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Growing a Strong Stable Operation in the Baltics Capital Markets Day, ICA Gruppen 10 December 2014

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Growing a Strong Stable Operation in the Baltics Capital Markets Day, ICA Gruppen 10 December 2014 Growing a strong stable operation in the Baltics Capital Markets Day, ICA Gruppen 10 December 2014 Edgar Sesemann, CEO Rimi Baltic SIA Rimi Baltic at a glance • Total regional market share: 15% (Nielsen: above 22%) • Number of stores: 243 (235 end 2013) Key figures 2013 Net sales 1,200 MEUR EBIT 35 MEUR Employees 8,200 (FTE) Market Position Stores Estonia #2 84 Latvia #1 113 Lithuania #4 46 ICA Gruppen CMD 141210 2 Strong profit and sales development Net sales EBIT1) & margin 1 400 40 4,0% MEUR MEUR +3.5% 35 3,5% 1 200 +2.9% +3.3% -6.4% 30 3,0% +6.8% 1 000 25 2,5% 20 2,0% 800 15 1,5% 600 10 1,0% 400 5 0,5% 0 0,0% 200 -5 -0,5% 0 -10 -1,0% 2009 2010 2011 2012 2013 2013 2014 2009 2010 2011 2012 2013 2013 2014 Jan-Sep Jan-Sep 1)EBIT & margin excluding non-recurring items ICA Gruppen CMD 141210 3 Strong sales growth in 2014 Rimi Baltic Group ICA Gruppen CMD 141210 4 Inflation is down to EU levels… Total inflation Inflation rate: food and alcoholic beverages % change y/y % change y/y 6 25 5 20 4 15 3 10 2 5 1 0 0 -1 -5 2011 2012 2012 2013 2014 2011 2012 2012 2013 2014 Estonia Latvia Lithuania Source: Nielsen ICA Gruppen CMD 141210 5 ..and GDP growth is stronger than EU average (% at constant prices) 12 9,9 10 9,3 8,3 7,6 6,7 6,9 8 6,5 6,6 5,9 5,7 5,9 5,7 5,2 5,2 6 4,8 5 4,8 5,1 4,4 4,4 4,6 3,9 4,1 3,8 3,8 3,6 3,6 3,4 3,5 3,7 3,5 3,6 3,3 3,1 3 3,1 4 2,8 2,8 2,5 2,2 2,1 2,2 2,2 1,3 2 0,9 0,8 1 0,7 0,3 0 -0,9 -2 -1,4 -4 -3 -4 -6 -6,2 -8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2* 2010 2011 2012 2013 2014 Estonia Latvia Lithuania * First estimate Source: Nielsen ICA Gruppen CMD 141210 6 Unemployment is still high, except in the cities % of the active population aged 15-74 25 • No unemployment in the major cities such as Tallinn, 20 Riga, Vilnius and Kaunas 15 • Very high in eastern part of the countries 10 • Challenge to find and retain well-trained employees in the 5 cities 0 2008 2009 2010 2011 2012 2013 2014 Estonia Latvia Lithuania Source: Nielsen ICA Gruppen CMD 141210 7 In Latvia – half the population lives in Riga Migration into cities in all three countries over past ten years -33.0 – -24.7 -24.5 – -16.5 -16.4 – -8.2 -8.1 – -0.1 0.0 – 10.0 10.1 – 20.0 21.0 – 50.0 50.1 –125.5 ICA Gruppen CMD 141210 8 11. Huge share of income spent on food… …which means a high sensitivity to economic changes Share of disposable income spent on food and non-alcoholic beverages 40% 35% c30% c30% 30% 25% c20% c20% 20% 15% c10-12% c10-12% c10-12% 10% 5% 0% Netherlands Sweden Norway Czech Republic Estonia Latvia Lithuania Good growth potential: 20% of the market is still small grocers % of total retail selling space 1% 100% 6% 18% 17% Small groceries still are 80% very important in Latvia and Lithuania of total retail 60% 63% 70% (17-18% or 2,248-3,459 stores) 58% 57% 40% Small groceries 20% 32% 24% 25% 28% Supermarkets/ Disc/ Superettes Hypermarkets 0% Estonia Latvia Lithuania Sweden Prepared for: Rimi Baltic Source: Nielsen Retail Audit ICA Gruppen CMD 141210 10 Potential to grow modern trade selling space in Lithuania and Latvia m2, per 1,000 inhabitants 400 361 348 350 300 261 250 239 230 200 150 150 100 50 0 Estonia Sweden* Germany* Lithuania Latvia Poland* Prepared for: Rimi Baltic Source: Nielsen Retail Audit ICA Gruppen CMD 141210 11 Rimi Baltic operates 243 stores at year-end 2014 61 Hypermarkets 84 Supermarkets 98 Discount stores Estonia 84 Latvia 113 Lithuania 46 ICA Gruppen CMD 141210 12 Rimi Baltic operates 243 stores 61 hypermarkets Small hypermarkets 1,800 m² up to 2,200 m² Compact hypermarkets 2,800 m² up to 3,500 m² Large Hypermarkets 4,500 m² up to 6,000 m² ICA Gruppen CMD 141210 13 Rimi Baltic operates 243 stores 84 supermarkets Supermarkets with strong focus on everyday fresh food and with limited non-food, with a sales area from 800 m² up to 1,200 m² Mini Rimi are supermarkets of about 500 m² that focus on convenience at traffic or city centre locations ICA Gruppen CMD 141210 14 Rimi Baltic operates 243 stores 98 discount stores • Hard discounters (HD) with common hard discount format standards and a sales area of 500 m² - 600 m² ICA Gruppen CMD 141210 15 Estonia – No 2 player – all five key players have similar customer perceptions 2014 vs. previous years, Estonia Very strong brands SEI over 3 2,7 2,5 2,4 2,4 2,4 2,3 2,3 2,3 2,3 2,2 2,1 1,9 Medium and strong brands SEI 1 to 3 Weak brands SEI under 1 TOTAL MAXIMA TOTAL RIMI SELVER PRISMA • Recommendation 2012 (Feb) 2013 (Feb) 2014 (Feb) • Preference • Willingness to pay price premium • Willingness to travel farther Base: All HM/SM shoppers (2012 (Feb) n=550, 2013 (Feb), n=550 ,2014 (Feb) n=550) ICA Gruppen CMD 141210 16 Latvia – No. 1 player with strong brand perception 2014 vs. previous years, Latvia 4,3 4,1 4,2 Very strong brands 3,5 3,4 SEI over 3 3,0 Medium and strong brands SEI 1 to 3 Weak brands SEI under 1 TOTAL RIMI TOTAL MAXIMA • Recommendation 2012 (Feb) 2013 (Feb) 2014 (Feb) • Preference • Willingness to pay price premium • Willingness to travel farther Base: All HM/SM shoppers (2012 (Feb) n=620, 2013 (Feb) n=620, 2014 (Feb) n=620) ICA Gruppen CMD 141210 17 Lithuania – No 4 player with strong brand perception 2014 vs. previous years, Lithuania 5,1 4,8 4,9 Very strong brands SEI over 3 2,5 2,6 2,3 2,4 2,2 1,7 Medium and strong brands 1,4 1,5 1,4 SEI 1 to 3 Weak brands SEI under 1 TOTAL MAXIMA TOTAL IKI TOTAL RIMI TOTAL NORFA • Recommendation 2012 (Feb) 2013 (Feb) 2014 (Feb) • Preference • Willingness to pay price premium • Willingness to travel farther Base: All HM/SM shoppers (2012 (Feb) n=720, 2013 (Feb), n=720, 2014 (Feb) n=720) ICA Gruppen CMD 141210 18 Rule Based Pricing project to improve price perception Strategies Strategy = + Cost Price Customers Competitors ICA Gruppen CMD 141210 19 Forecast & Replenishment: to improve stock control and reduce shrinkage Fully centralised and automated F&R project WINS the ordering in all stores and DCs SAP Award! • For regular sales and promotions • Human intervention during ordering only in case of exceptions British Retail Consortium: F&R for DC • Not in scope: ‒ Seasonal Non-Food Forecast ‒ Fruit&Vegetables Central Warehouse ‒ Consignment ‒ In-store production Forecast Jüri DC, Laagri DC Deglava DC Vievis DC ICA Gruppen CMD 141210 20 Potential to grow private label in the Baltics Private label share by country 2013 45% 41% 41% 34% 33% 30% 29% 28% 27% 26% Weighted 25% 25% 24% 24% 22% 22% 22% 21% Global Average: 18% 17% 17% 17% 16.5% 16% 15% 15% 14% 14% 11% 8% 8% 8% 7% 6% 6% 6% 6% 5% 5% 5% 5% 3% 3% 2% 1% 1% UK Italy USA Chile Israel Brazil Spain China Latvia Russia Ireland Turkey France Austria Poland México Taiwan Finland Greece Estonia Norway Ukraine Canada Sweden Belgium Portugal Hungary Slovakia Thailand Australia Malaysia Denmark Lithuania Germany Colombia Argentina Singapore Venezuela Hong Kong Hong Switzerland Czech Rep. Czech Netherlands South Africa South South Korea South New Zealand New Source: Nielsen (reference period 2013) ICA Gruppen CMD 141210 21 Rimi Baltic private label growing faster than ICA group target PL Sales Share Development % 20% 19,9% 18.1%* 18,0% 18% 16% 14,2% 14% 12,7% 13,1% 12,9% 12% 10% 9,1% 8% 6,5% 6% 4% 2% 2013 actual with new definitionwith new actual 2013 0% 2008 2009 2010 2011 2012 2013 Q1-Q3 Q1-Q3 2013 2014 * New definition -- Ready meals & instore production with Rimi label counted as Private Label ICA Gruppen CMD 141210 22 Large synergies with ICA group on private label... Current Future Selection by RIMI Selection by RIMI Premium ICA I love eco ICA I love eco ICA Skona RIMI RIMI Mainstream ICA ICA Fancy Brands Fancy Brands* RIMI Basic Value RIMI Basic Fancy Brands *Alcohol and selected Near Food categories ICA Gruppen CMD 141210 23 …using optimised centralised buying for non-food Current Future ICA Selection ICA Selection Premium ICA I love eco ICA I love eco RIMI Mywear Mywear ICA Cook & Eat Mainstream ICA Cook & Eat ICA Home ICA Home ICA Garden ICA Garden Easywear ICA Basic Easywear Value Fancy Brands ICA Basic (Marine, Soft Star, Grand) ICA Gruppen CMD 141210 24 Increased expansion, focusing on Rimi Supermarkets and smaller Rimi Hypermarkets ICA Gruppen CMD 141210 25 Growing a strong stable operation in the Baltics Rimi Baltics • Gaining market share developing strongly • Improved financial performances • New infrastructure in logistics Improving infrastructure • Increased capacity to handle increasing volumes Ambitious store opening • Ambitious programme in 2015, continuing in 2016 programme • Focused on Lithuania ICA Gruppen CMD 141210 26 .
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