4Q & FY 2015 DIXY Group Investor Presentation

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1 4Q & FY 2015 DIXY Group Investor Presentation

2 Disclaimer THESE MATERIALS DO NOT CONSTITUTE A PROSPECTUS OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, OR ANY OFFER TO UNDERWRITE OR OTHERWISE ACQUIRE ANY EQUITY OR OTHER SECURITIES OF THE COMPANY, NOR SHALL THEY OR ANY PART OF THEM NOR THE FACT OF THEIR DISTRIBUTION OR COMMUNICATION FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION IN RELATION THERETO, NOR DOES IT CONSTITUTE A RECOMMENDATION REGARDING ANY SECURITIES OF THE COMPANY. NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IS GIVEN AS TO THE ACCURACY OF THE INFORMATION OR OPINIONS CONTAINED IN THESEMATERIALS AND NO LIABILITY IS ACCEPTED FOR ANY SUCH INFORMATION OR OPINIONS BY THE COMPANY OR ANY OF ITS AFFILIATES, DIRECTORS, MEMBERS, OFFICERS, EMPLOYEES, AGENTS OR ADVISERS. THESE MATERIALS ARE NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR IN ANY OTHER JURISDICTION. THE SECURITIES OF THE COMPANY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT ), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR PURSUANT TO AN EXEMPTION FROM (OR IN A TRANSACTION NOT SUBJECT TO) THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFER OF SECURITIES OF THE COMPANY IN AUSTRALIA, CANADA OR JAPAN. THESE MATERIALS MUST NOT BE SENT, TRANSMITTED OR OTHERWISE DISTRIBUTED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, OR JAPAN OR TO ANY SECURITIES ANALYST OR OTHER PERSON IN ANY OF THOSE JURISDICTIONS. THESE MATERIALS DO NOT CONSTITUTE A PUBLIC OFFER OR AN INVITATION TO MAKE OFFERS, SELL, PURCHASE, EXCHANGE OR TRANSFER ANY SECURITIES IN RUSSIA, OR TO OR FOR THE BENEFIT OF ANY RUSSIAN PERSON, OR ANY PERSON IN RUSSIA, AND DOES NOT CONSTITUTE AN ADVERTISEMENT OF ANY SECURITIES IN RUSSIA. THESE MATERIALS CONTAIN INFORMATION ABOUT THE MARKETS IN WHICH THE COMPANY COMPETES, INCLUDING MARKET GROWTH, MARKET SIZE AND MARKET SEGMENT SIZES, MARKET SHARE INFORMATION AND INFORMATION ON THE COMPANY'S COMPETITIVE POSITION. THIS INFORMATION HAS NOT BEEN VERIFIED BY INDEPENDENT EXPERTS OR ASSEMBLED COLLECTIVELY, AND THERE IS NO GUARANTEE THAT THESE ESTIMATES ARE ACCURATE OR COMPLETE AND NOT MISLEADING NOR THAT THE COMPANY'S DEFINITION OF ITS MARKETS IS ACCURATE OR COMPLETE AND NOT MISLEADING. THE INFORMATION INCLUDED IN THESE MATERIALS IS SUBJECT TO UPDATING, COMPLETION, REVISION AND AMENDMENT AND SUCH INFORMATION MAY CHANGE MATERIALLY. SOME OF THE INFORMATION IS IN DRAFT FORM AND HAS NOT BEEN VERIFIED. THE FINANCIAL INFORMATION INCLUDED HEREIN IS IN DRAFT FORM AND IS UNAUDITED. NO PERSON IS UNDER ANY OBLIGATION TO UPDATE OR KEEP CURRENT THE INFORMATION CONTAINED IN THE PRESENTATION AND THESE MATERIALS AND ANY OPINIONS EXPRESSED IN RELATION THERETO ARE SUBJECT TO CHANGE WITHOUT NOTICE. THESE MATERIALS INCLUDE FORWARD-LOOKING STATEMENTS THAT REFLECT THE COMPANY'S INTENTIONS, BELIEFS OR CURRENT EXPECTATIONS. FORWARD-LOOKING STATEMENTS INVOLVE ALL MATTERS THAT ARE NOT HISTORICAL FACT. FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF WORDS INCLUDING MAY, WILL, WOULD, SHOULD, EXPECT, INTEND, ESTIMATE, ANTICIPATE, PROJECT, BELIEVE, SEEK, PLAN, PREDICT, CONTINUE AND SIMILAR EXPRESSIONS OR THEIR NEGATIVES. SUCH STATEMENTS ARE MADE ON THE BASIS OF ASSUMPTIONS AND EXPECTATIONS WHICH, ALTHOUGH THE COMPANY BELIEVES THEM TO BE REASONABLE AT THIS TIME, MAY PROVE TO BE ERRONEOUS. FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS AND OTHER FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS OF OPERATIONS, FINANCIAL CONDITION, LIQUIDITY, PERFORMANCE, PROSPECTS OR OPPORTUNITIES, AS WELL AS THOSE OF THE MARKETS IT SERVES OR INTENDS TO SERVE, TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN, OR SUGGESTED BY, THESE FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE THOSE DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO: CHANGING BUSINESS OR OTHER MARKET CONDITIONS, GENERAL ECONOMIC CONDITIONS IN RUSSIA, THE EUROPEAN UNION, THE UNITED STATES AND ELSEWHERE, AND THE COMPANY'S ABILITY TO RESPOND TO TRENDS IN ITS INDUSTRY. ADDITIONAL FACTORS COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY. THE COMPANY AND EACH OF ITS DIRECTORS, OFFICERS, EMPLOYEES AND ADVISORS EXPRESSLY DISCLAIM ANY OBLIGATION OR UNDERTAKING TO RELEASE ANY UPDATE OF OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS IN THIS PRESENTATION AND ANY CHANGE IN THE COMPANY S EXPECTATIONS OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH THESE FORWARD LOOKING STATEMENTS ARE BASED EXCEPT AS REQUIRED BY APPLICABLE LAW OR REGULATION BY ATTENDING THIS FORWARD-BASED, REGULATION. PRESENTATION YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. 2

3 DIXY Group Today 3

4 DIXY Group at Glance Working since 1992 # 3 national food retailer 2,716 stores in 768 locations > 60,000 employees Revenue in 2015 RUR 272 bln Market capitalization RUR 38 bln Source: Company data, February 2016, Bloomberg for market capitalization data as of March 30,

5 DIXY Group: Track Record of Growth # of stores 646 1,119 1,499 1,799 2,195 2, ,062 stores Revenue, RUB bln x4.3 times Source: Company data, 2015

6 DIXY Group Regional Snapshot 1,856 DIXY stores 47 Victoria stores 4 DCs 567 DIXY stores 63 Victoria stores 3 DCs St. Petersburg Moscow Northwestern federal district Central federal district Nizhny Novgorod Volga federal district Yekaterinburg Urals federal district 22 DIXY stores 124 DIXY stores 37 Megamart stores 1 DC Source: Company data, February

7 Strong Track Record of Growth Beginning. Going Public founded as a wholesale distributor 1996 First MegaMart store opened 1999 First DIXY retail store opened 2004 Private equity funds acquire stakes in DIXY Group 2007 IPO at RTS (raised $360 mln) Source: Company data Building Platform Mercury Group becomes major shareholder Supply chain restructuring. New IT system Aldata GOLD (used by Tesco, Ahold, Carrefour and Casino) introduced Company centralization accomplished 2010 New marketing team develops DIXY chain repositioning strategy Intensive & Extensive Growth 2011 current 2011 Marketing turn-around of DIXY chain: new market positioning, rebranding and differentiation strategy implantation starts 2011 DIXY Group acquires Victoria Group and becomes the 3 rd largest national food retailer by revenue, selling space and number of stores 2012 Victoria integration finalized, DIXY chain re-branded ,000 th store opened 2015 record number of store openings 7

8 DIXY Neighborhood Division 81% of Group s retail revenue RUB 328 average ticket 2,000-3,500 SKUs 2,569 stores 292 m 2 average selling space Source: Company data, 2015; Number of stores as of February 29,

9 Victoria Division 12% of Group s retail revenue RUB average ticket 2,000-20,000 SKUs 110 stores 315 1,280 m 2 average selling space Source: Company data, 2015; Number of stores as of February 29,

10 Megamart Division 7% of Group s retail revenue RUB average ticket 7,500-20,500 SKUs 37 stores 760 2,370 m2 average selling space Source: Company data, 2015; Number of stores as of February 29, 2016

11 Our Efficient and Centralized Supply Chain Diversified base of 1,300 federal, regional and international suppliers Operating 8 DCs in the regions of presence and own fleet of >1,000 trucks GOLD ERP system designed by ALDATA to manage the entire logistic flow and supply chain system Centralized procurement and delivery across all store formats Source: Company data, 2015 One of the industry highest centralization rate of 91% in

12 Russian Food Retail Market 12

13 Russian Food Retail Market in Global Context o Russian is #4 and #9 largest food retail market in Europe and worldwide respectively UK, $203 bln Russian Food Retail Market, $203 bln France, $262 bln Italy, $181 bln Germany, $212 bln Japan, $374 bln USA, $1,148 bln China, $2,077 bln India, $651 bln Brazil, $230 bln Source: Planet Retail Data, 2015F 13

14 Russian Regional Market Snapshot 27% of population 35% of foods retail market 9% of population 9% of foods retail market Central federal district St. Petersburg Moscow Northwestern federal district Nizhny Novgorod Volga federal district Yekaterinburg Urals federal district o DIXY Group operates in 4 federal districts which account for 64% of population and 71% of the Russian food retail market 20% of population 18% of foods retail market 8% of population 9% of foods retail market Source: Rosstat,

15 Russian Food Retail Market o Russian food retail market is still fragmented o Top-10 players account < 25% of the market o Large opportunities for further consolidation 2% 2% 2% 0.5% 0.5% 1% 0.5% Other, 76% 7% 3% 6% Source: Companies data, INFOline, 2015F 15

16 Leaders of the Russian Food Retail Industry DIXY Group is #3 largest Russian food retail company in 2015 stores DIXY Group Maria-Ra Monetka Intertorg Number of stores Selling space Revenue Magnit Х5 Auchan Lenta O'Key METRO , ,968 7, sq m RUB bln Magnit Х5 Auchan DIXY Group Lenta METRO O'Key Monetka Maria-Ra Intertorg Magnit Auchan* DIXY Group METRO* Lenta O'Key Monetka* Maria-Ra Intertorg Note: Revenue ex. VAT, also revenue of Magnit stores excludes revenue of Magnit Cosmetic stores; * data for revenue is based on Infoline 2015 estimates. Source: Companies data, INFOLine, 2015F Х

17 Leading Players Outperform the Market Growth o Russian food retail turnover grew 2.7 times in 8 years since 2007 o Leading players outperformed the market growth by times, taking share from non-organized trade, traditional stores and smaller chains Russian food retail turnover and revenue of leading food retailers in Russia in RUB bln 13,400 CAGR : +13% +33% +25% +28% , Magnit X5 DIXY Group Source: Companies data, Rosstat, 2015 Russian food retail turnover 17

18 Penetration of Modern Retail Format in Russia o Growth of modern retail trade is the driver of the market growth Dynamics of share of modern and non-modern retail trade, % 65% 60% 54% 50% 44% 40% 36% 33% 35% 40% 46% 50% 56% 60% 64% 67% Source: AC Nielsen Report 2015, food retail market includes alcohol and tobacco sales Modern trade formats Non-modern trade formats 18

19 Latest Macro Trends in Russia 19

20 Consumer Environment in Russia o In 2015, customers continued to face declining trends in real salaries and growing inflation 9.1% 1.2% 5.7% 5.9% 4.7% 2.6% 4.6% 22.4% 20.3% 18.0% 15.8% 19.1% -9.0% -8.5% -9.5% -10.4% -9.5% 10.1% 16.2% 15.8% 15.7% 14.5% 15.5% Q15 2Q15 3Q14 4Q Average monthly nominal salary Average monthly real salary Source: Rosstat, % Q15 2Q15 3Q15 4Q CPI Food infation 20

21 Macro Factors Influence Retail o In 2015, food retail turnover index came negative for the fist time since 2009 o While the decline was even more significant than in % 11.7% 6.5% 7.1% 6.3% 5.1% 3.4% 3.6% 3.9% 2.6% 0.0% 2.7% -1.9% -5.1% -9.2% -10.0% Food retail turnover Retail turnover (total) Source: Rosstat,

22 4Q & FY 2015 Operational Review 22

23 DIXY Group: 4Q & FY 2015 Operational Highlights 513 stores opened net for the full year of 2015, including 105 store openings net in 4Q 2015; Selling space grew by 22% YoY to 907,645 sq. m. as of December 31, 2015; LFL sales grew by 3.1% for the Group and by 3.3% for DIXY division for the full year of 2015; In 4Q 2015, Group delivered positive LFL sales growth of +1,4%. Source: Company data, 4Q & FY

24 12M 2015 DIXY Group Organic Growth # Stores 2,708 ths. sq. m Selling Space % 908 2, as of December 31, 2014 as of December 31, 2015 as of December 31, 2014 as of December 31, 2015 Source: Company data, December

25 12M and December 2015 DIXY Group Total Revenue RUB bln Revenue 12M RUB bln Revenue December +19% % M M 2015 Source: Company data, December and FY 2015 December 2014 December

26 DIXY Group LFL Sales Dynamics 11.7% 11.5% 7.7% 6.2% 7.2% 3.9% 3.1% 0.1% 2.3% 1.4% -5.0% -1.8% -2.4% -3.8% -7.5% 1Q15 2Q15 3Q15 4Q LFL sales Average daily traffic Average daily ticket Source: Company data,

27 Promos to Drive the Basket in DIXY Stores Weekly promo booklets New In-out promo launched in September 2015 Source: Company data,

28 DIXY Private Labels: D -Brand 310 SKUs in food and non-food categories Quality is higher or equal to a leader in the product group Price is lower vs. leading brands Active promo and advertising Source: Company data,

29 DIXY Private Labels: Pervym Delom 196 SKUs in food and non-food categories The lowest price on the shelf Quality up to the standard Cross-divisional private label Source: Company data,

30 DIXY Private Labels: Unique Trade Marks Exclusive imported brands Products with the emotional component Source: Company data,

31 DIXY Private Labels Program Expansion % 0.2% 3.3% 3.0% 5.6% 7.4% 9.8% +6.2% 16.0% D -brand share in DIXY revenue Pervym Delom share in DIXY revenue Other private labels share in DIXY revenue 431 SKUs 605 SKUs Source: Company data,

32 DIXY Outdoor Advertising Campaigns * Such low prices we see for the first time in our lives * Funny STIKEEZ Source: Company data,

33 DIXY TV Advertising Campaigns Advertising D -Brand value-for-money proposition Advertising STIKEEZ Advertising low prices in DIXY stores Advertising In-out Source: Company data,

34 February 2016 DIXY Group Organic Growth # Stores 2,708 2,716 ths. sq. m 765 Selling Space % 913 as of December 31, 2015 as of February 29, 2016 as of February 28, 2015 as of February 29, 2016 Source: Company data, February

35 2M and February 2016 DIXY Group Retail Revenue RUB bln Revenue 2M RUB bln Revenue February % +19% M M 2016 Source: Company data, February 2016 February 2015 February

36 4Q & FY 2015 Financial Review 36

37 DIXY Group: 4Q & FY 2015 P&L Summary in RUB million 4Q Q 2014 FY 2015 FY 2014 Total Revenue 74,927 64, % 272, , % Retail Revenue 74,465 63, % 270, , % Gross Profit 22,544 19, % 79,709 69, % Gross Margin, % 30.1% 30.5% (40bp) 29.3% 30.3% (100bp) SG&A 20,607 16, % 73,900 59, % SG&A, % of Sales 27.5% 25.3% 220bp 27.1% 25.9% 120bp Net Profit 624 1,331 (53.1%) 589 4,491 (86.9%) Net Profit Margin, % 0.8% 2.1% (130bp) 0.2% 2.0% (180bp) EBITDA 4,113 4,609 (10.8%) 13,470 16,341 (17.6%) EBITDA Margin, % 5.5% 7.2% (170bp) 4.9% 7.1% (220bp) Source: Company data, 4Q & FY

38 DIXY Group Debt Portfolio Total Financial Debt (RUB mln) -0.6% 29,122 28,937 27,803 34, As of December 31, 2015 As of December 31, 2015, 77% of the borrowings were long-term loans As of December 31, 2015, all our borrowings were nominated in Russian Rubles Total Debt/EBITDA (times) 3.4x 2.2x 1.7x 2.6x As of December 31, 2015 As of December 31, 2015, our leverage increased to 2.6x Total Debt/EBITDA from 1.7x as of December 31, 2014 Our financial management practices aim to keep Total Financial Debt/EBITDA ratio at the level below 3.0x As of December 31, 2015, our Net Debt to EBITDA ratio increased to 2.4x from 1.5x as of December 31, 2014 Source: Company data, 2015 Note: Total financial debt includes finance lease 38

39 Appendix 39

40 DIXY Group: 3Q & 9M 2015 P&L Summary in RUB million 3Q Q M M 2014 Total Revenue 65,799 57, % 197, , % Retail Revenue 65,340 57, % 195, , % Gross Profit 18,854 17, % 57,165 49, % Gross Margin, % 28.7% 30.1% (140bp) 29.0% 30.3% (130bp) SG&A 18,201 14, % 53,293 42, % SG&A, % of Sales 27.7% 25.6% 210bp 27.0% 26.1% 90bp Net Profit/(Loss) (843) 1,195 n/a (36) 3,160 n/a Net Profit Margin, % n/a 2.1% n/a n/a 1.9% n/a EBITDA 2,547 4,335 (41.3%) 9,357 11,732 (20.2%) EBITDA Margin, % 3.9% 7.5% (360bp) 4.7% 7.1% (240bp) Source: Company data, 3Q

41 DIXY Group: 2Q & 6M 2015 P&L Summary in RUB million 2Q Q M M 2014 Total Revenue 67,988 57, % 131, , % Retail Revenue 67,510 56, % 130, , % Gross Profit 20,126 17, % 38,311 32, % Gross Margin, % 29.6% 30.0% (40bp) 29.1% 30.4% (130bp) SG&A 17,990 14, % 35,092 28, % SG&A, % of Sales 26.5% 25.7% 80bp 26.7% 26.3% 40bp Net Profit 947 1,297 (27.0%) 807 1,965 (58.9%) Net Profit Margin, % 1.4% 2.3% (90bp) 0.6% 1.8% (120bp) EBITDA 4,001 4,163 (3.9%) 6,810 7,397 (7.9%) EBITDA Margin, % 5.9% 7.3% (140bp) 5.2% 6.9% (170bp) Source: Company data, 2Q

42 DIXY Group: 1Q 2015 P&L Summary in RUB million 1Q Q 2014 Total Revenue 63,631 49, % Retail Revenue 63,143 49, % Gross Profit 18,185 15, % Gross Margin, % 28.6% 30.8% (220bp) SG&A 17,102 13, % SG&A, % of Sales 26.9% 27.0% (10bp) Net Profit/(Loss) (140) 667 n/a Net Profit Margin, % n/a 1.3% n/a EBITDA 2,809 3,234 (13.1%) EBITDA Margin, % 4.4% 6.5% (210bp) Source: Company data, 1Q

43 1Q, 2Q & 3Q 2015 DIXY Group LFL Sales 1Q % 12.8% 9.1% 0.2% 1.4% 7.6% 7.4% 2.9% 11.7% 0.1% 11.5% 2Q % 7.8% 7.5% 4.4% 0.2% -4.2% 5.7% 2.3% 7.7% -5.2% -2.9% -5.2% -5.0% 3Q % 6.1% 2.9% 6.2% (2.0%) (0.7%) (0.9%) (1.8%) (3.7%) (7.8%) (6.4%) (7.5%) DIXY Division Source: Company data, 1Q 2Q & 3Q 2015 LFL sales Victoria Division Average daily traffic Megamart Division Average daily ticket DIXY Group 43

44 4Q & 12M 2015 DIXY Group LFL Sales 4Q % 1.6% 3.7% 1.4% 1.1% 1.4% 3.9% (0.6%) (2.5%) (2.2%) (1.7%) (2.4%) 12M % 3.3% 3.4% 6.2% 0.3% 4.2% 3.1% 7.2% (4.0%) (2.6%) (3.7%) (3.8%) DIXY Division Victoria Division Megamart Division DIXY Group Source: Company data, 4Q & 12M 2015 LFL sales Average daily traffic Average daily ticket 44

45 Investor web-site: Investor Relations DIXY Group PJSC Tel.: Fax:

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