Q1 FY17/18 Noteholder Presentation 27 February 2018
Disclaimer The informat ion cont ained herein does not constit ute investment , legal, account ing, THIS PRES ENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR regulatory, t axat ion or ot her advice and the informat ion does not take into account your S ELL S ECURITIES IN THE UNITED S TATES OF AMERICA OR IN ANY OTHER investment obj ect ives or legal, account ing, regulat ory, t axat ion or financial situat ion or JURIS DICTION. IT IS PROVIDED AS INFORMATION ONLY part icular needs. You are solely responsible for forming your own opinions and conclusions on such matt ers and t he market and for making your own independent This present at ion is furnished only for t he use of t he intended recipient , and may not be assessment of the informat ion herein. You are solely responsible for seeking independent relied upon for the purposes of ent ering into any t ransact ion. By att ending this present ation, professional advice in relat ion to the informat ion and any act ion t aken on the basis of t he you agree t o be bound by t hese rest rictions. Any failure t o comply with these rest rict ions may informat ion. Investors and prospect ive investors in the securities of the issuer ment ioned const it ute a violat ion of applicable securit ies laws. herein are required to make t heir own independent investigat ion and appraisal of the business and financial condit ion of such issuer and t he nat ure of t he securit ies. Cert ain informat ion herein (including market dat a and st at istical information) has been obt ained from various sources. We do not represent that it is complete or accurat e. All This present at ion includes cert ain financial dat a t hat are “ non-IFRS financial measures” . proj ections, valuat ions and st at ist ical analyses are provided t o assist t he recipient in the These non-IFRS financial measures do not have a st andardized meaning prescribed by evaluat ion of the matters described herein. They may be based on subj ect ive assessment s and Int ernational Financial Report ing S t andards and t herefore may not be directly assumpt ions and may use one among alternat ive methodologies t hat produce different result s comparable t o similarly t it led measures present ed by other ent ities, nor should they be and to the extent that t hey are based on hist orical information, t hey should not be relied const rued as an alt ernat ive to other financial measures determined in accordance with upon as an accurat e predict ion of fut ure performance. Int ernational Financial Reporting S t andards. Alt hough we believe these non-IFRS financial measures provide useful information to users in measuring the financial performance and This present at ion may include forward-looking st atement s t hat reflect our int ent ions, beliefs condit ion, of t he business, you are caut ioned not to place undue reliance on any non-IFRS or current expect at ions. Forward-looking st at ement s involve all matt ers that are not hist orical financial measures included in this present at ion. This present at ion cont ains cert ain dat a by using the words “ may” , “ will” , “ would” , “ should” , “ expect ” , “ int end” , “ estimate” , and forward looking st atement s regarding t he economy, the market s and the indust ry in “ ant icipat e” , “ believe” , and similar expressions or t heir negat ives. S uch st at ement s are made which we operat e and t hat were obt ained from publicly available informat ion, on the basis of assumptions and expect ations that we currently believe are reasonable, but independent indust ry publicat ions and other third part y dat a. We have not independent ly could prove t o be wrong. This present at ion does not const it ute an offer or an agreement , or a verified such dat a and forward-looking st atement s and cannot guarant ee their accuracy solicit ation of an offer or an agreement , to ent er into any t ransact ion (including for t he or complet eness. provision of any services) and does not constit ute an offer or invit ation to subscribe for or purchase any securit ies, and nothing cont ained herein shall form the basis of any cont ract or commit ment what soever. 2
Content 1. Company Overview 2. Key Messages 3. S trategic Initiatives 4. S ynergies 5. Financial Results– Full Y ear 3
Content 1. Company Overview 2. Key Messages 3. S trategic Initiatives 4. S ynergies 5. Financial Results– Full Y ear 4
Selecta – new profile post Argenta acquisition Italy France FY17 PF Revenue Breakdown 1 15% With the acquisitions of Pelican Rouge and Argenta, S electa is 19% the Leading Unattended S elf-S ervice Coffee and Convenience North 10% Food Provider in Europe UK 14% Spain 8% BENE • 16 countries across Europe DACH 15% 19% • No. 1 or 2 positions in 10 markets • c.475k vending & coffee machines throughout Europe Iceland • 10 Million consumers served per day Finland Russia Norway Estonia Sweden Examples of Selecta Customers by Segment Latvia Denmark Lithuania Ireland Nether- Belarus Workplace On-the-Go UK lands Belgium Poland Germany Ukraine Luxembourg Czech Rep. France Austria Moldova Hungary Switzerland Romania Croatia Italy Serbia Portugal Bulgaria Spain FYR Turkey Greece Malta Cyprus Wide breadt h of product and service port folios across market s wit h densit y advant ages drives rout e opt imizat ion, operat ional excellence and sales-force product ivit y 5 1 Pro Forma analysis excludes subsidiary held for sale (S elect a Finland)
Selecta – new profile post Argenta acquisition Comprehensive Offerings across “ Workplace” and “ On-the-Go” Workplace On-the-Go Other (~50% of revenue 1 ) (~35% of revenue 1 ) (~15% of revenue 1 ) Vending OCS Public Semi Public (~40% of revenue 1 ) (~10% of revenue 1 ) (~20% of revenue 1 ) (~15% of revenue 1 ) • Locat ed in privat e • Locat ed in privat e • Locat ed in t rain st at ions, • Locat ed in hospit als, public • Trade business businesses servicing businesses, servicing gas st at ions, met ro, airport s schools, ent ert ainment • Machine sales • employees employees et c. venues et c. Coffee export • • • • • Coffee and snacks Coffee Most ly sweet s, soft drinks Mix of food and beverage S pare part s • Ingredient s somet imes sandwiches / assort ment fresh … and Inherent Flexibility of Product Portfolio Enabling Selecta to Swiftly Adjust to New Market Trends Global Brands Local Specialties New Concepts New Channels Micro Market s Not e: Ot her segment s (t rade machines, t rade ingredient s, t echnical services, rent al services, ot her (which includes roast er export sales)) not shown. 6 1 represent s indicat ive revenue breakdown (based on gross revenue)
Transaction Timeline 2017 07.09.2017 29.09.2017 22.12.2017 Closing: Pelican S igning: Argent a Publicat ion: First Financial Rouge Acquisit ion Acquisit ion S t at ement s including Pelican Rouge 23.01.2018 15.01.2018 S igning: 02.02.2018 27.02.2018 02.02.2018 Call: Q1 Refinancing: S elect a Finland Refinancing: Closing: Argent a result s Launch Disposal Closing Acquisit ion Last report ing: • S elect a and Pelican Rouge only 2018 • Capit al st ruct ure prior t o closing 7
Content 1. Company Overview 2. Key Messages 3. S trategic Initiatives 4. S ynergies 5. Financial Results– Full Y ear 8
Key Messages Gross revenue 1, 2 +1.2% 325.8 321.9 • Q1 Growth in line with expectations • Net revenue +1.1% vs PY if adj usted for FX and Q1 2016/ 17 Q1 2017/ 18 working days • Growth driven by S MD Adj usted EBITDA 1 • Maj ority of Q4 2017 deals only contributing as of Q2 2018 Margin % 13.9% 15.0% +9.1% Strong adjusted 4 EBITDA improvement by €4.1m (9.1% • ), 48.8 or 1.1 pts as a ratio to net sales 44.7 • Underlying business benefits from productivity initiatives implemented in 2017 Q1 2016/ 17 Q1 2017/ 18 • S ynergy run rate of €11.5m achieved in Q1, contributing €2.4m to EBITDA in Q1 Adj usted EBITDA less net capex 1, 3 • Strong pipeline and recent wins underpin confidence in 2% Growth outlook +38.5% • Net gains Q1 YTD of €12m (27m gains for 15m 22.0 15.9 losses) • Pipeline of €112m, out of which 45m secured 5 100% Q1 2016/ 17 Q1 2017/ 18 Signing Selecta Finland disposal - January 23 rd 2018 • • The European Commission has approved the purchaser Total average sales per machine per day 6 at constant rates 1 of Selecta Finland on February 21 st 2018 • +3.2% Closing expected by end March 2018 11.9 12.2 Q1 2016/ 17 Q1 2017/ 18 1 Const ant foreign currency rat es applied: CHF/ EUR 1.15; S EK/ EUR 9.65; GBP/ EUR 0.88. S elect a / PR adj ust ed for subsidiary held for sale (S elect a Finland) 2 Revenue gross of vending fees 3 Net capit al expendit ures is defined as capit al expendit ures less net book value of disposals of vending equipment 4 Adj ust ment s capt ure one off it ems relat ing t o synergy cost s 5 Mut ual agreement wit h client 9 6 Machines excluded non-revenue generat ing machines and are averaged over t he quart er, days are weight ed by t urnover per segment across t he group
Content 1. Company Overview 2. Key Messages 3. S trategic Initiatives 4. S ynergies 5. Financial Results– Full Y ear 10
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