Slide 1: H1 2018 Results Presentation
H1 2018 Results Presentation 9 May 2018
Slide 2: Disclaimer
Disclaimer This document has been prepared by Compañía de Distribución Integral Logista Holdings, S. A. (“Logista Holdings” or “the Company”) for information purposes, and does not constitute an offer of purchase, sale or exchange, neither an invitation for an offer of purchase, sale or exchange of
Slide 3: Index
Index: Results Highlights Business Review Financial Review Outlook H1 2018 Results Presentation / 9 May 2018 / Page 3
Slide 4: H1 2018 Results Highlights
H1 2018 Results Highlights Sound start of fiscal year 2018 o Economic Sales growing to €545.2m (+6.5%) • Revenues decreased by 1.3% to €4,466.5m with Pharma, Convenience and Transport partially offsetting lower e-transactions and tobacco volumes drop (-2.2% cigarettes + RYO). • Increasing Economic S
Slide 5: Business Review
Business Review H1 2018 Results Presentation / 9 May 2018 / Page 5
Slide 6: Business Review: Snapshot by segment
Business Review Snapshot by segment o RSP increases in Q1, declining tobacco volumes o Very positive track-record in convenience Revenues: €1,315.9m (+4.1%) o Strong performance of Transport Iberia Ec. Sales: €276.8m (+5.7%) o Pharma growth continues Adj. EBIT: €56.5m (+20.8% ) o Non-recurring costs
Slide 7: Business Review: Iberia
Business Review Iberia o Lower reduction of tobacco volumes in Spain in Q2 than in Q1 leading H1 to: • Cigarettes: -2.6% vs. -2.0%; RYO: -1.5% vs. -2.8% Revenues: €1,108.5m (+2.7%) Tobacco and o RSP increase in Q1: +5 cents vs. +10 cents in H1 2017 Related Ec. Sales: €131.8m o Portuguese business co
Slide 8: Business Review: France
Business Review France o Tobacco volumes significantly dropping in H1: • Cigarettes: -5.2% vs. -3.0%; RYO: -9.6% vs. -1.3% o Excise tax increases planned for 2018 completed (35 cents and 1 Euro in November and March) and almost completely transferred to RSP. Uneven Revenues: €1,853.6m RSP increases
Slide 9: Business Review: Italy
Business Review Italy o Small drop in cigarette volumes over a sharp reduction in H1 2017: • Cigarettes: -1.0% vs. -7.8% ; RYO: +16.0% vs. +10.9% Revenues: €1,236.9m o RSP increase (+10 or +20 cents) but not significant excise tax update vs. a (-0.1%) higher tax impact last year Tobacco and Related
Slide 10: Financial Review
Financial Review H1 2018 Results Presentation / 9 May 2018 / Page 10
Slide 11: Financial Review: P&L Sound recurring activity growth
Financial Review: P&L Sound recurring activity growth (€m) H1 2018 H1 2017 Δ% o Revenues: Growth in Pharma, Transport and Convenience mitigating drop in Revenues 4,466.5 4,527.0 (1.3)% tobacco volumes, only partially offset by RSP increases in all geographies Eco. Sales 545.2 511.9 +6.5% o Economic
Slide 12: Financial Review: P&L Net Income reduction from H1 2017 one-off capital gain
Financial Review: P&L Net Income reduction from H1 2017 one-off capital gain (€m) H1 2018 H1 2017 Δ% Profit from Operations 87.0 69.5 +25.2% o Much lower reported Financial Result: • Positive impact from sale of Italian (+) Financial Income 6.1 24.0 (74.4)% affiliate in Q1 2017 (-) Financial Expense
Slide 13: Financial Review: Investments
Financial Review: Investments Investing on differentiation (€m) H1 2018 H1 2017 Δ% o Increase in infrastructure due to the adaptation of processes to the track & trace coming regulation Maintenance 3.1 3.0 3.3% Infrastructure 6.9 5.5 25.5% o Increase in IT linked to the growth of retailers connected
Slide 14: Financial Review: Free Cash Flow
Financial Review: Free Cash Flow (MM€) H1 2018 H1 2017 Change EBITDA 132.5 117.1 +15.4 o Seasonality of the business turned around by calendar effect and Working Capital Variations and Other 192.0 (117.7) +309.7 RSP/tax movements in France Corporate Income Tax Paid (21.9) (45.4) +23.5 o Lower corpor
Slide 15: Financial Review: Conclusions
Financial Review: Conclusions Recurring performance slightly outperforming mid-term growth target despite drop in distributed volumes Strong Net Profit growth excluding last year’s positive impact from sale of affiliate in Italy Corporate income tax rate still benefiting from double taxation d
Slide 16: Outlook
Outlook H1 2018 Results Presentation / 9 May 2018 / Page 16
Slide 17: Outlook 2018: Adj. EBIT expected to grow double-digit
Outlook 2018 Adj. EBIT expected to grow double-digit o Current trading environment confirms management’s expectations: around double-digit Adjusted EBIT growth rate in FY2018 Underlying activity is expected to continue performing slightly positively Non-recurring effects, not managed by Logista,
Slide 18: Appendix
Appendix H1 2018 Results Presentation / 9 May 2018 / Page 18
Slide 19: Tobacco Volumes Evolution
Tobacco Volumes Evolution Positive performance Million units % change 1 Oct. 2017 - 1 Oct. 2016 - 1 Oct. 2015 - 1 Oct. 2017 - 1 Oct. 2016 - 31 Mar. 2018 31 Mar. 2017 31 Mar. 2016 31 Mar. 2018 31 Mar. 2017 TOTAL Cigarettes 74,348 76,171 79,963 (2.4)% (4.7)% RYO/MYO 9,951 10,067 9,997 (1.1)% 0.7% Ciga
Slide 20: Revenues Evolution by segment and activity
Revenues Evolution By segment and activity (€m) H1 2018 H1 2017 Δ% Iberia 1,315.9 1,264.4 +4.1% Tobacco and Related 1,108.5 1,079.3 +2.7% Transport 184.6 170.9 +8.0% Other Businesses 71.1 59.6 +19.3% Adjustments (48.3) (45.5) (6.3)% France 1,938.0 2,039.4 (5.0)% Tobacco and Related 1,853.6 1,950.2 (
Slide 21: Economic Sales evolution by segment and activity
Economic Sales evolution By segment and activity (€m) H1 2018 H1 2017 Δ% Iberia 276.8 261.8 +5.7% Tobacco and Related 131.8 127.7 +3.1% Transport 126.2 119.5 +5.6% Other Businesses 41.4 35.4 +17.2% Adjustments (22.6) (20.8) (8.5)% France 125.6 135.9 (7.6)% Tobacco and Related 105.0 114.5 (8.3)% Othe
Slide 22: Adjusted EBIT Evolution by segment
Adjusted EBIT Evolution By segment (€m) H1 2018 H1 2017 Δ% Iberia 56.5 46.8 +20.8% France 26.0 30.8 (15.4)% Italy 37.8 28.5 +32.9% Corporate & Others (6.2) (6.0) (4.2)% Total Adjusted EBIT 114.1 100.0 14.1% H1 2018 Results Presentation / 9 May 2018 / Page 22
Slide 23: Balance Sheet
Balance Sheet (€m) 31 March 2018 30 September 2017 PP&E and other Fixed Assets 205.8 206.0 Net Long Term Financial Assets 6.8 6.1 Net Goodwill 920.8 925.7 Other Intangible Assets 528.2 547.8 Deferred Tax Assets 19.0 19.9 Net Inventory 1,121.5 1,122.6 Net Receivables and Others 1,908.0 1,791.0 Cash &
Slide 24: H1 2018 Results Presentation
H1 2018 Results Presentation 9 May 2018