Slide 1: H1 2015 Results Presentation
H1 2015 Results Presentation May 2015
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 2015 Results Presentation / May 2015 / Page 3
Slide 4: H1 2015 Results Highlights
H1 2015 Results Highlights Positive operational performance, in line with expectations o Economic Sales declined to €494m (-3.5%) • Revenues reduced by 2.1% to €4,482m due to tobacco volumes decline (-0.7% cigarettes + RYO), lower retail selling price increases in France and larger market share of l
Slide 5: Business Review
Business Review H1 2015 Results Presentation / May 2015 / Page 5
Slide 6: Business Review: Snapshot by segment
Business Review Snapshot by segment o Macroeconomic environment: progressively improving o Stable tobacco volumes with RSP increases, growing down-trading Revenues: €1,220m (+1.3%) Iberia o The release of tax litigations in Q2 2014 impacted y-o-y comparison Ec. Sales: €245m (-7.5%) o Transport and O
Slide 7: Business Review: Iberia
Business Review Iberia o Practically stable tobacco volumes in Spain: • Cigarettes: +0.1% vs. -6.3%. RYO: -0.7% vs. -13.0% o RSP increase: +5 cts. vs. no increase in H1 2014 (growing down-trading) Revenues: €1,033m (+1.1%) Tobacco and o Recurring Economic Sales growth Related Ec. Sales: €119m o Impa
Slide 8: Business Review: France
Business Review France o Tobacco volumes decline substantially reduced: • Cigarettes: -1.7% vs. -5.0% Revenues: €2,004m • RYO: +1.7% vs. -2.6% (-2.3%) Tobacco and o No cigarettes’ RSP increases vs. +20 cts./ pack in Q2 2014 Related o Sales in Wholesaling distribution (other products) were affected b
Slide 9: Business Review: Italy
Business Review Italy o Slight tobacco volumes decline: • Cigarettes: -0.8% vs. -2.0% • RYO: +2.4% vs. +3.2% Revenues: €1,170m (-4.3%) o First cigarettes’ RSP increase after more than 2 years without RSP Tobacco and increases: +20 cents / pack in most but not all brands Related o Repositioning of so
Slide 10: Financial Review
Financial Review H1 2015 Results Presentation / May 2015 / Page 10
Slide 11: Financial Review: P&L - Adjusted EBIT margin expansion continues
Financial Review: P&L Adjusted EBIT margin expansion continues (€m) H1 2015 H1 2014 (*) Δ% Revenues 4,482 4,578 (2.1)% o Revenues: The tobacco RSP increases did not offset the volumes decline and the Eco. Sales 494 512 (3.5)% larger relative weight of the low-price brands in Spain and Italy (-) Dist
Slide 12: Financial Review: P&L - Strong increase of Net Income
Financial Review: P&L Strong increase of Net Income (€m) H1 2015 H1 2014(*) Δ% Profit from Operations 70 54 +28.3% o Lower positive Financial Result: (+) Financial Income 5 15 (64.9)% • Lower remuneration rate (BCE) (-) Financial Expenses (2) (4) +47.4% • Reversal of the litigations provision in H1
Slide 13: Financial Review: Investments
Financial Review: Investments (€m) H1 2015 H1 2014 Δ% Maintenance 2.6 2.6 0.0% o Investment in line with previous years Infrastructure 6.0 6.7 (10.4)% o ~ 1/3 dedicated to technology o Limited investment in warehouses: IT investments (technology) 5.2 9.6 (45.8)% asset light business model Total inve
Slide 14: Financial Review: Free Cash Flow
Financial Review: Free Cash Flow (MM€) H1 2015 H1 2014 Δ% EBITDA 124 122 1.1% Movements in Prov. And Other Fixed Liabilities 4 (86) n.a. o Seasonality of the business results in a negative cash flow during H1 that is recovered during H2 Working Capital Variations and Other (410) (518) 20.9% o Lower
Slide 15: Financial Review: Conclusions
Financial Review: Conclusions Highly resilient business model in terms of sales and profits Superior profitability with improving margins Robust Economic Cash Flow profile Attractive Dividend retribution H1 2015 Results Presentation / May 2015 / Page 15
Slide 16: Outlook
Outlook H1 2015 Results Presentation / May 2015 / Page 16
Slide 17: Outlook 2015
Outlook 2015 o Tobacco volumes: similar trend • Tobacco RSP: increases lower than expected, down-trading trend in Spain and Italy o Commercial efforts focused on the wholesaling activity growth o Growth in Transport driven by better activity in Spain • Higher than GDP growth o Growth in direct distr
Slide 18: Appendix
Appendix H1 2015 Results Presentation / May 2015 / Page 18
Slide 19: Tobacco Volumes Evolution
Tobacco Volumes Evolution Lower decline trend in all of our geographies Million units % change H1 2015 H1 2014 H1 2013 H1 2015 vs. H1 2014 vs. H1 2014 H1 2013 TOTAL Cigarettes 78,998 79,678 83,053 (0.9)% (4.1)% RYO/MYO 9,795 9,709 10,266 0.9% (5.4)% Cigars 1,918 1,948 1,988 (1.5)% (2.0)% SPAIN Cigar
Slide 20: Revenues Evolution by segment and activity
Revenues Evolution By segment and activity (€m) H1 2015 H1 2014 (*) Δ% Iberia 1,220 1,205 +1.3% Tobacco and Related 1,033 1,021 +1.1% Transport 169 160 +5.7% Other Businesses 62 66 (6.3)% Adjustments (43) (42) (2.8)% France 2,106 2,165 (2.7)% Tobacco and Related 2,004 2,051 (2.3)% Other Businesses 1
Slide 21: Economic Sales evolution by segment and activity
Economic Sales evolution By segment and activity (€m) H1 2015 H1 2014(*) Δ% Iberia 245 265 (7.5)% Tobacco and Related 119 147 (18.8)% Transport 114 105 +8.1% Other Businesses 33 32 +2.2% Adjustments (21) (19) (7.5)% France 136 146 (6.3)% Tobacco and Related 114 120 (5.1)% Other Businesses 25 29 (13.
Slide 22: Adjusted EBIT Evolution by segment
Adjusted EBIT Evolution By segment (€m) H1 2015 H1 2014(*) Δ% Iberia 50 57 (12.1)% France 33 35 (5.7)% Italy 28 17 +63.8% Corporate & Others (6) (6) (5.7)% Total Adjusted EBIT 105 103 +1.8% (*) Restated H1 2015 Results Presentation / May 2015 / Page 22
Slide 23: Balance Sheet
Balance Sheet (€m) 31 March 2015 30 September 2014(*) PP&E and other Fixed Assets 218 224 Net Long Term Financial Assets 9 9 Net Goodwill 919 919 Other Intangible Assets 689 713 Deferred Tax Assets 53 59 Net Inventory 1,136 1,067 Net Receivables 1,802 1,777 Cash & Cash Equivalents 1,313 1,701 Total
Slide 24: H1 2015 Results Presentation
H1 2015 Results Presentation May 2015