Distribuidora Internacional de Alimentacion SA · BME:DIA
Distribuidora Internacional de Alimentacion SA — Investor Day (March 2014)
97 slides from Distribuidora Internacional de Alimentacion SA's investor day presentation, March 2014
Slide 1: Hecho relevante: Investor's Day documentation filing
Distribuidora Internacional de Alimentación, S.A. (“DIA” o la “Sociedad”), en cumplimiento de lo previsto en el artículo 82 de la Ley 24/1988 de 28 de julio, del Mercado de Valores, hace público el siguiente: HECHO RELEVANTE Como continuación al hecho relevante con número de registro 201551 remitido
Slide 2: Investor Day 2014
IN ESTOR IY, (4) DAY 2014 COPA DEL MUNDO DE BALONCESTO FIBA
Slide 3: Welcome – Bienvenidos – Bienvenue
WELCOME – BIENVENIDOS - BIENVENUE
Slide 4: Investor Day 2014
IN ESTOR IY, (4) DAY 2014 COPA DEL MUNDO DE BALONCESTO FIBA
Slide 5: From Schlecker to Clarel – Juan Cubillo
FROM TO Juan Cubillo Chief Commercial Officer DIA Group
Slide 6: Schlecker acquisition path
Schlecker acquisition path Summer 2012 Starting negotiations with Schlecker September 2012 DIA acquires Schlecker’s Iberian business January 2013 Unconditional approval of Schlecker acquisition 1st February 2013 Schlecker acquisition closed
Slide 7: Fast and successful integration process
Fast and successful integration process / Successful negotiation with / Sales network suppliers integrated / New model / Loyalty program developed / IT systems introduced integrated 1st February 2013 / Schlecker purchase closed
Slide 8: Schlecker image is not about sophistication
Schlecker image is not about sophistication
Slide 9: Looking for inspiration in other successful concepts
Looking for inspiration in other successful concepts
Slide 10: Spain HPC market is plenty of opportunities for Clarel
Spain HPC market is plenty of opportunities for Clarel SPANISH FMCG MARKET Market Share % % Sales Specialists Generalists Pet Care ≈ 3% ≈ 40% ≈ 60% Baby World ≈ 3% ≈ 20% ≈ 80% Beauty / Hygiene ≈ 17% ≈ 50% ≈ 50% Household ≈ 7% ≈ 6% ≈ 94% Food ≈ 70% ≈ 7% ≈ 93% TOTAL 100% ≈ 15% ≈ 85% Source: Kantar 201
Slide 11: Clarel will boost market share in the mid-term
Clarel will boost market share in the mid-term SPANISH FMCG MARKET Market Share % Clarel Target % Sales Schlecker 2016 Pet Care ≈ 3% ≈ 1% ≈ 3% Baby World ≈ 3% ≈ 3% ≈ 5% Beauty / Hygiene ≈ 17% ≈ 2% ≈ 5% Household ≈ 7% ≈ 2% Food ≈ 70% ≈ 0.1% TOTAL 100% ≈ 0.6% Source: Kantar 2012
Slide 12: What is the aspiration of Clarel?
What is the aspiration of Clarel? To become the Iberian retailing benchmark in the following categories: • BEAUTY/HYGIENE • BABY WORLD • PET WORLD • HEALTH PRODUCTS
Slide 13: Two brands with similar image and different competitive advantage
Two brands with similar image and personality and different competitive advantage DIFFERE COMPETITIVE NT ADVANTAGE Price Product Low Prices Proximity IMAGE Good deals Value for money SIMILAR Proximity Good deals Close Close PERSONALITY Accessible Accessible Source: Interbrand
Slide 14: What is Clarel? A new commercial concept
A new commercial concept What is ?
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Slide 18: Examples of communication
La Toja Hidroterma Espuma afeitar Household Baby Hygiene Beauty 9) Z|) INVESTOR DAY 2014 clarel? B. 9 Wut — Hay algo bueno | eo que queremos compartir contigo. — ) Bolsa de algodén 100% impresa con tintes naturales. cuidames de todo lo que te rodea. claret COPA DEL MUNDO DE BRLONDESTO FIBA ESPANA 20
Slide 19: What does Clarel need to become a truly HPC specialist?
What does Clarel need to become a truly HPC specialist? Commercial proposition of a specialist Big assortment, high innovation, leader price image, strong promotional activity… Store layout Fashionable and pleasant but simple at the same time Store implementation Emotional area and rational area Ada
Slide 20: What will the assortment be?
What will the assortment be? EMOTIONAL • Hygiene & Beauty care categories: • Baby Boosted, pleasant • Bazaar connected with and advised Hygiene & Beauty care Health purchase • Pet food and wellbeing RATIONAL • Cellulose categories: • Household products • Bazaar connected with Planned purchase househ
Slide 21: We have to increase our private label weight
We have to increase our private label weight Private label weight in sales (%) 40 30 20 34.7 35.2 28.2 26.0 10 0 German retailer A 2011 2012 German retailer B Source : Kantar 2011-2012 How? • Implementing a multi-brand private label strategy • Working on Beauty and Health products with strong develo
Slide 22: Multi-brand private label strategy
Multi-brand private label strategy Mono-Brand Multi-Brand
Slide 23: New private label brand strategy
New private label brand strategy categories Rational FOOD, CELLULOSE HOUSEHOLD COLOR COSMETIC New design categories and Emotional PET FOOD packaging BABY & KID’S CATEGORIES NEW PERSONAL BRAND CARE
Slide 24: With Bonté, we are becoming a specialist in beauty products
With Bonté, we are becoming a specialist in beauty products
Slide 25: Bonté sub-brands portfolio
Bonté sub-brands portfolio Less brand More brand Less price Brand mapping More price Protection Equity Standard range Premium range Special range General Particular
Slide 26: Bonté umbrella brand: Everyday
Bonté umbrella brand: «EVERYDAY»
Slide 27: Bonté umbrella brand: Toujours Belle – facial cleansing
Bonté umbrella brand: «TOUJOURS BELLE» Facial cleansing for all skin types
Slide 28: Toujours Belle: facial cleansing for sensitive skin
Bonté umbrella brand: «TOUJOURS BELLE» Facial cleansing: sensitive skin
Slide 29: Existing layout of Schlecker can be improved
Existing layout of Schlecker can be improved • Typical food supermarket • High shelves • All categories treated in the same way
Slide 30: New layout improves customer experience
New layout improves customer experience Big store EMOTIONAL CATEGORIES Open area with visibility Low shelves Specific lighting Promotional Area Small store RATIONAL CATEGORIES High shelves area Traditional layout like in a supermarket
Slide 31: Wider assortment in emotional categories
Wider assortment in emotional categories NUMBER OF STOCK KEEPING UNITS (SKU’s)* Schlecker Clarel Change Emotional categories 3,100 4,350 +40% (beauty, health, baby, pet) Rational categories 2,050 1,850 -10% (household, bazaar, food) TOTAL 5,150 6,200 +20% (*) Source: Internal data, December 2013 ass
Slide 32: Clarel offers 20% more SKUs
Clarel offers 20% more SKU’s | OR Household Hygiene &D DAY 2014 Baby Pet food Beauty Food COPA DEL MUNDO DE BRLONDESTO FIBA ESPANA 2014
Slide 33: Very positive customer response
Very positive customer response • Wide range of assortment, brands and low prices Positive aspects • Fashionable, bright and innovative • Comfortable shopping experience and wide aisles • Pleasant and professional personnel improvements Potential • National communication • Private label growth
Slide 34: Enthusiastic comments from focus groups
Enthusiastic comments from «Focus groups» • “It’s a classic drugstore, it has all sorts of products.” • “The fact that Clarel stocks DIA brand products is positive – we know that brand.” • “There is more of everything, and more brands. They have more choice.” • “Clarel has good prices – a local drug
Slide 35: The DIA Club loyalty programme is a great success
The “DIA Club” loyalty programme is a great success • Exceptional response and welcome of the DIA Club program. • Last February 67% of the Schlecker/Clarel sales were done through the loyalty program. • Coupons offer a differential attractive to customers (circa 5 million coupons printed in February
Slide 36: Growing contribution from emotional categories
Growing contribution from emotional categories SALES WEIGHT BY CONCEPT Schlecker Clarel Emotional categories (beauty, health, baby, pet) 59% 68% Rational categories (household, bazaar, food) 41% 32% Source: Internal data, 31 December 2013 assortment
Slide 37: Promising results from the first remodelled shops
Promising results from the first remodelled shops SALES UPLIFT # Clarel stores Change in sales Spain 32 > 15% Portugal 18 > 20% Source: company data, February 2014.
Slide 38: From Schlecker to Clarel; remodelling plan
From Schlecker to Clarel; remodelling plan • More than 550 Schlecker stores will be converted to Clarel in Spain and Portugal during the year 2014 • The remaining Schlecker stores will be upgraded to Clarel in 2015 • The investment required for the conversion of the stores ranges from 30,000 to 40,0
Slide 39: Enormous expansion potential in Iberia
Enormous expansion potential in Iberia Original Schlecker presence New Clarel expansion 1083 stores No Schlecker or Clarel presence Clarel and Schlecker 52 stores presence in Portugal 63 stores Company data, February 2014
Slide 40: Big room to grow in Spain and Portugal
Big room to grow in Spain and Portugal • In 2014 we expect to open more than 100 new Clarel stores in Spain in Portugal. • As from 2015 the company will add more than 150 Clarel stores per year, a growth rate that can be maintained for several years. • The investment required for opening a new Clare
Slide 41: We have successfully launched the franchise model
We have successfully launched the franchise model Well received by our franchisees We already have 27 stores managed by franchisees (*) Good economic model for both parties Great potential in small villages (*) As of 31 December 2013
Slide 42: Clarel improvements will be reflected in the DIA stores
Clarel improvements will be reflected in the DIA stores Specific know-how in this segment Different operational process Private label development more suited to this segment (multibrand strategy) Significant increase in volumes involved in supplier negotiations New beauty section in DIA Market and D
Slide 43: Clarel, a new growth avenue
Clarel, a new growth avenue • Clarel is a complementary business model for DIA. • Very good customer acceptance of Clarel. • Encouraging sales uplift in the remodelled stores, with better ROI than the traditional DIA business in Iberia. • Huge expansion room in Iberia, and high potential for interna
Slide 44: Clarel – Discover. Smile. Shine.
, cs DAY 2014 clarel°© Discover. Smile. Shine. (COPA DEL MUNDO BE GALONCESTO FIBA
Slide 45: Investor Day 2014
IN ESTOR IY, (4) DAY 2014 COPA DEL MUNDO DE BALONCESTO FIBA
Slide 46: Financial Review – Amando Sánchez
FINANCIAL REVIEW Amando Sánchez Chief Corporate Officer
Slide 47: Delivering growth
Delivering growth Gross sales under banner Adjusted EBIT +4.0% +13.1% EURm 11,476.3 374.7 EURm 11,210.0 346.6 293.0 10,600.4 2013 2011 2012 2012 2013 2011 Underlying net profit +17.9% 227.7 EURm 204.0 163.7 CAGR Source: Company data 2011 proforma Turkey & Beijing adjusted 2011 2012 2013
Slide 48: Constant cost reduction at the heart of DIA's success
Constant cost reduction at the heart of DIA’s success • Distribution costs reduction allows to improve prices and profitability • DIA distribution costs declined by -1.4% in CAGR 2009- 2013 • Energy cost in Spain decreased by -6.1% in 2013 % Distribution costs / Net sales 16.5% 16.1% 15.7% 15.3% 15.
Slide 49: Logistics savings offset fuel cost increases
Logistics savings offset fuel cost increases • Logistic costs go down despite rising fuel costs. Spain: Average diesel prices (EUR litre with taxes) (RH) vs Logistic costs (as % of sale) (LH) 1,440 5% 4.8% 4.7% 4.7% 1,340 4.5% 4.4% 1,240 4% 1,140 1,040 3% 0,940 FY 2009 FY 2010 FY 2011 FY 2012 FY 201
Slide 50: DIA, everyday low cost; more leverage going forward
DIA, everyday low cost; more leverage going forward • 2016 target reduction of 100bps on sales • In-store productivity 40% • Invest in prices • Real estate/Asset cost 40% • Expand operating margins • Logistics 20% Source: Company data
Slide 51: Leading productivity ratios
Leading productivity ratios • In Spain, the sales per employee ratio improved by 3.6% CAGR over the period 2009-2013 Net sales per employee Net sales per employee 225 (in thousand EUR) (in thousand EUR) 200 270 260 175 250 240 150 230 125 220 210 100 200 TESCO JERONIMO CASINO SAINSBURY CARREFOUR DIA
Slide 52: Making an effective use of capital
Making an effective use of capital • Lower average capex per sqm Average invested capital / Square meter of selling surface (EUR) 2,000 1,500 1,000 500 0 Iberia Brazil & Argentina • Expected lower capital intensity in coming years • Growing weight of Brazil, Argentina and China • Company Source: Imp
Slide 53: Trade working capital, a key feature of DIA business model
Trade working capital, a key feature of DIA business model • Best-in-class inventory levels Inventories per square meter of selling space (in thousand EUR) 734 753 600 489 508 411 326 261 261 187 DIA Ahold Jeronimo Carrefour Martins Tesco Casino Metro Sainsbury Group Delhaize Morrisons Group Source
Slide 54: Steady improvement of returns
Steady improvement of returns • DIA’s Return On Investment (ROI) has improved during the last years. 17.9% 17.7% 17.3% 12.0% 2011 2012 2013 Sector average DIA ROI updated to December 2013 Sector Average: Ahold, Carrefour, Casino, Delhaize and Metro (*) ROI = Adj. Operating income (EBITDAR) / Avg. in
Slide 55: A unique opportunity in Brazil and Argentina
A unique opportunity in Brazil and Argentina • Very high returns in Brazil and Argentina • With a strong business model, very low cost base and gross margin, large price gap and unique private label positioning 26.1% 22.1% Iberia Brazil & Argentina DIA ROI updated to December 2013 (*) ROI = Adj. Ope
Slide 56: Robust cash flow generation
Robust cash flow generation Funds from operations Net debt / Adjusted EBITDA EURm 436.7 1.0x 1.0x 428.8 1.0x 404.0 FY 2011 FY 2012 FY 2011 FY 2013 FY 2012 FY 2013 2015E FY 2014E FY 2015E FCF 2014-2015 does not represent scale 2014 & 2015 does not represent scale • DIA’s business model generate massi
Slide 57: Outstanding TSR
Outstanding TSR ANNUALISED TSR (from 5/July/2011 to 28/February/2014) 40% 30.9% 30% 18.4% 19.8% 20% 11.5% 9.8% 10% 5.7% 6.3% 3.8% 0% -1.9% -3.8% -5.2% -10% Source: Bloomberg
Slide 58: Capex outlook
Capex outlook • We continue to allocate capex efficiently • We devote more capex to openings 2011 2014E France France Iberia Iberia Emerging Emerging Iberia Emerging EURm EURm EURm France +45% 200 170-180 150-160 139 150 150 120 150 90 100 100 100 20-25 50 50 50 0 0 0 2011 2011 2011 2014E 2014E 2014
Slide 59: Business Outlook
Business Outlook IBERIA EMERGING EURm EURm 5,500 3,200 5,000 2,700 4,500 2,200 4,000 1,700 3,500 3,000 1,200 2011 2011 2013 2013 2015E 2015E Net sales Op margin Net sales Op Margin • Growth from expansion • Maintain high space growth (mid teens) • Franchise advantage • Operating margins • Opex lever
Slide 60: Expect leverage through the P&L to continue
Expect leverage through the P&L to continue CAGR 2011-2013 17.9% 13.1% 4.0% • Cost leverage • More franchise • Lower asset costs Gross sales under Adjusted EBIT banner Underlying net profit Source: Company data
Slide 61: Underlying EPS growth in line to meet our goals
Underlying EPS growth in line to meet our goals >0.40 0.35 0.30 0.24 2011 2012 2013 2015E 2015 does not represent scale 2011 proforma Turkey & Beijing adjusted Source: Company data
Slide 62: Delivering returns to shareholders
Delivering returns to shareholders • More than EUR430m remuneration to shareholders in 3 years 0.16 0.13 0.11 2011 Dividend 2012 Dividend 2013 Dividend 2015 proposal Payout 47.8% 46.5% 45.7% • Dividend policy in the range of 40%-50% underlying net profit Source: Company data. 2015 does not represent
Slide 63: In summary
In summary • Strong performance since listing • Unique know-how in proximity and franchise • Expansion opportunities in key markets • Further opportunities to improve costs • Best-in-class returns • Double digit EPS growth 2012-15 reiterated
Slide 64: Investor Day 2014
IN ESTOR IY, (4) DAY 2014 COPA DEL MUNDO DE BALONCESTO FIBA
Slide 65: Strategic Review – Ricardo Currás
STRATEGIC REVIEW Ricardo Currás CEO DIA Group
Slide 66: Consumers continue to prefer 2P food retailers: Price & Proximity
Consumers continue to prefer 2P food retailers: Price & Proximity Ageing Rising oil and population energy costs Less persons per Western Europe household & Consumers Increase are looking Emerging reduced space of urban population for storage for Proximity and Price Rise of middle Reduction of income
Slide 67: Food retail formats are converging towards 2P
Food retail formats are converging towards 2P Price Hard Low Discounters 2P Hypermarkets Supermarkets High Department Convenience stores Distance Attraction Proximity Retailers (hard discounter, supermarkets, convenience stores) are converging towards 2P
Slide 68: DIA today
DIA today 6 countries 2,991 franchises with 7,328 stores 45,368 employees 20,188 employees Iberia 27% 54% France 19% Emerging Markets €11.5bn sales We have the most densified store network in our core countries/regions with the most flexible operational model Data as of 31.12.2013
Slide 69: 2010–2014: DIA has strengthened its presence in its core markets
2010 – 2014: DIA has strengthened its presence in its core markets 2010 France Greece Portugal China Spain Turkey Brazil Argentina Exit from Greece. 7 countries: Spain, Portugal, France, Turkey, Brazil, Argentina, China
Slide 70: 2010–2014: DIA has strengthened its presence in its core markets
2010 – 2014: DIA has strengthened its presence in its core markets 2012 France Portugal China Spain Turkey Brazil Argentina Spin off from Carrefour, entry in Madrid stock market (July 2011) Entry in Rio Grande do Sul in Brasil in 2011 (10 millions inhabitants). Entry in Salta & Jujuy in Argentina in
Slide 71: 2010–2014: DIA has strengthened its presence in its core markets
2010 – 2014: DIA has strengthened its presence in its core markets (Number of stores) 2014 IGD ranking of emerging food retail markets France # Countries (865) 1 China Portugal 2 Brazil (641) China (361) Spain (4,151)* 10 Argentina Brazil (667) Argentina (643) * Including Schlecker Exit from Turkey
Slide 72: Moving forward, we will continue to grow in our core markets
Moving forward, we will continue to grow in our core markets • DIA is in 3 of the Accelerating expansion in Brazil, Argentina and China, TOP 10 most where we see great growth opportunities promising emerging grocery markets Rolling out our new formats in food and HPC (Clarel) in (IGD ranking) Iberia
Slide 73: Emerging Markets share of Group's sales keeps growing
Emerging Markets share of Group’s sales keeps growing, bringing diversification and resilience Brazil Net sales Brazilian Real 26% CAGR 4,111 3,398 2,780 2,395 2,053 1,580 1,144 848 640 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E # stores 236 258 300 327 376 408 480 561 667 In Bra
Slide 74: DIA's answers: a simple and efficient 2P business model
DIA’s answers: a simple and efficient 2P business model Proximity specialist Low cost Lowest operator prices Quality Franchise private label Loyalty program DIA’s business model relies on an attractive 2P value proposition enhanced by a successful franchise formula: the 2PF
Slide 75: DIA's answers: 1 - Proximity specialist
DIA’s answers: 1 - Proximity specialist Proximity specialist Low cost Lowest operator prices Quality Franchise private label Loyalty program
Slide 76: Proximity is at the heart of DIA concept
Proximity is at the heart of DIA concept DIA Market DIA Maxi Schlecker/Clarel • 62% stores • 22% stores • 16% stores • Almost 59% total revenues • Around 38% total revenues • Around 3% total revenues • Surface: 700 -1,000 sq.m • Surface: 400 - 700 sq.m • Surface: ~200 sq.m Key • Located on the outsk
Slide 77: DIA is continuously improving its formats to generate sales growth
DIA is continuously improving its formats to generate sales growth Continuous store remodelling to become… 2007/08 2010/11 2014/15 DIA Market I II III DIA Maxi I II III …More specialist in HPC • Enlarged multi brand private label offer …More specialist in Fresh products • Fruits & Vegetables • Baker
Slide 78: Testing and investing in a multi channel approach
We are testing and investing in a multi channel approach with promising results Market Place On line shopping APP 4,151 Picking points Customer behaviour (Spain) With its 4,151 picking points in Spain, DIA is well positioned to develop an attractive and competitive online offer
Slide 79: DIA's answers: 2 - Lowest prices
DIA’s answers: 2 - Lowest prices Proximity specialist Low cost operator Lowest prices Quality Franchise private label Loyalty program
Slide 80: DIA has the best price image in 4 markets
DIA has the best price image in 4 markets Price image Spain 80 70 60 50 40 30 20 10 0 apr-05 sep-05 may-06 apr-07 sep-07 apr-08 sep-08 apr-09 sep-09 apr-10 sep-10 jun-11 abr-12 nov-12 may-13 nov-13 DIA Competitor 1 Competitor 2 The most recommended Nº 1 in price food retailer We continuously invest
Slide 81: DIA's answers: 3 - Quality private label
DIA’s answers: 3 - Quality private label Proximity specialist Low cost Lowest operator prices Quality Franchise private label Loyalty program
Slide 82: DIA is creating a multi brand Private Label offer
DIA is creating a multi brand Private Label offer From… …To Beauty & Personal Care Pet Care Baby care DIA is enriching its private label offer specially in Health & Personal Care products
Slide 83: More than 50% of our sales are made through private label
More than 50% of our sales are made through private label: a unique competitive advantage Private label penetration (weight in FMCG sales) DIA Market 9% 9x 1% 5% 37% 7x 7% 38% 5x 57% 32% 62% 36% From 1.4x to 2x 56% 39% DIA well above competitors specially in emerging markets Source: Market research
Slide 84: DIA's answers: 4 - Loyalty program
DIA’s answers: 4 - Loyalty program Proximity specialist Low cost Lowest operator prices Quality Franchise private label Loyalty program
Slide 85: Learning from the consumer / customer behaviour is key for DIA
Learning from the consumer / customer behaviour is key for DIA 5 countries 16,640,699 active card holders Club DIA customers purchases data mining 12.1 million personalised discount coupons redeemed by Club DIA customers every month Loyalty Card: contribution to price advantage and in-depth customer
Slide 86: DIA's answers: 5 - Franchise
DIA’s answers: 5 - Franchise Proximity specialist Low cost Lowest operator prices Quality Franchise private label Loyalty program
Slide 87: Franchise is the best operating model for Proximity stores
Franchise is the best operating model for Proximity stores Visit our web: http://franquicia.dia.es/
Slide 88: Franchise is the best operating model for Proximity stores
Franchise is the best operating model for Proximity stores Visit our web: http://franquicia.dia.es/
Slide 89: DIA provides franchisees distinctive know-how and a solid track record
DIA provides to its franchisee a distinctive know-how and a solid track record Winning A profitable commercial business proposition model Franchisee • Focused on results Strong brand Economies of • High-performance team strategy scale in purchasing • Customers unique shopping experience Efficient •
Slide 90: DIA counts today with close to 3,000 franchises
DIA counts today with close to 3,000 franchises Franchise stores, # X1.8 1.723 X7.2 958 1.038 X3.2 230 144 72 2008 2013 2008 2013 2008 2013 Iberia Emerging France DIA has multiplied by 2.5 its franchise stores over the last 5 years
Slide 91: Big potential to grow our franchise business
We see still a big potential to grow our franchise business Stores by operating model 52% 77% Directly operated Franchise 48% 23% 2008 2013* 2016 Franchise is a key growth lever for DIA *excluding Schlecker
Slide 92: DIA's answers: 6 - Low cost operator
DIA’s answers: 6 - Low cost operator Proximity specialist Low cost Lowest operator prices Quality Franchise private label Loyalty program
Slide 93: Important cost reductions that allow us to be more competitive
We have achieved important cost reductions that allow us to be more competitive Total Distribution costs / sales (%) ROI* 17.7% 17.9% 16.5 17.3% 16.1 16.5% 15.7 15.3 15.0 12.0% 2009 2010 2011 2012 2013* 2010 2011 2012 2013 Sector *excluding Schlecker average • Energy savings (e.g., leds in all store
Slide 94: In summary, we will continue to benefit from a strong momentum
In summary, we will continue to benefit from a strong momentum • Consumers are looking for Price and Proximity and DIA is the closest and the cheapest • Our franchise know how and network is a key distinctive success factor that we will continue to strengthen and develop • Growth in Iberia, Argentin
Slide 95: Investor Day 2014
IN ESTOR IY, (4) DAY 2014 COPA DEL MUNDO DE BALONCESTO FIBA
Slide 96: Q&A – Investor Day 2014
DAY 2014 Q.A~ 2. ESPANA 2014
Slide 97: Investor Day 2014
IN ESTOR IY, (4) DAY 2014 COPA DEL MUNDO DE BALONCESTO FIBA
Distribuidora Internacional de Alimentación, S.A. (DIA) — Investor Day (March 2014) on 6ix