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3I Capital Markets Seminar – Action

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3I Capital Markets Seminar – Action 3i Capital Markets Seminar Action 19 March 2019 Agenda 1. Introduction Simon Borrows 2. Business performance 2018 Sander van der Laan 3. Strategy update Sander van der Laan 4. Financial performance 2018 Joost Sliepenbeek 5. Wrap up Simon Borrows 2 Action continues its growth trajectory under 3i ownership • Acquired from founders in a primary buyout in Action sales (€m) 2011 for 8.3x EBITDA 4,216 • 3i’s carrying value increased to £2,540m at December 2018 (£2,312m, December 2017) 718 • Valued at 16.5x run-rate EBITDA multiple post 2011 2018 liquidity discount • 26.0x 3i gross money multiple at December Action – 3i carrying value (£m) (1) 2018, including realisations up to that date 3,364 834 • 3i gross realised money multiple of 6.4x from £834m of distributions received since start of 2,540 investment 130 Investment cost Dec-18 • Action is an exceptional asset + distributions proceeds Source: 3i Annual and Half-yearly reports. (1) Valuation of remaining investment included in the multiple. 3 3i led governance focused on sustainable growth Milestones 2011-2016 New store growth (#) • Transitioned from founders to professional 1,325 1,095 management 852 655 514 321 406 • Strengthened the team and upgraded systems and 269 processes 2011 2012 2013 2014 2015 2016 2017 2018 • Developed strategy for international store roll-out in Sales growth (€m) several European countries 4,216 3,418 2,675 1,995 Milestones 2017-2019 1,506 873 1,155 • Focusing on growth in existing markets 718 2011 2012 2013 2014 2015 2016 2017 2018 • Moderating new store growth to allow investment in commercial and supply chain capabilities DC construction (#) • Accelerating investment in pan European distribution, 7 end-to-end supply chain planning and other key 2 2020 2019 capabilities 2 3 2 2017-18 • Focused on building strong foundations for long-term 2011-2016 2017-2020 growth 4 Today’s presenters Sander van der Laan Joost Sliepenbeek Chief Executive Officer Chief Financial Officer • Joined in October 2015 • Joined in November 2018 • 28 years of Consumer & Retail experience • 18 years of Consumer & Retail experience • 31 years experience in finance, 19 years as CFO • Various positions at Ahold (1998 – 2015) – CFO Vion (2015 – 2018) – CEO Albert Heijn (2011 – 2015) – CFO Van Gansewinkel (2013 – 2015) – COO Ahold Europe – CFO C1000 (2009 – 2012) – General Manager Albert Heijn – CFO HEMA (2007 – 2009) – CEO Giant Food Stores (Ahold USA) – CFO Albert Heijn (1999 – 2003) – EVP Marketing & Merchandising Albert Heijn – Various positions at Ahold (1994 – 2007) – General Manager Gall & Gall 5 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 We have strengthened our EB, bringing in multi disciplinary experience CEO Sander van der Laan Director CFO Technology & IT Joost Sliepenbeek Jens Burgers Director Director Store Commercial Supply Chain Operations Director Joost Bous Bart Raeymaekers Hajir Hajji Netherlands BeLux France Germany Austria Poland Tjeerd Judia Wouter de Steffen Wolfgang Slawomir Bartels Elkadi Backer Rosenbauer Tratter Nitek 6 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 Executive Board members General Managers (countries) Agenda 1. Introduction Simon Borrows 2. Business performance 2018 Sander van der Laan 3. Strategy update Sander van der Laan 4. Financial performance 2018 Joost Sliepenbeek 5. Wrap Up Simon Borrows 7 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 2018 was another year of strong performance €4,216 3.2% €450 230 70% Million Like-for- Million Stores Cash net sales Like sales Operating added conversion growth +23% EBITDA (Q4: 4.4%) Significant investments in organisational capability and Supply Chain 8 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 Our high growth track record continues 4,216 450 3,418 387 2,675 310 1,995 226 1,506 166 1,155 128 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 1,325 10 1,095 3 852 2 655 5 514 406 3 2 2 5 1 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 DCs opened before 2019 DCs to be opened over the next 12 months 9 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 DCs opened in 2019 Results of 2018 could have been even stronger Supply Chain challenges Investments in Specific category stock issues organisational + capability External 10 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 In 2018 we added another 230 stores, continuing our strong geographic expansion 378 25 167 288 5 424 38 Net sales (€m) # of stores NL sales (%) 607 4,216 245 1,325 ~95% ~33% 2010 2018 # of stores (31-12-2018) 11 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 This brings our total number of stores to 1,325 in 7 countries Brignoles 900m2 - opened wk 36 with €219k sales1 Marseille (Cabriès) 1,200m2 - opened wk 4 (2019) with €254k sales1 (1) First full week of sales 12 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 DC expansion – accelerated from 2 DCs in 2016 to 7 DCs currently with 3 more to open before the end of 2020 DCs opened in or before 2018 Zwaagdijk, NL Peine, DE (2019) DCs open in 2019 DCs to open in 2020 Osła, PL (2019) Echt, NL Bratislava, SK (2020) Verrières, FR (2020) Biblis, DE Moissy, FR Belleville, FR (2019) Labastide, FR 13 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 Agenda 1. Introduction Simon Borrows 2. Business performance 2018 Sander van der Laan 3. Strategy update Sander van der Laan 4. Financial performance 2018 Joost Sliepenbeek 5. Wrap Up Simon Borrows 14 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 Customer behaviour is rapidly changing Digitalisation of Rapidly growing interest in society and influence sustainability of social media Polarisation in retail markets, Continued growth of growth of premium and e-commerce, especially value discount multi-channel retailing Change in shopping and Development of consumption driven by new retail models new technology We need to stay consistent, open and agile to remain up-to-date and competitive 15 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 Our strategy Strengthen our unique (International) geographic 1 2 customer value proposition expansion A cost-effective, simple, scalable and responsible business model 3 that delivers our strategy 4 Organisation, people and culture 16 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 Unique business model providing sustainable competitive advantage One brand & Price Surprise one format Scalable Customers business People model 17 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 18/03/2019 One concept across all countries 1 1 1 brand store format store operating model • Stores between 700 to 1,100 sqm • More than 90% of product range is the same across all stores, all countries • 2/3 of product range is changing, 150-200 new articles/ week • Wide lanes, low shelves and pleasant store lighting lead to an enjoyable shopping experience 18 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 18/03/2019 We continuously improve the customer experience • Refreshed Action logo • Brighter and lighter store environment: → New floor tiles → More daylight → No ceiling → More colourful → New signing • Energy friendly LED lighting, reducing electricity consumption by 40% • Applied in new stores and stores that are due for regular refurbishment • Results: → Positive customer feedback → Increased sales → Neutral in CAPEX 19 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 14 categories with continuously changing products Garden/ Outdoor Toys Clothing Household Laundry & • Overall 3.2 % LFL in 2018. Goods Cleaning Healthy LFL growth in all markets Personal • Our operating model allows us to Decoration Care switch to new categories • Within categories, products change continuously over the year 14 categories • Within categories, focus on: → Price → Surprise (newness) Multimedia Linen → Quality Food & Pets Drinks DIY Sports Stationery & Hobby 20 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 Strong performers in 2018 We manage our categories in a dynamic manner Strong performers 2018 Require attention Sports Successful introduction of new Decoration Strong on awareness and surprise, category with strong sales however more focus on performance. Additional opportunity rationalisation of product range and in vitamins introduction of new private labels Clothing Significantly reduced fashion. Strong Food & Drinks Some price pressure for A-brands, performance despite space focus on volume items, instore reduction, additional potential in presentation and more country basics, body- and legwear specific product range Toys Benefited from warm summer, potential destination store. Opportunities in diversification of product range and A-brands 21 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 Unbeatable prices offered to our customers Retro LED light Dreft detergent Kettlebell 6kg Werckmann claw hammer At (discount) sports shops: Product with € 14.992 comparable specs €9 - 15 at supermarkets: for products with comparable specs at >€ 2.00 Carex 5L winter Dutch DIY stores screenwash Skyler dog Panasonic AA food Batteries Premium 62% cheaper brand: compared to competing product € 1.00 Volume: ca. 1m Volume: ca. 7m at discount furniture shop1 cans/ year batteries / year (1) Compared to closest comparable product: 400 lumen vs. 320 lumen (2) Private label 6kg ketllebells 22 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 Unbeatable prices offered to our customers % of products in different price ranges Unbeatable prices for competition ~30% ~30% ~30% 100 155 100 166 100 167 100 ~7% 181 ~3% 100 155 €0-1 €1-2 €2-5 €5-10 >€10 Action Competitor cheapest basket Primary offering 23 ACTION | 3I CAPITAL MARKETS SEMINAR 2019 Strong brand with a very strong conversion towards buying at Action Awareness 96% 80% 60% 71% 47% Conversion from awareness to consideration
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