AT ATLA LANTIC NTIC GR GRUPA UPA Erste Group up Inves estor tor Confe feren rence, e, Stegers ersbac ach, October er 2015
Atlan lantic tic Grupa a Developm lopment of Today oday Atlant antic ic Grupa Financi ancial al over ervie iew Strat rateg egic ic guidan dance Bac ack-up: Bac ack-up: : Over erview iew Innovative of busines inesses ses financi ancing of grow owth th 2
16 1 9 40 5300 — production facilities — product presence — distribution — employees on on over 40 markets in 6 countries 12 markets centres Among the leading food and beverage companies in the SEE region Founded in 1991 Listed on the Zagreb eb Stock ock Exch change since 2007 MCap (02/10/2015): EUR 362m 2m FY14 sales es: EUR 682m FY14 EBITDA: EUR 80m 3
Sports and Savoury Beverages Functional Snacks Coffee Spreads Food Personal Distribution Baby Food Pharma Care BRAN PORTFOLI ANDS TFOLIO DS STRU O OVER RUCTU ERVIEW TURING VIEW NG 4
DISTRIBUTION ZONE WEST ZONE EAST Leading Distributor of Multinational Brands Atlantic Grupa is leading distributors of high-quality and top FMCG brands (both own and principal) in SEE. BRAN ANDS DS STRU RUCTU TURING NG DISTR TRIBUT IBUTION ION 5
INTERNATIONAL REGIONAL LOCAL BRAN ANDS DS STRU RUCTU TURING NG 5
Manageme agement nt Board Ownership hip struc ucture e as of 31/08 08/201 /2015 Emil Tedeschi Founder & Others, President of the 11.9% Management Board Croatian pension funds, 23.4% Emil Tedeschi, 50.2% Management, 1.1% Mladen Veber Zoran Stanković Neven Vranković Senior Vice President Vice President Vice President EBRD, Business Operations Finance Corporate Affairs 6.0% DEG, Lada Tedeschi Fiorio, 1.6% 5.8% ATLANTIC IC GRUPA AS T THE BEST MANAGED COMPANY IN 2015 Free Free fl floa oat: 38 38.0% (According to the Zagreb Stock Exchange, free float does not include: 1st in CROATIA treasury shares, shares in sole ownership over 5%, unless they are owned by pension funds). 2nd in the CEE region 1st in the FOOD & BEVERAGE sector in the CEE MANA NAGE GEMENT MENT TEAM AM AND D OWNERS ERSHI HIP STRU RUCT CTUR URE 7
Sales 2010 EUR 302m Sales es 2014 14 EUR UR 682m 82m Russia and EE Other Other Russia and CIS 1.8% 9.2% 10.0% Croatia 5.7% 25.1% Germany, Croatia UK, Italy Germany, UK, 14.9% 55.1% Italy 7.9% Other Other Serbia regional regional 22.4% markets markets 5.6% 13.1% Slovenia Slovenia 15.8% 7.6% Serbia 5.7% GDP chang nge, , const. . prices es 2011 2011 2012 2012 2013 2013 2014 2014 2015F 2015F Key Takea eawa ways ys Croatia -0.3 -2.2 -0.9 -0.4 0.5 Serbia 1.4 -1.0 2.6 -1.8 -0.5 SEE region: Regional Atlantic Grupa’s re revenue st stre reams Slovenia 0.6 -2.6 -1.0 2.6 2.1 Structural economic have incr creasi singly diversi sified with th Germany 3.7 0.6 0.2 1.6 1.6 reforms and Russia 4.3 3.4 1.3 0.6 -3.8 recovery new acquisi siti tion ons: Unemploy oymen ent rate 2011 2011 2012 2012 2013 2013 2014 2014 2015F 2015F deleveraging expected in Multipower (2005): exposure to Croatia 13.3 15.2 17.0 17.1 17.3 underway 2015 Western Europe Serbia 23.6 24.6 23.0 19.7 20.7 Internal Slovenia 8.2 8.9 10.1 9.8 9.0 Droga Kolinska (2010): regional Outside of Germany 5.9 5.4 5.2 5.0 4.9 devaluation diversification and greater Russia/CIS Russia 6.5 5.5 5.5 5.1 6.5 caused by long exposure to Russia and CIS CPI (avg) 2011 2011 2012 2012 2013 2013 2014 2014 2015F 2015F and Serbia recession Croatia 2.3 3.4 2.2 -0.2 -0.9 currencies increased Strategy going forth: to reduce ce Serbia 11.1 7.3 7.7 2.1 2.7 competitiveness remain depe pendancy cy on on th the SE SEE re region on with Slovenia 1.8 2.6 1.8 0.2 -0.4 of local stable growth coming from Western Europe Germany 2.5 2.1 1.6 0.8 0.2 production Russia 8.4 5.1 6.8 7.8 17.9 and Russia/CIS Macro data source: World Economic Outlook Database, IMF, May 2015 GEOGR GRAP APHI HIC PRESENC ESENCE AND MACR CROEC OECONO ONOMIC MIC ENVIRO VIRONM NMENT ENT 8
Key mark rket considera deration ons Sales es by segmen ents s 2014 14 Baby food Stable demand growth despite decrease in GDP and overall 3.6% (EUR R 682m 2m) consumption Rise in private label (convergence towards EU levels) Beverages Principal Savoury Demand for differentiated and innovative products 12.5% brands spreads Retail consolidation 18.0% 9.2% Reduced availability of shelf space Sports and Though competition from both local and regional FMCG players as Functional well as large FMCG multinationals Food 15.2% Sweet and Atlantic Grupa ’s stren rengt gths Coffee salted snacks Well diversified product portfolio – less revenue volatility and higher Pharma & 20.1% 12.0% bargaining power Personal care Constant product and marketing innovations (Cedevita GO etc.) 9.4% Strongest regional distribution network – better access to shelf and HORECA space Even ven thou hough gh key ey market et catego gori ries are re fa falling in in vol volume in in 20 2014 14, Sales es by bran ands s 2014 014 AG’s mark rket shares es are impro roving (EUR R 682m 2m) Principal AG BRANDS WITH SALES OVER EUR 15m in 2014 brands 18.0% Private label 8.8% Own brands 67.0% Farmacia 6.2% SALE LES PROFIL ILE E AND D BUSINES INESS ENVIRO VIRONM NMENT ENT 9
Performan ormance e on capit ital al market et Avera rage ge price e / volume e of Atlanti tic Grupa pa's shar are Average price Quantity HRK ATGR-R-A 1,200.0 6,000 48% Crobex 34% 40% 31% Crobex10 1,100.0 5,000 18% 16% 10% 3% 7% 5% 1,000.0 4,000 1% 2% 0% 1% 0% 0% -1% -3% 900.0 3,000 -9% -15% -18% -40% 800.0 2,000 -38% -47% 700.0 1,000 -67% -80% 600.0 0 31/08/2015 2014 2013 2012 2011 2010 2009 2008 In August 2014 the he hi highest ghest hi hist stori oric pri rice of of HRK HRK Valuati tion on 31/08/201 2015** 5** 2014 2014 2013 1,080.50 50. With growth of 31% in 2014 it outperformed both Croatian indices. Last t price ce in repor orting period od 850.1 940.0 718.0 November 2014: German development bank – DEG Marke ket t capita talizati tion* * (in HRK millions) s) 2,834. 4.6 3,134. 4.2 2,394.0 reduced its ownership share from 8.5% to 2.3% in the Avera rage daily turn rnov over r (in HRK thousa sands) s) 308.1 299.5 237.8 accelerated bookbuilding process (ABB). EV (in in HRK millions) 4,764. 4.6 5,064.3 4,504.7 Strong demand : book oversubscribed by 1.7x EV/EBI BITD TDA 8.0 8.5 7.6 The complete offering was allocated at HRK 925 EV/EBI BIT 10.8 11.5 10.6 The transaction amounted to EUR 25 million EV/sales 0.9 1.0 0.9 58% investment funds, 39% pension funds and 3% EPS (in HRK) 60.0 60.0 58.5 banks and individual investors P/E 14.2 15.7 12.3 65% domestic investors and 35% foreign investors * Closing price multiplied by the total number of shares; ** All P&L and BS parametars calculated based on FY14 PERFOR ORMA MANC NCE E ON CROA OATIA TIAN N CAPITA ITAL MARKE RKET 10
Atlan lantic tic Grupa a Developm lopment of Today oday Atlant antic ic Grupa Financi ancial al over ervie iew Strat rateg egic ic guidan dance Bac ack-up: Bac ack-up: : Over erview iew Innovative of busines inesses ses financi ancing of grow owth th 11
Europ opean compa pany Regio ional compa pany Nati tion onal compa pany 2005 2005-2015 2000-2004 2000 1990’s N & 2015: New energy ergy bar factory ry ATION RIBUTION PRODUCTION L RTICAL INTEGRAT 2010: Acqu quisi sition on of DROGA A RIBUTION Region egional expansi sion on VERT KOLI LINSK NSKA Distri ribu bution on centres res acros oss s Croa oatia STRI Seve vera ral small-si size acquisi sitions ons 2001: Acqu quisition on of CEDEVI VITA DIST STRI DIST 2007: IPO Vari riou ous s distri ribu bution on coop opera eration ons 2005: Acqu quisi sition on of MULTIPOW OWER Sales es in EURm URm 707 682 682 674 674 657 657 700 CAGR 1993-2014: 2014: 630 630 602 602 +36% 600 500 DROGA A KOLINSK SKA 400 302 302 MULTI TIPOWER 267 293 293 267 300 223 223 186 186 CEDEVI VITA TA 200 145 145 102 102 90 90 81 81 61 61 100 42 42 33 33 36 36 27 27 17 17 12 12 6 1 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2010* 2011 2012 2013 2014 2015F 2010*: Pro-forma consolidated with Droga Kolinska HISTO TORICA RICAL DEVE VELOPMENT OPMENT: : TRAC ACK RECO CORD RD IN VALUE LUE CREAT EATION ION 12
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