Our growth story Dragomir Kostić, Generalni direktor SDP Srbija

Transcription

1 Our growth story Dragomir Kostić, Generalni direktor SDP Srbija

2 CONTENT 1. COMPANY PROFILE 2. INNOVATIVE FINANCING OF GROWTH 2

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6 OWNERSHIP STRUCTURE 6

7 SALES PROFILE IN % 3% 1% Principal brands 21.6% 2% 11% 10% 3% 13% 13% 21% 21% Coffee 20.7% Beverages 12.8% Sweet and salted snacks 12.8% Savoury spreads 11.0% Pharma & Personal care 10.6% Sports and Functional Food - own brands 3.6% Sports and Function Food - private label production 3.5% Baby food 2.7% 9% 7% 8% 17% 4% 23% 30% Croatia 29.8% Serbia 23.1% Slovenia 16.7% Bosnia and Herzegovina 7.8% Other regional markets* 6.5% Key European markets** 9.5% Russia and CIS 4.3% Gourmet 0.7% Other markets 2.3% 5

8 TOP BRANDS IN ADRIA REGION SLO CRO SRB B&H MAC REGION Source: Valicon research

9 COMPANIES BEHIND TOP BRANDS IN ADRIA REGION SLO CRO SRB B&H MAC ADRIA REGION Source: Valicon research

10 CONTENT 1. COMPANY PROFILE 2. INNOVATIVE FINANCING OF GROWTH 10

11 DISTRIBUTION DISTRIBUTION & PRODUCTION VERTICAL INTEGRATION GROWTH BASED ON INNOVATIONS AND M&A National company Regional company European company 1990 s Distribution centres across Croatia Various distribution cooperations Regional expansion 2001: Acquisition of CEDEVITA 2010: Acquisition of DROGA KOLINSKA 2007: IPO 2005: Acquisition of MULTIPOWER Sales in EURm DROGA KOLINSKA CEDEVITA MULTIPOWER * *: Pro-forma consolidated with Droga Kolinska 11

12 INNOVATIVE STRUCTURING CEDEVITA ACQUISITION CORPORATE BOND EUR 15m Joint leader arranger & underwriter SPORTS FOOD ACQUISITION Acquisition financing EUR 9m CORPORATE BOND HRK 115m Joint leader arranger & underwriter IPO EUR 96m IPO agent DROGA KOLINSKA ACQUISITION M&A advisory: EUR 382m Acquisition financing (Lead arranger) EUR 130m CORPORATE BOND HRK 115m Joint leader arranger & underwriter CORPORATE BOND HRK 200m Joint leader arranger & underwriter CAPITAL MARKETS CORPORATE FINANCE ADVISORY STRUCTURED FINANCE LOAN REFINANCING EUR 307 LOAN REFINANCING EUR

13 ACQUISITION OF CEDEVITA: STRATEGIC REASONING INVESTMENT HIGHLIGHTS Foray into production Reducing dependence on distribution of the FMCG principal brands Increasing the share of higher-margin own brands Developing consumer healthcare business model PRE-ACQUISITION: Dying brand that Pliva wanted to divest as part of its non-core business TODAY: No.1 Vitamin Instant Drink in Croatia, Slovenia and Serbia mil. IN-HOME CONSUMPTION HoReCa EVERYWHERE! GROWING MARKETS WITH INNOVATIONS mil. 13

14 ACQUISITION OF CEDEVITA: ACQUISITION FINANCING Cedevita Ownership 100% Acquisition price (EUR m) 24.2 Additional capex (EURm) 5.6 Raiffeisen bank 6b. EUR 2.1m from Vivera sale Atlantic Trade 5. Senior loan EUR 5.5m Maturity: 7 years Interest: 4.5%-5.2% 5a. WC financing EUR3.5m 6a. Vivera spin off + Sale for EUR 4m Grocer Holding SA Luxemburg 2. Capital EUR 2.0m 12% share Hopen d.o.o. (SPV founded by AT) % 8. Merger Shareholders: DEG (German development bank) 9. Subordinated loan EUR 4m for capex (of EUR 5.6m), paid in several tranches CEDEVITA d.o.o Atlantic Trade 51% DEG 37% Grocer Holding SA 12% * Today AG has 100% ownership in Cedevita d.o.o. 13

15 ACQUISITION OF HALEKO: STRATEGIC REASONING INVESTMENT HIGHLIGHTS Sports and functional food segment strategically complemented Atlantic Grupa s consumer healthcare business model Geographic diversification with entrance to the EU and Russian markets PRE-ACQUISITION SITUATION: Since 1998 owned by Weider Nutrition International Inc. Subsidiaries in UK and Italy; Representative office in Moscow TODAY: No.1 Sports food in Europe 14

16 ACQUISITION OF HALEKO: ACQUISITION FINANCING Haleko Ownership 100% Acquisition value (EURm) 12.5 P/Sales 0.2 Financing structure of Equity value EUR 12.5m Own funds 28% Zagrebačka banka d.d. 2. Loan EUR 9m Maturity: 5 years Atlantic Grupa Bank loan 72% 3. IC Loan EUR 12.5m Bayerische HVB AG 4. Working capital facility EUR 5m % 1. Hopen Investments B.V. Haleko OHG was acquired by Hopen Investments B.V. And Atlantic Management GmbH Germany Atlantic Management GmbH Germany % Haleko OHG Germany 6. 65% Aktivkost GmbH HPH GmbH (Hamburg) Food-Tech GmbH Multipower S.a.r.l. France Atlantic Multipower Italia S.r.l. (former Haleko Italy) Atlantic Multipower UK Ltd (former Power Gym Ltd, UK) Haleko Hong Kong Rep office Active companies Companies closed following the acquisition Grocer Holding SA Luxemburg Sport Direct Ltd UK 50% of Sport Direct Ltd UK was afterwards acquired from the private person for EUR ths 35% share in Atlantic Multipower UK Ltd was afterwards sold to Grocer Holding SA Luxemburg for EUR 1,075 ths 15

17 INITIAL PUBLIC OFFERING: 19 NOVEMBER 2007 HIGHLIGHTS Prior to IPO, Atlantic Grupa was the first private Croatian company that financed on the capital markets: In 2003 by issuing commercial papers In 2004 by issuing euro-denominated corporate bond In 2006 Atlantic Grupa had Capital increase: The German development bank DEG entered the shareholder structure with EUR 11m in exchange for 8.24% share in capital The largest private IPO on the Croatian capital market (in total EUR 96m): Issuing 382,970 new shares raised EUR 48m Selling 382,969 shares by the existing shareholders (EUR 48m) IPO pricing: HRK 935 a share or at 2007 P/S of 1.4x IPO agents: Raiffeisen Bank Austria d.d., Zagrebačka banka d.d. Funds from IPO: Entering pharmacy business the largest private pharmacy chain in Croatia under FARMACIA brand (48 pharmacies and 17 specialised stores) Launch of new products Cedevita GO! Capex financing CHANGE IN SHAREHOLDER STRUCTURE Post IPO Emil Tedeschi Lada Tedeschi Fiorio DEG Management Free float Prior to IPO Emil Tedeschi Svetozar Tedeschi Lada Tedeschi Fiorio DEG 52,7% 62,4% 30,8% 18,3% 7,8% 7,0% 1,7% 9,2% 8,2% 1,8% Management 16

18 POST-IPO DEVELOPMENTS Highlight: The company that delivers on guidance Sales (HRKm) 102% 99% 98% 98% 102% 100% 100% EBITDA (HRKm) 98% 102% 101% 96% 100% 100% 99% % 99% 103% % 98% 101% EBIT (HRKm) % 101% 104% 100% 97% 99% 99% Atlantic Grupa listed on the Zagreb Stock Exchange on November 19 th % 99% 95% Since 2008 Atlantic Grupa publishes guidance for the following financial year and delivers it Atlantic Grupa listed on PRIME Stock Exchange market 99% Reported Guidance 17

19 DROGA KOLINSKA: CROSS-BORDER ACQUISITION INVESTMENT HIGHLIGHTS Atlantic Grupa becomes one of the leading F&B companies in the region Regional network of production plants and distribution infrastructure Product assortment expansion with twofold higher share of own brands Balanced geographic profile 19

20 DROGA KOLINSKA: ACQUISITION FINANCING Droga Kolinska Ownership 100% Financing structure of Equity value EUR 243 m Equity value (EURm) 243 Enterprise value (EURm) EV/Sales EV/EBITDA 8.6 Senior loan 78% of total debt Capital increase 78% of total capital Buy-side advisor: Zagrebačka banka d.d. and UniCredit Slovenia Acquisition financing: UniCredit Group and RZB Group, EBRD (junior lenders) Target refinancing: Mandated Lead Arrangers and Underwriters UniCredit Group and RZB Group Capital increase agents: UniCredit Group and RZB Group Financial debt 56% Capital 44% Capital increase: EUR 83m Highlights: DEG increased its share, EBRD new shareholder Junior loan 22% of total debt Atlantic Grupa's existing cash balance 22% of total capital 19

21 DROGA KOLINSKA: POST-ACQUISITION SALES DEVELOPMENT 20

22 ATLANTIC GRUPA: POST-ACQUISITION DEVELOPMENT Sales, EUR millions Net debt/ebitda ,0 5,0 4,0 3,0 4,7 4,8 4,2 3,5 3,2 3,0 3, ,0 2, , Pro forma cons ,0 Pro forma cons

23 CORPORATE BANK SUCCESSFUL RELATIONSHIP WHAT IT TAKES? CORPORATE TRANSPARENCY GROWING SUCCESSES CLIENT- ORIENTED BANK MUTUAL TRUST KNOWING YOUR PARTNER 26