Dino Polska Sa · GPW:DNP
Dino Polska Sa — Q1 2019 Earnings Presentation
18 slides from Dino Polska Sa's earnings presentation, May 9, 2019
Slide 1: 1Q 2019 Financial results
1Q 2019 Financial results 9th May 2019
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 2019
Our achievements in 1Q 2019 +33 new stores +27.4% net sales area y-o-y (+25 in 1Q 2018) (+25.8% at end of 1Q 2018 y-o-y) +22.7% sales y-o-y +5.0% LFL y-o-y (+41.6% in 1Q 2018 y-o-y) (+20.3 in 1Q 2018 y-o-y) +26.5% EBITDA1 y-o-y +0.3pp EBITDA1 margin y-o-y (+52.5% in 1Q 2018 y-o-y) (+0.6pp in 1Q 2018
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 Stores per 100k inhabitants as of March 31, 2019 (in brackets as of March 31, 2018) Net sales area (’000 m2) 25 32 50 81 119 151 192 238 295 378 389 0.8 (0.5) 0.1 No. of stores 977 1009
Slide 5: LFL sales growth impacted by calendar effects
LFL sales growth impacted by calendar effects Inflation 2.0 1.8 1.9 2.2 1.5 1.7 2.0 1.4 1.2 Sales mix Product split by revenue (1Q 2019) LFL sales growth 25.0% LfL adjusted by the impact exerted Non-food 20.3% by the shift in the timing of Easter 11.8% Fresh food 20.0% 18.8% and by the the Sunday tr
Slide 6: High revenue growth
High revenue growth Revenues (PLNm) +22.7% r/r 1,613 1,560 5,839 1,544 1,410 1,271 4,463 3,321 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2016 2017 2018 Source: Company financial statements 6 6
Slide 7: Consistent growth in results and the EBITDA margin
Consistent growth in results and the EBITDA margin1 EBITDA margin 10.6% 8.8% 9.2% 8.5% 9.0% 9.3% 8.2% 8.7% +26.5% r/r (EBITDA PLNm) 170.6 541.1 141.5 31.6 132.0 112.1 124.6 401.4 28.4 104.4 26.9 37.4 85.9 288.3 25.1 65.2 139.0 429.0 113.0 97.7 94.6 315.5 79.3 223.1 1Q 2Q 3Q 4Q 1Q 2016 2017 2018 2018
Slide 8: 1Q 2019 EBITDA bridge
1Q 2019 EBITDA bridge (PLNm) 8.2% 8.5% 8.3% + PLN 24.7 million +23.6% 3.0 18.3 20.0 0.7 1.7 37.4 25.1 18.0 132.0 129.0 104.4 94.6 94.6 94.6 79.3 1Q 2018 1Q 2018 1Q 2018 Δ Sales at Δ Cost Δ Sales & Δ G&A Δ Other 1Q 2019 1Q 2019 1Q 2019 IFRS16 1Q 2019 EBITDA D&A EBIT a constant of sales marketing oper
Slide 9: Operating cash flow
Operating cash flow Capex2 OCF structure (PLNm) (PLNm) 110% 103% 117% 113% 183% 634 22 497 116 14 112 131 634 324 25 86 47 402 65 310 2Q 384 1Q 241 266 44 29 186 37 118 25 69 82 (47) (82) 2016 2017 2018 1Q 2018 1Q 2019 ( 4) ( 9) Capex Capex as % of EBITDA 2016 2017 2018 1Q 2018 1Q 2019 Profit before
Slide 10: Balance sheet
Balance sheet Net debt / EBITDA(1) Interest coverage ratio(2) 1,7x 9.5x 9.3x 3 4 1.4x / 1.5x 1,3x 8,0x 1,2x 7,3x 1,0x 2016 2017 2018 1Q 2018 1Q 2019 2016 2017 2018 1Q 2019 Source: Company financial statements (1) Net debt to EBITDA defined as net debt divided by EBITDA (adj.) for the last twelve mon
Slide 11: Strategy update
Strategy update 1 Organic store roll-out Over 1,200 stores by the 977 end of 2020 1Q: +33 775 stores new stores stores (+202) 628 (+147) stores 2016 2017 2018 2019P 2020P 2020P 2021p 2022p 2023p 2024p 2 LFL growth 3 Improving profitability + 0.1 pp1 / +0.3 pp2 5.0% EBITDA margin improvement LFL grow
Slide 12: najblizej Cieblie
najblizej Cieblie 12
Slide 13: Company financial statements (1/5)
Company financial statements (1/5) 1 Profit and loss statement2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q (PLNm) 2014 2015 2016 2017 2018 2017 2017 2017 2017 2018 2018 2018 2018 2019 Sales 2,108.0 2,589.6 3,320.6 4,462.8 5,838.5 897.8 1,095.1 1,206.4 1,263.5 1,271.3 1,409.8 1,543.9 1,613.5 1,560.5 Cost of sales (1
Slide 14: Company financial statements (2/5)
Company financial statements (2/5) 1 Balance sheet 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q (PLNm) 2014 2015 2016 2017 2018 2017 2017 2017 2017 2018 2018 2018 2018 2019 Assets Property, plant and equipment 798.9 1,024.2 1,337.2 1,697.6 2,347.0 1,386.4 1,497.0 1,593.2 1,697.6 1,787.7 1,931.4 2,090.4 2,347.0 2,570.
Slide 15: Company financial statements (3/5)
Company financial statements (3/5) 1 Balance sheet 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q (PLNm) 2014 2015 2016 2017 2018 2017 2017 2017 2017 2018 2018 2018 2018 2019 Interest-bearing loans, borrowings and finance lease 286.0 361.8 452.4 470.6 585.3 487.2 508.5 490.6 470.6 502.7 537.3 521.5 585.3 752.3 liabilit
Slide 16: Company financial statements (4/5)
Company financial statements (4/5) 1 Cash flow 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q (PLNm) 2014 2015 2016 2017 2018 2017 2017 2017 2017 2018 2018 2018 2018 2019 Cash flows from operating activities Profit before tax 79.3 135.2 186.5 266.0 384.0 38.0 58.7 77.0 92.3 69.3 87.2 101.5 126.0 82.3 Adjustments for 10
Slide 17: Company financial statements (5/5)
Company financial statements (5/5)1 Cash flow 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q (PLNm) 2014 2015 2016 2017 2018 2017 2017 2017 2017 2018 2018 2018 2018 2019 Cash flows from investing activities Proceeds from sale of property, plant and equipment and intangibles 0.4 0.9 1.1 8.0 1.6 0.1 1.1 6.4 0.4 0.7 0.2 (
Slide 18: 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 18