ALSO Holding AG · SIX:ALSN
ALSO — FY2013 Earnings Presentation
26 slides from ALSO's earnings presentation, Feb 17, 2014
Slide 1: Welcome: ALSO Holding AG Annual Results Media Conference 2014
Welcome ALSO Holding AG Annual Results Media Conference 2014 1 BMK, February 17, 2014
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements or opinions which are based on current assumptions and forecasts of the ALSO management. Known and unknown risks, uncertainties, and other factors could lead to material differences between the forward-looking statements made here and
Slide 3: Agenda
Agenda 1 Financial Year 2013 2 Financial Data 3 Summary and Outlook 4 Questions and Answers 3 BMK, February 17, 2014 G. Möller-Hergt/R. Retzko
Slide 4: General Situation
General Situation 2012 2013 Economy World (GPD) +2.7% +2.4% Euro zone (GDP) -0.6% -0.4% ICT distribution market* In countries relevant for ALSO -0.2% -1.7% Commercial sector (B2B) -1.5% +0.1% Consumer sector (B2C) +3.5% -6.5% ALSO Net sales EUR 6.3 bn EUR 6.5 bn Market share* 24.6% 25.
Slide 5: ICT Distribution Market 2013: 20.4 bn. euros (-1.7%)
ICT Distribution Market* 2013: 20.4 bn. euros (-1.7%) Market composition by product category Desktops -1** Servers -11%** 5.2% Software +2%** 2.7% 17.0% Notebooks -15%** 14.5% 6.8% Disk storage -6%** 7.7% Tablets +32%** 3.7% Smartphones +16%** 19.7% Others -2%** 5.4% Components +3%** 5.7% 4.0% Print
Slide 6: ALSO: Sustainable growth – Net Sales, EBITDA
ALSO: Sustainable growth Net Sales EBITDA in bn. euros in mio. euros 1.5% 1.7% 1.7% 113.5 6.5 109.4 6.2 6.3 91.4 2011 2012 2013 2011 2012 2013 +4.8% +24.2% Growth ICT distribution market: +2.6%* *Source: CONTEXT Distribution Panel 2013 (excl. Baltics and NL) As % of net sales 6 BMK, February 17, 201
Slide 7: ALSO: Sustainable growth – EBT, EAT
ALSO: Sustainable growth EBT EAT in mio. euros in mio. euros 0.6% 1.0% 1.1% 0.4% 0.7% 0.8% 72.6 64.0 50.1 45.5 39.8 26.7 2011 2012 2013 2011 2012 2013 +82.4% +87.6% As % of net sales 7 BMK, February 17, 2014 Fiscal Year 2013
Slide 8: Sustainable increase for the shareholders
Sustainable increase for the shareholders Dividend per share Earnings per share in CHF in CHF 1.4* 1.2 4.81 4.27 0.7 2.72 2011 2012 2013 2011 2012 2013 +100% +76.8% *Proposed 8 BMK, February 17, 2014 Fiscal Year 2013
Slide 9: Significant improvement in results while investing in the future
Significant improvement in results at the same time as investment in the future In mio. euros Maintain: Market share slightly improved EBITDA Product portfolio retained 2012 109.4 Optimize: PIP developed further Reinvent: Decoupling Supply, Solutions, and Services Gross Digital distribution, cloud,
Slide 10: Market Segments
Market Segments Central Europe Northern/Eastern Europe Net sales 5.1 1.7 in bn. euros 1.6 1.6 4.7 4.8 2011 2012 2013 2011 2012 2013 +7.3% -0.8% ICT distribution market ICT distribution market +2.4%* +0.8%* EBT 34.0 56.0 67.3 8.2 12.5 6.5 in mio. euros +97.9% -20.7% *Source: CONTEXT Distribution Pane
Slide 11: Agenda
Agenda 1 Financial Year 2013 2 Financial Data 3 Summary and Outlook 4 Questions and Answers 11 BMK, February 17, 2014
Slide 12: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income EUR mio. 2012 2013 Net sales 6 297.0 100.0 % 6 532.6 100.0 % Gross margin 418.0 6.6 % 428.6 6.6 % Operating expenses -308.6 -4.9 % -315.1 -4.9 % EBITDA 109.4 1.7 % 113.5 1.7 % Depreciation and amortization -25.9 -0.4 % -26.1 -0.4 % Operating profit (EBI
Slide 13: Consolidated statement of financial position
Consolidated statement of financial position EUR mio. 12.31.2012 12.31.2013 Current assets 1 082.0 81 % 1 251.7 84 % Non-current assets 254.0 19 % 241.1 16 % Total assets 1 336.0 100 % 1 492.8 100 % Current liabilities 869.6 65 % 932.2 62 % Non-current liabilities 77.6 6% 139.3 10 % Equity 388.8 29
Slide 14: Stable Group financing with long-term loans and bonded loan placement
ALSO: Stable Group financing with long-term loans and bonded loan placement In mio. euros 48.0 82.5 Non-current financial liabilities 112.0 Current financial liabilities 71.4 36.6 6.3 2011 2012 2013 Total 119.1 Total 119.4 Total 118.3 14 BMK, February 17, 2014 Financial Data
Slide 15: Changes in liabilities 2012/2013
Consolidated statement of financial position Changes in liabilities 2012/2013 In mio. euros 5.0 32.5 -1.1 120.4 1 492.8 1 336.0 2012 Trade payables Financial liabilities Equity Others 2013 15 BMK, February 17, 2014 Financial Data
Slide 16: Changes in assets 2012/2013
Consolidated statement of financial position Changes in assets 2012/2013 In mio. euros 33.5 -12.4 36.1 51.6 48.0 1 492.8 1 336.0 2012 Inventories Trade Cash and cash Prepaid Non-current 2013 receivables equivalents expenses assets 16 BMK, February 17, 2014 Financial Data
Slide 17: Consolidated statement of cash flows
Consolidated statement of cash flows In mio. euros -10.4 21.2 -9.5 -15.2 71.3 60.9 -0.1 50.1 36.1 Net profit Non-cash Subtotal Change in Cash flow Cash flow Cash flow Exchange Change in group items net working from from from differences cash and capital operating investing financing cash activities
Slide 18: Agenda
Agenda 1 Financial Year 2013 2 Financial Data 3 Summary and Outlook 4 Questions and Answers 18 BMK, February 17, 2014
Slide 19: MORE: the core strategy
MORE: the core strategy 19 BMK, February 17, 2014 Summary and Outlook
Slide 20: ALSO Outlook: MORE – Maintain, Optimize
ALSO Outlook: MORE Maintain ALSO intends to profitably expand the Supply business in order to thereby further develop both the Solutions und Services models and to generate additional growth Optimize Changeover to the SAP platform in France will be completed in the first quarter of 2014 Proces
Slide 21: ALSO Outlook: MORE – Reinvent, Enhance
ALSO Outlook: MORE Reinvent Decoupling of the business models Supply, Solutions, and Services will be further developed in all countries Further development of digital distribution: cloud and web-shop Enhance Acquisition in the Netherlands Acquisition opportunities in the different regions a
Slide 22: Further develop decoupling of the business models
Further develop decoupling of the business models ALSO Vendors Sales channels 3S business model Acer, Adobe, ASUS, Special traders APC, Apple, Brother, Supply Canon, HP, Epson, Fujitsu, IBM, Intel, Corporate resellers Lenovo, Lexmark, LG Solutions Electronics, Samsung, Seagate, Symantec, Retailer To
Slide 23: Market Outlook 2014
Market Outlook 2014 ICT industry* Expectations for the economic development of the ICT industry remain subdued. Cloud In the coming years in the Public Cloud area for the western European countries, growth of around 12% is anticipated. Gartner market research institute (end-user spending) For 2014
Slide 24: ALSO Outlook
ALSO Outlook The MORE strategy will be consistently implemented, and decoupling of the Supply, Services, and Solutions business models will be further pursued Strengthening profitability has priority over unqualified increase in net sales Control variables 12.31.2013 Medium-term targets Profit b
Slide 25: ALSO Group – Financial Calendar
ALSO Group – Financial Calendar Date Event March 13, 2014 Annual General Meeting April 24, 2014 Media release: Selected key figures as of March 31 July 29, 2014 Interim Report October 28, 2014 Media release: Selected key figures as of September 30 February 17, 2015 Annual Results Media Conference 25
Slide 26: ALSO – a leading European full-range provider for the ICT industry
ALSO – a leading European full-range provider for the ICT industry 26 BMK, February 17, 2014