preliminary analystenpräsentation q4/201631606d9b-a0f6-4b29-be71... · 2 gft business model...

GFT Technologies SE

November 2018

Investor Presentation

2GFT GROUP

TRACKER

Ag

en

da

1. GFT at a glance

2. GFT business model

3. Financial results 9M/2018

4. Outlook

November 2018

3GFT GROUP

TRACKER

Technology partner for digital transformation

November 2018

Business and technology

consultancy

Development of bespoke

IT solutions from banking

applications to trading

systems

Implementation and support

of product based solutions

Modernisation and application

management (Banking

Systems)

Software Engineering for New

Tech and Core Tech

IT Services

Focus on financial institutions

Capital Markets

Retail Banking

Private Wealth

Insurance

Expansion of digital service

offering for industrial clients

Business Focus

Data Analytics

Blockchain

Cloud Engineering

Artificial Intelligence

Technology Focus

1 GFT at a glance

4GFT GROUP

TRACKER

Proven onshore-/ nearshore delivery model (4,860 FTE)

November 2018

Canada (164)

Toronto

USA (41)

Boston

New York

Costa Rica (99)

Heredia

Mexico (221)

Mexico City

Alphaville

Curitiba

Sorocaba

Germany (365)

Bonn

Eschborn/Frankfurt

St. Georgen

Stuttgart

Italy (592)

Florence

Genoa

Milano

Montecatini Terme

Padova

Piacenza

Siena

Torino

Spain (1,936)

Alicante

Barcelona

Lleida

Madrid

Valencia

Zaragoza

Poland (576)

Lodz

Poznan

Warsaw

Switzerland (43)

Basel

Zurich

UK (142)

London

Americas

& UK

Continental

Europe

Brazil (668)

(as of 30/09/2018)

Approx. 50% of revenues generated onshore and 50% nearshore

Nearshore

Delivery Units

1 GFT at a glance

France (7)

Belgium (6)

Brussels

5GFT GROUP

TRACKER

Key figures

279

374423 419

0

100

200

300

400

500

2014 2015 2016 2017 2018e

Revenue (€m)

33

45 47

3439

0

10

20

30

40

50

2014 2015 2016 2017 2018e

EBITDA (€m)

24

33 33

18

23.5

0

5

10

15

20

25

30

35

2014 2015 2016 2017 2018e

EBT (€m)

3,131

4,050

4,870 4,740

0

1000

2000

3000

4000

5000

6000

2014 2015 2016 2017 2018e

Employees (FTE)

1 GFT at a glance

400-420

Approx.

4,900

November 2018

6GFT GROUP

TRACKER

30 biggest clients 9M/2018 – four new entries

November 2018

Industry &

Others

Insurance

Retail

Banking

Capital

Markets„not disclosed“

1 GFT at a glance

http://www.ibercaja.es/index.php?id=a213529ee2bffcb28e3bfa5e8158b3be4ba9e970e15eb7c6

http://www.intesasanpaolo.com/scriptIbve/retail20/RetailIntesaSanpaolo/ita/home/ita_home.jsp

http://www.mps.it/

7GFT GROUP

TRACKER

6

7

8

9

10

11

12

13

14

15

16

50

70

90

110

130

GFT SE TecDAX Index GFT SE in EUR (RHS)

GFT share and shareholder structure

15

25 25

30 30 30

0

5

10

15

20

25

30

35

2012 2013 2014 2015 2016 2017

Shareholder structure

GFT share indexed and in EUR

26,4%

9,7%63,9%

Ulrich Dietz

Maria Dietz

Free float

1 GFT at a glance

Cent

in €

Dividend per share in Cent (for financial year)

in %

01/01/2018

€13.0511/19/2018

€8.05

November 2018

8GFT GROUP

TRACKER

Ag

en

da

1. GFT at a glance



4. Outlook

November 2018

9GFT GROUP

TRACKER

Business areas of GFT insidethe banks

Sun deck

Innovation

Approx 10 % of ITS budget

Engine room

Core Banking, middle & back

office projects

Approx. 50 % of IST budget

Tween deck

Risk & Compliance projects

front office

Approx. 40 % of IST budget

Das Raster muss

Johannes noch

finetunen, kann man

transparenter

gestalten.Sun deck

Engine room

Tween deck

2 GFT business model

Business areas of GFTinside the banks

Core Tech 40%

New Tech 5%

Application

Management 35%

November 2018

New Tech 20%

Software Engineering

10GFT GROUP

TRACKER

November 2018

IT technology meets client business challenges

Data

mgmt

INNOVATION TRANSFORMATION

Legacy

systems

Brexit

New

competitors

Multi-

channel

Regulation

BANKING New

channels

Customer

centricity

INSURANCEBackend

flexibility

Fraud

IT TECHNOLOGY

Services

Time

to

market

Digitalisation

New

markets

INDUSTRYConnec

-tivity


11GFT GROUP

TRACKER

GFT Partner for Innovation and Transformation

November 2018

Cloud

InnovationOpen Banking

Design &

Automation

Disruptive

Technologies

Platform

Engineering

Data

Engineering

Regulatory &

Compliance

Services

Cloud

Engineering

INNOVATION

TRANSFORMATION


12GFT GROUP

TRACKER

Implementation of a banking platform

Implementation of a global Risk and P&L production platform (dbPalace) for Deutsche Bank

New strategic platform replaces 2,000 end-user applications

Headed up by a 200-strong dbPalace team comprising both GFT and Deutsche Bank specialists, spread across eight locations worldwide


Platform Engineering Advantages:

Reduced risk, man-hours and errors

Speed up release times

Fast reaction to market trends and challenges

Improved decision-making, control and compliance

Chris Bezuidenhout, CIO for Markets Finance at Deutsche Bank:

“dbPalace is an example of a programme where the needs and requirements of Finance are understood and acted upon by a passionate and committed IT team, with the users at the heart of every decision. It has been excellent working with GFT on this project. They understand my business requirements and were very focused on helping to deliver solutions we can really use.”

GFT and Deutsche Bank awarded first place for ‘Best Fintech Partnership’

November 2018

13GFT GROUP

TRACKER

Advance invoice lending with use of blockchain

Risk for the lender when a fraudulent customer tries to obtain credit for the same invoice at multiple banks

GFT was asked to develop a use case together with financial services partner; within 3 months a panel of 10 Italian banks was created

Ongoing scale up to a secure, interoperable, multi-platform Blockchain-DLT network

Clear benefits of a blockchain solution:

Transparent sharing of multiple data between a consortium of x different parties in real-time

Fraud prevention

Scalability of infrastructure

Transferable use case into other industries

Blockchain


November 2018

14GFT GROUP

TRACKER

Google cloud business in Financial Services

November 2018

Preferred partner for cloud projects in financial services

GFT solutions enable our clients to get a native cloud implementation as well as application evolution in the cloud

Investment to deepen relationship to Google:

Training of 250 employees to be fully certified by Google, more trainings envisaged

Hiring of skilled and experienced staff esp. in UK to enhance customer proximity and sales capacities

Current Google cloud projects are for example:

Big data decision making process for fund managers

Data analytics for trade surveillance

Cloud migration project for a secure communication system

Cloud Engineering


15GFT GROUP

TRACKER

AI document processing

Banks are challenged to handle huge amounts of messages and unstructured scanned documents

Machine learning and deep learning algorithms automatically classify documents in pre-defined classes, supported by human-in-the-loop assessments

This helped to greatly accelerate the processing of documents at a middle size retail bank

Process automation is integrated into the organization

Highly scalable and extensible to other use cases

Artifical Intelligence


November 2018

16GFT GROUP

TRACKER

Leveraging of Guidewire offerings in Europe

November 2018

Insurers are investing heavily in technological solutions that improve

front-end sales distribution and customer service to enhance back-end

operational efficiency expense management

Guidewire is the only company to be ranked as a leader globally by both

IDC and Gartner,

Acquisition of canadian V-NEO enables GFT to leverage existing

Guidewire know-how in Europe

Further investments to strengthen the position of GFT as specialist in

Guidewire implementation:

Increase of capacities in Canada, France, Belgium and Italy

Creation of nearshore capabilities in Poland

Insurance


Revenue CAGR 2016-2018

North America 28%

EMEA 24%

17GFT GROUP

TRACKER

IoT projects for Trumpf

To increase capacity with agile and flexible measures as well as the improvement of usability and time to market are the ratio behind the IoT projects with our industrial client Trumpf

GFT developed a high-level-strategy for the creation of an IT-unit

Development of a stable, standardized software solution

Assigned two nearshore core-teams

Utilization of existing GFT’s software and especially data analytics competencies

Use of agile measures

„Together we want to strengthen our partnership in orderto secure long-term IT know-how at Trumpf.“

Dr.-Ing. Mathias Kammüller (Chief Digital Offier, Trumpf)

Industry 4.0


November 2018

18GFT GROUP

TRACKER

Ag

en

da

1. GFT at a glance



4. Outlook

November 2018

19GFT GROUP

TRACKER

Key figures

Revenue

-2%

EBITDA

-4%

EBT

+6%

Employees

+4%

EBITDA adjusted* decrease vs 9M/2017 of -4% to € 28.79m

EBITDA decrease of -4% to € 28.03m

EBITDA 9M/2017 included extraordinary items of € -2.30m for restructure in UK&USA, € -0.81m Earn-out accrual for Habber Tec Brazil acquisition and Bonus accrual release of € +1.40m

EBT increase vs 9M/2017 of 6% to € 16.92m

EBT-margin 5.5% above previous year (9M/2017: 5.0%)

EBT 9M/2017 included extraordinary items of € -2.00m for impairment loss

Employee growth to 4,860 (30/09/2017: 4,666) due to the V-NEO acquisition.

V-NEO adds 171 employees: Canada (158), France (7) and Belgium (6)

Without V-NEO stable employee number with 4,689 (30/09/2017: 4,666)

Revenue decrease of -2% to € 309.07m vs 9M/2017

V-NEO contributed € 3.15m

Organic decrease of -3%

Organic decrease at constant currencies -1%

November 2018

3 Financial results 9M/2018

* EBITDA adjusted = EBITDA before non-operational effects from M&A activities

20GFT GROUP

TRACKER

Results at a glance


November 2018

* Adjusted for non-operational effects from M&A activities (EBITDA) plus applicable tax effects (Net income and EPS)

In €m 9M/2018 9M/2017 ∆%

Revenue 309.07 316.52 -2%

Revenue w/o V-NEO 305.92 316.52 -3%

EBITDA adjusted* 28.79 29.91 -4%

EBITDA 28.03 29.10 -4%

EBIT 18.51 17.85 +4%

EBT 16.92 15.91 +6%

Net income 16.61 13.42 +24%

Net income adjusted* 22.08 21.02 +5%

Earnings per share adjusted (in €)* 0.84 0.80 +5%

Earnings per share (in €) 0.63 0.51 +24%

Permanent employees (in FTE) 4,860 4,666 +4%

21GFT GROUP

TRACKER

Results at a glance per quarter


November 2018

In €mQ1

2017

Q2

2017

Q3

2017

Q4

2017

FY

2017

Q1

2018

Q2

2018

Q3

2018

9M

2018

Revenue 111.10 106.67 98.75 102.29 418.81 106.99 104.17 97.91 309.07

EBITDA adjusted* 10.20 8.69 11.02 5.46 35.37 10.05 10.44 8.30 28.79

EBITDA 9.92 8.42 10.76 4.25 33.35 10.05 10.07 7.91 28.03

EBIT 6.95 3.32 7.58 0.98 18.83 6.87 6.92 4.72 18.51

EBT 6.37 2.64 6.90 0.17 16.08 6.24 6.29 4.39 16.92

Net income 4.74 2.86 5.82 2.34 15.76 4.69 7.10 4.82 16.61

Net income adjusted* 6.67 6.74 7.61 5.26 26.28 6.37 8.95 6.76 22.08

Earnings per share adjusted (in

€)*0.25 0.26 0.29 0.20 1.00 0.24 0.34 0.26 0.84

Earnings per share (in €) 0.18 0.11 0.22 0.09 0.60 0.18 0.27 0.18 0.63

Permanent employees (in

FTE)4,833 4,739 4,666 4,740 4,740 4,735 4,697 4,860 4,860

* Adjusted for non-operational effects from M&A activities (EBITDA) plus applicable tax effects (Net Income and EPS)

22GFT GROUP

TRACKER

Revenue and EBITDA adjusted per quarter (in €m)

106.25

108.28

111.10

106.67

98.75

102.29

106.99

104.17

97.91

Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18

Revenue

12.46 12.71

10.20

8.69

11.02

5.46

10.0510.44

8.30

Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18

EBITDA adjusted*

Revenue decreased by 1% in Q3/2018

to € 97.91m (Q3/2017: € 98.75m), due

to lower revenue with Top-2 investment

banking customers

EBITDA adjusted Q3/2018 below

previous quarters due to slower revenue

development and continuous

investments in sales, presales and

training for new technologies (Cloud, AI,

IoT)


November 2018

* Adjusted for non-operational effects from M&A activities

23GFT GROUP

TRACKER

Revenue per segment

in €m

Revenue ∆%

9M/2018 9M/2017 Organic M&A FX Total

Americas & UK 137.10 151.65 -6.8% 2.1% -4.9% -9.6%

Continental Europe 171.54 164.19 4.8% 0.0% -0.3% 4.5%

Others 0.43 0.68 n/a n/a n/a n/a

GFT Group 309.07 316.52 -1.0% 1.0% -2.4% -2.4%


November 2018

24GFT GROUP

TRACKER

Revenue per segment for Top-2 clients

in €mRevenue ∆%

9M/2018 9M/2017 Total

Americas & UK Top-2 Clients 67.89 88.85 -24%

Other Clients 69.21 62.81 +10%

Continental EuropeTop-2 Clients 60.28 56.34 7%

Other Clients 111.26 107.85 3%

GFT Group*

Top-2 Clients 128.17 145.19 -12%

Other Clients 180.47 170.66 6%

Total 308.64 315.85 -2%


November 2018

* Excluding segment „Others“

25GFT GROUP

TRACKER

in €m

EBITDA adjusted* EBITDA

9M/2018 9M/2017 ∆% 9M/2018 9M/2017 ∆%

Americas & UK 9.36 0.26 >100% 8.60 -0.55 < -100%

Continental Europe 18.95 26.19 -27.6% 18.95 26.19 -27.6%

Others 0.47 3.46 -86.3% 0.47 3.46 -86.3%

GFT Group 28.79 29.91 -3.7% 28.03 29.10 -3.7%

EBITDA adjusted & EBITDA per segment


November 2018


26GFT GROUP

TRACKER

Currency distribution 9M/2018

69%

14%

6%

5%6%

Revenue

EUR

GBP

USD

BRL

PLN

Others*

61%11%

4%

7%

8%

9%

Costs

EUR

GBP

USD

BRL

PLN

Others*

*Others include: CHF, MXN, CAD, CRC


November 2018

27GFT GROUP

TRACKER

Detailed profit & loss statement

in €m 9M/2018 9M/2017 ∆%

Revenues 309.07 316.52 -2%

Other operating income 3.61 1.32 +173%

Cost of purchased services -41.34 -40.59 +2%

Personnel expenses -199.59 -202.53 -1%

Other operating expenses* -43.72 -45.62 -4%

EBITDA 28.03 29.10 -4%

Depreciation and amortisation -9.52 -11.25 -15%

EBIT 18.51 17.85 +4%

Interest and similar income/expenses -1.59 -1.94 -18%

EBT 16.92 15.91 +6%

Income taxes -0.31 -2.49 -88%

Net income 16.61 13.42 +24%

Earnings per share (in €) 0.63 0.51 +24%

* Other operating expenses including results of investments accounted for using the equity method


November 2018

28GFT GROUP

TRACKER

Balance sheet (in €m)

139.40 135.43

44.7172.24

178.70165.14

362.81372.81

117.95137.89

122.03119.60

122.83115.32

362.81372.81

30/09/2018 31/12/2017 30/09/2018 31/12/2017

Assets Liabilities

Cash

& cash equivalents

Other

Current

Assets

Non-Current

Assets

Non-Current

Liabilities

Equity

Current

Liabilities


November 2018

29GFT GROUP

TRACKER

-111.54

72.25

15.14

9.60

-52.15 -0.13

44.71

-87.70

-39.29

-132.41

Cash flow analysis (in €m)

31/12/2017 30/09/20189M/2018

Cash FX

effects

Operating

Cash Flow

Financing

Activities

Investments Cash Financial

liabilities

Net cashNet cash Financial

Liabilities

Operating cash flow in 9M/2018 reflects

profitability and overall healthy working

capital position

Cash flow from investments in essence

impacted by cash outflows for

acquisitions of V-NEO Inc. and for

remaining shares (20%) of GFT Italia

S.r.l. of approx. €50m both in Q3

Cash flow from financing activities

primarily characterised by proceeds

from borrowings net of loan repayments

(€ 20.45m) due to investments and

dividends to shareholders (€ 7.90m)


November 2018

30GFT GROUP

TRACKER

1,977 2,023 2,023 2,032 2,048 2,104 2,064 1,975 1,936

757 797 727 688 675 686 678644 668

550554 568 571 561 561 567

577 592

590594 576 532 500 503 530

579 576

287310 323 325 343 355 356 365 365

116116 143 147 137

161 186 218 221164237

235 227 201 182158 146 141

142235241 246

243 220 212 208 198196

4,7494,870 4,833

4,739 4,666 4,740 4,735 4,6974,860

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

Q3/2016 Q4/2016 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Q1/2018 Q2/2018 Q3/2018

Others*

UK

Canada**

Mexico

Germany

Poland

Italy

Brazil

Spain**


Employees by country (FTE)

November 2018

*Others: Costa Rica, Switzerland, USA, Belgium as of Q3/2018 incl. 6 employees of V-NEO, France as of Q3/2018 incl. 7 employees of V-NEO

**Spain as of Q4/2017 incl. 73 employees of Mecemsa, Canada: as of Q3/2018 incl. 158 employees of V-NEO

31GFT GROUP

TRACKER

Ag

en

da

1. GFT at a glance



4. Outlook

November 2018

32GFT GROUP

TRACKER

Banking and Securities IT Spending

Source: Gartner, Forecast Enterprise IT Spending for Banking and Securities Market, Worldwide, 4Q17 Update, Jan 2018 (Billions of U.S. Dollars)

95.1 96.2 97.0 99.0 101.3 103.8

199.3 208.0 217.8 228.4 240.0 252.2

77.482.4

88.395.4

103.4112.2

32.333.9

35.636.3

36.636.7

107.0107.3

107.9108.4

109.3109.7

31.332.9

32.832.8

32.832.7

2016 2017 2018 2019 2020 2021

Data Center Systems

Telecom Services

Devices

Software

IT Services

Internal Services

November 2018

4 Outlook

542.4 560.7579.5

600.3623.4

647.3

CAGR

2016-2021

0.9%

0.5%

2.6%

7.7%

4.8%

1.8%

3.6% Total

33GFT GROUP

TRACKER

Growth with new technologies

November 2018

Sources: *IDC 2017; **Markets and Markets 2017; *** KBV Research 2017

460 % 27 %

> 61% > 30%

BlockchainData

Analytics

Market Growth

CAGR

2017 - 2023

244 %110 %

> 30%> 57%

CloudArtificial

Intelligence

Expected

Growth

(2017-2018)

38%

> 18 %

DevOps

Stage I Stage II Stage III

4 Outlook

34GFT GROUP

TRACKER

17.4 16.1

23.5

2016 2017 2018

Guidance 2018 (in €m)

423 419400 -420

2016 2017 2018

-1%

0%

Revenue EBITDA adjusted* EBT

31.6 33.439.0

2016 2017 2018

+6%

-7%

+17%

+46%

4 Outlook

-5%

Revenue in the lower range of € 400 to 420m for 2018, in addition V-NEO contributes approx. € 7.0m

EBITDA adjusted without effects from non-operational M&A activities at € 40.0m

Significant earnings growth for EBITDA to approx. € 39m and for EBT to € 23.5m against prior-year

Potential further short-term cost saving measures and project postponements in the last four weeks of 2018 may have a negative

impact on our earnings performance

New solution offering ‘Exponential Banking’ and renewal of core banking systems will drive growth in Continental Europe

Strict focus on new technologies and IoT solution offering will support long-term growth

46.8

35.440.0

2016 2017 2018

+13%

EBITDA

-24%


November 2018

Backup

36GFT GROUP

TRACKER

November 2018

Revenue bandwidth for Top-2 clients in 2018*

* Table ignores business segment „Others“ (approx. € 1m revenue)

Revenue ∆%

2018 2017 2018 / 2017

Americas & UK Top-2 Clients 70-90 114 -39% / -21%

Other Clients 100 81 +23%

Continental Europe Top-2 Clients 70 77 -9%


GFT Group Top-2 Clients 140-160 191 -27% / -16%


Total 400-420 419 -5% / 0%

in €m

Backup

37GFT GROUP

TRACKER

2018: split into operating profit and M&A effects

November 2018

Backup

Guidance 2018

in €mGFT stand

aloneV-NEO GFT Total

EBITDA adjusted 39.17 1.25 40.42

M&A Earn-out & Retention -0.71 -0.71

M&A Consult & Integrate -0.55 -0.55

M&A PPA orderbook -0.35 -0.35

EBITDA 39.17 -0.35 38.82

Depreciation -7.20 -0.05 -7.25

M&A PPA Amortization -5.00 -0.63 -5.63

M&A PPA Impairment

EBIT 26.97 -1.03 25.94

Interest -1.80 -0.08 -1.88

M&A Interest -0.56 -0.56

EBT 24.61 -1.12 23.50

Taxes -2.51 0.16 -2.35

Net income 22.10 -0.96 21.15

Net income adjusted 27.66 0.98 28.64

Shares outstanding (m.) 26.33 26.33 26.33

EPS (€) 0.84 -0.04 0.80

EPS adjusted (€) 1.05 0.04 1.09Minor Variances due to rounding possible

38GFT GROUP

TRACKER

Acquisition of Canadian IT specialist (insurance sector)

November 2018

Integrated digital solutions for Property & Casualty (P&C), Life & Health (L&H)

insurance companies

Comprehensive services for Guidewire technology platform

Main market in Canada, smaller footprint in Belgium and France

Offering

Business model

Broad range of Guidewire and Oracle OIPA related activities to support the insurance lifecycle, as well as services for cost-benefit analysis and strategic roadmap

Cloud services

Specialist services: business architecture & IT, enterprise package solutions, process optimisation, digital transformation

Backup

Certified Partner

08/17-07/18 in EUR million in CAD million

Revenue 15.48 23.49

EBITDA 2.59 4.33

EBT 2.56 4.28

Key figures

Announcement date: 3 July 2018

39GFT GROUP

TRACKER

German FREP adaptions 2016-2018H1/2018 2017 2016

in €m

GFT

reported

pre FREP

GFT incl.

FREP

GFT

reported

figures

GFT incl.

FREP

GFT

reported

figures

GFT incl.

FREP

Revenue 211.16 211.16 418.81 418.81 422.56 422.56

EBITDA adjusted 20.49 20.49 35.36 35.36 46.78 46.78

M&A Earn-out -1.05 -2.01 -15.11

M&A PPA orderbook -0.07 -0.07

EBITDA 20.49 20.49 34.31 33.35 46.71 31.60

Depreciation -3.67 -3.67 -7.10 -7.10 -6.25 -6.25

M&A PPA Amortization -2.66 -2.66 -5.42 -5.42 -5.66 -5.66

M&A PPA Impairment -2.00 -2.00

EBIT 14.16 14.16 19.79 18.83 34.79 19.69

Interest -0.70 -0.70 -1.66 -1.66 -1.75 -1.75

M&A Interest -0.56 -1.09 -0.56

EBT 13.46 12.90 18.13 16.08 33.05 17.38

Taxes -0.81 -0.81 -0.32 -0.32 -8.82 -8.82

Net income 12.65 12.09 17.81 15.76 24.23 8.56

Net income adjusted 15.32 15.32 26.28 26.28 29.96 29.96

Backup

November 2018

Acquisition of 80% shares in GFT Italia (formerly

Sempla) in FY 2013; put/call options were

agreed for the remaining 20% of shares

Financial acquisition at 100% shares was

assumed under the anticipated-acquisition-

method applied. Over time changes in the value

of the contingent purchase price liability relating

to the minorities (20%) were offset against

retained earnings without affecting the income

(P&L)

German Financial Reporting Enforcement Panel

(DPR e.V.) disagreed with the accounting

method chosen and acknowledged by our

auditor, on the basis of conflicting IFRS. Hence

GFT´s net income for 2016 (= year of audit) is

overstated by € 15.7m. No findings were noted

with respect to the balance sheet

GFT Group did not contest the decision of FREP

and changed its accounting practice with

retrospective effect resulting in an P&L impact on

interests for FY 2018 of € -0.6m.

40GFT GROUP

TRACKER

Peer group (limited comparability – not focused on financial sector)

Unternehmen FXShare price Market cap EV/sales EV/EBITDA PE

Local curr. Local curr. 2018e 2019e 2018e 2019e 2018e 2019e

1) European-based IT services / financial sector consulting

Capgemini SE (€m) 110.00 18,569.9 1.6 x 1.5 x 11.2 x 10.3 x 18.3 x 16.3 x

Devoteam SA (€m) 93.30 777.8 1.2 x 1.0 x 10.0 x 8.3 x 20.4 x 17.0 x

First Derivatives PLC (£m) 2,950.00 766.5 4.3 x 3.6 x 24.1 x 20.3 x 43.8 x 36.4 x

Indra Sistemas SA (€m) 9.40 1,659.7 0.7 x 0.7 x 7.6 x 6.9 x 14.0 x 11.7 x

Reply SpA (€m) 49.56 1,854.1 1.8 x 1.6 x 12.6 x 11.1 x 20.3 x 17.8 x

2) Global IT services / financial sector consulting

Accenture PLC ($m) 164.50 105,006.9 2.5 x 2.3 x 14.9 x 13.9 x 24.5 x 22.8 x

Cognizant Technology Solutions Corp ($m) 71.24 41,250.0 2.3 x 2.1 x 9.7 x 8.9 x 15.8 x 14.1 x

EPAM Systems Inc ($m) 130.67 7,057.4 3.5 x 2.9 x 18.5 x 15.1 x 30.7 x 25.3 x

Luxoft Holding Inc ($m) 42.68 957.0 1.5 x 1.4 x 9.9 x 10.8 x 15.2 x 17.7 x

3) Indian-based IT services / financial sector consulting

HCL Technologies Ltd (INR) 1,031.55 1,436,456.1 2.5 x 2.3 x 12.0 x 9.7 x 16.5 x 14.0 x

Infosys Ltd (INR) 675.50 2,950,852.2 2.3 x 3.2 x 13.9 x 12.1 x 19.9 x 17.9 x

Tata Consultancy Services Ltd (INR) 1,942.15 7,287,694.5 3.5 x 4.6 x 21.1 x 16.7 x 29.0 x 23.0 x

Wipro Ltd (INR) 325.35 1,471,919.5 1.5 x 2.1 x 11.5 x 11.1 x 18.2 x 16.7 x

Medians all 2.6 2.3 13.6 11.9 22.0 19.3

GFT Technologies SE (€m) 9.64 253.7 0.8 0.7 8.3 7.1 13.6 10.3

Figures as of November 8, 2018

Backup

November 2018

41GFT GROUP

TRACKER

Shaping the future

of digital business

GFT Technologies SE

Dr Jochen RuetzCFO

Schelmenwasenstraße 3470567 Stuttgart

T +49 711 62042-422

[email protected]

GFT Technologies SE

Andrea WlcekHead of Investor Relations


T +49 711 62042-440

[email protected]

November 2018

GFT Technologies SE

Karl KompeInvestor Relations Manager


T +49 711 62042-323

[email protected]

preliminary analystenpräsentation q4/201631606d9b-a0f6-4b29-be71... · 2 gft business model...

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