Logista Integral, S.a. · BME:LOG
Logista Integral — Compañía de Distribución Integral Logista Holdings — H1 2020 Earnings Presentation
30 slides from Logista Integral's earnings presentation, Apr 29, 2020
Slide 1: H1 2020 Results Presentation
H1 2020 Results Presentation 29 April 2020
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 2020 Results Presentation / 29 April 2020 / Page 3
Slide 4: H1 2020 Results Highlights
H1 2020 Results Highlights Five months business as usual, one month COVID-19 o Revenues growing to €5,004m (+5.0%) and Economic Sales flat in €567m (-0.1%) • Revenues raising in all geographies • Economic Sales increasing in Italy and Iberia, decreasing in France o Adjusted EBIT down by +11.1% to €1
Slide 5: Business Review
Business Review H1 2020 Results Presentation / 29 April 2020 / Page 5
Slide 6: Business Review: Snapshot by segment
Business Review Snapshot by segment o No tax or RSP increases, growing tobacco volumes o Very positive evolution of convenience Revenues: €1,579m (7.5%) Iberia o Uneven performance in Transport, stable long distance, rest growing Ec. Sales: €296m (+1.3%) o Pharma growth persists, Publications declin
Slide 7: Business Review: Iberia
Business Review Iberia o Positive tobacco volumes in Spain: Cigarettes: +0.7%, RYO+HTU: +14.5% o Generally stable RSP and taxation in H1 2020 and H1 2019 Revenues: €1,361m (+7.8%) Tobacco and o Portuguese business continues recording growth and gaining market share Related Ec. Sales: €142m o Conveni
Slide 8: Business Review: France
Business Review France o Strong tobacco volumes decline, but price elasticity still limited • Cigarettes: -9.8%, RYO+HTU: -2.0% • Excise tax increases planned for FY 2020 completed (€1 per pack) Revenues: €1,874m passed on to RSP, conversion of “5.6% contribution sociale” into (+1.8%) Tobacco and ex
Slide 9: Business Review: Italy
Business Review Italy o Almost stable tobacco volumes: • Cigarettes: -3.6% and RYO+HTU: +34.1% o Higher taxes, RSP increase (+€0.10 or +€0.20) only by some manufacturers Revenues: €1,494m in the period (+7.4%) Tobacco and o Negative net effect on inventories’ valuation (c. -3m) vs. positive impact i
Slide 10: Financial Review
Financial Review H1 2020 Results Presentation / 29 April 2020 / Page 10
Slide 11: Financial Review: P&L
Financial Review: P&L Slightly growing Adjusted EBIT before one-offs and COVID-19 (€m) H1 2020 H1 2019 Δ% Revenues 5,004 4,765 +5.0% o Revenues grew in all geographies and Eco. Sales 567 567 (0.1)% activities, except Publications in Spain and Convenience to all channels in France (-) Distribution Co
Slide 12: Financial Review: P&L Net Income
Financial Review: P&L Net Income down because of one-offs and COVID-19 (€m) H1 2020 H1 2019 Δ% Profit from Operations 85 94 (9.5)% o Financial Result up by 6.3%: (+) Financial Income 8 7 +15.3% • Same interest rate over higher average cash position (-) Financial Expenses (2) (1) (72.3)% • Rise of fi
Slide 13: Financial Review: Investments
Financial Review: Investments Investing on differentiation (€m) H1 2020 H1 2019 Δ% Maintenance 3 4 (13.1)% o Lower investment than last year, adaptation to comply with Track & Trace Infrastructure 4 9 (54.7)% regulation finished o More than 50% of investments (c. 50%) IT investments (technology) 8 1
Slide 14: Financial Review: Free Cash Flow
Financial Review: Free Cash Flow (MM€) H1 2020 H1 2019 Change EBITDA 150 148 +2 Restructuring & Other payments (8) (7) (1) o Slightly higher results and lower Rental payments (17) -- (17) normalised taxes mitigating the impact of rentals due to IFRS 16 Financial results 7 6 +1 application o Normaliz
Slide 15: Financial Review: Conclusions
Financial Review: Conclusions Resilience of Logista business model Underlying growth, affected in the last month of the period by one-offs and COVID-19 Solid cash flow, in line with operating results H1 2020 Results Presentation / 29 April 2020 / Page 15
Slide 16: Outlook
Outlook H1 2020 Results Presentation / 29 April 2020 / Page 16
Slide 17: Outlook 2020
Outlook 2020 o In view of the resilience shown in the past by Logista´s business model as well as the fact that operations in most of our activities continue, it is expected that the reduction of results at the end of 2000 compared to fiscal year 2019 will not be too significant, given the current c
Slide 18: Appendix
Appendix H1 2020 Results Presentation / 29 April 2020 / Page 18
Slide 19: Tobacco Volumes Evolution
Tobacco Volumes Evolution Good performance Million units % change 1 Oct. 2019 - 1 Oct. 2018 - 1 Oct. 2017 - 1 Oct. 2019 - 1 Oct. 2018 - 31 March 2020 31 March 2019 31 March 2018 31 March 2020 31 March 2019 TOTAL Cigarettes 69,501 72,275 74,348 (3.8)% (2.8)% RYO/MYO/Other 12,466 10,837 9,951 15.0% 8.
Slide 20: Revenues Evolution
Revenues Evolution By segment and activity (€m) H1 2020 H1 2019 Δ% Iberia 1,579 1,469 +7.5% Tobacco and Related 1,361 1,262 +7.8% Transport 199 194 +2.6% Other Businesses 82 77 +7.2% Adjustments (64) (64) +0.0% France 1,951 1,924 +1.4% Tobacco and Related 1,874 1,841 +1.8% Other Businesses 81 87 (6.
Slide 21: Economic Sales evolution
Economic Sales evolution By segment and activity (€m) H1 2020 H1 2019 Δ% Iberia 296 292 +1.3% Tobacco and Related 142 134 +5.7% Transport 141 137 +2.9% Other Businesses 42 44 (3.5)% Adjustments (29) (23) (27.3)% France 124 135 (7.9)% Tobacco and Related 106 114 (6.6)% Other Businesses 21 25 (13.0)%
Slide 22: Adjusted EBIT Evolution
Adjusted EBIT Evolution By segment (€m) H1 2020 H1 2019 Δ% Iberia 57 60 (4.6)% France 22 33 (34.2)% Italy 41 41 +1.4% Corporate & Others (8) (7) (7.4)% Total Adjusted EBIT 112 126 (11.1)% H1 2020 Results Presentation / 29 April 2020 / Page 22
Slide 23: Balance Sheet
Balance Sheet (€m) 31 March 2020 30 September 2019 PP&E and other Fixed Assets 382 229 Net Long Term Financial Assets 19 18 Net Goodwill 921 921 Other Intangible Assets 433 457 Deferred Tax Assets 18 19 Net Inventory 1,508 1,283 Net Receivables and Others 1,723 1,946 Cash & Cash Equivalents 1,772 2,
Slide 24: Alternative Performance Measures (1/6)
Alternative Performance Measures (1/6) o Economic Sales: equals Gross Profit and is used without distinction by the Management to refer to the figure resulting of subtracting Procurements to the Revenue figure. Management believes that gross profit is a meaningful measure of the fee revenue we gener
Slide 25: Alternative Performance Measures (2/6)
Alternative Performance Measures (2/6) o Adjusted Operating Profit (Adjusted EBIT): This item is calculated, fundamentally, discounting from the Operating Profit those costs that are not directly related to the revenue obtained by the Group in each period, facilitating the performance of Group’s the
Slide 26: Alternative Performance Measures (3/6)
Alternative Performance Measures (3/6) o Adjusted Operating Profit margin over Economic Sales: calculated as Adjusted Operating Profit divided by Economic Sales (or indistinctly, Gross Profit). This ratio is the main indicator used by the Group’s Managements to analysis and measure the performance o
Slide 27: Alternative Performance Measures (4/6)
Alternative Performance Measures (4/6) o Operating costs: this term is composed by the costs of logistics networks, commercial expenses, research expenses and head offices expenses that are directly related to the revenue obtained by the Group in each period. It is the main figure used by the Group’
Slide 28: Alternative Performance Measures (5/6)
Alternative Performance Measures (5/6) o Non-recurring expenses: refers those expenses that, although they might occur in more than one period, do not have a continuity in time (as opposed to operating expenses) and affect only the accounts in a specific moment. This magnitude helps the Group’s Mana
Slide 29: Alternative Performance Measures (6/6)
Alternative Performance Measures (6/6) o Restructuring costs: are the costs incurred by the Group to increase the operating, administrative or commercial efficiency in our company, including the costs related to the reorganization, dismissals and closes or transfers of warehouses or other facilities
Slide 30: H1 2020 Results Presentation
H1 2020 Results Presentation 29 April 2020
Compañía de Distribución Integral Logista Holdings — H1 2020 Earnings Presentation on 6ix