ATL ATLANTIC ANTIC GR GRUPA UPA Company of Added Value
Atlan lantic tic Grupa a Develop lopment of Today oday Atlant antic ic Grupa Financi ancial al over ervie iew Strat ateg egic ic guidan dance Bac ack-up: Bac ack-up: : Over erview iew Innov ovativ ive of busines inesses ses financi ancing of grow owth th
Busine iness card FY14 sale les Among the leading food and beverage EUR 682 millions companies in the SEE region FY14 EBITDA DA Making ing busines iness EUR 80 millions Companies in 11 countries and products in over 40 markets No of employees Key markets: SEE, Western Europe, Over 5,100 Russia 18 production facilities Listed ed on the Zagreb Stock Excha hang nge Foundat ation 1991 Since 2007 The SEE includes: Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro, Macedonia and Kosovo. Reporting currency HRK, all figures in the presentation translated at EUR/HRK FX rate of 7.5. ATLA LANTI NTIC GRUPA PA TODAY 3
Sports and Savoury Beverages Functional Snacks Coffee Spreads Food Personal Distribution Baby Food Pharma Care PORTFOLI TFOLIO O OVER ERVIEW VIEW 4
INT NTERN ERNATI TION ONAL REG EGIONAL IONAL LOC OCAL L BRAND NDS STRUCTU UCTURING NG 5
Manag ageme ement nt Board Ownership hip struc ucture e as of 30/04 04/201 /2015 Emil Tedeschi Founder & President of the Management Board Others; 11,9% Croatian pension Emil funds; Tedeschi; Mladen Veber Zoran Stanković Neven Vranković 22,8% 50,2% Vice President Vice President Senior Vice President Finance Corporate Affairs Business Operations Management; Strategi tegic Managem gemen ent Council il 1,1% Lada Tedeschi Fiorio; EBRD; 6,0% 5,8% Consists of Board members, General Managers of business and DEG; 2,1% distribution units, and senior managers in support services Deals with vital strategic and operational corporate issues. Free fl float: 38 38.0% (According to the Zagreb Stock Exchange, free float does not include: treasury shares, shares in sole ownership Supervis isory board over 5%, unless they are owned by pension funds). Supervis isor ory Board Lada Peter Franz Vedrana Siniša Jelušić Zdenko Tedeschi Elam Josef Aleksandar Nomination and Corporate Adrović Petrović Håkansson Flosbach Pekeč Kašić Fiorio Audit Committee Remuneration Governance Committee Committee Faculity of Law Fuqua School EBRD Raiffeisen Bank Head of East Capital Retired DEG of University of of Business Director for Advisor to the Investment Chairman & Director Zagreb Associate Croatia Board Committee CIO Professor Professor MANA NAGE GEMENT MENT TEAM AM AND D OWNERS ERSHI HIP STRU RUCT CTUR URE 6
Sales 2010 EUR 302m Sales es 2014 14 EUR UR 682m 82m Russia and EE Other Russia and CIS Other 1,8% 10,0% Croatia 5,7% 9,2% 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 ve incre creasi singly dive versi rsified 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 re ce Serbia 11.1 7.3 7.7 2.1 2.7 competitiveness remain depe pendancy cy on on th the 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 7
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 pa ’s stren rengt gths Coffee salted snacks Well diversified product portfolio – less revenue volatility and higher Pharma & 20,1% 12,0% bargaining power Personal Constant product and marketing innovations (Cedevita GO etc.) care Strongest regional distribution network – better access to shelf and 9,4% HORECA space Even ven thou hough gh key ey market et catego gori ries are re fa falling in in vol volume in in 2014, Sales es by bran ands s 201 014 AG’s mark rket et shares es are impro roving ng (EUR R 682m 2m) Principal AG BRANDS DS 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 8
Averag age price / volume e of Atlant antic ic Grupa's a's shar are Performanc ance on capital al market et 48% HRK 1.200 6.000 Average price Quantity 34% 31% 40% 18% 16% 1.100 5.000 10% 3% 7% 5% 3% 0% 2% 1% 2% 0% 1.000 4.000 0% -1% -3% 900 3.000 -15% -18% -40% 800 2.000 -38% ATGR-R-A Crobex Crobex10 -47% 700 1.000 -80% -67% 600 0 30.4.2015 2014 2013 2012 2011 2010 2009 2008 In August 2014 the he hi highest ghest hi hist stori ric pri rice of of HRK HRK Valuati tion on 30/04/15 15** ** 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 914.3 940.0 718.0 November 2014: German development bank – DEG Marke ket t capita talizatio tion* * (in HRK millions) s) 3,048. 8.4 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) 4,978. 8.5 5,064. 4.3 4,504.7 Strong demand of investors: book oversubscribed by 1.7x EV/EBI BITD TDA 8.3 8.5 7.6 EV/EBI BIT 11.3 11.5 10.6 The complete offering was allocated at HRK 925 EV/sales 1.0 1.0 0.9 The transaction amounted to EUR 25 million EPS (in HRK) 60.0 60.0 58.5 58% investment funds, 39% pension funds and 3% P/E 15.2 15.7 12.3 banks and individual investors * Closing price multiplied by the total number of shares 65% domestic investors and 35% foreign investors ** All P&L and BS parametars calculated based on FY14 PERFOR ORMA MANC NCE E ON CROA OATIA TIAN N CAPITA ITAL MARKE RKET 9
Atlan lantic tic Grupa a Develop lopment of Today oday Atlant antic ic Grupa Financi ancial al over ervie iew Strat ateg egic ic guidan dance Bac ack-up: Bac ack-up: : Over erview iew Innov ovativ ive of busines inesses ses financi ancing of grow owth th
Europ opean compa pany Regiona ional compa pany Nati tion onal compa pany 2005 2005-201 015 2000-2004 2000 1990’s N & 2015: New energy ergy bar factory ry ATION RIBUTION PRODUCTION RTICAL L 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 MULT LTIPOWER Sales es in EURm URm 707 682 682 674 674 657 657 700 CAGR 1993-2014: 2014: 630 630 602 602 +36 36% 600 DROGA A 500 KOLINSK NSKA 400 2010*: Pro-forma consolidated MULTI TIPOWER 302 302 with Droga Kolinska 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 36 36 33 33 27 27 17 17 12 12 1 6 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 HISTO TORICA RICAL DEVE VELOPMENT OPMENT: : TRAC ACK RECO CORD RD IN VALUE LUE CREAT EATION ION 11
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