Company presentation
May 2017
Disclaimer
2
Neither this presentation (the “Presentation”) nor any copy of it nor the information contained herein being issued, and nor may this Presentation nor any copy of it nor the information contained herein be distributed directly or indirectly to or into, the United States, Canada, Australia or Japan.
By attending this meeting where this Presentation is made, or by reading the Presentation slides, you agree to be bound by the following terms, conditions and limitations. The above applies to the Presentation, the oral presentation of the information in the Presentation by the Company (as defined below) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation, if any (collectively referred to as the Presentation).
This Presentation does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for or underwrite or otherwise acquire, any securities of Dino PolskaS.A (the “Company”) or any member of its group (the “Group”), nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its Group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This Presentation does not constitute a recommendation regarding any securities of the Company or its Group.
This Presentation contains certain statistical and market information. Such market information has been sourced from and/or calculated based on data provided by third-party sources identified herein or by the Company, if not attributed exclusively to third-party sources. Because such market information has been prepared in part based upon estimates, assessments, adjustments and judgments which are based on the Company's or third-party sources' experience and familiarity with the sector in which the Company operates and has not been verified by an independent third party, such market information is to a certain degree subjective. While it is believed that such estimates, assessments, adjustments and judgments are reasonable and that the market information prepared appropriately reflects the sector and the market in which the Company operates, there is no assurance that such estimates, assessments, adjustments and judgments are the most appropriate for making determinations relating to market information or that market information prepared by other sources will not differ materially from the market information included herein.
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Dino today
33
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
Expansion phaseFoundation phase
PEF VI(2) invested in Dino
Second logistics centre in Piotrków
Tryb. (leased)
25 32 50 81 119 151 192
81 90111
154
234
324
410
511
628
Net sales area (’000 m2)
No. of stores
238
Third logistics centrein Jastrowie (owned)
20
• One of the leading Polish
food retail chains
• 628(1) stores located
mainly in Western
Poland
• Track record of
rapid growth
(1) As of year-end 2016(2) A company advised by Enterprise Investors; PEF VI sold all shares in Dino’s IPO in April 2017
Source: Company information (July 2016), IFRS financial information, Roland Berger report
• No. 1 fastest-growing
chain and 2nd largest in
proximity segment
Proximity supermarkets operate close to residential areas in large, medium and small cities. Stores have net sales area of 200-500m2 and offer 4,000-8,000 SKUs of which 90% is typically food
Dino at a glance Investment highlights Growth strategy Financials
(6) Change in gross profit margin between the financial year ended Dec-14 and the financial year ended Dec-16(7) Change in EBITDA margin between the financial year ended Dec-14 and the financial year ended Dec-16(8) Adjusted for the management incentive plan cost of PLN5.7m and other IPO-related one-off expenses of PLN1.8m
(9) ROIC defined as: EBITDA for the period divided by average property, plant and equipment plus average net working capital over the period
Dino at a glance: fast growth, increasing scale, improving margins
(1) CAGR for the last three financial years ended Dec-14, Dec-15, Dec-16(2) Like-for-like (“LFL”) sales based on monthly data of stores in operation for 13 months or more(3) Based on the last financial year ended Dec-16(4) EBITDA defined as earnings before interest, tax, depreciation and amortisation(5) EBITDA margin defined as EBITDA divided by revenues over the same period
Source: Company information, IFRS financial information
4
25% 40%
26%11.3%
2016 LFL(2)
sales growthSelling space CAGR over last 3 years(1)
Sales CAGRover last 3 years(1)
EBITDA CAGRover last 3 years(1),(4),(8)
Growth
8.6%22.9%
FY 2016 Gross
profit margin(3)
FY 2016 EBITDA
margin(3),(5),(8)
PLN 288m
PLN 3.4bn
FY 2016 EBITDA(3),(4),(8)
FY 2016Revenues(3) Profitability
+1.6pp
+0.9pp Δ EBITDA margin(7),(8)
Δ Gross profit margin(6)
Attractive 2016 ROIC(9)
30.3%
Dino's winning concept
5
• competitive prices
• transparent price points
• tailored promotions
• approx. 5,000 SKUs
• fresh products
• Branded products
• own meat production
• 628 mainly owned locations(1)
• regional, high-traffic locations
• stores ownership
• proximity and parking
• proximity format – approx. 400 m2
• consistent store design
• own logistic system
• centralized store management
• efficient IT systems
• cost effective marketing
Lo
ca
tio
n &
rea
l e
sta
te
Op
era
tio
na
l
eff
icie
ncy
Pro
du
ct
Pric
e
(1) As of 31.12.2016
Full Operational Control & Quality
1 2
34
Dino at a glance Investment highlights Growth strategy Financials
Investment highlights1 2
3
4
56
7
8
Logo/Text
Solid macroeconomicenvironment in Poland with favorable trends in retail
Clear strategy for exploiting significant growth potential
Highly incentivisedmanagement team, with Dino since 2002
Strong financial performance
Leading position in the attractive and growing proximity supermarket format
Proven rapid network roll-out capabilities and real estate ownership
Differentiated offering focused on fresh and branded products at competitive prices
Lean, cost efficient and scalable business model
6
9.0
10.3
9.3
PL CEE WE
53.2 51.3
86.2
PL CEE WE
Bulgaria
Poland
Czech Republic
Hungary
Slovakia
44
15
18
10
85
Strong macro trends in Poland favouring Dino’s format
Increasing disposable income
479 531 586 648 716
682 750816
889971
2017E 2019E 2021E 2023E 2025E
Rural Urban
7
The largest economy in the CEE region
Source: Economist Intelligence Unit, 2016
10m
38m
11m
7m
20m
5m
Population
Source: Economist Intelligence Unit,Euromonitor, 2016
Nominal GDP and consumer spending
across CEE (%)
Total CEEconsumer
spending:
€561bn(outer pie chart)
Total CEEnominal GDP:
€1,011bn
(inner pie chart)o
Romania
1
Attractive GDP forecast Efficient labour marketStable fiscal environment
GDP CAGR 2017–19E (%) Public debt % of GDP (2016(3)) Unemployment rate 2016 (%)
Recovering inflation Clear suburbanisation trendLow urbanisation
Inflation in Poland Fringe population as % of total city population
(%)
61%
75%80%
83%
PL Germany France UK
102.0
103.1
95
97
99
101
103
105
Mar-14 Mar-15 Mar-16 Mar-17
CPI CPI—food
3.02.7
1.3
PL CEE WE
(1) CEE excl. Poland: Czech Republic, Romania, Hungary, Slovakia and Bulgaria(2) Western Europe (EU15): Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, United Kingdom
(3) Latest available Eurostat data as of Q3 2016
Source: Euromonitor Source: Central Office of Statistics (GUS)
(2)(1)
Source: Economist Intelligence Unit, 2016 Source: Economist Intelligence Unit, 2016
(2) (2)
Source: Economist Intelligence Unit, 2016
Source: World Bank, Central Office of Statistics (GUS) Source: Bulletin of geography based data from Central Office of Stattistics (GUS)
4335Warsaw
Cracow
Wroclaw
Poznan
4840
4332
5832
2002 2050
(1) (1)
42
17
17
11
85
Disposable monthly income per rural and urban inhabitant in Poland (€) Population living in urban areas as % of total
population
Impact on store development
Proximity supermarkets'
strengthsHypermarkets
Large
supermarketsDiscounters Convenience
Busy lifestyle Easy and fast shopping
due to close location and
limited but sufficient
assortment
New family
modelAlready wide selection of
ready meals or pre-
assembled/
semiprepared products
Demand for
higher quality,
premium
products
Wide assortment of fresh
products, with fresh
charcuterie, less premium
products than in large
stores
Increasing
health-
consciousness
Fresh assortment with
high quality of products
but limited availability of
organic products
Increasing price
awareness
of customers
Prices of main SKUs
slightly higher than in
case of discounters,
remaining SKUs at higher
prices than larger stores,
limited promotions
Regional
developmentFormat preferred by small
shopping malls outside
large agglomerations
8Source: Roland Berger analysis based on Nielsen, PMR, Industry expert interviews, industry press
Key consumer trends and food retail formats in Poland
Negative impact on format developmentPositive impact on format development
8
2
Traditional
Soft franchise
Convenience
Discounters
Proximity
supermarkets
Large
supermarkets
Hypermarkets
(15.0%)
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
(10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0%
20
10
-20
15
sa
les C
AG
R
2015-2020E sales CAGR
PLN 41bn
PLN 55bn PLN 16bn
PLN
13bn
PLN
35bn
PLN 33bn
PLN 18bn
Proximity supermarket is one of the most attractive segments
within the Polish food retail market(1)
Source: Roland Berger report based on PMR, EMIS, Euromonitor, company webpages and expert interviews
(1) Size of the bubble represents relative sales value in 2015
2.6
3.3
2.4
4.9
Dino Delikatesy Centrum Polomarket Other
Leading position in the attractive proximity format2
9
Largest proximity
chain by sales and
number of stores
2nd
37%
12%
(4%)
8%
Dino Delikatesy Centrum Polomarket Other
Source: Roland Berger analysis based on PMR, EMIS, Euromonitor, company webpages and expert interviews
(1) 2010-2015; by sales and number of stores CAGR
(2) Polomarket chain was split into Mila and Polomarket in 2015, Mila was included in other segment
(3) Other includes Eko and Spar
Sales CAGR 2010-2015
1st
(2)
Fastest growing
proximity chain(1)
The fastest growing proximity chain in Poland
Proximity supermarkets operate close to residential areas in large, medium and small cities. Stores have net sales area of 200-500m2 and offer 4,000-8,000 SKUs of which 90% are typically food
Sales 2015 (PLN bn)
(3)
(3)(2)
Dino’s position within the broader food retail market
One of the largest and the fastest growing food retailers among the Top 20 players (1) in Poland
2
Legend(6) Soft franchiseHypermarkets Large supermarkets Proximity supermarketsDiscounters Convenience
(5) Żabka and Freshmarket(6) Segment in which grocery chain had the most stores in 2015
(7) Proximity supermarkets operate close to residential areas in large, medium and small cities. Stores have net sales area of 200-500m2 and offer 4,000-8,000 SKUs of which 90% is typically food
Source: Roland Berger analysis based on PMR, EMIS, Euromonitor, company webpages and expert interviews(1) In terms of sales in 2015
(2) Estimated sales in stores(3) Data for Carrefour Group
(4) Including Real
10
Top 20 players sales value 2015 (PLN bn)
38.5
12.711.2 10.4 9.9 9.5 8.9
6.9 6.64.4
3.3
3.1 2.7 2.6 2.5 2.4 2.2 2.1 2.1 1.4
0
10
45
4.4
(4)(2) (2) (2),(5) (2) (2) (2)
Legend(6) Soft franchiseHypermarkets Large supermarkets Proximity supermarkets(7)Discounters Convenience
(3)
∆ ranking
2010–15
in terms of sales- +4 (1) +4 +2 (3) (2) (4) -+2 +1 +2 - (7)+5 +3 (2) (2) (2) na
63
37
21 20 19 18 16 15 15 12
0
20
40
60
80
(5)
Top 10 players CAGR of sales value 2010-2015 (%)
Fastest growing
food retailer2nd
Delivering consistently superior LFL growth
Annual
Inflation
(deflation) %
Annual
Food inflation
(deflation) %
Deflationary period
2.6
2.7
4.3
5.4
3.7
4.3
0.9
2.0
0.0
(0.9)
(0.9)
(1.7)
(0.6)
0.8
2
15.5%16.6%
14.1%
7.5%
4.2%5.1%
11.3%
0.0%
5.0%
10.0%
15.0%
20.0%
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20162010 2011 2012 2013 2014 2015
Poland is recovering from the temporary
deflationary environment which is
already visible in the recent data for
food inflation and LFL trading of the
leading food retail chains
LFL growth
11 11
Thriving in a competitive market
Source: Company information, Central Statistical Office of Poland
(1) Biedronka, Lidl, Netto, Polomarket, Freshmarket, Delikatesy Centrum, Mila, Stokrotka (data as at 30 January 2017)
• 71% of Dino stores compete with at least one store from any network(1)
within 5 km
• 28% of Dino stores compete with at least one store from any network(1)
within 0.5 km
• Dino is able to successfully compete in even the most dense voivodeships
Convenient
proximity format
Direct access to
regional producers
of branded
products
Own meat
processing plant
ensuring highest
quality
Efficient logistics
network capable of
daily fresh
deliveries
Flexibility to make
quick adjustments
to product mix and
promotions
Market trends best addressed by Dino’s business model adding
to LFL sales growth
Dino ready to take advantage of the consumer trends with its:
Proven roll-out capabilities based on store ownership
2011: 154 stores, 1 distribution center 2013: 324 stores, 2 distribution centers 2016: 628 stores, 3 distribution centers – further roll-out
3
81 90 111 154234
324410
511628
2008 2009 2010 2011 2012 2013 2014 2015 2016
25 32 50 81 119 151 192
Net sales area (’000 m2)
No. of stores
23820
83%
owned
stores
Source: Company information
Krotoszyn
Krotoszyn
12
W
Warsaw
Gdańsk
Łódź
Białystok
Lublin
Szczecin
Kraków
Poznań
Wrocław
Katowice
Krotoszyn
PiotrkówTrybunalski
Jastrowie
Opened stores Preliminary agreements Purchased plots of land
Stores under construction Logistics centers Major cities
PiotrkówTrybunalski
Attractive roll-out economics with high ROIC
Efficient distribution network and store design
Greater flexibility in selecting the most attractive sites
Consistent store format
Lower maintenance costs
Lower cost of developing and building a store
Lack of risk connected with lease model
Potential for real estate value increase
Makes smaller towns (villages) accessible for Dino
Clear benefits from real estate ownership
1
2
3
4
7
6
5
13
Source: Company information
(1) ROIC for the whole group, defined as: EBITDA for the period divided by average property, plant and equipment plus average net working capital over the period
8
3
9
Dry food, beverages,
alcohol and tobacco
51%
Non-food
13%
o/w meat and cold cuts
16%
14
4Differentiated offering focused on fresh and
branded products at competitive prices
Wide branded offering focused on fresh products … … with own meat processing plant
14
KrotoszynAgro-
Rydzyna Piotrków
Trybunalski
Jastrowie
• Agro-Rydzyna plant is conveniently located in Kłoda, close to
Dino’s headquarters in Krotoszyn
• The plant is the exclusive supplier of fresh meat for Dino
• Full control over quality and logistics in meat products is an
important competitive advantage
Convenient location
Agro-Rydzyna
Distribution centers
Product split by revenue (2016)1
Fresh food36%
Source: Company information
(1) Based on financial year ended Dec-16
5,000 SKUs at a typical Dino storeFresh product offering driving daily
visits
98%(1) of the offering is branded
Efficient cooperation with suppliers enables competitive
prices and attractive margins
15
✓ Close and long-lasting cooperation
with suppliers
✓ Majority of offering is sourced
directly from producers or their
main representatives, instead of
wholesalers, to generate higher
margins
✓ Looking for efficiency in
cooperation – Dino’s gross margin
went up by 0.9pp in 2 years
4
17%
83%
Top 10
suppliers
Others
Concentration of suppliers(1)
(2016)
Source: Company information
(1) Excluding Agro-Rydzyna
Actively seeking the best purchasing terms
Same type of productGlobal FMCG
supplier present in
competitive network
Local, branded FMCG
supplier
Dino is able to maintain competitive pricing policy while
improving margins.
Smart pricing policy is a sustainable competitive advantage.
Lean, cost efficient and scalable business model5
1616
KrotoszynTotal space:
44 500 m2
Piotrków Tryb.Total space:
27 100 m2
JastrowieTotal space:
23 600 m2
Well-invested operational backbone supporting network expansion and driving cost efficiencies
22.022.6 22.9
2014 2015 2016
• Logistics of supplies centrally managed from Krotoszyn and
dispatched from three distribution facilities
Source: Company information
(1) For 2016 EBITDA margin adjusted by IPO costs and Incentive Management Programme (one-offs)
Gross margin (%)
7.0
8.18.6
2014 2015 2016
Increasing economies of scale Significant operational leverage
Dino's distribution centres
EBITDA margin (1) (%)
6
17
Strategy: roll-out + superior LFL + margin improvement
2016 '17F '18F '19F '20F end'20F
Strategic plan to exceed 1,200 stores by the end of 2020(1)
LFL growth Improving profitability
628
Stores(2)
Over 1,200
stores by the end of 2020
Dec-14 Dec-15 Dec-16
Strong pipeline of secured locations
✓ Respond to key trends changing customer
lifestyle and food shopping habits
✓ Active steps to support LFL growth by
stores traffic and favourable changes in
product mix
✓ Capitalise on positive market trends
11.3%
LFL growth in 2016 (vs 0.8% food inflation)
Gross margin
improvement by 0.9 pp(2014-2016)
EBITDA margin
improvement by 1.6 pp(2014-2016(3))
(1) Roll-out plan for 2017 – 2020 was developed by the Management and is based on own internal analysis, Roland Berger research report describing the main factors affecting the evolution of the Polish food retail market, the review by Roland Berger
of Dino's roll-out plan and procedures in light of the findings of the research, and other market research
(2) As at 31.12.2016
(3) 2016 EBITDA adjusted by one-offs (IPO costs and Incentive Management Programme)
✓ Economies of scale
✓ Operational leverage
✓ Smart approach to marketing
✓ Logistics
✓ Modernisation of Agro-Rydzyna
✓ Further optimizations
197
280338
86 101 117
1 2 3
Pipeline Actual net openings
148210
288
2014 2015 2016
22.0%22.6% 22.9%
7.0%8.1% 8.6%
2014 2015 2016
Gross margin EBITDA margin
18
Strong financial performance
Unparalleled growth Improving margins
Number of stores
+1.6 p.p.
+0.9 p.p.
Revenue (PLNm)
EBITDA(1) (PLNm)
Source: Company consolidated financial statements for the period of 2014 – 2016
(1) Adjusted for one-off reserves in relation to the new management incentive plan of PLN 5.7m and other IPO-related one-off expenses of PLN 1.8m in 2016
(2) 2016 G&A costs adjusted for the management incentive plan cost of PLN5.7m and other IPO-related one-off expenses of PLN1.8m
(3) Net profit adjusted by temporary differences arising on Group reorganization and associated with its joint – stock companies
410511
628
2014 2015 2016
2,1082,590
3,370
2014 2015 2016
7
(1)66
110
151
2014 2015 2016
Robust bottom line growth
Adjusted net income3 (PLNm)
15.40% 15.12% 15.01%
1.49% 1.37% 1.24%
2014 2015 2016
Selling expenses G&A costs
Stable selling expenses and G&A costs
in relation to revenue2
(% of revenue)
(199)(278)
(382)(27)
(25)
(30)
189 245325
84% 81%79%
2014 2015 2016
OCF
Financial expenses
CapEx
OCF / CapEx + financial expenses
188
245
324
148
210
288
2014 2015 2016
OCF EBITDA
19
Effective working capital management
and strong operating cash flow
EBITDA conversion into OCF
(PLNm, %)
19
Source: Company consolidated financial statements for the period of 2014 – 2016
(1) Working capital calculated as of the end of the respective year due to high pace of rollout requiring a substantial amount of the stock at the end of the year
(2) Days inventories held defined as a value of inventories divided by COGS for the last twelve months and multiplied by 365
(3) Days sales outstanding defined as a value of receivables divided by sales for the last twelve months and multiplied by 365 (4) Days payables outstanding defined as a value of trade payables divided by COGS for the last twelve months and multiplied by 365
(5) Adjusted for one-off reserves in relation to the new management incentive plan of PLN 5.7m and other IPO-related one-off expenses of PLN 1.8m in 2016
(6) CapEx is presented as total additions of PPE and intangible assets in each year (as presented in notes 14 and 16 of Company consolidated financial statements for the period of 2014 -
2016); includes assets acquired under financial leases
OCF covering significant share of CapEx(6) needs
(PLNm, %)
7
NWC split(1)
(days)
40 39 39
3 3 4
(75) (78) (81)
2014 2015 2016
Days payables outstanding
Days sales outstanding
Days inventories held
(36)(31)
(2)
(3)
(4)
(38)Total NWC
(5)
266 362 452118
102110
(24) (34) (66)
2014 2015 2016
Cash and cash equivalents
Current portion on intrest-bearing loans and finance leases
Interest-bearing loans and finance leases
20
Net debt/EBITDA(1), (2)Net debt structure Improving debt service
Strong balance sheet
Source: Company consolidated financial statements for the period of 2014 – 2016
(1) Net debt to EBITDA defined as net debt divided by EBITDA for the last twelve months
(2) EBITDA and EBIT adjusted for one-off reserves in relation to the new management incentive plan of PLN 5.7m and other IPO-related one-off expenses of PLN 1.8m in 2016
(3) Interest coverage ratio defined as EBIT divided by financial expenses for the last twelve months
380 429
4.0x
6.4x 7.0x
6.6%
5.4% 5.3%
2014 2015 2016
Interest coverage ratio
Financial expenses as a % of debt
2.6x
2.0x1.7x
2014 2015 2016
7
496
(2), (3)
✓ Dino historically has been able to finance majority of its expansion costs from cash flow – operating cash flow covered ca. 80% of the CAPEX and financial
expenses in 2014 - 2016
✓ The Management Board does not foresee a need for equity funding to execute its growth strategy
✓ Expected net debt to EBITDA ratio is ca. 2x
✓ Due to the growth profile of Dino and quality of collateral (real estate), banks are willing to finance growth of Dino at attractive terms
✓ In the past three years, Dino has not paid out any dividends, instead using cash flow from operations primarily to fund its profitable organic network expansion
✓ Given Dino’s rapid roll-out plans, the Management does not intend to recommend any dividend pay-outs for 2016 on the Shareholders’ Meeting
(PLNm)
Investment highlights
1 2
3
4
56
7
8
Logo/Text
Solid macroeconomicenvironment in Poland with favorable trends in retail
Clear strategy for exploiting significant growth potential
Highly incentivisedmanagement team, with Dino since 2002
Strong financial performance
Leading position in the attractive and growing proximity supermarket format
Proven rapid network roll-out capabilities and real estate ownership
Differentiated offering focused on fresh and branded products at competitive prices
Lean, cost efficient and scalable business model
21
Additional information
23
('000 PLN) 2014 2015 2016
Sales 2,107,984 2,589,576 3,369,517
Cost of sales -1,644,080 -2,004,710 -2,599,005
Gross profit 463,904 584,866 770,512
Other operating income 1,522 3,120 2,616
Selling and marketing costs -324,634 -391,580 -505,855
Administrative expenses and general overheads -31,338 -35,354 -49,434
Other operating expenses -3,667 -998 -2,250
Operating profit 105,787 160,054 215,589
Financial income 168 99 473
Financial expenses -26,662 -24,922 -29,607
Profit before tax 79,293 135,231 186,455
Income tax -13,156 -13,059 -35,245
Net profit for the year 66,137 122,172 151,210
Profit attributable to equity holders of the parent entity 66,137 122,172 151,210
2014-2016 consolidated profit and loss account
24
2014-2016 consolidated balance sheet
('000 PLN) 2014 2015 2016
Property, plant and
equipment798,948 1 024 199 1 337 207
Intangible assets 90,700 92,253 93,072
Other non-financial assets
(long term)1,885 - -
Deferred tax assets 37,049 34,311 26,867
Total non-current assets 928,582 1 150 763 1 457 146
Inventories 182,286 212,146 276,541
Trade receivables and
other receivables18,796 21,687 33,665
Income tax receivables 48 105 613
Other non-financial assets 13,515 20 742 22,447
Cash and cash equivalents 23,739 33,920 66,428
Total current assets 238,384 288,600 399,694
TOTAL ASSETS 1 166 966 1 439 363 1 856 840
('000 PLN) 2014 2015 2016
Equity 410,073 532,235 683,476
Share capital 9,804 9,804 9,804
Reserve capital 316,048 393,019 510,720
Retained earnings 84,221 129,412 162,952
Non-controlling interests - - -
Total equity 410,073 532,235 683,476
Interest-bearing loans, borrowings and finance
lease liabilities285,962 361,774 452,378
Other liabilities - - 300
Provisions for employee benefits 533 758 1,115
Deferred tax liabilities 1,572 588 5,498
Accruals 76 73 87
Total long-term liabilities 288,143 363,193 459,378
Trade and other payables 337,620 429,195 574,426
Current portion of interest-bearing loans and
finance lease liabilities118,187 101,504 110,173
Income tax liabilities 4,608 3,368 10,268
Accruals 8,286 9,796 13,227
Provisions for employee benefits 49 72 5,892
Total current liabilities 468,750 543,935 713,986
Total liabilities 756,893 907,128 1 173 364
TOTAL EQUITY AND LIABILITIES 1 166 966 1 439 363 1 856 840
25
2014-2016 consolidated cash flow
('000 PLN) 2014 2015 2016
Cash flows from operating activities
Profit before tax 79,293 135,231 186,455
Adjustments for: 109,185 110,163 137,868
Depreciation and amortization 41,880 50,177 65,202
Gain/(loss) from investing activities 417 193 1,574
Change in the balance of receivables 59,041 -10,808 -15,592
Change in the balance of inventories 25,464 -29,860 -64,395
Change in the balance of payables
except loans and borrowings-45,513 84,204 127,224
Interest income -153 -60 -440
Interest expenses 26,486 24,955 29,658
Change in the balance of accruals 2,975 3,859 4,928
Change in the balance of provisions 249 114 6,178
Income tax paid -1,639 -12,599 -16,507
Other -22 -12 38
Net cash flows from operating activities 188,478 245,394 324,323
('000 PLN) 2014 2015 2016
Cash flows from investing activities
Proceeds from sale of property, plant and
equipment and intangibles374 925 1,112
Purchase of property, plant and equipment and
intangibles-170,722 -243,487 -311,732
Interest received 153 60 440
Net cash flows from investing activities -170,195 -242,502 -310,180
Cash flows from financing activities
Payment of financial lease liabilities -24,456 -30,024 -43,902
Proceeds from loans and borrowings 111,653 141,770 219,061
Repayment of loans and borrowings -72,771 -79,502 -127,136
Interest paid -26,486 -24,955 -29,658
Net cash flows from financing activities -12,060 7,289 18,365
Net increase/(decrease) in cash and cash
equivalents 6,223 10,181 32,508
Cash and cash equivalents at the beginning of the
period17,516 23,739 33,920
Cash and cash equivalents at the end of the
period23,739 33,920 66,428
Contact:
Grzegorz Uraziński, Head of Investor Relations
Phone: +48 695 234 561
[email protected] | www.grupadino.pl
Calendar:
29 August 2017 – consolidated report for H1 2017
14 November 2017 – consolidated report for Q3 2017
Thank you