Logista Integral, S.a. · BME:LOG
Logista Integral — Logista — H1 2021 Earnings Presentation
29 slides from Logista Integral's earnings presentation, May 10, 2021
Slide 1: H1 2021 Results
Logista H1 2021 Results y . \ 10.05.2021
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 o
Slide 3: H1 2021 confirming Logista's resilience
H1 2021 confirming Logista’s resilience Ensuring distribution • Economic Sales +5.8% MANAGING • EBIT +30.0% Cost COVID-19 New needs, management IMPACTS new services • Adj. EBIT +23.1% • Net Profit +33.2% Protecting our people • Very solid performance, even considering pandemic only impacted March 20
Slide 4: Robust results despite COVID-19
Robust results despite COVID-19 11 138 6 9 112 Adj.EBIT Inventories’ COVID-19 Regular Adj. EBIT H1 2020 valuation impact operations H1 2021 differential differential All data in M€, unless otherwise stated 4
Slide 5: Iberia
Iberia • Tobacco distribution: Est. COVID-19 impact : Volumes* down 6.1%, cross-border sales drop -3M€ in H1 2020 Value added services and tariffs partially offseting (1.0)% • Convenience distribution: +4.8% Higher penetration, stores open during lockdowns 1,563 +16.7% Double digit Ec. Sales
Slide 6: France
France Est. COVID-19 impact : -1.5M€ in H1 2020 • Tobacco distribution: Volumes* up 0.7% from cross-border sales drop +4.5% Value added services and tariffs contributing to growth +4.0% Inventories’ valuation: lower negative impact 2,039 +32.2% • Convenience distribution: 129 29 Tobacconists
Slide 7: Italy
Italy Est. COVID-19 impact : -1M€ in H1 2020 • Tobacco distribution: Volumes* up 0.4% mainly from NGPs +10.6% Value added services, growing for NGPs +9.3% Inventories’ valuation: positive vs. negative H1 2020 1,653 +22.1% • Convenience distribution: 158 50 Points-of-sale open during lockdown
Slide 8: Positive activity performance
Positive activity performance REVENUES +4.7% 5,004 5,238 • Main activities grew Revenues: Tobacco distribution in France and Italy, distribution of convenience products in all geographies, Courier and Pharma, in Spain H1 2020 H1 2021 EC. SALES +5.8% • Positive performance in all countries 567 600 •
Slide 9: Significant cost management, resilient operating results
Significant cost management, resilient operating results ADJ. EBIT +23.1% • Total operating costs up by 1.5% 138 112 • Efficiency measures, savings’ program 11 138 6 9 H1 2020 H1 2021 112 EBIT Adj.EBIT Inventories’ COVID-19 Regular Adj. EBIT +30.0% H1 2020 valuation impact operations H1 2021 differe
Slide 10: Significant growth in Net profit
Significant growth in Net profit +33.2% 25 5 (8) 88 66 Net profit EBIT Financial Taxes Net profit H1 2020 results H1 2021 • Financial income up: interest on excessive advance payments of income tax in Spain after Constitutional Court’s ruling (4 M€) • Consolidated tax rate: in line with last year Al
Slide 11: Annual evolution of cash position
Annual evolution of cash position 4,800 4,600 4,400 4,200 4,000 • Seasonality driving cash position to its 3,800 peak towards year end 3,600 3,400 • 3,200 3,000 Temporary change in tax payment cycle 2,800 2,600 in France and Italy (COVID-19) already 2,400 2,200 finished 2,000 1,800 1,600 1,400 • Div
Slide 12: Investments
Investments M€ H1 2021 H1 2020 Δ% IT investments (technology) 5 6 (8.0)% Infrastructure 8 8 (1.0)% Maintenance 5 3 +87.0% Total investments 19 17 +11.0% • Investments following normal trend not affected by pandemic 12
Slide 13: Cash generation
Cash generation M€ H1 2021 H1 2020 Change EBITDA 173 150 +23 Restructuring & Other Payments (8) (8) +0 Financial Results 12 7 +5 Normalised Taxes (39) (30) (9) Capex (16) (18) +2 Normalised Free Cash Flow 123 101 +22 WC Variation (725) (384) (341) Cut off effect on Taxes 45 (31) +76 Free Cash Flow (
Slide 14: Financial Review: Conclusions
Financial Review: Conclusions Shareholders’ remuneration via dividend Robust Economic Cash Flow profile Highly resilient business model 14
Slide 15: YTD 2021 improvements in ESG agenda
YTD 2021 improvements in ESG agenda • Driving sustainable change within our value change • Working with our supply chain to drive action on the environment • Logista recognized as CDP Supplier engagement leader 15
Slide 16: Outlook 2021
Outlook 2021 Adj. EBIT expected to grow low double-digit • Solid performance and current market conditions suggest a low double-digit Adjusted EBIT growth rate in FY2021, improving our previous guidance • However, the uncertainties regarding the vaccination programs and pandemic impact on the econom
Slide 17: Appendix
Appendix Results highlights APMs Results highlights 17
Slide 18: Revenues Evolution by segment and activity
Revenues Evolution By segment and activity M€ H1 2021 H1 2020 Δ% Iberia 1,563 1,579 (1.0)% Tobacco & Related 1,336 1,361 (1.9)% Transport Services 206 199 3.4% Other Businesses 99 823 20.4% Adjustments (78) (64) (21.0)% France 2,039 1,951 4.5% Tobacco & Related 1,974 1,874 5.3% Other Businesses 69 8
Slide 19: Economic Sales Evolution by segment and activity
Economic Sales Evolution By segment and activity M€ H1 2021 H1 2020 Δ% Iberia 310 296 4.8% Tobacco & Related 141 142 (0.3)% Transport Services 149 141 5.7% Other Businesses 50 43 17.6% Adjustments (30) (29) (3.6)% France 129 124 4.0% Tobacco & Related 113 106 5.8% Other Businesses 20 21 (8.0)% Adjus
Slide 20: Adjusted EBIT Evolution by segment
Adjusted EBIT Evolution By segment M€ H1 2021 H1 2020 Δ% Iberia 66 57 +16.7% France 29 22 +32.2% Italy 50 41 +22.1% Corporate & Others (7) (8) +4.2% Total Adjusted EBIT 138 112 +23.1% 20
Slide 21: Income Statement
Income Statement M€ H1 2021 H1 2020 Δ% Revenues 5,238 5,004 4.7% Economic Sales 600 567 5.8% (-) Operating Costs of Logistic Networks (386) (377) (2.3)% (-) Sales and Marketing Operating Expenses (33) (35) 5.1% (-) Research and G&A Operating Expenses (43) (43) (0.0)% Total Operating Costs (462) (455
Slide 22: Balance Sheet
Balance Sheet M€ H1 2021 2020 PP&E and other Fixed Assets 362 373 Net Long Term Financial Assets 21 19 Net Goodwill 921 921 Other Intangible Assets 381 408 Deferred Tax Assets 16 19 Net Inventory 1,360 1,294 Net Receivables 2,006 1,986 Cash & Cash Equivalents 2,145 2,827 Total Assets 7,211 7,847 Gro
Slide 23: Alternative Performance Measures (1/6)
Alternative Performance Measures (1/6) • Economic Sales: this figure is equivalent to the Gross Profit figure and is used without distinction by the Group’s Management to refer to the figure resulting from subtracting Procurements from the Revenue figure. The Group’s Management considers that this f
Slide 24: Alternative Performance Measures (2/6)
Alternative Performance Measures (2/6) • Adjusted Operating Profit (Adjusted EBIT): This indicator is calculated, basically, by deducting from the Operating Profit those costs that are not directly related to the revenue obtained by the Group in each period, thus facilitating the analysis of the cha
Slide 25: Alternative Performance Measures (3/6)
Alternative Performance Measures (3/6) • Adjusted Operating Profit margin over Economic Sales: calculated as Adjusted Operating Profit divided by Economic Sales (or, indistinctly, Gross Profit). This ratio is the main indicator used by the Group’s Management to analyse and measure the changes in the
Slide 26: Alternative Performance Measures (4/6)
Alternative Performance Measures (4/6) • Operating expenses: these include the costs of logistics networks, commercial expenses, research expenses and head office expenses that are directly related to the revenues obtained by the Group in each period. The figure is the main one used by the Group’s M
Slide 27: Alternative Performance Measures (5/6)
Alternative Performance Measures (5/6) • Non-recurring expenses: refers to those expenses which, although they might occur in more than one period, do not have continuity in time (unlike operating expenses) and only affect the accounts at a specific moment. This figure helps the Group’s Management t
Slide 28: Alternative Performance Measures (6/6)
Alternative Performance Measures (6/6) • Restructuring costs: are the costs incurred by the Group to increase the operating, administrative and commercial efficiency in our company, including the costs related to reorganization, dismissals and closures or transfers of warehouses or other installatio
Slide 29: H1 2021 Results
Logista H1 2021 Results y . \ 10.05.2021