Dino Polska Sa · GPW:DNP
Dino Polska Sa — Q3 2017 Earnings Presentation
22 slides from Dino Polska Sa's earnings presentation, Nov 15, 2017
Slide 1: 3Q 2017 Financial results
3Q 2017 Financial results 15th November 2017
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 1Q-3Q 2017
Our achievements in 1Q-3Q 2017 +90 stores +15.2% LFL y-o-y (+41 in 3Q 2017) (+16.1 in 3Q 2017 y-o-y) +32.2% sales y-o-y +0.15pp gross margin y-o-y (+33.1% in 3Q 2017 y-o-y) (+0.11pp in 3Q 2017 y-o-y) +37.3% EBITDA1 y-o-y +0.32pp EBITDA1 margin y-o-y (+37.3% in 3Q 2017 y-o-y) (+0.27pp in 3Q 2017 y-o-
Slide 4: Network expansion – higher number of stores and geographic composition
Network expansion – higher number of stores and geographic composition Network expansion to date Regional coverage Net sales area (’000 m2) Stores per 100k inhabitants as of September 30, 2017 (in brackets as of September 30, 2016) 20 25 32 50 81 119 151 192 238 273 0.3 (0.2) No. of stores 718 1.6 6
Slide 5: Network growth – plots secured for new stores
Network growth – plots secured for new stores +41.7% y-o-y +90 No. of newly opened stores Expanding pipeline 469 9M 2017 338 331 280 348 197 224 248 198 +41.7% Store pipeline 138 9/30/2017 y-o-y 121 90 107 82 59 Dec-14 Jan-00 Dec-15 Jan-00 Dec-16 Jan-00 Sep-16 Jan-00 Sep-17 Jan-00 Plots purchased Pr
Slide 6: Significant growth of LFL sales
Significant growth of LFL sales Annual Sales mix (0.9) (0.9) (0.8) 0.2 2.0 1,8 1.9 Inflation (deflation) % Product split by revenue (1Q-3Q 2017) 18.0% 16.5% 16.1% 13.5% Fresh food 14.0% 12.0% 12.6% Non-food 36.7% 10.8% 12.4% 10.0% 8.4% 6.0% 4.6% 3.4% 3.4% 0.8% 0.9% 1.3% 2.0% 0.4% Dry food, (2.0%) be
Slide 7: High revenue growth and improvement in the gross margin
High revenue growth and improvement in the gross margin Gross margin 22.6% 22.5% 23.0% 23.2% 22.9% 22.5% 23.2% 22.9% 22.7% Revenues (PLNm) +33.1% y-o-y 3,239 1,220 1,108 2,450 917 919 910 826 707 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 1Q-3Q 2016 1Q-3Q 2017 Source: Company financial
Slide 8: Consistent growth in results and the EBITDA margin
Consistent growth in results and the EBITDA margin1 EBITDA margin 8.2% 8.7% 9.6% 8.8% 8.9% 7.5% 7.5% 8.5% 8.2% +37.3% y-o-y (EBITDA PLNm) 108.9 275.2 97.8 87.9 22.5 62.1 79.3 200.4 20.4 68.0 18.5 68.5 17.2 46.7 53.1 14.9 19.2 14.5 86.4 213.1 77.4 62.1 69.4 153.7 53.1 49.3 38.6 1Q 2016 2Q 2016 3Q 201
Slide 9: Q1-Q3 2017 EBITDA bridge
Q1-Q3 2017 EBITDA bridge (PLNm) 8.18% 83.4 8.1 0.6 7.5 0.4 8.50% + PLN 74.8 million +37.3% 0.3 4.5 0.2 62.1 4.8 46.7 49.5 275.2 200.4 212.8 213.1 213.1 153.7 (1) 1Q-3Q 2016 1Q-3Q 2016 1Q-3Q 2016 Δ Sales at a Δ Cost of sales Δ Sales & Δ G&A Δ Other 1Q-3Q 2017 1Q-3Q 2017 1Q-3Q 2017 EBITDA D&A EBIT con
Slide 10: Operating cash flow
Operating cash flow Capex2 OCF structure (PLNm) (PLNm) 134% 132% 133% 139% 114% 324 262 25 245 47 2 118 24 16 188 44 65 62 11 28 50 39 47 382 42 186 174 313 135 127 278 279 79 199 2Q 1Q (66) 2014 2015 2016 1Q-3Q 2016 1Q-3Q 2017 Capex Capex as % of EBITDA 2014 2015 2016 1Q-3Q 2016 1Q-3Q 2017 Profit b
Slide 11: Balance sheet
Balance sheet Net debt / EBITDA(1) Interest coverage ratio(2) 2.6x 7.7x 7.3x 2.0x 6.4x 1.7x 1.6x 4.0x 2014 2015 2016 Sep 2017 (LTM) 2014 2015 2016 Sep 2017 (LTM) Source: Company financial statements (1) Net debt to EBITDA defined as net debt divided by EBITDA (adj.) for the last twelve months (2) In
Slide 12: Strategy update
Strategy update 1 Organic store roll-out Over 1,200 stores by the end of 2020 628 Stores 1Q-3Q: +90 stores end of 2016 2017F 2018F 2019F 2020F end of 2020F 2 LFL growth 3 Improving profitability + 0.15 pp + 0.32 pp 15.2% Gross margin EBITDA margin LFL growth in 1Q-3Q 2017 improvement improvement (vs
Slide 13: aajblizej Cieble
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Slide 14: Company financial statements (1/5)
Company financial statements (1/5) Profit and loss statement2 9M’17 r/r (PLN '000) 2014 2015 2016 1Q 2016(1) 2Q 2016(1) 3Q 2016(1) 4Q 2016(1) 1Q 2017(1) 2Q 2017(1) 3Q 2017(1) +/(-) Sales 2,107,984 2,589,576 3,369,517 707,363 826,106 916,645 919,403 910,335 1,108,063 1,220,171 32.2% Cost of sales (1,
Slide 15: Company financial statements (2/5)
Company financial statements (2/5) Balance sheet (PLN '000) 2014 2015 2016 1Q 2016(1) 2Q 2016(1) 3Q 2016(1) 4Q 2016(1) 1Q 2017(1) 2Q 2017(1) 3Q 2017(1) Assets Property, plant and equipment 798,948 1,024,199 1,337,207 1,090,826 1,180,504 1,260,513 1,337,207 1,386,389 1,496,962 1,593,249 Intangible as
Slide 16: Company financial statements (3/5)
Company financial statements (3/5) Balance sheet (PLN '000) 2014 2015 2016 1Q 2016(1) 2Q 2016(1) 3Q 2016(1) 4Q 2016(1) 1Q 2017(1) 2Q 2017(1) 3Q 2017(1) Interest-bearing loans, borrowings and finance lease liabilities 285,962 361,774 452,378 370,010 399,163 436,725 452,378 487,167 508,545 490,626 Oth
Slide 17: Company financial statements (4/5)
Company financial statements (4/5) Cash flow (PLN '000) 2014 2015 2016 1Q 2016(1) 2Q 2016(1) 3Q 2016(1) 4Q 2016(1) 1Q 2017(1) 2Q 2017(1) 3Q 2017(1) Cash flows from operating activities Profit before tax 79,293 135,231 186,455 30,843 44,592 51,534 186,455 38,005 58,654 77,049 Adjustments for 109,185
Slide 18: Company financial statements (5/5)
Company financial statements (5/5) Cash flow (PLN '000) 2014 2015 2016 1Q 2016(1) 2Q 2016(1) 3Q 2016(1) 4Q 2016(1) 1Q 2017(1) 2Q 2017(1) 3Q 2017(1) Cash flows from investing activities Proceeds from sale of property, plant and equipment and 374 925 1,112 648 (1,453) (3,085) 1,112 79 1,057 6,443 inta
Slide 19: 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 19
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Slide 21: aajblizej Cieble
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