DIA — FY2011 Earnings Presentation
24 slides from DIA's earnings presentation, Feb 28, 2012
Slide 1: 2011 Results
2011 Results Growing in a global world 28 February 2012 1
Slide 2: 2011, the year of independence
2011, the year of independence / A listed and independent Spanish multinational is born. In six months, DIA became part of the Ibex 35 / We achieved the financial targets announced to the market at the time of the IPO / We reiterate our forecasts for 2012 / The Board of Directors proposes a gross di
Slide 3: Change is speeding up…
Change is speeding up… / 67% of our network has been transformed to DIA Market & DIA Maxi / In 2012, we will complete the transformation of our store network 3 3
Slide 4: “Fresher” all the time
“Fresher” all the time / Volume sales of perishable goods climbed by 7.8% last year / Big effort to offer the best prices / This year is one of our commercial drives 4
Slide 5: Our clients are the most loyal
Our clients are the most loyal 26.6 million cards 30 Million New members 2010 25 4.8 14.2 20 15 0.8 21.8 10 3.2 3.3 3.4 13.4 2.3 5 0.2 0.5 0.9 3.0 2.8 2.5 2.3 0 Spain Portugal Argentina France Turkey TOTAL 1998 2000 2006 2010 20062011 2012E 2012E 2013E Spain Portugal Argentina France Turkey China Br
Slide 6: We share our success model
We share our success model / Leading franchising company in Spain * / Record of franchised stores, 2,584, in the seven countries in which we operate / 37.8% of our stores are franchised 6 * Tormo y Asociados
Slide 7: DIA supports entrepreneurs
DIA supports entrepreneurs / We provide employees and entrepreneurs with an opportunity to open a DIA store / We strengthen the entrepreneurial makeup of the countries in which we operate / We transmit all our expertise and support them financially / Model in which the two parties (franchisee and DI
Slide 8: DIA Group: main magnitudes
DIA Group: main magnitudes EURm 2011 Annual change * Number of stores 6,833 7.2% Net openings 460 64.9% Gross sales under banner 11,123.5 4.7% Comparable sales 1,8% Adjusted EBITDA 558.4 11.0% Adjusted EBITDA margin 5.7% 42bp Net profit 94.4 150% Adjusted net profit 156.2 14.2% EPS adjusted (€) 0.23
Slide 9: Heading towards 8,000 stores
Heading towards 8,000 stores 8,000 6,833 6,373 6,094 2,584 2,070 1,623 4,471 4,303 4,249 2009 2010 2011 2013E Own Franchises / Objective achieved: we ended 2011 with over 6,800 stores / 460 net openings during the last fiscal year / In 2013, the aim is to head towards 8,000 stores 9
Slide 10: We continue to invest
We continue to invest / We ended 2011 with an investment of EUR350m. / We are improving our stores and are opening more / Investment set to be similar in the next few years, at EUR300-350m. EUR350m Transformations 44% Maintenance 31% Openings 25% 10
Slide 11: Reduction in net debt
Reduction in net debt 818 625 576 2009* 2010* 2011 Net debt / We ended 2011 with lower-than-expected debt / The adjusted net debt/EBITDA ratio improved to 1.0x 11 * Pro-forma
Slide 12: Iberia: very close to the client
Iberia: very close to the client EURm 2011 Annual change Number of stores 3,380 75 Own 1,985 -129 Franchises 1,395 204 Gross sales under banner 5,600 1.3% Comparable sales 0.2% Adjusted EBITDA 413.7 10.4% Adjusted EBITDA margin 8.4% 77bp / Success: over 80% of our stores are proximity format / We he
Slide 13: France: bonjour DIA!
France: bonjour DIA! EURm 2011 Annual change Number of stores 916 -20 Own 671 -89 Franchises 245 69 Gross sales under banner 2,645 -5.4% Comparable sales -6.7% Adjusted EBITDA 88.5 -8.1% Adjusted EBITDA margin 3.8% -7 bp / In the first half of 2012, the transformation of Ed to DIA was finalised / In
Slide 14: Emerging countries – the expansion continues
Emerging countries – the expansion continues EURm 2011 Annual change* Number of stores 2,537 405 Own 1,593 164 Franchises 944 241 Gross sales under banner 2,879 23.8% Comparable sales 15.2% Adjusted EBITDA 56.2 68.8% Adjusted EBITDA margin 2.3% 59bp / Opening in Brazil in the Rio Grande do Sul regio
Slide 15: We export our model
We export our model / Resist an adverse environment / Our brand: 32 years with the client / We are redesigning the image of our products / We are accelerating the change of image in our stores 15
Slide 16: DIA in Spain
DIA in Spain EURm 2011 Annual change Number of stores 2,827 61 Own 1,640 -121 Franchises 1,187 182 Gross sales under banner 4,666 1.7% Spanish suppliers 1,018 26 Purchases from Spanish suppliers 3,604 4.7% / Around 40% of our suppliers are SMEs / Historical record of franchise openings in the fourth
Slide 17: 2011 targets achieved
2011 targets achieved / Net sales growth of over 3% at / 3.5% growth constant rates / Adjusted EBITDA exceeds / EUR558m EUR540m / The store network exceeds 6,800 / 6,833 stores stores / The adjusted net debt/EBITDA ratio / 1.0x falls below 1.1x
Slide 18: 2012 prospects
2012 prospects / Growth in gross sales under banner: 4% - 6% / Net store openings: 425 - 475 / Quality and price will be closer than ever 18
Slide 19: Quality and price are very close
Quality and price are very close 19
Slide 20: Appendices
Appendices Dia @) @
Slide 21: Financial Summary
Financial Summary (EURm) 2010 2011 INC INC (w/o FX) Gross sales under banner 10,792.0 11,123.5 3.1% 4.7% Net sales 9,588.0 9,779.5 2.0% 3.5% Adjusted EBITDA (1) 507.1 558.4 10.1% 11.0% Adjusted EBITDA margin 5.3% 5.7% 42 bp Adjusted EBIT (1) 230.8 287.6 24.6% 25.5% Adjusted EBIT margin 2.4% 2.9% 53
Slide 22: Number of stores by country
Number of stores by country 2010 2011 Change Own Franchises TOTAL Own Franchises TOTAL Spain 1,761 1,005 2,766 1,640 1,187 2,827 61 Portugal 353 186 539 345 208 553 14 IBERIA 2,114 1,191 3,305 1,985 1,395 3,380 75 FRANCE 760 176 936 671 245 916 -20 Argentina 363 85 448 376 119 495 47 Brazil 259 149
Slide 23: Gross sales under banner
Gross sales under banner INC at a divisa constant (EURm ) 2010 2011 % INC constante currency Spain 4.588,3 4,588.3 4.665,8 4,665.8 41,9% 41.9% 1,7% 1.7% 1,7% 1.7% Portugal 938,5 938.5 934,2 934.2 8,4% 8.4% -0.5% 0,5% -0.5% 0,5% IBERIA 5.526,8 5,526.8 5.600,0 5,600.0 50,3% 50.3% 1,3% 1.3% 1,3% 1.3% F
Slide 24: Net sales
Net sales INC at (EURm) 2010 2011 % INC constant currency Spain 4.116,3 4.140,6 42,3% 0,6% 0,6% Portugal 821,8 806,4 8,2% -1,9% -1,9% IBERIA 4.938,1 4.947,1 50,6% 0,2% 0,2% FRANCE 2.518,5 2.356,9 24,1% -6,4% -6,4% Argentina 559,5 695,5 7,1% 24,3% 38,4% Brazil 1.029,5 1.194,4 12,2% 16,0% 16,1% Turkey