Wilcon Depot, Inc. · PSE:WLCON
Wilcon Depot — Q1 2020 Earnings Presentation
18 slides from Wilcon Depot's earnings presentation, May 1, 2020
Slide 1: Wilcon Depot, Inc. 1Q2020 Earnings Call
Wilcon Depot, Inc. 1Q2020 Earnings Call 1
Slide 2: Discussion Agenda
Discussion Agenda 1 Results Highlights 2 Financial Results 3 Operating and Financial Statistics 4 Outlook 2
Slide 3: Results Highlights
Results Highlights 3
Slide 4: Results Highlights: Community Quarantine
Results Highlights First Quarter 2020 • Announced Mar 13, Community effective Mar 15 Quarantine • Hardware/home improvement among (CQ) exempted industries • Announced Mar 16, effective Mar 17 Enhanced • Whole of Luzon but Community VisMin LGUs implemented their own Quarantine versions (ECQ) • Hardwa
Slide 5: Results Highlights: First Quarter 2020
Results Highlights First Quarter 2020 • Net sales decreased by 2.5% or P143 million to P5.591 billion from P5.734 billion year-on-year • Gross profit grew 3.1% or P57 million to P1.891 billion with a margin of 33.8% from 32% in 1Q2019 • Contribution of exclusives (in-house and exclusive brands) impr
Slide 6: Financial Results
Financial Results 6
Slide 7: Net Income dropped by 32.1% to P328 M
Net Income dropped by 32.1% to P328 M (1Q2020) (In PHP MM) 1Q2020 % Sales 1Q2019 % Sales % Growth Net Sales down 2.5% Net Sales 5,591 100.0 5,734 100.0 -2.5 Cost of Sales -3,700 -66.2 -3,900 -68.0 -5.1 GPM increased to Gross Income 1,891 33.8 1,834 32.0 3.1 33.8% Operating Expenses -1,433 -25.6 -1,1
Slide 8: Balance Sheet
Balance Sheet (In Php MM) Unaudited Mar 31, 2020 Audited Dec 31, 2019 Current Assets 14,895 15,022 Noncurrent Assets 11,368 11,215 Total Assets 26,262 26,237 Current Liabilities 7,625 7,236 Noncurrent Liabilities 4,388 4,339 Total Liabilities 12,013 11,576 Capital Stock 4,100 4,100 Additional Paid-i
Slide 9: Operating and Financial Statistics
Operating and Financial Statistics 9
Slide 10: Healthy Sales Growth
Healthy Sales Growth SALES 25,000 20,000 24,476 21,041 15,000 17,748 15,965 10,000 14,450 13,596 11,862 5,000 5,734 5,591 2013 2014 2015 2016 2017 2018 2019 1Q2020 Note: 2013 to 2015 – Pro-forma/Reviewed / 2016 – In-house Pro-forma / 2017 – Actual/Audited 10 Commercial operations under WDI commenced
Slide 11: Total Net Sales Breakdown
Total Net Sales Breakdown PhP Millions 1Q2020 INST'L ; Home 1Q2019 Home INST'L ; 79; 1.4% Essentials ; Essentials ; 65; 1.1% 137; 2.5% 161; 2.8% -2.5% Depots ; Depots ; 5,375; 5,508; 96.1% 96.1% Sales Growth per Store Format Product Category Performance 1Q2020 vs 1Q2019 1Q2020 VS 1Q2019 Better than
Slide 12: Comparable Sales Summary
Comparable Sales Summary Quarterly Trend SSSG Excluding Inst’l/ Projects Sales • 1Q20 = -8.3% FY2019 = 4.9% • 1Q19 = 7.9% FY2018 = 9.5% • 1Q18 = 6.9% 1Q20 PRE CQ/ECQ = 10.7% 7.9% 6.6% 8.0% 4.9% 5.2% 6.0% 1.9% 1Q20 1Q19 2Q19 3Q19 4Q19 1Y19 1Y18 1Y17 -8.0% Comparable Sales per Format 1Q2020 vs 1Q2019
Slide 13: Margins
Margins Philippine Accounting Standard 17 - Leases Philippine Financial Reporting Standard 16 (OLD) - Leases 33.4 33.8 33.4 33.8 31.4 GPM 31.4 GPM 29.7 29.7 26.8 26.8 EBITDAM 17.3 17.2 13.5 EBITDAM 11.9 11.4 11.9 10.4 10.4 9.0 9.0 12 12.6 11.2 11.2 9.8 8.8 9.8 9.5 8.5 8.5 EBITM EBITM Y2016 Y2017 Y20
Slide 14: Outlook
Outlook 14
Slide 15: 2019 - 2020 Store Expansion Plan
2019 - 2020 Store Expansion Plan 2019 2020 (Max) 2019: 3 Beg. balance 51 57 2020: 5 Panacan, Davao Daraga, Albay - Mar 6 1H Sta. Barbara, Iloilo San Jose, Del Monte 2019: 1 Calumpit, Bulacan 2020: 1 Opol, CDO Cabuyao, Laguna San Isidro, Antipolo Aklan City 2019: 2 2H Sto. Tomas City, Taytay Batangas
Slide 16: 2017 - 2021 Planned New Branches
2017 - 2021 Planned New Branches 50 17 9 6 7 6 Total Planned New Depot Stores - 29 Total number of stores in 1H2021 - 66 From January 2017 to March 2020, twenty two (22) new stores were opened, twenty one (21) depots and one (1) smaller format Home Essentials. 16
Slide 17: Continue to increase margins thru in-house & exclusive brands expansion
Continue to increase margins thru in- house & exclusive brands expansion 17
Slide 18: Disclaimer
Disclaimer This presentation does not constitute a prospectus or any kind of offering memorandum in whole or in part. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company. There shall be no sale of these securities in any state o