Jan-December 2014 Results. Madrid, May 2015

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1 Jan-December 2014 Results Madrid, May 2015

2 January- December 2014 Highlights Reported Net profit exc. PPA reaches 8.3 million, from the -3.2 million losses accounted in has been a year of transformation with the implementation of the new technological platform and the restructuring in Iberia Solid operating results with EBITDA growing by 12% to 37 million The strong operating results allows the company to resume the dividend policy starting with an interim gross dividend of 0.14 per share, payable from March 23 rd identical to the interim dividend paid in the same period of ROACE stable in 12.2% from 12.2% last year. Net debt (*) closed at 113 million, mainly due to the weaker activity and a temporary increase in the collection period in Spain. New 115 million syndicated long term facility signed in January that will allow higher flexibility and operational capacity (*) Net Debt includes 11.7 million of VAT borne in Germany in 2014 that has been collected in February

3 Consolidated P&L In Thousand Eur (*) Var% Net turnover , (13.5%) Other revenue % Total Revenue , (11.9%) Purchases (13.9%) Gross Margin (2.3%) Personnel expenses (19,7%) Other operating expenses % EBITDA % Depreciation % EBITA % Amortisation (PPA) % EBIT % Financial result (6.2%) - financial expenses (9.2%) - financial income (83.8%) Other profit/losses % Profit before taxes % Taxes % Net Profit (3.8%) Profit (Loss) after tax discont. Op Minorities Net Profit after minorities and Disc Amortisation PPA Net Profit adjusted ** Gross margin/total revenue 19.5% 17.6% EBITDA / Total revenue 3.9% 3.1% (*) Re-stated 2013 PL reclassifies to discontinued activities the net profit of the Industrial business in accordance with the provisions of IFRS5 (**) Adjusted by amortisation of PPA Revenues drops vs. LY driven by the weakness of EOS market (mainly in Spain) and the restructuring process and SAP implementation in Spain. TOS growing vs. last year at 3%. Other revenue linked with services activities shows a good improvement vs. LY (+34%) due to higher value added services delivered to our customers and vendors. Gross Margin improves to 19.5%, thanks to EOS profitability improvement and better product mix. Strong reduction vs in Personnel Expenses (-14.1%, -2% excluding restructuring one off accounted in 2013). The full impact of the efficiencies coming from restructuring will come in 2015 as the bulk of the restructuring has taken place in 2H14 Higher Depreciation Costs vs. last ( 1.9m) year driven by new technological platform implementation. 6.2% reduction in Financial Expenses ( -1.0m). Net profit adjusted by PPA at 8.3 million from -3.2 million loss of last year. 3

4 Product Sales by Country and Customer Segment Product Sales by Country Weak European EOS market. TOS sales growing across the board partially offsetting digital business weakness. Spain came negatively affected by the market situation, SAP integration and the restructuring process. Product Sales by Customer Segment IT Specialists impacted by EOS weakness, mainly in Iberia. Retailers and Service-Driven segments continue to increase their share. This keeps on impacting positively in the product mix and profitability. 4

5 Balance Sheet Dec-14 Dec-14 Dec-13 Pro-Forma (*) In Thousand Eur Pro-Forma (*) Dec-13 Non-current assets 255, ,444 Equity 160, ,136 Property, plant and equipment 38,383 54,402 Share capital and reserves 160, ,134 Other tangible assets 18,492 3,647 Minority interest and other Intangible assets 174, ,479 Non-current liabilities 31,838 36,029 Financial long term assets Bank borrowings 6,146 7,539 Other non-current assets 23.,609 19,514 Provisions and other non-current liabilities 25,692 28,490 Current assets Current liabilities 353, ,487 Assets held for sale 0 26,547 Liabilities held for sale 0 13,047 Inventories 127, ,108 Trade and other payables 151, ,374 Trade and other receivables 76,082 70,210 Interest-bearing loans and borrowings 179, ,020 Income tax assets 2,361 0 Provisions 1,023 8,929 Other tax receivables 10,922 9,766 Other current liabilities 7, Current financial assets 36,466 13,189 Income tax payable 3,094 2,329 Cash and cash equivalents (*) 34,973 74,811 Other payables to public administrations 10,966 14,146 Prepayments and accruals 1,664 1,577 Total liabilities 384, ,516 TOTAL ASSETS 545, ,652 TOTAL EQUITY AND LIABILITIES 545, ,652 Operating WC 51,387 31,944 CAPITAL EMPLOYED 273, ,072 Changes in Operating WC 19,443-18,406 Average Capital Employed 260, ,238 Net Financial Debt 112,917 91,936 Factoring 104, ,119 Operating WC: ( Inventory + Trade and Other receivables -Trade payables) Working Capital closes the period in 51.4m, impacted by non recurrent effects: lower user of available facilities of non recourse factoring, above than expected not compensated VAT borne amount and; a temporary increase in the collection period in Spain. Net Financial Debt closes in 112.9m with a 21mdeterioration compared December Taxes: For further considerations and cash impact calculations, it is important to remark the outstanding of Deferred Tax assets for about 24m, mainly accounted within the Spanish Tax consolidation Group. (*) Cash and Cash Equivalents includes 11.7 million of VAT borne in Germany in 2014 that has been collected in February

6 Cash Flow Statement In Thousand Eur 2014 Pro-Forma (*) 2013 EBT EBT Discontinued Activities D&A Net interest Taxes and equity movements Provisions and other non cash Items Change in Operating WC Net cash flows from operating activities Investing activities cash flow Financing activities cash flow & Dividends Free cash flow o/w Dividends Net debt (balance sheet) Normalized FCF pre change in WC (**) Net Debt (beginning of the period) Change in Net Debt Net Debt at Period End (*) 2014 CF and Net Debt figures adjusted with 11.7 million of Germany VAT collected in February 2015 (**) Free Cash Flow - Change in WC Other Current Asset/Liabilities Var. Net Financial Debt (*) 2.8x 2.6x In Thousand Eur Bank borrowings Cash and equivalents + ST Inv Net Financial Debt (*) Free Cash flow ends with net cash out of 21 million impacted by the non recurrent effects: 1. Lower user of available facilities of non recourse factoring, 2. Above than expected not compensated VAT borne amount 3. A temporary increase in the collection period in Spain 4. The restructuring costs cash out flow. Net Financial Debt closes in 113m, with an increase of 21 million compared with December

7 ROACE Return on Average Capital Employed Return on Average Capital Employed ROACE (EBITA/ Average Capital Employed) December 2014 ROACE remains flat in comparison with the same period last year, mainly driven by the EBITDA improvement that offsets net debt increase. 7

8 New financial structure On January 27 th Adveo announced a 115 million syndicated long term facility agreement for general corporate purposes Syndicated Transaction ( 115m): Term Loan: 100m 75m France 25m - Germany Revolving credit facility: 15m First maturity: July-2016 Final maturity: January 2020 Syndicated transaction Destination: For general corporate purposes, including the repayment of the current syndicated loan, agreed on in 2011 in relation with the Spicers acquisition Entities Involved: BBVA, Sabadell, La Caixa, Santander, Popular and Bankia Benefits: Strengthen its financial structure in the long term Reinforces Group solvency and future payment capacity Achieve greater operational and strategic capacity Confirms the finance entities support and confidence in the Company business and management team 8

9 Key Takeaways Solid operating results with EBITDA growing by 12% to 37million and Net Profit exc. PPA reaching 8.3 million, from the -3.2 million loss accounted in has been a year of transformation with the implementation of the new technological platform and the restructuring in Iberia Interim gross dividend of 0.14 per share, payable from March 23 rd identical to the dividend paid in the same period of New 115 million new syndicated long term facility signed in January that will allow higher flexibility and operational capacity 9

10 Disclaimer This presentation was prepared by ADVEO exclusively for the benefit and internal use in the presentation to analyst and investors and solely as a basis for discussion of certain issues related to the presentation of results. This presentation is based on publicly available information and/or data provided by ADVEO. This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law (Law 24/1988, of July 28, as amended and restated from time to time), Royal Decree-Law 5/2005, of March 11, and/or Royal Decree 1310/2005, of November 4, and its implementing regulations. Investor Relations Dep. 10

11 FEELING THE MARKET. ENABLING POTENTIAL.

12

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