Stef · EURONEXT:STF
Stef — FY2021 Earnings Presentation
35 slides from Stef's earnings presentation, Mar 11, 2022
Slide 1: Annual Results 2021
ANNUAL RESULTS 2021 11 MARCH 2022 1 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 2: Contents
CONTENTS 1. HIGHLIGHTS 2. FINANCIAL PERFORMANCE 3. OPERATIONAL PERFORMANCE 4. EXTRA-FINANCIAL PERFORMANCE 5. OUTLOOK 2 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 3: Highlights
1 HIGHLIGHTS 3 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 4: STEF sets up in the UK
STEF SETS UP IN THE UK Glasgow Acquisition on 31 December 2021 of Langdons, which marks STEF's entry Edimbourg into an 8th country. €174 million turnover in 2021 Belfast Barnsley 8 platforms 1,450 employees Liverpool 750 vehicles Peterborough 30,000m² of quayside 2,000 customers Redditch Luton Cardi
Slide 5: Strengthening in Europe
STRENGTHENING IN EUROPE Other acquisitions: • Integration of the activities acquired from the Nagel group in Italy, Belgium and the Netherlands (turnover: €72m) • Takeover of LIA (turnover: €36m) • Acquisition of a stake in SVAT in Italy (turnover: €70m) • Strengthening of the network in Spain with
Slide 6: Evolution of energy costs
EVOLUTION OF ENERGY COSTS Evolution of electricity costs (€/Mwh) Average price in France 2021 vs 2020 250 208,24 200 2020 2021 Moy 20 150 167,33 Moy 21 114,15 138,33 100 70,90 69,71 67,04 54,79 57,72 47,51 48,41 52,22 50 46,76 39,91 37,82 44,22 40,13 41,24 33,65 30,32 33,12 32,09 35,58 30,93 0 Jan F
Slide 7: STEF is committed to
STEF IS COMMITTED TO Launch of the Group climate initiative, Moving Green Announcement of the Group's equality and professional gender diversity approach, MIX'UP 7 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 8: Financial Performance
FINANCIAL 2 PERFORMANCE 8 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 9: A turnover higher than 2019
A TURNOVER HIGHER THAN 2019 +9,4% Like-for-like +€39m +€65m +€33m Other Change in scope +€93m Maritime o/w third- party sales +€132m International €37m France €3,441m €3,507m €3,145m 2019 2020 2021 9 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 10: An increase in operating profit (EBIT) in all activities
AN INCREASE IN OPERATING PROFIT (EBIT) IN ALL ACTIVITIES +€20m +€7m +€1m +€9m Maritime Other International France €163m €154m €117m 2019 2020 2021 10 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 11: Other income and expenses
OTHER INCOME AND EXPENSES 2019 2020 2021 €m Gains on real estate asset sales 0.9 0.7 0.6 Gains on vehicle sales 1.8 2.2 0.8 Other income and expenses 3.5 (9.6) (25.9) Other operating income and 6.2 (6.7) (24.5) expenses 11 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 12: Tax rate
TAX RATE €m 2020 2021 Profit before tax 109.4 147.5 Effective taxe rate 38.6% 31.1% Tax expenses (42.2) (45.9) 12 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 13: An increase in net income
AN INCREASE IN NET INCOME Equity method and minority interests +€1m +€3m +€37m -€4m €110 €100m m €73m Financial 2019 2020 EBIT CT result 2021 Net income Net income Net income Group share Group share Group share 13 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 14: Financial ratios
FINANCIAL RATIOS TREND IN INVESTMENT TREND IN NET DEBT FREE CASH FLOW €945m €905m Lease debt Lease debt €238m €216m €295m €233m CAPEX Net debt Net debt excl. IFRS 16 €160m excl. IFRS 16 €707m CAPEX €689m €201m* External growth: €135m External growth: €32m +€73m -€12m 2020 2021 2020 2021 2020 2021 *
Slide 15: Operational Performance
3 OPERATIONAL PERFORMANCE 15 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 16: France
FRANCE TURNOVER • All BUs, with the exception of Retail, show a strong +6.8% increase in sales • 1st quarter impacted by the health crisis, then strong recovery from May • Operating profit close to €2,055m OPERATING PROFIT that of 2019 €2,079m €1,946m • Increase in energy costs: +8.2 % +87% (€20m) •
Slide 17: France
FRANCE • Fresh flows: turnover up by 8% and result up by 39% • Supply chain and chilled products: turnover up by 7% and results significantly improved • Frozen food: turnover up by 4% but operating profit impacted by the sharp rise in energy prices. Warehouse fill rate at 88% • Foodservice: 7% growt
Slide 18: International
INTERNATIONAL TURNOVER +19.3% +11.4% like-for-like €860m €972m OPERATING PROFIT €815m × 1.6 €39m €49m €30m 2019 2020 2021 2019 2020 2021 18 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 19: International
INTERNATIONAL • Italy: 2nd country of the group. Turnover up by 22% and opening of a site in Basiano (Bergamo) • Spain: 3rd country of the group. Turnover up by 12.6% without scope effect • Portugal: business up 11%. Opening of a site in Alenquer, in the north-east of Lisbon • Belgium and the Nether
Slide 20: Maritime
MARITIME TURNOVER OPERATING PROFIT €94m 2019 2020 2021 €90m €57m 860 M€ -€26m -€19m -€6m Photo 2020 2021 2019 • Diversification of La Méridionale with the opening of the Tangier line • Installation of new closed-circuit particle filters to meet environmental performance targets • Entry into force of
Slide 21: Extra-Financial Performance
21 4 EXTRA-FINANCIAL PERFORMANCE ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 22: Climate approach
CLIMATE APPROACH: Reduce by 30% our GHG Use 100% Low Carbon emissions from our Energy in our buildings vehicles by 2030 by 2025 Our main achievements in 2021 • Signature of a contract with Saipol (Avril • Commissioning of 10 photovoltaic group) for the supply of B100 installations (11 MWp) • General
Slide 23: Gender diversity approach
GENDER DIVERSITY APPROACH: TARGET: 25% INCREASE IN THE NUMBER OF WOMEN IN THE GROUP BY 2030 1 A gender diversity in our teams 2 An equal induction process and career opportunities 3 A healthy work-life balance 4 An adaptation of our working conditions 5 A change in the image of our activities 23 ANN
Slide 24: Outlook
24 5 OUTLOOK ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 25: Outlook
OUTLOOK Vigilance in an unstable geopolitical context resulting in energy cost inflation Maintaining operating margins in a context of cost inflation Strengthening the attractiveness of our businesses and the loyalty of our teams Strengthening the Group's European footprint 25 ANNUAL RESULTS 2021 –
Slide 26: A balanced distribution of the created value
A BALANCED DISTRIBUTION OF THE CREATED VALUE The Board of Directors will propose a dividend of €3 per share, representing €37m, to the General Meeting of Shareholders. This year, the Group will also pay €42m to its employees in terms of profit-sharing and incentive schemes, as well as the contributi
Slide 27: Financial calendar
FINANCIAL CALENDAR 2022 Q1 TURNOVER 28 April 2022 end of trading 2022 Q2 TURNOVER 21 July 2022 end of trading HALF-YEAR RESULTS 2022 1st September 2022 end of trading Presentation 2nd September 2022 2022 Q3 TURNOVER 20 October 2022 end of trading 27 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Foo
Slide 28: Questions
QUESTIONS 28 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 29: Appendices
6 APPENDICES 29 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 30: Simplified income statement
SIMPLIFIED INCOME STATEMENT Change Change 2019 2020 2021 20/21 20/21 €m in €m as a % Turnover 3,441.0 3,145.0 3,506.6 +361.6 +11% Turnover excl. Third-party 3,034.5 2,837.6 3,162.5 +324.9 +11% sales EBIT 162.9 116.9 153.9 +37.0 +32% Financial income (8.7) (7.5) (6.4) +1.1 -14% Profit before tax 154.
Slide 31: EBIT
EBIT Change Change 2019 2020 2021 20/21 20/21 €m in €m as a % Turnover 3,441.0 3,145.0 3,506.6 361.6 +11% Purchases from third parties (2,147.7) (1,873.5) (2,162.4) (288.9) +15% Taxes (67.0) (65.1) (46.7) 18.4 -28% Payroll expenses (902.8) (903.9) (937.4) (33.5) +4% Depreciations and amortisations (
Slide 32: Financial result
FINANCIAL RESULT Change 2019 2020 2021 €m 20/21 Euribor 3M average (0.36)% (0.42)% (0.55)% (0.13)% Net debt end of period 824.4 904.8 944.8 40 Net financial expenses (8.7) (7.5) (6.4) 1.1 32 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market Players
Slide 33: Cash flow
CASH FLOW €m 2019 2020 2021 Self-financing 254.5 255.7 308.5 Change in working 10.7 (34.3) 59,7 capital Net investment (159.4) (233.1) (295.1) programme Free cash flow 105.7 (11.7) 73.1 Capital increase (and 0.4 (0.2) 0.3 share buyback) Dividends (30.9) (18.6) (31.0) Other cash flows (227.9) (49.9)
Slide 34: Net investment programme
NET INVESTMENT PROGRAMME 2019 2020 2021 €m Investments in tangible and intangible (154.4) (208.1) (165.1) assets Net financial investments (19.4) (38.8) (138.1) Sale of assets 13.0 12.6 5.7 Other 1.4 1.2 2.4 Total (159.4) (233.1) (295.1) 34 ANNUAL RESULTS 2021 – 11 MARCH 2022 Connecting Food Market
Slide 35: Balance sheet
BALANCE SHEET €m 31/12/2019 31/12/2020 31/12/2021 Goodwill 203.8 206.2 281.9 Property, plant and equipment 1,447.8 1,526.5 1,625.0 Other non-current assets and fixed 84.0 110.7 134.9 assets Total non-current and financial 1,735.6 1,843.4 2,041.8 assets Net working capital requirement (70.5) (35.9) (