Slide 1: 1Q15 Financial Results
1Q15 FINANCIAL RESULTS OVS June, 2015
Slide 2: Disclaimer
1 Disclaimer This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other oth person. This presentation might contain certain forward-looking looking statements that reflect the Company’s management’s current views with respect re to
Slide 3: 1Q15 Highlights
2 1Q15 Highlights Successful IPO resulting in a cash inflow of €349m and strong deleverage; the remaining debt was fully refinanced at substantially more favorable interest rates +7.9% Increase in Net Sales Strong sales growth 7,9% driven by network expansion but also supported by a resilient LfL +7
Slide 4: Key Income Statement Items
3 Key Income Statement Items Positive performance confirmed also in 1Q15 1Q15 1Q14 Key Metrics * € mln % of Net Sales € mln % of Net Sales Growth Net Sales 284.6 263.8 7.9% EBITDA 23.5 8.3% 19.4 7.4% 21.2% EBIT 10.1 3.6% 5.3 2.0% 91.7% PBT 2.6 0.9% (9.7) (3.7%) n.a. • Net sales increased by 7.9% dri
Slide 5: Performance By Brand
4 Sales and EBITDA Performance Net Sales (€mln) EBITDA (€mln) • High turnover growth conversion into EBITDA • Improved operating leverage Aggregate Performance • Increase in EBITDA and margin for both brands 284.6 23.5 263.8 19.4 30 Apr ‘14 30 Apr ‘15 30 Apr ‘14 30 Apr ‘15 7.4% 8.3% Performance By B
Slide 6: Consolidated Net Working Capital
5 Consolidated Net Working Capital € mln 30 April '15 31 January '15 Change Accounts Receivable 95.8 73.0 22.8 Inventory 291.1 287.6 3.5 Accounts Payable (344.6) (374.4) 29.8 Net Working Capital 42.4 (13.8) 56.2 • out figures at 30 April 2014, we highlight that the reported balance at 30 April ’15 i
Slide 7: Capex
6 Capex Consolidated Capex, net (€ mln) • Capex (€10.6m in 1Q15) is progressing in line with management plans for full year which includes: Management estimate new openings (c. 40% of total capex) refurbishment and maintenance of the existing network (c. 20%) IT and equipment (c.15%) mainly related
Slide 8: Consolidated Cash Flow Statement
7 Consolidated Cash Flow Statement € mln 1Q15 Illustrative cash generation EBITDA 23.5 curve Change in Net Working Capital (56.2) Change in other assets (liabilities) (1.6) Capex (10.6) Operating Cash Flow (44.8) Financial Expenses (7.6) TFR (Employees’ leaving indemnity) (1.3) 1Q 2Q 3Q 4Q Taxes 0.0
Slide 9: Net Debt and Leverage
8 Net Debt and Leverage € mln 30 April '15 31 January '15 Net Debt 349.0 624.4 EBITDA LTM 161.2 157.1 Leverage on EBITDA 2.2x 4.0x • During 1Q15 leverage declined by 1.8 times vs. 31 January 2015 mainly due to the proceeds from the IPO • Residual net debt at the IPO has been entirely refinanced at m
Slide 10: Outlook
9 Outlook • The macroeconomic backdrop seems to have stabilized. Uncertainty still lingers, but consumer confidence is growing again. • In May, the company recorded strong sales in both brands, also supported by more favourable weather conditions. • The network expansion is progressing as expected,
Slide 11: Appendix
OVS Appendix
Slide 12: Consolidated Balance Sheet Statement
11 Consolidated Balance Sheet Statement € mln 30 April '15 31 January ‘15 Delta Receivables 95.8 73.0 22.8 Inventory 291.1 287.6 3.5 Payables (344.6) (374.4) 29.8 Net Operating Working Capital 42.4 (13.8) 56.2 Other Short-term Non-financial Receivables (Payables) (71.6) (69.5) (2.1) Net Working Capi