Dino Polska Sa · GPW:DNP
Dino Polska Sa — FY2021 Earnings Presentation
15 slides from Dino Polska Sa's earnings presentation, Mar 10, 2022
Slide 1: Full Year 2021 Financial results
Full Year 2021 Financial results 10th March 2022
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 2021
Our achievements in 2021 +343 stores +23.9% net sales area y-o-y (+255 in 2020) (+21.4% at end of 2020 y-o-y) +32.0% sales y-o-y +12.4% LFL y-o-y (+32.4% in 2020 y-o-y) (+12.6 in 2020 y-o-y) +22.7% EBITDA y-o-y -0.7pp EBITDA margin y-o-y (+42.8% in 2020 y-o-y) (+0.7pp in 2020 y-o-y) 3
Slide 4: Proven roll-out capabilities based on store ownership
Proven roll-out capabilities based on store ownership 2011: 154 stores, 1 distribution center 2016: 628 stores, 3 distribution centers 2021: 1,815 stores, 7 distribution centers Distribution centers Opened stores Still plenty of room to increase density in existing areas as well as expand to new reg
Slide 5: Network expansion – higher number of stores and geographic composition
Network expansion – higher number of stores and geographic composition Network expansion Regional coverage Net sales area (’000 m2) Stores per 100k inhabitants as of December 31, 2021 (in brackets as of December 31, 2020) 81 119 151 192 238 295 376 472 573 710 2.5 (2.0) 2.1 No. of stores 7.3 (1.1) 1
Slide 6: Investments in renewable energy sources
Investments in renewable energy sources Solar energy is powering Dino stores (recap of 2021) Dino stores are equipped with their 802 own photovoltaic installations (+437 in 2021) ~29MW total capacity of the PV panels on Dino stores of electricity generated by Dino ~15GWh from the sun in 2021 (vs. 2.
Slide 7: Significant growth of LFL sales
Significant growth of LFL sales Annual Sales mix Inflation 3.7 0.9 0.0 (0.9) (0.6) 2.0 1.6 2.3 3.4 5.1 (deflation) % Product split by revenue in 2021 Non-food 18.0% 16.2% 13% Fresh food 14.1% 37% 14.0% 12.6% 12.4% 11.3% 11.6% 11.6% 10.0% 7.5% 5.1% 4.2% 4.9% 4.7% 6.0% 4.3% 4.2% 2.6% 3.2% 2.0% 2.0% 0.
Slide 8: High revenue growth
High revenue growth Revenues (PLNm) +39.8% y-o-y 13,362 3,864 3,487 10,126 +32.0% r/r 3,250 2,676 2,764 2,761 7,647 2,465 2,220 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2019 2020 2021 2020 2020 2020 2020 2021 2021 2021 2021 Source: Company financial statements 8 8
Slide 9: Consistent growth in results and the EBITDA margin
Consistent growth in results and the EBITDA margin EBITDA margin 11.0% 11.3% 9.5% 10.2% 9.5% 9.7% 9.5% 10.3% 8.8% 9.3% 8.6% +15.2% y-o-y (EBITDA PLNm) 1,271.3 357.8 360.8 1,036.0 247.3 +22.7% r/r 313.3 309.9 293.9 64.9 68.2 198.1 238.7 50.5 53.7 242.8 59.2 725.4 190.1 47.5 55.0 163.5 1,024. 46.5 292
Slide 10: 2021 EBITDA bridge
2021 EBITDA bridge (PLNm) 10.2% 9.5% + PLN 235.3 million +22.7% 247.3 -112.3 14.4 -2.9 198.1 267.8 19.2 1,271.3 1,036.0 1,024.0 1,024.0 1,024.0 837.9 2020 2020 2020 Δ Sale at a Δ Costs Δ Sale and Δ G&A Δ Other 2021 2021 2021 EBITDA D&A EBIT constant of sale marketing operating EBIT D&A EBITDA margin
Slide 11: Effective working capital management and strong operating cash flow
Effective working capital management and strong operating cash flow NWC split (1) OCF Structures OCF covering significant share of CapEx(6) needs (days) (PLNm) (PLNm, %) 1,326 Total NWC: (46) (38) (31) 91% 95% 77% 205 3 3 3 820 247 799 34 36 41 198 1,326 153 799 820 164 978 (62) (61) 789 (65) 502 (8
Slide 12: Strong balance sheet
Strong balance sheet Net debt structure Net debt/EBITDA Improving debt service (mPLN) 1.0x 21.9x 749 993 1 057 1.0x 0.8x 16.1x 421 622 271 259 194 224 9.3x 679 794 630 -395 -480 -419 2019 2020 2021 2019 2020 2021 (1) 2019 2020 2021 Interest coverage ratio Cash and cash equivalents Bonds Current port
Slide 13: Strategy update
Strategy update 1 Organic store roll-out 1,815 1,473 stores 1,218 stores 977 (343 775 stores (255 stores openings) stores (243 openings) (202 openings) 628 (147 openings) stores openings) 2016 2017 2018 2019 2020 2021 2022p 2023p 2024p 2025p 2026p 2 LFL growth 3 Improving profitability -0.7 pp 12.4%
Slide 14: Q&A
Q&A 14
Slide 15: 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 15