M ATAS Q2 2018/19 G UIDANCE U PGRADE : S TABLE EARNINGS AND RECORD GROWTH IN ONLINE SALES R ESULTS U PDATE 8 N OVEMBER 2018
Forward Looking Statements This presentation contains statements relating to the future, including statements regarding Matas A/S’ future operating results, financial position, cash flows, business strategy and plans for the future. The statements can be identified by the use of words such as “believes”, “expects”, “estimates”, “projects”, “plans”, “anticipates”, “continues” and “intends” or any variations of such words or other words with similar meaning. The statements are based on management’s reasonable expectations and forecasts at the time of the disclosure of the interim report. Any such statements are subject to risks and uncertainties and a number of different factors, of which many are beyond Matas A/S’ control, can mean that the actual development and the actual result will differ significantly from the expectations contained in the interim report. Without being exhaustive, such factors include general economics and commercial factors, including market and competitive matters, supplier issues and financial issues. Matas Q2 2018/19 results update 2
Team Gregers Wedell-Wedellsborg Anders Skole-Sørensen Elisabeth Toftmann Klintholm CEO CFO Head of IR & Corporate Affairs gww@matas.dk as@matas.dk etk@matas.dk +45 4816 5548 +45 4816 5555 +45 4816 5555 Matas Q2 2018/19 results update 3
CEO comment: Q2 2018/19 in numbers Revenue EBITDA before special items DKK 777,2 million DKK 108,6 million Q2 2017/18: DKK 789,9 m Q2 2017/18: DKK 107,5 m Underlying (like-for-like) growth of EBITDA margin before special items -1.9% 14,0% Guidance: Unchanged (-1 to +1%) Guidance: Increased to more than15% Matas Q2 2018/19 results update 4
Overview: Q2 2018/19 vs. Q2 2017/18 Revenue (DKK m) Gross margin (%) Cost (DKK) EBITDA BEFORE SPECIAL ITEMS (DKK m) Special items EBITDA -1.6% Other external costs Special items LFL -1.9% Staff costs +1.6% 108.6 107.5 236.7 240.4 44.9 43.6 68.5 84.6 789.9 777.2 180.9 165.3 12.7 9.5 -12.7 -9.5 Q2 17/18 Q2 18/19 Q2 17/18 Q2 18/19 Q2 17/18 Q2 18/19 Q1 18/19 Q2 17/18 Adj. net profit (DKK m) Transactions (# m) Basket size (DKK) Free cash flow (DKK m) +2.8% -2.3% 65.3 25.3 61.0 5.1 154.0 5.0 149.8 5.8 Q2 17/18 Q2 18/19 Q2 17/18 Q2 18/19 Q2 17/18 Q2 18/19 Q2 17/18 Q2 18/19 Matas Q2 2018/19 results update 5
Quarterly developments from Q1 2015/16 to Q2 2018/19 G ROSS M ARGIN R EVENUE GROWTH Gross margin Like-for-like growth LTM gross margin 12m trailing LFL growth 46.4% 46.3% 1.2% 0.8% 0.5% 45.0% 44.9% 45.8% 0.2% 0.4% -1.0% -1.5% 43.6% -1.9% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 15/16 16/17 17/18 18/19 15/16 16/17 17/18 18/19 EBITDA MARGIN EBITDA margin before special items I NVENTORIES 2016/17 2017/18 2018/19 LTM EBITDA margin before special items BEFORE SPECIAL ITEMS 19.2% 18.0% 17.1% 16.1% 17.5% 792 799 790 773 766 756 749 737 741 693 14.5% 14.0% 13.6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 15/16 16/17 17/18 18/19 Matas Q2 2018/19 results update 6
Income statement for Q2 2018/19 vs. Q2 2017/18 2018/19 2018/19 2017/18 2017/18 2017/18 Growth DKK million Q2 Q1 Q4 Q3 Q2 Q2 vs Q2 Revenue 777 844 769 1,075 790 -1.6% Gross profit 349 382 342 484 344 1.4% Gross margin 44.9% 45.2% 44.4% 45.0% 43.6% Other external costs 85 74 93 88 69 23.5% Staff costs 165 175 167 175 181 -8.6% EBITDA 99 133 82 221 95 4.5% Amortisation and depreciation 43 38 47 44 38 14.3% Operating profit 56 95 35 177 57 -1.9% Net financials 5 4 4 5 5 -6.1% Profit before tax 51 91 31 172 52 -1.5% Tax on profit for the period 14 20 -1 38 11 26.0% Profit for the period 37 71 32 134 40 -9.2% Diluted Earnings per share, DKK 0.97 1.87 0.84 3.55 1.07 -9.4% EBITDA margin 12.8% 15.8% 10.6% 20.6% 12.0% Special items 9 5 2 5 13 EBITDA before special items 109 138 84 227 107 EBITDA margin before special items 14.0% 16.4% 10.9% 21.1% 13.6% Tax rate 28.1% 22.0% -3.9% 22.0% 22.0% Adjusted net profit 61 90 47 155 65 -6.6% Matas Q2 2018/19 results update 7
Cash flow development • DKK 6 m lower than Q2 last year C ASH F LOW OPERATING ACT . • CAPEX excl. acquisitions DKK 18 m higher than Q2 last year; no completed acquisitions I NVESTMENTS • Free cash flow of DKK 6 m compared to DKK 25 m in the same period last year F REE CASH FLOW • Cash flow from financing activities was DKK 48 m lower impacted by the timing of the C ASH FLOW FINANCING ACT . financing of part of the dividend payment, which was paid out in July 2018 2018/19 2018/19 2017/18 2017/18 2017/18 DKK million Q2 Q1 Q4 Q3 Q2 Cash generated from operations* 105 46 329 54 47 Paid interest and taxes 7 40 69 6 5 Cash flow from operating activities 42 98 6 261 48 Acquisition of PPE and intangibles 25 20 21 18 36 Acquisition of subsidiaries and activities 2 5 0 0 0 Free cash flow 6 73 -15 237 25 Cash flow from financing activities 35 49 -237 -193 -145 Net cash flow from operating, investing and financing activities -139 108 34 0 -168 * Including changes to working capital. Matas Q2 2018/19 results update 8
Our 2023 strategy: ‘Renewing Matas’ S TRATEGIC TRACKS B REAKTHROUGHS IN Q2 2018/19 Live our purpose: New marketing campaign ‘More Beautiful 1 1 Beauty & Wellbeing for life Together’ (‘ Skønnere sammen ’) Record high organic online growth rate 2 Aqcuisition of Firtal Group ApS Development of new store concept 3 2 3 4 Strengthened position on the green 4 market Win online Reignite store Open new growth growth paths The new management team 5 Staff cost inflation more than neutralised 5 Change how we work Matas Q2 2018/19 results update 9
Online growth of 61% in Q2 2018/19 driven by I NCREASED UNDERLYING CAMPAIGN EFFICIENCY I NCREASED NON CAMPAIGN FROM IMPROVED CONVERSION F AST DELIVERY ( DAY - TO - DAY AND SAME - DAY ) Matas Q2 2018/19 results update 10
Guidance: Financial targets for 2018/19 Unchanged level for underlying revenue REVENUE (LFL between -1 and 1%) EBITDA MARGIN BEFORE Above 15% SPECIAL ITEMS 1 CAPEX DKK 110 – 130 m TOTAL INVESTMENTS DKK 240 – 260 m Despite the acquisition, Matas A/S still expects to DIVIDENDS be able to pay a dividend for the financial year 2018/19 1. Based on existing IFRS rules (IFRS16 not included). Matas Q2 2018/19 results update 11
Performance: Ambitions towards 2022/23 2019/20 to 2022/23 2022/23 CUSTOMER Continuous improvement Index 110 ENGAGEMENT 1 REVENUE 2 Positive LFL from 2020/21 Around DKK 4 bn Harvest scale benefits online EBITDA A MA MARGIN 3 Above 14% Change how we work 1. Measured by Matas Net Promotor Score (M-NPS). 2. Total revenue from existing business, Matas Natur and Firtal Group. 3. 3. Based on existing IFRS rules (IFRS16 not included). Matas Q2 2018/19 results update 12
Q&A Matas Q2 2018/19 results update 13
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