1 Our growth opportunity in Poland remains intact. 2 Biedronka is uniquely positioned to win. 3 We have a clear plan going forward
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2 Agenda 1 Our growth opportunity in Poland remains intact 2 Biedronka is uniquely positioned to win 3 We have a clear plan going forward 4 resulting in a solid outlook 1
3 The Polish economy will continue growing around 3% YoY growth of GDP and private consumption in Poland (%) 5% 4% GDP Private consumption 3% 2% 1% 0% E 2015E 2016E 2017E Source: EC; National Bank of Poland; IMF; OECD; BRE; CASE 2
4 Food consumption in Poland still has significant room to grow Per capita expenditure on food (US$ ) 3,258 2,950 2, % growth per year in ,539 2,329 2,064 1,779 1,593 1,434 1,142 France Germany Italy Portugal UK Slovenia Turkey Czech Poland Ukraine Source: International Monetary Fund, World Economic Outlook Database, April
5 and hence food retail will continue to grow firmly Sources Poland food retail growth expectations 2015E 2016E 2017E PMR +3.3% +3.7% +4.1% Planet Retail +4.3% +4.4% +4.6% IGD +4.8% +3.1% +3.5% CASE Advisors +2.8% +3.0% n.a. 4
6 Modern retailers will capture most of the growth Sales market share traditional vs. modern retail in Poland and Western Europe Traditional retailers 52% 46% ~40% 25% vs. Modern retailers 48% 54% ~60% 75% Poland 2009 Poland 2013 Poland 2017E W. European markets 2013¹ 1. Most Western European markets with a penetration of 75-80% of modern retail Source: GFK 5
7 Discounters have been the main driver of modern retail growth Sales evolution per format in the grocery market 100% = total retail market (modern and traditional) 4.4% 14.3% 4.7% 14.0% 5.1% 13.8% 5.7% Franchise & Convenience 13.7% Hypermarkets Evolution p.p p.p. 14.7% 15.4% 15.5% 15.8% Supermarkets p.p. 15.1% 17.3% 19.5% 21.4% Discounters p.p E Source: PMR
8 and will continue being so in the future Market share of discount stores in food retail sales (2012) Higher discount penetration Lower discount penetration 57% 41% 41% 37% Discount formats still have significant room to grow 27% 26% 21% Norway Belgium Germany Denmark Austria Czech Rep. Poland 2013 Source: The Nielsen Company 7
9 Biedronka will continue capturing most of the growth Retail market share evolution Top 5 (%) 2012 (Jul/Aug) vs (Jul/Aug) Player 1 Player 2 Player 3 Player p.p p.p p.p p.p Biedronka p.p. Jul/ Aug Sep/ Oct Nov/ Dec Jan/ Feb Mar/ Apr May/ Jun Jul/ Aug Sep/ Oct Nov/ Dec Jan/ Feb Mar/ Apr May/ Jun Jul/ Aug + ~1 p.p. market share per year Source: GFK 8
10 Agenda 1 Our growth opportunity in Poland remains intact 2 Biedronka is uniquely positioned to win 3 We have a clear plan going forward 4 resulting in a solid outlook 9
11 New market context: deflation Total inflation vs Food deflation in Poland Main sources of pressure 8% 6% 4% 2% 0% -2% -4% Q1 Food inflation Total inflation Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Strong fall in food prices Good harvests and decreasing food exports to Ukraine and Russia A continuation of high deflation in clothes and footwear prices Continuing decrease of oil prices Source: Central Statistical Office of Poland (GUS) 10
12 The food deflation vs cost inflation dilemma Evolution of salaries in Poland (YoY % change) 6.0% Salaries growing above 3% 4.5% 3.0% 1.5% 0.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Source: Central Statistical Office of Poland (GUS) 11
13 This context favours the most resilient players Food deflation Resilience The combined effect of food deflation and cost inflation represents a critical challenge for retailers, requiring: Scale and focus on sales Efficiency and profitability Investment capacity Sustained cost inflation Biedronka is in a unique position to win in this context 12
14 Biedronka s key assets to build on: Unique installed capacity Nationwide network of 2,527 stores 15 Distribution Centres covering the whole country Over 1,000 trucks delivering daily Over 50,000 pallets transported daily Over 3.5 million clients served every day 13
15 Proven ability to execute Number of Biedronka stores +1,061 stores in less than 5 years (+72%) 1,466 1,649 1,873 2,125 2,393 2, Sep 14
16 expanding significantly above key competitors Total # of stores Openings (Sep) (9M) Biedronka 2,125 2,393 2, Player Player Player Player Source: GFK Strategic Report, Detal Dzisiaj 15
17 Sustained sales growth Biedronka net sales & services in mn PLN (9M) 16,067 19,195 CAGR +19% 23,840 28,118 32,331 +9% 23,709 25, M M 16
18 leading to the highest sales per sqm in Poland Sales per sqm of discounters in Poland; Thousand Euros; % Biedronka Player 1 Player 2 Player 3 Player 4 Challenge for Biedronka: continue growing sales per sqm while strongly expanding the network (with increased cannibalization) Source: Planet Retail 17
19 Clear price leadership Biedronka s price perception regarding its main competitors (Q4 2013) 24% 23% 25% 62% of Polish Shoppers consider Biedronka to be substantially cheaper (<-5%) than its main competitors 15% 5% 2% 0% -15% -10% -5% Same Price +5% +10% +15% Cheaper More expensive Source: Market research
20 Distinctive own brands Biedronka has developed unique own brands offering high quality products at the lowest prices These products have become the preferred choice of consumers even in categories of high trust Market share evolution 46% 44% 51% 49% Dada Other competitors 19
21 Unique supply chain capabilities 20
22 High profitability Biedronka EBITDA margin evolution 2x higher than the EBITDA margin of key competitors 7.9% 8.2% 7.8% 8.0% 7.0% M M Source: Company reports; Dun & Bradstreet 21
23 Very strong position in terms of consumer preferences Biedronka s score: 99% know Biedronka Player with 2 nd highest score: 85% 93% 74% 49% have shopped in Biedronka normally buy in Biedronka are nuclear clients of Biedronka 70% 23% 5% Source: Market research
24 and a deep understanding of how consumers are evolving Nation wide consumer research with multiple methodologies The fundamentals of consumer preferences still hold There are important evolutions in consumers attitudes towards shopping and eating Several differences emerged between urban and nonurban consumers Challenge for Biedronka: keep the Polish consumer engaged 23
25 Agenda 1 Our growth opportunity in Poland remains intact 2 Biedronka is uniquely positioned to win 3 We have a clear plan going forward 4 resulting in a solid outlook 24
26 Biedronka s priorities going forward Lifting our value proposition Strengthening the fundamentals 1 Stronger assortment 3 Stronger price leadership 2 Improved customer experience 4 Stronger proximity: expansion 5 Stricter cost discipline 25
27 Biedronka s priorities going forward Lifting our value proposition Strengthening the fundamentals 1 Stronger assortment 3 Stronger price leadership 2 Improved customer experience 4 Stronger proximity: expansion 5 Stricter cost discipline 26
28 Assortment strategy based on 2 key levers A Traditional categories: reinforce core categories to fuel further growth 1 Stronger assortment B Developing categories: develop new sources of growth in categories in which Biedronka has been historically below its fair share 27
29 Biedronka s priorities going forward Lifting our value proposition Strengthening the fundamentals 1 Stronger assortment 3 Stronger price leadership 2 Improved customer experience 4 Stronger proximity: expansion 5 Stricter cost discipline 28
30 Improved customer experience Improvement of customer experience via in&outs optimization and an upgraded store Target Biedronka store with significant improvements in customer experience From efficiency focused store to engaging food store 29
31 Biedronka s priorities going forward Lifting our value proposition Strengthening the fundamentals 1 Stronger assortment 3 Stronger price leadership 2 Improved customer experience 4 Stronger proximity: expansion 5 Stricter cost discipline 30
32 Pricing strategy: strengthening price leadership Price leadership with every day lowest prices (EDLP) + Using promotional activity as a complementary marketing tool 31
33 Biedronka s priorities going forward Lifting our value proposition Strengthening the fundamentals 1 Stronger assortment 3 Stronger price leadership 2 Improved customer experience 4 Stronger proximity: expansion 5 Stricter cost discipline 32
34 Poland still has further room for expansion Driver Benchmark Poland Penetration of modern retailers Number of retail stores / 1,000,000 inhabitants Market share of discount stores Number of inhabitants / discount store 75-80% (Western Europe) (France and Germany) > 40% (Norway, Belgium, Germany) ~5,000 (Germany) 54% % 12,000 The continued process of convergence of Poland with Western European countries will continue to fuel the growth of modern retail and particularly of discount stores which is the most popular format, gaining share relative to the remaining formats Source: HSBC Retail Digest; Euromonitor; Barclays Research 33
35 Potential for Biedronka as is : new stores, mostly in largest cities Methodology: Analysis of number of inhabitants per discount store per city type Qualitative identification of areas with limited discount coverage to 650 Biedronka stores as is (~ sqm), mostly in largest cities (not including smaller formats) 34
36 Biedronka s priorities going forward Lifting our value proposition Strengthening the fundamentals 1 Stronger assortment 3 Stronger price leadership 2 Improved customer experience 4 Stronger proximity: expansion 5 Stricter cost discipline 35
37 Biedronka has further opportunities to reinforce its efficiency Context Lower expansion pressure (on relative terms) Opportunities to share best practices across stores, regions and departments Further opportunities improve or centralize processes spread across stores and regions Key efficiency initiatives 1 Store operations simplification 2 Technical and logistics efficiency (reengineering of new processes) 3 Head-office cost optimization (cost saving initiatives in Central and Regional structure) 36
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39 Outlook (1/2) Having sales growth as our key priority, we commit to: Build momentum in sales aiming to reach 11 bn by 2017, knowing that food deflation will challenge us Open a minimum of 300 new stores with the current format (600 to 950 sqm) Deliver an EBITDA margin above 6.5% Invest mn of Capex (~40% of which to upgrade the network) Increase ROIC mainly through capital turnover 38
40 Outlook (2/2) Very strong Cash Flow generation over the period Strong volume growth Solid margin Strict working capital management Operational Cash Flow of 1.5 bn (after Capex) 39
41 Disclaimer Statements in this presentation that are forward-looking statements are based on current expectations of future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties relate to factors that are beyond Jerónimo Martins ability to control or estimate precisely, such as general economic conditions, credit markets, foreign exchange fluctuations and regulatory developments. Except as required by any applicable law or regulation, Jerónimo Martins assumes no obligation to update the information contained in this release or to notify a reader in the event that any matter stated herein changes or becomes inaccurate. 40
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