Dino Polska Sa · GPW:DNP
Dino Polska Sa — H1 2018 Earnings Presentation
21 slides from Dino Polska Sa's earnings presentation, Aug 21, 2018
Slide 1: 1H 2018 Financial results
1H 2018 Financial results 21st August 2018
Slide 2: Disclaimer
Disclaimer Neither this presentation (the “Presentation”) nor any copy of it nor the information contained herein being issued, and nor may this Presentation nor any copy of it nor the information contained herein be distributed directly or indirectly to or into, the United States, Canada, Australia
Slide 3: Our achievements in 1H 2018
Our achievements in 1H 2018 +74 stores +26.4% net sales area y-o-y (+49 in 1H 2017) (+22.7 in 1H 2017 y-o-y) +34.2% sales y-o-y +14.7% LFL y-o-y (+31.6% in 1H 2017 y-o-y) (+14.7 in 1H 2017 y-o-y) +37.7% EBITDA1 y-o-y +0.2pp EBITDA1 margin y-o-y (+37.3% in 1H 2017 y-o-y) (+0.3pp in 1H 2017 y-o-y) (1)
Slide 4: Network expansion – higher number of stores and geographic composition
Network expansion – higher number of stores and geographic composition Network expansion to date Regional coverage Net sales area (’000 m2) Stores per 100k inhabitants as of June 31, 2018 (in brackets as of June 31, 2017) 20 25 32 50 81 119 151 192 238 295 325 0.5 (0.3) 0.1 No. of stores 2.2 (0.0) 8
Slide 5: Significant growth of LFL sales
Significant growth of LFL sales Annual Sales mix (0.9) (0.3) 1.9 2.1 1.6 Inflation (deflation) % Product split by revenue (1H 2018) 20.0% 17.5% Non-food Fresh food 16.0% 14.7% 14.7% 12.5% 38.0% 12.2% 12.0% 10.3% 8.0% 5.1% 3.4% 3.6% 4.0% 0.6% 1.1% Dry food, 0.0% beverages, alcohol and 1H 2016 2H 2016
Slide 6: High revenue growth and improvement in the gross margin
High revenue growth and improvement in the gross margin Gross margin 22.9% 22.5% 23.2% 23.5% 23.1% 23.4% 23.3% 22.7% Revenues (PLNm) +28.5% y-o-y 2,709 1,423 1,286 1,220 1,227 2,018 1,108 910 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 1H 2017 1H 2018 Source: Company financial statements 6 6
Slide 7: Consistent growth in results and the EBITDA margin
Consistent growth in results and the EBITDA margin1 EBITDA margin 8.8% 8.9% 9.9% 8.8% 7.5% 8.1% 8.5% 8.2% +27.4% y-o-y (EBITDA PLNm) 229.0 126.2 124.6 108.9 104.4 52.0 97.8 23.8 26.9 166.2 22.5 20.4 25.1 68.5 39.6 19.2 102.4 97.7 177.0 77.4 86.4 79.3 126.6 49.3 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 201
Slide 8: 1H 2018 EBITDA bridge
1H 2018 EBITDA bridge (PLNm) 8.24% 86.1 31.0 -24.6 5.4 2.1 8.45% + PLN 62.8 million +37.7% 15.6 43.3 2.7 1.1 52.0 -12.4 39.6 229.0 166.2 175.9 177.0 177.0 126.6 (1) 1H 2017 1H 2017 1H 2017 Δ Sales at Δ Cost of sales Δ Sales & Δ G&A Δ Other 1H 2018 1H 2018 1H 2018 EBITDA D&A EBIT a constant marketing
Slide 9: Operating cash flow
Operating cash flow Capex2 OCF structure (PLNm) (PLNm) 132% 136% 117% 130% 126% 497 14 131 324 25 86 245 47 204 16 457 65 1 44 125 382 52 2Q 50 9 278 288 266 1Q 40 200 186 135 156 97 (20) (5) 2015 2016 2017 1H 2017 1H 2018 2015 2016 2017 1H 2017 1H 2018 Capex Capex as % of EBITDA Profit before tax D
Slide 10: Balance sheet
Balance sheet Net debt / EBITDA(1) Interest coverage ratio(2) 9.0x 2.0x 8.0x 1.7x 1.8x 7.3x 6.4x 1.2x 1.3x 2015 2016 2017 1H 2017 1H 2018 2015 2016 2017 1H 2018 Source: Company financial statements (1) Net debt to EBITDA defined as net debt divided by EBITDA (adj.) for the last twelve months (2) Int
Slide 11: Strategy update
Strategy update 1 Organic store roll-out Over 1,200 stores by the end of 2020 775 1H: +74 stores stores 628 (+147) stores 2016 2017 2018f 2019f 2020f 2020f 2021f 2022f 2023f 2024f 2 LFL growth 3 Improving profitability 14.7% + 0.2 pp LFL growth in 1H 2018 EBITDA margin improvement (vs 3.6% food infl
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Slide 13: Company financial statements (1/5)
Company financial statements (1/5) 1 Profit and loss statement2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 Sales 2,108.0 2,589.6 3,369.5 4,515.9 707.4 826.1 916.6 919.4 910.3 1,108.1 1,220.2 1,277.4 1,285.6 1,423.5 Cost of sales (1,644.
Slide 14: Company financial statements (2/5)
Company financial statements (2/5) 1 Balance sheet 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 Assets Property, plant and equipment 798.9 1,024.2 1,337.2 1,697.6 1,090.8 1,180.5 1,260.5 1,337.2 1,386.4 1,497.0 1,593.2 1,697.6 1,787.7 1,9
Slide 15: Company financial statements (3/5)
Company financial statements (3/5) 1 Balance sheet 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 Interest-bearing loans, borrowings and finance lease 286.0 361.8 452.4 470.6 370.0 399.2 436.7 452.4 487.2 508.5 490.6 470.6 502.7 537.3 liabi
Slide 16: Company financial statements (4/5)
Company financial statements (4/5) 1 Cash flow 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 Cash flows from operating activities Profit before tax 79.3 135.2 186.5 266.0 30.8 44.6 51.5 186.5 38.0 58.7 77.0 92.3 69.3 87.2 Adjustments for 1
Slide 17: Company financial statements (5/5)
Company financial statements (5/5)1 Cash flow 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 Cash flows from investing activities Proceeds from sale of property, plant and equipment and 0.4 0.9 1.1 8.0 0.6 (1.5) (3.1) 1.1 0.1 1.1 6.4 0.4 0.
Slide 18: Contact information
Contact information Grzegorz Uraziński Head of Investor Relations grzegorz.urazinski@marketdino.pl +48 695 234 561 ul. Ostrowska 122 63-700 Krotoszyn Poland http://grupadino.pl 18
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