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3I Capital Markets Seminar Action

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3I Capital Markets Seminar Action 3i Capital Markets Seminar Action 8 June 2016 Agenda 1 3i’s investment in Action 2 Action presentation • Sander van der Laan, CEO Action • Frederik Lotz, CFO Action 2 3i acquired Action in September 2011 • Acquired from founders in primary buyout for 8.3x EBITDA • Investment triggered by proactive approach from 3i • Six months exclusive off-market due diligence process 3 Strong value creation and continued potential Action – 3i carrying value Selected observations £m 1,000 • £902m carrying value 902 900 800 • 14x EBITDA multiple post-liquidity 712 discount 700 592 600 573 501 • Action reported EBITDA 2015 €226m 500 400 280 299 • 11.6x money multiple over cost(1) 300 173 200 131 143 168 113 • 3.5x money realised from distributions 100 59 10 (recaps) 0 Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar 11 12 12 13 13 14 14 15 15 16 • 24% of 3i’s PE portfolio Carrying valuation Realisations Source: 3i Annual and Half-yearly reports. (1) Cash proceeds over cash invested. For partial realisations and refinancings, valuations of any remaining investment are included in the multiple. 4 Acceleration of international growth under 3i ownership Milestones 2011-2016 655 • Transition from founders to professional management # Stores Buyout 514 • Strengthen the team, build 406 systems and processes 321 269 • Accelerate international 245 220 190 growth 170 149 127 105 • New CEO, CFO appointed in 2015 to lead next phase 1 of development 1993 >> 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Netherlands Belgium Germany France Luxembourg Austria 5 Action 3i Capital Markets Seminar 8 June 2016, London 6 Today’s speakers Sander van der Laan Frederik Lotz Chief Executive Chief Financial Officer Officer 7 Joined October 2015 25 years Consumer & Retail experience Various positions at Ahold (1998 - 2015) • CEO Albert Heijn (2011 - 2015) • COO of Ahold Europe Sander van der Laan • General Manager Albert Heijn Chief Executive Officer • President & CEO Giant Food Stores (Ahold USA) Age 47 • General Manager Gall & Gall 8 Action: Leading European non-food discount retailer 700+ stores (June 2016) # of stores (Dec 2015) All stores profitable 2015 Sales €2.0bn (+32% yoy) 341 Net Sales 2015 Like for Like Sales Growth 7.6% Split by Geography (FY15A) 76 2015 EBITDA €226m (+36% yoy) 116 14% >28,000 employees across six countries 1 8% 57% >50% of sales outside the Netherlands in 2016 120 20% 1 Netherlands Belgium Germany France Source: Company information Note: 2015 figures adjusted on a 52 week basis 9 Action has a unique proposition Winning customer proposition & brand 1 2 3 4 Unique and Lowest Convenient Proud surprising prices shopping employees assortment environment 8 Loyal and growing customer base Simple, low risk and scalable business model 5 6 7 One Robust sourcing Centralised and standardised model efficient format distribution 10 We have 13 distinct categories presented in a standardized floorplan General 1 DIY Typical Action store blueprint merchandise 2 Toys and Entertainment 3 Stationary and Hobby 4 Decoration 5 Multimedia 6 Household 7 Seasonal Fast Moving 8 Laundry and Cleaning Consumer Goods 9 Food and Drink 10 Personal Care 11 Pet Food Textile 12 Basic and Fashion 852m2, Aalsmeer, The Netherlands 13 Linens Unique and Surprising Assortment Source: Company information 1 2 3 4 5 6 7 8 11 Balanced revenues across the 13 categories with majority of SKUs in-out Net sales by product category (FY15A) Net sales split by product type (FY15A) 7% 12% 10% 2% 4% 11% 39% 7% 9% 5% 61% 3% 7% 11% 12% Fixed SKUs In-Out SKUs Net sales split by product category(1) Balanced assortment Multiple price point offering c.150 – 200 new products per week Unique and Surprising Assortment Source: Company information (1) Each colour in the chart indicates a different product category 1 2 3 4 5 6 7 8 12 We continue to surprise our customers Illustrative new articles introduced in a 6 week period Does Action have a surprising assortment?(1) Week 1 2 3 4 5 6 73% DIY NL Average 48% Toys and Entertainment Competitor Stationary and Hobby Decoration 59% BE Average Multimedia Competitor 44% Household Seasonal 62% GE Average Laundry and Cleaning Competitor 30% Food and Drink Personal Care 46% FR Pet Food Average Competitor 39% Basics and Fashion Linen Unique and Surprising Assortment (1) GfK Image and Awareness Study Jan 2015 1 2 3 4 5 6 7 8 13 Action offers unbeatable prices – main reason for shopping Strong low-price points(1) Main reasons for visiting Action(2) 100 1 For the lowest price Netherlands 171 2 Category variety 100 Belgium 207 3 Changing assortment 100 Germany 186 4 Shop is nearby 100 France 223 5 For specific products I always buy there Action Price Competitor Group Basket (1) Chart shows comparison of shopping baskets between countries. Price index excluding promo pricing. The Netherlands, Belgium, Germany and France Lowest Prices as per March 2016 1 2 3 4 5 6 7 8 14 (2) Source: GFK Image and Awareness Study Jan 2016 Why our prices are so low We buy big volumes Low overhead costs No fixed assortment Efficient logistics Simple business Stores at B/C Low marketing Standardised store model locations expenditure processes Cost benefit building blocks that enable us to provide our customers the lowest prices Lowest Prices 1 2 3 4 5 6 7 8 15 Good quality can come at a low price Implementing Action quality system Strengthen quality & sustainability function Action Ethical Sourcing Policy 100% factory audits of all direct import Formulate & communicate our objectives and efforts Lowest Prices 1 2 3 4 5 6 7 8 16 Convenient shopping experience for our customers Proximity continues to improve due to network expansion Unique combination of 13 distinct categories Standardized floorplan and routing Mainly EDLP (Every Day Low Pricing) Easy in – Easy out Many locations offer good parking facilities Convenient Shopping Environment 1 2 3 4 5 6 7 8 17 Our company culture is fundamental to our success Company culture 1 Customer focused 2 Cost conscious 3 Teamwork 4 Discipline 5 Simplicity 6 Respect Proud Employees 1 2 3 4 5 6 7 8 18 Engaged and proud employees committed to the journey ahead 2015 employee perception Total favourable score(1) Compared to international retail norm Leadership 78 +8 Supervision 86 +8 Operating Efficiency 85 +12 Career Development 73 +7 Client & Image 89 +6 Working Relationships 90 +10 Empowerment 80 +8 Safety 78 +7 Rewards & Performance 70 +9 Engagement 86 +4 Proud Employees Source: Tower Watson (1) On a scale of 1-100 1 2 3 4 5 6 7 8 19 One standardised format which is easily scalable European single format retailers (# of countries) One brand 61 One store format 37 Majority of stores 700m2 – 1,100m2 26 One store operating model 6 ~95% of the 6,000 SKUs are the same across Action Ikea H&M Lidl all stores and countries One Standardised Format Source: Company information 1 2 3 4 5 6 7 8 20 Action builds 3 tier strategic sourcing approach 15% DC Top 3 Wholesale Zwaagdijk 12% Top 4-10 73% 400 Suppliers – Partnership: Other majority Dutch DC Li & Fung Echt-Susteren 140 $m Direct Imports DC Moissy-Cramayel 57 Partnership: 1 Li & Fung 2014 2015 2016 YTD DC D FMCG Supplying national brands DC Growing volume of direct sourcing (€m) Increasing number of E pan-European deals Direct sourcing % share of 0.1% 4.6% 8.1%(1) 700+ stores - 4 – 5m customers per week and relations buying value Robust Sourcing Model Source: Company information 1 2 3 4 5 6 7 8 21 32 Proven DC expansion with 3 DC operational and 2 more in pipeline Prime area of current Action stores Headquarters and DC-A (Zwaagdijk-Oost, NL) Capacity: 120 Stores Capacity: 300 Stores DC-C 2 new DCs to be realised in DC-B (Moissy-Cramayel, FR) Toulouse and Mannheim areas (Echt-Susteren, NL) Centralised and Efficient Distribution (1) As of Mar 2017, current capacity: 170 1 2 3 4 5 6 7 8 22 Efficient logistical platform in place We have a ‘supermarket like’ Supply Chain servicing our non-food stores. Warehousing Transport State of the art facilities European network management European Blueprint >300 cost efficient double-deck trucks 2 shifts 5x times/ week delivery. Each store. Full assortment. Partnership in France with ID Logistics 25% of the stores 6-day delivery Centralised and Efficient Distribution Source: Company information 1 2 3 4 5 6 7 8 23 Action’s loyal customer base spreading the word 4 - 5 million customers per week 71% penetration in the Netherlands Retailer of the year Europe 2014 and 2015 Happy employees = Happy customers 23 years of like-for-like growth Loyal and Growing Customer Base Source: Company information 1 2 3 4 5 6 7 8 24 Proposition travels across borders – allowing fast roll-out in several countries simultaneously We have developed a highly professional expansion team with: > 20 acquisition managers Country specific construction teams 705 Multiple store opening teams 655 Very disciplined IP approval process 514 406 324 341 303 321 262 116 120 93 68 76 51 45 52 22 7 1 13 - - - 1 - - - 1 Netherlands Belgium Germany France Austria Luxembourg Total Number of stores across countries Source: Company information 262303324 341 2012 5168 93 116 20137 2245 76 12014 1352 120 - -2015 - 1 - - -2016 1 321 406YTD 514 655705 25 Huge further roll out potential # Stores Retail Roll-Out Population Dec 2015 Market Potential Netherlands 341 16.9m €94bn Belgium 116 11.3m €72bn France 120 66.4m €420bn Germany 76 81.2m €453bn Austria 1 8.6m €59bn All stores across 6 countries are profitable Source: Company Information.
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