Dino Polska Sa · GPW:DNP
Dino Polska Sa — Q3 2018 Earnings Presentation
21 slides from Dino Polska Sa's earnings presentation, Nov 8, 2018
Slide 1: 3Q 2018 Financial results
3Q 2018 Financial results 8th November 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 1Q-3Q 2018
Our achievements in 1Q-3Q 2018 +120 stores +25.7% net sales area y-o-y (+90 in 1Q-3Q 2017) (+23.1% at end of 3Q 2017 y-o-y) +31.8% sales y-o-y +12.4% LFL y-o-y (+32.2% in 1Q-3Q 2017 y-o-y) (+15.2 in 1Q-3Q 2017 y-o-y) +34.6% EBITDA1 y-o-y +0.2pp EBITDA1 margin y-o-y (+37.3% in 1Q-3Q 2017 y-o-y) (+0.3
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 September 30, 2018 (in brackets as of September 30, 2017) 20 25 32 50 81 119 151 192 238 295 343 0.7 (0.3) 0.1 No. of stores 2
Slide 5: Significant growth of LFL sales
Significant growth of LFL sales Inflation % (0.6) 2.0 (0.9) 1.9 1.7 Sales mix Food Product split by revenue (1Q-3Q 2018) 0.8 4.2 0.7 3.8 3.1 inflation % LFL sales growth Non-food Fresh food 16.2% 16.0% 15.2% 12.3% 37.5% 12.4% 12.0% 11.3% 10.5% 8.0% 4.0% Dry food, beverages, alcohol and 0.0% tobacco
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% 24.2% 22.9% 23.6% Revenues (PLNm) +27.7% r/r 4,268 1,559 1,423 3,239 1,277 1,286 1,220 1,108 910 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 1Q-3Q 2017 1Q-3Q 2018 Source: Company fina
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% 9.1% 8.7% 7.5% 8.1% 8.5% +29.9% r/r (EBITDA PLNm) 370.5 141.5 126.2 124.6 80.5 108.9 28.4 275.2 23.8 104.4 97.8 26.9 22.5 62.1 20.4 25.1 68.5 19.2 113.0 290.0 102.4 97.7 86.4 213.1 77.4 79.3 49.3 1Q 2017 2Q 2017 3Q
Slide 8: 1Q-3Q 2018 EBITDA bridge
1Q-3Q 2018 EBITDA bridge (PLNm) 8.5% 88.0 40.5 -35.2 6.7 0.1 8.7% + PLN 95.3 million +34.6% 31.1 67.7 5.1 0.1 80.5 -12.4 62.1 370.5 275.2 290.0 213.1 (1) 1Q-3Q 2017 1Q-3Q 2017 1Q-3Q 2017 Δ Sales at Δ Cost of sales Δ Sales & Δ G&A Δ Other 1Q-3Q 2018 1Q-3Q 2018 1Q-3Q 2018 EBITDA D&A EBIT a constant ma
Slide 9: Operating cash flow
Operating cash flow Capex2 OCF structure (PLNm) (PLNm) 132% 136% 117% 114% 126% 497 14 131 355 7 324 10 25 86 262 80 245 47 2 16 24 44 65 62 457 466 382 2Q 50 313 266 258 278 1Q 186 174 135 2015 2016 2017 1Q-3Q 2017 1Q-3Q 2018 2015 2016 2017 1Q-3Q 2017 1Q-3Q 2018 Capex Capex as % of EBITDA Profit be
Slide 10: Balance sheet
Balance sheet Net debt / EBITDA(1) Interest coverage ratio(2) 8.4x 2.0x 8.0x 7.3x 1.7x 6.4x 1.6x 1.2x 1.3x 2015 2016 2017 3Q 2017 3Q 2018 2015 2016 2017 3Q 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 9M: +120 628 stores stores stores (+147) 2016 2017 2018f 2019f 2020f 2020f 2021f 2022f 2023f 2024f 2 LFL growth 3 Improving profitability 12.4% + 0.2 pp LFL growth in 1Q-3Q 2018 EBITDA margin improvement (vs 3.1% food
Slide 12: najblizej Cieblie
najblizej Cieblie 12
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 3Q (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 2018 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 1,558.5 Cost
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 3Q (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 2018 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 1,7
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 3Q (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 2018 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
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 3Q (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 2018 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 87.2 101.5 Adj
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 3Q (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 2018 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.
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
Slide 19: najblizej Cieblie
najblizej Cieblie 19
Slide 20: re i a
re i a najblizej Cieblie 20
Slide 21: LL najblizej Ciebie
LL najblizej Ciebie ee ] 4 we Y \ ages 3 21