OCF 1Q23 (pre IFRS16): PLN 3m, +101m r/r. First positive OCF contribution in 1Q since 2016.
Wholesale - varied growth of formats, still above inflation
Stable Distribution sales +14%, a weaker quarter relative to inflation and strong base in 2022 for Cash&Carry +5,7%
The fastest revenue growth by Eurocash Serwis and Gastronomia, by 28% and 52%
Nearly 56% of sales carried out through Eurocash.pl
Sales 1Q23 +18 y/y EBITDA +15m y/y
Retail - a need to adapt to changing consumer behavior and rising cost
+10% LfL of Delikatesy Centrum stores
PLN 52m EBITDA, flat y/y
Investing in prices to better meet consumer needs
Sales 1Q23 +10% y/y
Projects - Duży Ben's expansion and Frisco's growing sales
Frisco: sales +12% y/y, to PLN 109m w 1Q23
Duży Ben with 338 stores, +54% sales y/y and +16% LfL in 1Q23
Improvement of EBITDA to PLN -14 million - increasing the effectiveness of expansion and profitability of DB stores
Sales 1Q23 +25% y/y
EBITDA +1,6m y/y
2
1Q2023 - sixth quarter of sales and EBITDA growth
Nearly +10% EBITDA and a stable EBITDA margin in 1Q2023
Evolution of sales by segment in 1Q2023
m PLN
m PLN
+16%
+9,6%
169
42
841
165
7 548
151
6 496
2,3%
2,2%
1Q22
1Q23
1Q22
Wholesale
Retail
Projects
1Q23
Thanks to cost discipline, only a minor decrease in Ebitda margin despite materialization of several cost increases at the start of the year (minimum wage, energy, rental) -> should be further offset by seasonally higher sales during the year.
Strategic goal of net debt/EBITDA (before IFRS16) maintained at the strategic goal below x1.5.
A slight increase in the ratio in 1Q23 is the result of a lower cash level q/q, with minor changes in EBITDA and debt level.
That's the lowest debt level in the recent times for the year opening. Overall reduction y/y of debt and factoring by PLN 582m.
5
Attachments
Original Link
Original Document
Permalink
Disclaimer
Eurocash SA published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2023 05:12:13 UTC.
Eurocash SA is a Poland-based company engaged in the industry of wholesale and retail distribution of food and distribution of fast moving consumer goods (FMCG). It operates through four segments: Wholesale, Retail, Projects and Others. The Wholesale segment is divided into Eurocash Distribution, including distribution and supporting franchise activities; Cash&Carry, which operates a national network of warehouses; Tobacco & Impulse, which distributes tobacco products, Alcohol Distribution, Eurocash Food Service and Other. The Retail segment operates the retails activities of Eurocahs group and the wholesale of Delikatesy Centrum franchisees. It also includes other retail operations under EKO, Mila and Inmedio brand names. The Project segment is dedicated to run the projects of the Eurocash Group. It cooperates with different partners including abc, Groszek, Delikatesy Centrum, Lewiatan, Euro Sklep or Gama.