German payment landscape
Market Overview- continued
154
94
105
140
210
460
- 100 200 300 400 500
Others
Concardis
CardProcess
Worldline/ Six
FirstData/ TeleCash
Ingenico/ BS PAYONE
No. of Terminals (in 000s)
The German terminal market comprises in total ~ 1,163k terminals
which are expected to grow at a CAGR of ~ 2-3%
11.7
3.6
3.6
6.3
35.1
29.7
- 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
Others
Elavon
Wirecard
Worldline/Six
Ingenico/ BS PAYONE
Concardis
Credit Card transactions in EUR billions
The German acquiring market comprises in total ~ € 90b
transactions which are expected to grow at a CAGR ‘16 to 20 of ~
7-9%
10.80
1.6
16.0
11.1
2.7
36.0
20
6.8
13.6
35.7
22.1
71.4
- 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00
Others
Concardis
Intercard
FirstData/TeleCash
Worldline/Six
Ingenico/BS PAYONE
Debit/Direct Debtit Card transactions in EUR billions
Debit Direct Debit
The German debit card acquiring market comprises in total a
volume of ~ € 248b transactions which are expected to grow at a
CAGR ‘16 to 20 of ~ 3-4%
Source: ECB, PaySys, RS2 expert opinions
Market has been concentrating recently, however terminal
distribution still to a large extend based on ISOs white labeling
NSP services
Chart2
No. of Terminals (in 000s)
000s
OthersConcardisCardProcessWorldline/ SixFirstData/
TeleCashIngenico/ BS PAYONE15494105140210460
Sheet1
000s
Others154
Concardis94
CardProcess105
Worldline/ Six140
FirstData/ TeleCash210
Ingenico/ BS PAYONE460
000s
Others11.7
Elavon3.6
Wirecard3.6
Worldline/Six6.3
Ingenico/ BS PAYONE35.1
Concardis29.7
No. of Terminals (in 000s)
000s
OthersConcardisCardProcessWorldline/ SixFirstData/
TeleCashIngenico/ BS PAYONE15494105140210460
Credit Card transactions (in 000s)
000s
OthersElavonWirecardWorldline/SixIngenico/ BS
PAYONEConcardis11.7000000000000033.63.66.335.129.7
Chart2
Credit Card transactions in EUR billions
000s
OthersElavonWirecardWorldline/SixIngenico/ BS
PAYONEConcardis11.7000000000000033.63.66.335.129.7
Sheet1
000s
Others154
Concardis94
CardProcess105
Worldline/ Six140
FirstData/ TeleCash210
Ingenico/ BS PAYONE460
000s
Others11.7
Elavon3.6
Wirecard3.6
Worldline/Six6.3
Ingenico/ BS PAYONE35.1
Concardis29.7
Direct DebitDebit
Others10.8020
Concardis1.66.8
Intercard16.013.6
FirstData/TeleCash11.135.7
Worldline/Six2.722.1
Ingenico/BS PAYONE36.071.4
No. of Terminals (in 000s)
000s
OthersConcardisCardProcessWorldline/ SixFirstData/
TeleCashIngenico/ BS PAYONE15494105140210460
Credit Card transactions in EUR billions
000s
OthersElavonWirecardWorldline/SixIngenico/ BS
PAYONEConcardis11.7000000000000033.63.66.335.129.7
Debit/Direct Debtit Card transactions in EUR billions
Direct Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE10.7999999999999971.61611.12.736Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE20.3999999999999776.813.635.70000000000000322.171.400000000000006
Sheet2
Sheet3
Chart1
Debit/Direct Debtit Card transactions in EUR billions
Direct Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE10.7999999999999971.61611.12.736Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE20.3999999999999776.813.635.70000000000000322.171.400000000000006
Sheet1
000s
Others154
Concardis94
CardProcess105
Worldline/ Six140
FirstData/ TeleCash210
Ingenico/ BS PAYONE460
000s
Others11.7
Elavon3.6
Wirecard3.6
Worldline/Six6.3
Ingenico/ BS PAYONE35.1
Concardis29.7
Direct DebitDebit
Others10.8020
Concardis1.66.8
Intercard16.013.6
FirstData/TeleCash11.135.7
Worldline/Six2.722.1
Ingenico/BS PAYONE36.071.4
No. of Terminals (in 000s)
000s
OthersConcardisCardProcessWorldline/ SixFirstData/
TeleCashIngenico/ BS PAYONE15494105140210460
Credit Card transactions in billions
000s
OthersElavonWirecardWorldline/SixIngenico/ BS
PAYONEConcardis11.7000000000000033.63.66.335.129.7
Debit/Direct Debtit Card transactions in EUR billions
Direct Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE10.7999999999999971.61611.12.736Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE20.3999999999999776.813.635.70000000000000322.171.400000000000006
Sheet2
Sheet3
Continued top and bottom line grow
Historical and Going-Concern Business Case
Business Plan FY19 - FY24
FY 18 FY19 FY20 FY21in €k Act Plan Plan Plan
Gross profit 581,9 597,7 750,8 942,1 Expenses 479,5 390,9 369,9
390,0 EBITDA 99,4 206,8 380,8 552,1
FY22 FY23 FY24 CAGRin €k Plan Plan Plan Plan
Gross profit 1.108,6 1.325,7 1.530,4 20,7%Expenses 490,0 609,0
625,2 0,1- EBITDA 618,6 716,7 905,2 34,4%
• Very stable business with positive trending above plan in
2019
• Positive development will be accelerated by the following
measures:
o In 2021 - 2023 investment in sales force to drive top line
growth
o Increase credit card acceptance to market average until end of
2021
o Increased x-selling
o Higher margins through in-house coverage of the value chain,
which for simplicity reasons are completely displayed in Kalicom
(acquiring)
o Conversion of new terminal business to rent model
o Sufficient EBITDA generation to repay acquisition loan over 5
years
Sheet1 (2)
000s
Others154
Concardis94
CardProcess105
Worldline/ Six140
FirstData/ TeleCash210
Ingenico/ BS PAYONE460
000s
Others11.7
Elavon3.6
Wirecard3.6
Worldline/Six6.3
Ingenico/ BS PAYONE35.1
Concardis29.7
Direct DebitDebit
Others10.8020
Concardis1.66.8
Intercard16.013.6
FirstData/TeleCash11.135.7
Worldline/Six2.722.1
Ingenico/BS PAYONE36.071.4
Terminals in 000s
Others2.5
ISO 260.5
ISO 250.5
ISO 240.6
ISO 230.8
ISO 220.8
ISO 211.0
ISO 201.0
ISO 191.0
ISO 181.0
ISO 171.6
ISO 161.6
ISO 151.6
ISO 141.8
ISO 131.8
ISO 121.8
ISO 112
ISO 102.5
ISO 93.0
KALICOM4.0
ISO 88
ISO 79.0
ISO 69.0
ISO 510.5
ISO 412.0
ISO 315.5
ISO 216.0
ISO 116.0
KPIs
201420152016201720182019
Terminals (in #)3,7683,9103,7893,8693,8444,100
Transactions (in
#k)5,348.25,921.26,303.06,428.57,090.88,100.0
No. of Terminals (in 000s)
000s
OthersConcardisCardProcessWorldline/ SixFirstData/
TeleCashIngenico/ BS PAYONE15494105140210460
Credit Card transactions in EUR billions
000s
OthersElavonWirecardWorldline/SixIngenico/ BS
PAYONEConcardis11.7000000000000033.63.66.335.129.7
Debit/Direct Debtit Card transactions in EUR billions
Direct Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE10.7999999999999971.61611.12.736Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE20.3999999999999776.813.635.70000000000000322.171.400000000000006
German ISO-landscape
Terminals in 000sOthersISO 26ISO 25ISO 24ISO 23ISO 22ISO 21ISO
20ISO 19ISO 18ISO 17ISO 16ISO 15ISO 14ISO 13ISO 12ISO 11ISO 10ISO
9KALICOMISO 8ISO 7ISO 6ISO 5ISO 4ISO 3ISO 2ISO
12.50.50.50.60.750.7511111.551.61.61.751.751.7522.5347.59910.51215.51616
Terminals in 000s
Growth in terminals and transactions
Terminals (in
#)201420152016201720182019376839103789386938444100Transactions (in
#k)2014201520162017201820195348.25921.263036428.57090.88100
Sheet1
000s
Others154
Concardis94
CardProcess105
Worldline/ Six140
FirstData/ TeleCash210
Ingenico/ BS PAYONE460
000s
Others11.7
Elavon3.6
Wirecard3.6
Worldline/Six6.3
Ingenico/ BS PAYONE35.1
Concardis29.7
Direct DebitDebit
Others10.8020
Concardis1.66.8
Intercard16.013.6
FirstData/TeleCash11.135.7
Worldline/Six2.722.1
Ingenico/BS PAYONE36.071.4
Terminals in 000s
Others2.5
Babbel EZ0.5
POS Electronic0.5
Voba Karlsuhe0.6
Girocash0.8
cardproject0.8
EHRICS1.0
Europay Consult1.0
EC Vash Direct1.0
ACS1.0
cards and more1.6
Lavego1.6
BSB1.6
POS - Cashservice1.8
Teco1.8
paydisciount1.8
PayCo2
Alpha-Cash2.0
kulam2.5
System Soft3.0
KALICOM4.0
PCS6
afc/GWK8
paytec9.0
First Cash Solution9.0
ECS10.5
hp weber12.0
CCV allcash15.5
REA Card16.0
Heidelpay/STARTEC16.0
KPIs
201420152016201720182019
Terminals (in #)3,7683,9103,7893,8693,8444,100
Transactions (in
#k)5,348.25,921.26,303.06,428.57,090.88,100.0
No. of Terminals (in 000s)
000s
OthersConcardisCardProcessWorldline/ SixFirstData/
TeleCashIngenico/ BS PAYONE15494105140210460
Credit Card transactions in EUR billions
000s
OthersElavonWirecardWorldline/SixIngenico/ BS
PAYONEConcardis11.7000000000000033.63.66.335.129.7
Debit/Direct Debtit Card transactions in EUR billions
Direct Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE10.7999999999999971.61611.12.736Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE20.3999999999999776.813.635.70000000000000322.171.400000000000006
German ISO-landscape
Terminals in 000sOthersBabbel EZPOS ElectronicVoba
KarlsuheGirocashcardprojectEHRICSEuropay ConsultEC Vash
DirectACScards and moreLavegoBSBPOS -
CashserviceTecopaydisciountPayCoAlpha-CashkulamSystem
SoftKALICOMPCSafc/GWKpaytecFirst Cash SolutionECShp weberCCV
allcashREA
CardHeidelpay/STARTEC2.50.50.50.60.750.7511111.551.61.61.751.751.75222.53467.59910.51215.51616
Terminals in 000s
Growth in terminals and transactions
Terminals (in
#)201420152016201720182019376839103789386938444100Transactions (in
#k)2014201520162017201820195348.25921.263036428.57090.88100
Sheet2
Quality of earningsBusiness Plan FY19 - FY22
FY 16FY 17FY 18YTD Jul 19FY
18FY19FY20FY21FY22FY23FY24CAGRCAGR
in €kActActActActin €kActPlanPlanPlanPlanPlanPlanPlanPlan
Revenues1,288.51,508.11,203.1645.5Gross
profit581.9597.7750.8942.11,108.61,325.71,530.422.9%20.7%
Other expenses479.5390.9369.9390.0490.0609.0625.2- 0.2- 0.1
Reported
EBITDA115.9112.499.455.9EBITDA99.4206.8380.8552.1618.6716.7905.244.1%34.4%
Adjusted EBITA219.5219.5197.5164.2# active
terminals3.8444.0774.259
Adj EBITA Margin17.0%14.6%16.4%25.4%# TX (in
'000)7.0918.1009.500
Business Plan FY19 - FY24
FY 18FY19FY20FY21
in €kActPlanPlanPlan
Gross profit581.9597.7750.8942.1
Expenses479.5390.9369.9390.0
EBITDA99.4206.8380.8552.1
FY23FY24CAGRCAGR
in €kPlanPlanPlanPlan
Gross profit1,325.71,530.422.9%20.7%
Expenses609.0625.2- 0.2- 0.1
EBITDA716.7905.244.1%34.4%
Sheet3
Sheet1 (2)
000s
Others154
Concardis94
CardProcess105
Worldline/ Six140
FirstData/ TeleCash210
Ingenico/ BS PAYONE460
000s
Others11.7
Elavon3.6
Wirecard3.6
Worldline/Six6.3
Ingenico/ BS PAYONE35.1
Concardis29.7
Direct DebitDebit
Others10.8020
Concardis1.66.8
Intercard16.013.6
FirstData/TeleCash11.135.7
Worldline/Six2.722.1
Ingenico/BS PAYONE36.071.4
Terminals in 000s
Others2.5
ISO 260.5
ISO 250.5
ISO 240.6
ISO 230.8
ISO 220.8
ISO 211.0
ISO 201.0
ISO 191.0
ISO 181.0
ISO 171.6
ISO 161.6
ISO 151.6
ISO 141.8
ISO 131.8
ISO 121.8
ISO 112
ISO 102.5
ISO 93.0
KALICOM4.0
ISO 88
ISO 79.0
ISO 69.0
ISO 510.5
ISO 412.0
ISO 315.5
ISO 216.0
ISO 116.0
KPIs
201420152016201720182019
Terminals (in #)3,7683,9103,7893,8693,8444,100
Transactions (in
#k)5,348.25,921.26,303.06,428.57,090.88,100.0
No. of Terminals (in 000s)
000s
OthersConcardisCardProcessWorldline/ SixFirstData/
TeleCashIngenico/ BS PAYONE15494105140210460
Credit Card transactions in EUR billions
000s
OthersElavonWirecardWorldline/SixIngenico/ BS
PAYONEConcardis11.7000000000000033.63.66.335.129.7
Debit/Direct Debtit Card transactions in EUR billions
Direct Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE10.7999999999999971.61611.12.736Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE20.3999999999999776.813.635.70000000000000322.171.400000000000006
German ISO-landscape
Terminals in 000sOthersISO 26ISO 25ISO 24ISO 23ISO 22ISO 21ISO
20ISO 19ISO 18ISO 17ISO 16ISO 15ISO 14ISO 13ISO 12ISO 11ISO 10ISO
9KALICOMISO 8ISO 7ISO 6ISO 5ISO 4ISO 3ISO 2ISO
12.50.50.50.60.750.7511111.551.61.61.751.751.7522.5347.59910.51215.51616
Terminals in 000s
Growth in terminals and transactions
Terminals (in
#)201420152016201720182019376839103789386938444100Transactions (in
#k)2014201520162017201820195348.25921.263036428.57090.88100
Sheet1
000s
Others154
Concardis94
CardProcess105
Worldline/ Six140
FirstData/ TeleCash210
Ingenico/ BS PAYONE460
000s
Others11.7
Elavon3.6
Wirecard3.6
Worldline/Six6.3
Ingenico/ BS PAYONE35.1
Concardis29.7
Direct DebitDebit
Others10.8020
Concardis1.66.8
Intercard16.013.6
FirstData/TeleCash11.135.7
Worldline/Six2.722.1
Ingenico/BS PAYONE36.071.4
Terminals in 000s
Others2.5
Babbel EZ0.5
POS Electronic0.5
Voba Karlsuhe0.6
Girocash0.8
cardproject0.8
EHRICS1.0
Europay Consult1.0
EC Vash Direct1.0
ACS1.0
cards and more1.6
Lavego1.6
BSB1.6
POS - Cashservice1.8
Teco1.8
paydisciount1.8
PayCo2
Alpha-Cash2.0
kulam2.5
System Soft3.0
KALICOM4.0
PCS6
afc/GWK8
paytec9.0
First Cash Solution9.0
ECS10.5
hp weber12.0
CCV allcash15.5
REA Card16.0
Heidelpay/STARTEC16.0
KPIs
201420152016201720182019
Terminals (in #)3,7683,9103,7893,8693,8444,100
Transactions (in
#k)5,348.25,921.26,303.06,428.57,090.88,100.0
No. of Terminals (in 000s)
000s
OthersConcardisCardProcessWorldline/ SixFirstData/
TeleCashIngenico/ BS PAYONE15494105140210460
Credit Card transactions in EUR billions
000s
OthersElavonWirecardWorldline/SixIngenico/ BS
PAYONEConcardis11.7000000000000033.63.66.335.129.7
Debit/Direct Debtit Card transactions in EUR billions
Direct Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE10.7999999999999971.61611.12.736Debit
OthersConcardisIntercardFirstData/TeleCashWorldline/SixIngenico/BS
PAYONE20.3999999999999776.813.635.70000000000000322.171.400000000000006
German ISO-landscape
Terminals in 000sOthersBabbel EZPOS ElectronicVoba
KarlsuheGirocashcardprojectEHRICSEuropay ConsultEC Vash
DirectACScards and moreLavegoBSBPOS -
CashserviceTecopaydisciountPayCoAlpha-CashkulamSystem
SoftKALICOMPCSafc/GWKpaytecFirst Cash SolutionECShp weberCCV
allcashREA
CardHeidelpay/STARTEC2.50.50.50.60.750.7511111.551.61.61.751.751.75222.53467.59910.51215.51616
Terminals in 000s
Growth in terminals and transactions
Terminals (in
#)201420152016201720182019376839103789386938444100Transactions (in
#k)2014201520162017201820195348.25921.263036428.57090.88100
Sheet2
Quality of earningsBusiness Plan FY19 - FY22
FY 16FY 17FY 18YTD Jul 19FY 17FY
18FY19FY21FY22FY23FY24CAGRCAGR
in €kActActActActin €kActActPlanPlanPlanPlanPlanPlanPlan
Revenues1,288.51,508.11,203.1645.5Gross
profit1,508.1581.9597.7942.11,108.61,325.71,530.422.9%20.7%
Other expenses1,395.7479.5390.9390.0490.0609.0625.2- 0.2-
0.1
Reported
EBITDA115.9112.499.455.9EBITDA112.499.4206.8552.1618.6716.7905.244.1%34.4%
Adjusted EBITA219.5219.5197.5164.2# active
terminals3.8444.077
Adj EBITA Margin17.0%14.6%16.4%25.4%# TX (in '000)7.0918.100
Business Plan FY19 - FY24
FY 17FY 18FY19FY21
in €kActActPlanPlan
Gross profit1,508.1581.9597.7942.1
Expenses1,395.7479.5390.9390.0
EBITDA112.499.4206.8552.1
FY22FY23FY24CAGR
in €kPlanPlanPlanPlan
Gross profit1,108.61,325.71,530.420.7%
Expenses490.0609.0625.2- 0.1
EBITDA618.6716.7905.234.4%
Sheet3