1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding...

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1H 2019 Results Investor Presentation Sirio Cafè Ancona

Transcript of 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding...

Page 1: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

1H 2019 ResultsInvestor Presentation

Sirio CafèAncona

Page 2: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

1. Sirio at a Glance

2. Market

3. Business Units

4. Achievements

5. Financials

6. Strategy

Aeroporto MarconiBologna

Page 3: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

Sirio is a leading operator in the Italian "hospital" commercial catering

market, where it manages directly snack/coffee bars 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 30, 2019.

The company, headquartered in Ravenna with ca. 784 employees involved

in the company’s operations.

Sirio at Glance

3

Sirio Channels

Opera Dulcis, Imola

Caffè Pascucci Sky Terrace, Genoa

Page 4: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

4

History

The current vice president Luciano Lomonaco

establishes Sirio, collecting his grandfather’s

inheritance, a pioneer in hospital catering

Stefania Atzori joins Sirio’s BoD

Opening of the motorway business with the first PoS in the

Brennero motorway

SIRIO is selected as partner for Burger King expansion

plan in Italy

Stefania Atzori takes the position of

President

PoS openings in Marconi Airport (Bologna) with the premium brand La Ghiotta

Entrance in the city segment

1992 201820122004

1998 20142006 2019

IPO Listing

€ 32 mln

€ 17 mln

€ 42 mln

€ 64 mln

Revenues CAGR 2007-2018 12.8%

2007 2010 2015 2018

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Geographical presence

5

Tot 83* PoS

N° POS 30/06/2018 30/06/2019 30/09/2019Total PoS

Awarded**

Hospital 57 63 65 75

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* 98

Notes: (*) At September 30, 2019(**) Year to date total of PoS already won by Sirio but not open

Latest Opening

Ancona Ancona Roma

Lonato (BS) Genova

PoS by Region *

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Governance

6

Shareholding Structure Board of Directors

Stefania AtzoriCEO

Luciano Giuseppe LomonacoChairman

Gianni BertonIndependent Member

Mario RescaIndependent Member

Enrico SassoonIndependent Member

Gian Luigi CostanzoMember

Top Management

Stefania AtzoriCEO

Andrea MazzantiCFO

Luciano Giuseppe LomonacoChairman

Page 7: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

A successful IPO

7

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

Market Segment AIMTicker SIOMarket Cap (€Mln) 39.4N° of share 3,452,631Share price (€) October 16, 2019 11.4

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

8

8.5

9

9.5

10

10.5

11

11.5

12

10-06-19 10-07-19 10-08-19 10-09-19 10-10-19

Volumes Close

Page 8: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

1. Sirio at a Glance

2. Market

3. Business Units

4. Achievements

5. Financials

6. Strategy

Aeroporto Cristoforo Colombo Genova

Page 9: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

9

9

# Hospital Point of Sales (2017) *

57

49

43

2016

12 11

64 4 3 2 1

Hospital commercial catering players

Source: PWC Report – Commercial foodservice market in Italy – Oct 2018

Leadership in the Italian Hospital commercial catering

Notes: (*) Not a homogenous comparison given that some figures include hospital mass catering different from the commercial catering.

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Autogrill

CAMST

CIR Food

Dussmann

Sodexo

Elior

Gemeaz / Elior

Chef Express

Serenissima

La Cascina (Vivenda)

MyChef

Airest

Euroristorazione

Bauli Grill

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

-15% -10% -5% 0% 5% 10% 15% 20%

SirioFabbro

Punto Grill40%

60%

80%

100%

Hermes

65% 70%

Ave

rag

e**

CA

GR

R

even

ues

+3

.5%

Average** CAGR EBITDA+1.5%

€300M Turnover

Notes: (*) Elior Group; (**) weighted averages. Data not available for SarniSource: PWC Report - Commercial foodservice market in Italy - Oct 2018

(2015-2017, %)

Competitive arena – Revenues and EBITDA growth

10

Sirio stands out from competition for an outstanding revenues growth and high marginality

CA

GR

EB

ITD

A 2

01

5-2

01

7

CAGR Revenues 2015-2017

*

*

*

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1. Sirio at a Glance

2. Market

3. Business Units

4. Achievements

5. Financials

6. Strategy

Policlinico Duilio Casula Cagliari

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2

43

1

1

12

2016 2017 2018 2019

Concessions renewed Tenders lost

8

12 13

7

1

3 2

4

2016 2017 2018 2019

Tenders won Tenders lost

Hospital BU

Sirio is market leader in the Italian publichospital commercial catering business (bynumber of PoS), where it directly managesbars/eateries for employees, visitors andpatients

Sirio is strategically present in publichospitals

Sirio offers a wide range of services, fromsnack bar with gastronomy and is alsoinvolved in the management of vendingmachines

Signed framework agreement with Alice Pizzain July 2019 for the exclusive commercialdevelopment in the hospital channel

12

5751 61

33.3

41.644.6

22.125.0

2016 2017 2018 1H 2018 1H 2019

Revenues in the Hospital business (€M)

CAGR 16-18+15.8%

57 63

Hospitals tenders won and lost Hospital concession renewals

7

79%Avg. concession win rate (2013-2019) 76%

Avg. concession renewal rate (2013-2019)

#PoS

The 4 Tenders lost in 2019 refer to 2018. Without them, the 2019 winrate would be 100%

YoY %

+13%

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Motorway and Airport BUs

13

10.1 10.5 10.7

5.0 5.2

2016 2017 2018 1H 2018 1H 2019

Revenues (€M)

CAGR 16-18+2.6%

#PoS 9 10 7

3.03.4

3.7

1.7 2.0

2016 2017 2018 1H 2018 1H 2019

CAGR 16-18+11.9%

#PoS 4 4 4

Sirio operates in motorway and road catering,

handling the management of service and rest areas,

with significant presence above all on the A22

Modena-Brennero motorway, offering an

innovative parking concept that is expressed in

attention to the customer, in the quality of the offer

and of the products and in the concept of the point

of sale.

Sirio, operates in airport through the brand "La

Ghiotta", manages 4 PoS inside the Marconi airport

of Bologna: a snack bar cafe in the Land Side area,

the other coffee bar with restaurant in the Extra-

Schengen area. presidia)

Furthermore, in the second half of 2019 Sirio won 2

concessions in the Genoa International Airport and

Naples Capodichino International Airport.

Motorway BU

7 7 4 4

Revenues (€M)

Airport BU

YoY %

+14%YoY %

+4%

Page 14: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

Fast Food and City BUs

14

3.6 3.7 3.7

1.6

3.1

2016 2017 2018 1H 2018 1H 2019

CAGR 16-18+1.8%

3 3 3 2

Sirio was selected by Burger King Europe Gmbh

(BKE) - a Swiss company based in Zurich - as a

Partner, becoming a Franchisee, for the

development of an ambitious plan to expand the

"BK" system in Italy. The project started in 2012

and saw the inauguration, first in Jesolo Lido and

Venice. In December 2018, the Company opened a

new Burger King store in Ravenna and in the first

half of 2019 it opened a new restaurant in Ancona.

In 2018 Sirio started its activity in the new business

sector to develop quality catering in the city center. And

obtained the management of two historic restaurant in

the center of Imola: Opera Dulcis, and "Bacchilega"

always in the center of Imola. Furthermore, in this

business unit the first "Sirio Cafè" brand bars / corners

have been launched adjacent to the Burger Kings

managed by Sirio to expand the offer to customers. In

2019 Sirio started its business with the opening of the

first Sushi Bar under the brand name Zako.

32

Revenues (€M)

#PoS #PoS

Fast Food BU

Revenues (€M)

City BU

4

0.2

0.8

1H 2018 1H 2019

YoY %

+342%

YoY %

+97%

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0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0% 20% 40% 60% 80% 100%

Re

ven

ue

s%

# Concessions %

€27.6M Concession revenues

1H 2019

Top 10 concessions account for the 40.8% of concession

revenues

80% of concession revenues is generated by 29 concessions

53 concessions

31.0%

47.1%

17.9%

4.0%

Expire <2023 2023<Expire<2026

Expire >2026 Extended

Well balanced concession portfolio

15

Concessions portfolio analysis

% of revenues

Sirio has put together an attractive portfolio of concessions, well balanced by expiration date, by channel, and by size. Concessions revenues were €27.6M in 1H19 (or 75% of total revenues)

Page 16: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

1. Sirio at a Glance

2. Market

3. Business Units

4. Achievements

5. Financials

6. Strategy

ZakoAncona

Page 17: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

Genova International Airport

17

14 June 2019Sirio won the concession to manage the bar service at the Genoa-Sestri "Cristoforo Colombo" international airport.

Duration: 5 years

PoS: 2 (116 sqm + 840 sqm terrace)

Offer: Sirio will be present with the concept "CaffèPascucci" - historic Italian brand born in 1883 thatafter more than a century still carries forward theculture of Made in Italy espresso - that is a single-brand Coffee Specialist that revolves around theartisan espresso coffee product with an Italian heartand essence. Furthermore, this sales point alsodiffers in terms of offering organic and fair-tradeproducts.

Page 18: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

Cioccolatitaliani

18

14 June 2019Sirio signed with Gesa srl, a company that owns theCioccolatitaliani brand - the first Italian delivery formatcompletely dedicated to the world of chocolate - aFramework Agreement for Commercial Development.

Framework agreement• the opening of 5 points of sale on the Italian

territory• in the next 3 years, with a first scheduled as early as

2019

19 SeptemberSirio signed with Gesa srl the franchising agreement forthe opening and management of the firstCioccolatitaliani PoS at the "Il Leone Shopping Center”in Lonato (Brescia).

“Il Leone Shopping Center” located in Lonato -strategically located within a quadrilateral consisting ofthe cities of Brescia, Verona, Mantua and Cremona - hasa high ranking (AA rating, with over 6 million passes peryear), extends over an area of approximately 46,000square meters, with 100 stores, a commercial anchorthat serves a pool of over 130,000 users

Page 19: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

Alice Pizza

19

22 July 2019Sirio signed a framework agreement for exclusive commercial development in the hospital channel with "Me & Alice srl", a company that owns the Alice Pizza brand.

Framework agreement • opening of 6 point of sales in the hospital channel • over the next 18 months.

The locations can be identified both in hospitals where Sirio is present due to bids already won - with corners dedicated to pizza - and in new sales points, always in the hospital channel.The individual points of sale that will be opened will be regulated by special agreements of commercial affiliation (franchising) with Sirio as a franchisee.

San Camillo hospitalSirio has already opened its first Alice Pizza PoS at the San Camillo hospital in Rome.

Page 20: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

Torino - Molinette Hospital

20

20 September 2019Sirio won the concession for the management of the bar and restaurant service at the Molinette Hospital in Turin.

Value: € 9 million

Duration: 4.5 years

PoS: 2 (500 sqm)

Offer: Both points of sale are based on the concept ofethical catering that sees a “good, clean and fair”food as protagonist with an eye to the environmentand sustainability, in addition to the most diversifieddietary requirements, remaining faithful to the Turinand Piedmont culture as well as serving Slow FoodDOP or PGI Presidium products up to local culinarypreparations.

The Molinette Hospital Center (the largest in Piedmont and the third in Italy) is located within the complex "The City of Health and Science of Turin, the largest national and European health center, has about twelve thousand employees and guarantees third level diagnosis, treatment and healthcare in multiple care pathways.

Page 21: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

Napoli - Capodichino International Airport

21

23 September 2019Sirio won the concession for the management of the barand restaurant service at the Naples - CapodichinoInternational Airport, the fifth Italian airport in terms ofannual passenger flows.

Value: € 6 million

Duration: 5 years

PoS: 1 (70 sqm)

Offer: Sirio will be present with the "Combine coffeestation" concept to create a place that combinestechnology and tradition, familiarity, experience andproduct. These elements will be offered,communicated and transferred to the customerthrough a process of customer engagement throughvarious correspondence channels activated by visualsounds and suggestions, digital kiosks, automaticpickup boxes offering an immersive and fast shoppingexperience where you can compose your own meals("Combo").

In 2018 annual passengers were about 10 million source- Italian Association of Airport Managers

Page 22: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

Roma - Sant’Andrea Hospital

22

30 September 2019Sirio won the concession for the management of the barand restaurant service at the University HospitalSant'Andrea in Rome.

Value: € 10 million

Duration: 5 years (+2 year renewal possibility)

PoS: 1 (335 sqm)

Offer: The service that will be provided by Sirioincludes an assortment of hot cafeterias completewith drinks from the typical Italian bar, "bakery" (ovenbaking, but also fresh artisan products of famousRoman bakers), "healthy" (juices, centrifuged andextracted) , freshly prepared at the moment), a pizzacorner and a gourmet counter where you can enjoy acooked dish or buy fresh local products at retail.

The Sant’Andrea University Hospital of Rome representsan excellence and an academic reference point foremergency diagnosis (cardiovascular diseases), for theoncology clinic, and for surgery.

Page 23: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

Roma - Spallanzani Hospital

23

9 October 2019Sirio won the concession for the management of the barand restaurant catering service at the "Lazzaro Spallanzani”National Institute of Infectious Diseases in Rome.

Value: € 3 million

Duration: 8 years

PoS: 1 (120 sqm)

Offer: The service will include an assortment of hot foodcafeterias complete with typical Italian coffee bar drinks,and "healthy" choices with particular attention given tovegetarian / vegan users and / or having particular food-related diseases (gluten intolerance, lactose intolerance,diabetics) and a Market service for the sale of packagedfood products including organic and fair trade labels.

The National Institute of Infectious Diseases L. Spallanzani isan Italian healthcare excellence, with an important socialrole in the management of all emergencies, particularly inhepatitis and drug addiction, and with a consolidatedhistory of health cooperation activities with groups ofpeople with limited economic resources, with their publicinstitutions and with local NGOs.

Page 24: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

1. Sirio at a Glance

2. Market

3. Business Units

4. Achievements

5. Financials

6. Strategy & Achievements

Az. Ospedaliera Meyer Firenze

Page 25: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

H1 2019 Highlights

25

Revenues

€36.7(+20%) *

€ mln

EBITDA

€3.8(+22%)

EBITDA margin

10.4%(+ 16 bps)

Net Profit

€1.5(+33%)

Net Debt

€8.5(+ €6 mln)

Revenues Distribution by BU

€36.7 M

Notes: (*) Figures in brackets refer to financial statements at June 30, 2018 for income statement data and financial statements at December 31, 2018 for balance sheet dataThe data reported have been adjusted excluding the impact of IFRS 16

Hospital 69%

Fast Food 9%

Motorway 14%

Airport 5%

City 2%

Page 26: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

Income Statement

26

€ 0001H 2019

Ex IFRS 161H 2019 1H 2018

Revenues 36,372 36,372 30,227

Other revenues 369 369 373

Total revenues 36,742 36,742 30,600

Production (11,619) (11,619) (10,230)

Personnel (9,680) (9,680) (7,155)

Rents (8,224) (1,362) (7,581)

Other operating costs (3,390) (3,390) (2,494)

EBITDA 3,829 10,691 3,140

EBITDA margin 10.4% 29.1% 10.3%

Depreciation & Amoritzation (1,763) (7,007) (1,477)

EBIT 2,065 3,684 1,663

EBIT margin 5.6% 10.0% 5.4%

Net Financial income (377) (2,545) (240)

EBT 1,689 1,139 1,423

Taxes (236) (167) (330)

Net Result 1,453 972 1,092

Net Result margin 4.0% 2.6% 3.6%

Total Revenues amount to € 36.7 million(+20.1%) due essentially to the new openingsmade during the second half of the 2018 , atthe M. Bufalini Hospital in Cesena (2 points ofsale), the Santa Colomba Community Hospitalin Savignano Sul Rubicone (FC), the UmbertoParini Regional Hospital and the BeauregardHospital in Aosta; the entry into operation ofthe new Burger King in Ravenna, whose offer iscompleted by the adjacent "Sirio Café", and -at the opening of the new Burger King inAncona during the first half of 2019 whoseoffer is completed by the adjacent restaurantZako , - at the opening of the store at thePolyclinic Duilio Casula of Monserrato, and - atthe opening of the store at the Santo SpiritoHospital in Pescara.

EBITDA, € 3.8 million compared to € 3.1million in the first half of 2018, shows asignificant increase of 21.9%, thus theincidence on revenues (EBITDA margin), alsoimproving, at 10.4% compared to 10.3% in thefirst half of 2018, both are the result of theincrease in volumes, the consolidation ofmargins in the hospital sector and theimprovement in income performance in thepoints of sale of the other Business Units (BU)

The net profit closes at € 1.5 million comparedto € 1.1 million at 30 June 2018, reporting anincrease of 33.0%.

Page 27: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

72

81

378

510

100

200

300

400

500

600

700

800

60

65

70

75

80

H1 2018 H1 2019

# PoS Average Revenue per PoS (€k)

27

Focus on revenues

Like-for-like * and new opening revenues

YoY %

+1.9%

26.2 26.7

4.510.1

1H 2018 1H 2019

Like for Like revenues New opening and renewed

30.636.7

7.9

8.8

€ 3.63

€ 3.77

3.0

3.2

3.4

3.6

3.8

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

H1 2018 H1 2019

Total transactions Average receipt

Total transactions and average receipt per PoS POS and average revenue per POS

(*) Note: Like for like revenues refer to 65 PoS and exclude an additional 3 PoS which due to exogenous factors have decreased in turnover. These exogenous factors should be solved in the short term.

YoY %

+3.9%YoY %

+35%

Page 28: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

36.74

3.83

11.62

9.68

8.22

3.39

Total revenues Raw material costs Personnel costs Rents, royalties andconcessions

Other operating costs EBITDA

EBITDA and cost structure for H1 2019

28

EBITDA and Cost Structure (€M)

100%H1 2018

H1 2019

33.4% 23.4% 24.8% 8.1% 10.3%

Higher fixed costs absorption capacity and stronger negotiation power lead to top-of-the-class margins

100% 31.6% 26.3% 22.4% 9.2% 10.4%

Page 29: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

Balance Sheet

29

4.8 4.2

15.213.04.2 5.4

(0.7)

4.5

2016 2017 2018 H1 2019

Non-current financial debt Current financial debt *

€ 00030-06-2019

Ex IFRS 1630-06-2019 31-12-2018

Fixed Assets 37,493 98,230 36,897

Working Capital (4,094) (4,094) (5,152)

Invested Capital 33,399 94,136 31,745

Other non current assets and liabilities (7,430) (7,430) (8,977)

Net Invested Capital 25,970 86,706 22,768

Shareholders' Equity (17,500) (16,950) (8,293)

Medium - long term financial position (13,006) (61,450) (15,212)

Short Term financial position 4,536 (8,305) 737

Net Financial Position (8,470) (69,756) (14,476)

Total Sources (25,970) (86,706) (22,768)

Non-current assets amount to € 37.5 million compared to € 36.9 million at December 31, 2018.

The net working capital is negative for € 4.1 million compared to the negative € 5.2 million at December 31, 2018.

Net invested capital of € 26.0 million compared with € 22.8 million at 31 December 2018, is financed by:- Shareholders' equity for € 17.5 million compared to € 8.3 million at December 31, 2018, the increase is essentially due to the IPO transaction concluded last June 2019- Net financial debt of € 8.5 million compared to € 14.5 million at 31 December 2018, essentially due to the IPO proceeds.

Page 30: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

NFP bridge

30

(14.5)

3.8

(2.7)

0.4

(0.9)

(2.6)

10.0

(2.1) (8.5)

NFP 31-12-2018

EBITDA Ch. TWC Other nettrade

receivables

Interest &Taxes

CAPEX IPO Proceeds IPO Costs onEquity

NFP 30-06-2019

Net Financial Position Bridge (€M)

Cash in Cash out

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0.9

1.9 1.9

0.6

1.3

3.3

4.5

2.0

2016 2017 2018 H1 2019

Intangible Capex Tangible capex

6.3 6.3 4.3 4.8

2.5 3.0 3.1

6.8

(12.2)(14.7)

(8.7) (10.3)

2016 2017 2018 H1 2019

Inventory Trade Receivables Trade Payables

Net working capital and capex analysis

31

Net trade working capital(€M)(*)

Notes: (*) 2018 post carve-out, 2016 and 2017 ante carve-out(**) TWC increase in H1 due to a higher impact of exclusive contractual contributions from suppliers

Post carve-out data

Optimal working capital due to moderate DSO and 60 days DPO on average

(1.3)

(5.4)

(3.4)

Investments(€M)

2.2

6.4

5.2

Investments more than doubled as a consequence of business growth

1.3**

2.6

Page 32: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

1. Sirio at a Glance

2. Market

3. Business Units

4. Achievements

5. Financials

6. Strategy

Burger KingAncona

Page 33: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

33

Strategy (1/2)

Leadership consolidation

in the Hospital Business

Framework agreement for the management of Alice Pizza at the San Camillo Forlanini Hospital in Rome

2 concessions for 2 PoS at the Molinette Hospital in Turin

Concession in the Sant’Andrea Hospital

Concession in the Spallanzani Hospital

LEADERSHIP IN THE HOSPITAL BUSINESS

STRATEGY

ACHIEVEMENTS

GOAL

# 110 tenders are expected in the next 2 years 2020-2021

Focused in Northern and Central Italy

Public hospital sector

Innovative service model (“Smart Hospital”)

Page 34: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

34

Strategy (2/2)

Expansion in adjacent and already

existing BU thanks to scalable model

Concession at Genoa-Sestri InternationalAirport “Cristoforo Colombo”

3-year framework agreement with Cioccolatitaliani for the opening of 5 PoSin Italy.

Opened 1° Cioccolatitaliani PoS in the Leone Shopping Center

Concession at the Naples-CapodichinoInternational Airport

SCALABLE BUSINESS MODEL

STRATEGY

ACHIEVEMENTS

GOAL

High traffic flow in main Italian railways, airports andcity chains

Cross Selling (i.e. opening of PoS with Burger King)

Extended contract duration (> 12 yrs) with shortpayback period (< 4 yrs)

Higher Marginality (IRR > 20%)

Page 35: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

35

Leadership in the Italian Hospital commercial catering2

Investment Highlights

3 Scalable business model successfully exported into other segments

1 History of outstanding growth and resilience

4 High visibility on future revenues

5 Well balanced concession portfolio

6 Strong competitive positioning

Page 37: 1H 2019 Results · Ancona Ancona Roma Lonato (BS) Genova PoS by Region * Governance 6 Shareholding Structure Board of Directors Stefania Atzori CEO Luciano Giuseppe Lomonaco Chairman

Disclaimer

37

This document has been prepared by Sirio S.p.A. (the "Company") for use during meetings with investors andfinancial analysts and is solely for information purposes. The information set out herein has not been verified by anindependent audit company.Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the “Group”), as well asany of their directors, officers, employees, advisers or agents (the “Group Representatives”) accepts anyresponsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness orcompleteness of the information set out herein or any other related information regarding the Group, whetherwritten, 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 currentexpectations and opinions developed by the Company, as well as based on current plans, estimates, projections andprojects of the Group. These forward-looking statements are subject to significant risks and uncertainties (many ofwhich are outside the control of the Company and/or the Group) which could cause a material difference betweenforward-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 applicablelaws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward-lookingstatements.Under no circumstances shall the Group and/or any of the Group Representatives be held liable (for negligence orotherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise inconnection 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 neitherthis entire document or a portion of it may constitute a recommendation to effect any transaction or to conclude anylegal 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.