Dino Polska Sa · GPW:DNP
Dino Polska Sa — Q3 2019 Earnings Presentation
18 slides from Dino Polska Sa's earnings presentation, Nov 7, 2019
Slide 1: 3Q 2019 Financial results
3Q 2019 Financial results 7th November 2019
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 2019
Our achievements in 1Q-3Q 2019 +138 stores +25.4% net sales area y-o-y (+120 in 1Q-3Q 2018) (+25.7% at end of 3Q 2018 y-o-y) +30.7% sales y-o-y +11.4% LFL y-o-y (+32.1% in 1Q-3Q 2018 y-o-y) (+12.4% in 1Q-3Q 2018 y-o-y) +36.5% EBITDA1 y-o-y +0.4pp EBITDA1 margin y-o-y (+34.6% in 1Q-3Q 2018 y-o-y) (+0
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, 2019 (in brackets as of September 30, 2018) 25 32 50 81 119 151 192 238 295 378 431 1.2 (0.7) 0.3 No. of stores
Slide 5: Significant growth of LFL sales
Significant growth of LFL sales Inflation % 2.0 1.6 1.9 1.7 2.1 Sales mix Food Product split by revenue (1Q-3Q 2019) 4.2 2.6 3.8 3.1 4.4 inflation % LFL sales growth Non-food Fresh food 16.2% 16.0% 15.2% 11.5% 38.8% 12.4% 11.6% 11.4% 12.0% 8.0% 4.0% Dry food, beverages, alcohol and tobacco 0.0% 49.7
Slide 6: High revenue growth
High revenue growth Revenues (PLNm) +31.0% y-o-y 5,523 2,023 1,940 4,225 1,613 1,560 1,544 1,410 1,271 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 1Q-3Q 2018 1Q-3Q 2019 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 9.2% 10.6% 9.3% 9.5% 8.2% 8.8% 8.5% 9.2% 8.8% +36.1% y-o-y (EBITDA PLNm) 505.7 192.5 181.2 170.6 118.5 42.1 370.5 141.5 39.0 124.6 31.6 132.0 80.5 104.4 28.4 26.9 37.4 25.1 150.4 387.2 139.0 142.2 113.0 290.0 97.7 94.6 79.3 1Q 2018 2Q
Slide 8: 1Q-3Q 2019 EBITDA bridge
1Q-3Q 2019 EBITDA bridge (PLNm) 8.8% 9.2% 9.0% + PLN 126.5 million +34.1% 8.8 118.5 24.7 11.9 1.8 2.8 80.5 89.1 505.7 497.0 370.5 387.2 387.2 387.2 290.0 9M 2018 9M 2018 9M 2018 Δ Sale at a Δ Costs of sale Δ Sale and Δ G&A Δ Other 9M 2019 9M 2019 9M 2019 IFRS16 9M 2019 EBITDA D&A EBIT constant margi
Slide 9: Cash flow
Cash flow Capex2 OCF structure (PLNm) (PLNm) 110% 103% 117% 128% 124% 643 22 497 125 320 14 112 358 131 118 324 7 12 25 86 80 47 634 629 65 384 345 2Q 473 402 266 258 310 1Q 186 2016 2017 2018 1Q-3Q 2018 1Q-3Q 2019 (102) ( 42) Capex Capex as % of EBITDA 2016 2017 2018 1Q-3Q 2018 1Q-3Q 2019 Profit be
Slide 10: Balance sheet
Balance sheet Net debt / EBITDA(1) Interest coverage ratio(2) 1.7x 9.5x 9.5x 3 4 1.4x /1.5x 1.3x 8.0x 1.2x 7.3x 1.0x 2016 2017 2018 3Q 2018 3Q 2019 2016 2017 2018 3Q 2019 Source: Company financial statements (1) Net debt to EBITDA defined as net debt divided by EBITDA (adj.) for the last twelve mont
Slide 11: Strategy update
Strategy update 1 Organic store roll-out Over 1,200 stores by the 977 9M: +138 end of 2020 775 stores new stores stores (+202) 628 (+147) stores 2016 2017 2018 2019p 2020p 2020p 2021p 2022p 2023p 2024p 2 LFL growth 3 Improving profitability + 0.23 pp1 / +0.39 pp2 11.4% EBITDA margin improvement LFL
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 (PLNm) 2014 2015 2016 2017 2018 2018 2018 2018 2018 2019 2019 2019 Sales 2,108.0 2,589.6 3,320.6 4,462.8 5,838.5 1,271.3 1,409.8 1,543.9 1,613.5 1,560.5 1,939.7 2,023.3 Cost of sales (1,644.1) (2,004.7) (2,550.1) (3
Slide 14: Company financial statements (2/5)
Company financial statements (2/5) Balance sheet 1Q 2Q 3Q 4Q 1Q 2Q 3Q (PLNm) 2014 2015 2016 2017 2018 2018 2018 2018 2018 2019 2019 2019 Assets Property, plant and equipment 798.9 1,024.2 1,337.2 1,697.6 2,347.0 1,787.7 1,931.4 2,090.4 2,347.0 2,335.0 2,488.0 2,670.4 Right-of-use assets1 234.5 250.7
Slide 15: Company financial statements (3/5)
Company financial statements (3/5) Balance sheet 1Q 2Q 3Q 4Q 1Q 2Q 3Q (PLNm) 2014 2015 2016 2017 2018 2018 2018 2018 2018 2019 2019 2019 Interest-bearing loans and borrowings 286.0 361.8 452.4 470.6 585.3 502.7 537.3 521.5 585.3 632.2 629.8 597.0 Lease liabilities1 120.1 115.8 112.0 Liabilities by v
Slide 16: Company financial statements (4/5)
Company financial statements (4/5) 1 Cash flow 1Q 2Q 3Q 4Q 1Q 2Q 3Q (PLNm) 2014 2015 2016 2017 2018 2018 2018 2018 2018 2019 2019 2019 Cash flows from operating activities Profit before tax 79.3 135.2 186.5 266.0 384.0 69.3 87.2 101.5 126.0 82.3 127.1 135.6 Adjustments for: 109.2 110.2 137.9 231.2 2
Slide 17: Company financial statements (5/5)
Company financial statements (5/5)1 Cash flow 1Q 2Q 3Q 4Q 1Q 2Q 3Q (PLNm) 2014 2015 2016 2017 2018 2018 2018 2018 2018 2019 2019 2019 Cash flows from investing activities Proceeds from sale of property, plant and equipment and intangibles 0.4 0.9 1.1 8.0 1.6 0.7 0.2 (0.3) 1.0 0.4 0.1 0.1 Purchase of
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