Slide 1: H1 2016 Results Presentation
H1 2016 Results Presentation May 2016
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 2016 Results Presentation / May 2016 / Page 3
Slide 4: H1 2016 Results Highlights
H1 2016 Results Highlights Strong operational performance continues o Economic Sales growing to €498.4m (+0.8%) • Revenues increased by 2.1% to €4,574.9m boosted by tobacco volumes increase (+1.3% cigarettes + RYO) and retail selling price increases at the beginning of Q2 2015 in Spain and Italy • S
Slide 5: Business Review
Business Review H1 2016 Results Presentation / May 2016 / Page 5
Slide 6: Business Review: Snapshot by segment
Business Review Snapshot by segment o Macroeconomic environment: Relative slowdown in growth o Stable tobacco volumes without RSP increases Revenues: €1,251.0m (+2.5%) o Transport performing well on L-F-L basis Iberia o Pharma growth continues Ec. Sales: €247.3m (+0.9%) o The positive ruling on liti
Slide 7: Business Review: Iberia
Business Review Iberia o Practically flat tobacco volumes in Spain: • Cigarettes: -0.1% vs. +0.1%. RYO: -1.9% vs. -0.7% Revenues: €1,065.5m o RSP increase: no increase vs. +5 cents in H1 2015 (+3.1%) Tobacco and Related o Distribution contract renewal in Q2 2016: Japan tobacco International (5 years
Slide 8: Business Review: France
Business Review France o Tobacco volumes growth: • Cigarettes: +1.6% vs. -1.7% Revenues: €2,026.1m • RYO: +3.9% vs. +1.7% (+1.1%) Tobacco and o No cigarettes’ RSP increases in H1 2016 or H1 2015 Related o Stable sales of convenience and tobacco related products but declining Ec. Sales: €116.2m telep
Slide 9: Business Review: Italy
Business Review Italy o Strong tobacco volumes performance: • Cigarettes: +1.6% vs. -0.8% • RYO: +4.6% vs. +2.4% o No RSP increase (vs.+20 cents / pack in H1 2015) despite tax incidence Revenues: €1,214.3m increase in brands above minimum tax after the automatic WAP update (+3.8%) Tobacco and o Howe
Slide 10: Financial Review
Financial Review H1 2016 Results Presentation / May 2016 / Page 10
Slide 11: Financial Review: P&L
Financial Review: P&L Positive one-offs last year affecting comparability (€m) H1 2016 H1 2015 Δ% o Revenues: Positive performance due to Revenues 4,574.9 4,481.9 +2.1% growth in tobacco volumes, RSP increases in Spain and Italy in Q2 FY 2105 and Eco. Sales 498.4 494.2 +0.8% Pharma (-) Distribution
Slide 12: Financial Review: P&L - Net Income boosted by lower CIT in Spain
Financial Review: P&L Net Income boosted by lower CIT in Spain (€m) H1 2016 H1 2015 Δ% Profit from Operations 68.7 69.7 (1.4)% (+) Financial Income 6.3 5.2 +21.0% o Higher positive Financial Result: (-) Financial Expenses (1.7) (2.1) +22.0% • Higher average cash position mainly Profit before taxes 7
Slide 13: Financial Review: Negative Working Capital position
Financial Review: Negative Working Capital position Improving vs. last year EVOLUTION IN H1 2016 EVOLUTION IN H1 2015 €165.8m €409.8m o Working Capital shows a much better figure based on business evolution o Average cash position during H1 2016: €1,419m vs. €1,147m in the previous year o Interest r
Slide 14: Financial Review: Free Cash Flow
Financial Review: Free Cash Flow (MM€) H1 2016 H1 2015 Change EBITDA 117.7 123.8 (6.2) o Seasonality of the business results Movements in Prov. And Other Fixed Liabilities (5.7) (4.3) (1.4) in a negative cash flow during H1 that is recovered during H2 Working Capital Variations and Other (165.8) (40
Slide 15: Financial Review: Conclusions
Financial Review: Conclusions Improvement of results’ quality (strong underlying performance, lack of one-off impacts) Current interest rates offer additional growth potential Progressive reduction of corporate income tax will continue boosting Net Profit growth Attractive Dividend retributi
Slide 16: Outlook
Outlook H1 2016 Results Presentation / May 2016 / Page 16
Slide 17: Outlook 2016
Outlook 2016 Expected growth confirmed: +4-5% Adj EBIT & c. 10% Net Profit o Tobacco: • Better volumes’ performance offsetting the impact on results of lower RSP increases • Ongoing RSP increase in Italy (average +20 cents/pack) • Plain Packaging calendar in France confirmed: Logista to stop distrib
Slide 18: Appendix
Appendix H1 2016 Results Presentation / May 2016 / Page 18
Slide 19: Tobacco Volumes Evolution
Tobacco Volumes Evolution Positive performance Million units % change H1 2016 H1 2015 H1 2014 H1 2016 vs. H1 2015 vs. H1 2015 H1 2014 TOTAL Cigarettes 79,963 78,998 79,678 1.2% (0.9)% RYO/MYO 9,997 9,795 9,709 2.1% 0.9% Cigars 1,869 1,918 1,948 (2.5)% (1.5)% SPAIN Cigarettes 21,449 21,472 21,456 (0.
Slide 20: Revenues Evolution
Revenues Evolution By segment and activity (€m) H1 2016 H1 2015 Δ% Iberia 1,251.0 1,220.4 +2.5% Tobacco and Related 1,065.5 1,033.5 +3.1% Transport 165.3 168.9 (2.1)% Other Businesses 66.0 61.5 +7.3% Adjustments (45.8) (43.5) (5.2)% France 2,123.3 2,106.3 +0.8% Tobacco and Related 2,026.1 2,004.3 +1
Slide 21: Economic Sales evolution
Economic Sales evolution By segment and activity (€m) H1 2016 H1 2015 Δ% Iberia 247.3 245.2 +0.9% Tobacco and Related 118.6 119.3 (0.5)% Transport 114.5 113.4 +0.9% Other Businesses 35.5 33.0 +7.4% Adjustments (21.3) (20.6) (3.4)% France 138.8 136.4 +1.8% Tobacco and Related 116.2 114.7 +1.4% Other
Slide 22: Adjusted EBIT Evolution
Adjusted EBIT Evolution By segment (€m) H1 2016 H1 2015 Δ% Iberia 43.0 49.9 (13.8)% France 34.7 32.7 +6.1% Italy 27.5 28.3 (2.8)% Corporate & Others (6.2) (5.9) (6.7)% Total Adjusted EBIT 99.0 105.1 (5.8)% H1 2016 Results Presentation / May 2016 / Page 22
Slide 23: Investments
Investments Investing on differentiation (€m) H1 2016 H1 2015 Δ% Maintenance 1.8 2.6 (30.8)% Infrastructure 2.8 6.0 (53.3)% IT investments (technology) 4.6 5.2 (11.5)% Total investments 9.2 13.9 (33.8)% H1 2016 Results Presentation / May 2016 / Page 23
Slide 24: Balance Sheet
Balance Sheet (€m) 31 March 2016 30 September 2015 PP&E and other Fixed Assets 211.7 216.0 Net Long Term Financial Assets 8.9 9.5 Net Goodwill 919.1 919.1 Other Intangible Assets 629.6 660.7 Deferred Tax Assets 29.9 40.9 Net Inventory 1,097.6 1,060.5 Net Receivables and Others 1,654.0 1,773.0 Cash &
Slide 25: H1 2016 Results Presentation
H1 2016 Results Presentation May 2016