Dino Polska Sa · GPW:DNP
Dino Polska Sa — H1 2019 Earnings Presentation
18 slides from Dino Polska Sa's earnings presentation, Aug 19, 2019
Slide 1: 1H 2019 Financial results
1H 2019 Financial results 19th August 2019
Slide 2: Disclaimer
Disclaimer Neither this presentation (the “Presentation”) nor any copy of it nor the information contained herein being issued, and nor may this Presentation nor any copy of it nor the information contained herein be distributed directly or indirectly to or into, the United States, Canada, Australia
Slide 3: Our achievements in 1H 2019
Our achievements in 1H 2019 +81 stores +25.5% net sales area y-o-y (+74 in 1H 2018) (+26.4 in 1H 2018 y-o-y) +30.5% sales y-o-y +11.1% LFL y-o-y (+34.5% in 1H 2018 y-o-y) (+14.7 in 1H 2018 y-o-y) +36.8% EBITDA1 y-o-y +0.4pp EBITDA1 margin y-o-y (+37.7% in 1H 2018 y-o-y) (+0.2pp in 1H 2018 y-o-y) (1)
Slide 4: Network expansion – higher number of stores and geographic composition
Network expansion – higher number of stores and geographic composition Network expansion to date Regional coverage Net sales area (’000 m2) Stores per 100k inhabitants as of June 31, 2019 (in brackets as of June 31, 2018) 25 32 50 81 119 151 192 238 295 378 408 0.9 (0.5) 0.2 No. of stores 1056 3.1 (
Slide 5: Significant growth of LFL sales
Significant growth of LFL sales Annual Sales mix Inflation (0.9) (0.3) 1.9 2.1 1.6 1.7 1.8 (deflation) % Product split by revenue (1H 2019) 20.0% 17.5% Non-food Fresh food 16.0% 14.7% 14.7% 11.8% 39.0% 12.2% 11.1% 12.0% 10.3% 9.1% 8.0% 5.1% 3.4% 3.6% 3.3% 4.0% 1.7% 0.6% 1.1% Dry food, 0.0% beverages
Slide 6: High revenue growth
High revenue growth +37.6% y-o-y 1,940 Revenues (PLNm) 3,500 1,614 1,561 1,544 1,410 2,681 1,271 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 1H 2018 1H 2019 Source: Company financial statements 6 6
Slide 7: Consistent growth in results and the EBITDA margin
Consistent growth in results and the EBITDA margin1 EBITDA margin 10.6% 8.8% 9.2% 8.5% 9.3% 8.9% 8.2% 8.5% +45.4% y-o-y (EBITDA PLNm) 181.2 313.2 170.6 141.5 39.0 76.4 31.6 132.0 229.0 124.6 104.4 28.4 52.0 26.9 37.4 25.1 139.0 142.2 236.8 113.0 177.0 97.7 94.6 79.3 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1
Slide 8: H1 2019: struktura wzrostu EBITDA
H1 2019: struktura wzrostu EBITDA (mPLN) 8.5% 8.9% 8.8% + PLN 78,5 million +34,3% 5.8 76.4 27.4 17.0 0.1 4.7 52.0 54.1 313.2 307.5 229.0 236.8 236.8 236.8 177.0 1Q 2018 1Q 2018 1Q 2018 Δ Sales at Δ Cost Δ Sales & Δ G&A Δ Other 1Q 2019 1Q 2019 1Q 2019 IFRS16 1Q 2019 EBITDA D&A EBIT a constant of sale
Slide 9: Operating cash flow
Operating cash flow Capex2 OCF structure3 (PLNm) (PLNm) 110% 103% 117% 122% 139% 643 22 497 125 14 112 257 131 324 211 25 86 18 634 47 1 76 65 2 2Q 434 384 52 402 310 1Q 266 278 209 186 157 2016 2017 2018 1H 2018 1H 2019 ( 46) Capex Capex as % of EBITDA 2016 2017 2018 1H 2018 1H 2019 Profit before t
Slide 10: Balance sheet
Balance sheet Net debt / EBITDA(1) Interest coverage ratio(2) 1,7x 9.5x 9.3x 3 4 8,0x 1,3x 1,3x /1,4x 1,2x 7,3x 1,0x 2016 2017 2018 1H 2018 1H 2019 2016 2017 2018 1H 2019 Source: Company financial statements (1) Net debt to EBITDA defined as net debt divided by EBITDA (adj.) for the last twelve mont
Slide 11: Strategy update
Strategy update 1 Organic store roll-out Over 1,200 stores by the 977 1H: +81 end of 2020 775 stores new stores stores (+202) 628 (+147) stores 2016 2017 2018 2019f 2020f 2020f 2021f 2022f 2023f 2024f 2 LFL growth 3 Improving profitability + 0.24 pp1 / +0.41 pp2 11.1% EBITDA margin improvement LFL g
Slide 12: najblizej Cieblie
najblizej Cieblie 12
Slide 13: Company financial statements (1/5)
Company financial statements (1/5) 1 Profit and loss statement2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q (PLNm) 2014 2015 2016 2017 2018 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 Sales 2,108.0 2,589.6 3,320.6 4,462.8 5,838.5 897.8 1,095.1 1,206.4 1,263.5 1,271.3 1,409.8 1,543.9 1,613.5 1,560.5 1,939.7
Slide 14: Company financial statements (2/5)
Company financial statements (2/5) 1 Balance sheet 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q (PLNm) 2014 2015 2016 2017 2018 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 Assets Property, plant and equipment 798.9 1,024.2 1,337.2 1,697.6 2,347.0 1,386.4 1,497.0 1,593.2 1,697.6 1,787.7 1,931.4 2,090.4 2,347.
Slide 15: Company financial statements (3/5)
Company financial statements (3/5) 1 Balance sheet 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q (PLNm) 2014 2015 2016 2017 2018 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 Interest-bearing loans, borrowings and finance lease 286.0 361.8 452.4 470.6 585.3 487.2 508.5 490.6 470.6 502.7 537.3 521.5 585.3 752.3
Slide 16: Company financial statements (4/5)
Company financial statements (4/5) 1 Cash flow 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q (PLNm) 2014 2015 2016 2017 2018 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 Cash flows from operating activities Profit before tax 79.3 135.2 186.5 266.0 384.0 38.0 58.7 77.0 92.3 69.3 87.2 101.5 126.0 82.3 127.1 Adju
Slide 17: Company financial statements (5/5)
Company financial statements (5/5)1 Cash flow 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q (PLNm) 2014 2015 2016 2017 2018 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 Cash flows from investing activities Proceeds from sale of property, plant and equipment and 0.4 0.9 1.1 8.0 1.6 0.1 1.1 6.4 0.4 0.7 0.2 (0.3)
Slide 18: Contact information
Contact information Grzegorz Uraziński Head of Investor Relations grzegorz.urazinski@marketdino.pl +48 695 234 561 ul. Ostrowska 122 63-700 Krotoszyn Poland http://grupadino.pl 18