Mr Bricolage Sa · EURONEXT:ALMRB
Mr Bricolage Sa — FY2015 Earnings Presentation
43 slides from Mr Bricolage Sa's earnings presentation, March 2016
Slide 1: Full-year results
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Slide 2: Preamble: New governance
Preamble New governance to implement the new strategic guidelines Chairman Chief Executive Officer Paul Cassignol Christophe Mistou Chairman of Mr Bricolage SA since 9 September 2016 Chief Executive Officer of Mr Bricolage SA since 1 March 2016 Chairman of ANPF since 24 June 2015 Head of sourcing an
Slide 3: Contents
Contents 1. Presentation of the Mr Bricolage Group 2. Market in France 3. Networks business 4. Mr Bricolage SA business 5. 2015 consolidated accounts 6. Outlook 7. Stock market 8. Appendices Châteaubernard store
Slide 4: Presentation of the Mr Bricolage Group
Presentation of the Mr Bricolage Group Orléans store
Slide 5: Mr Bricolage SA
Mr Bricolage SA Uniting force for local independent DIY stores Two complementary brands • Mr.Bricolage • Les Briconautes Consolidated key Retail business figures • Network of 85(1) directly-owned stores in France • e-Commerce business to generate traffic and sales €529.5 million in revenues for 2015
Slide 6: Complementary offers: two brands and the affiliate status
3 complementary offers Two brands and the affiliate status Well-known brand Locally-known brand • Advice: specially trained expert staff available • Advice: specially trained expert staff available • Product ranges adapted locally • Ranges focused on tools, hardware, electrical and • Prices aligned
Slide 7: Group networks
Group networks 838 stores at end-2015 – volume of business inc. taxes: €2.16bn France 81 directly-owned stores 4,300 sq.m / store 4 directly-owned stores 3,000 sq.m / store 269 member stores 2,650 sq.m / store 119 member stores 1,600 sq.m / store 293 unbranded affiliated stores 1,000 sq.m / store In
Slide 8: Group locations (1/2)
Group locations (1/2) Uniting force for local independent DIY stores in France 88.7% of 2015 volume of business inc. taxes French overseas departments and territories (DOM-TOM) 766 stores in France 85 directly-owned stores with Mr Bricolage SA (81 Mr.Bricolage, 4 Les Briconautes) 269 Mr.Bricolage br
Slide 9: Group locations (2/2)
Group locations (2/2) Successful international development 11.3% 72 Mr.Bricolage brand member stores of 2015 volume of business inc. taxes in 11 countries Deployment capitalizing on Belgium and Bulgaria 45 59 stores through companies in which Mr Bricolage SA is a shareholder 2 13 master-franchise st
Slide 10: Services offered by the Group
Services offered by the Group Network services Lead networks Range of differentiated services of Mr.Bricolage and Les Briconautes stores for branded stores National communications Local communications media Support for member Internet sites, mobile application, social media (Mr.Bricolage) Conc
Slide 11: Market in France
Market in France Candé store
Slide 12: Market in France
Market in France Still challenging economic environment Home improvement superstore market in 2015 (monthly value-based index, source: Banque de France, like-for-like store basis) Market down 0.24% versus -1.06% in 2014(1) Consumer spending down 0.5% in 2015 (2) Increased competition H1 H2 -0.3% -0.
Slide 13: Group on its market in France
Group on its market in France Market dominated by home improvement superstores Weight of the various distribution Market shares of the main home improvement channels in 2014(1) superstore groups in 2014(1) e-commerce: €0.5 bn for 2% of the market Search online, buy in store(2) • 49% of consumers vis
Slide 14: 2015 networks business
2015 networks business Saint-Martin Lacaussade store
Slide 15: Development in France
Development in France 10 openings and affiliations Mr.Bricolage Mr.Bricolage brand Les Briconautes brand Unbranded affiliates Les Briconautes members members directly-owned stores • 3 affiliations • 1 transfer-expansion • 6 openings • 1 opening • 2 remodelings • 10 transfers-expansions • Exit of 9 G
Slide 16: International development
International development 4 new Mr.Bricolage brand stores Key development areas Ongoing development plan Belgium Bulgaria New countries New master-franchises • 2 openings • Reopening of the 3rd store in • 1 opening in Colombia Signed with MCM Group Sofia (Pereira) for Albania and Kosovo • 3 Alexandr
Slide 17: mr-bricolage.fr website supporting the stores
mr-bricolage.fr(1) website supporting the stores Digital strategy ramped up, supporting the networks, to generate in-store footfall and sales Breakdown of 2015 sales • 254 stores connected for Mr-Bricolage.fr (vs 235 in 2014) 2h • 2.1 M unique visitors / month collection (vs 1.4 M in 2014) 25.1% • N
Slide 18: Networks volume of business
Networks volume of business Change on Change on like- Volume of business inc. taxes Number of €M 31 Dec 2015 total-store for-like store stores basis basis(1) In-store sales 2,146.2 - 1.4% + 1.0% 838 France 1,903.6 - 2.6% + 0.5% 766 Mr Bricolage 1,392.1 - 3.5% + 0.5% 350 Les Briconautes 236.3 + 0.2%
Slide 19: Sales for each department
Sales for each department Decorating and gardening, best-performing departments in Mr.Bricolage stores(1) Breakdown of 2015 volume of business by department for Mr.Bricolage network in France(1) Decorating 23% of sales (vs 20% in 2014 for French market(2)) Gardening 18% of sales (vs 13% in 2014 for
Slide 20: Mr Bricolage SA 2015 business
Mr Bricolage SA 2015 business (consolidated)
Slide 21: Network of directly-owned stores
Network of directly-owned stores Developments in line with new consumption practices Transfer-expansion of Mr.Bricolage in Perpignan to become an innovative shopping center • Expansion from 1,850 sq.m to 3,300 sq.m • Offer tailored to local customers (Collioure: artists village): Creative Leisure /
Slide 22: Networks services
Networks services Developments supporting business in the stores Communications and customer relations • Mr.Bricolage’s 35th anniversary (March 2015) • Deployment of the CRITIZR application in Mr.Bricolage stores • Development of digitalization supporting the stores Increase in in-store and online f
Slide 23: Mr Bricolage SA 2015 consolidated accounts
Mr Bricolage SA 2015 consolidated accounts Saint-Pierre en Faucigny store
Slide 24: Consolidated turnover
Consolidated turnover Change Turnover excluding tax 31 Dec 2015 31 Dec 2014 2015/2014 €M % Retail 343.4 361.2 - 4.9% Sales in directly-owned stores 332.7 348.4 - 4.5% Online sales(1) 10.7 12.8 - 16.9% Network services 186.1 182.8 + 1.8% Goods sold 117.7 112.3 + 4.8% Sales of services 68.4 70.5 - 3.0
Slide 25: Operating profit
Operating profit Operating profit growth for the second half of the year (excluding impact of IFRIC21) -€5.6 M +€0.5 M -€6.1 M (1) Restated for the impact of IFRIC21 as required since 1 January 2015, with annual tax expenses to be recorded as soon as they are due, i.e. on 1 January. This concerns th
Slide 26: Operating profit
Operating profit Second-half growth thanks to the corrective measures taken (excluding impact of IFRIC21) €M Directly-owned stores business Network services business Other H1 2014 H1 2015 (restated for IFRIC21) H2 2014 H2 2015 (restated for IFRIC21) 2014 2015 26.6 +0.3 +0.9 -1.6 -1.9 -1.6 -2.7 +0.8
Slide 27: Contribution from associates
Contribution from associates Change in the contribution to net income from associates (€M) O/w Bulgaria and Macedonia: €0.5 M O/w Belgium: €0.2 M Other: €0.1 M Mr Bricolage SA I 2015 full-year results 27
Slide 28: Income statement
Income statement €M 31 Dec 2015 31 Dec 2014 Change Consolidated turnover 529.5 544.0 -2.7% EBITDA 36.3 42.2 -13.8% Operating result 21.0 26.6 -21.1% Retail (12.0) (11.4) -5.3% Network services 32.9 38.0 -13.4% Financial result (4.1) (5.5) +25.2% Pre-tax income 16.8 21.1 -20.1% Contribution from asso
Slide 29: Debt reduction
Debt reduction Change in net financial debt (€M) -€12.9 M • Stocks at directly-owned stores: -€5.1 M • Collection: -€9.8 M • Bricorama litigation compensation: -€4.8 M • Change in trade payables: +€5.3 M IFRS 5 reclassification under • Change in scope for directly-owned stores and continuing operati
Slide 30: Successful debt reduction strategy
Successful debt reduction strategy Change in debt and gearing since 2012 Net financial debt -€47.4 M in 3 years Gearing -22 points in 3 years Compliance with net financial debt / EBITDA covenant at 31 Dec 2015: 2.17x (maximum: 2.75x) Mr Bricolage SA I 2015 full-year results 30
Slide 31: 2015 condensed balance sheet
2015 condensed balance sheet (€M) Assets 2015 2014 Liabilities 2015 2014 Non-current assets(1) 306.5 303.6 Group shareholders' equity 263.1 258.7 o/w goodwill 209.4 209.3 Minority interests (0.1) 0.1 o/w real estate 42.8 41.0 Total equity 263.1 258.8 o/w bank guarantee deposits (2) 3.8 3.8 Current a
Slide 32: Proposed dividend for approval at the general meeting
Proposed dividend for approval at the general meeting on 20 April 2016 2015 Consolidated net income €9.6 M Dividend per share 0.30 € Total dividend €3.1 M Payout rate 32.3% % of consolidated net income Mr Bricolage SA I 2015 full-year results 32
Slide 33: Outlook
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Slide 34: Directly-owned stores
Directly-owned stores Developing and modernizing the network of directly-owned stores In H1, two acquisitions of stores owned by members • Mr.Bricolage in Arles (6,100 sq.m) • Mr.Bricolage in Thouars (5,700 sq.m) Transfer-expansion of 1 store Mr.Bricolage in Hagetmau • Expansion from 2,800 sq.m to 4
Slide 35: Network services
Network services Revitalizing the networks Putting members back at the heart of the central unit • Launching the catalogue committee Engaging stores in improving the range of products listed • Launching the IT committee and a users club Concerted harmonization of the store management system Moving f
Slide 36: Stock market
Stock market
Slide 37: Shareholding at 31 December 2015
Shareholding at 31 December 2015 Public Mr.Bricolage members (ANPF) - French institutionals: 7.0% SIFI SIMB SIFA - Non-French institutionals: 16.1% - Individuals: 7.1% 1.9% 35.3% 5.4% - Treasury stock: 1.3% TABUR family Mr Bricolage SA I 2015 full-year results 37
Slide 38: Share on the stock market
Share on the stock market Share profile ISIN: FR0004034320 Ticker: MRB Number of shares: 10,387,755 Share price at 8 March 2016: €12.78 Market capitalization: €132.76 M Eligible for the PEA-PME savings plan Indices Enternext PEA-PME 150 CAC All Shares 2016 calendar General meeting: 20 April Half-yea
Slide 39: Appendices
Appendices
Slide 40: 2015 Operating result
2015 Operating result €M Network 31 Dec 2014 Retail Total services Consolidated turnover 186.1 343.4 529.5 544.0 Commercial margin 101.4 121.3 222.7 230.8 % of revenues 61.5% 35.3% 42.1% 42.4% External expenses (30.1) (59.7) (89.8) (90.1) Staff costs (30.5) (55.1) (85.6) (87.4) Tax (2.0) (10.8) (12.
Slide 41: Transition from operating result to operating result before non-recurring items
Transition from operating result to operating result before non-recurring items(1) 2014 2015 €M Network Network Retail TOTAL Retail TOTAL services services Reported Operating result 38.0 (11.4) 26.6 32.9 (12.0) 21.0 Change in reported operating result (5.1) (0.5) (5.6) Litigation and risks (2.7) (0.
Slide 42: Cash flow statement
Cash flow statement €M 31 Dec 2015 31 Dec 2014 Operating cash flow 33.0 36.2 Change in working capital 7.8 5.4 ‒ Inventories -0.6 16.6 ‒ Trade receivables 11.6 -1.5 ‒ Trade payables -5.3 3.3 ‒ Other 2.0 -12.9 Current tax expense paid -6.3 -6.1 Net investments -11.3 -2.5 Free cash flow 23.2 33.0 Divi
Slide 43: Investor contacts
Eve JONDEAU +33 2 38 43 50 00 eve.jondeau@mrbricolage.fr Marie-Anne Garigue – Grégory Bosson +33 1 53 65 68 63 – +33 1 53 65 37 90 mrbricolage@calyptus.net