Gradus Ad · BSESOF:GR6

Gradus Ad — IPO Roadshow (September 2018)

36 slides from Gradus Ad's IPO roadshow presentation, September 2018

  1. Slide 1: Investor Presentation

    \, Goagyo Ecmecmeen0 AHBECTUTOPCKA MPESEHTALLUA aa Ss AMP 10 P4 ONHAHCOBR SPOKEPCKA KUNA

  2. Slide 2: Contents

    CbObP)KAHME O1 BusHec npocbun O02 Crpaterna vu nepenektusn 03 VUHBeECTUUNMOHHATA Bb3MOYKHOCT 04 MpeanaraHeto 05 Mapxkata Ipagyc 06 Benpocnu u Otrosopu

  3. Slide 3: Business profile

    BUSHEC nPOOMS

  4. Slide 4: Gradus in figures

    rPADYC B LIUSPH NUNEWKO MECO & MECHM MPOAYKTM #1HA BAJIKAHMTE B DOBMBA HA BEJIV MECA - 35% na3apeH AA B NUNeLWKOTO Meco B Bpnrapua - 30 xun. ToHa roped KanauyterT 3a mMeconpepaooTka - 11 Mnu. npepa6oteHn 6pomnepu npe3 2017 r. - Hag 150 pasnuuHu npopykTu oT NuneWkKO Meco - 1400 tona cavHcku kKon6acu,

  5. Slide 5: Key financial indicators

    OCHOBHU ®UHAHCOBM NOKASATESIN (MJIH.JIB.) 2014} 2015 2016 2017 Q1 2017 Ql 2018 Mpuxoan 181 143 155 246 36 38 EBITDA 36 29 25 50 12 Is) HeTHa nevanéa 30 24 16 40 9 12 AKTHBU 185 174 172 340 175 349 Qonr 47 o9 04 47 o9 42

  6. Slide 6: Group structure

    CTPYKTYPA HATPYNMATA VUBAH NYKA a 50% AHTENIOB AHTENIOB > Ea rPAQYC AD | 100% oh 100% “by r a . d 100% Wii 100% Ww rPAMYC-1 MKSIEHMYM 2000 rPAMYC-98 KIONKB NIOPA-2004 Fs Depma 3a 6pounepu © Jionunva @ Mpovzsoanten Ha nunewKo . Mpovss0guTen Ha pasnnogHy avua fi DyparxkeH 3aBog VU 3bpHOba3zu rch Kon6a

  7. Slide 7: Management team

    YNPABJIEHCKM EKWN UBAH AHTEJIOB OCHOBATESI MK MA)KOPMTAPEH AKLUMOHEP SO-rOAUWeH ONUT B CeKTOpa v 4 JIYKA AHTEJIOB OCHOBATEJIN MA)KOPMTAPEH AKLMOHEP SO-rogUWeH ONUT B CeKTOpa a> AHTEsI AHIFEJIOB V3NbNHMTESEH MMMPEKTOP Oenroroguwex ont B XpaHUTenHO-BkyCOBaTa MPOMNLUNEHOCT 3npaBeona3BaHeTo rEOPIM BABEB

  8. Slide 8: Vertically integrated business

    BEPTUKASIHO-AHTETPMUPAH BUSHEC MOEN e@ @ e @ e@ @ NPOM3BOMCTBO OTINEXKMAHE jonunun YFOABAHE HA MECO M MECHM TPAHCNOPT & HA ®YPA)K HA POAMTENUN BPOMJIEPM NPODYKTM QUCTPMBYLIMA 95 xun. TOHa 120 nH. 53 MNH. EOHODHEBHI 13 MnAH. ntTuun 30 xun. TOHa* 33 cneuvanusupaHn Kanautet pasnnogHu sviua 6poinepu Kan

  9. Slide 9: Gradus AD business units

    rPALYC Al &b ®epma 3a 6povnepu & Jonna HB Agmunnctparueen ocbve Ry Depma 3a pogutenn B Bb/i rAPUA f Meconpepa6oTKa Hl Dypaxker 3aB0n uv 3bpHoba3a Ho itive & %. &e wy ©

  10. Slide 10: Export geography

    TEOrTPA®UA HA EKCMOPTA Masapr 1OTO NOKPUTMEe Ha lpagnyc NOCTOAHHO pacTe, KaTO NPOAYRTUTE Ha KOMNAHMATA Ce NPOAAaBaT B Had, 15 ObpykKaBu = Bonrapua - u3Hocuten = PasnnogHu avua as ™ Meco & mecHu nposyRTu ‘4 = EQHOfHeBHM Opovinepu :

  11. Slide 11: Diversified revenues

    QMUBEPCUOMLMPAHM NPUXOLM ™Meco & MecHu npopykTH = @ PasnnogHy aMua = TbproBua cbc 3bpHO-—- ® [pyr npuxog* 2% 2015 3% 2016 2017 *Haemu, Npomax6n Ha [MA v matepuany, auBuneHTH ui Ap.

  12. Slide 12: 30% 50% 50% 40% 25% 40% 40% 30% 50 60 50 20% 30% 30

    100 30% 250 50% 60 50% 90 40% 75 25% 200 40% 75 45 40% 30% 150 60 50 20% 30% 30 30% 45 20% 100 25 15% 30 20% 15 20% 10% 50 15 0 10%0 10% 0 10% 0 0%

  13. Slide 13: Strategy and perspectives

    CTPATEIMSA u NEPCMEKTUBM

  14. Slide 14: Medium-term strategy

    CPEQHOCPOUHA CTPATEIMA rPAQYC Aa ®Mokyc Bepxy HHBeECTHUMH Cc BHCOKAa Bb3BpalljaeMocT Nph 3ana3BaHe Ha cTa6mnHa cbuHaHcosa No3snuyna Cc KpanHa Wen MakCMMM3KpaHe Ha CTOMHOCTTA 3a AKWMOHEpnTe

  15. Slide 15: Medium-term strategy by segment

    CPEQHOCPOUHA CTPATEIMA PASNNOQHM AMLLA »CKBCABAHE HA JUCTAHLMATA® 10 #1B EBPONA - YBennuenne c 20 mann. 6p. 8 FOnMWHOTO MPOU3BOACTBO Ha Aa MO Kpas Ha 2019 r. - Cpeguocpouna uen - paswinpaBane Ha Npon3BoAcTBeHHMA KanaunterT Ha mronununte QONbIIHUMTENHA WVHTEFPALLMA NPM NTULEBbACTBOTO - Hapnu3are B OT

  16. Slide 16: 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0 0%

    100% 300 90% 80% 250 70% 200 60% 50% 150 40% 100 30% 20% 50 10% 0 0%

  17. Slide 17: 50% 100% 90% 45% 80% 40% 70% 35% 60% 30% 50% 60 40% 25%

    50% 100% 140 90% 45% 120 80% 40% 100 70% 35% 60% 80 30% 50% 60 40% 25% 40 30% 20% 20% 20 15% 10% 0 10% 0%

  18. Slide 18: 60% 53% 45% 38% 30% 0

    60 100 60% 88 50 75 53% 40 63 50 45% 30 38 20 25 38% 10 13 0 30% 0

  19. Slide 19: 100% 30% 90% 80% 25% 70% 20% 60% 50% 15% 40% 0 10% 30%

    100% 120 30% 90% 80% 100 25% 70% 80 20% 60% 50% 60 15% 40% 40 10% 30% 20% 20 5% 10% 0 0% 0%

  20. Slide 20: Investments focused on highest-margin products

    UHBECTMLIMM C DOKYC BbPXY HAM-MOXOMOHOCHMTE BU3HECKM HA FPALYC VHOMKATMBEH PA3XOO OUYAKBAH PESYNITAT YBennuyaBate Ha Kanaunteta npu +20.5 MnH. pasnnogHn avya/r pasnnogunte aiua 20 Mann. nB. +13 MnH. nB. npuxonn Pa3uuupsaBare Ha nposykToBata rama kon6acu ,,A3 am!” 6.7 MAH. IB. 32 MAH. 1B. NpomaxxK6n

  21. Slide 21: Investment opportunity

    AHBECTULLUOHHATA Bb3MO)KHOCT

  22. Slide 22: Investment opportunity

    AHBECTULLUVOHHA Bb3MO)KHOCT NPEQNAAHETO BeptukanHo-uHterpupan NpovsBoANTen Ha NUNEWKO MECO C CRCNO3KUMA KbM LIEsnA Meconpepa6orBaTeneH CekTop. Ny6nuyHo npeanarave 8 pasmep Hag 100 man. ne. MbNeH KOHTPON BbPxy AbLIEPHUTe APyxXeCTBA. SHauuTeneH cpu cbnoyT uv nazapHa AVKBUZHOCT. SAcHo fecbunnpana AMBng

  23. Slide 23: 30% 50% 50% 25% 40% 40% 40% 30% 50 50 20% 60 30% 30

    100 30% 250 50% 60 50% 75 25% 90 40% 200 40% 45 75 40% 30% 150 50 20% 60 30% 30 30% 45 20% 100 25 20% 15% 30 50 15 20% 10% 15 0 10%0 10% 0 0 10% 0%

  24. Slide 24: 50% 50% 45% 45% 40% 40% 35% 35% 30% 30% 50 25% 25% 30

    100 50% 50% 60 90 45% 45% 80 40% 50 40% 70 35% 35% 60 30% 40 30% 50 25% 25% 30 40 20% 20% 30 15% 20 15% 20 10% 10% 10 10 5% 5% 0 0% 0 0%

  25. Slide 25: Debt and liquidity

    SAD DKHASIOCT & NAKBUDHOCT XMM. JIB. 2015 2016 2017 2018F 2019F O6wo abnr 59 305 54 300 46 890 43.945 42 041 - [enrocpoyex abnr 1320 227 ) ) ) - Kpatkocpoueu abnar (npon3BogcTBo Ha cbypark 47 367 36 762 22 489 31 496 32 079 TbproBua CbC 3bPHO) 7 Kpatkocpouer Abar 10 618 17311 24 401 12 449 9962 (npe

  26. Slide 26: 0.1 10% 9% 8% 7% 6% 0.05 5% 4% 3% 2% 1% 0%

    0.1 10% 9% 8% 7% 6% 0.05 5% 4% 3% 2% 1% 0 0%

  27. Slide 27: Comparative analysis

    CPABHMTENEH AHAJIN3 AMBh- TIA3APHA EBITDA HETEH QEHTHA KANMTANH- MAPK AbNTy Oxon- WME DbP)KABA 3AUMA P/E P/B EV/EBITDA (%) EBITDA HOCT (%) Bonrapna MHP SA Yepana 1,239 9.21x 176x 5.52x 35.31 243x S47 Cherkizovo Group PISC Pycua 656 672x 0.86x 5.93x 18.22 3.02x 6.92 Koka DD Varazdin Xppsatna i 10.48x

  28. Slide 28: The offering

    NPEOQNACAHETO

  29. Slide 29: Terms of the offering

    YCNOBMA HA NPEQMACAHETO EMMTEHT rPAQYC AQ Cextop XPAHUTENHO-BKYCOBa NPOMULUSIEHOCT CermeHt MecHu npogykTn, pasnnogHn Avia, TeProBA CbC 3bPHO Naszap Bpnrapcka cboHfosa 6opca - Cocbur NMepvog Ha npennaraketo CruyectayBain akunn (6p.) Npeanarany akuun (6p.) Onuna 3a cappxpasnpegeneHn akyun (green shoe)

  30. Slide 30: IPO auction

    IPO AYKLLIUOH UHOOPMALLIMA ONMUCAHME VUxgukatuBex nepuog, tOuv 18 u 19 NMazapeH cerMeHT CerMeHT 3a MbPBUYHO Ny6NU4HO NpeANaraHe Ha BOB-Cocbua Bug Ha npeanaraHuto IPO AykunoH NpopbmkutenHoctT 4uaca/ BCeKY eH Bupose nopeyKn SJIumutmpadu nopbyku; NasapHu NOPbYRM 3a KONUYECTBO Banyta Bonrapckn nes LleHo

  31. Slide 31: The Gradus brand

    MAPKATA rPALYC

  32. Slide 32: Proven quality

    MOKA3AHO KAYECTBO CEPTU@MUKAT B cuoveerctane c IFS Food CEPTUOUKAT Ha cucteMa 3a ynpagnenne cbrnacko ISO 9001 : 2015 ‘ BestBuy Bulgaria AWARD Auperbnans DIG CEPTU@UKAT

  33. Slide 33: Campaign: water is for drinking

    KAMMAHHMSA BES BOA BOJIATA E 3A MIMEHE. HE 3A AQEHE. Mpes 2011] r. Hue MbpBU CNOxKUxMe Ha ONAKOBKUTE CU ETUKET, KONTO cneunanHo nogyepTasa muncata Ha O6aBeHa BOA UV KOHCepBaHTM B MpOMaBaHUTe NPOAYKTU. Taka ycnsaxme fa MDOMeHUM Harnacut e Ha noTpe6éuTennuTe Vv fa Hakapame KOHKYPeHTUTE fa HY NOcnepBaT

  34. Slide 34: Social responsibility

    COLIMANIHA OTTOBOPHOCT NbPBA KOMNKA HA OTKPMBAHE HA DETCKATA KbLLUA DETCKATA KbLLUA DETCKATA KbLLUA OTBbTPE

  35. Slide 35: Facts from surveys

    @®AKTM OT NPOBEQEHM NA3APHM NPOYYBAHMA 68,4% 99,8% 50,3% Mbpsa nocoyeHa O6uja u3BeECTHOCT Jiiwo6uma mapka - Tpanyc Ha Tpapyc mapka - [panyc 94,5% O6LO NPOHMKBaHe Ha Tpapyc

  36. Slide 36: Contact

    ZNOBK nt ITbPBA OMHAHCOBA BPOKEPCKA KBLA Eemecmoeno ™

Gradus AD — IPO Roadshow (September 2018) on 6ix