Company presentation

May 2017

Disclaimer

2

Neither this presentation (the “Presentation”) nor any copy of it nor the information contained herein being issued, and nor may this Presentation nor any copy of it nor the information contained herein be distributed directly or indirectly to or into, the United States, Canada, Australia or Japan.

By attending this meeting where this Presentation is made, or by reading the Presentation slides, you agree to be bound by the following terms, conditions and limitations. The above applies to the Presentation, the oral presentation of the information in the Presentation by the Company (as defined below) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation, if any (collectively referred to as the Presentation).

This Presentation does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for or underwrite or otherwise acquire, any securities of Dino PolskaS.A (the “Company”) or any member of its group (the “Group”), nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its Group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This Presentation does not constitute a recommendation regarding any securities of the Company or its Group.

This Presentation contains certain statistical and market information. Such market information has been sourced from and/or calculated based on data provided by third-party sources identified herein or by the Company, if not attributed exclusively to third-party sources. Because such market information has been prepared in part based upon estimates, assessments, adjustments and judgments which are based on the Company's or third-party sources' experience and familiarity with the sector in which the Company operates and has not been verified by an independent third party, such market information is to a certain degree subjective. While it is believed that such estimates, assessments, adjustments and judgments are reasonable and that the market information prepared appropriately reflects the sector and the market in which the Company operates, there is no assurance that such estimates, assessments, adjustments and judgments are the most appropriate for making determinations relating to market information or that market information prepared by other sources will not differ materially from the market information included herein.

All statements in this document or made during any accompanying oral Presentation other than statements of historical fact are, or may be deemed to be, “forward-looking statements”. In some cases, forward-looking statements can be identified by the use of terms such as “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning. All statements other than statements of historical facts included in this Presentation, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company’s products and services) are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this Presentation. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless otherwise required by the applicable provisions of law. The Company caution you that forward-looking statements are not guarantees of future performance and that the Company’s actual financial position, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forward looking statements contained in this Presentation. In addition, even if the Company’s financial position, business strategy, plans and objectives of management for future operations are consistent with the forward-looking statements contained in this Presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake any obligation to review or confirm, or to release publicly or otherwise to investors or any other person, any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this Presentation.

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Only currents and periodic (financial) reports of the Company are legally binding document containing information about the Company and may contain information that is different from the information contained in this Presentation.

Dino today

33

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

Expansion phaseFoundation phase

PEF VI(2) invested in Dino

Second logistics centre in Piotrków

Tryb. (leased)

25 32 50 81 119 151 192

81 90111

154

234

324

410

511

628

Net sales area (’000 m2)

No. of stores

238

Third logistics centrein Jastrowie (owned)

20

• One of the leading Polish

food retail chains

• 628(1) stores located

mainly in Western

Poland

• Track record of

rapid growth

(1) As of year-end 2016(2) A company advised by Enterprise Investors; PEF VI sold all shares in Dino’s IPO in April 2017

Source: Company information (July 2016), IFRS financial information, Roland Berger report

• No. 1 fastest-growing

chain and 2nd largest in

proximity segment

Proximity supermarkets operate close to residential areas in large, medium and small cities. Stores have net sales area of 200-500m2 and offer 4,000-8,000 SKUs of which 90% is typically food

Dino at a glance Investment highlights Growth strategy Financials

(6) Change in gross profit margin between the financial year ended Dec-14 and the financial year ended Dec-16(7) Change in EBITDA margin between the financial year ended Dec-14 and the financial year ended Dec-16(8) Adjusted for the management incentive plan cost of PLN5.7m and other IPO-related one-off expenses of PLN1.8m

(9) ROIC defined as: EBITDA for the period divided by average property, plant and equipment plus average net working capital over the period

Dino at a glance: fast growth, increasing scale, improving margins

(1) CAGR for the last three financial years ended Dec-14, Dec-15, Dec-16(2) Like-for-like (“LFL”) sales based on monthly data of stores in operation for 13 months or more(3) Based on the last financial year ended Dec-16(4) EBITDA defined as earnings before interest, tax, depreciation and amortisation(5) EBITDA margin defined as EBITDA divided by revenues over the same period

Source: Company information, IFRS financial information

4

25% 40%

26%11.3%

2016 LFL(2)

sales growthSelling space CAGR over last 3 years(1)

Sales CAGRover last 3 years(1)

EBITDA CAGRover last 3 years(1),(4),(8)

Growth

8.6%22.9%

FY 2016 Gross

profit margin(3)

FY 2016 EBITDA

margin(3),(5),(8)

PLN 288m

PLN 3.4bn

FY 2016 EBITDA(3),(4),(8)

FY 2016Revenues(3) Profitability

+1.6pp

+0.9pp Δ EBITDA margin(7),(8)

Δ Gross profit margin(6)

Attractive 2016 ROIC(9)

30.3%

Dino's winning concept

5

• competitive prices

• transparent price points

• tailored promotions

• approx. 5,000 SKUs

• fresh products

• Branded products

• own meat production

• 628 mainly owned locations(1)

• regional, high-traffic locations

• stores ownership

• proximity and parking

• proximity format – approx. 400 m2

• consistent store design

• own logistic system

• centralized store management

• efficient IT systems

• cost effective marketing

Lo

ca

tio

n &

rea

l e

sta

te

Op

era

tio

na

l

eff

icie

ncy

Pro

du

ct

Pric

e

(1) As of 31.12.2016

Full Operational Control & Quality

1 2

34

Dino at a glance Investment highlights Growth strategy Financials

Investment highlights1 2

3

4

56

7

8

Logo/Text

Solid macroeconomicenvironment in Poland with favorable trends in retail

Clear strategy for exploiting significant growth potential

Highly incentivisedmanagement team, with Dino since 2002

Strong financial performance

Leading position in the attractive and growing proximity supermarket format

Proven rapid network roll-out capabilities and real estate ownership

Differentiated offering focused on fresh and branded products at competitive prices

Lean, cost efficient and scalable business model

6

9.0

10.3

9.3

PL CEE WE

53.2 51.3

86.2

PL CEE WE

Bulgaria

Poland

Czech Republic

Hungary

Slovakia

44

15

18

10

85

Strong macro trends in Poland favouring Dino’s format

Increasing disposable income

479 531 586 648 716

682 750816

889971

2017E 2019E 2021E 2023E 2025E

Rural Urban

7

The largest economy in the CEE region

Source: Economist Intelligence Unit, 2016

10m

38m

11m

7m

20m

5m

Population

Source: Economist Intelligence Unit,Euromonitor, 2016

Nominal GDP and consumer spending

across CEE (%)

Total CEEconsumer

spending:

€561bn(outer pie chart)

Total CEEnominal GDP:

€1,011bn

(inner pie chart)o

Romania

1

Attractive GDP forecast Efficient labour marketStable fiscal environment

GDP CAGR 2017–19E (%) Public debt % of GDP (2016(3)) Unemployment rate 2016 (%)

Recovering inflation Clear suburbanisation trendLow urbanisation

Inflation in Poland Fringe population as % of total city population

(%)

61%

75%80%

83%

PL Germany France UK

102.0

103.1

95

97

99

101

103

105

Mar-14 Mar-15 Mar-16 Mar-17

CPI CPI—food

3.02.7

1.3

PL CEE WE

(1) CEE excl. Poland: Czech Republic, Romania, Hungary, Slovakia and Bulgaria(2) Western Europe (EU15): Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, United Kingdom

(3) Latest available Eurostat data as of Q3 2016

Source: Euromonitor Source: Central Office of Statistics (GUS)

(2)(1)

Source: Economist Intelligence Unit, 2016 Source: Economist Intelligence Unit, 2016

(2) (2)

Source: Economist Intelligence Unit, 2016

Source: World Bank, Central Office of Statistics (GUS) Source: Bulletin of geography based data from Central Office of Stattistics (GUS)

4335Warsaw

Cracow

Wroclaw

Poznan

4840

4332

5832

2002 2050

(1) (1)

42

17

17

11

85

Disposable monthly income per rural and urban inhabitant in Poland (€) Population living in urban areas as % of total

population

Impact on store development

Proximity supermarkets'

strengthsHypermarkets

Large

supermarketsDiscounters Convenience

Busy lifestyle Easy and fast shopping

due to close location and

limited but sufficient

assortment

New family

modelAlready wide selection of

ready meals or pre-

assembled/

semiprepared products

Demand for

higher quality,

premium

products

Wide assortment of fresh

products, with fresh

charcuterie, less premium

products than in large

stores

Increasing

health-

consciousness

Fresh assortment with

high quality of products

but limited availability of

organic products

Increasing price

awareness

of customers

Prices of main SKUs

slightly higher than in

case of discounters,

remaining SKUs at higher

prices than larger stores,

limited promotions

Regional

developmentFormat preferred by small

shopping malls outside

large agglomerations

8Source: Roland Berger analysis based on Nielsen, PMR, Industry expert interviews, industry press

Key consumer trends and food retail formats in Poland

Negative impact on format developmentPositive impact on format development

8

2

Traditional

Soft franchise

Convenience

Discounters

Proximity

supermarkets

Large

supermarkets

Hypermarkets

(15.0%)

(10.0%)

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0%

20

10

-20

15

sa

les C

AG

R

2015-2020E sales CAGR

PLN 41bn

PLN 55bn PLN 16bn

PLN

13bn

PLN

35bn

PLN 33bn

PLN 18bn

Proximity supermarket is one of the most attractive segments

within the Polish food retail market(1)

Source: Roland Berger report based on PMR, EMIS, Euromonitor, company webpages and expert interviews

(1) Size of the bubble represents relative sales value in 2015

2.6

3.3

2.4

4.9

Dino Delikatesy Centrum Polomarket Other

Leading position in the attractive proximity format2

9

Largest proximity

chain by sales and

number of stores

2nd

37%

12%

(4%)

8%

Dino Delikatesy Centrum Polomarket Other

Source: Roland Berger analysis based on PMR, EMIS, Euromonitor, company webpages and expert interviews

(1) 2010-2015; by sales and number of stores CAGR

(2) Polomarket chain was split into Mila and Polomarket in 2015, Mila was included in other segment

(3) Other includes Eko and Spar

Sales CAGR 2010-2015

1st

(2)

Fastest growing

proximity chain(1)

The fastest growing proximity chain in Poland

Proximity supermarkets operate close to residential areas in large, medium and small cities. Stores have net sales area of 200-500m2 and offer 4,000-8,000 SKUs of which 90% are typically food

Sales 2015 (PLN bn)

(3)

(3)(2)

Dino’s position within the broader food retail market

One of the largest and the fastest growing food retailers among the Top 20 players (1) in Poland

2

Legend(6) Soft franchiseHypermarkets Large supermarkets Proximity supermarketsDiscounters Convenience

(5) Żabka and Freshmarket(6) Segment in which grocery chain had the most stores in 2015

(7) Proximity supermarkets operate close to residential areas in large, medium and small cities. Stores have net sales area of 200-500m2 and offer 4,000-8,000 SKUs of which 90% is typically food

Source: Roland Berger analysis based on PMR, EMIS, Euromonitor, company webpages and expert interviews(1) In terms of sales in 2015

(2) Estimated sales in stores(3) Data for Carrefour Group

(4) Including Real

10

Top 20 players sales value 2015 (PLN bn)

38.5

12.711.2 10.4 9.9 9.5 8.9

6.9 6.64.4

3.3

3.1 2.7 2.6 2.5 2.4 2.2 2.1 2.1 1.4

0

10

45

4.4

(4)(2) (2) (2),(5) (2) (2) (2)

Legend(6) Soft franchiseHypermarkets Large supermarkets Proximity supermarkets(7)Discounters Convenience

(3)

∆ ranking

2010–15

in terms of sales- +4 (1) +4 +2 (3) (2) (4) -+2 +1 +2 - (7)+5 +3 (2) (2) (2) na

63

37

21 20 19 18 16 15 15 12

0

20

40

60

80

(5)

Top 10 players CAGR of sales value 2010-2015 (%)

Fastest growing

food retailer2nd

Delivering consistently superior LFL growth

Annual

Inflation

(deflation) %

Annual

Food inflation

(deflation) %

Deflationary period

2.6

2.7

4.3

5.4

3.7

4.3

0.9

2.0

0.0

(0.9)

(0.9)

(1.7)

(0.6)

0.8

2

15.5%16.6%

14.1%

7.5%

4.2%5.1%

11.3%

0.0%

5.0%

10.0%

15.0%

20.0%

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20162010 2011 2012 2013 2014 2015

Poland is recovering from the temporary

deflationary environment which is

already visible in the recent data for

food inflation and LFL trading of the

leading food retail chains

LFL growth

11 11

Thriving in a competitive market

Source: Company information, Central Statistical Office of Poland

(1) Biedronka, Lidl, Netto, Polomarket, Freshmarket, Delikatesy Centrum, Mila, Stokrotka (data as at 30 January 2017)

• 71% of Dino stores compete with at least one store from any network(1)

within 5 km

• 28% of Dino stores compete with at least one store from any network(1)

within 0.5 km

• Dino is able to successfully compete in even the most dense voivodeships

Convenient

proximity format

Direct access to

regional producers

of branded

products

Own meat

processing plant

ensuring highest

quality

Efficient logistics

network capable of

daily fresh

deliveries

Flexibility to make

quick adjustments

to product mix and

promotions

Market trends best addressed by Dino’s business model adding

to LFL sales growth

Dino ready to take advantage of the consumer trends with its:

Proven roll-out capabilities based on store ownership

2011: 154 stores, 1 distribution center 2013: 324 stores, 2 distribution centers 2016: 628 stores, 3 distribution centers – further roll-out

3

81 90 111 154234

324410

511628

2008 2009 2010 2011 2012 2013 2014 2015 2016

25 32 50 81 119 151 192

Net sales area (’000 m2)

No. of stores

23820

83%

owned

stores

Source: Company information

Krotoszyn

Krotoszyn

12

W

Warsaw

Gdańsk

Łódź

Białystok

Lublin

Szczecin

Kraków

Poznań

Wrocław

Katowice

Krotoszyn

PiotrkówTrybunalski

Jastrowie

Opened stores Preliminary agreements Purchased plots of land

Stores under construction Logistics centers Major cities

PiotrkówTrybunalski

Attractive roll-out economics with high ROIC

Efficient distribution network and store design

Greater flexibility in selecting the most attractive sites

Consistent store format

Lower maintenance costs

Lower cost of developing and building a store

Lack of risk connected with lease model

Potential for real estate value increase

Makes smaller towns (villages) accessible for Dino

Clear benefits from real estate ownership

1

2

3

4

7

6

5

13

Source: Company information

(1) ROIC for the whole group, defined as: EBITDA for the period divided by average property, plant and equipment plus average net working capital over the period

8

3

9

Dry food, beverages,

alcohol and tobacco

51%

Non-food

13%

o/w meat and cold cuts

16%

14

4Differentiated offering focused on fresh and

branded products at competitive prices

Wide branded offering focused on fresh products … … with own meat processing plant

14

KrotoszynAgro-

Rydzyna Piotrków

Trybunalski

Jastrowie

• Agro-Rydzyna plant is conveniently located in Kłoda, close to

Dino’s headquarters in Krotoszyn

• The plant is the exclusive supplier of fresh meat for Dino

• Full control over quality and logistics in meat products is an

important competitive advantage

Convenient location

Agro-Rydzyna

Distribution centers

Product split by revenue (2016)1

Fresh food36%

Source: Company information

(1) Based on financial year ended Dec-16

5,000 SKUs at a typical Dino storeFresh product offering driving daily

visits

98%(1) of the offering is branded

Efficient cooperation with suppliers enables competitive

prices and attractive margins

15

✓ Close and long-lasting cooperation

with suppliers

✓ Majority of offering is sourced

directly from producers or their

main representatives, instead of

wholesalers, to generate higher

margins

✓ Looking for efficiency in

cooperation – Dino’s gross margin

went up by 0.9pp in 2 years

4

17%

83%

Top 10

suppliers

Others

Concentration of suppliers(1)

(2016)

Source: Company information

(1) Excluding Agro-Rydzyna

Actively seeking the best purchasing terms

Same type of productGlobal FMCG

supplier present in

competitive network

Local, branded FMCG

supplier

Dino is able to maintain competitive pricing policy while

improving margins.

Smart pricing policy is a sustainable competitive advantage.

Lean, cost efficient and scalable business model5

1616

KrotoszynTotal space:

44 500 m2

Piotrków Tryb.Total space:

27 100 m2

JastrowieTotal space:

23 600 m2

Well-invested operational backbone supporting network expansion and driving cost efficiencies

22.022.6 22.9

2014 2015 2016

• Logistics of supplies centrally managed from Krotoszyn and

dispatched from three distribution facilities

Source: Company information

(1) For 2016 EBITDA margin adjusted by IPO costs and Incentive Management Programme (one-offs)

Gross margin (%)

7.0

8.18.6

2014 2015 2016

Increasing economies of scale Significant operational leverage

Dino's distribution centres

EBITDA margin (1) (%)

6

17

Strategy: roll-out + superior LFL + margin improvement

2016 '17F '18F '19F '20F end'20F

Strategic plan to exceed 1,200 stores by the end of 2020(1)

LFL growth Improving profitability

628

Stores(2)

Over 1,200

stores by the end of 2020

Dec-14 Dec-15 Dec-16

Strong pipeline of secured locations

✓ Respond to key trends changing customer

lifestyle and food shopping habits

✓ Active steps to support LFL growth by

stores traffic and favourable changes in

product mix

✓ Capitalise on positive market trends

11.3%

LFL growth in 2016 (vs 0.8% food inflation)

Gross margin

improvement by 0.9 pp(2014-2016)

EBITDA margin

improvement by 1.6 pp(2014-2016(3))

(1) Roll-out plan for 2017 – 2020 was developed by the Management and is based on own internal analysis, Roland Berger research report describing the main factors affecting the evolution of the Polish food retail market, the review by Roland Berger

of Dino's roll-out plan and procedures in light of the findings of the research, and other market research

(2) As at 31.12.2016

(3) 2016 EBITDA adjusted by one-offs (IPO costs and Incentive Management Programme)

✓ Economies of scale

✓ Operational leverage

✓ Smart approach to marketing

✓ Logistics

✓ Modernisation of Agro-Rydzyna

✓ Further optimizations

197

280338

86 101 117

1 2 3

Pipeline Actual net openings

148210

288

2014 2015 2016

22.0%22.6% 22.9%

7.0%8.1% 8.6%

2014 2015 2016

Gross margin EBITDA margin

18

Strong financial performance

Unparalleled growth Improving margins

Number of stores

+1.6 p.p.

+0.9 p.p.

Revenue (PLNm)

EBITDA(1) (PLNm)

Source: Company consolidated financial statements for the period of 2014 – 2016

(1) Adjusted for one-off reserves in relation to the new management incentive plan of PLN 5.7m and other IPO-related one-off expenses of PLN 1.8m in 2016

(2) 2016 G&A costs adjusted for the management incentive plan cost of PLN5.7m and other IPO-related one-off expenses of PLN1.8m

(3) Net profit adjusted by temporary differences arising on Group reorganization and associated with its joint – stock companies

410511

628

2014 2015 2016

2,1082,590

3,370

2014 2015 2016

7

(1)66

110

151

2014 2015 2016

Robust bottom line growth

Adjusted net income3 (PLNm)

15.40% 15.12% 15.01%

1.49% 1.37% 1.24%

2014 2015 2016

Selling expenses G&A costs

Stable selling expenses and G&A costs

in relation to revenue2

(% of revenue)

(199)(278)

(382)(27)

(25)

(30)

189 245325

84% 81%79%

2014 2015 2016

OCF

Financial expenses

CapEx

OCF / CapEx + financial expenses

188

245

324

148

210

288

2014 2015 2016

OCF EBITDA

19

Effective working capital management

and strong operating cash flow

EBITDA conversion into OCF

(PLNm, %)

19

Source: Company consolidated financial statements for the period of 2014 – 2016

(1) Working capital calculated as of the end of the respective year due to high pace of rollout requiring a substantial amount of the stock at the end of the year

(2) Days inventories held defined as a value of inventories divided by COGS for the last twelve months and multiplied by 365

(3) Days sales outstanding defined as a value of receivables divided by sales for the last twelve months and multiplied by 365 (4) Days payables outstanding defined as a value of trade payables divided by COGS for the last twelve months and multiplied by 365

(5) Adjusted for one-off reserves in relation to the new management incentive plan of PLN 5.7m and other IPO-related one-off expenses of PLN 1.8m in 2016

(6) CapEx is presented as total additions of PPE and intangible assets in each year (as presented in notes 14 and 16 of Company consolidated financial statements for the period of 2014 -

2016); includes assets acquired under financial leases

OCF covering significant share of CapEx(6) needs

(PLNm, %)

7

NWC split(1)

(days)

40 39 39

3 3 4

(75) (78) (81)

2014 2015 2016

Days payables outstanding

Days sales outstanding

Days inventories held

(36)(31)

(2)

(3)

(4)

(38)Total NWC

(5)

266 362 452118

102110

(24) (34) (66)

2014 2015 2016

Cash and cash equivalents

Current portion on intrest-bearing loans and finance leases

Interest-bearing loans and finance leases

20

Net debt/EBITDA(1), (2)Net debt structure Improving debt service

Strong balance sheet

Source: Company consolidated financial statements for the period of 2014 – 2016

(1) Net debt to EBITDA defined as net debt divided by EBITDA for the last twelve months

(2) EBITDA and EBIT adjusted for one-off reserves in relation to the new management incentive plan of PLN 5.7m and other IPO-related one-off expenses of PLN 1.8m in 2016

(3) Interest coverage ratio defined as EBIT divided by financial expenses for the last twelve months

380 429

4.0x

6.4x 7.0x

6.6%

5.4% 5.3%

2014 2015 2016

Interest coverage ratio

Financial expenses as a % of debt

2.6x

2.0x1.7x

2014 2015 2016

7

496

(2), (3)

✓ Dino historically has been able to finance majority of its expansion costs from cash flow – operating cash flow covered ca. 80% of the CAPEX and financial

expenses in 2014 - 2016

✓ The Management Board does not foresee a need for equity funding to execute its growth strategy

✓ Expected net debt to EBITDA ratio is ca. 2x

✓ Due to the growth profile of Dino and quality of collateral (real estate), banks are willing to finance growth of Dino at attractive terms

✓ In the past three years, Dino has not paid out any dividends, instead using cash flow from operations primarily to fund its profitable organic network expansion

✓ Given Dino’s rapid roll-out plans, the Management does not intend to recommend any dividend pay-outs for 2016 on the Shareholders’ Meeting

(PLNm)

Investment highlights

1 2

3

4

56

7

8

Logo/Text

Solid macroeconomicenvironment in Poland with favorable trends in retail

Clear strategy for exploiting significant growth potential

Highly incentivisedmanagement team, with Dino since 2002

Strong financial performance

Leading position in the attractive and growing proximity supermarket format

Proven rapid network roll-out capabilities and real estate ownership

Differentiated offering focused on fresh and branded products at competitive prices

Lean, cost efficient and scalable business model

21

Additional information

23

('000 PLN) 2014 2015 2016

Sales 2,107,984 2,589,576 3,369,517

Cost of sales -1,644,080 -2,004,710 -2,599,005

Gross profit 463,904 584,866 770,512

Other operating income 1,522 3,120 2,616

Selling and marketing costs -324,634 -391,580 -505,855

Administrative expenses and general overheads -31,338 -35,354 -49,434

Other operating expenses -3,667 -998 -2,250

Operating profit 105,787 160,054 215,589

Financial income 168 99 473

Financial expenses -26,662 -24,922 -29,607

Profit before tax 79,293 135,231 186,455

Income tax -13,156 -13,059 -35,245

Net profit for the year 66,137 122,172 151,210

Profit attributable to equity holders of the parent entity 66,137 122,172 151,210

2014-2016 consolidated profit and loss account

24

2014-2016 consolidated balance sheet

('000 PLN) 2014 2015 2016

Property, plant and

equipment798,948 1 024 199 1 337 207

Intangible assets 90,700 92,253 93,072

Other non-financial assets

(long term)1,885 - -

Deferred tax assets 37,049 34,311 26,867

Total non-current assets 928,582 1 150 763 1 457 146

Inventories 182,286 212,146 276,541

Trade receivables and

other receivables18,796 21,687 33,665

Income tax receivables 48 105 613

Other non-financial assets 13,515 20 742 22,447

Cash and cash equivalents 23,739 33,920 66,428

Total current assets 238,384 288,600 399,694

TOTAL ASSETS 1 166 966 1 439 363 1 856 840

('000 PLN) 2014 2015 2016

Equity 410,073 532,235 683,476

Share capital 9,804 9,804 9,804

Reserve capital 316,048 393,019 510,720

Retained earnings 84,221 129,412 162,952

Non-controlling interests - - -

Total equity 410,073 532,235 683,476

Interest-bearing loans, borrowings and finance

lease liabilities285,962 361,774 452,378

Other liabilities - - 300

Provisions for employee benefits 533 758 1,115

Deferred tax liabilities 1,572 588 5,498

Accruals 76 73 87

Total long-term liabilities 288,143 363,193 459,378

Trade and other payables 337,620 429,195 574,426

Current portion of interest-bearing loans and

finance lease liabilities118,187 101,504 110,173

Income tax liabilities 4,608 3,368 10,268

Accruals 8,286 9,796 13,227

Provisions for employee benefits 49 72 5,892

Total current liabilities 468,750 543,935 713,986

Total liabilities 756,893 907,128 1 173 364

TOTAL EQUITY AND LIABILITIES 1 166 966 1 439 363 1 856 840

25

2014-2016 consolidated cash flow

('000 PLN) 2014 2015 2016

Cash flows from operating activities

Profit before tax 79,293 135,231 186,455

Adjustments for: 109,185 110,163 137,868

Depreciation and amortization 41,880 50,177 65,202

Gain/(loss) from investing activities 417 193 1,574

Change in the balance of receivables 59,041 -10,808 -15,592

Change in the balance of inventories 25,464 -29,860 -64,395

Change in the balance of payables

except loans and borrowings-45,513 84,204 127,224

Interest income -153 -60 -440

Interest expenses 26,486 24,955 29,658

Change in the balance of accruals 2,975 3,859 4,928

Change in the balance of provisions 249 114 6,178

Income tax paid -1,639 -12,599 -16,507

Other -22 -12 38

Net cash flows from operating activities 188,478 245,394 324,323

('000 PLN) 2014 2015 2016

Cash flows from investing activities

Proceeds from sale of property, plant and

equipment and intangibles374 925 1,112

Purchase of property, plant and equipment and

intangibles-170,722 -243,487 -311,732

Interest received 153 60 440

Net cash flows from investing activities -170,195 -242,502 -310,180

Cash flows from financing activities

Payment of financial lease liabilities -24,456 -30,024 -43,902

Proceeds from loans and borrowings 111,653 141,770 219,061

Repayment of loans and borrowings -72,771 -79,502 -127,136

Interest paid -26,486 -24,955 -29,658

Net cash flows from financing activities -12,060 7,289 18,365

Net increase/(decrease) in cash and cash

equivalents 6,223 10,181 32,508

Cash and cash equivalents at the beginning of the

period17,516 23,739 33,920

Cash and cash equivalents at the end of the

period23,739 33,920 66,428

Contact:

Grzegorz Uraziński, Head of Investor Relations

Phone: +48 695 234 561

ir@marketdino.pl | www.grupadino.pl

Calendar:

29 August 2017 – consolidated report for H1 2017

14 November 2017 – consolidated report for Q3 2017

Thank you