Investor Presentaiton
Group Consolidated
Leverage down to 2.91x as of 2022 year end driven by rising LTM EBITDA and extended
scope of consumer loan sales
Pro-forma¹
•
PLN m (unaudited)
31.12.2021
01.04.2022
30.09.2022
31.12.2022
LTM² Adjusted EBITDA Polish
2,068.5
1,995.8
2,103.0
2,309.4
Operations
LTM² Adjusted EBITDA Mall
N/A
N/A
(117.4)
(156.8)
Segment
Adjusted EBITDA LTM²
2,068.5
1,995.8
1,985.6
2,152.7
•
Borrowings at amortized
5,366.3
6,856.2
6,953.1
6,453.5
cost
Lease liabilities
Cash
251.1
458.9
728.5
690.2
(1,957.2)
(800.8)
(853.2)
(877.6)
Net Debt
3,660.2
6,514.4
6,828.5
6,266.1
Leverage
1.77x
3.26x
3.44x
2.91x
Equity
9,454.1
10,910.6
8,866.6
Net debt to Equity
38.7%
59.7%
77.0%
8,981.3
69.8%
1. Estimate of pro-forma leverage immediately after the completion of the Mall Group acquisition
2. LTM last twelve months
3. Buy Now Pay Later
•
•
Rapid deleveraging from strong EBITDA growth, lower
YoY capex spend and working capital inflow
Extended cooperation with Aion to include fast-rotating
BNPL3 loans: PLN 730.5m of loans sold in Q4, including
PLN 168.0m of BNPL loans, significantly improving
working capital
Repaid PLN 500m RCF drawn for Mall acquisition,
bringing Group's gross debt down to PLN 6.5bn
All gross debt due in October 2025 after PLN 1bn
bridge loan from Mall acquisition refinanced with
senior debt on existing senior debt terms
PLN 4,125m of gross floating rate debt hedged to fixed
to mid 2024 at WIBOR rate 1.32% (3.47pp benefit on
total blended cost of borrowing of 6.09%)
Focus on further deleveraging in 2023
| 21View entire presentation