Investor Presentation - v 3.98 October 2021 - YOUR FUTURE, OUR CHALLENGE - Izertis
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Investor Presentation
v 3.98
October 2021
YOUR FUTURE,
OUR CHALLENGE.
1 © Izertis 2021
Disclaimer
This document may contain future statements and information (hereinafter "Statements") related to IZERTIS, S.A. (hereinafter "IZERTIS", or "the "Company"). These events may include financial projections and
estimates with assumptions, statements related to plans, objectives, and expectations that may relate to various subjects, including the customer base and its evolution, the growth of the different business lines,
the market share, the results of the company and other aspects related to the activity and situation of the company.
The expressions of the future or forecasts contained in this document may, in certain cases, be identified by the use of words such as "expectations", "anticipation", "purpose", "belief" or similar language, or their
corresponding negative form, or by the very nature of the prediction that concerns strategies or plans or intentions. These expressions of future or forecasts reflect the opinions of IZERTIS regarding future events,
do not, by their very nature, constitute guarantees of future compliance, being conditioned by risks and uncertainties that could determine that the final developments and results differ materially from those
reflected in these intentions, expectations or forecasts. Among such risks and uncertainties are those identified in the documents with the most complete information recorded by IZERTIS to different supervisory
authorities of the securities markets in which its stock is listed, and in particular, to BME Growth.
Except to the extent required by applicable law, IZERTIS assumes no obligation to publicly update the outcome of any review that it may undertake of these statements in order to adapt them to subsequent facts
or circumstances of this document, including, but not limited to, changes in the Company’s business, in its business development strategy, or any circumstances that may arise.
This document may contain summary, non-GAAP or non-audited financial information. The information contained therein must be read together and is subject to all available public information about the
Company, including, where applicable, other documents issued by the Company containing more complete information.
Finally, it should be noted that neither this document nor anything contained herein constitutes an offer to buy, sell or exchange, or a request for an offer to buy, sell or exchange securities, or a recommendation
or advice on any value.
2 © Izertis 2021
Izertis at a Glance
We are a Technology Consulting firm that helps organizations in
their Digital Metamorphosis process.
Our differentiation is based on our Offering of services and
cutting-edge technologies, and on our modern, agile, innovative
and flexible Culture.
+50 +1,000
M€ turnover Professionals
Customers and
Offices in
projects in
9 countries +50 countries
Listed on
25 years Oficinas
of history
Proyectos
3 © Izertis 2021
Our History
19.8 M€ IZERTIS JOINS
+1,000
FOUNDATION
9.4 M€ TURNOVER
BME GROWTH
EMPLOYEES
Financial Times ranks
of the company
TURNOVER
Start of inorganic
450 Strategic Plan lzertis among 1000 fastest-
in Gijón, Spain. EMPLOYEES 2020 – 2023 growing companies in Europe.
growth.
1996 2010 2012 2014 2017 2018 2019 2020 2021
5.2 M€ LATAM EXPANSION 36.8 M€ 50.7 M€
TURNOVER Mexico, Colombia and Peru. TURNOVER
TURNOVER
First growth plan. Entrada en Portugal.
“Company of the year” prize
awarded by the European
Commission.
+344% since Izertis went public.
INITIAL DEVELOPMENT NATIONAL AND INTERNATIONAL GROWTH LISTED ON THE STOCK MARKET
4 © Izertis 2021
Our Competitive Advantages
Customer portfolio
Positioned as a tactical Broad offering without
diversified by sector and Growing industry with
supplier within the value dependence on any line of
market and of high credit favorable future prospects
chain of its clients. business exclusively
quality
A specialist group with a Adequately diversified business Broad portfolio of services The COVID-19 crisis has
differential and highly technical model. without excessive operational accelerated the digitalization
service portfolio in the digital dependence on any of the processes.
Client portfolio of high credit
transformation segment. business areas.
quality without excessive Growing sector with favorable
dependence on any one of future prospects based on the
them. continuing digital
transformation needs of the
Spanish economy.
5 © Izertis 2021
What we do
DIGITAL EXPERIENCE DATA & INTELLIGENCE
Generate digital experiences that engage Take control of your data and apply AI to
your clients and build lasting and trustworthy obtain information that allows you to make
relationships. Data-Driven business decisions.
SOFTWARE SOLUTIONS TECH INFRAESTRUCTURES
Put technology at the service of your Build a technological infrastructure that
organization with software solutions adapted allows you to have your internal and external
to your needs. services anywhere and on any device.
HYPERAUTOMATION BUSINESS TRANSFORMATION
Get the most out of your organization by Transform your business by reinventing your
automating tasks and rethinking your internal processes and turning people into the engine
processes to minimize bureaucracy. of change.
ENTERPRISE & IT GOVERNANCE CYBERSECURITY
Manage your projects efficiently with agile Build a technological infrastructure that
models and prioritize those that have the allows you to have your internal and external
most impact on your business. services anywhere and on any device.
6 © Izertis 2021
Services
BUSINESS TRANSFORMATION ENTERPRISE & IT GOVERNANCE
Managed Security
Services (MSS) Digital Enterprise Strategic Program &
Strategic Design Processes Service
Transformation Agility & Portfolio Project
Consulting Thinking Management Management
Office Architecture Management Management
Security Operations
Center (SOC) Lean Digital Business Innovation Innovation Organization Change PPM ITSM
Services Model Strategy Funding & Processes Management Solutions Solutions
GDPR / ENS /
INFORMATION SECURITY
DATA & INTELLIGENCE HYPERAUTOMATION
ISO 27001 Consulting
Data Data Business Data Artificial Machine
RPA Blockchain
Modeling Governance Intelligence Science Intelligence Learning
Bussines Continuity /
ISO 22301 Consulting
Prescriptive Artificial Quantum Computer Digital Extended
Big Data IoT
Analytics Intelligence Computing Vision Twins Reality
Audit &
Compliance
DIGITAL EXPERIENCE SOFTWARE SOLUTIONS
Custom Software
Digital Strategy Data Driven Digital Smart
Performance eCommerce Software Maintenance
Risk & Consulting Marketing Platforms Apps
Solutions Services
Management
Inbound Creativity & Agile
UX & UI Lead Quality DevOps &
Marketing & Activation ECM Development
Design Nurturing Asurance Automations
Social Media Branding Cells
Governance
IT INFRASTRUCTURE SERVICES
Private DevOps & IT &
Technical Public Employee Business Managed Modern
Cloud & Open Communications
Offices Cloud Productivity Productivity Services Communications
Datacenter Solutions Master Plans
7 © Izertis 2021
Technological Alliances
8 © Izertis 2021
Sectors
RETAIL, LOGÍSTICS REAL PUBLIC TELCO & ENERGY &
BANKING INSURANCE
& DISTRIBUTION ESTATE ADMIN. MEDIA UTILITIES
TOURISM & MUTUAL
TECHNOLOGY INDUSTRY SERVICES HEALTH PHARMA
HOTELS INSURANCES
9 © Izertis 2021
References by Sectors
Banking Insurance Mutual Insurances Health Pharma Public Admin. Tourism & Hotels
10 © Izertis 2021References by Sectors
Retail, Logistics &
Telco & Media Energy & Utilities Technology Industry Services Real Estate
Distribution
11 © Izertis 2021Main Goals
Position izertis as one of Create a solid and Increase our To be recognized for its Create a differentiating
the main technology efficient organization internationalization high specialization, its business culture that
consultancy firms in the that allows it to continue with the aim of making value contribution and becomes a sustainable
markets in which it growing in the coming izertis a global company its brand as one of the competitive advantage
operates. years at very strong relevant actors in its
rates. main markets
12 © Izertis 2021Basis for the Strategy
Brand Innovation Culture Profitability People
Build a great brand Really innovative value A different culture that Absolute focus on Meritocracy. Attract and
perceived as a leader. proposition. Lead to the becomes a long-term margins and financial retain only the best.
change. sustainable competitive results.
advantage.
A single brand, Izertis, and a Doing things differently. We enjoy our work. Nothing makes sense if we are Everything works if we have the
single message. To be the innovators. Every day is a challenge. not profitable. right people.
ONE IZERTIS FIRST ONE THE GREAT ONE THE ONLY ONE ALL IN ONE
13 © Izertis 2021Growth and Transformation Strategy
Continuous evolution Value creation
towards services at the through a
forefront of distinct
technology corporate culture
Izertis carries out a continuous transformation of its business model, constantly
divesting services that do not add value, so that sometimes the numbers are not
comparable over time.
We complement our organic growth and transformation with integration
operations of new companies, which allow us to deepen our differentiation
strategy more quickly.
14 © Izertis 2021International Expansion Growth objectives in AMERICAS and EMEA
AMERICAS EMEA
EUROPE
EXPANSION
Belgium
IBERIA
Spain
Portugal
Canary Islands MIDDLE EAST
EXPANSION
MEXICO Dominician Rep.
Egypt
Cape Verde
Colombia
HUBS
EXPANSION AFRICA
Peru EXPANSION
OFFICES
Growth and expansion in EMEA
and AMERICAS from two major
hubs: Mexico and IBERIA
15 © Izertis 2021Talent
Distribution by regions
1,068 SPAIN INTERNATIONAL
employees 39 % Madrid 7% Portugal
09/30/2021 18 % Asturias 6% Mexico
14 % Catalonia 1% Others
6% Basque Contry
4% Galicia
6% Others
86 % 14 %
16 © Izertis 2021Izertis Customers
Diversified customer portfolio.
Business model diversification. 2020.
Low concentration of revenues
Sales by target sector Sales concentration by clients and sectors.
High customer credit
TOP-50 54.2% quality.
Most sales are secured or with
Telco, Energy, Utilities, Industry & non-recourse factoring lines.
Media & TI Services
TOP-20 40.0% 29.9% 35.6% Low historical bad debt
rates, always well below 0.50%
per annum.
TOP-10 30.6%
Banking, Insurance
& Financial Services Public &
11.7% Health
22.9%
17 © Izertis 2021List of companies acquired by Izertis
CHIPBIP S.A. SPARKLEGEND CONSULTORIA LTDA OSITEL S.L.
1998 Asturias. Production Unit 2018 Portugal 2020 Canarias
EASO INFORMÁTICA DE VIZCAYA S.A WHAT ABOUT TECHNOLOGIES S.L. SLA CONSULTING S.L.
2012 Basque Country 2018 Catalonia 2020 Madrid
DHARMA INGENIERIA S.L PROGRAM MANAGEMENT OFFICE S.L SOLID GEAR PROJECTS S.L.
2013 Madrid. Production Unit 2018 Madrid 2020 Valladolid
ZESTO DIGITAL S.L. COVIRTIA S.L TICMIND CONSULTING S.L.
2014 Asturias 2019 Madrid 2020 Madrid
IZERTIS MÉXICO DILIGENT SOLUTIONS S.L. QUERES TECNOLOGÍAS S.L.
2015 Mexico 2019 Santander 2020 Galicia
ASESORÍA DISTRIBUCIÓN
ALSYS S.L. 3ASIDE CONSULTORS, S.L.
2016 Catalonia 2019 Y COMERCIALIZACIÓN INFORMÁTICA S.L. 2021 Catalonia
Madrid
DESINOR DATA S.A. IG BUSINESS SOLUTIONS REMBIC LDA.
2016 Basque Country 2019 Portugal 2021 Portugal
INTELIGENCIA SISTEMATICA 4 S.L NTMK SERVICES S.A GLOBE TESTING S.L.U. & GLOBE TESTING NORTE S.L.
2017 Madrid 2019 Mexico. Production Unit 2021 Madrid & Basque Country
SADCI - DISTRIBUIÇÃO ECOMERCIALIZAÇÃO
DAX PRO S.A. DE C.V. DATA ADVISER S.L.
2018 Mexico. Production Unit 2019 INFORMÁTICA LIMITADA 2021 Madrid
Portugal. Production Unit
ACORDIANT TECHNOLOGIES LTDA. BC SISTEMAS DE COMUNICACIÓN S.L.
2018 Portugal 2020 Catalonia
18 © Izertis 2021Integrations at Izertis: Our Model
Izertis has an intensive inorganic growth strategy, but at the same time, cautious in financial terms.
We have an annual and medium-term budget to invest in acquisitions, which we finance with the right balance
between our own resources and those of third parties.
We are looking for successful companies that want to join into a more ambitious
project by sharing the same business vision and corporate culture.
Friendly operations Complementary Culturally Smaller entities Suitable
desired businesses compatible without financial valuations
problems
We only enter into transactions that clearly generate value for shareholders of all parties
19 © Izertis 2021Shareholders Board of Directors
23.3 % Pablo Martín
Chairman & CEO
Other Shareholders
15.3 % Lourdes Argüelles
Board Member
Manuel R. Pasarín
Board Member
Company Managers
2.0 % Sheila Méndez Arturo Díaz
Santander AM Board Member Board Member
0.2 % Carlos Sartorius Jaime Echegoyen
Treasury stock
Board Member Board Member
59.2 %
Laren Capital (Pablo Martín) Diego Cabezudo Irene Sáenz de Santa María
Board Member Secretary to the Board
Approximate data as of September 2021
20 © Izertis 2021Stocks 11/25/2019 -- 09/30/2021
accumulated profitability
500%
Capital increase
announcement traded volume
Announcement of future
07/22/2021
issuance of convertible debentures 16,000,000 €
16.000.000
450% 01/29/2021 14,000,000 €
14.000.000
MARF entry 12,000,000 €
12.000.000
400% 12/30/2020
10,000,000 €
10.000.000
Capital increase
8.000.000
8,000,000 €
350% announcement
“Open Market” 11/19/2020 6,000,000 €
6.000.000
06/23/2020
300% 4.000.000
4,000,000 €
IBEX 2.000.000
2,000,000 €
Growth Market 15
250% 03/23/2020
0€
2019 Q4
2020 Q1
2020 Q2
2020 Q3
2020 Q4
2021 Q1
2021 Q2
2021 Q3
200%
150%
2019 2020 2021
100%
Capital Admitted 2,131 2,131 2,329
(thousands of euros)
50%
Shares 21,311 21,595 23,291
0% (x 1,000)
1.70 € x 5.16 8.78 € Price Closing Period 3.98 7.54 8.78
(euros)
share price
11/25/2019 09/30/2021
Capitalisation 84,817 162,827 204,496
(thousands of euros)
21 © Izertis 2021Acknowledgments
FT 1000
Europe´s Fastest
FINANCIAL
Growing Companies
TIMES 2021
Financial Times ranks Izertis among European Commission awards Izertis as
the 1000 fastest-growing companies 'Company of the Year' at the European
in Europe Small and Mid-Cap Awards
March 2021 November 2020
22 © Izertis 2021Strategic Plan 2020 - 2023
The COVID-19 does not change our growth forecasts
140 50
125.0 CAGR 2010 -2020
45
120 Turnover 25.6 %
40 Ebitda 26.6 %
100 35
30 CAGR 2017 -2020
80
Turnover 36.8 %
25
Ebitda 59.8 %
60 50.7
20
46.3
36.8 15
40 12.5 CAGR 2020 -2023
19.8
10 Turnover 35.1 %
18.3
20 15.5 5.3
9.4
4.6 Ebitda 33.1 %
3.3 5
3.9 5.2 1.4 1.3 1.3
0.4 0.5 0.9
0 0
2008 2010 2012 2014 2016 2017 2018 2019 2020 2021 2022 2023e
Turnover Normalized Ebitda
Data in millions of euros
23 © Izertis 2021Main Financial Highlights
2018 2019 2020 19vs18 20vs19
Equity / NFD OCF / NFD
74.8%
Turnover 36,759 46,349 50,741 26.1% 9.5% 120%
95.7%
80%
100% 84.5%
60%
80% 60.2%
Normalised EBITDA 3,332 4,615 5,270 38.5% 14.2%
60% 40% 25.8%
23.2%
40%
Norm. EBITDA Margin 9.1% 10.0% 10.4% 9.9% 4.0% 20%
20%
0% 0%
Net Profit 973 468 1,305 ‐57.2% 444.7% 2018 2019 2020 2018 2019 2020
Total Assets 29,660 44,430 62,385 49.8% 40.4%
NFD / Normalised EBITDA Net Profit
Equity 8,314 15,656 2,.839 88.3% 52.3% 5 1500 1,305
3.9
4 1250
3.1
Total Financial Debt 13,809 18,525 24,918 34.2% 34.5% 3
1000
1.9 750 559
2 240
500
Net Financial Debt 13,013 14,364 9,929 10.4% -30.9% 1 250
0 0
Equity / NFD 60.2% 84.5% 95.7% 40.4% 13.3%
2018 2019 2020 2018 2019 2020
NFD / Norm. EBITDA 3.9x 3.1x 1.9x -20.5% -38.7%
BB
OCF / NFD 23.2% 25.8% 74.8% 11.2% 189.9%
Norm. EBITDA / Interest 21.0x 12.2x 8.7x -41.9% -28.7%
Data in thousands of euros
24 © Izertis 20212021H1 results
25 © Izertis 2021Turnover: growth well above the sector and GDP
Turnover
Spanish GDP:
32
30.3
2020 -10,8 % 30
2021e (*) +6,2 % +24.0%
28
26
Consulting Sector:
24.4
24
2020 +0,1 % +12.2%
21.8
2021e (*) +6,2 % 22
20
2019H1 2020H1 2021H1
(*) IMF, July 2021 Data in millions of euros
(**) Spanish Association of Consulting Firms (AEC), July 2021
26 © Izertis 2021Strong Normalized EBITDA growth
Normalized EBITDA
3.5
3,5
3.1
3.0
3,0
+61.6%
2.5
2,5
2.0
2,0
+11.1% 1.9
1.7
1.5
1,5
1.0
1,0
0.5
0,5
0.0
0,0
2019H1 2020H1 2021H1
Data in millions of euros
27 © Izertis 2021Significant increase in margins
Normalized EBITDA margin
12%
10.12%
10%
7.84% 7.77%
8%
6%
4%
2%
0%
2019H1 2020H1 2021H1
28 © Izertis 2021Financial Deleveraging
Net Financial Debt / Normalized EBITDA LTM
5
4.6
-25.5%
4
-41.9%
3.4
-24.7%
3
2.6
2.0
2
1
0
Including Capital Increase (3.8M€)
2019H1 2020H1 2021H1 202107
and Convertible Debentures
Issuance Inveready (4.0M€)
Data in millions of euros
29 © Izertis 2021Improved Solvency and Treasury
Working Capital Treasury ans Cash Equivalents
22 20.4 32
30 28.8
20 X4.6
X3.3 28
18 26
16 24
22 21.0
14 12.6 20
12 18
X2.0 16 X3.4
10 14
8 12
6.2 10
6 X2.5 8 6.2
X1.5
4 2.5 6 4.2
4
2
2
0 0
Including Capital Increase Including Capital Increase
2019H1 2020H1 2021H1 (3.8M€)202109
and Convertible 2019H1 2020H1 2021H1 202109
(3.8M€) and Convertible
Debentures Issuance Debentures Issuance
Inveready (4.0M€) Inveready (4.0M€)
Data in millions of euros Data in millions of euros
30 © Izertis 2021New sources of funding
Fondo Smart
3.8 million euro Issuance of convertible 10.0 million euro
capital increase announcement debentures for 4.0 million euro financing
July 2021 July 2021 September 2021
31 © Izertis 2021izertis EMEA
Spain Portugal Other Countries
A CORUÑA ÁLAVA BARCELONA BILBAO LISBON BELGICA
Parque Empresarial Alvedro, c/ F34 Albert Einstein, 46 C/ d'Entença, 157 Ribera de Axpe, 11 Rua do Mar Vermelho, N.º 2, 3-4 Bruselas
15180 Culleredo Edif. E7, Oficina 206 08029 Barcelona Oficina 209 1990-152 Lisboa Tel: +33 644 951 236
Tel: + 34 981 90 90 10 01510 Miñano Mayor Tel: +34 934 449 977 48950 Erandio Tel: +351 21 842 33 00
Tel: + 34 945 298 352 Tel: +34 944 355 390
GIJON LAS PALMAS MADRID PALMA DE MALLORCA AVEIRO CAPE VERDE
Avenida del Jardín Botánico, 1345 Pintor Miro Mainou, 23, local 1 Basauri, 6 Gremi de Sabaters, 21 A, planta 3 Avenida Europa, N.º 702 Avenida Santiago, 32-4B
Edificio Intra 35018 Las Palmas 28023 Madrid 07009 Palma de Mallorca Mirador Business Center Palmarejo, 7600
33203 Gijón Tel: +34 928 25 08 50 Tel: +34 911 855 828 Tel: +34 932 700 200 3800-012 Aveiro Praia, Cabo Verde
Tel: +34 985 163 891 Tel: +351 234 004 441 Tel: +238 919 48 06
SEVILLA TARRAGONA TENERIFE VALLADOLID EGYPT
Avda. Diego Martínez Barrios, 4 Avda. de la Cambra de Comerç, 42. C/ Jesús Hernández Guzmán, 19 Paseo de Belén, 11 El Cairo
Edificio Viapol Center, 8ª planta Edificio CEPID, 2ª planta Nave B1 Edificio UVAInnova Tel: +201 221 199 472
41013 Sevilla 43204 Reus Polígono Industrial El Mayorazgo 47011 Valladolid
Tel: +34 977 347 245 38110 Santa Cruz de Tenerife Tel: +34 983 114 214
Tel: +34 922 20 31 63
32 © Izertis 2021izertis AMÉRICA
Mexico
MEXICO CITY GUADALAJARA NUEVO LEON
Avenida Universidad, 1627 Avenida Adolfo López Mateos Norte 95 Torre Alestra Avda. Lázaro Cárdenas 2321 Pte. Piso 3, Interior 376
Edificio A. Piso 2 Italia Providencia Col. Residencial San Agustín. San Pedro Garza García
01050, México D.F. Midtown Jalisco 64260, Nuevo León, México
Tel: +52 (55) 6816 2849 C.P. 44648, Guadalajara, Jalisco Tel: +52 (33) 1945 7820
Tel: +52 (33) 1945 7820
Other Countries
COLOMBIA PERU DOMINICAN REPUBLIC
C/ 93 B19-35/57 Avda. Ricardo Palma, 341 Coral Golf, 4, 1ª
Oficina 201, Edificio Bazal II Oficina 304 Avenida Real Norte
Bogotá Lima Cocotal Bávaro
Tel: +571 6359186 Tel: +51 012428927 Higüey, Altagracia
Tel: +1 (809)3627077
33 © Izertis 2021.com
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