Dino Polska Sa · GPW:DNP
Dino Polska Sa — Q1 2018 Earnings Presentation
21 slides from Dino Polska Sa's earnings presentation, May 15, 2018
Slide 1: 1Q 2018 Financial results
1Q 2018 Financial results 15th May 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 2018
Our achievements in 1Q 2018 +25 stores +25.8% net sales area y-o-y (+11 in 1Q 2017) (+22.2 in 1Q 2017 y-o-y) +41.2% sales y-o-y +20.3% LFL y-o-y (+28.7% in 1Q 2017 y-o-y) (+12.6 in 1Q 2017 y-o-y) +52.5% EBITDA1 y-o-y +0.60pp EBITDA1 margin y-o-y (+29.0% in 1Q 2017 y-o-y) (+0.02pp in 1Q 2017 y-o-y) (
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 March 31, 2018 (in brackets as of March 31, 2017) 20 25 32 50 81 119 151 192 238 295 305 0.5 800 (0.3) No. of stores 775 2.0 (
Slide 5: Significant growth of LFL sales
Significant growth of LFL sales Annual Sales mix (0.9) (0.9) (0.8) 0.2 2.0 1.8 1.9 2.2 1.5 Inflation (deflation) % Product split by revenue (1Q 2018) 20.3% 18.8% 20.0% 16.5% 16.1% Non-food Fresh food 16.0% 12.6% 38.3% 13.5% 12.0% 12.6% 10.8% 12.0% 8.4% 8.0% 5.6% 4.6% 3.4% 3.4% 3.9% 4.0% 1.3% 0.4% 0.
Slide 6: High revenue growth and improvement in the gross margin
High revenue growth and improvement in the gross margin Gross margin 22.9% 23.2% 23.5% 23.1% 22.5% 22.6% 22.9% 23.0% 22.0% Revenues (PLNm) +41.2% r/r 4,516 1,277 1,286 1,220 1,108 3,370 +34.0% r/r 910 2,590 2,108 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2014 2015 2016 2017 Source: Company financial s
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% 8.6% 8.9% 8.1% 7.0% 8.1% 7.5% (EBITDA PLNm) +52.5% r/r 401.4 126.2 85.9 108.9 288.3 +39.2% r/r 23.8 104.4 97.8 22.5 210.2 65.2 20.4 25.1 68.5 147.7 50.2 19.2 315.5 102.4 41.9 77.4 86.4 79.3 223.1 160.1 49.3 105.8 1Q 2Q
Slide 8: Q1 2018 EBITDA bridge
Q1 2018 EBITDA bridge (PLNm) 7.52% 67.8 9.6 17.3 3.7 1.6 8.12% + PLN 35.9 million +52.5% 1.1 0.5 25.1 5.2 2.9 19.2 20.3 104.4 78.8 79.3 79.3 68.5 49.3 (1) 1Q-3Q 2016 1Q-3Q 2016 1Q-3Q 2016 ∆ Sales at a ∆ Cost of sales ∆ Sales & ∆ G&A ∆ Other 1Q-3Q 2017 1Q-3Q 2017 1Q-3Q 2017 EBITDA D&A EBIT constant m
Slide 9: Operating cash flow
Operating cash flow Capex2 OCF structure (PLNm) (PLNm) 132% 136% 117% 102% 108% 497 14 131 324 25 86 245 47 16 44 65 457 382 50 2Q 278 266 44 1Q 186 31 25 135 113 19 69 67 38 (24) (47) 2015 2016 2017 1Q 2017 1Q 2018 (2) (4) Capex Capex as % of EBITDA 2015 2016 2017 1Q 2017 1Q 2018 Profit before tax
Slide 10: Balance sheet
Balance sheet Net debt / EBITDA(1) Interest coverage ratio(2) 8.5x 2.0x 8.0x 1.9x 6.4x 1.7x 4.0x 1.3x 1.2x 2015 2016 2017 1Q 2017 1Q 2018 2015 2016 2017 1Q 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 1Q: +25 628 stores stores stores (+147) 2016 2017 2018f 2019f 2020f 2020f 2021f 2022f 2023f 2024f 2 LFL growth 3 Improving profitability 20.3% + 0.6 pp LFL growth in 1Q 2018 EBITDA margin improvement (vs 3.9% food infl
Slide 12: dino najblizej Ciebie
dino najblizej Ciebie 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 (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 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 Cost of sales (1 644.1) (2 004.7) (2
Slide 14: Company financial statements (2/5)
Company financial statements (2/5) 1 Balance sheet 1Q 2Q 3Q 4Q 1Q (PLNm) 2014 2015 2016 2017 2017 2017 2017 2017 2018 Assets Property, plant and equipment 798.9 1 024.2 1 337.2 1 697.6 1 386.4 1 497.0 1 593.2 1 697.6 1 787.7 Intangible assets 90.7 92.3 93.1 92.8 92.5 92.2 91.7 92.8 92.8 Other non-fi
Slide 15: Company financial statements (3/5)
Company financial statements (3/5) 1 Balance sheet 1Q 2Q 3Q 4Q 1Q (PLNm) 2014 2015 2016 2017 2017 2017 2017 2017 2018 Interest-bearing loans, borrowings and finance lease liabilities 286.0 361.8 452.4 470.6 487.2 508.5 490.6 470.6 502.7 Liabilities by virtue of outstanding securities 0.0 0.0 0.0 99.
Slide 16: Company financial statements (4/5)
Company financial statements (4/5) 1 Cash flow 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 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 Adjustments for 109.2 110.2 13
Slide 17: Company financial statements (5/5)
Company financial statements (5/5)1 Cash flow 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q (PLNm) 2014 2015 2016 2017 2016 2016 2016 2016 2017 2017 2017 2017 2018 Cash flows from investing activities Proceeds from sale of property, plant and equipment and intangibles 0.4 0.9 1.1 8.0 0.6 (1.5) (3.1) 1.1 0.1 1.1 6.4 0.
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 Ciebie
najblizej Ciebie
Slide 20: najblizej Ciebie
najblizej Ciebie 20
Slide 21: najblizej Ciebie
najblizej Ciebie 21