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3I Capital Markets Seminar Action 3i Capital Markets Seminar Action 9 March 2018 Agenda Introduction to Action Simon Borrows Update on strategic delivery Sander van der Laan Refresher on Action Business model Sander van der Laan 2017 performance and beyond Sander van der Laan Financial performance Frederik Lotz 2 Introduction to Action Simon Borrows 3 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 4 Acceleration of international growth under 3i’s ownership Milestones 2011-2017 Total no. of Action stores • Transitioned from founders to professional management 1095 Buyout • Strengthened the team and built 852 systems and processes 655 • Accelerated international growth and expanded into seven 514 European markets 406 321 269 245 • New CEO and CFO appointed 220 190 149 170 in 2015 to lead next phase of 127 105 development 1 1993 >> 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Netherlands Belgium & Luxembourg Germany France Austria Poland CAPITAL MARKETS SEMINAR 5 Strong value creation and continued potential Action – 3i carrying value, £m • £2,312m carrying value at December 2017 2,312 • Valued at 16.0x run-rate EBITDA multiple 2,009 post liquidity discount 1,708 1,549 • Action reported EBITDA of €387m in 2017 • 26.5x 3i gross money multiple in euro terms at 902 December 2017, including realisations up to 712 (1) 573 592 December 2017 501 280 299 c. 287 187 131 143 173 168 • Net proceeds of c.€321m to 3i from the 113 59 10 March 2018 recap Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Dec Mar 11 12 12 13 13 14 14 15 15 16 16 17 17 17 18 Carrying valuation Realisations • March 2018 recap will increase gross realised 3i money multiple over cost in euro terms to 8.1x Source: 3i Annual and Half-yearly reports. 6(1) Gross cash proceeds over cash invested in euro terms. Valuations of remaining investment are included in the multiple. 6 Today’s speakers Sander van der Laan Frederik Lotz Chief Executive Officer Chief Financial Officer • Joined in October 2015 • Joined in August 2015 • 27 years of Consumer & Retail experience • >16 years of CFO experience • Various positions at Ahold (1998 – 2015) • Previous CFO roles: – CEO Albert Heijn (2011 – 2015) – CFO Arla Foods 2010 – 2015 – COO Ahold Europe – CFO Danfoss 2007 – 2009 – General Manager Albert Heijn – CFO Ferrosan 2002 – 2006 – CEO Giant Food Stores (Ahold USA) • Held various financial positions at Maersk – EVP Marketing & Merchandising Albert Heijn • Significant international experience (France, China) – General Manager Gall & Gall 7 Update on strategic delivery Sander van der Laan 8 CAPITAL MARKETS SEMINAR 08/03/2018 Update on strategic delivery: 2017 proved to be another successful year €3,418 5.3% €387 243 2 1 Million Like-for- Million Stores New New revenue, Like sales Operating added distribution country +28% growth EBITDA centres 9 CAPITAL MARKETS SEMINAR Update on strategic delivery Strengthen our unique (International) geographic 1 2 customer value proposition expansion A cost-effective, simple and scalable business model that delivers 3 our strategy 4 Build on the unique Action culture & values 10 CAPITAL MARKETS SEMINAR Update on strategic delivery Strengthen our unique International geographic expansion customer value proposition Strengthen and protect brand Rapid expansion in Expansion & network Always the lowest price profile & company reputation Germany & France development in Benelux Roll out in Austria & Famous for surprise Accelerate Digital & 1:1 Entry into new countries Luxembourg To develop & deploy Action Build European distribution Trusted for quality Roll out in Poland Social Responsibility (ASR) network A simple, scalable, and cost-effective business model that delivers our strategy Effective organisation, Strengthen HR Build a technology World-class sourcing End-to-end leadership and Business insights operating model infrastructure and procurement supply chain processes Build on the unique Action culture & values Customer Focused | Cost Conscious | Teamwork | Discipline | Simplicity | Respect 11 CAPITAL MARKETS SEMINAR Update on strategic delivery: significant international growth since the investment by 3i in 2011 367 6 149 216 4 # of stores 335 18 €m Revenue # of stores % NL revenue # of DCs 607 3,418 245 1,095 ~95% ~33% 1 71 1) Including 2 DCs under construction 2010 2017 12 CAPITAL MARKETS SEMINAR Update on strategic delivery: consistent high growth track record Strong net sales growth (€m) Strong EBITDA growth (€m) 3,418 387 2,675 310 1,995 226 1,506 166 1,155 873 99 128 607 718 71 86 426 515 39 49 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Rapid store expansion Increasing DC network 7 1,095 852 655 514 3 406 2 2 5 269 321 190 220 245 1 1 1 1 1 1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 13 CAPITAL MARKETS SEMINAR Refresher on Action Business model Sander van der Laan 14 CAPITAL MARKETS SEMINAR 08/03/2018 Unique business model providing sustainable competitive advantage One brand & Price Surprise one format Scalable Customers business People model 15 CAPITAL MARKETS SEMINAR One brand 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 assortment is the same across all countries • Focus on simplicity enables fast growth 16 CAPITAL MARKETS SEMINAR Price Unbeatable prices offered to our customers % of products in different price ranges Unbeatable prices for competition(1) ~ 35% 100 ~ 30% 154 ~ 25% 100 163 100 ~ 7% 160 ~ 2% 100 161 €0-1 €1-2 €2-5 €5-10 >€10 Action Competitor minimal basket Primary offering (1) GfK Image and Awareness Study December 2017 / Source: Company information 17 CAPITAL MARKETS SEMINAR Price Unbeatable prices offered to our customers Oral-B Power Electric Sesame snaps Freija cat food Lifecare pregnancy Toothbrush test Green Boots green mould remover Sento Caring Shampoo Panasonic AAA Batteries 18 CAPITAL MARKETS SEMINAR Price Unbeatable price offering based on multiple factors We buy big No fixed Efficient logistics Low overhead volumes assortment costs Low marketing Standardised store No high street Simple business expenditure processes locations model 19 CAPITAL MARKETS SEMINAR Surprise Surprising assortment essential for our strong customer proposition 2/3 of the assortment is constantly changing > 150 new articles every week Weekly specials Seasonal offers 20 CAPITAL MARKETS SEMINAR Customer Loyal customer base is spreading the word Total country-wide brand awareness and catchment area brand awareness(1) Total country Catchment area 97 97 79 79 70 58 42 22 Prizes won in 2017 (country wide awards) Living Department Department Best price Household General Gifts accessories Discount store store level goods & gifts (1) GfK Image and Awareness Study December 2017 / Source: Company information 21 CAPITAL MARKETS SEMINAR Customer Strong brand with a very strong conversion towards buying at Action Awareness 97% 79% 58% 70% Conversion from awareness to consideration 75% 59% 74% 54% Consideration 73% 47% 43% 38% Conversion from 96% 95% 73% 95% consideration to purchase Buying behaviour(2) 70% 45% 31% 36% National Within catchment area (1) GfK Image and Awareness Study December 2017 / Source: Company information (2) % clients that purchased one or more products at Action in the previous six months 22 CAPITAL MARKETS SEMINAR Scalable Proposition travels across borders, allowing fast roll-out in several countries simultaneously 1,095 2012 2013 2014 2015 2016 2017 852 655 341 324 354 367 514 303 335 406 262 220 321 135 216 117 153 136 120 93 68 76 51 45 52 7 22 1 13 1 7 18 6 # of stores across countries Total # of stores 23 CAPITAL MARKETS SEMINAR Scalable Scalable supply chain with 2 new DCs in 2017 and 2 more DCs under construction DC-A (Zwaagdijk, NL) DC-G (Peine, DE) Open Under Existing 2003 construction New in 2017 Under construction DC-B (Echt, NL) Open Q2 2014 DC-D (Biblis, DE) Open Q2 2017 DC-C (Moissy, FR) Open Q2 2016 (Belleville, FR) DC-F Under DC-E (Labastide, FR) Open Q3 construction 2017 24 CAPITAL MARKETS SEMINAR People Company culture is fundamental to our success 1 Customer focus 2 Cost consciousness 3 Teamwork 4 Discipline 5 Simplicity 6 Respect 25 CAPITAL MARKETS SEMINAR 07/11/2017 People Experienced management team continues to deliver profitable growth Action operating team Executive Board members CEO CFO Sander van der Laan Frederik Lotz Commercial Director Supply Chain Director Operations Director Hajir Hajji Joost Bous Bart Raeymakers Communications Marketing Director Legal Director Director René Repko Rob Wesseling Yvette Moll HR Director Real Estate Director IT Director Liz van der Werf Angus Booth Jens Burgers 26 CAPITAL MARKETS SEMINAR Significant focus on Action Social Responsibility 27 CAPITAL MARKETS SEMINAR 2017 performance and beyond Sander van der Laan 28 CAPITAL MARKETS SEMINAR 08/03/2018 Action has an ambition to become a €10 billion company Action revenue in €m €10b 3,418 2,675 1,995 1,506 1,155 718 873 426 515 607 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20xx 29 CAPITAL MARKETS SEMINAR 2017 was another strong year 2017 was another strong …but some areas Underlying performance year… required attention remains strong • Like-for-Like at 5.3% • Supply chain transition • Like-for-Like sales growth • 243 stores added costs in all countries • EBITDA €387m
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