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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Compañía de Distribución Integral Logista Holdings, S.A.    LOG   ES0105027009

COMPAÑÍA DE DISTRIBUCIÓN INTEGRAL LOGISTA HOLDINGS, S.A.

(LOG)
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Compañía de Distribución Integral Logista S A : Presentación de resultados

10/28/2020 | 02:20pm EST

2020 Results

28 October 2020

Disclaimer

This document has been prepared by Compañía de Distribución Integral Logista Holdings, S. A. ("Logista Holdings" or "the Company") for information purposes, and does not constitute an offer of purchase, sale or

exchange, neither an invitation for an offer of purchase, sale or exchange of shares of the Company, or any advice or recommendation with respect to such shares.

This document contains certain statements that constitute or may constitute forward looking statements about the Company, including financial projections and estimates and their underlying assumptions, which are not guarantee of future performance or results, and are subject to risks, uncertainties and other important factors beyond the control of Logista Holdings that could cause final performance or results materially different from those expressed in these statements. These risks and uncertainties include those discussed or identified in the documents filed by Logista Holdings with the relevant Securities Markets Regulators, and in particular, with the Spanish Market Regulator.

Analysts and investors are cautioned not to place any reliance on such forward looking statements, which reflect knowledge and information available as of the date of this document. The Company does not undertake to update or revise publicly these forward looking statements in case unforeseen changes or events occur which could affect these statements, even if these changes or events make clear that the statements shall not be realized.

Finally, it should be noted that this document may contain information which has not been audited and may contain summarized information. This information is subject to, and must be read in conjunction with, all other publicly available information, including if it is necessary, any fuller disclosure document published by Logista Holdings.

2

Index:

  • Results Highlights
  • Business Review
  • Financial Review
  • Final Remarks & Outlook

2020 at a glance

Robust results, challenging environment due to COVID-19

Ensuring

distribution

o Revenues +4.0%

o Economic Sales +0.7%

Cost

MANAGING

New needs,

o EBIT +1.0%

COVID-19

management

o Adj. EBIT -1.9%

IMPACTS

new services

o Net Profit -4.5%

Protecting our people

4

Managing COVID-19 impacts: Ensuring distribution

A different playing field

Most

Lockdowns

activities

and human

E-commerce

Business

declared

mobility

boom

Intelligence

essential

restrictions

Omni-channel

Opportunity to

Service of

ordering,

Proximity retail

provide a high-

growing

flexibility in

gaining SoM

quality

importance for

operations, key

distribution

our clients

to operate

5

Managing COVID-19 impacts: New needs, new services

Supporting our clients

Tobacco

Convenience

Pharma

Nacex

  • Building up security stocks close to points of sale
  • Widening product portfolios accessible to end-consumers during lockdowns
  • Direct-to-patientclinical trials
  • Home delivery - chronic disease treatments
  • Contactless delivery
  • Lockers and dropping points Nacex.shop

Books

  • Home delivery of the on-demand printing purchases

6

Managing COVID-19 impacts: Protecting our people

Increased focus on health & safety

• Ensuring health and wellbeing, preventing

Employees,

contagion

collaborators, their

families, our

Smart working policy implemented

communities

Maintaining activity during pandemic

7

Managing COVID-19 impacts: Cost management

Facing a new reality

Health and safety: new

protocols, extra expenses

Optimization program to offset

the current environment

Restructuring of severely

damaged activities

Network/transport routes

reorganization

Digitalisation, from a solid base

8

Delivering on our goal

Four building blocks

High quality added-value

service

Expanding business base

Our goal:

Sustainable long term

value creation

Efficiency improvement

Robust cash flow profile

9

Business Review

Business Review

Robust results, challenging environment due to COVID-19

262(7)

(14)16257

Adj.EBIT

Inventories'

COVID-19

Regular

Adj. EBIT

FY 2019

valuation

impact

operations

FY 2020

differential

All data in M€, unless otherwise stated

11

Business Review

Iberia

Estimated

+0.6%

COVID-19 impact:

-11M€

3,176

+0.7%

(0.4)%

585

120

Revenues

Ec. Sales

Adj. EBIT

ECONOMIC SALES

Tobacco &

Transport:

Other

related:

businesses:

+0.6%

+2.9%

+0.1%

Total operating costs:

(0.9)%

All data in M€, unless otherwise stated

o Tobacco distribution:

  • Volumes* down 3.8%, affected by cross-border/ inbound tourism sales drop
  • No relevant impact of inventories' valuation
  1. Convenience distribution:
    • Wider portfolio, points-of-sale open during lockdowns, average ticket sale up
    • New clients in petrol station channel
  1. Transport:
    • Long distance and Parcel impacted by general economy
    • Courier growing in selective e-commerce
  1. Pharma:
    • Acceleration capture of new clients
    • Launch of new services during pandemic
      • Cigarettes + RYO & Others (1gr./1 HTU = 1 cigarette)

12

Business Review

France

Estimated

+4.6%COVID-19 impact: -3M€

4,256

(5.0)%

(16.7)%

264

62

Revenues Ec. Sales

Adj. EBIT

ECONOMIC SALES

Tobacco &

Other

related:

businesses:

(1.3)%

(21.5)%

Total operating costs:

+0.6%

o Tobacco distribution:

  • Volumes* down 3.1% due to retail selling price increases
  • Inventories' valuation impact: negative in FY2020
  1. Convenience distribution to tobacconists:
    • Closure of HORECA activity at "café tabac"
    • Very positive performance of e-transactionso Convenience distribution to other channels
    • Closure of points-of-sale during lockdown

All data in M€, unless otherwise stated

* Cigarettes + RYO & Others (1gr./1 HTU = 1 cigarette)

13

Business Review

Italy

Estimated

+6.9%COVID-19 impact: no significant

3,167

+6.3%

o Tobacco distribution:

Volumes* , similar to FY2019

Value added services

304

+11.9%

91

Inventories' valuation impact: slightly below

FY2019

Revenues

Ec. Sales

Adj. EBIT

ECONOMIC SALES

Tobacco & related: +6.3%

Total operating costs:

(4.1)%

o Solid growth in Next Generation Products and related value-added services

  1. Convenience distribution:
    • RYO paper, exclusive-compulsory sale through tobacconist channel
    • Other convenience (FMCG) sales growing, new purchasing habits: proximity sales trend

All data in M€, unless otherwise stated

* Cigarettes + RYO & Others (1gr./1 HTU = 1 cigarette)

14

Financial Review

Positive activity performance

REVENUES

+4.0%

10,148

10,559

o Main activities grew Revenues except Long distance, Parcel

transport and Publications, in Spain, Convenience in France

FY 2019

FY 2020

EC. SALES

+0.7%

o Positive performance in Spain and Italy offset France decline

1,149

1,157

o Tobacco tariffs updated by track & trace services in all

regions at year end, uneven timing of activation

FY 2019 FY 2020

All data in M€, unless otherwise stated

16

Significant cost management, resilient operating results

ADJ. EBIT

(1.9)%

262 257

FY 2019 FY 2020

o Total operating costs up by 1.4%

o New/increased costs due to COVID-19, some others reduced

o Efficiency measures, savings' program

262(7)

(14)

16

257

EBIT

1.0%

204 206

FY 2019 FY 2020

  1. Similar restructuring cost: 12M€

o Higher capital gains (8M€ vs. 3M€)

o Provision reversal 5M€ vs. positive impairment result 2M€

Adj.EBIT

Inventories'

COVID-19

Regular

Adj. EBIT

FY 2019

valuation

impact

operations

FY 2020

differential

All data in M€, unless otherwise stated

17

Limited impact in Net profit

(4.5)%

2

(1)

(8)

165

157

Net profit

EBIT

Financial

Taxes

Net profit

FY 2019

results

FY 2020

o Financial income up: same interest rate on higher average cash position

o Financial expenses up: first year accounting IFRS 16

  1. Consolidated tax rate up: end of previous years' deductions

All data in M€, unless otherwise stated

18

Annual evolution of cash position

5.000

4.000

3.000

2.000

1.000

0

OC 19

NV 19

DC 19

EN 20

FB 20

MZ 20

AB 20

MY 20

JN 20

JL 20

AG 20

SP 20

  1. Seasonality driving cash position to its peak towards year end

o Better than expected, temporary change in tax payment cycle in France and Italy (COVID-19)

o Treasury agreement with majority shareholder: temporary uplift of limit

o Dividend payments during FY2020: 156M€

MINIMUM AVERAGE MAXIMUM

M€

Mínimum

Average

Maximum

Cash

537

2,285

4,784

19

Investing in differentiation and high-quality services

M€

2020

2019

%

IT investments (technology)

18

25

(30,6)%

Infrastructure

9

18

(48.6)%

Maintenance

6

8

(15.8)%

Total investments

33

50

(34.6)%

o > 50% dedicated to technology

  1. Investment calendar maintained despite COVID-19o Track & Trace investments already completed

20

Cash generation

M€

2020

2019

Change

EBITDA

340

310

+30

Restructuring & Other Payments

(16)

(12)

(4)

Rental payments

(34)

0

(34)

Financial Results

15

14

+1

Normalised Taxes

(72)

(68)

(4)

Capex

(27)

(49)

+22

Normalised Free Cash Flow

207

195

+12

WC Variation

611

39

572

Cut off effect on Taxes

(51)

62

(113)

Free Cash Flow

767

296

+471

  1. EBITDA growth, IFRS 16 impact (comparable down 0.9%)
  1. Lower capex and higher interest received off-set increased restructuring and normalised taxes o Temporary WC effect

21

Dividend Policy

Flexibility to reflect activity performance

o Despite a challenging FY2020, the Board intends to propose distributing the same total dividends as in FY2019

  1. Dividend proposal FY2020 of 156M€

o Total dividend proposal will represent 99.7% pay out over FY2020 Net Income

22

Dividend Policy

Pay out consistently above 90% of Net Profit

Total dividends paid since IPO: c. 820M€

149M€

139M€

119M€

98M€

156M€ 156M€

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020

PAY OUT RATIO

>90%

>90%

>90%

>95%

>95%

>99%

23

Share Price performance

120

110

100

90

80

70

60

LOGISTA

IBEX

IBEX MEDIUM CAP

IBEX TOP DIVIDEND

LOGISTA

IBEX

IBEX MEDIUM CAP

IBEX TOP DIVIDEND

-18.3%

-27.3%

-17.0%

-31.8%

o Logista's performance in line with mid-cap companies in Spain, outperforming IBEX Top dividend and IBEX35

  1. Significant impact from COVID-19

24

Financial Review: Conclusions

Shareholders'

remuneration via

dividend

Robust Economic Cash Flow profile

Highly resilient business model

25

Closing remarks and outlook

2020 improvements in ESG agenda

A-List CDP

42% women

FTSE4Good

on Board of

4th year

constituent

directors

Manifesto for a

Supporting

Smart working

local initiatives,

sustainable

policy

post-COVID

reconstruction

implementation

recovery

27

2020 a positive year in a challenging environment

Ensuring

distribution

o Revenues +4.0%

o Economic Sales +0.7%

Cost

MANAGING

o EBIT +1.0%

New needs,

COVID-19

o Adj. EBIT -1.9%

management

IMPACTS

new services

o Net Profit -4.5%

Protecting our people

o Solid set of results under extremely adverse circumstances

  1. Successful business model: customer centric, flexible, asset-light

28

Outlook 2021

Adj. EBIT expected to grow mid-single digit

  1. Solid performance since COVID-19 crisis started suggests a mid-single digit Adjusted EBIT growth rate in FY2021

o However, the uncertainties regarding the impact on the economy of our main markets and measures to face it may negatively impact the activity

o The outlook will be reviewed quarterly

o The dividend will be a priority in any scenario

29

Appendix

Tobacco Volumes Evolution

Relatively good volume performance across geographies

Million units

% Y-o-Y Change

1 Oct. 2019 - 30

1 Oct. 2018 - 30

1 Oct. 2017 - 30

1 Oct. 2019 - 30

1 Oct. 2018 - 30

Sept. 2020

Sept. 2019

Sept. 2018

Sept. 2020

Sept. 2019

TOTAL

Cigarettes

143,469

151,106

155,821

(5.1)%

(3.0)%

RYO/MYO

27,309

23,218

21,106

+17.6%

+10.0%

Cigars

3,855

4,017

4,028

(4.0)%

(0.3)%

SPAIN

Cigarettes

41,675

44,484

44,247

-6.3%

+0.5%

RYO/MYO

7,779

7,068

6,443

+10.1%

+9.7%

Cigars

1,765

1,876

1,929

(5.9)%

(2.7)%

PORTUGAL

Cigarettes

2,479

2,473

2,351

+0.2%

+5.2%

RYO/MYO

119

105

104

+13.4%

+1.0%

Cigars

FRANCE

Cigarettes

36,719

38,926

41,637

(5.7)%

(6.5)%

RYO/MYO

8,755

8,000

8,468

9.4%

(5.5)%

Cigars

1,196

1,236

1,246

(3.3)%

(0.8)%

ITALY

Cigarettes

62,595

65,222

67,587

(4.0)%

(3.5)%

RYO/MYO

10,655

8,045

6,091

+32.4%

+32.1%

Cigars

894

905

854

(1.2)%

+6.0%

31

Revenues Evolution

By segment and activity

M€

2020

2019

%

Iberia

3,176

3,157

+0.6%

Tobacco & Related

2,774

2,754

+0.7%

Transport Services

385

386

(0.1)%

Other Businesses

163

152

+7.0%

Adjustments

(147)

(134)

(9.2)%

France

4,256

4,069

+4.9%

Tobacco & Related

4,111

3,892

+5.6%

Other Businesses

154

187

(17.9)%

Adjustments

(9)

(9)

+2.4%

Italy

3,167

2,962

+6.9%

Tobacco & Related

3,167

2,962

+6.9%

Corporate & Others

(39)

(40)

+1.9%

Total Revenues

10,559

10,148

+4.0%

32

Economic Sales Evolution

By segment and activity

M€

2020

2019

%

Iberia

585

582

+0.7%

Tobacco & Related

286

278

+2.9%

Transport Services

272

270

+0.6%

Other Businesses

87

86

+0.1%

Adjustments

(59)

(53)

(11.1)%

France

264

278

(5.0)%

Tobacco & Related

230

233

(1.3)%

Other Businesses

41

52

(21.5)%

Adjustments

(7)

(7)

+6.8%

Italy

304

286

+6.3%

Tobacco & Related

304

286

+6.3%

Corporate & Others

3

4

(9.5)%

Total Economic Sales

1,157

1,149

+0.7%

33

Adjusted EBIT Evolution

By segment

M€

2020

2019

%

Iberia

120

120

-0.4%

France

62

74

(16.7)%

Italy

91

81

+11.9%

Corporate & Others

(15)

(14)

(13.1)%

Total Adjusted EBIT

257

262

(1.9)%

34

Income Statement

M€

2020

2019

%

Revenues

10,559

10,148

4.0%

Economic Sales

1,157

1,149

0.7%

(-) Operating Costs of Logistic Networks

(750)

(736)

(1.9)%

(-) Sales and Marketing Operating Expenses

(66)

(69)

5.3%

(-) Research and G&A Operating Expenses

(85)

(82)

(3.0)%

Total Operating Costs

(900)

(887)

(1.4)%

Adjusted EBIT

257

262

(1.9)%

Margin %

22.2%

22.8%

(60) p.b.

(-) Restructuring Cost

(12)

(11)

(2.0)%

(-) Amort. of Assets Logista France

(52)

(52)

0.0%

(-) Net Loss on Disposal and Impairments

13

4.8

162.4%

(-) Equity Method and Others

1

1.2

(29.6)%

Operating Profit

206

204.3

1.0%

(+) Financial Income

17

15.0

15.2%

(-) Financial Expenses

(5)

(2.2)

(125.4)%

Profit Before Taxes

219

217.1

0.7%

(-) Corporation Tax

(61)

(52.3)

(16.7)%

Effective Tax Rate

27.9%

24.1%

(380) p.b.

(+/-) Other Income / (Expenses)

0

0.0

n.r.

(-) Minority Interests

(0)

(0.1)

(199.3)%

Net Profit

157

164.6

(4.5)%

35

Balance Sheet

M€

2020

2019

PP&E and other Fixed Assets

373

229

Net Long Term Financial Assets

19

18

Net Goodwill

921

921

Other Intangible Assets

408

457

Deferred Tax Assets

19

19

Net Inventory

1,294

1,283

Net Receivables

1,986

1,946

Cash & Cash Equivalents

2,827

2,211

Total Assets

7,847

7,084

Group Equity

514

519

Minority interests

2

2

Non Current Liabilities

168

44

Deferred Tax Liabilities

254

265

Short Term Financial Debt

77

38

Short Term Provisions

13

12

Trade and Other Payables

6,819

6,205

Total Liabilities

7,847

7,084

36

Alternative Performance Measures (1/6)

o Economic Sales: equals Gross Profit and is used without distinction by the Management to refer to the figure resulting of subtracting Procurements to the Revenue figure

Management believes that gross profit is a meaningful measure of the fee revenue we generate from performing our distribution services and provides a useful comparative measure to investors to assess our financial performance on an on-going basis

M€

2020

2019

Revenue

10,559

10,148

Procurements

(9,402)

(8,999)

Gross Profit

1,157

1,149

37

Alternative Performance Measures (2/6)

o Adjusted Operating Profit (Adjusted EBIT): This item is calculated, fundamentally, discounting from the Operating Profit those costs that are not directly related to the revenue obtained by the Group in each period, facilitating the performance of Group's the operating costs and margins

The Adjusted Operating Profit (Adjusted EBIT) is the main indicator used by the Group's Management to analyse and measure the progress of the business

M€

2019

2019

Adjusted Operating Profit

257

262

(-) Restructuring Costs

(12)

(11)

(-) Amortization of Assets Logista

(52)

(52)

France

(+/-) Net Loss of Disposals and

12

5

Impairment of Non-Current Assets

(+/-) Share of Results of Companies

1

1

and Other

Profit from Operations

206

204

38

Alternative Performance Measures (3/6)

o Adjusted Operating Profit margin over Economic Sales: calculated as Adjusted Operating Profit divided by Economic Sales (or indistinctly, Gross Profit)

This ratio is the main indicator used by the Group's Managements to analyse and measure the performance of the profitability obtained by the Group's typical activity in a period

M€

2020

2019

%

Economic Sales

1,157

1,149

0.7%

Adjusted Operating Profit

257

262

(1.9)%

Margin over Economic Sales

22.2%

22.8%

(60) b.p.

39

Alternative Performance Measures (4/6)

o Operating costs: this term is composed of logistics networks costs, commercial expenses, research expenses and head offices expenses that are directly related to the revenue obtained by the Group in each period

It is the main figure used by the Group's Management to analyse and measure the performance of the costs structure. It does not include restructuring costs and amortization of assets derived from the Logista France acquisition, as they are not directly related to the revenues obtained by the Group in each period

Reconciliation with Annual Accounts:

M€

2020

2019

Logistics network costs

807

799

Commercial expenses

66

70

Research expenses

3

3

Head office expenses

88

79

(-) Restructuring costs

(12)

(11)

(-) Amortization of Assets Logista France

(52)

(52)

Operating Costs or Expenses in

890

887

management accounts

40

Alternative Performance Measures (5/6)

o Non-recurringexpenses: refers to those expenses that, although they might occur in more than one period, do not have a continuity in time (as opposed to operating expenses) and only affect the accounts in a specific moment

This magnitude helps the Group's Management to analyse and measure the performance of the Group's activity in each period

o Recurring operating expenses: this term refers to those expenses occurring continuously and sustaining the Group's activity. They are estimated from the total operating costs less the non-recurring costs defined in the previous point

This magnitude helps the Group's Management to analyse and measure the performance of efficiency in the activities carried out by the Group

41

Alternative Performance Measures (6/6)

o Restructuring costs: are the costs incurred by the Group to increase the operating, administrative or commercial efficiency in our company, including the costs related to the reorganization, dismissals and closures or transfers of warehouses or other facilities

o Non-recurringresults: refers to the results of the year that do not have a continuity during the year and affect the accounts in a specific moment. It is included in the Operating Profit

42

2020 Results

28 October 2020

Disclaimer

Compañía de Distribución Integral Logista Holdings SA published this content on 28 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2020 19:19:02 UTC


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Financials
Sales 2021 1 180 M 1 435 M 1 435 M
Net income 2021 164 M 199 M 199 M
Net cash 2021 2 400 M 2 918 M 2 918 M
P/E ratio 2021 13,1x
Yield 2021 7,51%
Capitalization 2 110 M 2 559 M 2 566 M
EV / Sales 2021 -0,25x
EV / Sales 2022 -0,28x
Nbr of Employees 5 016
Free-Float 49,6%
Chart COMPAÑÍA DE DISTRIBUCIÓN INTEGRAL LOGISTA HOLDINGS, S.A.
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Technical analysis trends COMPAÑÍA DE DISTRIBUCIÓN INTEGRAL LOGISTA HOLDINGS, S.A.
Short TermMid-TermLong Term
TrendsNeutralBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 8
Average target price 22,89 €
Last Close Price 15,96 €
Spread / Highest target 54,8%
Spread / Average Target 43,4%
Spread / Lowest Target 17,5%
EPS Revisions
Managers and Directors
NameTitle
Íñigo Meirás Amusco Chief Executive Officer & Director
Gregorio Marañón y Bertrán de Lis Independent Chairman
Manuel Suárez Noriega Chief Financial & Logistics Officer
Jan Babst Corporate Director-Information Systems
John Matthew Downing Director