Logista Integral, S.a. · BME:LOG
Logista Integral — Logista — FY2022 Earnings Presentation
39 slides from Logista Integral's earnings presentation, Nov 4, 2022
Slide 1: FY 2022 results
04.11.2022 Logista FY 2022 results 010
Slide 2: Disclaimer
Disclaimer Logista | FY 2022 results • 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, nor an invitation for an offer of purcha
Slide 3: FY 2022 highlights, Business review, Financial review, Outlook
1 FY 2022 highlights 2 Business review 3 Financial review 4 Outlook
Slide 4: Results highlights
Results highlights Logista | FY 2022 results Ec. Sales Adj. EBIT Net Profit +4.7% +5% +14.3% • Positive business performance in a difficult macroeconomic context • Reported EBIT growing double-digit (+10.9%) • Net Profit of continued operations growing close to double-digit (+9%) 4
Slide 5: Delivering on our strategy: diversification and growth acceleration
Delivering on our strategy Logista | FY 2022 results Strategic focus: diversification and growth acceleration • Current profitable, resilient business base to continue • Expanding cross-selling activities • Additional avenues for growth offsetting combustible tobacco volumes decline Combustible Toba
Slide 6: Delivering on our strategy: M&A will support growth agenda
Delivering on our strategy Logista | FY 2022 results M&A will support growth agenda • Strong balance sheet: room for investment while preserving dividend payment • Primary targets: non-tobacco-related • Complementing capacities in current businesses, exporting Iberian activities to other geographies
Slide 7: Speedlink Worldwide Express acquisition
Speedlink Worldwide Express acquisition Logista Logista | JGA 2022 | Title Logista | FYPresentation Logista Logista 2022| JGA | JGA 2022 results 2022 Strengthening our position in medical/healthcare distribution: international Logista | JGA 2022 • Specialist in B2B express (time critical) deliveries
Slide 8: Carbó Collbatallé acquisition
Carbó Collbatallé acquisition Logista | FY 2022 results Strengthening our position in temperature-controlled transport: frozen • Spanish company, specialist in cold transport and logistics in the food sector • Reinforces Logista’s temperature-controlled services by adding frozen food logistics • Con
Slide 9: Transportes El Mosca acquisition
Transportes El Mosca acquisition Logista | FY 2022 results Strengthening our position in long haul transport: maritime • Spanish company, specialist in frozen and refrigerated national and international transport, mainly for the food industry • Maritime transport complementing existing capabilities
Slide 10: Announced M&A deals reinforce and complement value-added service portfolio
Announced M&A deals reinforce and complement value-added service portfolio Logista | FY 2022 Logista | JGAresults 2022 • B2B Express delivery: time-critical to/from Belgium and The Netherlands for the healthcare sector • Maritime forwarding: national and international reefer for the food industry •
Slide 11: ESG agenda recognised by independent rating firms
ESG agenda recognised by independent rating firms Logista | FY 2022 results • Sustainalytics score October 2022: Low ESG Risk Rating, ranking 4/81 of Air Freight & Logistics sub- industry and 11/365 of Transportation industry • Member of A List and Supplier engagement leader by CDP • AA rating by ES
Slide 12: Proposed dividend
Proposed dividend Logista | FY 2022 results • Very positive operating performance in the year • Very solid financial position • Board commitment to high pay-out ratio • Willingness to keep dividend payments stable or growing in absolute terms Total dividend 2022: 1.38 € per share (+11%) 12
Slide 13: Business review
2 Business review 13
Slide 14: Iberia
Iberia Logista | FY 2022 results • Tobacco distribution: Volumes2 up 4.4%, growing in Spain and remaining flat in Portugal Value-added services contributing to increase T&R Economic Sales 12.6% Inventories’ valuation: higher positive impact 9.1% • Convenience distribution: 3,743 15.2% Positi
Slide 15: Italy
Italy Logista | FY 2022 results 12.5% 1.8% 4,001 2.8% 331 101 • Tobacco distribution: Revenues Ec. Sales Adj. EBIT Volumes2 up 3.3% boosted by new categories of products Growth of value-added services for manufacturers No significant inventories’ valuation impact vs. positive in 2021 distortin
Slide 16: France
France Logista | FY 2022 results (5.2)% (3.9)% 3,774 (12.5)% 217 57 • Tobacco distribution: Revenues Ec. Sales Adj. EBIT Volumes2 down 7.4%, parallel market growing after borders reopening Value-added services partially offsetting declining tobacco volumes Inventories’ valuation: no material i
Slide 17: Financial review
3 Financial review 17
Slide 18: Adjusted EBIT growing mid-single digit
Adjusted EBIT growing mid-single digit Logista | FY 2022 results +5% 25.2% 25.3% 55 (32) (7) (2) 312 FY 2021 FY 2022 298 Ec. Sales Op. costs Adj. EBIT Margin ADJ. EBIT FY 2021 EC. SALES COSTS LOGISTICS COMMERCIAL COSTS RESEARCH & G&A ADJ. EBIT FY 2022 NETWORKS COSTS All data in M€, unless otherwise
Slide 19: Reported EBIT growing double-digit
Reported EBIT growing double-digit Logista | FY 2022 results +10.9% 266 240 Main impacts y-o-y: • Higher restructuring costs (+2 M€) • Higher capital gains (+12 M€) • Higher results from book distribution FY 2021 FY 2022 All data in M€, unless otherwise stated 19
Slide 20: Strong Net profit growth despite headwinds, continuing operations up 9%
Strong Net profit growth despite headwinds, continuing operations up 9% Logista | FY 2022 results +14.3% 26 (1) (8) 8 199 174 NET PROFIT FY 2021 REPORTED EBIT FINANCIAL RESULTS TAXES DISCONTINUED NET PROFIT FY 2022 OPERATIONS All data in M€, unless otherwise stated • Higher interest rates since end
Slide 21: Cash generation
Cash generation Logista | FY 2022 results 383 19 (123) (21) 258 EBITDA FINANCIAL RESULTS RESTRUCTURING & NET INVESTMENTS NORMALISED FREE CASH NORMALISED TAXES FLOW All data in M€, unless otherwise stated • EBITDA growth (+3.5% vs. FY 2021) reflecting positive activity performance • Increased restruc
Slide 22: Dividend policy
Dividend policy Logista | FY 2022 results Total dividends paid since IPO: c. 1,165 M€ 183 M€ 164 M€ 156 M€ 156 M€ 149 M€ 139 M€ 119 M€ 98 M€ FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 PAY-OUT RATIO >90% >90% >90% >95% >95% >99% 95% 92% 22
Slide 23: Share price performance in FY2022
Share price performance in FY2022 Logista | FY 2022 results • Outperforming Ibex 35, Medium cap, Top dividend and Madrid Stock Exchange General Index • Total Shareholder Return1 in FY 2022: 9.4% 1 Total shareholder Return from 1 October 2021 to 30 September 2022 not considering dividends’ reinvestme
Slide 24: Outlook & final remarks
4 Outlook & final remarks 24
Slide 25: Outlook 2023
Outlook 2023 Logista | FY 2022 results Adj. EBIT growth: above mid-single-digit • In view of the current market situation, Adj. EBIT at year-end 2023 is expected to grow above mid- single-digit over Adj. EBIT 2022, taking account of the foreseeable contribution from the businesses acquired, once the
Slide 26: Appendix
01 Appendix 26
Slide 27: Revenues Evolution
Logista | FY 2022 results Revenues Evolution By segment and activity M€ FY 2022 FY 2021 Δ% Iberia 3,742.9 3,325.3 12.6% Tobacco and related products 3,251.1 2,875.6 13.1% Transport 457.5 411.3 11.2% Pharmaceutical distribution 206.5 180.8 14.2% Other businesses 18.4 18.2 1.0% Adjustments (190.5) (16
Slide 28: Economic Sales Evolution
Economic Sales Evolution Logista | FY 2022 results By segment and activity M€ FY 2022 FY 2021 Δ% Iberia 692.1 634.3 9.1% Tobacco and related products 332.0 303.2 9.5% Transport 318.1 290.5 9.5% Pharmaceutical distribution 90.3 83.2 8.6% Other businesses 17.6 17.4 1.6% Adjustments (65.9) (60.0) (9.9)
Slide 29: Adjusted EBIT Evolution
Adjusted EBIT Evolution Logista | FY 2022 results By segment M€ FY 2022 FY 2021 Δ% Iberia 153.9 133.5 15.2% Italy 101.2 98.5 2.8% France 57.4 65.6 (12.5)% Total adjusted EBIT1 312.4 297.5 5.0% 29
Slide 30: Profit and Loss Account
Profit and Loss Account Logista | FY 2022 results M€ FY 2022 FY 2021 Δ% Revenues 11,463.6 10,816.8 6.0% Economic sales 1,235.2 1,179.5 4.7% (-) Operating cost of logistics networks1 (782.4) (750.0) (4.3)% (-) Commercial operating expenses1 (54.3) (47.4) (14.4)% (-) Operating expenditure on research
Slide 31: Cash Flow Statement
Cash Flow Statement Logista | FY 2022 results M€ FY 2022 FY 2021 Change EBITDA 383.3 370.4 12.9 Restructuring & Other Payments (37.3) (19.5) (17.8) Financial Result 19.2 20.2 (1.1) Normalised Taxes (86.3) (78.6) (7.8) Net Investments (20.7) (33.5) (12.8) Normalised Cash Flow 258.1 259.1 (1.0) Variat
Slide 32: Balance Sheet
Balance Sheet Logista | FY 2022 results M€ 30 September 2022 30 September 2021 PP&E and other Fixed Assets 322.1 320.6 Net Long-Term Financial Assets 21.0 19.8 Net Goodwill 932.4 920.8 Other Intangible Assets 312.8 354.0 Deferred Tax Assets 11.1 14.5 Net Inventory 1,529.2 1,467.1 Net Receivables 1,9
Slide 33: Alternative Performance Measures
02 Alternative Performance Measures 33
Slide 34: Alternative Performance Measures (1/6)
Alternative Performance Measures (1/6) Logista | FY 2022 results Economic Sales: equivalent to Gross Profit, and 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 figur
Slide 35: Alternative Performance Measures (2/6)
Alternative Performance Measures (2/6) Logista | FY 2022 results 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
Slide 36: Alternative Performance Measures (3/6)
Alternative Performance Measures (3/6) Logista | FY 2022 results 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 me
Slide 37: Alternative Performance Measures (4/6)
Alternative Performance Measures (4/6) Logista | FY 2022 results Operating costs: 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. It is the main figure used
Slide 38: Alternative Performance Measures (5/6)
Alternative Performance Measures (5/6) Logista | FY 2022 results Non-recurring costs: This term 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
Slide 39: Alternative Performance Measures (6/6)
Alternative Performance Measures (6/6) Logista | FY 2022 results Restructuring costs: are the costs incurred by the Group to increase the operating, administrative and commercial efficiency in our organisation, including the costs related to re-organisation, dismissals and closures or transfers of w