ATLANTIC GRUPA

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ATLANTIC GRUPAErste Group Investor Conference, Stegersbach, October 2015

Atlantic GrupaTodayDevelopment ofAtlantic GrupaFinancial overviewStrategic guidanceBack-up: Overviewof businessesBack-up:Innovativefinancing of growth2

16— distributioncentres19 Among the leading food andbeverage companies in the SEEregion Founded in 1991 Listed on the Zagreb Stock Exchangesince 2007 MCap (02/10/2015): EUR 362m FY14 sales: EUR 682m FY14 EBITDA: EUR 80m— production facilitiesin 6 countries40— product presenceon over 40 markets5300— employees on12 markets3

ySpreadsPharmaSnacksBaby FoodSports andFunctionalFoodDistributionPersonalCareCoffee

DISTRIBUTIONZONE WESTZONE EASTLeading Distributor ofMultinational BrandsAtlantic Grupa is leadingdistributors of high-qualityand top FMCG brands (bothown and principal) in SEE.BRANDS STRUCTURINGDISTRIBUTION5

INTERNATIONALREGIONALLOCALBRANDS STRUCTURING5

Management BoardEmil TedeschiFounder &President of theManagement BoardMladen VeberSenior Vice PresidentBusiness OperationsZoran Stanković Neven VrankovićVice PresidentVice PresidentFinanceCorporate AffairsATLANTIC GRUPA AS THE BESTMANAGED COMPANY IN 20151st in CROATIA2nd in the CEE regionOwnership structure as of ilTedeschi,50.2%Management,1.1%EBRD,6.0% DEG,1.6%Lada Tedeschi Fiorio,5.8%Free float: 38.0% (According to the ZagrebStock Exchange, free float does not include:treasury shares, shares in sole ownershipover 5%, unless they are owned by pensionfunds).1st in the FOOD & BEVERAGEsector in the CEEMANAGEMENT TEAM AND OWNERSHIP STRUCTURE7

Sales 2010 EUR 302mRussia and EE1.8%Sales 2014 EUR 682mOther9.2%Germany,UK, venia7.6% 52015F-0.92.7-0.40.217.9Croatia25.1%Germany, UK,Italy7.9%Otherregionalmarkets5.6%GDP change, const. nt rateCroatiaSerbiaSloveniaGermanyRussiaCPI ussia and CIS5.7%Serbia22.4%Slovenia15.8%Key Takeaways SEE region:Structuralreforms anddeleveragingunderway Regionaleconomicrecoveryexpected in2015 Atlantic Grupa’s revenue streamshave increasingly diversified withnew acquisitions: Internaldevaluationcaused by longrecessionincreasedcompetitivenessof localproduction Outside ofRussia/CISand Serbiacurrenciesremainstable Droga Kolinska (2010): regionaldiversificationandgreaterexposure to Russia and CIS Multipower (2005): exposure toWestern Europe Strategy going forth: to reducedependancy on the SEE region withgrowth coming from Western Europeand Russia/CISMacro data source: World Economic Outlook Database, IMF, May 2015GEOGRAPHIC PRESENCE AND MACROECONOMIC ENVIRONMENT8

Baby food3.6%Sales by segments 2014(EUR 682m)Savouryspreads9.2%Sweet andsalted s andFunctionalFood15.2%Coffee20.1%Pharma &Personal care9.4%Sales by brands 2014(EUR 682m)Principalbrands18.0%Key market considerations Stable demand growth despite decrease in GDP and overallconsumption Rise in private label (convergence towards EU levels) Demand for differentiated and innovative products Retail consolidation Reduced availability of shelf space Though competition from both local and regional FMCG players aswell as large FMCG multinationalsAtlantic Grupa’s strengths Well diversified product portfolio – less revenue volatility and higherbargaining power Constant product and marketing innovations (Cedevita GO etc.) Strongest regional distribution network – better access to shelf andHORECA space Even though key market categories are falling in volume in 2014,AG’s market shares are improvingAG BRANDS WITH SALES OVER EUR 15m in 2014Private label8.8%Own brands67.0%Farmacia6.2%SALES PROFILE AND BUSINESS ENVIRONMENT9

Performance on capital marketAverage price / volume of Atlantic Grupa's shareAverage 2013ValuationLast price in reporting periodMarket capitalization* (in HRK millions)Average daily turnover (in HRK 850.1940.0718.02,834.63,134.22,394.0 In August 2014 the highest historic price of HRK1,080.50. With growth of 31% in 2014 it outperformedboth Croatian indices. November 2014: German development bank – DEGreduced its ownership share from 8.5% to 2.3% in theaccelerated bookbuilding process 610.811.510.60.91.00.9EPS (in HRK)60.060.058.5 58% investment funds, 39% pension funds and 3%banks and individual investorsP/E14.215.712.3 65% domestic investors and 35% foreign investorsEV (in HRK millions)EV/EBITDAEV/EBITEV/sales Strong demand : book oversubscribed by 1.7x The complete offering was allocated at HRK 925 The transaction amounted to EUR 25 million* Closing price multiplied by the total number of shares; ** All P&L and BS parametars calculated based on FY14PERFORMANCE ON CROATIAN CAPITAL MARKET10

Atlantic GrupaTodayDevelopment ofAtlantic GrupaFinancial overviewStrategic guidanceBack-up: Overviewof businessesBack-up:Innovativefinancing of growth11

European companyRegional companyNational company2005-2015 Distribution centres acrossCroatia Various UTION &PRODUCTIONDISTRIBUTION1990’s2000-2004 Regional expansion 2001: Acquisition of CEDEVITA 2015: New energy bar factory 2010: Acquisition of DROGAKOLINSKA Several small-size acquisitions 2007: IPO 2005: Acquisition of MULTIPOWERSales in EURm700CAGR 1993-2014: 36%600602500630682 707657 674DROGAKOLINSKA400302267 10214518622301993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2010* 2011 2012 2013 2014 2015F2010*: Pro-forma consolidated with Droga KolinskaHISTORICAL DEVELOPMENT: TRACK RECORD IN VALUE CREATION12

Cedevita (2001)Sports and Functional Food (2005)Droga Kolinska (2010)Capability to successfully execute spin-offand turnaround situations and provideacquired products with new markets anddistribution channelsCapability to successfully executecross-bordertransactionsindeveloped markets and enteringnew distribution channels (sportchannel)Capability for successfully acquiringlarger companies, utilizing leveragedstructures and integrating complexbusinessesSales volume (tons), 2001 and 201412,000CAGR 6.1%9,114Total revenues, EURm120CAGR 6.3%80598,0004,2061024,000and 20142008 Atlantic2010 Grupa2012- 1Vitamin instant drink2014On the GOHoReCa0.02010020062014EBITDA2014Net debtNet debt/EBITDAATLANTIC GRUPA’S TRANSFORMATIONAL ACQUISITIONS13

New energy bars factory in Nova GradiškaAcquisition of Foodland d.o.o. In-housing energy bars production (Nova Gradiška, Croatia) Production of high-quality products under own brands:from outsourced producer in Germany Project with the total value of EUR 13 million, the largestindividual investment in Atlantic Grupa’s history The construction began in April 2014 and the first productsfrom the new lines in the market in Q1 2015 Created 50 new jobs in the first year of the production while Bakina Tajna or Granny’s Secret (paprika relish, jams, fruitbutters, juices) Amfissa (olives, cornichons, roasted red peppers, capers, driedtomatoes, etc) Own production facility in Igros, southern Serbia Sales of EUR 8.3 m in FY2014with the planned business growth eventually 160 new jobs willbe created Expected positive impact on the improvement in operatingprofitability of the SBU SFF, additionally tax benefits andincentives are expected over the project duration International expansion potential Granny’ Secret with its palette of supreme quality productsprepared in a traditional way, without additives orpreservatives, meets both aims defined in AG’s developmentstrategy: expanding the current brand portfolio withinternational potential (alongside Argeta, Donat Mg,Multipower, Bebi and Cedevita GO!) and internationalization. Regional expansion Using the strength of AG’s distribution network andinfrastructure to increase distribution reach of brandGranny’s Secret across the region and Amfissa and principalbrands in Serbia and Montenegro.RECENT BUSINESS DEVELOPMENT14

Atlantic GrupaTodayDevelopment ofAtlantic GrupaFinancial overviewStrategic guidanceBack-up: Overviewof businessesBack-up:Innovativefinancing of growth15

Margin overviewSales, EUR millions7207073.3% 5Y 0142.3%1.5%2%5600%Pro forma cons20112010EBITDA margin520Pro formacons 201020112012201320142015ENet debt/EBITDA4.74.8EBIT margin11.8%12%4.23.542012Net profit/loss marginROaE, 6%4.7%2%110.4%9.4%11.7%0%0Pro forma cons20102011201220132014Pro forma cons201020112012ROaE20132014ROCEHISTORICAL DEVELOPMENT OF KEY FINANCIAL INDICATORS16

Highlights from 2014 results: Sales growth in Croatian and Slovenian markets, mainly dueto the newly signed contract with Unilever, which confirmedthe position of Atlantic Grupa as the leading distributor inthe 1.1%EBIT5357596.4%3.8% Decline in sales in Russia and CIS markets primarily due tostrong ruble depreciation and political instability in UkraineNet profit15272876.9%7.2%EBITDA margin11.3%11.8%11.7% 49 bp-15 bp Production material expenses in 2014 decreased despite asignificant growth in prices of raw coffee in the globalcommodity markets in 2014. By using available hedginginstruments Atlantic Grupa reduced the effects of higherprices of raw coffee.EBIT margin8.1%8.5%8.6% 40 bp 12 bpNet profit margin2.3%4.0%4.2% 170 bp 19 bpROaA2.1%3.9%4.1% 175 bp 23 bpROaE7.6%12.7%12.4% 513 bp -25 bpROaCE10.4%11.7%12.7% 126 bp 105 bpEURmIn 2014 the classification of contracted marketing expenses has changed from “Marketing and selling expenses” to decrease in “Sales revenues”,and classification of support for contracted marketing expenses has changed from decrease in “Marketing and selling expenses” to decrease in “Costof merchandise sold”. In accordance with this change, sales revenue, referring to sales from the distribution company Atlantic Trade Zagreb and salesof SBU Savoury Spreads and BU Baby Food in the market of Russia for segment information in 2013 has been restated, but no restatement has beenmade for sales revenue referring to SBU Savoury Spreads on markets outside the region and Russia due to immateriality.ROaCE is calculated as EBIT/(average (Total Equity LT debt-Cash)) Decline in sales in Serbia and Bosnia and Herzegovina dueto the negative impact of floods in the region anddepreciation of Serbian dinar. Sales increase of SBU Savoury spreads due to key regionalmarkets and international markets. Rise in profitability, in addition to impacts above EBIT level,is the result of significant decrease of interest expenses asthe result of refinancing performed in 2012 and thedecrease in effective tax rate. Continued deleveraging: net debt repayment amounted toEUR 17.5m with net debt/EBITDA of 3.2 as at 31 December2014. Due to the transferring the production from the contractualproducer to own plant, at the beginning of 2014 AtlanticGrupa started the construction of new energy bar factory inNova Gradiška with the total value of the investment of EUR13m. The regional business environment was marked withAgrokor’s acquisition of Mercator. Atlantic Grupa considersthis acquisition as an opportunity which resulted in enteringwith the entire portfolio (including Argeta and Barcaffe) inKonzum’s stores in the fourth quarter of 2014.FINANCIAL OVERVIEW 2014 (1/2)17

(in EUR millions)2012201320142014/2013Net debt314275257(6.4%)Total assets6876787033.8%Total Equity1952232344.8%Current ratio1.81.81.5n/aGearing ratio61.7%55.2%52.3%n/aNet debt/EBITDA4.23.53.2n/aInterest coverage ratio2.63.74.7n/aCapital expenditure11132590.1%Cash flow from operating activities3956596.1%-4.04.715.9%Dividend payment for the yearFCF* (EURm), FCF/Sales ratio80606568Lower FCF due to higherCAPEX (energy bars factory),while CFO increased yoyEquity and liabilites structure of 31December de and otherpayables16.7%12%Long termborrowings31.5%Bond2.2%Short termborrowings10.9%Debt repayment schedule as of 31December s48%2%00%2012FCF: CFO before interest paid increased by CFI2013FCF (EURm)2014FCF/SALESFINANCIAL OVERVIEW 2014 (2/2)18

Sales, EURmSBU Beverages20142013*2014/2013EBITDA, EURm201420132014/201383.785.0(0.8%)SBU Beverages17.115.88.1%134.6144.1(5.9%)SBU Coffee30.831.7(2.9%)SBU (Sweet and Salted) Snacks80.581.4(0.3%)SBU (Sweet and Salted) Snacks13.114.7(11.1%)SBU Savoury Spreads61.860.33.1%SBU Savoury Spreads15.113.710.4%SBU Sports and Functional Food102.1103.1(0.3%)SBU Sports and Functional Food2.23.1(29.9%)SBU Pharma and Personal Care64.765.9(1.1%)SBU Pharma and Personal Care6.76.35.0%SDU Croatia110.6101.010.4%SDU Croatia1.62.4(31.6%)SDU Serbia142.0151.2(5.4%)SDU Serbia3.85.1(25.7%)SDU International markets76.373.44.8%SDU International markets2.02.1(6.4%)DU Slovenia95.181.218.0%Other segments**107.5112.4(3.6%)DU /a(17.6)(20.9)(16.2%)682.4660.02.4%79.678.85.8%SBU CoffeeSalesOther segments**Group EBITDA* In 2014 the classification of contracted marketing expenses has changed from “Marketing and selling expenses” to decrease in “Sales revenues”, and classification of support for contractedmarketing expenses has changed from decrease in “Marketing and selling expenses” to decrease in “Cost of merchandise sold”. In accordance with this change, sales revenue, referring to sales fromthe distribution company Atlantic Trade Zagreb and sales of SBU Savoury Spreads and BU Baby Food in the market of Russia for segment information in 2013 has been restated, but no restatementhas been made for sales revenue referring to SBU Savoury Spreads on markets outside the region and Russia due to immateriality.** 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 inSerbia, 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.PERFORMANCE BY SBUs AND SDUs IN 201419

EURmH1 2014H1 2015Revenues335324SalesH1 2015/H2 20143.2%3333223.5%EBITDA3739-6.5%EBIT2730-10.0%Net profit19179.6%Equity and liabilites structureJune 30th 2015Otherliabilities5.8%Capital and reserves34.3%Cash flow from operating activities211354.16%11.0%12.2%- 118 bpEBIT margin8.2%9.4%-122 bpNet profit margin5.7%5.8%-17 bpEBITDA marginH1 2015Net DebtNet debt/EBITDA2014243257-5.33%3.23.2-2.15%Trade andotherpayables19.3%Bond2.2% Short termborrowings10.8%Long termborrowings27.7% Sales growth of 7.3% was recorded in Serbia, Croatia which recorded a growth of 6.6%, and Bosnia and Hercegovina whichrecorded a growth of 6.1%. EBIT decreased by 10.0% mainly due to rise in costs of production materials. The growth of sales was mainly propelled by the Strategic Business Unit Savoury Spreads with a growth of 6.2%, the StrategicBusiness Unit Snacks with a growth of 4.8%, the Strategic Business Unit Beverages with a growth of 2.3%, the StrategicDistribution Unit Croatia with a growth of 6.3% and the Strategic Distribution Unit Serbia with a growth of 5.7%. Coffee with 19.3% share in total sales stands out as the largest single category, having recorded sales revenue of HRK 489.0million. During the first half of 2015, the focus was on an intensive integration of Foodland d.o.o. into Atlantic Grupa.FINANCIAL OVERVIEW H1 201520

Sales, EURmH1 2015H1 2014H1 2015/H1 2014EBITDA, EURmH1 2015H1 2014H1 2015/H12014SBU Beverages42.942.22.3%SBU Beverages11.58.437.1%SBU Coffee64.163.71.4%SBU Coffee13.615.5(12.5%)SBU (Sweet and Salted) Snacks38.637.04.8%SBU (Sweet and Salted) Snacks6.76.52.9%SBU Savoury Spreads30.829.26.2%SBU Savoury Spreads5.76.9(17.9%)SBU Sports and Functional Food53.452.81.9%SBU Sports and Functional Food0.51.6(66.0%)SBU Pharma and Personal Care32.732.51.3%SBU Pharma and Personal Care2.42.35.1%SDU Croatia56.353.36.3%SDU Croatia0.51.1(55.8%)SDU Serbia70.767.35.7%SDU Serbia1.51.320.2%SDU International markets39.138.91.1%SDU International markets0.20.9(75.9%)DU Slovenia44.444.31.0%Other segments*47.452.6(9.2%)DU /aOther segments**(7.1)(5.8)22.0%338.7324.03.5%Group EBITDA37.440.05.8%Sales* 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.PERFORMANCE BY SBUs AND SDUs IN H1 201521

Atlantic GrupaTodayDevelopment ofAtlantic GrupaFinancial overviewStrategic guidanceBack-up: Overviewof businessesBack-up:Innovativefinancing of growth22

Sales (EURm)EBITDA 02%Reported80Guidance101%96%98%4.930 0132014104%104%060EBIT20102011201220132014559 5501.00070EBITDA502009104%559550(EURm)EBIT399 385Reported2008102%Guidance96%101%Sales97%399 385 Atlantic Grupa listed on the Zagreb Stock ExchangeEBITDAon 19th of November 2007.EBIT4030104%99% Since 2008 Atlantic Grupa publishes guidance for95%20the following financial year and delivers it.10020082009102%104%559 55020102011201220132014GUIDANCE TRACK RECORD23

Focus on organic business growth through active brand management with a special emphasis on (i)strengthening the position of regional brands (Cockta, Cedevita, Smoki, Grand Kafa, Barcaffe, Bananica, Štark)and (ii) brands with international potential (Multipower, Argeta, Donat Mg, Bebi, Cedevita GO!, Granny’s Secret)as well as active development of the regional HoReCa segment.Strategicmanagementguidance In 2015, Atlantic Grupa's management expects increased pressures on the price of raw coffee in the globalcommodity markets (with an additional unfavorable impact of the EURUSD exchange rate) driven byfundamental factors, including: (i) downward trend in global supply due to draughts in Brazil, (ii) upward trend inglobal demand for coffee, and (iii) low levels of global stocks. Additional business pressures are a consequenceof the volatility of the Serbian dinar and the Russian ruble Management plans to largely compensate the listed pressures by active hedging, continuous cost managementand optimisation of business processes.(in EUR millions)2015 %)EBIT5459(8.1%)Interest expense1717(0.7%) The effects of higher coffee prices and unfavorable exchange rates between the Russian ruble and the US dollar will be stronger in the first twoquarters of 2015. In 2015, we expect capital expend

Erste Group Investor Conference, Stegersbach, October 2015. Atlantic Grupa Today Development of Atlantic Grupa Financial overview Strategic guidance Back-up: Overview of businesses Back-up: Innovative

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