2011 Results Growing in a global world 28 February 2012 1 2011, - - PowerPoint PPT Presentation
2011 Results Growing in a global world 28 February 2012 1 2011, the year of independence / A listed and independent Spanish multinational is born. In six months, DIA became part of the Ibex 35 / We achieved the financial targets announced to
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28 February 2012
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/ A listed and independent Spanish multinational is born. In six months, DIA became part of the Ibex 35 / We achieved the financial targets announced to the market at the time of the IPO / We reiterate our forecasts for 2012 / The Board of Directors proposes a gross dividend of 0.11 € per share
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/ 67% of our network has been transformed to DIA Market & DIA Maxi / In 2012, we will complete the transformation of our store network
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/ Volume sales of perishable goods climbed by 7.8% last year / Big effort to offer the best prices / This year is one of our commercial drives
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Million
14.2 3.3 3.4 2.3 3.2 26.6 million
cards 2013E 1998 2000 2006 Portugal China 2012E 2011 2006 2010 Spain Argentina France Turkey 2012E 2013E Brazil 2011 2010 2006 2011 2010 2000 2006 2011 2010 1998 2000 2006 2011 2010 2012E 1998 2000 2006 2011 2010 2013E 2012E 1998 2000 2006 2011 2010
New members 2010
21.8 4.8
13.4 3.0 2.8 2.5 0.8 0.2 0.5 0.9 2.3 5 10 15 20 25 30
Spain Portugal Argentina France Turkey TOTAL
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/ Leading franchising company in Spain * / Record of franchised stores, 2,584, in the seven countries in which we
/ 37.8% of our stores are franchised
* Tormo y Asociados
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/ We provide employees and entrepreneurs with an opportunity to open a DIA store / We strengthen the entrepreneurial makeup of the countries in which we
/ We transmit all our expertise and support them financially / Model in which the two parties (franchisee and DIA) win
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EURm
2011 Annual change *
Number of stores 6,833 7.2%
Net openings
460 64.9%
*tasa constante
Gross sales under banner 11,123.5 4.7%
Comparable sales
1,8% Adjusted EBITDA 558.4 11.0%
Adjusted EBITDA margin
5.7% 42bp Net profit 94.4 150% Adjusted net profit 156.2 14.2%
EPS adjusted (€)
0.231 15% Dividend proposal (€) 0.11
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/ Objective achieved: we ended 2011 with over 6,800 stores / 460 net openings during the last fiscal year / In 2013, the aim is to head towards 8,000 stores
6,094 6,373 8,000 4,303 4,471
1,623
2,070 4,249 2,584
2009 2010 2011 2013E
Own Franchises
6,833
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/ We ended 2011 with an investment of EUR350m. / We are improving our stores and are opening more / Investment set to be similar in the next few years, at EUR300-350m.
Transformations 44% Maintenance 31% Openings 25%
EUR350m
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/ We ended 2011 with lower-than-expected debt / The adjusted net debt/EBITDA ratio improved to 1.0x
2009* 2010* 2011
818 625 576
Net debt
* Pro-forma
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/ Success: over 80% of our stores are proximity format / We help manage family budgets
EURm
2011 Annual change
Number of stores 3,380 75
Own 1,985
Franchises 1,395 204
Gross sales under banner 5,600 1.3%
Comparable sales 0.2%
Adjusted EBITDA 413.7 10.4%
Adjusted EBITDA margin 8.4% 77bp
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/ In the first half of 2012, the transformation of Ed to DIA was finalised / Investment in price. Big promotional campaign in seasonal produce
EURm
2011 Annual change
Number of stores 916
Own 671
Franchises 245 69
Gross sales under banner 2,645
Comparable sales
Adjusted EBITDA 88.5
Adjusted EBITDA margin 3.8%
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/ Opening in Brazil in the Rio Grande do Sul region / In Turkey, expanding eastwards
EURm
2011 Annual change*
Number of stores 2,537 405
Own 1,593 164 Franchises 944 241
Gross sales under banner 2,879 23.8%
Comparable sales 15.2%
Adjusted EBITDA 56.2 68.8%
Adjusted EBITDA margin 2.3% 59bp
*tasa constante
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/ Resist an adverse environment / Our brand: 32 years with the client / We are redesigning the image of our products / We are accelerating the change of image in our stores
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/ Around 40% of our suppliers are SMEs / Historical record of franchise openings in the fourth quarter: 73 new franchised stores
EURm
2011 Annual change
Number of stores 2,827 61
Own 1,640
Franchises 1,187 182
Gross sales under banner 4,666 1.7% Spanish suppliers 1,018 26
Purchases from Spanish suppliers 3,604 4.7%
/ Net sales growth of over 3% at constant rates / Adjusted EBITDA exceeds EUR540m / The store network exceeds 6,800 stores / The adjusted net debt/EBITDA ratio falls below 1.1x / 3.5% growth / EUR558m / 6,833 stores / 1.0x
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/ Growth in gross sales under banner: 4% - 6% / Net store openings: 425 - 475 / Quality and price will be closer than ever
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(EURm) 2010 2011 INC INC (w/o FX) Gross sales under banner 10,792.0 11,123.5 3.1% 4.7% Net sales 9,588.0 9,779.5 2.0% 3.5% Adjusted EBITDA (1) 507.1 558.4 10.1% 11.0% Adjusted EBITDA margin 5.3% 5.7% 42 bp Adjusted EBIT (1) 230.8 287.6 24.6% 25.5% Adjusted EBIT margin 2.4% 2.9% 53 bp Net profit 37.6 94.4 151% 150% Adjusted net profit 136.8 156.2 14% Net debt (2) 625.0 575.9
Net debt / Adjusted EBITDA 1.2x 1.0x
(1) Adjusted by non-recurring items, (2) Pro-forma 2010 net debt
2010 2011 Change Own Franchises TOTAL Own Franchises TOTAL Spain 1,761 1,005 2,766 1,640 1,187 2,827 61 Portugal 353 186 539 345 208 553 14 IBERIA 2,114 1,191 3,305 1,985 1,395 3,380 75 FRANCE 760 176 936 671 245 916
Argentina 363 85 448 376 119 495 47 Brazil 259 149 408 249 231 480 72 Turkey 563 327 890 703 412 1,115 225 China 244 142 386 265 182 447 61 EMERGING COUNTRIES 1,429 703 2,132 1,593 944 2,537 405 TOTAL DIA 4,303 2,070 6,373 4,249 2,584 6,833 460
4,7% 3,1% 100,0% 11.123,5 10.792,0 TOTAL DIA GROUP 23,8% 16,6% 25,9% 2.878,8 2.468,3 EMERGING COUNTRIES 7,4% 7,3% 1,9% 207,3 193,3 China 26,4% 8,1% 4,2% 461,9 427,2 Turkey 16,7% 16,6% 12,1% 1.341,6 1.150,2 Brazil 38,5% 24,4% 7,8% 868,0 697,7 Argentina
23,8% 2.644,8 2.796,9 FRANCE 1,3% 1,3% 50,3% 5.600,0 5.526,8 IBERIA
8,4% 934,2 938,5 Portugal 1,7% 1,7% 41,9% 4.665,8 4.588,3 INC a divisa constante INC % 2011 2010 ( EURm ) 4.7% 3.1% 100.0% 11,123.5 10,792.0 23.8% 16.6% 25.9% 2,878.8 2,468.3 7.4% 7.3% 1.9% 207.3 193.3 China 26.4% 8.1% 4.2% 461.9 427.2 16.7% 16.6% 12.1% 1,341.6 1,150.2 38.5% 24.4% 7.8% 868.0 697.7 Argentina
23.8% 2,644.8 2,796.9 1.3% 1.3% 50.3% 5,600.0 5,526.8 IBERIA
8.4% 934.2 938.5 Portugal 1.7% 1.7% 41.9% 4,665.8 4,588.3 INC at constant currency INC % 2011 2010 ( EURm ) Spain
(EURm) 2010 2011 % INC INC at constant currency Spain 4.116,3 4.140,6 42,3% 0,6% 0,6% Portugal 821,8 806,4 8,2%
IBERIA 4.938,1 4.947,1 50,6% 0,2% 0,2% FRANCE 2.518,5 2.356,9 24,1%
Argentina 559,5 695,5 7,1% 24,3% 38,4% Brazil 1.029,5 1.194,4 12,2% 16,0% 16,1% Turkey 381,3 412,1 4,2% 8,1% 26,3% China 161,3 173,6 1,8% 7,6% 7,3% EMERGING COUNTRIES 2.131,5 2.475,5 25,3% 16,1% 23,1% TOTAL DIA GROUP 9.588,1 9.779,5 100,0% 2,0% 3,5%