Slide 1: FY15 Financial Results
FY15 FINANCIAL RESULTS OVS April, 2016
Slide 2: Disclaimer
1 Disclaimer This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other oth person. This presentation might contain certain forward-looking looking statements that reflect the Company’s management’s current views with respect re to
Slide 3: FY15 Highlights
2 FY15 Highlights Strong sales growth across all brands and categories, sustained by +1.8% LfL growth (notwithstanding a very strong FY14 performance) and network expansion slightly ahead of plan +7.5% Increase in Net Sales Further market share increase to 7.0% as of December 2015 (+60bps vs. Dec 20
Slide 4: Key Income Statement Items
3 Key Income Statement Items Positive performance in FY15 FY15 FY14 Key Metrics* € mln % of Net Sales € mln % of Net Sales Growth Net Sales 1,319.5 1,227.4 7.5% Gross Margin 754.5 57.2% 705.8 57.5% 6.9% EBITDA 179.6 13.6% 157.1 12.8% 14.3% EBIT 130.0 9.8% 106.8 8.7% 21.6% PBT 114.9 8.7% 45.8 3.7% 15
Slide 5: Sales and EBITDA Performance in FY15
4 Sales and EBITDA Performance in FY15 Net Sales (€mln) EBITDA (€mln) • Improved operating leverage and savings in energy and rents DOS Franchise • Accretive impact of higher franchise sales Aggregate Performance • Increase in EBITDA and margin for both brands 1,319.5 1,227.4 151.6 122.4 179.6 157.1
Slide 6: Consolidated Net Working Capital
5 Consolidated Net Working Capital € mln 31 January '16 31 January '15 Change Accounts Receivable 71.0 73.0 (2.0) Inventory 289.7 287.6 2.1 Accounts Payable (368.8) (374.4) 5.6 Net Working Capital (8.1) (13.8) 5.6 • The working capital structure remained substantially stable vs. January last year: –
Slide 7: Capex
6 Capex FY 2015 Capex Split (%) 100% • Capex (€68.3m in FY15) include: 90% new openings (c. 47% of total capex) 80% 47% refurbishment and maintenance of the existing network (c. 17%) 70% IT and special projects (c. 15%), mainly related 60% to operational projects 50% 17% automated logistics equipmen
Slide 8: Net Debt and Leverage
7 Net Debt and Leverage € mln 31 January '16 31 January '15 Net Debt 235.0 624.4 EBITDA LTM 179.6 157.1 Leverage on EBITDA 1.3x 4.0x • During the year, EBITDA leverage declined by 2.7x vs. 31 January 2015 due to the proceeds from the IPO as well as operating cash flow generation • Residual net debt
Slide 9: Consolidated Cash Flow Statement
8 Consolidated Cash Flow Statement € mln FY15 • Operating cash flow for the year reached €118.0m: EBITDA 179.6 Change in Net Working Capital (5.6) – Limited increase in operating working capital, Change in other assets (liabilities) 12.4 while other changes in working capital primarily relate to the
Slide 10: Outlook
9 Outlook • Notwithstanding an adverse start of the year from a weather standpoint, the topline growth trend continues in FY16 at stable margins • The FY16 opening pipeline is highly visible, with many contracts already identified including a number of Coin stores to be converted as per the December
Slide 11: Appendix
OVS Appendix
Slide 12: P&L Adjustments Bridge
11 P&L Adjustments Bridge o/w Stock o/w Stock Options, Options, 31-Jan-16 o/w non- Derivatives 31-Jan-16 31-Jan-15 o/w non- Derivatives 31-Jan-15 € mln Reported Recurring and PPA Adjusted Reported Recurring and PPA Adjusted Net Sales 1,319.5 1,319.5 1,227.4 1,227.4 Purchases of consumables 565.0 565
Slide 13: Consolidated Balance Sheet Statement
12 Consolidated Balance Sheet Statement € mln 31 January ‘16 31 January ‘15 Change Receivables 71.0 73.0 (2.0) Inventory 289.7 287.6 2.1 Payables (368.8) (374.4) 5.6 Net Operating Working Capital (8.1) (13.8) 5.6 Other Short-term Non-financial Receivables (Payables) (91.3) (69.5) (21.8) Net Working