Financial re resul ults ts in in 20 2015 15 (un unaudi udited) ed) Significant revenue and net profit growth Zagreb, February 22 nd 2016
KEY DEVELOPMENTS IN 2015 PERFORMANCE ON CAPITAL MARKET IN 2015 FINANCIAL RESULTS IN 2015 GUIDANCE FOR 2016 APPENDIX CONTENT 2
Performance in line with guidance despite challenging macroeconomic conditions Significant decrease of financial debt and increase of cash flow from operating activities Reorganization of the distribution business Development of own brands and opening of new pharma locations Integration of Foodland and production start in Nova Gradiška bars factory Restructuring and reorganization of Sports and Functional food and sale of the tea business Risk management and consolidation of IT solutions KEY BUSINESS DEVELOPMENTS IN 2015 3
DISTRIBUTION Reorganization of distribution business New distributive contracts KEY BUSINESS DEVELOPMENTS: PRINCIPAL BRANDS 4
CORPORATE SUPPORT BUSINESS OPERATIONS FUNCTIONS CORPORATE DISTRIBUTION UNITS BUSINESS UNITS FINANCE ACTIVITIES SBU Coffee ZONE EAST ZONE WEST SBU Sports and Functional SDU Croatia SDR Food DACH & Benelux SBU – Strategic distribution unit SDU Serbia DR BU – Business unit SBU Beverages Mediterranean & DU Slovenia SDU – Strategic distribution unit Africa SBU Snacks DU – Distribution unit DU Macedonia SDR – Strategic distribution unit SBU Pharma & Personal DR Northwest DR – Distribution region Care SDR HoReCa Europe & Australia PDR – Partner distribution region SBU Savoury Spreads DACH – Germany, Austria & Switzerland SDR Baltic & CIS PDR BU Gourmet Central Europe & PDR Overseas BU Baby Food Kosovo, Bulgaria, Romania KEY BUSINESS DEVELOPMENTS: REORGANIZATION OF THE DISTRIBUTION 5
SBU BEVERAGES SBU COFFE Launched an innovative product Rebranding and new flavours of BLACK’N’EASY, by taste traditional Turkish Cedevita coffee, and by the way of preparation New products: Cockta black tonic, instant coffee Monstea tea Clinically proven effect of Donat Mg Innovative Cedevita Vitamins point KEY BUSINESS DEVELOPMENTS: OWN BRANDS 6
SBU SAVOURY SPREADS SBU PHARMA AND PERSONAL SBU SNACKS CARE Najlepše želje won „Superior Taste Award” Redesign of Argeta and Launched a new generation Launched a subbrand of new „easy peel” packaging of Plidenta with „ Croatian Najlepše želje New flavour Sardina Creation” authentication Sweeet redesign and Adriatica Redesign of Rosal numerous new products Three new flavours of Opened four new Argeta Exclusive Chef's specialized stores Selection KEY BUSINESS DEVELOPMENTS: OWN BRANDS 7
BU BABY BU GOURMET SBU SPORTS AND FUNCTIONAL FOOD Start of the bars Completed redesign of Complete integration in production in the new factory Bebi products Atlantic Grupa Multipower redesign and New products in segment Restructuring and launch of new products of children’s cereal investment cycle Restructuring and Formed as a special reorganization business area KEY BUSINESS DEVELOPMENTS: OWN BRANDS 8
Barca caffe/ e/ Market ket share Argeta eta Smoki ki Cedev evit ita Grand kafa Top 10 in region gion Value share 2015. 2014. 2015. 2014. 2015. 2014. 2015. 2014. Croatia 13.3% 3% 10.4% 23.1% 1% 17.3% 18.2% 2% 17.2% 79.7* 7* 79.1% 1 Milka Serbia 52.0% 51.3% 20.4% 19.3% 57.4% 56.7% 73.0% 72.2% 2 Coca Cola Slovenia 75.9% 76.3% 41.0% 41.8% 41.6% 43.0% 84.7* 80.9% B&H - - 50.3% 50.1% 39.1% 39.1% 77.4% 79.3% 3 Vegeta Source: Nielsen Retail Panel for food and non-food: January – November 2015 *Source: Nielsen Retail Panel for food and non-food: January – August 2015 4 Cedev evit ita 5 Smoki ki 1. The best managed company in 6 Argeta eta Croatia 7 Orbit 2. The second best managed company in Central and Eastern 8 Cockt kta Europe 9 Nivea 3. The best managed company in the 10 Jana food and beverages sector in Central and Eastern Europe Source: Valicon research KEY BUSINESS DEVELOPMENTS: MARKET SHARE AND REWARDS 9
KEY DEVELOPMENTS IN 2015 PERFORMANCE ON CAPITAL MARKET IN 2015 FINANCIAL RESULTS IN 2015 GUIDANCE FOR 2016 APPENDIX CONTENT 10
ATGR-R-A Crobex Crobex10 Average daily turnover on ZSE 47.7% 34.0% 40% 30.9% increased by 27% 18.2% 16.4% 9.5% 3.1% 7.2% 5.3% Stable shareholder structure 2.4% 0.0% 1.2% 0% -1.1% -0.5% -2.9% -2.7% DEG sold its’ ownership share -11.5% -15.4% -17.6% -40% Free float of 38% -37.9% -47.4% -67.1% -80% 2015. 2014. 2013. 2012. 2011. 2010. 2009. 2008. Tedeschi Fiorio Lada Management 5.8% Valuati tion on 2015 15 2014 1.1% Erste Plavi OMF EBRD Last st price e in repor orti ting g period od 832. 2.9 940.0 5.9% Other 6.0% Market capi pita talizati tion on* (in HRK millions) 2,777. 777.1 3,134.2 11.7% Average ge daily turnover er (in HRK K thou ousands) s) 380. 0.1 299.5 PBZ CO OMF AZ OMF EV (in HRK millions) 4,457. 457.7 5,064.3 2.9% 3.9% EV/EB EBITDA 7.9 8.5 Pension funds EV/EB EBIT 11.0 11.5 25.2% Raiffeisen DMF Tedeschi Emil Raiffeisen OMF EV/sa sales es 0.8 1.0 1.4% 50.2% 9.7% EPS (in HRK) 72.7 60.0 P/E 11.5 .5 15.7 Other pension funds *Closing price multiplied by the total number of shares 1.3% PREFORMANCE ON CROATIAN CAPITAL MARKET 11
KEY DEVELOPMENTS IN 2015 PERFORMANCE ON CAPITAL MARKET IN 2015 FINANCIAL RESULTS IN 2015 GUIDANCE FOR 2016 APPENDIX CONTENT 12
2015A/2015E: 102.0 2015A/2015E: 100.4 2015A/2015E: 99.7 2015A/2014A: 105.6 2015A/2014A: 95.0 2015A/2014A: 91.7 2015A 597 2015A 700 567 5,405 2015E 565 2015E 2014A 5,300 2014A 600 5,400 5,118 441 404 405 500 5,200 400 5,000 300 4,800 200 4,600 100 0 4,400 EBITDA EBIT Sales RESULTS IN LINE WITH GUIDANCE 13
(in HRK thous usand ands) 2015 2015 2014 2014 2015/2014 SBU Beverages: increase in all segments (retail, on the go, HoReCa), supported by introducing new (new flavours of Cedevita and candies, Cockta Black Tonic) and redesign of existing products. SBU Beverag ages 666,075 638,817 4.3% SBU Coffee: revenue growth on almost all markets coupled with growth SBU Coffe fee 1,084,926 1,026,680 5.7% of market shares, despite the decline of the category on the regional markets. SBU (Sweet and Salted) d) Snack cks 631,5 ,553 53 614,426 2.8% SBU Snacks: revenue increase because of chocolate and chips growth SBU Savour ury Spreads 538,231 471,385 14.2% on all significant regional markets. SBU Sports and Functional ional Food 768,428 779,075 (1.4%) SBU Savoury Spreads: increase both in region and on international markets coupled with the highest market share of Argeta in history in SBU Pharma a and Persona nal l Care 509,615 493,345 3.3% Switzerland and Austria (sales of Foodland amounted to HRK 41.9 million). SDU Croat atia ia 938,311 844,252 11.1% SBU Sports and Functional Food: sales declined in German, Russian SDU Serbia ia 1,175,100 1,083,149 8.5% and Scandinavian market (Champ and Multaben), increased in United Kingdom, Switzerland and Spain. SDU Inter ernat national ional markets 589,913 582,426 1.3% SBU Pharma and Personal Care: increase of OTC sale of Farmacia chain and also growth of Melem. DU Slovenia nia 761,8 ,868 68 725,487 5.0% SDU Croatia and SDU Slovenia: increase of own and principal brands. Other segment nts* 780,058 820,504 (4.9%) SDU Serbia: own brands sales increase and the new principals Reconc ncilia iliatio ion* n** (3,038,766) (2,961,173) n/a distribution. SDU International markets: growth of sales in Savoury spreads and Sales 5,405,312 5,118,373 5.6% Beverages segment, with decline of Sports and functional food. * Other segments include SDU HoReCa, SDU CIS, BU Baby Food, DU Macedonia and business activities not allocated to business and distribution units (headquarters and support functions in Serbia, Slovenia and Macedonia) which are excluded from the reportable operating segments. ** Line item “Reconciliation” relates to the sale of own brands which is included in the appropriate SBU and BU and in SDUs and DUs through which the products were distributed. SALES BY STRATEGIC BUSINESS UNITS AND STATEGIC DISTRIBUTION UNITS 14
Other 2015 Other 2014 markets Russia and markets 6.2% CIS Russia and 6.5% 4.4% CIS 5.7% Croatia Croatia 26.1% Key European 25.1% Key European markets** markets** 11.2% 11.4% Other regional Serbia Serbia markets* 23.2% Other regional 22.4% 6.0% markets* 6.1% Slovenia Slovenia Bosnia and Herzegovina Bosnia and Herzegovina 15.8% 15.8% 7.1% 7.0% * Macedonia, Montenegro, Kosovo ** Germany, United Kingdom, Italy, Switzerland, Austria, Sweden, Spain Baby food Baby food Beverages Principalski 3.7% Beverages 2.9% 12.5% brendovi Principal 12.3% 17.7% brands 19.7% Savoury Savoury spreads spreads 9.2% 10.0% Sport and Sports and Functional Food Functional Food Sweet and 15.2% 14.2% salted snacks Sweet and 12.0% salted snacks Pharma & Pharma & Personal care 11.7% Personal care 9.6% Coffee 20.1% 9.1% Coffee 20.1% SALES BY MARKETS AND SEGMENTS 15
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