Az. Ospedaliera Meyer Firenze 1H 2019 Results Presentation 30 September 2019
Disclaimer This document has been prepared by Sirio S.p.A. (the "Company") for use during meetings with investors and financial analysts and is solely for information purposes. The information set out herein has not been verified by an independent audit company. Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the “Group”), as well as any of their directors, officers, employees, advisers or agents (the “Group Representatives”) accepts any responsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness or completeness of the information set out herein or any other related information regarding the Group, whether written, oral or in visual or electronic form, transmitted or made available. This document may contain forward-looking statements about the Company and/or the Group based on current expectations and opinions developed by the Company, as well as based on current plans, estimates, projections and projects of the Group. These forward-looking statements are subject to significant risks and uncertainties (many of which are outside the control of the Company and/or the Group) which could cause a material difference between forward-looking information and actual future results. The information set out in this document is provided as of the date indicated herein. Except as required by applicable laws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward-looking statements. Under no circumstances shall the Group and/or any of the Group Representatives be held liable (for negligence or otherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise in connection with the document or the aforesaid forward-looking statements. This document does not constitute an offer to sell or a solicitation to buy or subscribe to Company shares and neither this entire document or a portion of it may constitute a recommendation to effect any transaction or to conclude any legal act of any kind whatsoever. This document may not be reproduced or distributed, in whole or in part, by any person other than the Company. By viewing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations. 2
Aeroporto Marconi Bologna 1. Sirio at a Glance 2. Market 3. Business Units 4. Financials 5. Strategy & Achievements
Sirio at Glance Sirio is a leading operator in the Italian "hospital" commercial catering market , where it manages directly bars/eateries for employees, visitors and patients. The company has successfully exported its scalable business models in adjacent business units : motorways, airports, city centers, and fast food through different formats. The Company manages 83 PoS at September 25, 2019. Opera Dulcis, Imola The company, headquartered in Ravenna with ca. 770 employees involved in the company’s operations. Sirio Channels Caffè Pascucci Sky Terrace, Genoa 4
History SIRIO is selected as partner Opening of the motorway Stefania Atzori joins for Burger King expansion business with the first PoS in the IPO Listing the Sirio’s BoD plan in Italy Brennero motorway 1992 2004 2012 2018 1998 2006 2019 2014 The current vice president Stefania Atzori takes PoS openings in Marconi Entrance in the city Luciano Lomonaco the position of Airport (Bologna) with the segment establishes Sirio , collecting President premium brand La Ghiotta his grandfather’s inheritance, a pioneer in hospital catering Revenues CAGR 2007-2018 12.8% € 17 € 32 € 42 € 64 mln mln mln mln 2007 2010 2015 2018 5
Geographical presence Total PoS N° POS 30/06/2018 30/06/2019 30/09/2019 Awarded Hospital 57 63 65 74 Motorway 7 7 5 7 Fast Food 2 4 4 4 City 2 3 3 5 Airport 4 4 6 7 TOTAL 72 81 83 97 Tot 83* PoS Latest Opening Ancona Ancona Roma Lonato (BS) Genova Notes: (*) At September 25, 2019 6
Governance Shareholding Structure Board of Directors Stefania Atzori Luciano Giuseppe Lomonaco CEO Chairman Mario Resca Gianni Berton Independent Member Independent Member Enrico Sassoon Gian Luigi Costanzo Independent Member Member Top Management Luciano Giuseppe Lomonaco Stefania Atzori Andrea Mazzanti Chairman CEO CFO 7
A successful IPO Stefania Atzori Chief Executive Officer of Sirio SpA commented: "The conclusion of this process, finally reaching Borsa Italiana on June 10, makes me very satisfied with the team work carried out by the company and by all the consultants involved in the operation, to which I send a heartfelt thank you for the efforts made. Moreover,” continues Stefania Atzori, “the IPO represents an important goal for SIRIO, but even more it represents the springboard for its future growth. Growth, which we will achieve through new openings of points of sale in the hospital and airport sector, through the development of franchising chains, and which will undergo an important acceleration thanks to the use of proceeds deriving from the IPO” . Share N. Pre – IPO 2.400.000 Shares coming from the capital increase 1.052.631 Shares offered for sale 40.969 Shares Outstanding Post-IPO 3.452.631 11,5 40000 35000 11 30000 Market Segment AIM 10,5 25000 Ticker SIO 10 20000 Market Cap (€Mln) 36.3 9,5 15000 9 N° of share 3,452,631 10000 8,5 Share price (€) September 26, 2019 10.5 5000 8 0 10/06/2019 10/07/2019 10/08/2019 10/09/2019 Volumes Close 8
Aeroporto Cristoforo Colombo Genova 1. Sirio at a Glance 2. Market 3. Business Units 4. Financials 5. Strategy & Achievements
Hospital commercial catering players # Hospital Point of Sales (2017) Leadership in the Italian Hospital commercial catering 57 49 43 20 16 12 11 6 4 4 3 2 1 10 Source: PWC Report – Commercial foodservice market in Italy – Oct 2018 10
Competitive arena – Revenues and EBITDA growth Sirio stands out from competition for an outstanding revenues growth and high marginality (2015-2017, %) Average** CAGR Revenues +3.5% 100% 80% Fabbro Hermes 60% Sirio Punto Grill 40% €300M Turnover 20% Airest CAGR EBITDA 2015-2017 Serenissima 15% Dussmann 10% Bauli Grill 5% Autogrill * Gemeaz / Elior Average** CAGR EBITDA+1.5% 0% * MyChef CAMST Sodexo Euroristorazione -5% * Chef Express Elior -10% CIR Food -15% La Cascina (Vivenda) -20% -15% -10% -5% 0% 5% 10% 15% 20% 65% 70% CAGR Revenues 2015-2017 Notes: (*) Elior Group; (**) weighted averages. Data not available for Sarni Source: PWC Report - Commercial foodservice market in Italy - Oct 2018 11
Policlinico Duilio Casula Cagliari 1. Sirio at a Glance 2. Market 3. Business Units 4. Financials 5. Strategy & Achievements
Hospital BU Revenues in the Hospital business (€ M) Sirio is market leader in the Italian public hospital commercial catering business (by number of PoS), where it directly manages CAGR 16-18 bars/eateries for employees, visitors and +15.8% patients 44.6 Sirio is strategically present in public 41.6 hospitals 33.3 Sirio offers a wide range of services , from 25,0 22,1 snack bar with gastronomy and is also involved in the management of vending machines 2016 2017 2018 1H 2018 1H 2019 Signed framework agreement with Alice Pizza in July 2019 for the exclusive commercial 51 57 61 57 63 #PoS development in the hospital channel Hospitals tenders won and lost Hospital concession renewals 22 Avg. concession win Avg. concession renewal 79% 76% rate (2013-1H 2019) rate (2013-1H 2019) 7 7 5 5 15 13 1 2 The 3 Tenders 3 2 lost in 2019 3 9 5 refer to 2018. 1 Without them, 1 13 3 the 2019 win 4 12 1 3 rate would be 8 2 100% 5 1 2016 2017 2018 H1 2019 2016 2017 2018 H1 2019 Concessions renewed Tenders lost Tenders won Tenders lost Pending tenders 13
Motorway and Airport BUs Motorway BU Airport BU Revenues (€M ) Revenues (€M ) CAGR 16-18 CAGR 16-18 +2.6% +11.9% 10.7 10.5 3.7 10.1 3.4 3.0 2,0 5,2 5,0 1,7 2016 2017 2018 1H 2018 1H 2019 2016 2017 2018 1H 2018 1H 2019 #PoS #PoS 9 10 7 7 7 4 4 4 4 4 Sirio operates in motorway and road catering , Sirio, operates in airport through the brand "La handling the management of service and rest areas, Ghiotta", manages 4 PoS inside the Marconi airport with significant presence above all on the A22 of Bologna: a snack bar cafe in the Land Side area, Modena-Brennero motorway, offering an the other coffee bar with restaurant in the Extra- innovative parking concept that is expressed in Schengen area. presidia) attention to the customer, in the quality of the offer and of the products and in the concept of the point of sale. 14
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