Dino Polska Sa · GPW:DNP
Dino Polska Sa — FY2019 Earnings Presentation
14 slides from Dino Polska Sa's earnings presentation, Mar 13, 2020
Slide 1: Full Year 2019 Financial results
Full Year 2019 Financial results 13th March 2020
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 2019
Our achievements in 2019 +243 stores +25.7% net sales area y-o-y (+202 in 2018) (+27.3% at end of 2018 y-o-y) +31.0% sales y-o-y +11.6% LFL y-o-y (+30.8% in 2018 y-o-y) (+11.6 in 2018 y-o-y) +34.1% EBITDA1 y-o-y +0.2pp EBITDA1 margin y-o-y (+34.8% in 2018 y-o-y) (+0.3pp in 2018 y-o-y) (1) Including
Slide 4: Proven roll-out capabilities based on store ownership
Proven roll-out capabilities based on store ownership 2011: 154 stores, 1 distribution center 2015: 511 stores, 2 distribution centers 2019: 1,218 stores, 4 distribution centers Distribution centers Opened stores Still plenty of room to increase density in existing areas as well as expand to new reg
Slide 5: Network expansion – higher number of stores and geographic composition
Network expansion – higher number of stores and geographic composition Network expansion Regional coverage Net sales area (’000 m2) Stores per 100k inhabitants as of December 31, 2019 (in brackets as of December 31, 2018) 32 50 81 119 151 192 238 295 376 472 1.5 (0.7) 0.5 No. of stores 3.8 (0.1) 121
Slide 6: Significant growth of LFL sales
Significant growth of LFL sales Annual Sales mix Inflation 2.6 4.3 3.7 0.9 0.0 (0.9) (0.6) 2.0 1.6 2.3 (deflation) % Product split by revenue in 2019 Non-food 18.0% 15.5% 16.6% 16.2% 12% Fresh food 14.1% 38% 14.0% 11.60% 11.60% 11.3% 10.0% 7.5% 5.4% 5.1% 4.9% 6.0% 4.3% 4.2% 4.2% 2.7% 2.6% Dry food,
Slide 7: High revenue growth
High revenue growth Revenues (PLNm) +31.6% y-o-y 7,647 2,123 2,023 1,940 +31.0% y-o-y 5,839 1,544 1,613 1,561 1,410 1,271 4,463 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2017 2018 2019 2018 2018 2018 2018 2019 2019 2019 2019 Source: Company financial statements 7 7
Slide 8: Consistent growth in results and the EBITDA margin
Consistent growth in results and the EBITDA margin1 EBITDA margin 10.6% 9.3% 9.5% 10.3% 8.8% 9.2% 8.5% 9.0% 9.3% 9.5% 8.2% +28.8% y-o-y (EBITDA PLNm) 725.4 219.7 192.5 163.5 181.2 45.0 541.1 +34.1% r/r 170.6 141.5 42.1 31.6 132.0 39.0 112.1 124.6 401.4 104.4 28.4 26.9 37.4 85.9 25.1 174.7 561.9 139.
Slide 9: 2019 EBITDA bridge
2019 EBITDA bridge (PLNm) 9.3% 9.5% 9.3% + PLN 172.7 million +31.9% -11.6 12.8 163.5 -4.6 -7.5 -0.6 112.1 132.9 725.4 713.8 541.1 561.9 561.9 561.9 429.0 2018 2018 2018 Δ Sale at a Δ Costs Δ Sale and Δ G&A Δ Other 2019 2019 2019 IFRS16 2019 EBITDA D&A EBIT constant of sale marketing operating EBIT D
Slide 10: Effective working capital management and strong operating cash flow
Effective working capital management and strong operating cash flow NWC split (1) OCF Structures OCF covering significant share of CapEx(6) needs (days) (PLNm) (PLNm, %) Total NWC: (37) (45) (46) 113% 95% 90% 153 3 2 3 22 125 164 34 34 34 14 131 112 643 799 497 (60) 86 (63) (65) 502 384 266 (402) (7
Slide 11: Strong balance sheet
Strong balance sheet Net debt structure Net debt/EBITDA Improving debt service (mPLN) 1,2x 9.5x 9.3x 2 485 566 749 0,9x / 8.0x 1,0x 1,0x 3 271 100 194 100 149 117 585 679 471 -202 -269 2017 2018 2019 2017 2018 2019 -395 (2) Interest coverage ratio 2017 2018 2019 Cash and cash equivalents Bonds Curre
Slide 12: Strategy update
Strategy update 1 Organic store roll-out 1,218 977 stores 775 stores (+243 stores (+202 openings) 628 (+147 openings) stores openings) 2016 2017 2018 2019 2020P 2021p 2022p 2023p 2024p 2025p 2 LFL growth 3 Improving profitability + 0.07 pp1 / +0.22 pp2 11.6% EBITDA margin improvement LFL growth in 2
Slide 13: najblizej Cieblie
najblizej Cieblie 13
Slide 14: 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 14