Slide 1: 9M15 Financial Results
9M15 FINANCIAL RESULTS OVS December, 2015
Slide 2: Disclaimer
1 Disclaimer This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. This presentation might contain certain forward-looking statements that reflect the Company’s management’s current views with respect to future events
Slide 3: 9M15 Highlights
2 9M15 Highlights Strong sales growth across all brands and categories, sustained by positive LfL (notwithstanding a very strong 9M14 performance) and network expansion slightly ahead of plan (+5.4% avg sqm). +8.2% Increase in Net Sales Further market share increase to 6.9% as of September 2015 (+50
Slide 4: Key Income Statement Items
3 Key Income Statement Items Positive performance continues in 9M15 9M15 9M14 Key Metrics* € mln % of Net Sales € mln % of Net Sales Growth Net Sales 948.7 876.8 8.2% EBITDA 118.2 12.5% 101.8 11.6% 16.1% EBIT 75.9 8.0% 58.8 6.7% 29.0% PBT 64.3 6.8% 3.7 0.4% n.a. • 9M15 Net Sales increased by 8.2% dr
Slide 5: Sales and EBITDA Performance in 9M15
4 Sales and EBITDA Performance in 9M15 Net Sales (€mln) EBITDA (€mln) • Improved operating leverage and savings in energy and rents DOS Franchise • Accretive impact of higher franchise sales Aggregate Performance • Increase in EBITDA and margin for both brands 948.7 876.8 121.3 91.3 118.2 101.8 785.
Slide 6: Consolidated Net Working Capital
5 Consolidated Net Working Capital € mln 31 October '15 31 October '14 Change Accounts Receivable 103.1 80.3 22.8 Inventory 311.0 318.3 (7.3) Accounts Payable (390.8) (391.0) 0.2 Net Working Capital 23.3 7.6 15.7 • The current working capital structure improved vs. October last year and is coherent
Slide 7: Capex
6 Capex • Capex (€50.8m in 9M15) include: 9M 2015 Capex Split (%) new openings (c. 49% of total capex) 100% refurbishment and maintenance of the existing 90% network (c. 18%) 80% 49% IT and special projects (c.15%), mainly related 70% to operational projects 60% automated logistics equipment
Slide 8: Consolidated Cash Flow Statement
7 Consolidated Cash Flow Statement € mln 9M15 EBITDA 118.2 Cumulated Net Cash Flow Change in Net Working Capital (37.1) Change in other assets (liabilities) 8.6 Capex (50.8) Operating Cash Flow 38.8 Financial Expenses (17.3) TFR (Employees’ leaving indemnity) (2.0) Taxes (17.9) 1Q 2Q 3Q 4Q IPO costs
Slide 9: Net Debt and Leverage
8 Net Debt and Leverage € mln 31 October '15 31 January '15 Net Debt 304.5 624.4 EBITDA LTM 173.5 157.1 Leverage on EBITDA 1.8x 4.0x • During 2015 EBITDA leverage declined by 2.2x vs. 31 January 2015 mainly due to the proceeds from the IPO. • Residual net debt post IPO has been entirely refinanced a
Slide 10: Outlook
9 Outlook Revenues, EBITDA and EBIT continue growing in line with management expectations Positive results achieved in pilot projects regarding new product categories, in particular fitness and teenager segment, now to be extended to a broader portion of the network Further operational improve
Slide 11: Appendix
OVS Appendix
Slide 12: Consolidated Balance Sheet Statement
11 Consolidated Balance Sheet Statement € mln 31 October '15 31 January ‘15 Change Receivables 103.1 73.0 30.0 Inventory 311.0 287.6 23.4 Payables (390.8) (374.4) (16.4) Net Operating Working Capital 23.3 (13.8) 37.1 Other Short-term Non-financial Receivables (Payables) (60.6) (69.5) 8.9 Net Working