenues (-€ 15.7 million) and Ebitda (-€ 2.6 million) to reflect the change in
the perimeter due to the sale and termination of certain business lines (Europages subsidiary, 12.54 business and Moqu arbitration agreement on
Google Ad Sense market) in the course of 2016 and some changes in the directory publication calendar in 2017 vs 2016, and thus to enable
comparison with 9M 2017 results. 9M 2016 NFP, Unlevered FCF and Net Income are reported data. In the presentation the comparison with 9M 2016
results, only for Revenue and EBITDA is made versus 9M 2016 pro-forma (as before described).
2
Digital for growth
Our mission is digitizing Italian companies
.
3
Italiaonline snapshot
We are the largest Italian internet company
and we provide a complete product portfolio Turin
to digitize Italian companies
FY 2016 Revenues FY 2016 EBITDA
63
AGENCIES
€ 390 m € 67 m (1) (margin 17.2%) Milan
2017 9M 2017 9M
€ 249 m € 56 m (margin 22.5%)
Florence
The undisputed Italian internet leader with
54% market reach(2)
Strong footprint on the territory
● 63 SME Media Agencies with 812 sales rep (3)
● 35 Large Enterprises accounts Rome
Diversified Customer base
● 700 Large Enterprise(4)
● 230,000 SMEs(4)
(1) Ebitda FY 2016 bef ore the write-down of Consodata S.p.A. trade receiv ables (€3.2m), as result of the decision to dispose the Company
(2) Audiweb Database, powered by Nielsen, TDA av g. 9M 2017
(3) # of activ e agents at the end of September 2017
(4) # of customers at the end of June 2017
4
A history growth and of successfully executed M&A
Matrix Successful Seat PG
Spin Off Full speed New Italiaonline
Acquisition integration Acquisition
(1) (2) (3) (4)
REVENUES REVENUES REVENUES REVENUES REVENUES REVENUES
€ 46 m € 51 m € 92 m € 96 m € 87 m € 390 m
EBITDA
EBITDA EBITDA EBITDA EBITDA € 27 m EBITDA
€ 19 m € 21 m € 22 m € 34 m EBITDA-CAPEX € 67 m
€ 19 m
EBITDA-CAPEX
€ 44 m
REVENUES REVENUES
€ 365 m
€ 74 m
EBITDA
EBITDA € 17 m
EBITDA-CAPEX
€ -27 m
€ -14 m
2011 2012 2013 2014 2014
2013 2015 2016
20142014
(1) 2011 pro-forma data to represent FY revenues since spin-off from Wind Telecomunicazioni occurred on March ’11
(2) EBITDA is adjusted for the Matrix acquisition cost of €2.1m
(3) EBITDA is adjusted for IPO costs effect (1.8€m)
(4) EBITDA is adjusted for extraordinary costs effect (8,0€m, mostly related to Seat deal)
5
Rich digital product portfolio
SME Web Presence Website and eCommerce Digital Marketing
Large AD Sales House
Accounts
Consumers
6
Diversified Customer base
ENTERTAINMENT TECHNOLOGY AUTOMOTIVE FOOD
TELECOMMUNICATION RETAIL PERSONAL CARE TRAVEL
AGENCIES
LARGE ACCOUNT 700 Customers SMEs 230K Local Customers
Note: # of customers H1 2017
7
Multiple revenues streams
2%
€ mln / %
6
24%
31% 77
9M 2017
REVENUES DIGITAL
€249 m REVENUES
166 67%
76%
Digital Traditional Other SMEs Large account
8
Management team of excellence
Antonio Converti – CEO Maurizio Mongardi – COO
37 yrs of Experience 28 yrs of Experience
NEW
ENTRY
Gabriella Fabotti – CFO Carlo Meglio – CDO
25 yrs of Experience 20 yrs of Experience
Ivan Ranza – CCO SME Andrea Fascetti – CHRO
23 yrs of Experience 26 yrs of Experience
Andrea Chiapponi – CCO Large account Chiara Locati – IR
20 yrs of Experience 21 yrs of Experience
9
Italiaonline for SMEs
10Products to lead the digital transformation of Italian SMEs
Cloud Solutions
for SMEs
Digital Marketing
Website and eCommerce
Coming
Digital Presence
soon
PagineGialle
Customer
Acquisition Retention Upselling
11We put the SME businesses where people search for it Acquisition
Presence
We put your business where people search for it
Acquisition and
win back
Cross and up
selling A familiar presence for Italian households
Instragram Aroundme Foursquare Cy lex Here iGlobal Inf obel TomTom
113 books, one for each
Custom Projects
Italian province(1)
Waze Nav mii Whereto Opendi Pagine Tutto Ricercare Brown
Bianche Città imprese Book
16.1 million copies CAR NAVIGATION SYSTEMS
distributed to Italian
households and businesses(1)
(1) FY 2016 data Partner w ith
12Cutting edge professional web site development Retention
Presence
Website
Cross and up
selling
80K
Custom Projects
partnership website and Professional responsive and 80,000 sites live website
with Duda, eCommerce web design mobile website developed creation with
Spotzer, production and with SEO builder online web
Ecwid maintenance optimization designer
13We do for SMEs what top AD agencies do for top brands
360° media service for SMEs Strategic partnership with
Presence
Powered by
Trough the unique expertise
of (100% controlled b y IOL)
Website
Display We have a unique sales network
Google Display Network (GDN) that our partners can rely on
Italiaonline Network
Digital Mktg Social
Facebook Unique offer proposition
Instagram
Search
Custom Projects Google AdWords
Bing
Remarketing
Tracking tag
Tagless Remaketing
Shopping
Ecommerce
Optimization
Email Marketing
Libero/Virgilio email
Third Party email
14Most advanced datacenter to deliver SME cloud applications
Presence
Coming in
2018
Website
Digital Mktg
Cloud
• SaaS (Software as a Service)
Largest and most reliable datacenter in
• Cloud storage and archiving services
Italy: Tier IV Gold • Hosting services
• eCommerce services
159M 2017 for SMEs
The order intakes of IOL Audience, a unique offering in Italy in media planning services dedicated
to SMEs, improved double digit in Q3 2017 YoY
Powered by
Trough the unique expertise of
(100% controlled by IOL)
v1.1: Marketplace to match
Web Customer care Geo targeted homeowners
with new products commercials
Performance Google & pre-screened
dashboard on Sky channels
Display ADV Call only service professionals
IOL4YOU IOL Audience Sky AdSmart PagineGialle Casa
16Italiaonline
Large Account
17Leader digital AD sales house with best programmatic skills
DIRECT SALES 50% PROGRAMMATIC SALES 50%
● Human sales to advertisers and Media Centers ● Deals (Human & Machine2machine)
● Both branding and performance goals ● Open market (Machine2machine)
DMP (Data Management Platform)
Leveraging proprietary data for inventory enrichment
and multivariable targeting
● 17 m users (TDA)
● 8 m email subscribers
18The largest Italian advertising inventory
Online ADs Display 3.5 bln monthly
impressions Video 110 mln monthly
impressions
Traditional and innovative Top notch “viewability” and
formats completion rate
Cross and up
selling
7%
28%
Custom
Projects 43% 53%
50%
18%
Premium Open market Private deals Premium Open market Private deals
57% programmatic 72% programmatic
Source: internal data 9M 2017
19The most active email accounts
Online ADs Email Marketing 9.8 mln active accounts (1)
3.6 bln exchanged messages (2)
Direct
Marketing
time spent
per person 2:17 1:14
Custom
(4)
Projects 18.2
9.6
MAUs(3) (mln)
5.7
3.7
2.0
Libero Mail Saas
Subscription services
(1) Source: internal data, 90 days active mailboxes, avg. 9M 2017
(2) Source: internal data, 9M 2017
(3) Source: Audiweb View, powered by Nielsen, TDA avg. 9M 2017
(4) Includes Android & Google accounts
20One-stop-shop digital marketing solutions for leading brands
Online ADs
Bespoke solutions Programmatic buy-house
● Best of breed campaign management
buying platforms (DoubleClick/Google)
Direct ● Full access to Italian and international
inventory and global AD Exchanges
Marketing
● Accurate targeting through first and third
party data
Custom ● Performance and branding campaigns
Projects
● Branded content
● Creative formats
● Websites and mini-sites
● 20% Customer base benefits from bespoke
solutions
219M 2017 for Large Accounts
IOL Advertising grew double-digit YOY figures on revenues
in Q3 2017 and Q2 2017 vs a flat market1 in first 9M 2017
IOL is the
New portal project superEva: Italiaonline is the advertising advertising sales IOL acquires the IOL signs a
monthly Visits 9M 2017: sales agency for Lettera43 the agency for 3Bmeteo food portal partnership
5.7 mln / +128% FY 2016. important Italian news website the top w eather Buonissimo, w ith AppNexus
forecast site one of the Top 5 for the use of
Italian food sites Opensource
Prebid
1 mln MAUs w itch technology to
IOL is the advertising features over increase
sales agency for 8.000 recipes and
Italiaonline is the advertising The new Virgilio Video is the programmatic
FattoreMamma a
sales agency for Sportube Italiaonline mediacenter with a a new video sales
netw ork of 34 tutorial section.
the first sport webtv in Italy wide library constantly updated important blogs of
Italian moms.
7th February 18th May 24th May 30th May 18th Jul 04th Sep 11th Oct
1H 2H
(1) Source: FCP-Assointernet, Jan –Sept 2017.
22Web Properties
23libero.it | leader email and digital service provider
AUDIENCE PLATFORM
16.9 mln 9.8 mln
MAUs (1) FREE SUBSCRIBERS(2)
9.1 mln 29.1% 1.5 bln 8.0 mln 2:07 h
Unique Audience (1) Market Reach (1) Page Views (1) Active Subscribers (2) Average Time Spent (1)
Per Person
(1) Source: Audiweb View, powered by Nielsen, TDA av g. 9M 2017 | (2) Source: internal data, 90 day s activ e mailboxes, av g. 9M 2017
24virgilio.it | engaging content and city portals
AUDIENCE PLATFORM
16.8 mln 9.8 mln
MAUs (1) FREE SUBSCRIBERS(2)
11.6 mln 37.2% 0.4 bln 1.8 mln 0:24 h
Unique Audience (1) Market Reach (1) Page Views (1) Active Subscribers (2) Average Time Spent (1)
Per Person
(1) Source: Audiweb View, powered by Nielsen, TDA av g. 9M 2017 | (2) Source: internal data, 90 day s activ e mailboxes, av g. 9M 2017
25paginegialle.it | online directory and home services marketplace
4.2 mln 13.4% 12.4 mln 16.1 mln 0:06h
Unique Audience (1) Market Reach (1) Page Views (1) Copies distributed Average Time Spent (1)
Per Person
(1) Sour ce: Audiw eb View , pow er ed by Nielsen, TDA avg. 9M 2017
26Innovative content factory based on internet trends
Data Driven Publishing
Topics selection based on real-time
search and social trends
1.8 mln 1.8 mln 1.5 mln
Content Factory
Content production based on
crowdsourcing and/or content
syndication 1.3 mln 1.0 mln 0.7 mln
Engagement
Proprietary tools for optimizing 1.1 mln 0.8 mln 0.6 mln
engagement rate and making
contents go viral
Source: Audiweb View, powered by Nielsen, TDA Sept. 2017
27The undisputed Italian internet leader | average daily audience 2016
TDA DAUs (mln)
10:31
Time per person
(mm:ss)
4.3
2.1
BUBBLE SIZE DAILY PAGE VIEWS (mln) Mobile
DAUs (mln)
Source: Audiweb Database, powered by Nielsen, Av g. FY .2016 | Google and Facebook are not in Audiweb Database
Note: TDA – Total Digital Audience | DAUs – Daily Activ e Users
28Daily Audience | Month of September 2017
TDA
DAUs (mln) 12:01
Time per person
(mm:ss)
+9% yoy
4.8
+12% yoy
2.5
BUBBLE SIZE DAILY PAGE VIEWS (mln) Mobile
DAUs (mln)
Source: Audiweb Database, powered by Nielsen, September 2017 | Google, Facebook and Microsof t are not in Audiweb Database
Note: TDA – Total Digital Audience | DAUs – Daily Activ e Users
November 13, 2017 29Market Outlook
30Internet is driving the advertising market growth
12.0
YoY growth +3.5% +0.9%
10.0
TOTAL €b 7.9 8.2 8.3
8.0 0.6
Other 0.6 0.6 0.4
Radio 0.4 0.4
-5.8% 1.1 -7.4% 1.1
Press 1.2
6.0
+8.0% 2.3 +7.7% 2.5
Internet 2.1
4.0
2.0 TV 3.6 +5.2% 3.8 -0.5% 3.8
0.0
Titolo asse
2015 2016 2017
forecast
DIGITAL SHARE 27% 28% 30%
Source: Nielsen, Nov ember 2017
31Internet is driving the advertising market growth
YoY growth +8.0% +7.7%
€b 2.1 2.3 2.5
+11.5% +9.3%
● Programmatic sales
● Google and Facebook partnership
2.00
1.83
1.64
TOP 4 Sales House
≃ 10 Middle sized
>50 (long tail)
Sale House
0.47 -4.3% 0.45 +1.0% 0.45 ≃50% ≃30%
Small Sales House
≃20%
2015 2016 2017
forecast
Source: Nielsen, Nov ember 2017 | Others: operators not associated with FCP.
32Internet Advertising Market in Europe (2016)
% Internet ADV on Tot ADV* UK
SWEDEN
NETHERLANDS
EUROPE 42
FRANCE
27,3 RUSSIA
GERMANY ITALY
12,2
BUBBLE SIZE IS INTERNET AD SPENDING (€b) % 2016 Revenue Growth
Source: IAB Europe, Adex Benchmark 2016 (May 2017) | (*) Source: ZenithOptimedia, via eMarketer March 2017 EUROPE
33Italy is the country of SMEs, there is a substantial room for growth
Italian SMEs represent 68.0% of the total added value over the national economy,
the highest ratio among main European Countries
Italy Spain France UK
68.0% 61.3% 57.8% 52.1%
Number of SMEs
SME Customers: 230,000
Number %
Market penetration: 6.1%
SMEs 3,733,146 99.9%
Corporates 3,086 0.2% Large Account Customers: 700
Total 3,736,232 100.0% Market penetration: 22.7%
Source: European Commission, 2016 SBA Fact Sheet
34Growth Strategies
Organic & M&A
35Six organic growth pillars
1 Churn Reduction 2 Win Back 3 Up Selling
● Shift to evergreen contracts ● Improve penetration in ● Multi channel strategy
SMEs based on ARPA
● Dedicated retention team segments w/o web
● Customer profiling for churn ● Win back on web Customer ● Maximize digitization of
prevention ● Improve sales channel Customers
balance ● Focus on website sales
1 Custom Projects 2 Programmatic 3 3rd Party Sales
● Special Advertising ● Rich Inventory ● Acquire third party inventories
● Branded Content / Native ● Header Bidding / Google ● Increase market share
Large Advertising Exchange Bidding ● Grow brand portfolio and
Account ● Digital Marketing Solutions ● Programmatic Sales House audience
36Investments and M&A opportunities
CLOUD COMMERCE CONTENT
Acquire applications and/or
Acquire e-commerce and Acquire premium content and
STRATEGY technology company to improve
marketplaces company creative platforms
product portfolio for SMEs
● Develop the “Made in Italy” ● Increase market share and
Strengthen Italiaonline market marketplace advertising inventory
OBJECTIVE position in digital offer for SMEs ● Improve local growth trhough ● Acquire valuable customers’
switching and gig economy segments
Revenues increase and improve
Revenue increase and complete Revenues increase and improve
RESULTS marginality through
disintermediation and synergies offer for SMEs growth speed
Other small opportunistic targets may also be considered
37M&A opportunities – Tax Assets
Tax assets as of 31 Dec. 2016 €808 m
Tax Assets
would provide
a tax shield
in any M&A deals
210 599
which involve the
consideration of
Generated by previous Generated from non-deducted interest expenses
profits Company losses (accumulated by SEAT)
38Financial
Overview
399M 2017 | Financial highlights
In Q3 2017 recovery of digital segment and in particular of Digital ADV reduces the revenues decline
9M 2017 Revenues at € 249 m vs € 280 m pro forma(1) 9M 2016
Increasing profitability: +5.7% yoy Ebitda, Ebitda margin 22.5% + 3.6 pp vs 9M 2016
Still good cash flow generation: Unlevered FCF €51 m (+5% yoy), Ebitda Cash Conversion(2) 91%
Positive Net Financial Position at €77 m, vs € 69 m at 30 June 2017
Increased Audience(3) : +18% Mobile DAUs +10 % Time per person +5% TDA DAUs
(1) 9M 2016 nor malized r esults (pr o-for ma data) for an amount of r evenues (-€ 15.7 m) and Ebitda (-€ 2.6 m) to r eflect the change in the per imeter due to the sale and ter mination of cer tain
business lines (Eur opages SA, 12.54 business and Moqu ar bitr ation agreement on Google Ad Sense mar ket) in the cour se of 2016 and some changes in the dir ector y publication calendar in 2017 vs
2016 and thus to enable compar ison w ith 9M 2017 r esults. 9M 2016 Ebit and Unl FCF r epor ted data.
(2) Cash Conver sion = Unl. FCF / EBITDA Repor ted - (3) Sour ce: Audiw eb Database, pow er ed by Nielsen, figur es aver age 6M: Mar - Aug 2017, YOY per fomance | TDA: Total Digital Audience, DAUs: Daily Active User
409M 2017 | Improved profitability and still good cash generation
€ mln, except for percentages
EBITDA growth due to cost
efficiency, more than 60% (2) not
(11.1%) related to revenues decline
249 EBIT growth also due to
+5.7% decrease in D&A, write off
(8.8%) and in non-recurring costs
22.5% +4.7%
Q3
82
18.9%
+13.1 € mil
280
(9.1%)
Q2
96 56 51.0
48.8
53 24.4
(16.0%)
Q1
70 11.3
9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017
REVENUES1 EBITDA1 EBIT Unlevered FCF
(1) 9M 2016 results hav e been normalized (pro-f orma data) f or an amount of rev enues (-€ 15.7 million) and Ebitda (-€2,6 million) to ref lect the change in the perimeter due to the sale and termination of certain
business lines (Europages subsidiary , 12.54 business and Moqu arbitration agreement on Google Ad Sense market) in the course of 2016 and a new directory publication calendar in 2017 v s 2016 and thus to
enable comparison with 9M 2017 results
(2) Figure ref erred to IOL core business only
419M 2017 | Digital segment leads revenues trend recovery
€ mln, except for percentages (YoY performances)
249
166
(8.8%) (0.5%)
Q3 Q3
82 53
280 181
(9.1%) Q2 (7%)
Q2
96 58
Q1 (16.0%) Q1 (15%)
70 54
9M 2016 9M 2017 9M 2016 9M2017
REVENUES1 DIGITAL REVENUES
(1) 9M 2016 results hav e been normalized (pro-f orma data) f or an amount of rev enues (-€ 15.7 million) and Ebitda (-€2,6 million) to ref lect the change in the perimeter due to the sale and termination of certain
business lines (Europages subsidiary , 12.54 business and Moqu arbitration agreement on Google Ad Sense market) in the course of 2016 and a new directory publication calendar in 2017 v s 2016 and thus to
enable comparison with 9M 2017 results.
429M 2017 | 65% of costs saving is structural
Cost saving
32.1 €m
65%
11%
100%
35%
89%
100% 100%
TOT Industrial Commercial G&A Labour
Structural costs saving Revenues Related
Note: Based on 9M 2017 vs 9M 2016 Pro-forma figures referred to Core business costs only | Italiaonline+DLS+Moqu
439M 2017 | From EBITDA to Net Result
55.9 24.6 mainly related to the issue of net
deferred taxes that will not have any
effects on the cash
9M 3.9
3.0 24.4 0.8 17.2
2017
8.0
€ MLN
EBITDA Ope rating D& A a nd Non opera ting Non-re cur ring and EBIT Net Financials Taxes Net result
write-down amortizatio n a nd restructurin g costs
write-down
55.4 32.2
9M 23.7 35.2
2016 4.7
reported 7.2 0.2
11.3
€ MLN
EBITDA Ope rating D& A a nd Non opera ting Non-re cur ring and EBIT Net Financials Taxes Net result
write-down amortizatio n a nd restructurin g costs
write-down
449M 2017 | Capex and Ebitda Cash Conversion
€ mln Net of one-off investments 9M 2017 capex were €15.7m, down 5.3% YoY, at 6.3% of revenues
EBITDA Cash Conversion**:
improved despite Capex increase
One-off investments 8.4%
21.0 on revenues
91%
88%
5.9% 5.4
on revenues
16.5 6.3%
15.7 on revenues
51.0
48.8
CAPEX Unl FCF
* Revenues 9M 2016 pro-forma
** Cash Conversion = Unl. FCF / EBITDA Reported 9M 2016 9M 2017
459M 2017 | Improved positive Net Financial Position
€ mln Extraordinary
Dividend
Distributed May 10 th
2017
122
80
80
77
69
42 41.5
FY2016 H1 2017 9M 2017
Net financial position
At Dec. 31st , 2016 At June. 30th, 2017 At Sep. 30th, 2017
469M 2017 | Change in Net Financial Position
Cash Flow from operating activities
55.2
72.4 0.3 16.9 80.0
122.1
21.0
0.7 77.0
156.3
51.0
Unlevered Free Cash Flow
Ebitda Cash Conversion 91% (1)
vs 88% in 9M 2016
NFP Dec. 31, Capex OFCF Income Taxes Extr. and non Dividend Other NFP Sep. 30,
2016 recurring movements 2017
expenses
(1) Cash conversion = Unl FCF / EBITDA Reported
47Business plan 2017-2019 guidelines (organic growth only)
Revenues Revenues are expected to grow with a CAGR 2015 - 2019 of [0%÷0.4%]
EBITDA Stedy growth of marginality to reach 22%÷27% EBITDA margin in 2019
CAPEX expected to decline during the plan and to stabilize at about 6% of revenue in 2019
CAPEX
FCF Free cash flow generation to improve during the plan and reach the 55%÷60% cash
conversion of the EBITDA from 2018
2017 guidance confirmed
- Revenue is expected to continue to decrease, mainly because of the physiological contraction of some traditional
businesses, despite the gradual improvement in the performance of digital activities
- Profitability: Ebitda margin improvement vs FY 2016
BP as approv ed by the BoD of March 15th 2017
48Italiaonline Share
IOL versus indices: June 20, 2016 – November 02, 2017 Shareholders structure
Pr ez z o di r i fer i men to ( bas e al 20/06/20 1 6 = 100)
180
Volumi Italiaonline FTSE MIB FTSE Italia Small Cap
160
140
(*) GoldenTree Asset Management Lux S.à r.l., GoldenTree SG Partners L.P., GT NM L.P. e San
Bernardino County Employees Retirement Association
120
Share data as of November 02, 2017
MARKET MTA
100
NOSH Ord (€mln) 114.8
PRICE (€) 3.4
MKT CAP Ord (€mln) 390
80
PERFORMANCE (from June 20, 2016) +66.5%
RELATIVE PERF.vs FTSE MIB (from June 20, 2016) 33.7%
AVG DAILY VOLUMES YTD (€) 324,538
60
20-giu-16 03-ago-16 19-set-16 02-nov-16 16-dic-16 01-feb-17 17-mar-17 05-mag-17 20-giu-17 03-ago-17 19-set-17 02-nov-17 Saving Share: NOSH 6.803 | Closing Price (€) 300 | Market Cap (€ mln) 2.0
Source: Thomson Reuters EIKON
49IOL vs Baskets of Peers (average values)
EBITDA Margin 2017E
30.0%
Intl internet
YP players
25.0% D&H 17.7
4.1
9.9
20.0% 5.0
Intl publishers
Ita internet
15.0% 13.9
Ita publishers 9.0
10.0% 7.5
5.0%
3.0 5.0 7.0 9.0 11.0 13.0 15.0 17.0 19.0
Source Thomson Reuters EIKON – data as of 02 Nov 2017 and company analy sis EV/EBITDA 2017E
50Investment Case
51Key investment highlights
1 Largest internet company in Italy, best positioned to capture market growth
Market opportunities – Increasing Digital Advertising Market - Internet usage in Italy still lags
2 compared to European Average
3 Solid geographical footprint and sales network in Italy
4 High quality/diversified Customer base
5 Unique capability to digitize Italian SMEs, technological partnership with leading internet
player and strategic relationship with Google and Facebook
6 Clear path to sustainable profitable growth
7 Experienced management team with a solid track record in M&A execution
52Appendix
53Group Structure as of 30 June 2017
Golden Tree
100% MOQU ADV S.r.l.(2)
11 88 0 Solutions AG 16.24% CORE
(Germany) Italiaonline S.p.A. (1)
BUSINESS
100% Digital Local
Services (DLS)(3)
100% 100%
Pronto Seat S.r.l. Consodata S.p.A.(4)
(1) Italiaonline also holds a 20% stake in Gold Fiv e S.r.l. “in liquidazione”, a 100% stake in Couponing Italia S.r.l. “in liquidazione” and a 100% stake
in Telegate Holding Gmbh “in liquidazione”
(2) Moqu Adv S.r.l. holds a 100% stake in Moqu Adv Ireland Ltd “in liquidazione”
(3) 63 activ e territorial units (“DLS”) established as single shareholder limited liability companies directly owned by Italiaonline S.p.A.
(4) As the plan of Parent Company to sell the equity holding in Consodata S.p.A. has been put on hold, the assets and liabilities ref erred to this
company were no longer classif ied “net non-current assets held f or sale”, pursuant to IFRS 5.
54Financial Road Map | Jan 2016 – May 2016
20/01/’16 05/05/’16 08/05/’17
BoDs approves BoDs approve Ex-dividend date
the Merger Plan Q1’16 results
10/05/’17
12/05/’16 09/11/’16 Dividend
Shareholders’ meeting to BoD of IOL payment date
08/03/’16 change the Com pany approves
Shareholders’ nam e and approve the 9M’16
meetings to reverse stock split results 06/04/’17
approve the (1,000:1) Shareholders’
Merge request to
14/12/’16 distribute an
extraordinary
15/03/’16 20/06/’16 Trade union
agreement dividend
Debut of the m erged Company
BoDs
at Milan Stock Exchange
approve 27/04/’17
FY’15 Ordinary and
results 22/07/’16 special saving
Anticipated exit from shareholders’
Consob black list meetings
Jan. Feb. Mar. Apr. May June Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017
04/08/’16 15/03/’17
BoD of the merged Company BoD approves the draft
approves H1’16 results financial statement for the
year ‘16 and the business
plan update
55Thank you!
IR Contacts
Chiara Locati
+ 39 349 8636553
chiara.locati@italiaonline.it
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