Dino Polska Sa · GPW:DNP
Dino Polska Sa — FY2020 Earnings Presentation
14 slides from Dino Polska Sa's earnings presentation, Mar 12, 2021
Slide 1: Full Year 2020 Financial results
Full Year 2020 Financial results 12th March 2021
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 2020
Our achievements in 2020 +255 stores1 +21.4% net sales area y-o-y (+243 in 2019) (+25.7% at end of 2019 y-o-y) +32.4% sales y-o-y +12.6% LFL y-o-y (+31.0% in 2019 y-o-y) (+11.6 in 2019 y-o-y) +42.8% EBITDA y-o-y +0.7pp EBITDA margin y-o-y (+34.1% in 2019 y-o-y) (+0.2pp in 2019 y-o-y) (1) only opened
Slide 4: Proven roll-out capabilities based on store ownership
Proven roll-out capabilities based on store ownership 2010: 111 stores, 1 distribution center 2015: 511 stores, 2 distribution centers 2020: 1,473 stores1, 5 distribution centers Distribution centers Opened stores Still plenty of room to increase density in existing areas as well as expand to new re
Slide 5: Network expansion – higher number of stores and geographic composition
Network expansion – higher number of stores and geographic composition Network expansion1 Regional coverage Net sales area (’000 m2) Stores per 100k inhabitants as of December 31, 2020 (in brackets as of December 31, 2019) 50 81 119 151 192 238 295 376 472 573 2.0 (1.5) 1.1 No. of stores 5.1 (0.5) 1
Slide 6: Significant growth of LFL sales
Significant growth of LFL sales Annual Sales mix Inflation 4.3 3.7 0.9 0.0 (0.9) (0.6) 2.0 1.6 2.3 3.4 (deflation) % Product split by revenue in 2020 Non-food 18.0% 16.6% 16.2% 13% Fresh food 14.1% 38% 14.0% 12.6% 11.3% 11.6% 11.6% 10.0% 7.5% 5.4% 5.1% 4.9% 6.0% 4.3% 4.2% 4.2% 4.7% 2.0% 2.6% 0.8% 2.
Slide 7: High revenue growth
High revenue growth Revenues (PLNm) +30.2% y-o-y 2,676 2,764 10,126 2,465 2,123 2,220 +32.4% r/r 1,940 2,023 7,647 1,561 5,839 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2018 2019 2020 2019 2019 2019 2019 2020 2020 2020 2020 Source: Company financial statements 7 7
Slide 8: Consistent growth in results and the EBITDA margin
Consistent growth in results and the EBITDA margin EBITDA margin 11.0% 11.3% 9.5% 10.2% 10.3% 9.3% 9.3% 9.5% 9.7% 8.5% 8.6% +42.6% y-o-y (EBITDA PLNm) 313.3 1,036.0 293.9 53.7 198.1 238.7 50.5 +42.8% r/r 219.7 725.4 181.2 192.5 190.1 47.5 45.0 541.1 163.5 132.0 39.0 42.1 46.5 112.1 243.4 259.6 837.9
Slide 9: 2020 EBITDA bridge
2020 EBITDA bridge (PLNm) 9.5% 10.2% + PLN 310.6 million +42.8% 198.1 138.9 -41.7 -1.1 -2.2 163.5 182.2 1,036.0 837.9 837.9 837.9 725.4 561.9 2019 2019 2019 Δ Sale at a Δ Costs Δ Sale and Δ G&A Δ Other 2020 2020 2020 EBITDA D&A EBIT constant of sale marketing operating EBIT D&A EBITDA margin costs i
Slide 10: Effective working capital management and strong operating cash flow
Effective working capital management and strong operating cash flow NWC split (1) OCF Structures OCF covering significant share of CapEx(6) needs (days) (PLNm) (PLNm, %) 820 Total NWC: (45) (46) (38) 95% 90% 799 78% 198 2 3 3 643 153 22 164 34 34 36 125 112 799 820 789 643 502 (63) (62) 384 (65) -20
Slide 11: Strong balance sheet
Strong balance sheet Net debt structure Net debt/EBITDA Improving debt service (mPLN) 1.05x 1.03x 16.1x 0.96x 16.00 566 749 993 14.00 12.00 421 9.5x 10.00 9.3x 271 259 8.00 100 194 149 6.00 794 4.00 585 679 2.00 0.00 -269 -395 2018 2019 2020 2018 2019 2020 -480 (1) 2018 2019 2020 Interest coverage r
Slide 12: Strategy update
Strategy update 1 Organic store roll-out 1,473 1,218 stores 977 stores (+255 775 stores (+243 openings1) stores (+202 openings) 628 (+147 openings) stores openings) 2016 2017 2018 2019 2020 2021p 2022p 2023p 2024p 2025p 2 LFL growth 3 Improving profitability + 0.7 pp 12.6% EBITDA margin improvement
Slide 13: Q&A
Q&A 13
Slide 14: 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 14