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2017 Results Presentation SUMMARY OF THE PRESENTATION Part 1. 2017 RESULTS OVERVIEW: TOUGH IN TERMS OF PROFIT – STRONG IN TERMS OF CASH FLOW Part 2. 2023 STRATEGY: FIT FOR THE FUTURE OPTIMIZATION PLAN AND COST SAVINGS IDENTIFIED RETAIL WHOLESALE DRIVER OF GROWTH DRIVER OF CASH 2 5Y OPERATIONAL HIGHLIGHTS EUROCASH FIT FOR THE FUTURE Increased Capex in time of deflation and cost pressure Return to inflation, wage cost pressures and labour shortages. Eurocash solid sales growth with 8.9% 5Y CAGR Short-term EBITDA underperformance overlap the Group's initiatives to boost long-term competitiveness Investment into sales growth Strong Operational Cash Flow (1.67x EBITDA 2017) constantly reinvested into sales growth 3 PART 1 2017 MARKET OUTLOOK AND EUROCASH GROUP RESULTS 4 FMCG MARKET GROWTH Small Format growing 2.5% vs. FMCG market growth of 4.2% in LTM Nov 2017 FMCG market growth by channels Food market growth by channels (YoY, LTM Nov 2017) (YoY, LTM Nov 2017) 10% 9,0% 9,9% 9% 8% 7% 5,1% 6% 5% 3% 3,4% 4% 2,5% 1% 0,1% 2% -1% -3% 0% -5% -2% -1,3% -4,6% Discounters Hypermarkets 2500+ Supermarkets 300-2500 Small Format - Total Specialized & Others Small Grocers -40 Convenience 40-100 Small Supermarkets 100-300 Although inflation supports Large Format, small format stores with growing sales. Small Supermarkets outperform the market. Source: Nielsen; *LTM – Last Twelve Month 5 INFLATION & SALES DYNAMIC BY CATEGORIES Discounters and Supermarkets taking advantage from inflation Food inflation by categories (2017) Estimated* food inflation by channel (LTM Nov 2017) 18% 16,0% 16% 14% 7,0% 6,6% 12% 6,0% 10% 4,4% 4,6% 8,0% 5,0% 3,7% 8% 4,0% 3,6% 3,5% 5,9% 6% 4,8% 4,6% 3,0% 2,2% 3,4% 2,0% 4% 2,9% 2,8% 2,8% 2,5% 2,1% 1,0% 2% 0,2% 0,1% 0,0% 0% Discounters Hypermarkets Supermarkets Small Format Small Convenience Small Grocers 2500+ 300-2500 Supermarkets 40-100 -40 100-300 Source: GUS 2017 inflation (YoY): +2.0% CPI, +4.2% food and non-alcoholic beverages, +1.1% alcohol & tobacco Inflation driven by Large Format categories * Estimation based on Nielsen data. Calculation based on Total Poland data: food category share in total channel multiplied by difference of value and volume change in category sales. In addition impact of F&V and Meat category was calculated as multiple of GUS inflation and assumption of category share in total sales (for stores above 100sqm 26%, and for stores below 100 sqm 15%) 6 EUROCASH GROUP SALES DYNAMIC Total Group sales dynamic +10% YoY, each segment with growth above inflation Eurocash sales by segments 2017 Sales evolution to Eurocash’s franchisees with small supermarkets Specialized & Small Convenience & Small Small Supermarkets Supermarkets Grocers <100sqm 100-300sqm 100-300sqm 15% 13,2% +4.3% +8.0% +130% 13% 11% (excl. export) incl. adjustments +6.6% excl. M&A 11% 9,5% 10,1% 14 000 12 718 (FHC-2, Fresh Project, (EKO, FHC-2) 8,6% 12 198 excl. export) 9% 8,1% 12 000 6,9% 10 000 7% 7,0% 8 000 6 542 7 067 5% 6,2% 6 000 3% 4,3% 3,9% 4 000 2 153 1% 2,2% 2 000 935 271 552 0 -1% Q1 2017 Q2 Q3 Q4 Independent Wholesale Integrated Wholesale Retail Projects ECD sales to franchisees* dynamic Delikatesy Centrum wholesale LFL ** excl. adj.** 2016 2017 Delikatesy Centrum retail LFL Increased market share in all Small Format segments *ECD Franchisees: Lewiatan, Groszek, Euro Sklep, PSD/Gama **Consolidated Independent Wholesale sales dynamic at +3.53%, Integrated Wholesale sales dynamic at +0.57% 7 FY 2017 FINANCIAL SUMMARY* Strong sales growth driven by M&A, profitability decreased by lower margin and additional costs % of Sales % of Sales PLN m (Normalized*) FY2016 FY 2017 Y/Y Change FY 2016 FY 2017 Sales driven by M&A (+1.26 bn PLN), organic growth in Delikatesy Centrum, Net sales 21 220 23 271 10% EC Distribution Gross profit 2 112 2 441 10,0% 10,5% 16% Gross Margin driven by retail M&A. Excl. M&A and Projects Gross margin EBITDA* 440 361 2,1% 1,6% -18% decreased by 0.5 p.p. YoY – impact of short-term issues. EBIT* 274 177 1,3% 0,8% -35% EBITDA impacted by additional M&A Profit before tax* 236 135 1,1% 0,6% -43% integration costs and one-off items Net profit* 190 85 0,9% 0,4% -55% Net Profit affected by higher interest costs due to increased leverage *Adjusted for one-off item – 114 m PLN potential VAT liability payment done in Aug 2017 8 2017 COSTS Logistic integration and one-off items affecting 2017 normalized EBITDA* 800 700 600 329 327 500 25 56 400 300 200 440 361 100 0 2016 EBITDA Total Gross Margin Increase SG&A M&A + Retail One-off costs Cost Increase 2017 Normalized EBITDA* subsidiaries (restructuring, advisory fees, incl. Logistic integration thefts, overdue receivables) One off items + increasing costs driven by logistic integration impacts result by 0.3% of sales 80% of one-off items in 4Q 2017 Gross margin impacted mainly by Independent Wholesale and Delikatesy Centrum *Adjusted for one-off item – 114 m PLN potential VAT liability payment done in Aug 2017 9 EBITDA PERFORMANCE BY SEGMENTS 2017 EBITDA by segments -28.2% +1.4% +24.8% -14.9% 300 252 270 274 181 200 100 33 41 0 -100 -40 -48 -76 -87 -200 Independent Wholesale Integrated Wholesale Retail Projects Others 2016 2017 -60m PLN -18m PLN Growth driven by M&A, Inline with -18m PLN One-off costs Gross Margin in all formats DeliC Gross Margin One-off costs and integration expectations (incl. Inventory losses) impacting profitability -12m PLN to be recovered by one-off + costs increase Fresh Projects 10 CASH&CARRY RESTRUCTURING More sales retained than expected, one-off costs in line with expectation 10 stores closed 72% retained sales 9.4 m PLN one-off costs: 2018 savings: 9.8m PLN 6.7 m PLN in 2017 2019 savings: 12.7m PLN 2.7m PLN in 2018 5 stores under consideration in 1H 2018 11 PROGRESS IN EKO INTEGRATION Mergers of distribution centers done Integration of HO pending MILA Acquisition Gross Margin upside is being captured Store rebranding under way Gross Margin difference to DeliC Rogala (own stores) 120% 4,8% 5,6% 228 55 5 168 80% Rebranded EKO Holding Opened EKO 40% 90% 100% stores Delikatesy Centrum Delikatesy Centrum 0% EKO Gross Margin Remodeling: Stock Retail services + Rogala Gross Margin lossess + Sell-out Promotions after actions reopening 12 CASH FLOW 2017 Operating CF* at 167% EBITDA* (Normalized) Cash conversion cycle PLN m, Normalized* 2016 2017 40 29 30 29 27 28 28 25 27 Net operating cash flow* 324 589 20 Net operating cash flow (rep.) 494 20 20 18 19 22 20 19 21 Net profit (loss) before tax* 236 133 0 Depreciation 166 183 -20 Change in working capital* (99) 235 (18) (18) (18) (18) (21) (20) (20) (23) Change in working capital (rep.) 248 -40 Other* 21 37 (64) (67) (66) (64) Net investment cash flow (270) (336) -60 (70) (69) (68) (70) Net financial cash flow 22 (117) -80 Total cash flow * 76 136 Q1 2016 Q2 Q3 Q4 Q1 2017 Q2 Q3 Q4 Total cash flow (rep.) 41 Receivables Stock Cash conversion Liabilities *Adjusted for one-off VAT item Operating Cash Flow driven by improved working capital effectiveness WC driven by consolidation of acquired companies, organic improvement of receivables rotation and liabilities rotation back to 1H 2016 level 13 NET DEBT VS. NORMALIZED EBITDA Strong Cash Flow off-setting payment for additional Vat, M&A and dividend 700 1,6 Net Debt* vs. 12M EBITDA in 4Q 2017 1,36 600 1,4 Net Debt impacted by additional 1,10 1,11 1,2 VAT payment in 3Q 2017 500 1,02 1,0 Impact of M&A and dividend 400 0,74 payment for 2016 0,66 0,8 300 0,50 0,50 0,6 Liquidity at healthy level, 200 0,4 supported by strong cash generation 100 0,2 481 240 477 317 466 231 440 324 431 584 441 486 419 464 361 370 0 0,0 Dividend policy to be sustained – 1Q'16 2Q 3Q 4Q 1Q'17 2Q 3q 4q paid from reserve capital LTM EBITDA (PLN m) NET DEBT (PLN m) NET DEBT / EBITDA *NET DEBT - the sum of long and short term loans, borrowings and financial liabilities less cash and cash equivalents 14 PART 2 EUROCASH GROUP STRATEGY UPDATE 15 2023 STRATEGY SUMMARY 3Y cost saving plan – 150m PLN, with 70 m PLN implemented to date Split on Wholesale and Retail business Each business with dedicated Management Team Retail – focus on expansion and growth Wholesale – focus on clients’ competitiveness and costs optimization Focus on the promising projects that we already started to develop 16 COST RATIONALIZATION 150 M PLN BY 2020 - identified potential for cost reduction Head Office EC C&C ECD Merger with ECA Retail Head Office cost cost optimization restructuring then ECS impulse logistic optimization ~60m PLN ~10m PLN ~40m PLN up to ~ 40m PLN 2019-2020 2020 Wholesale Retail 2018 estimated wage cost pressures – covered by above actions ~ -50m PLN *Please note that sales and gross margin increase is not included any presented estimation 17 EUROCASH SPLIT ON 2 BUSINESSES RETAIL WHOLESALE Biggest proximity supermarket Focus on efficiency and competitiveness chain in Poland improvement of our clients 181 8 EUROCASH RETAIL Differentiation point BIGGEST PROXIMITY SUPERMARKET CHAIN IN POLAND 2023 NEIGHBOURHOOD HIGH QUALITY OF PERSONALIZED E-GROCERY FOR BIG CITIES STORE PERISHABLES PROMOTIONS HOME DELIVERY & PICK IN STORE PROXIMITY DELIVERED EVERYDAY CRM SYSTEM 19 2018 EUROCASH RETAIL BIGGEST PROXIMITY SUPERMARKET CHAIN IN POLAND Pro-Forma 538 Pro-Forma own stores 3,1 own stores sales Franchise 989 Franchise retail sales 4,3 stores Retail Sales (PLN bn) No.
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    Case Study GK/ Retail for Netto Marken-Discount THE CHALLANGE Netto Marken-Discount is a German discount supermarket chain with headquarters in Maxhütte-Haidhof, Bavaria – in the south-east of _Enterprise-wide workfl ow solution to improve the country. Netto has grown rapidly in recent years and now has more store standards and improve communication than 1,200 stores throughout Germany. An ever-increasing number of between store and head offi ce customers – already in excess of 5 million – shop its food and non-food _Mobile solutions for the store range each week. _State of the art POS touch solution Netto off ers a much wider branded-product range than many of its _Central control of POS systems in all stores rivals, and supplements this with a wide variety of fresh foods such as fruit, vegetables, dairy and meat. Netto carefully selects market-leading THE SOLUTION IT solutions and technologies to stay ahead of its competitors. GK SOFTWARE AG was chosen, by Netto, as its partner for store solutions and _GK/Retail Workfl ow together, signifi cant trading benefi ts have been realised. _GK/Retail Mobile Workfl ow processes have been introduced which have ensured the _GK/Retail Touch POS (native 1024x768) with GUI in Netto Corporate Design highest operational standards are implemented consistently in all stores. _GK/Retail Backoffi ce Merchandise management processes, operating on mobile devices, _GK/Retail Storemanager enable action to be taken, where it matters most – on the shop fl oor – to improve presentation as well as product availability and thus maximise sales opportunities. Customer service at the point of sale has been greatly enhanced with the use of touch terminals – for the fi rst time by any German food retailer.
  • DE POOLSE RETAILSECTOR Voeding Publicatiedatum / 25.10.2018

    DE POOLSE RETAILSECTOR Voeding Publicatiedatum / 25.10.2018

    DE RETAILSECTOR IN POLEN FLANDERS INVESTMENT & TRADE MARKTSTUDIE Marktstudie /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// DE POOLSE RETAILSECTOR Voeding Publicatiedatum / 25.10.2018 //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Guido Scharpé Vlaams Economisch Vertegenwoordiger Flanders Investment & Trade - Warschau Ambasada Belgii Przedstawicielstwo Ekonomiczne i Handlowe Flandrii Al. Ujazdowskie 51 | 00-536 Warszaw | Poland T: +48 22 584 73 40 | E: [email protected] www.flandersinvestmentandtrade.com INHOUD 1. INLEIDING ................................................................................................................................................................................ 3 1.1 Algemene achtergrondinformatie in verband met de Poolse retailmarkt 3 1.2 Demografische ontwikkeling en koopkracht 3 2. LEVENSMIDDELENHANDEL ........................................................................................................................................... 4 2.1 TRENDS 6 2.1.1 Elektronische handel – e-commerce 6 2.1.2 Huismerken 6 2.1.3 Groeiend bewustzijn en stijgende verwachtingen van de consument 7 2.1.4 Gezondheid en wellness 7 2.1.5 Glutenvrije voeding 7 2.1.6 Convenience/Kant-en-klare maaltijden 8 3. DE BELANGRIJKSTE SPELERS IN POLEN ...............................................................................................................