Distribuidora Internacional de Alimentacion SA · BME:DIA
Distribuidora Internacional de Alimentacion SA — Q1 2015 Earnings Presentation
31 slides from Distribuidora Internacional de Alimentacion SA's earnings presentation, April 2015
Slide 1: Q1 2015 Results
Q1 2015 RESULTS / IR Team / Tel: +34 91 398 54 00 ext. 33890 investor.relations@diagroup.com
Slide 2: Disclaimer
DISCLAIMER This document does not constitute or form part of any purchase, sales or Exchange offer, nor is it an invitation to draw up a purchase sales or exchange offer, or advice on any stock issued by Distribuidora Internacional de Alimentación offer for sale or solicitation of any offer to buy a
Slide 3: Index
INDEX / FINANCIAL REVIEW / BUSINESS REVIEW / Q&A 3
Slide 4: Q1 2015, another great quarter
/ Q1 2015, another great quarter / 17.0% sales growth to EUR2.5bn (6.9% organic growth) / 8.3% adjusted EBITDA growth to EUR118.4m (7.9% ex-currency) / 4.7% adjusted EBIT growth to EUR67.6m (4.7% ex-currency) / Net debt down by EUR229m Sales related to Gross Sales Under Banner 4
Slide 5: Adjusted EBIT up 4.7%
/ Adjusted EBIT up 4.7% DIA GROUP Q1 % % change (EURm) 2015 change ex-currency 2,497.5 17.0% 15.1% 118.4 8.3% 7.9% 5.6% -41 bps (50.8) 13.6% 12.5% 67.6 4.7% 4.7% 3.2% -35 bps 27.2 162.9% 168.0% 38.9 -3.0% -1.7% Source: DIA (unaudited figures) 5
Slide 6: Adjusted EBIT growth in both segments
/ Adjusted EBIT growth in both segments IBERIA EMERGING MARKETS % % % change Q1 2015 Q1 2015 (EURm) change change ex-currency 1,567.2 9.7% 930.4 31.6% 25.8% 100.9 4.7% 17.5 35.6% 31.6% 7.5% -35 bps 2.2% 9 bps 62.2 3.3% 5.4 24.9% 25.0% 4.6% -28 bps 0.7% -3 bps Source: DIA (unaudited figures) 6
Slide 7: Adjusted EBITDA margin by segment
/ Adjusted EBITDA margin by segment Q1 2014 Q1 2015 / Decline linked to mix effect related to El Árbol acquisition / Stable trend in Emerging markets with better contribution of new regions in Brazil Source: DIA (unaudited figures) 7
Slide 8: Net debt down to EUR674m
/ Net debt down to EUR674m EURm 902.7 674.0 1.5x Net debt / Adjusted 1.1x EBITDA / 1.1x Net debt/Adjusted EBITDA (LTM) As of March 31st 8
Slide 9: On the right track to meet our targets
/ On the right track to meet our targets / Double-digit top-line growth thanks to balanced mix of organic expansion and acquisitions / Adjusted EBITDA growth in Q1 2015 / Capex allocation according to plan, with 28% increase in remodeling and 21% more investment in Latam 9
Slide 10: Index: Business Review
INDEX / FINANCIAL REVIEW / BUSINESS REVIEW / Q&A 10
Slide 11: Highlights
/ Highlights / Improved scenario and sales performance in Iberia / Successful integration of El Árbol / Transfer of Eroski stores already initiated in Spain / Healthy organic growth rates sustained in Emerging / Growing contribution of franchised stores: 55.6% (+3.6 p.p. vs. Q1 2014) of DIA banner n
Slide 12: El Arbol integration
/ El Arbol integration / More than 8 p.p. of sales improvement in record time / Incremental front- and back-office productivity achieved / More than EUR30m run-rate synergies already secured / 7% average price reduction in the period / Successful introduction and acceptance of DIA private label DIA
Slide 13: DIA Maxi III remodeling plan in Spain
/ DIA Maxi III remodeling plan in Spain / Tests completed in 6 stores ( >40% sales uplift) / Significant increase in average basket size and traffic / New sections represent close to 30% of total sales / More than 100 stores to be remodeled in 2015 DIA MAXI III CLAREL EL ÁRBOL HPC Fresh & specialist
Slide 14: DIA Maxi III
/ DIA Maxi III 14
Slide 15: Clarel
/ Clarel / More than 900 stores already operated under Clarel banner / Closure of 51 unprofitable Schlecker format stores in Q1 2015 / Full range of private label assortment successfully deployed / Strong price investment to widen price gap with competitors / Sound double-digit LFL in the Clarel sto
Slide 16: Eroski asset deal
/ Eroski asset deal / Transaction closed on April 17 / Minimum of 144 supermarkets for EUR135.3m (of which EUR24.5m value of real estate) / Store conversion to DIA and La Plaza (around 100) banners according to size and location / 41 stores already transferred (gradual shift to be completed by end o
Slide 17: La Plaza de DIA; the new proximity supermarket banner
/ La Plaza de DIA; the new proximity supermarket banner / 100 stores to be opened with the new banner in 2015 / Higher presence of perishables and HPC sections making the most of the expertise acquired with El Arbol and Clarel / New sections managed by experienced butchers and fishmongers / More tha
Slide 18: La Plaza de DIA (II)
/ La Plaza de DIA (II) 18
Slide 19: La Plaza de DIA (III)
/ La Plaza de DIA (III) 19
Slide 20: La Plaza de DIA (IV)
/ La Plaza de DIA (IV) 20
Slide 21: La Plaza de DIA (V)
/ La Plaza de DIA (V) 21
Slide 22: La Plaza de DIA (VI)
/ La Plaza de DIA (VI) 22
Slide 23: La Plaza de DIA (VII)
/ La Plaza de DIA (VII) 23
Slide 24: Emerging markets
/ Emerging markets / DIA maintained in Q1 2015 the fast expansion of store selling area in Brazil (+16%) and Argentina (+9%) / New regions in Brazil evolving according to plan / Significant slowdown of inflation in Argentina in 2015 / Continued increase in the contribution of the franchise model (62
Slide 25: On track to continue growing profitably
/ On track to continue growing profitably Fast organic expansion in Growing contribution Organic and M&A Latam with a unique of a winning franchise growth in Iberia discount model formula + 548 + 234 + 393 stores added net openings net stores transferred in LTM in LTM (+14%) in LTM (+80 bps to 43.5%
Slide 26: Index: Q&A
INDEX / FINANCIAL REVIEW / BUSINESS REVIEW / Q&A 26
Slide 27: Q1 2015 Results
Q1 2015 RESULTS / IR Team / Tel: +34 91 398 54 00 ext. 33890 investor.relations@diagroup.com
Slide 28: Back-up
- dia BACK-UP =
Slide 29: Growing contribution of DIA banner franchised stores
/ Growing contribution of DIA banner franchised stores 54.4% 55.6% 48.3% 41.8% 37.8% 32.5% 26.6% 2009 2010 2011 2012 2013 2014 Q1 2015 DIA Group data without Schlecker/Clarel as reported 29
Slide 30: Organic growth by segment
/ Organic growth by segment 32.9% 32.6% 29.5% 27.3% 25.8% 8.3% 8.0% 7.9% 8.4% 6.9% -1.7% -2.9% -2.5% -4.6% -4.1% Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 IBERIA EMERGING GROUP Source: DIA 30
Slide 31: Currency performance
/ Currency performance 19.1% 8.0% 5.9% 0.6% 0.7% -1.7% -0.6% -2.7% -5.9% -11.8% -18.6% -22.4% -32.8% -36.1% -38.1% Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 EUR/ARS EUR/BRL EUR/CNY Bloomberg average currency rates (a negative change in exchange rates implies a depreciation versus the Euro) 31
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