Logista Integral, S.a. · BME:LOG
Logista Integral — Logista — H1 2019 Earnings Presentation
24 slides from Logista Integral's earnings presentation, May 8, 2019
Slide 1: H1 2019 Results Presentation
H1 2019 Results Presentation 8 May 2019
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 2019 Results Presentation / 8 May 2019 / Page 3
Slide 4: H1 2019 Results Highlights
H1 2019 Results Highlights A shiny semester: positive activity and stronger results o Economic Sales growing to €567.4m (+4.1%) • Revenues up by 6.7% to €4,764.6m with Iberia and Italy fully offsetting the decline in France The change in accounting criteria of Tobacco sales in Portugal affecting c
Slide 5: Business Review
Business Review H1 2019 Results Presentation / 8 May 2019 / Page 5
Slide 6: Business Review: Snapshot by segment
Business Review Snapshot by segment o No tax or RSP increases, growing tobacco volumes o Very positive performance in convenience Revenues: €1,468.9m (+11.6%) Iberia o A robust Transport activity Ec. Sales: €292.0m (+5.5%) o Pharma growth continues Adj. EBIT: €59.6m (+5.5% ) o Costs increasing with
Slide 7: Business Review: Iberia
Business Review Iberia o Positive trend of tobacco volumes in Spain: • Cigarettes: +1.3% vs. -2.6%; RYO+HTU: -+9.0% vs. -1.5% Revenues: €1,262.2m (+13.9%) Tobacco and o Stable RSP vs. +5 cents increase in H1 2018 Related Ec. Sales: €134.0m o Portuguese business continues recording growth (organic an
Slide 8: Business Review: France
Business Review France o Strong tobacco volumes decline, but lower price elasticity than expected: • Cigarettes: -7.3% vs. -5.2%; RYO+HTU: -6.1% vs. -9.6% o Excise tax increases planned for FY 2019 completed (50 cents) passed on to Revenues: €1,841.5m RSP. Uneven RSP increases (+50/60 cents) in H1 c
Slide 9: Business Review: Italy
Business Review Italy o Almost stable tobacco volumes: • Cigarettes: -2.9% vs. -1.0% ; RYO+HTU: +31.8% vs. +16.0% o RSP increase (+10 or +20 cents) in cigarettes category, more than offsetting Revenues: €1,391.4m excise tax increase. Reduction of excise taxes on NGP, passed on to (+12.5%) consumers
Slide 10: Financial Review
Financial Review H1 2019 Results Presentation / 8 May 2019 / Page 10
Slide 11: Financial Review: P&L - Double digit growth in Adjusted EBIT
Financial Review: P&L Double digit growth in Adjusted EBIT (€m) H1 2019 H1 2018 Δ% o Revenues: Growth of 4.5% (net of Revenues 4,764.6 4,466.5 +6.7%% accounting changes) mainly due to price increases and Next Generation Products’ Eco. Sales 567.4 545.2 +4.1% growth (-) Distribution Costs (364.1) (35
Slide 12: Financial Review: P&L - Net Income up mid-single digit
Financial Review: P&L Net Income up mid-single digit (€m) H1 2019 H1 2018 Δ% Profit from Operations 93.6 87.0 +7.6% (+) Financial Income 6.7 6.1 +8.6% o Financial Result up by 8.1%: (-) Financial Expenses (0.9) (0.8) (11.7)% • Same interest rate over higher average cash position Profit before taxes
Slide 13: Financial Review: Investments
Financial Review: Investments Investing on differentiation (€m) H1 2019 H1 2018 Δ% o Increase in infrastructure and IT mostly linked to the necessary adaptation to Maintenance 3.8 3.1 22.6% comply with Track & Trace regulation, coming into force in May 2019, and reinforcement of new businesses Infra
Slide 14: Financial Review: Free Cash Flow
Financial Review: Free Cash Flow (MM€) H1 2019 H1 2018 Change EBITDA 148.5 132.5 +16.0 o Customary seasonality of the business driving working capital variations to reduce cash Working Capital Variations (211.2) 294.7 (505.8) generation where as last year’s atypical performance of working Corporate
Slide 15: Financial Review: Conclusions
Financial Review: Conclusions Double digit growth in Adjusted EBIT as a consequence of strong recurring activity and improving efficiency Positive performance of Convenience, Transport and Other businesses Strong Net Profit based on operating performance Corporate income tax rate still benef
Slide 16: Outlook
Outlook H1 2019 Results Presentation / 8 May 2019 / Page 16
Slide 17: Outlook 2019
Outlook 2019 Outlook at the beginning of the year seems to be conservative o The activity performance during the first semester allows considering that management’s expectations at the beginning of this fiscal year could be beaten at closing o Current trading environment suggests a medium to high-si
Slide 18: Appendix
Appendix H1 2019 Results Presentation / 8 May 2019 / Page 18
Slide 19: Tobacco Volumes Evolution
Tobacco Volumes Evolution Positive performance Million units % change 1 Oct. 2018 - 1 Oct. 2017 - 1 Oct. 2016 - 1 Oct. 2018 - 1 Oct. 2017 - 31 March 2019 31 March 2018 31 March 2017 31 March 2019 31 March 2018 TOTAL Cigarettes 72,275 74,348 76,171 (2.8)% (2.4)% RYO/MYO 10,837 9,951 10,067 8.9% (1.1)
Slide 20: Revenues Evolution by segment and activity
Revenues Evolution By segment and activity (€m) H1 2019 H1 2018 Δ% Iberia 1,468.9 1,315.9 +11.6% Tobacco and Related 1,262.2 1,108.5 +13.9% Transport 193.9 184.6 +5.0% Other Businesses 76.9 71.1 +8.2% Adjustments (64.1) (48.3) (32.7)% France 1,923.6 1,938.0 (0.7)% Tobacco and Related 1,841.5 1,853.6
Slide 21: Economic Sales evolution by segment and activity
Economic Sales evolution By segment and activity (€m) H1 2019 H1 2018 Δ% Iberia 292.0 276.8 +5.5% Tobacco and Related 134.0 131.8 +1.7% Transport 136.7 126.2 +8.3% Other Businesses 44.0 41.4 +6.3% Adjustments (22.7) (22.6) (0.3)% France 134.9 125.6 +7.4% Tobacco and Related 113.8 105.0 +8.4% Other B
Slide 22: Adjusted EBIT Evolution by segment
Adjusted EBIT Evolution By segment (€m) H1 2019 H1 2018 Δ% Iberia 59.6 56.5 +5.5% France 33.0 26.0 +26.9% Italy 40.6 37.8 +7.2% Corporate & Others (7.2) (6.2) (14.6)% Total Adjusted EBIT 126.1 114.1 10.5% H1 2019 Results Presentation / 8 May 2019 / Page 22
Slide 23: Balance Sheet
Balance Sheet (€m) 31 March 2019 30 September 2018 PP&E and other Fixed Assets 221.5 221.5 Net Long Term Financial Assets 18.0 6.8 Net Goodwill 920.8 920.8 Other Intangible Assets 481.6 505.2 Deferred Tax Assets 19.1 18.6 Net Inventory 1,191.6 1,188.5 Net Receivables and Others 1,899.1 1,939.3 Cash
Slide 24: H1 2019 Results Presentation
H1 2019 Results Presentation 8 May 2019