Dino Polska Sa · GPW:DNP
Dino Polska Sa — FY2022 Earnings Presentation
15 slides from Dino Polska Sa's earnings presentation, Mar 23, 2023
Slide 1: Full Year 2022 Financial results
Full Year 2022 Financial results 23rd March 2023
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 2022
Our achievements in 2022 +344 stores +19.3% net sales area y-o-y (+343 in 2021) (+23.9% at end of 2021 y-o-y) +48.2% sales y-o-y +28.5% LFL y-o-y (+32.0% in 2021 y-o-y) (+12.4 in 2021 y-o-y) +44.6% EBITDA y-o-y -0.2pp EBITDA margin y-o-y (+22.7% in 2021 y-o-y) (-0.7pp in 2021 y-o-y) 3
Slide 4: Proven roll-out capabilities based on store ownership
Proven roll-out capabilities based on store ownership 2012: 234 stores, 1 distribution center 2017: 775 stores, 3 distribution centers 2022: 2,156 stores, 7 distribution centers Dino stores Distribution centers Distribution center under construction Still plenty of room to increase density in existi
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, 2022 (in brackets as of December 31, 2021) 119 151 192 238 295 376 472 573 710 848 3.1 (2.5) 3.6 No. of stores 9.1 (2.1)
Slide 6: Investments in renewable energy sources
Investments in renewable energy sources Solar energy is powering Dino stores (recap of 2022) Dino stores are equipped with their 1,701 own photovoltaic installations (+899 in 2022) 64MW total capacity of the PV panels on Dino stores of electricity generated by Dino 40GWh from the sun in 2022 (vs. 15
Slide 7: Significant growth of LFL sales
Significant growth of LFL sales Annual 0.9 0.0 (0.9) (0.6) 2.0 1.6 2.3 3.4 5.1 14.4 Sales mix Inflation (deflation) % Product split by revenue in 2022 30.0% 28.5% Non-food 26.0% 12.1% 22.0% Fresh food 16.2% 39.1% 18.0% 15.4% 11.6% 11.6% 12.6% 12.4% 14.0% 11.3% 10.0% 7.5% 4.2% 5.1% 4.9% 4.7% 4.2% 2.6
Slide 8: High revenue growth
High revenue growth Revenues (PLNm) +47.3% y-o-y 19,802 5,693 5,368 4,887 +48.2% r/r 13,362 3,864 3,854 3,487 10,126 3,250 2,761 2020 2021 2022 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2021 2021 2021 2021 2022 2022 2022 2022 Source: Company financial statements 8 8
Slide 9: Consistent growth in EBITDA result
Consistent growth in EBITDA result EBITDA margin 10.2% 9.5% 10.3% 9.3% 9.5% 9.3% 10.0% 8.8% 8.6% 9.2% 9.1% +43.7% y-o-y (EBITDA PLNm) 1,837.9 536.0 518.5 450.6 76.5 300.1 80.8 +44.6% r/r 1,271.3 357.8 360.9 72.9 332.8 1,036.0 309.9 247.3 64.9 68.2 242.8 59.2 70.0 198.1 55.0 459.5 437.7 1,537.8 377.7
Slide 10: 2022 EBITDA bridge
2022 EBITDA bridge 9.5% 7.7% 7.8% 9.3% + PLN 566.6 million +44.6% 300.1 (PLNm) -162.5 30.6 -1.3 153.5 247.3 493.5 1,837.9 1,537.8 1,537.8 1,537.8 1,271.3 1,024.0 2021 2021 2021 Δ Sale at a Δ Costs Δ Sale and Δ G&A Δ Other 2022 2022 2022 EBITDA D&A EBIT constant of sale marketing operating EBIT D&A E
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, %) 95% 77% 80% Total NWC: (38) (31) (19) 820 1 326 1 253 1,326 1,253 3 3 4 300 820 36 41 41 205 247 198 1,402 (1,013) (62) (61) (53)
Slide 12: Strong balance sheet
Strong balance sheet Net debt structure Net debt/EBITDA Improving debt service (mPLN) 0.96x 21.9x 993 1 057 1 402 0.83x 0.76x 16.1x 631 10.9x 421 622 259 428 224 794 726 630 (419) (383) 2020 2021 2022 2020 2021 2022 (480) (1) Interest coverage ratio 2020 2021 2022 Cash and cash equivalents Bonds Cur
Slide 13: Strategy update
Strategy update 1 Organic store roll-out 2,156 1,815 stores 1,473 stores (344 1,218 stores (343 openings) 977 stores (255 openings) 775 stores (243 openings) stores (202 openings) (147 openings) 628 openings) stores 2016 2017 2018 2019 2020 2021 2022 2023f 2024f 2025f 2026f 2027f 2 LFL growth 3 Prof
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