Action's exceptional track record of strong sales and operating EBITDA
growth continued in 2022
Net sales1 (€m)
8,859
Buyout
6,834
+24%
5,637
CAGR
5,114
4,216
3,418
2,675
2,034
1,155
1,506
607
718
873
231
284
341
426
515
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Operating EBITDA1 (€m)
1,205
Buyout
+27%
828
CAGR
616
541
450
387
310
232
99
128
166
32
39
49
71
86
20
27
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Margin
8.7%
9.5%
9.4%
9.2%
9.5%
11.7%
12.0%
11.3%
11.1%
11.0%
11.4%
11.6%
11.3%
10.7%
10.6%
10.9%
12.1%
13.6%
Strong and consistent growth in sales and EBITDA, with scale benefits manifesting
1 Including impact of 53rd week.
2
Action's growth has been exceptional and consistent through different
periods of the economic cycle
Action net sales1 vs. economic development
Strong economic
Global financial crisis and
Steady economic growth
Global pandemic and post-
growth
stagnant market
recession recovery
35%
32%
32%
Period impacted by forced store
30%
closures as a result of Covid-19
30%
28%
23%
25%
23%
21%
22%
21%
21%
20%
18%
18%
10%
3%
3%
5%
2%
2%
1%
2%
2%
3%
2%
2%
0%
(1%)
(0%)
(5%)
(6%)
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
Action net sales YoY growth (%) Euro area GDP YoY growth (%)
1 Including impact of 53rd week.
3
Action continues to outperform its peers
Performance over last five years
LfL growth average
+3p.p.
7%
4%
Peers average
Revenue CAGR
+61%
21%
13%
Peers average
EBITDA CAGR
+99%
26%
13%
Peers average
Action has outperformed its peers despite being disrupted by Covid-19
Source: CapIQ. Peers include B&M, Costco, Dollarama, Dollar General, Five Below, Grocery Outlet, Ollie's Bargain Outlet, PEPCO.
Action refers to 5Y growth and average to 2022, peers refer to 5Y to latest available LTM.
4
Exceptional performance drives value for 3i shareholders
Action - 3i carrying value, £m1
10,276
7,165
4,566
3,536
2,064
2,731
1,708
280
501
592
902
143
FY12 2
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
Q3
FY23
Exceptional value growth and ~£1.7bn cumulative distributions to 3i over the ownership period
Power of compound growth beginning to manifest
1
3i financial years.
2
3i invested £106m in Action alongside EFV and other co-investors in 2011.
5
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Disclaimer
3i Group plc published this content on 23 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 March 2023 08:19:06 UTC.
3i Group plc is one of Europe's largest capital investment companies. At the end of March 2023, the group's portfolio had a market value of GBP 18.4 billion, broken down by type of operation as follows:
- private equity (89.1%): investments in medium-sized enterprises, operating in the business and technology services, industry, health and consumer goods sectors, located primarily in Europe and North America. The group also manages funds on behalf of third parties;
- investment in infrastructure assets (7.6%): activity insured primarily in Europe;
- other (3.3%).
The portfolio in value breaks down by type of participation between unlisted companies (94.8%) and listed companies (5.2%).