Investor Presentation Q4 and FY 2015
Investor Presentation Q4 and FY 2015
Group Highlights
Group Highlights All numbers are in SAR million unless specified
Revenue
Q 4
Y T D
Gross Profit
EBIT
Net Income
6,616
1,306
531
515
-3.6% vs.LY
-4.6% vs. LY
-12.1% vs. LY
+18.6% vs. LY
26,461
5,122
1,982
1,792
-0.5% vs. LY
+5.3% vs. LY
-19.2% vs. LY
-13.5% vs.LY
Group Highlights – One offs
Q4 2015: Capital gain from sale of land (SAR 39 mln) Insurance claim settlement due to the fire in raw sugar warehouse in 2013 (SAR 94.2 mln) Q1 2015: Capital gain from the sale of packaging business (SAR 265 mln) Q4 2014: Packaging income LY (SAR 13 mln) Impairment provision on private equity investments (SAR 67 mln) Q3 2014: Packaging income LY (SAR 14 mln) Adjustment to the gain from disposal of Kazakhstan business last year (SAR 5 mln) Capital gain from selling stake in Diyar Al Mashriq (SAR 187.5 mln) Extraordinary profit from real estate LY (SAR amount 71 mln) Q2 2014: Packaging income last year (SAR 18 mln) Gain from disposal of Kazakhstan business last year (SAR 17 mln) Dividends received from a private equity investment (SAR 46 mln) Diyar Al Mashriq share of profit last year (SAR 17 mln) Q1 2014: Packaging income last year (SAR 5 mln) Extraordinary profit from real estate last year (SAR 112 mln) Diyar Al Mashriq share of loss (SAR 1.5 mln)
Group Financial Highlights All numbers are in SAR million unless specified
Margin Growth
YoY Sales -0.5%
+1.1%
+4.9%
26,588
26,461
FY 2014
FY 2015
-3.6%
-4.4%
6,241
6,547
7,337
7,421
6,150
5,877
6,860
6,616
Q1`14
Q1`15
Q2`14
Q2`15
Q3`14
Q3`15
Q4`14
Q4`15
YoY Gross Profit +5.3%
+8.1%
+9.7%
+9.7%
-4.6%
4,864
5,122
1,093
1,182
1,251
1,372
1,151
1,263
1,369
1,306
Q1`14
Q1`15
Q2`14
Q2`15
Q3`14
Q3`15
Q4`14
Q4`15
FY 2014
FY 2015
17.5%
18.0%
17.1%
18.5%
18.7%
21.5%
20.0%
19.7%
18.3%
19.4%
Group Financial Highlights All numbers are in SAR million unless specified
Growth
YoY EBIT -19.2%
-17.4%
-27.3%
531
386
Q1`14
Q1`15
-21.1%
2,455
-12.1%
671
554
648
511
605
531
Q2`14
Q2`15
Q3`14
Q3`15
Q4`14
Q4`15
FY 2014
1,982
FY 2015
YoY NI -13.5%
+11.3%
-46.9%
-15.4%
423
471
513
434
Q1`14
Q1`15
Q2`14
Q2`15
701 Q3`14
+18.6%
372
434
515
Q3`15
Q4`14
Q4`15
2,072
1,792
FY 2014
FY 2015
Revenue Mix by Business FY 2015 All numbers are in SAR million unless specified
Revenue FY 2014
Revenue FY 2015
54% 46%
Foods
Retail
49% 3,092
Foods
51%
Retail
Capital Expenditure By Segment All numbers are in SAR million unless specified
+50.3%
-13.9%
605
1,333
FY 2015
FY 2014
1,148
403
FY 2014
Foods
FY 2015
Retail
Foods Highlights
Foods Highlights All numbers are in SAR million unless specified
Revenue
Q 4
Y T D
Gross Profit
Net Income
Volume (‘000MT)
3,222
423
271
1,007
-12.3% vs.LY
-19.6% vs. LY
+105.3% vs. LY
-0.2% vs. LY
13,213 1,877
687
4,026
+12.6% vs. LY
+1.3% vs.LY
-9.4% vs. LY
-5.3% vs. LY
Foods Financial Highlights All numbers are in SAR million unless specified
Margin Growth
YoY Sales
-9.4% 14,592
-8.9%
-1.6% 3,464
3,410
Q1`14
Q1`15
-12.3%
-15.3%
4,120
3,754
3,337
2,827
Q2`14
Q2`15
Q3`14
Q3`15
3,672
3,222
Q4`14
Q4`15
FY 2014
YoY Gross Profit
-4.1%
+3.6%
13,213
FY 2015
-5.3%
-19.6%
+1.5%
1,981
1,877
446
462
583
559
427
433
526
423
Q1`14
Q1`15
Q2`14
Q2`15
Q3`14
Q3`15
Q4`14
Q4`15
FY 2014
FY 2015
12.9%
13.5%
14.1%
14.9%
12.8%
15.3%
14.3%
13.1%
13.6%
14.2%
Foods Financial Highlights All numbers are in SAR million unless specified
Growth
YoY EBITDA +2.8% -12.0%
+31.7%
-0.3%
-0.4%
299
298
Q1`14
Q1`15
410
361
Q2`14
Q2`15
279
278
278
Q3`14
Q3`15
Q4`14
1,267
1,303
FY 2014
FY 2015
366 Q4`15
YoY NI +12.6% +105.3% +1.4%
-41.4%
162
95
Q1`14
Q1`15
207
210
Q2`14
Q2`15
+2.8%
109
112
132
Q3`14
Q3`15
Q4`14
271 Q4`15
610
687
FY 2014
FY 2015
Revenue Breakdown By Category All numbers are in SAR million unless specified
-9%
14,592 5%
13,213 5%
44% 41%
86%
FY 2014
86%
FY 2015
Pasta YoY +5% Sugar YoY -14% Oil YoY -8%
Volume Breakdown By Category Thousand tonnes unless specified otherwise
+1% 3,974 5%
4,026 6%
55%
54%
39%
40%
FY 2014
FY 2015
Pasta YoY +10% Sugar YoY -1% Oil YoY +4%
Volume Breakdown By Geography Thousand tonnes unless specified otherwise
+1% 4,026
3,974
2%
4%
2% 2%
2%
4%
14%
13%
34%
35%
43%
42%
FY 2014
FY 2015
2% 3%
Morocco YoY +16% Algeria YoY +9% Sudan YoY +18% Turkey YoY 0% Iran YoY -6% Egypt YoY +5% KSA YoY 0%
Retail Highlights
Retail Highlights All numbers are in SAR million unless specified
Revenue
Q 4
Y T D
Gross Profit
Net Income
Stores Openings
3,468
882
29
28
+7.2% vs.LY
+5.5% vs. LY
-86.0% vs. LY
1 hypermarket 7 supermarkets 20 Pandati
13,534 3,245
146
167
-70.9% vs. LY
4 Hyper 21 Super 142 Pandati
+10.9% vs. LY
+12.8% vs. LY
Retail Financial Highlights All numbers are in SAR million unless specified
YoY Sales
+10.9%
12,204 +13.3%
+15.2%
+7.8%
+7.2%
2,818
3,192
3,283 3,782
2,868
3,092
3,235 3,468
Q1`14
Q1`15
Q2`14
Q3`14
Q3`15
Q4`14
Q2`15
13,534
Q4`15
FY`14
FY `15
YoY Gross Profit +12.8%
+11.3%
+21.4%
+14.2%
+5.5%
2,877
3,245
648
721
670
813
726
829
836
882
Q1`14
Q1`15
Q2`14
Q2`15
Q3`14
Q3`15
Q3`14
Q3`15
FY `14
FY `15
20.4% 21.5% 25.3% 26.8% 25.8% 25.4%
23.6%
24.0%
23.0% 22.6%
Margin Growth
Retail Financial Highlights All numbers are in SAR million unless specified
Growth
YoY EBITDA -31.6%
-25.7%
-52.5%
-29.6%
+0.7%
148
110
152
153
233
164
Q1`14
Q1`15
Q2`14
Q2`15
Q3`14
Q3`15
291 Q4`14
824 564
138 Q4`15
YoY NI
-75.0%
-35.1%
72
74 18
Q1`14
Q1`15
Q2`14
FY’15
-70.9% 503
-86.0%
-66.0%
FY’14
206
150
48 Q2`15
146
51 Q3`14
Q3`15
29 Q4`14
Q4`15
FY `14
FY `15
Number of Stores and Selling Area Super 131
2014
21
2015
Hyper 0
Closures
152
YTD’15
60
4
0
2014
2015
Closures
Pandati 15
282
Closures
YTD’15
346
YTD’15 Selling Area 747,544 m2
Total Selling Area 654,908 m2
64
15
498
Closures
YTD’15
167
142 155
2014
2015
2014
2015
Number of Stores – By Quarter Super 131
2014
4
6
4
Hyper 7
0
152 60
Q1’15 Q2’15 Q3’15 Q4’15 Closures YTD’15
2014
2
1
Selling Area 654,908 m2
48 155
Selling Area 747,544 m2
Total 20
15
282
346
64
1
Q1’15 Q2’15 Q3’15 Q4’15 Closures YTD’15
Pandati
21
0
55
25
28
15
498
59
53
2014 Q1’15 Q2’15 Q3’15 Q4’15 Closures YTD’15 * All closures occurred during Q4 2015
2014 Q1’15 Q2’15 Q3’15 Q4’15 Closures YTD’15
Appendix
Annual Financials (all figures are in SAR millions) Segment Wise Financials FY- 2015 Revenue Food Oil-Mature Markets Oil-Start-up Markets* Total Oil
Gross Profit
FY- 2014
EBIT
Net Income
EBITDA
Revenue
Gross Profit
EBIT
Net Income
EBITDA
7,122 1,461 8,583
1,323 224 1,547
731 112 843
560 73 633
817 129 945
7,883 1,458 9,341
1,339 229 1,568
707 97 804
474 79 553
794 116 910
Sugar
4,102
214
142
13
281
4,751
334
159
20
297
Pasta
527
116
59
40
77
500
79
42
37
60
13,213
1,877
1,044
687
1,303
14,592
1,981
1,005
610
1,267
13,211 323 13,534
3,184 61 3,245
193 2 195
145 1 146
558 6 564
11,893 312 12,204
2,831 46 2,877
530 8 538
495 8 503
813 11 824
20 0 101 698 (75)
20 0 101 698 140
20 0 101 698 (360)
226 0 103 611 (27)
226 50 103 611 (30)
226 0 103 611 52
Total Foods Retail KSA Overseas Total Retail Real Estate Discontinued Operation Herfy Al Marai-Savola Share HQ/Elimination/Impairments Total Adjustments Impairments Capital gains Adjusted Profit
0 0 0 0 (286) 26,461
0 0 0 0 0 5,122
1,982
1,792 (304) 1,488
2,326
0 0 0 0 (208) 26,588
0 0 0 0 6 4,864
2,455
2,072 67 (209) 1,931
3,082
Quarterly Financials – Q4 (all figures are in SAR millions) Segment Wise Financials Q4- 2015 Revenue Food Oil-Mature Markets Oil-Start-up Markets* Total Oil
Gross Profit
EBIT
Q4- 2014 Net Income
EBITDA
Revenue
Gross Profit
EBIT
Net Income
EBITDA
1,660 425 2,085
294 60 354
134 33 167
146 18 164
156 38 194
2,037 366 2,403
347 50 397
111 21 132
56 24 80
133 25 158
Sugar
1,015
41
122
99
157
1,152
106
66
41
102
Pasta
122
28
14
8
16
116
23
14
11
18
3,222
423
303
271
366
3,672
526
212
132
278
3,374 93 3,468
856 26 882
36 (0) 36
138 1 138
3,157 77 3,235
824 12 836
212 3 215
204 3 206
287 4 291
0 0 0 0 1
4 0 24 175 (11)
4 0 24 175 12
4 0 24 175 (47)
5 0 29 155 (11)
5 13 29 155 (106)
5 0 29 155 61
531
515
661
605
434
820
Total Foods Retail KSA Overseas Total Retail Real Estate Discontinued Operation Herfy Al Marai-Savola Share HQ/Elimination/Impairments Total
0 0 0 0 (74) 6,616
1,306
30 (1) 29
0 0 0 0 (46) 6,860
0 0 0 0 6 1,369
Adjustments Impairments Capital gains
(39)
67 -
Adjusted Profit
476
502
Group Highlights
Group Highlights All numbers are in SAR million unless specified
Revenue
Q 4
Y T D
Gross Profit
EBIT
Net Income
6,616
1,306
531
515
-3.6% vs.LY
-4.6% vs. LY
-12.1% vs. LY
+18.6% vs. LY
26,461
5,122
1,982
1,792
-0.5% vs. LY
+5.3% vs. LY
-19.2% vs. LY
-13.5% vs.LY
Group Highlights – One offs
Q4 2015: Capital gain from sale of land (SAR 39 mln) Insurance claim settlement due to the fire in raw sugar warehouse in 2013 (SAR 94.2 mln) Q1 2015: Capital gain from the sale of packaging business (SAR 265 mln) Q4 2014: Packaging income LY (SAR 13 mln) Impairment provision on private equity investments (SAR 67 mln) Q3 2014: Packaging income LY (SAR 14 mln) Adjustment to the gain from disposal of Kazakhstan business last year (SAR 5 mln) Capital gain from selling stake in Diyar Al Mashriq (SAR 187.5 mln) Extraordinary profit from real estate LY (SAR amount 71 mln) Q2 2014: Packaging income last year (SAR 18 mln) Gain from disposal of Kazakhstan business last year (SAR 17 mln) Dividends received from a private equity investment (SAR 46 mln) Diyar Al Mashriq share of profit last year (SAR 17 mln) Q1 2014: Packaging income last year (SAR 5 mln) Extraordinary profit from real estate last year (SAR 112 mln) Diyar Al Mashriq share of loss (SAR 1.5 mln)
Group Financial Highlights All numbers are in SAR million unless specified
Margin Growth
YoY Sales -0.5%
+1.1%
+4.9%
26,588
26,461
FY 2014
FY 2015
-3.6%
-4.4%
6,241
6,547
7,337
7,421
6,150
5,877
6,860
6,616
Q1`14
Q1`15
Q2`14
Q2`15
Q3`14
Q3`15
Q4`14
Q4`15
YoY Gross Profit +5.3%
+8.1%
+9.7%
+9.7%
-4.6%
4,864
5,122
1,093
1,182
1,251
1,372
1,151
1,263
1,369
1,306
Q1`14
Q1`15
Q2`14
Q2`15
Q3`14
Q3`15
Q4`14
Q4`15
FY 2014
FY 2015
17.5%
18.0%
17.1%
18.5%
18.7%
21.5%
20.0%
19.7%
18.3%
19.4%
Group Financial Highlights All numbers are in SAR million unless specified
Growth
YoY EBIT -19.2%
-17.4%
-27.3%
531
386
Q1`14
Q1`15
-21.1%
2,455
-12.1%
671
554
648
511
605
531
Q2`14
Q2`15
Q3`14
Q3`15
Q4`14
Q4`15
FY 2014
1,982
FY 2015
YoY NI -13.5%
+11.3%
-46.9%
-15.4%
423
471
513
434
Q1`14
Q1`15
Q2`14
Q2`15
701 Q3`14
+18.6%
372
434
515
Q3`15
Q4`14
Q4`15
2,072
1,792
FY 2014
FY 2015
Revenue Mix by Business FY 2015 All numbers are in SAR million unless specified
Revenue FY 2014
Revenue FY 2015
54% 46%
Foods
Retail
49% 3,092
Foods
51%
Retail
Capital Expenditure By Segment All numbers are in SAR million unless specified
+50.3%
-13.9%
605
1,333
FY 2015
FY 2014
1,148
403
FY 2014
Foods
FY 2015
Retail
Foods Highlights
Foods Highlights All numbers are in SAR million unless specified
Revenue
Q 4
Y T D
Gross Profit
Net Income
Volume (‘000MT)
3,222
423
271
1,007
-12.3% vs.LY
-19.6% vs. LY
+105.3% vs. LY
-0.2% vs. LY
13,213 1,877
687
4,026
+12.6% vs. LY
+1.3% vs.LY
-9.4% vs. LY
-5.3% vs. LY
Foods Financial Highlights All numbers are in SAR million unless specified
Margin Growth
YoY Sales
-9.4% 14,592
-8.9%
-1.6% 3,464
3,410
Q1`14
Q1`15
-12.3%
-15.3%
4,120
3,754
3,337
2,827
Q2`14
Q2`15
Q3`14
Q3`15
3,672
3,222
Q4`14
Q4`15
FY 2014
YoY Gross Profit
-4.1%
+3.6%
13,213
FY 2015
-5.3%
-19.6%
+1.5%
1,981
1,877
446
462
583
559
427
433
526
423
Q1`14
Q1`15
Q2`14
Q2`15
Q3`14
Q3`15
Q4`14
Q4`15
FY 2014
FY 2015
12.9%
13.5%
14.1%
14.9%
12.8%
15.3%
14.3%
13.1%
13.6%
14.2%
Foods Financial Highlights All numbers are in SAR million unless specified
Growth
YoY EBITDA +2.8% -12.0%
+31.7%
-0.3%
-0.4%
299
298
Q1`14
Q1`15
410
361
Q2`14
Q2`15
279
278
278
Q3`14
Q3`15
Q4`14
1,267
1,303
FY 2014
FY 2015
366 Q4`15
YoY NI +12.6% +105.3% +1.4%
-41.4%
162
95
Q1`14
Q1`15
207
210
Q2`14
Q2`15
+2.8%
109
112
132
Q3`14
Q3`15
Q4`14
271 Q4`15
610
687
FY 2014
FY 2015
Revenue Breakdown By Category All numbers are in SAR million unless specified
-9%
14,592 5%
13,213 5%
44% 41%
86%
FY 2014
86%
FY 2015
Pasta YoY +5% Sugar YoY -14% Oil YoY -8%
Volume Breakdown By Category Thousand tonnes unless specified otherwise
+1% 3,974 5%
4,026 6%
55%
54%
39%
40%
FY 2014
FY 2015
Pasta YoY +10% Sugar YoY -1% Oil YoY +4%
Volume Breakdown By Geography Thousand tonnes unless specified otherwise
+1% 4,026
3,974
2%
4%
2% 2%
2%
4%
14%
13%
34%
35%
43%
42%
FY 2014
FY 2015
2% 3%
Morocco YoY +16% Algeria YoY +9% Sudan YoY +18% Turkey YoY 0% Iran YoY -6% Egypt YoY +5% KSA YoY 0%
Retail Highlights
Retail Highlights All numbers are in SAR million unless specified
Revenue
Q 4
Y T D
Gross Profit
Net Income
Stores Openings
3,468
882
29
28
+7.2% vs.LY
+5.5% vs. LY
-86.0% vs. LY
1 hypermarket 7 supermarkets 20 Pandati
13,534 3,245
146
167
-70.9% vs. LY
4 Hyper 21 Super 142 Pandati
+10.9% vs. LY
+12.8% vs. LY
Retail Financial Highlights All numbers are in SAR million unless specified
YoY Sales
+10.9%
12,204 +13.3%
+15.2%
+7.8%
+7.2%
2,818
3,192
3,283 3,782
2,868
3,092
3,235 3,468
Q1`14
Q1`15
Q2`14
Q3`14
Q3`15
Q4`14
Q2`15
13,534
Q4`15
FY`14
FY `15
YoY Gross Profit +12.8%
+11.3%
+21.4%
+14.2%
+5.5%
2,877
3,245
648
721
670
813
726
829
836
882
Q1`14
Q1`15
Q2`14
Q2`15
Q3`14
Q3`15
Q3`14
Q3`15
FY `14
FY `15
20.4% 21.5% 25.3% 26.8% 25.8% 25.4%
23.6%
24.0%
23.0% 22.6%
Margin Growth
Retail Financial Highlights All numbers are in SAR million unless specified
Growth
YoY EBITDA -31.6%
-25.7%
-52.5%
-29.6%
+0.7%
148
110
152
153
233
164
Q1`14
Q1`15
Q2`14
Q2`15
Q3`14
Q3`15
291 Q4`14
824 564
138 Q4`15
YoY NI
-75.0%
-35.1%
72
74 18
Q1`14
Q1`15
Q2`14
FY’15
-70.9% 503
-86.0%
-66.0%
FY’14
206
150
48 Q2`15
146
51 Q3`14
Q3`15
29 Q4`14
Q4`15
FY `14
FY `15
Number of Stores and Selling Area Super 131
2014
21
2015
Hyper 0
Closures
152
YTD’15
60
4
0
2014
2015
Closures
Pandati 15
282
Closures
YTD’15
346
YTD’15 Selling Area 747,544 m2
Total Selling Area 654,908 m2
64
15
498
Closures
YTD’15
167
142 155
2014
2015
2014
2015
Number of Stores – By Quarter Super 131
2014
4
6
4
Hyper 7
0
152 60
Q1’15 Q2’15 Q3’15 Q4’15 Closures YTD’15
2014
2
1
Selling Area 654,908 m2
48 155
Selling Area 747,544 m2
Total 20
15
282
346
64
1
Q1’15 Q2’15 Q3’15 Q4’15 Closures YTD’15
Pandati
21
0
55
25
28
15
498
59
53
2014 Q1’15 Q2’15 Q3’15 Q4’15 Closures YTD’15 * All closures occurred during Q4 2015
2014 Q1’15 Q2’15 Q3’15 Q4’15 Closures YTD’15
Appendix
Annual Financials (all figures are in SAR millions) Segment Wise Financials FY- 2015 Revenue Food Oil-Mature Markets Oil-Start-up Markets* Total Oil
Gross Profit
FY- 2014
EBIT
Net Income
EBITDA
Revenue
Gross Profit
EBIT
Net Income
EBITDA
7,122 1,461 8,583
1,323 224 1,547
731 112 843
560 73 633
817 129 945
7,883 1,458 9,341
1,339 229 1,568
707 97 804
474 79 553
794 116 910
Sugar
4,102
214
142
13
281
4,751
334
159
20
297
Pasta
527
116
59
40
77
500
79
42
37
60
13,213
1,877
1,044
687
1,303
14,592
1,981
1,005
610
1,267
13,211 323 13,534
3,184 61 3,245
193 2 195
145 1 146
558 6 564
11,893 312 12,204
2,831 46 2,877
530 8 538
495 8 503
813 11 824
20 0 101 698 (75)
20 0 101 698 140
20 0 101 698 (360)
226 0 103 611 (27)
226 50 103 611 (30)
226 0 103 611 52
Total Foods Retail KSA Overseas Total Retail Real Estate Discontinued Operation Herfy Al Marai-Savola Share HQ/Elimination/Impairments Total Adjustments Impairments Capital gains Adjusted Profit
0 0 0 0 (286) 26,461
0 0 0 0 0 5,122
1,982
1,792 (304) 1,488
2,326
0 0 0 0 (208) 26,588
0 0 0 0 6 4,864
2,455
2,072 67 (209) 1,931
3,082
Quarterly Financials – Q4 (all figures are in SAR millions) Segment Wise Financials Q4- 2015 Revenue Food Oil-Mature Markets Oil-Start-up Markets* Total Oil
Gross Profit
EBIT
Q4- 2014 Net Income
EBITDA
Revenue
Gross Profit
EBIT
Net Income
EBITDA
1,660 425 2,085
294 60 354
134 33 167
146 18 164
156 38 194
2,037 366 2,403
347 50 397
111 21 132
56 24 80
133 25 158
Sugar
1,015
41
122
99
157
1,152
106
66
41
102
Pasta
122
28
14
8
16
116
23
14
11
18
3,222
423
303
271
366
3,672
526
212
132
278
3,374 93 3,468
856 26 882
36 (0) 36
138 1 138
3,157 77 3,235
824 12 836
212 3 215
204 3 206
287 4 291
0 0 0 0 1
4 0 24 175 (11)
4 0 24 175 12
4 0 24 175 (47)
5 0 29 155 (11)
5 13 29 155 (106)
5 0 29 155 61
531
515
661
605
434
820
Total Foods Retail KSA Overseas Total Retail Real Estate Discontinued Operation Herfy Al Marai-Savola Share HQ/Elimination/Impairments Total
0 0 0 0 (74) 6,616
1,306
30 (1) 29
0 0 0 0 (46) 6,860
0 0 0 0 6 1,369
Adjustments Impairments Capital gains
(39)
67 -
Adjusted Profit
476
502
