Mr Bricolage Sa · EURONEXT:ALMRB
Mr Bricolage Sa — H1 2015 Earnings Presentation
33 slides from Mr Bricolage Sa's earnings presentation, Sep 16, 2015
Slide 1: Half-year Results 2015
INTRODUCTION Half-year Results 2015 Mr Bricolage SA | Résultats semestriels 2015 1
Slide 2: Welcome
Welcome INTRODUCTION Meeting this Wednesday, 9 September, the Board of Paul Cassignol Mr.Bricolage SA decided to Chairman of the board significantly change how the Group is governed by separating the roles of Chairman of the board and Chief Executive Officer, with a view to Guy BEGHIN optimising the
Slide 3: No. 1 local DIY company in France
No. 1 local DIY company in France INTRODUCTION 863 stores at 30 June 2015 430 stores France: 791 stores of which 85 Directly Owned Stores International: 72 in 10 countries Andorra (1), Belgium (45), Colombia (1), Eastern Europe (15 of which Bulgaria 11, Macedonia 1, Romania 3), Morocco (4), Maur
Slide 4: Summary
Summary RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE 1. Half-year activity 2. Consolidated half-year results 3. Outlook 2015 4. Stock Market Activity 5. Appendices Mr Bricolage SA | Résultats semestriels 2015 4
Slide 5: Half-year activity
1. Half-year activity
Slide 6: The large DIY stores market in France
The large DIY stores market in France INTRODUCTION First semester still volatile Monthly index "Large DIY stores" A mixed market (change in % vs n-1, in value) Q1: -2.5% 7,0 2014 2015 Q2: +1.5% 4,8 S1: -0.3% 4,1 3,2 July: +1;58% 1,4 1,6 1,4 August: -3.8% 0,3 0,1 -0,6 -1,2 -1,7 -2,0 -2,4 -3
Slide 7: Turnover of the Networks: €1.07 Bn in first semester 2015
Turnover of the Networks (inclusive of tax): €1.07 Bn in the first semester 2015 RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE A multi-brand, multi-channel offer Affiliate online sales s Change Change Number of Turnover (inclusive of tax) in M€ 30.06.2015 total-store basis like-for-like stores(1) store
Slide 8: Development of networks
Development of networks RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE 2015 Executions Annual Objectives 1st semester 2015 France France 5 openings, 1 transfer and 6 brand 5 branded openings and 5transfers/expansions changes 3 affiliations 10 affiliations International International - Belgium: 2
Slide 9: International development
International development RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE International turnover: €115.9Mn, +8.5% (current floorspace) Strong sales dynamic in Belgium Distribution by zone of International T.O. 45 stores Eastern countries Turnover S1 2015: €67.1Mn, +8.0% (current floorspace), +5.0% compar
Slide 10: Directly Owned Stores: response to growing competition
Directly Owned Stores: response to growing competition RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE 1st Semester 2015 Compared to 1st Semester 2014 Increased competitive pressure: 10 new set ups by the competition in our areas Impact of competition on: - Turnover of Directly-owned stores at current fl
Slide 11: Directly Owned Stores: effective action plan underway
Directly Owned Stores: effective action plan underway RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE Executions 1st semester 2015 more turnover Operational improvement in Turnover web of directly-owned stores (2h pick-up + “contremarque”): Directly Owned Stores, €0.7 Mn +66.1% vs S1 2014 Operating res
Slide 12: Acceleration in web-to-store
Acceleration in web-to-store RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE The web as a driver of traffic and in store sales Increase in the number of websites: 252 mr-bricolage.fr websites, vs 236 sites at 31/12/2014 Traffic doubled vs June 2014 2.7 million unique visitors* in June 2015 47,000 listed
Slide 13: Consolidated half-year results
RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE 2. Consolidated half- year results Mr Bricolage SA | Résultats semestriels 2015 13
Slide 14: S1 2015 consolidated turnover
S1 2015 consolidated turnover RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE Turnover in M€ 30.06.15(2) 30.06.14 % variation Retail 176.1 185.9 - 5.3 % Sales from Directly Owned Stores 169.8(2) 177.9 (1) -4.5% Online sales 6.2 8.0 -22.3 % Network Services 97,9 97.1 +0.8% Sales of goods 63,0 60.1 +4.7% S
Slide 15: Businesses: contribution to Operating Result
Businesses: contribution to Operating Result RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE Businesses Op Result improvement excl. impact IFRIC 21 (€-1.5 Mn): €0.4 Mn Evolution 2014 growth to 2015 (in M€) 30/06/2014 30/06/2015 30/06/2015 Openings, acquisitions, Restructurings (1) Like-for-like transfers
Slide 16: Network Services: contribution to Operating Profit
Network Services: contribution to Operating Profit RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE Impairment of Operating Profit "Network Services": €-6.2 Mn Evolution 2014 to 2015 (in M€) 21,5 IFRIC 21 Others -0,3 +0.4 Sourcing margin And Reclass -1.5 IFRS 5 Advertising -0,4 and Comms 15.3 Drop in Logi
Slide 17: Contribution of activities to Operating Profit
Contribution of activities to Operating Profit RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE In M€ 30/06/2015 30/06/2014 Services Total (3) Retail Inter-sector Total Services Consolidated turnover 9.,9 176.1 273.9 283.0 Economic turnover (1) 144.4 176.1 (46.5) 273.9 283.0 Business profit 60,0 61.2 (6.9
Slide 18: Stability in contribution of associates
Stability in contribution of associates RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE Stability in the share of net profit of associates excluding DEDB (non-recurring) S1 2014 growth at S1 2015 (in M€) +1.3 DEDB -1.2 0,1 30/06/2014 2014 non-recurring capital 30/06/2015 gains Mr Bricolage SA | Résultats
Slide 19: P&L for all activities
P&L for all activities RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE In M€ 30/06/2015 30/06/2014 % variation Consolidated turnover 273,9 283,0 -3.2% EBITDA 15,6 22,5 -30.7% as % of T.O. 5.7 % 8,0 % Operating profit (ROP) 8,0 15,3 -47.5% as % of T.O. 2.9% 5,4 % Ordinary operating profit (ROPO) (1) 10,9
Slide 20: Strong Group debt reduction
Strong Group debt reduction RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE Reduction in the net financial debt : €-26.9 Mn over 12 month rolling period Evolution of the Net Debt, from S1 2014 to S1 2015(in M€) 131.0 Financial CAPEX Dividends +0.8 Taxes on profit. interest Working Others 104,1 Self-fundi
Slide 21: Continued debt reduction
Continued debt reduction RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE Net debt (1) Gearing (2) (in M€) (in %) €-21.9 Mn -12.4 points 131,0 126,0 + €5.0 Mn €-26.9 Mn 104,1 53,0% 52,0% -11.4 points 40,6% 30/06/2013 30/06/2014 30/06/2015 30/06/2013 30/06/2014 30/06/2015 (1) Net debt= Net financial debt (
Slide 22: Simplified balance sheet
Simplified balance sheet RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE In M€ at 30.06.15 ASSETS LIABILITIES Non current assets(1) 306.1 Equity 256.7 of which goodwill impairment 209.4 of which real estate 43.5 of which bank guarantee deposits 2.9 Minority interests - Current assets(2) 265.5 Financial d
Slide 23: Outlook
RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE 3. Outlook Mr Bricolage SA | Résultats semestriels 2015 23
Slide 24: Context/analysis
Context/analysis RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE • Steady drop in turnover incl. tax of • A significantly-sized group of €2.2 Bn the Mr Bricolage brand turnover incl. tax in 2014 • -4.6% in France across current surface areas between 2010 and 2014 • A strong network across France • 791 st
Slide 25: Priorities
Priorities RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE Rectify the profitability of the Group and of the stores Back to basics of our roles as distributors and traders Efficient ranges of products: - Enhance the offer to better satisfy customer needs - Increase purchases mass reach among the brands
Slide 26: Priorities
Priorities RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE Relaunch growth underpinned by the group's strengths Continue with mass purchasing Continue web-to-store development (explore Drive) Restore attractiveness of our networks in France Capitalise on international successes in order to develop Find
Slide 27: Stock Market
RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE 4. Stock Market Mr Bricolage SA | Résultats semestriels 2015 27
Slide 28: Mr Bricolage shareholding
Mr Bricolage shareholding RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE At 31 December 2014 Public Institutional: 22.8% Individuals: 7.6% Treasury stocks: 1.3% 31,8 % Mr.Bricolage members (ANPF) 41.9% SIFI SIMB SIFA 1.2 % 35.3 % 5.4 % 26,3 % TABUR Family On 3 February 2015, the UBS Investment Bank, Wea
Slide 29: Share price of Mr. Bricolage
Share price of Mr. Bricolage RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE At 15/09/15: Share price €12.99 Capitalisation €137.01 Mn 12 month high €14.65 12 month low €12.32 Perf. 12 month -8.91 % From the indexes: CAC All-Share Shareholder Guide ISIN Code FR 0004034320 Number of shares
Slide 30: Shareholder, analysts and investor relations
Shareholder, analysts and investor relations RÉSEAUX | FINANCES | PERSPECTIVES | BOURSE Mr Bricolage SA: Eve JONDEAU Tel: +33 2 38 43 50 00 Email: eve.jondeau@mrbricolage.fr Actifin: Emma Barféty Tel: +33 1 56 88 11 11 Email: ebarfety@actifin.fr All financial information on the Group corporate websi
Slide 31: Appendices
ANNEXES ANNEXES 5. Appendices Mr Bricolage SA | Résultats semestriels 2015 31
Slide 32: Move from ROP to ROPO
Move from ROP to ROPO (1) ANNEXES In M€ S1 2015 S1 2014 SAR COM TOTAL SAR COM TOTAL Published OP Profit 15.3 (7.3) 8.0 21.6 (6.3) 15.3 Restatement IFRIC 21 0.3 1.3 1,5 - - - Restated OP Profit IFRIC 21 (2) 15,6 (6.0) 9.6 21.6 (6.3) 15.3 Risk of litigation (0.1) - (0.1) (0.3) - (0.3) Fees related to
Slide 33: Table of treasury flows
Table of treasury flows ANNEXES In M€ 30.06.15 Self-funding gross margin 14.1 Current disbursed tax costs (2.5) Change in need for rolling funds (8.4) Net investments (6.4) Free cash flow (3.2) 2014 dividends paid out in 2015 (4.1) Acquisition of already controlled securities and equity, net of disp