Logista Integral, S.a. · BME:LOG
Logista Integral — H1 2024 Earnings Presentation
33 slides from Logista Integral's earnings presentation, May 8, 2024
Slide 1: Results Presentation H1-2024
Results Presentation H1-2024 May 8th, 2024
Slide 2: Disclaimer
Logista | JGA 2022 2023 Disclaimer > This document has been prepared by Logista Integral, S. A. (“Logista” or “the Company”) for information purposes, and does not constitute an offer of purchase, sale or exchange, nor an invitation for an offer of purchase, sale or exchange of shares of the Company
Slide 3: Key Highlights for the Period
Key Highlights for the Period
Slide 4: Key Highlights
Key Highlights Robust Financial Performance with relevant 01 growth 02 Progress in our Diversification Strategy 03 Imperial Brands’ Credit Line update 04 Continuous commitment towards ESG
Slide 5: Key Highlights – Financial Performance
Key Highlights – Financial Performance Economic Sales per Region (% vs. H1-2023) 6,206 M€ Iberia 867 M€ 193M€ 569 M€ 25 M€ +3.9% 168 160 Italy M€ M€ 190 M€ 5% 4% 5% 27% +7.5% France Revenues Economic Sales Adjusted EBIT Net Profit 111 M€ (0.4%) Year on year growth backed by sustained growth, a stron
Slide 6: Key Highlights – New Acquisitions during the period
Key Highlights – New Acquisitions during the period Acquisition of Acquisition of SGEL Libros Belgium Parcels Service ▪ Consolidation of Logista Libros' leadership ▪ Expansion of our courier service in Central as the largest independent distributor of Europe giving us access to Belgium and books in
Slide 7: Key Highlights – Diversification Strategy
Key Highlights – Diversification Strategy Our diversification strategy continues to show in our accounts, increasing our exposure to non-tobacco businesses +52% Carbó Transportes El Speedlink Collbatallé Mosca Non-tobacco related Economic Sales Gramma Belgium Parcel SGEL Libros Farmaceutici Services
Slide 8: Key Highlights – Imperial Brands’ Credit Line Update
Key Highlights – Imperial Brands’ Credit Line Update Main terms of the credit line renewal ▪ Credit line split in two separate tranches: 0.75% 0.75% 0.75% ✓ 1st tranche – up to 1,000M€ at a fixed rate of 2.865% + Spread of 0.75% totalling 3.615% Eur. 3.615 3.615 6M 3.615 Eur. 6M % Eur. ✓ 2nd tranche
Slide 9: Key Highlights – Sustainability Plan 2024-2026
Key Highlights –Sustainability Plan 2024-2026 Sustainability master plan supported by our updated sustainability policy and the new corporate governance on sustainability matters including a new Sustainability Committee which will report to the renamed Audit, Control and Sustainability Committee at
Slide 10: Business Overview
Business Overview
Slide 11: Iberia
Iberia Tobacco & Related Transport Pharma Other Businesses ▪ Total tobacco1 volume in Spain & ▪ Long Distance transport ▪ Mid-single digit growth in ▪ 7% yoy2 growth in Economic Portugal of -0.9% yoy2 recording single digit growth Pharma supported by new Sales as a result of the full ▪ Change in Inv
Slide 12: Italy
Italy Tobacco Distribution Related Products Pharma ▪ Total tobacco1 volume +1.6% yoy2 ▪ Recycle-Cig: new business line focused on ▪ Pharma Italy run through Gramma ▪ Traditional tobacco volume drop NGP recycling with more than 28,000 Farmaceutici acquired in July 2023 compensated mainly by increase
Slide 13: France
France Tobacco Distribution Related Products ▪ Total tobacco1 volume fall of -10.7% yoy2 ▪ Continuous growth in the electronic cards’ ▪ Change in Inventories Value3 of 8M€ after business change in taxes and increases of tobacco ▪ Increase in the number of tobacconists prices in France of all major t
Slide 14: Main Financials
Main Financials
Slide 15: Main Financials – Adjusted EBIT Bridge
Main Financials – Adjusted EBIT Bridge (M€, yoy%) +5.4% Economic Sales ▪ Positive performance in all major activities in Iberia and Italy ▪ Profit on inventory driven by the changes in tobacco pricing in all three regions and movement in taxes in France and Italy Adjusted EBIT ▪ 5.4% yoy1 growth dri
Slide 16: Main Financials – Net Profit Bridge
Main Financials – Net Profit Bridge (M€, yoy%) +27% Financial Results ▪ +48M€ financial results vs. 25M€ last year thanks to the increase in interest rates ▪ Average European Central Bank interest rate for the period of 4.5% + spread of 0.75% (vs. 2.30% average ECB + 0,75% for H1-2023) Taxes ▪ Effec
Slide 17: Main Financials – Normalized FCF Bridge
Main Financials – Normalized FCF Bridge (M€) EBITDA ▪ Positive performance during the period led to a 5% increase in EBITDA compared to the same period of the previous year. Financial Results +11% ▪ +52M€ financial income collected vs. 28M€ last year thanks to the increase in interest rates Restruct
Slide 18: Closing Remarks
Closing Remarks
Slide 19: Closing Remarks
Closing Remarks 01 Strong financial results for the period, based on sustainable growth from traditional businesses backed by the new businesses 02 Relevant profit on inventory of 25M€ of which most has already been recorded in the first semester 03 Benefiting from high interest rates while partiall
Slide 20: 2024 Outlook
2024 Outlook 1 Following the diversification strategy Logista will continue to seek small and mid-size acquisitions looking for geographical and business diversification 2 Maintaining the dividend policy remains a priority in any scenario 3 Expected sustainable growth from underlying business We exp
Slide 21: Appendix
Appendix
Slide 22: Appendix. Revenues Evolution (By segment and activity)
Appendix. Revenues Evolution (By segment and activity) M€ H1 2024 H1 2023 Δ% Iberia 2,263.1 2,112.7 7.1% Tobacco and related products 1,787.9 1,669.1 7.1% Transport 440.3 416.3 5.8% Pharmaceutical distribution 134.0 120.3 11.3% Other businesses 9.7 9.1 6.1% Adjustments (108.8) (102.2) (6.4)% Italy 2
Slide 23: Appendix. Economic Sales Evolution (By segment and activity)
Appendix. Economic Sales Evolution (By segment and activity) M€ H1 2024 H1 2023 Δ% Iberia 569.3 547.8 3.9% Tobacco and related products 192.8 190.5 1.2% Transport 361.2 336.4 7.4% Pharmaceutical distribution 48.7 46.4 4.9% Other businesses 9.4 8.7 7.4% Adjustments (42.8) (34.3) (24.8)% Italy 190.1 1
Slide 24: Appendix. Adjusted EBIT Evolution (By segment)
Appendix. Adjusted EBIT Evolution (By segment) M€ H1 2024 H1 2023 Δ% Iberia 108.8 104.4 4.1% Italy 53.7 49.7 8.0% France 30.7 29.0 5.8% Total Adjusted EBIT 193.1 183.1 5.4% 24
Slide 25: Appendix. Profit & Loss Account
Appendix. Profit & Loss Account M€ H1 2024 H1 2023 Δ% Revenues 6,206.5 5,935.4 4.6% Economic sales1 867.2 833.8 4.0% (-) Operating cost of logistics networks1 (591.4) (570.8) (3.6)% (-) Commercial operating expenses1 (33.5) (33.4) (0.4)% (-) Operating expenditure on research and central offices1 (49
Slide 26: Appendix. Cash Flow Statement
Appendix. Cash Flow Statement M€ H1 2024 H1 2023 Change EBITDA 246.4 235.2 11.2 Restructuring and other payments (10.3) (5.0) (5.3) Net financial income/(expense) 51.8 28.2 23.5 Normalised taxes (60.3) (49.9) (10.5) Investment (24.5) (28.0) 3.5 Rent payments (33.5) (28.2) (5.3) Normalised Cash Flow
Slide 27: Appendix. Balance Sheet
Appendix. Balance Sheet M€ March-2024 Sept-2023 Property, plant and equipment and other fixed assets 480 450 Net long-term financial investments 27 25 Net goodwill 1,018 1,010 Other intangible assets 288 319 Deferred tax assets 16 12 Net inventory 1,658 1,781 Net receivables and other 2,119 1,978 Ca
Slide 28: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures 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 figure is a meaningful measu
Slide 29: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures 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 the analysis of the Group’s operating costs and m
Slide 30: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures Adjusted EBIT margin over Economic Sales: calculated as Adjusted EBIT divided by Economic Sales (or, indistinctly, Gross Profit). This ratio is the main indicator used by the Group’s Management to analyse and measure the profitability obtained by the Group’
Slide 31: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures 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 by the Group’s Managem
Slide 32: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures 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 helps the Group’s Man
Slide 33: Your partner along the way, all the way
Your partner along the way, all the way