EUROCASH Empowering modern retail entrepreneurs - Grupa Eurocash
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EUROCASH Empowering modern retail entrepreneurs
Eurocash Group – executive summary
NO. 1. WHOLESALE DISTRIBUTOR IN POLAND
with 27% market share & the biggest (3bn Pln) FMCG ecommerce platform
DYNAMICALLY ENTERING INTO RETAIL
already no. 7 with objective to become no. 3 retail chain in Poland
WITH INNOVATION AND BUSINESS DEVELOPMENT PROJECTS DELIVERING RESULTS
addressing digitalization, personalization & automation needs
AS THE DOMINANT SMALL FORMAT & PROXIMITY STORE OPERATOR
supported by globally changing trends & consumer habits
2
Group: steady strategy execution to build 2nd biggest purchasing power
Eurocash Group sales evolution (PLN bn) Ranking of FMCG distributors & retailers (sales, PLN bn)
25 Biedronka 48
17 32
23
22
Eurocash
19
25
20
20 20 (Pro-Forma) 7
16
Lidl 11
5
18
17 17 Tesco 11
10
16 9
14 Kaufland 8 10
5
12 10
10 Auchan
10 11
10
8 10
Carrefour
8 7 6 9
6 7
6
3 5 Intermarche
3
5
2017
4 7
2 2 Żabka 4
2 1 7
0 Metro (Makro C&C) 7 2013
9
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Dino
5
Pro 1,7
2009
Forma 3
Source: Company data Selgros 3
3
Source: RZ500
Building scale and purchasing power to bring competitiveness to small stores
3
I. Wholesale: No. 1 distributor in Poland
Building scale and purchasing power to bring competitiveness to small stores
Wholesale market share
Dedicated distribution platforms covering
different store profiles
• Local sub-wholesalers
• Producers own distribution Eurocash
• Specialized & categories not
Generalists
25% Cash&Carry covered by Eurocash Group
4,3
Sales (PLN bn) 27%
Eurocash Others 51%
25% Distribution
4,4
13% Alcohol
Makro - FMCG
Delivery
Distribution
2,3 (C&C) 6%
Specialized
Tobacco & Impulse Selgros (C&C)
32% Distribution 4%
5,7 PT Dystrybucja
(T) 4%
5% HoReCa PHUP Gniezno
Distribev (A) 3%
Bać-Pol 2%
0,8 (T) 1% Alti (A) 1%
T- Tobacco;
A-Alcohol,
4
I. Wholesale: eCommerce FMCG - globally unique, Poland’s biggest
A revolution that ensures ongoing competitiveness of the independent market
and gives opportunity to integrate wholesale assets
Today: Eurocash Distribution Smart business decisions
Tomorrow : all wholesale Module "In Your Neighbourhood"
Alcohol Distribution, Tobacco, Cash&Carry, Others Demographic data of consumers from the shop area,
3 bn 85
preview of promotional leaflets of local competitors,
information about the best-selling products in the
% neighborhood.
of Eurocash Distribution Section "I Know More"
B2B
e-commerce sales customers order via Over 1000 professional articles, legal advice, personnel
electronic channels
management, information on products advertised on TV,
advice on the display of products.
Time saving
Intelligent, shopping lists based on advanced algorithms.
The fastest on the market, "learning" of the user, product
search engine.
Mobility
The first mobile application on the market
supporting store management.
5
II. Retail: 1st nationwide proximity supermarket chain in Poland
Entering retail through market consolidation, followed by operational integration, with LT objective to become no. 3 retailer in Poland
Ranking of retailers (2017 sales, PLN bn) EV/Sales
7.4 bn PLN 1 527 stores Biedronka 48 39% (JMT)
Lidl 16
538
3,1 LT Tesco 11 36% (TSCO)
Own objective
Auchan 10
Kaufland 10
Carrefour 10 22% (CA)
989
4,3
Delikatesy Centrum 7 ?
consolidated 5.1
Franchise Żabka 7 62% (PE)
Retail Sales Number Intermarche 7
(PLN bn) Of Stores
Dino 5 114% (DIN, IPO)
Netto 3
Acquisitions +5 bn PLN +900 stores
E.Leclerc 3
> Retail Sales > By 2023 Stokrotka 3 49% (PE)
Green Field
Polomarket 2
2-3Y integration to ensure
Franchise Chain standardized business Piotr i Paweł 2
Profi (Romania) 68% (PE)
with unified processes
Average 49%
*PE- Private Equity deal 6
II. Retail: Consistently investing in the future position
Bumps on the road are expected, but potential is huge and Eurocash has proven record for executing challenging business plans
Selling area (k sqm) Sales revenues (PLN bn) Polish peers EBITDA Margin (2017 or 2016)
394 7,4
+66% +60%
8,5%
237 4,6
7,2%
6,3% 6,6%
5,9% 6,2%
2016 2017 2016 2017
4,5%
incl. EKO&Mila incl. EKO&Mila
No. of stores Sales per sqm (k PLN)
1 527 20,1 2,1%
1 086 +41%
18,1
2016 2017 3Q 2018 Biedronka Kaufland Żabka Dino Netto
2016 2017 2016 2017
incl. EKO&Mila Eurocash Retail
incl. EKO&Mila
INTEGRATION:
STORES REMODELING HO & OPERATIONS SALES EXPANSION
DEVELOPMENT ACCELERATION
EKO – 183 stores (Sept),191 (Oct 2018) Mila start in 2019
2017 2018 2019 2020 2021
7
III. Projects: delivering innovative form of category development
Each start-up was unprofitable in initial phase, but nowadays gives competitive advantage and profits
FRESH PROJECT FAKTORIA WIN WHISKY
Break even point in 3.5 years Reinvented wine category Total market has been recently developed
in small stores mainly by small format stores
Further potential for growth:
Increase of Delikatesy Centrum penetration Whisky market share
Example how to bring large
Development to Lewiatan, Gama, Euro Sklep, Groszek format category to small stores 33%35% 2017 2018 YTD
30%32%
Expansion with own retail chain
19%17% 17%16%
Fresh Project sales evolution (PLN m) Small Format stores market share
Discounters Hypermarkets Supermarkets Small Stores
156 34.7%
137 146
132 Whisky sales dynamics in 2018 (July YTD)
121
98
83 30.6%
57 29.6% 17% 14%
45
35
3% 3%
1Q 2016 2Q 3Q 4Q 1Q 2017 2Q 3Q 4Q 1Q 2018 2Q 2013 2015 2017 Discounters Hypermarkets Supermarkets Small Stores
Source: Nielsen
8
III. Projects: innovative store concepts
Other start-ups at initial phase, impacting short-term EBITDA, with high future potential
FRISCO.PL DUŻY BEN
B2C eCommerce Warsaw market leader with app. 40% annual growth Proven concept of liquor store – category with Eurocash purchase power
Development with Delikatesy Centrum to bring stock-up mission to small stores 20 stores: 12 own, 10 franchise and agency
Fully automated warehouse to be tested as a potential for duplication Nationwide roll-out initiated with initial clusters development
in wholesale & retail logistics
9
IV. Poland is a place for proven concepts of small stores
Demographics: small towns, small living quarters, daily shopping nearby assure mom & pops stores half of the market
Percentage of population living in cities/rural area Share of distribution channels in food sales in Poland
LTM July 2018, %
32,8% 42,0%
Rural 28%
Cities 0-20K 40% Small Format
Cities 20-50K Supermarkets 300-2500
Cities 50-100K Hypermarkets 2500+
8%
Cities 100K+ Discounters
9,8%
11%
13% 15,4%
60% of Poles live in villages & small towns Small living quarters have limited space to store food
As a result, Poles shop almost every day
Source: GUS, Nielsen
10IV. European trends of growing small stores already visible in Poland
Acceleration of sales dynamics of small stores in 2018
Food market growth by channels Europe: Store Size Groups (sqm).
(YTD Sep 2018, YoY) CAGR (%) 2018-2023
8,8% 6%
7,8% 5%
6,3%
4%
3,4% 3%
2%
0,8% 1,2%
0,1% 1%
0%
-0,4% Hypers (L) Hypers (M) Hypers (S) Supers (XL) Supers (L) Supers (M) Supers (S) Minimarkets Minimarkets
6501-14800 4401-6500 2501-4400 1401-2500 1101-1400 801-1100 401-800 (L) (S)
201-400 1-200
Discounters Hypermarkets 2500+ Supermarkets 300- Small Format
2500
Source: Nielsen Source: www.retailytics.com
YTD 2017 YTD 2018
Small format increasing sales by 6.3% vs. food market Small format stores and discounters gaining market
growth of 5.3% in YTD Sep 2018. share at expense of super/ hypermarkets
11IV. Changing consumer habits are opportunity for small stores in Poland
Proximity and small stores will get even more importance having access to Eurocash innovations
Big Shopping Small Shopping
61% 73%
58%
55% 55% 65%
44% 51%
38%
36%
23% 24%
12% 15%
4% 7%
Hypermarkets Supermarkets Discounters Small Stores
Hypermarkets Supermarkets Discounters Small Stores
Unexpected need Daily routine shopping
Special Occasion Stocking Up
Source: GfK. Q:In which store do you most often perform given types of shopping missions?
.
Thanks to digitalization, automation and e-commerce growth
SMALL STORES MAY TAKE OVER BIG SHOPPING FROM LARGE CHAINS
Growing consumption of F&V, Food: eco, organic, Growing share
ready meals; less bread, meat, sugar veg, regional, exotic of pensioners
Growing disposable income e- and m-commerce as standard
Consumer change from passive to active 12Eurocash Group – executive summary
NO. 1. WHOLESALE DISTRIBUTOR IN POLAND
with 27% market share & the biggest (3bn Pln) FMCG ecommerce platform
DYNAMICALLY ENTERING INTO RETAIL
already no. 7 with objective to become no. 3 retail chain in Poland
WITH INNOVATION AND BUSINESS DEVELOPMENT PROJECTS DELIVERING RESULTS
addressing digitalization, personalization & automation needs
AS THE DOMINANT SMALL FORMAT & PROXIMITY STORE OPERATOR
supported by globally changing trends & consumer habits
13APPENDIX
9M 2018 Results
14I. Executive Summary
01 SMALL STORES ACCELERATING
with sales dynamics at +6,3% in 9M 2018 YoY
02 WHOLESALE 03 RETAIL
STRONG GROWTH INCREASED ASSET BASE
with EBITDA + 52m PLN (+21.6%) with integration impacting profitability
FRESH ROLL-OUT AT BREAK EVEN PAY UP DISPOSAL AGREEMENT
04 with 452m PLN sales 05 5.8m PLN EBITDA (2017)
in 9M 2018 (+101m PLN) at a price of 110m PLN (in. earn-outs)
STRONG IMPROVEMENT IN WHOLESALE, PREPARING GROUND FOR RETAIL
15II. Food market growth
Small format stores accelerating their growth
Food market growth by channels Food market growth by small format channels
(YTD Sep 2018, YoY) (YTD Sep 2018, YoY)
13,2%
12,2%
8,8% 9,4%
7,8%
6,3%
4,2%
3,4%
2,0%
0,8% 1,2%
0,1% -0,5% -0,9%
-0,4% -5,2%
Discounters Hypermarkets 2500+ Supermarkets 300-2500 Small Format
YTD 2017 YTD 2018 Small Supermarkets Convenience 40-100 Small Grocers -40 Specialized & Others
100-300
Food sales in Total Poland increased by 5.3%, while in Small Format stores increase was of 6.3%
Source: Nielsen, Total Poland, All Food 16II. Inflation
Small Format stores sales growth accelerated with lower inflation than other segments
% Food basket inflation
(YoY, YTD Sep 2018)
Food inflation by categories
Large format categories Small format categories
4,4%
1.7% difference 9,8%
3,1% 3,1% 3,3%
7,2%
2,7%
2,2% 2,1% Food average
4,0% 3,4%
3,3% 3,0%
2,3% 2,0% 2,5%
1,2% 1,2% 1,1%
Discounters Hypermarkets Supermarkets Small Format Small Convenience Small Grocers
2500+ 300-2500 Supermarkets 40-100 -40 -2,8%
Fats Fruits Dairy Food Meat Bread and Coffee & Tobacco Fish Beverages Alcohol incl. Vegetables Sugar,
100-300 Cereals Tea Spirits, sweets,
Wine Beer jams
Source: Own estimation based on Nielsen
Source: GUS
2018 (I-VI) 2018 (I-IX)
Eurocash inflation much below the market average:
wholesale prices in Delikatesy Centrum: -1.0%, retail prices +0.8% in 9M 2018 YoY
17III. Wholesale Segment – accelerating the growth
9M 2018: +778m PLN sales and +52m PLN EBITDA increase
9M 2018 Sales of goods evolution 9M 2018 EBITDA evolution
(PLN m) (PLN m)
+21.6% 291
+2.8% +6.2% 13 377 -6.9%
12 252 12 599 257
239 +52m
+778m
+347m -17.8m
2,18%
2,09%
1,90%
9M 2016 9M 2017 9M 2018 9M 2016 9M 2017 9M 2018
Strong performance in 9M 2018 with sales +6.2%, EBITDA +21.5% and EBIT +32.7% YoY.
Cost pressure covered by improved efficiency.
18III. 9M Wholesale sales dynamics
Wholesale segment supported by increased competitiveness of small format stores
Wholesale sales evolution by formats C&C LFL
(9M 2018 YoY)
11% 3% 7% -1% 10% 6% 3,8%
3,6%
49 2,6% 2,7%
31
93 283 -16 1,5%
0,7%
338 1,3% 0,0% 0,3% 0,3%
-0,4%
-1,3%
-2,2%
13 377
-3,5% -3,6%
12 599 +778m -2,7%
+6.2% -4,0% -4,6%
-4,9%
-5,2%
Wholesale Distribution Cash&Carry Tobacco Alcohol Food Other Wholesale
9M 2017 Service 9M 2018
Wholesale accelerated growth from 4.6% in 2Q 2018 to 6.9% in 3Q 2018
C&C LFL in 3Q 18 at +3.8% and 2.8% in 9M 2018 - best performance in last 5 years.
ECD sales to franchisees (Lewiatan, PSD, Euro Sklep, Groszek) increased by 11.9% in 3Q and 10.3% in 9M YoY
19III. Retail – increased asset base, ongoing integration
Integration affecting short-term retail results
9M 2018 Sales of goods evolution 9M 2018 EBITDA evolution
(PLN m) (PLN m)
3 622
pro forma
+41%
incl. Mila
3 032 +15.6% 106
+44.3% 91
2 564
+14m -40.5%
1 795 +768m
+18.3% 63
5,09%
+461m -43m
4,12%
2,07%
9M 2016 9M 2017 9M 2018 9M 2016 9M 2017 9M 2018
Sales increase driven by M&A. Consolidated 2018 Mila sales 466 m PLN (345m in 3Q 2018)
Delikatesy Centrum LFL in 9M 2018 + 2.7% wholesale and +0.5% retail. 3Q 2018: -0.3% wholesale and -2.0% retail
M&A impacting EBITDA with ongoing integration incl: stores remodeling (183 DC stores), Head Office integration, pricing and assortment
policy standardization.
20Retail integration to standardize supermarket chain
2020 objective: PLN 40m savings
7.4 bn PLN sales 1.5k stores
Avg. annual sales per sqm (thds, 2017)
Pricing & Promotions BackOffice (Accounting, HR,
Controling, etc.) 20,1
Assortment 11% diff
IT
Marketing 18,1
Operations (Franchise + Own)
Buying
Logistics
Delikatesy Centrum (ex. Eurocash Retail
HO & OPERATIONAL INTEGRATION Eko&Mila) (DC+Eko+Mila)
STORES REMODELING SALES DEVELOPMENT EXPANSION ACCELERATION
EKO – 183 stores (Sept),191 (Oct 2018) Mila start in 2019
2017 2018 2019 2020 2021
21III. Projects – investments in the future growth
Fresh Project reached break even point in 3Q 2018
9M 2018 Sales of goods evolution 9M 2018 EBITDA evolution
(PLN m) (PLN m)
9M 2016 9M 2017 9M 2018
+111m 506
+225m 395
-6,41%
170
-26 -9,95%
-13m
+7m -32
9M 2016 9M 2017 9M 2018 -15,26% -39
Fresh Project with 452m PLN sales in 9m 2018 (+101m) reached break even in 3Q 2018.
Most relevant for Delikatesy Centrum positioning and competitiveness.
Duży Ben & Kontigo – moved into proven franchise system.
Duży Ben: 15 stores with 4 in franchise / agency model
22IV. 9M 2018 financial summary
Strong sales increase driven by wholesale segment
% of Sales % of Sales
PLN m (Normalized*) 9M 2017 9M 2018 Y/Y Change
9M 2017 9M 2018
Sales driven mainly by wholesale segment
(+778m PLN) and consolidation of Mila
Net sales (total) 15 659 17 032 9%
(+466m PLN).
Gross profit 1 814 2 073 11,6% 12,2% 14%
Gross Margin increase mainly by
EBITDA normalized* 259 265 1,7% 1,6% 2% consolidation of Mila.
Normalized EBITDA increased by 6m PLN,
One-off costs* 114 3
driven by wholesale segment, and off-set by
EBITDA reported* 144,8 261,8 0,9% 1,5% 81% EKO & Mila integration.
Depreciation driven by retail segment.
EBIT normalized* 126,0 115,0 0,8% 0,7% -9%
Profit before tax Net Profit affected by increased effective tax
99,9 82,0 0,6% 0,5% -18%
normalized* rate due to changes in law.
Net profit normalized* 75,1 58,7 0,5% 0,3% -22%
* 2018 results normalized by costs of Mila M&A, 2017 by add. VAT payment
23IV. EBITDA* performance by segments
Core business results strong improvement, off-set by 2017-18 M&A
9M 2018 EBITDA development by segments
(PLN m)
52 43 7
13
Profit increase in most
businesses (ECD, EC
259 262
C&C, ECA, Food
Service) Fresh Project at Provision for
Wholesale sales break even point employees bonuses,
development Duży Ben roll-out compliance (incl.
outperform total food EKO & Mila
with franchise and GDPR), IT, Quality
market impacting results
agency model Control
Eurocash Group 2017 Wholesale Retail Projects Other Eurocash Group 2018
* 2017 results normalized by costs of add. VAT 24IV. Cash Flow
LTM Operating CF at 138% EBITDA
PLN m 3Q 2017 3Q 2018 9M 2017 9M 2018
Cash conversion cycle Mila effect
(after IFRS 15)
Net operating cash flow 112 115 284 301 40 31 31 28 30 30 27 24
20
Net profit (loss) before tax 49 37 (14) 79 25 24 24 24
23 21 20
0
Depreciation 43 54 133 150
-20
Change in working capital 33 21 174 83 (21) (21) (22)
-40 (27) (23) (25) (24)
Other (13) 4 (9) (11) (69)
-60 (71)
(76) (75) (77) (76)
(81)
Net investment cash flow (81) (37) (285) (415) -80
Net financial cash flow (79) (74) (81) 64 -100
Q1 2017 Q2 Q3 Q4 Q1 2018 Q2 Q3
Total cash flow (48) (0) (82) (54)
Receivables Stock Cash conversion Liabilities
Strong cash generation sustained in 9M 2018.
Consolidation of Mila changing rotation of each WC component but with no impact on total Net WC rotation.
*12M – ostatnie 12 miesięcy 25IV. Net debt vs. LTM EBITDA**
Healthy and declining leverage thanks to strong cash generation
Net Debt* vs. 12M EBITDA in 3Q 2018
1,90
1,67
1,36 1,29
1,10 1,11 0,93x
1,02
0,71x
335
excl. M&A
258
excl. M&A
431 584 441 486 419 464 361 370 363 468 360 685 363 608
1Q'17 2Q 3Q 4Q 1Q'18 2Q 3Q
LTM EBITDA (PLN m) NET DEBT (PLN m) NET DEBT / EBITDA
Net Debt decrease by 77m PLN 3Q 2018
*NET DEBT - the sum of long and short term loans, borrowings and financial liabilities less cash and cash equivalents
**Adjusted for one-off item – 114 m PLN potential VAT liability payment done in Aug 2017
26IV. PayUp disposal to Polskie ePłatności
Finalization upon receiving consent from antimonopoly office
Maximum price:
2015 2016 2017
PLN 110 m Sales Revenues
(before IFRS15)
220 329 440
(depends on earn-outs)
EBITDA 0,8 4,1 5,8
EBITDA % 0,3% 1,2% 1,3%
Estimated maximum net profit
EBIT -2,1 0,3 0,7
EBIT % -1,0% 0,1% 0,2%
PLN 102 m
Long-term cooperation Eurocash Group will focus on its core
agreement business
27Eurocash Group business portfolio
Cash from mature wholesale is invested in retail growth and innovation
Faktoria Win
28Eurocash generates cash to keep investing for future competitiveness
Cash generative business model funds M&A and innovation for long-term even in recent tough business context
Operational Cash Flow* vs. EBITDA* Cash Conversion (in days)
93% 100% 137% 135% 60% 206% 74% 163% 0,0
1 200 250%
978
1 000 200% -5,0 Eurocash:
800 670 -5,8
589 150%
542 -10,0 Ability to generate
600 490 476
402 412 440 324
361 100% -11,1 cash necessary to
400
231 216 266 266 246 -15,0 -12,4 -13,2
50%
invest into future
200
-20,0 -17,2 -17,6 growth
0 0% -19,4
2010 2011 2012 2013 2014 2015 2016 2017
-25,0 -22,0
EBITDA Operating cash flow OCF/EBITDA 2010 2011 2012 2013 2014 2015 2016 2017
Eurocash EBITDA margin %
vs. gross salary and inflation in PL New Projects EBIT (PLN m)
2015 2016 2017 New initiatives impact
5,0% 4,5% 4,4% 5,0% 0 short term profitability
4,3% 3,9%
4,0%
3,7% 3,7%
4,0%
-10 but are investment
3,0%
2,7%
3,0% -20 into future
3,0% 2,4% 2,4% 2,3% 3,0% -19
2,1% -30 competitiveness of our
2,6% 2,0% 1,6%
2,0% 2,0% -40 clients
0,9%
0,8% 2,0%
1,0% 1,0% -50
-0,2% -43
0,0% 0,9% 0,0% -60 -53
-1,0% 0,0% -1,0%
-0,9% -0,6%
-2,0% -2,0% Clear potential to
2010 2011 2012 2013 2014 2015 2016 2017 increase profits
Eurocash EBITDA margin % Gross Salary CPI (Inflation)
We kept investing despite unfavorable macro trends and growing costs of innovative projects
* 2017 adjusted by one-off items, VAT issue 29After many years of growth we are now able to focus on profitability
150 M PLN by 2020 - identified potential for cost reduction
WHOLESALE RETAIL
Head Office EC C&C Logistics: ECD Merger with ECA Retail Head Office
cost optimization restructuring then ECS impulse cost optimization
~60m PLN ~10m PLN ~40m PLN up to ~40m PLN
(2019-2020) (2020)
9M 2018 EBITDA* evolution
(PLN m)
257
-6.9% +21.6% 291 Improvement
239
of Wholesale
-17.8m
2,09% 1,90%
+52m 2,18% EBITDA
9M 2016 9M 2017 9M 2018
30Disclaimer
This presentation and the associated slides and discussion contain forward-looking statements. These statements are naturally subject to
uncertainty and changes in circumstances. Those forward-looking statements may include, but are not limited to, those regarding capital
employed, capital expenditure, cash flows, costs, savings, debt, demand, depreciation, disposals, dividends, earnings, efficiency, gearing,
growth, improvements, investments, margins, performance, prices, production, productivity, profits, reserves, returns, sales, share buy
backs, special and exceptional items, strategy, synergies, tax rates, trends, value, volumes, and the effects of Eurocash S.A. merger and
acquisition activities. These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual
results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties and other factors
include, but are not limited to developments in government regulations, foreign exchange rates, oil and gas prices, political stability,
economic growth and the completion of ongoing transactions. Many of these factors are beyond the Company's ability to control or predict.
Given these and other uncertainties, you are cautioned not to place undue reliance on any of the forward looking statements contained
herein or otherwise. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements
(which speak only as of the date hereof) to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated
events, except as maybe required under applicable securities laws. Statements and data contained in this presentation and the associated
slides and discussions, which relate to the performance of Eurocash S.A. in this and future years, represent plans, targets or projections.
For more information please contact:
Cezary Giza
Investor Relations Director
cezary.giza@eurocash.pl
mobile: +48 693 930 415
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