Dino Polska Sa · GPW:DNP
Dino Polska Sa — FY2023 Earnings Presentation
14 slides from Dino Polska Sa's earnings presentation, Mar 21, 2024
Slide 1: Full Year 2023 Financial results
Full Year 2023 Financial results 21st March 2024
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 2023
Our achievements in 2023 +250 stores +11.8% net sales area y-o-y (+344 in 2022) (+19.3% at end of 2022 y-o-y) +29.6% sales y-o-y +17.2% LFL y-o-y (+48.2% in 2022 y-o-y) (+28.5 in 2022 y-o-y) +21.5% EBITDA y-o-y -0.6pp EBITDA margin y-o-y (+44.6% in 2022 y-o-y) (-0.2pp in 2022 y-o-y) 3
Slide 4: Proven roll-out capabilities based on store ownership
Proven roll-out capabilities based on store ownership 2013: 324 stores, 1 distribution center 2018: 977 stores, 4 distribution centers 2023: 2,406 stores, 8 distribution centers Dino stores Distribution centers Distribution centers under construction Still plenty of room to increase density in exist
Slide 5: Network expansion – higher number of stores and geographic composition
Network expansion – higher number of stores and geographic composition Network expansion Regional coverage Net sales area (’000 m2) Stores per 100k inhabitants as of December 31, 2023 (in brackets as of December 31, 2022) 151 192 238 295 376 472 573 710 848 948 3.6 (3.1) 5.1 No. of stores 10.1 (3.6)
Slide 6: Investments in renewable energy sources
Investments in renewable energy sources Solar energy is powering Dino stores (recap of 2023) Dino stores are equipped with their 2,138 own photovoltaic installations (+437 in 2023) 83 MW total capacity of the PV panels of electricity generated by Dino 66 GWh from the sun in 2023 (vs. 40 GWh in 2022)
Slide 7: Significant growth of LFL sales
Significant growth of LFL sales Annual Sales mix Inflation 0,0 (0,9) (0,6) 2,0 1,6 2,3 3,4 5,1 14,4 11,4 (deflation) % Product split by revenue in 2023 30% 28.5% Non-food 26% 11.8% 22% 16.2% 17.2% Fresh food 18% 40.0% 11.6% 11.6% 12.6% 12.4% 14% 11.3% 15.4% 15.1% 10% 4.2% 5.1% 6% 2% 4.9% Other 4.2%
Slide 8: High revenue growth
High revenue growth Revenues (PLNm) +17.7% y-o-y 25,666 6,875 6,698 6,549 +29.6% y-o-y 5,693 5,544 19,802 5,368 4,887 3,854 13,362 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2021 2022 2023 2022 2022 2022 2022 2023 2023 2023 2023 Source: Company financial statements 8 8
Slide 9: Consistent growth in EBITDA result
Consistent growth in EBITDA result EBITDA margin 9.5% 9.3% 8.7% 10.0% 9.5% 8.6% 9.2% 9.1% 8.7% 8.3% 8.3% +6.8% y-o-y 2,232.7 649.5 1,837.9 356.8 +21.5% y-o-y 571.4 553.5 536.0 518.5 91.0 300.1 450.6 458.2 89.3 94.0 76.5 80.8 1,271.3 332.8 72.9 82.5 247.3 70.0 1,875.9 558.5 482.1 1,537.8 459.5 437.7
Slide 10: 2023 EBITDA bridge
2023 EBITDA bridge 9.3% 7.8% 7.3% 8.7% + PLN 394.7 million +21.5% 356.8 (PLNm) -248.8 300.1 455.5 11.9 5.7 113.9 2,232.7 1,837.8 1,870.2 1,875.9 1,875.9 1,537.8 2022 2022 2022 Δ Sale at a Δ Costs Δ Sale and Δ G&A Δ Other 2023 2023 2023 EBITDA D&A EBIT constant of sale marketing operating EBIT D&A EB
Slide 11: Effective working capital management and strong operating cash flow
Effective working capital management and strong operating cash flow NWC split (1) OCF Structures OCF covering significant share of CapEx(6) needs (days) (PLNm) (PLNm, %) Total NWC: 136% (31) (19) (9) 1 326 1 253 1 772 95% 80% 3 4 4 357 41 41 43 300 1,772 205 1,326 1,253 247 1,739 (53) (47) 1,402 (61
Slide 12: Strong balance sheet
Strong balance sheet Net debt structure Net debt/EBITDA Improving debt service (PLNm) 0.83x 21.9x 1 057 1 402 955 0.76x 12.7x 631 0.43x 10.9x 622 428 375 224 293 630 726 505 (383) (218) 2021 2022 2023 2021 2022 2023 (419) (1) Interest coverage ratio 2021 2022 2023 Cash and cash equivalents Bonds Cur
Slide 13: Strategy update
Strategy update 1 Organic store roll-out 2,406 2,156 stores 1,815 stores (250 1,473 stores (344 openings) 1,218 stores (343 openings) 977 stores 775 (255 openings) stores (243 stores openings) (202 openings) (147 628 openings) openings) stores 2016 2017 2018 2019 2020 2021 2022 2023 2024p 2025p 2026
Slide 14: 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 14