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Prezentacja Programu Powerpoint EUROCASH The broadest food distribution and retail platform in Poland Eurocash Group – executive summary Poland’s sizeable market has unique traits that favor neighborhood stores GDP is of EUR 475 bn and population is of 38.4 m (EUR 26k per Capita PPP) but population density in large cities is quite low Typically small living quarters lead to daily shopping nearby and has severely limited the success of “big box” retail formats Through M&A and organic growth, Eurocash has built the broadest distribution and retail platform With 2018 sales of EUR 5.5 bn and EBITDA of EUR 85 m, cash flow generation is of approximately 133% of EBITDA While many retailers failed in Poland, Eurocash built scale through M&A and its purchasing power has kept small format stores competitive Today, Eurocash is the 2nd largest player, no.1 in branded FMCG sales, the dominant small store operator and leads in several product categories As wholesale distribution leader, Eurocash invests to improve small store competitiveness and growth With 28% market share serving most small stores including 13.8k soft franchisees, sales are of EUR 4.2 bn and EBITDA of EUR 95 m Eurocash.pl is a fast growing e-commerce platform with sales of EUR 800 m, giving small store owners solutions comparable to modern trade As the 7th largest retailer, the roll-up growth strategy for its supermarket chain brings synergy and upside With sales of EUR 1.7 bn from 1560 hard franchise and own stores, the objective is to add 900 stores till 2023 to become the 3rd largest retailer The retail strategy builds on already-strong product categories of wholesale while helping Eurocash grow into new, under-represented ones Eurocash’s experience with post-acquisition integration of distressed assets offers the prospect of strong upside from profit recovery Cash generation funds continued investment to innovate in support of small stores in a changing industry Addressing the needs for automation, digitalization and individualized customer offerings, brings further competitiveness to small store formats Following on investments of EUR 800 m over the last 10 years, today’s projects are at tipping point to show long-term benefits in growth and profitability 1 Poland is a unique market Demographics: small towns, small living quarters that necessitate daily shopping close to home Percentage of population living in cities/rural area Share of distribution channels in European countries 12% 10% 9% 8% 6% 5% 5% 2% 1% 21% 17% 17% 31% 46% 30% 43% 73% 28% 65% Rural 55% 62% 78% 84% 40% 61% 82% 83% 94% Cities 0-20K 40% 44% 64% Cities 20-50K 47% 30% 28% 26% 26% Cities 50-100K 18% 21% 17% 10% 7% 9% 11% 4% Cities 100K+ 8% 11% 13% HM (+2500m²) SM (400-2500m²) SMALL FORMAT (under 400m²) Total population of 38.4 M 60% of Poles live in villages & small towns GDP per Capita PPP of EUR 26.1k Small living quarters have limited space to store food GDP increase by 5.1% in 2018 As a result, most Poles shop almost every day 2 Source: GUS, Eurostat, Nielsen RMS 2017 Food market growth Small supermarkets and discounters accelerating the growth, big boxes are struggling, groceries still strong Food market growth by channel Food market growth in small format channels (FY 2018 & LTM JUL 2019 YoY) (FY 2018 & LTM JUL 2019 YoY) 9,5% 13,5% 8,5% 12,2% 11,4% 10,3% 6,5% 6,0% 2,8% 2,3% 0,0% -0,6% -0,7%-0,3% -0,3% -1,2% Discounters Hypermarkets Supermarkets 300- Small Format Small Supermarkets Convenience 40-100 Small Grocers -40 Specialized & Others 2500+ 2500 100-300 FY 2018 LTM JUL 2019 FY 2018 LTM JUL 2019 LTM July Food sales increased by 5.6%, while in Small Format stores increase amounted to 6.0% 3 Source: Nielsen Retail Trade Panel, Value sales, period: January 2017 – July 2019, Food categories Food market dynamics Sales per one small format store is increasing the fastest despite declining number of all outlets Change of sales per one store 16,6% 13,2% 10,1% 5,9% 4,2% 2,6% 0,7% -3,5% Discounters Hypermarkets Supermarkets 300- Small Format Small Convenience 40- Small Grocers -40 Specialized & 2500+ 2500 Supermarkets 100- 100 Others 300 No. of 2016 2017 2018 stores (k) 4.0 0.3 3.3 91.5 8.9 27.0 33.2 22.3 Change of number of stores 158 114 -5 -31 -244 -615 -2 197 -3 087 Discounters Hypermarkets 2500+ Supermarkets 300- Small Format Small Supermarkets Convenience 40-100 Small Grocers -40 Specialized & Others 2500 100-300 4 Source: Nielsen Retail Trade Panel, Value sales, period: 2016 – 2018, Food categories Inflation Food inflation accelerates to record values. CPI on levels haven’t seen since 2012. Inflation Food inflation by product category (YoY) 7,2% Large format categories 6,8% Small format categories 5,6% 19,6% 4,7% 4,6% 3,9% 3,4% 3,4% 3,2% 6,8% 6,1% 5,4% 4,7% Food 2,2% 1,8% 3,9% 4,0% 4,3% 2,7% 3,4% 3,3% 1,9% average 1,6% 2,0% 1,8% 1,5% 1,7% 1,4%1,3% 0,7%1,7% 1,4% 1,3% 1,3% 1,1% 1,0% 1,1% 1,2% 0,0% 0,8% 0,9% 1,8% -0,7% -0,4% -0,1% 2,0% 1,8% 1,9% 2,2% 1,5% 1,7% 2,0% 1,4% 1,2% 2,4% 2,9% 2,8% -2,3% 1,1% 1Q'17 2Q 3Q 4Q 1Q'18 2Q 3Q 4Q 1Q'19 2Q Jul Aug (flash) (flash) 2018 (I-XII) 2019 (I-VII) -8,8% Fats Dairy Vegetables Bread and Food Tobacco Coffee & Meat Fish Beverages Alcohol Fruits Sugar, CPI CPI - food & non-alcoholic beverages CPI - alcoholic beverages & tobacco Cereals Tea incl. sweets, Spirits, jams Wine Beer Trend in food inflation changed and accelerated to 4.7% in 2Q 2019 and 7.2% in August 2019 Vegetables, bakery, meat and dry food driving food inflation. Beverages at stable level below 2%. 5 Source: GUS, data for entrepreneurs with more than 9 employees Eurocash Group overview Enormous purchasing power and efficient logistics to serve small and neighborhood stores across Poland Eurocash Sales’18: PLN 22.7 bn (+10% YoY) Group EBITDA’18: PLN 374 m (+4% YoY) Wholesale Retail Projects Others (HQ) Sales’18: PLN 17.7 bn (+6%) PLN 4.9 bn* (+26%) PLN 74 m N/A EBITDA’18: PLN 410 m (+18%) PLN 112 m (-13%) PLN -45 m PLN -102 m Cash&Carry Delikatesy Centrum Duży Ben Tobacco Specialized Kontigo Distribution Inmedio Alcohol Specialized Others Distribution In merging process Already moved to Wholesale or Retail Eurocash Distribution since 2019 (W or R) due to reach of break even point: Food Service (HoReCa) Faktoria Win (W) sold in 2018 PayUp (W) Over 80k clients. 13.8k retail stores organized Delikatesy Centrum: 1.56k stores - for 14x EBITDA within soft franchise chains: abc, Lewiatan, 564 own & 996 hard franchise Groszek, Eurosklep, Gama Inmedio: 449 newsagents Fresh Project (R) * Consolidated sales. Total annualized sales including franchise retail sales amounted to 7.4 bn. 6 Retail already includes Fresh Project. Eurocash Group Evolution Almost 20 M&A in order to create the broadest food distribution and retail platform in Poland 1995- 2006- 2014- CASH&CARRY ACTIVE DISTRIBUTION RETAIL • Tobacco • Alcohol • Distribution KDWT, Management Premium Grupa Tradis, Kolporter Delikatesy PayUp McLane PDA Buy-Out Distributors Pol Cater FMCG Centrum 1995 2003 2005 2006 2007 2008 2009 2010 2011 2014 2016 2017 2018 2019 48 C&C IPO at WSE Batna Inmedio, Rogala, EKO MILA Partner warehouses MHC take over Frisco.pl FHC-2 7 Eurocash – 2nd largest overall player in Poland Top players in Poland are not names one would expect to outrank famous international retail chains *IFRS 15 Eurocash Group sales evolution (PLN bn) accounting change (appx. 2.4bn PLN) Ranking of FMCG distributors & retailers (sales, PLN bn) Biedronka 51 Wholesale Retail 23 17 32 21 23 20 Eurocash 17 19 5 7 2 Lidl 11 18 17 17 17 4 5 3 11 1 2 Auchan 11 2 10 Kaufland 8 10 10 5 Tesco 10 8 1 18 18 9 10 7 16 17 6 15 15 15 8 1 Carrefour 9 5 1 1 6 3 0 7 2 9 Intermarche 5 1 2 0 5 6 7 3 2018 3 4 7 1 2 2 Żabka 4 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 7 Metro (Makro C&C) 7 2013 9 M&A history: 6 Dino 2 2009 3 MHC Delikatesy Tradis Inmedio Rogala Selgros MBO IPO PayUp McLane Batna Premium EKO 3 Centrum Group Mila Distributors Kolporter FMCG FHC-2 PayUp 3 KDWT Frisco.pl PDA Disposal Source: RZ500 Almost 20 acquisitions aimed at rolling up strong category leaders, capturing synergies around a common back-office Hypermarkets have shown little growth for last 10 years *IFRS 15 – change of accounting rules, impacting sales revenues and costs of goods sold by EUR 2.4 8 bn due to reclassification part of sales into lower purchase conditions. No impact on EBITDA. Wholesale: No. 1 distributor in Poland Building scale and purchasing power to bring competitiveness to small stores Wholesale market share Dedicated distribution platforms covering different store profiles • Local sub-wholesalers 2018: • Producers own distribution Eurocash Generalists • Specialized & categories not Group 25% Cash&Carry covered by Eurocash 28% 4,5 Sales (PLN bn) Merging: Eurocash 26% Distribution 4,6 Others Alcohol 54% 13% Distribution Makro - FMCG 2,2 Specialized (C&C) 5% Tobacco & Impulse Selgros (C&C) 33% Delivery Distribution 4% 5,9 PT Dystrybucja (T) 3% Distribev (A) HoReCa 3% 3% PHUP Gniezno 0,5 Alti (A) 1% (T) 2% T - Tobacco; A - Alcohol, …but traditional wholesale and retail is a past.
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