Robinsons Retail Holdings, Inc. · PSE:RRHI
Robinsons Retail — FY2023 Earnings Presentation
27 slides from Robinsons Retail's earnings presentation, Feb 1, 2024
Slide 1: Full Year 2023 Unaudited Earnings Results
Full Year 2023 Unaudited Earnings Results 1 February 2024 1
Slide 2: Agenda
Agenda 1 Performance Highlights 2 Store Network 3 Business Segments 4 Recent Developments 2
Slide 3: FY2023 Performance Highlights
FY2023 Performance Gross Profit Highlights Consolidated Blended net sales SSSG ₱45.6bn ₱192.1bn 3.9% 7.9% Gross Margin: 7.4% 23.8%, +11bps EBIT Core Net Net Income Att. to Parent Capital ₱8.9bn Earnings* ₱4.1bn Expenditures 2.3% EBIT Margin: ₱5.6bn 29.5% ₱4.2bn 4.6%, -23bps 0.6% E P S : ₱2.80, -28.6
Slide 4: Revenue Trends
Revenue Trends 4Q22 4Q23 FY22 FY23 4Q∆ FY∆ Blended Same Store Sales Supermarkets 28.9 30.0 101.1 108.6 3.5% 7.4% Growth (SSSG) Drugstores 7.8 9.0 29.5 33.4 14.4% 13.2% 11.8% 11.8% Department 5.3 5.5 15.0 16.3 2.8% 8.2% stores DIY stores 3.4 3.3 12.4 12.3 -1.0% -0.8% 3.9% Convenience 1.1% 1.7 1.7 6.1
Slide 5: Consolidated Results – P&L
Consolidated Results – P&L In ₱ mn 4Q22 4Q23 FY22 FY23 4Q∆ FY∆ Net Sales 51,730 53,926 178,821 192,126 4.2% 7.4% SSSG 11.8% 1.1% 11.8% 3.9% Gross Profit 12,217 12,737 42,282 45,631 4.3% 7.9% Gross Margin 23.6% 23.6% 23.6% 23.8% EBITDA 4,595 4,769 15,878 16,420 3.8% 3.4% EBITDA Margin 8.9% 8.8% 8.9%
Slide 6: Net Sales and EBITDA Breakdown
Net Sales and EBITDA Breakdown Specialty stores Specialty stores 6.0% 7.9% Convenience stores Convenience stores Supermarkets 3.5% Supermarkets 3.3% 56.5% 57.0% DIY stores DIY stores 7.5% 6.4% Department Department stores 8.5% Net Sales stores EBITDA 7.8% (FY2023) (FY2023) Drugstores Drugstores 17.4
Slide 7: Store Network
Store Network Total of 2,393 stores plus 2,127 TGP Branches Metro Manila Luzon Visayas Mindanao Total Supermarkets 147 143 42 17 349 Luzon Drugstores1 140 429 331 154 1,054 Department 9 20 12 9 50 Metro Manila Stores DIY Stores 66 100 37 27 230 Visayas Convenience 257 141 10 0 408 Stores Specialty S
Slide 8: Supermarket Segment
Supermarket Segment Net sales (₱ mm) Same Store Sales Growth ∆+7.4% 101,120 108,594 10.6% 7.3% ∆+3.5% 28,947 29,965 3.2% 0.3% 4Q2022 4Q2023 FY2022 FY2023 4Q2022 4Q2023 FY2022 FY2023 349 stores Robinsons 151 Supermarket Gross Profit (₱ mm) EBITDA(₱ mm) Robinsons ∆+7.1% ∆+10.3% 125 Easymart 21,953 23,
Slide 9: Drugstore Segment
Drugstore Segment Net sales (₱ mm) Same Store Sales Growth (1) ∆+13.2% 33,388 8.5% 8.6% 29,486 7.1% ∆+14.4% 5.3% 7,825 8,952 1,054 owned stores 4Q2022 4Q2023 FY2022 FY2023 4Q2022 4Q2023 FY2022 FY2023 2,127 franchised stores Gross Profit (₱ mm) EBITDA(₱ mm) ∆+17.5% ∆+13.1% 7,026 651 Southstar Drug 2,
Slide 10: Department Store Segment
Department Store Segment Net sales (₱ mm) Same Store Sales Growth ∆+8.2% 15,031 16,270 53.4% ∆+2.8% 24.4% 5,349 5,499 7.0% 2.0% 4Q2022 4Q2023 FY2022 FY2023 4Q2022 4Q2023 FY2022 FY2023 Gross Profit (₱ mm) EBITDA(₱ mm) ∆+9.4% ∆+0.6% 50 stores 4,972 1,279 1,288 4,546 ∆-1.7% ∆+3.7% 580 570 1,587 1,645 1
Slide 11: DIY Segment
DIY Segment Net sales (₱ mm) Same Store Sales Growth ∆-0.8% 12,403 12,306 10.1% ∆-1.0% 5.6% 3,355 3,321 (0.5%) (3.0%) 4Q2022 4Q2023 FY2022 FY2023 4Q2022 4Q2023 FY2022 FY2023 230 stores Gross Profit (₱ mm) EBITDA(₱ mm) ∆-1.7% ∆-20.0% 3,852 3,787 1,546 201 Handyman 1,237 ∆-3.7% ∆-4.9% 29 True Value 98
Slide 12: Convenience Store Segment
Convenience Store Segment Net sales (₱ mm) Same Store Sales Growth ∆+4.4% 6,072 6,337 27.6% 26.0% ∆-0.9% 1,671 1,656 5.6% 1.2% 4Q2022 4Q2023 FY2022 FY2023 4Q2022 4Q2023 FY2022 FY2023 GP + OI (₱ mm) EBITDA(₱ mm) 408 stores ∆+5.2% ∆+16.8% ∆-2.0% 2,321 2,441 8.2% 9.7% 9.6% 9.0% ∆+3.0% 581 569 641 660 1
Slide 13: Specialty Segment
Specialty Segment Net sales (₱ mm) Same Store Sales Growth ∆+3.5% 14,709 15,231 18.2% ∆-1.1% 9.6% 4,582 4,533 2.4% (2.2%) 4Q2022 4Q2023 FY2022 FY2023 4Q2022 4Q2023 FY2022 FY2023 Gross Profit (₱ mm) EBITDA(₱ mm) 302 stores ∆-24.7% ∆+4.3% 1,315 119 Appliances & Electronics 3,890 4,057 42 Toys ∆-45.0%
Slide 14: Working Capital
Working Capital FY22 FY23 Cash Conversion Cycle 7.2 7.1 13.8 Receivable Days Inventory 73.4 73.9 13.5 Days Payable 67.1 67.2 Days FY22 FY23 14
Slide 15: Balance Sheet
Balance Sheet Dec 31, 2022 Dec 31, 2023 in ₱ mn (Audited) (Unaudited) Cash & Cash Equivalents 17,767 12,767 Investment in Debt & Equity Securities (ex-BPI shares and SAFE notes) 8,670 3,868 Total Assets 141,526 155,058 Total Debt 8,409 21,369 Total Equity 76,574 79,270 Return on Assets (trailing 12-
Slide 16: Capital Expenditures
Capital Expenditures Drugstores Supermarkets 10% 61% Department stores 9% DIY stores 8% Convenience stores 4% Specialty stores 8% FY2023 Capex: ₱4.2 billion 16
Slide 17: Completion of BPI-Robinsons Bank Merger
Completion of BPI-Robinsons Bank Merger Investment in BPI Share Swap Effectively acquired 4.4% of BPI in Jan 2023 40% ownership in Robinsons Bank in exchange for 2.4% of BPI Merger effective on 1 January 2024 Robinsons Retail now effectively owns 6.5%* of BPI *Accounts for the dilution resulting fro
Slide 18: Rose Pharmacy’s 400th Store at NUSTAR Resort and Casino, Cebu
Rose Pharmacy’s 400th Store at NUSTAR Resort and Casino, Cebu 18
Slide 19: Official Launch of the Meadows Brand
Official Launch of the Meadows Brand 19
Slide 20: 10th Year Anniversary Listing of RRHI
10th Year Anniversary Listing of RRHI 20
Slide 21: Completion of RRHI’s First ESG Assurance
Completion of RRHI’s First ESG Assurance 21
Slide 22: Appointments of Key Officers
Appointments of Key Officers Stephen Yap Joanne Seno-Arceo Head of Innovation Group General Manager Drugstore Segment Josemaria Catanghal Michael So Chief Information Officer General Manager Rose Pharmacy Donna Leoncio Christine Sanchez General Manager Deputy General Manager Uncle John’s Toys R Us 2
Slide 23: Guidance for 2024
Guidance for 2024 Net store SSSG additions of target of 100-120 3%-5% +10-20bps Organic gain in gross CAPEX of margins ₱4.0-6.0bn 23
Slide 24: Thank You
(A ROBINSONS RETAIL HOLDINGS, INC. 24
Slide 25: Income Statement
For the Quarter Ended Twelve Months Ended income December 31 December 31 2022 2023 2022 2023 Statement (Audited) (Unaudited) (Audited) (Unaudited) Sales - net of sales discounts and returns 51,730 53,926 178,821 192,126 [Cost of merchandise sold 39,513 41,189 136,539 146,495 Gross Profit 12,217 12,7
Slide 26: Balance Sheet
December 31 December 31 Balance Sheet teens fe PHP mm 2022 2023 Current Assets Cash and cash equivalents 47,167 12,767 Trade and other receivables 3,628 4,079 Merchandise inventories 27,470 29,666 Other current assets 2,434 2,169 Total Current Assets 51,198 48,681 Noncurrent assets Held For Sale 831
Slide 27: Cash Flow
Cash Flow CASH FLOWS FROM OPERATING ACTIVITIES December 31 (Audited) 2022 December 31 (Unaudited) 2023 Income before income tax 7,987 6,198 Depreciation and amortization including ROU amortization - PFRS 16 7,180 7,519 Retirement expense 201 296 Others including interest on Lease Liability-PFRS 16 7
Robinsons Retail Holdings — FY2023 Earnings Presentation on 6ix