BoConcept Holding A/S. Full year 2012/13 results 26 June 2013, Danske Markets

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1 BoConcept Holding A/S Full year 2012/13 results 26 June 2013, Danske Markets

2 Agenda Highlights from Q4 and FY 2012/13 Financial development Q4 and FY 2012/13 Strategic initiatives Outlook for FY 2013/14 Forward-looking statement This presentation includes forward-looking statements, including forecasts for revenue, earnings and cash flow. BoConcept Holding stresses that forecasts are subject to considerable uncertainty with respect to the level of activity we will see in the future due to high global macro-economic volatility and subsequently reduced revenue visibility. The revenue generated by the franchise chain and BoConcept will thus be sensitive to fluctuations in macro-economic factors such as GDP growth, number of home sales, consumer confidence, and disposable income trends in the group's markets. Should these variables deteriorate, the franchise chain will have even tougher sales conditions to contend with, and thus management's expectations with respect to future financial trends may not be realised. Contacts: Torben Paulin, President & CEO Hans Barslund, EVP & CFO

3 Highlights from Q4 and FY 2012/13

4 Challenging markets affected topline throughout the year Q4 2012/13 FY 2012/13 Expectations* Revenue at DKK 250m (-8.1% YOY) 2.5% decrease in same-store-sales due to lower traffic 5 store openings and 1 closure - pipeline is gaining strength Gross margin down to 43.3% due to product mix and fewer own stores EBIT at DKK -4m (DKK 12m) Acquisition of master franchise in China and initiation of cost reduction programme Revenue of DKK 1,026m (0%) 2.5% increase in same-storesales 24 store openings and 27 closures total stores at 252 Gross margin drop to 43.3% due to reduction in stores EBIT at 1.9% Cash flow at 2.3% DKK 1,025m App. +3% App. 25 openings (net reduction of 5) App. 2% App. 2% * As expressed in Announcement 2/ March 2013 and updated in Announcement 4/ May 2013 HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

5 Financial development in Q4 and FY 2012/13

6 Turnover decrease in Q4 brings FY 2012/13 revenues to last year's level Reduced sales in brand stores primary driver behind 8.1% YoY decrease in Q4 turnover Turnover to brand stores down DKK 21m France hit hard in March Negative impact of DKK 5m from currency in Q4 (USD and JPY) Quarterly turnover (DKKm) 2010/ / / Q1 Q2 Q3 Q4 FY 2012/13 turnover at status quo Brand store turnover down 2.8% due to reduced number of stores and declining Q4 activity Positive currency impact from USD and JPY of 1.7% Studios up by DKK 15m Turnover, LTM (DKKm) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010/ / /13 HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

7 Europe remains difficult, but signs of positive momentum in other markets Turnover Turnover Q4 2012/13 Q4 2011/12 Index FY 2012/13 FY -2011/12 Index Europe 165,0 177,6 92,9 654,7 669,0 97,9 France 45,4 52,6 86,3 163,6 177,0 92,4 Germany 27,7 28,8 96,2 112,0 108,1 103,6 Middle East 10,3 6,3 163,5 30,5 29,1 104,8 North America 26,7 32,6 81,9 123,1 117,4 104,9 USA 23,9 30,5 78,4 109,4 105,4 103,8 Latin America 10,5 11,0 95,5 44,7 41,2 108,5 Asia 37,9 45,1 84,0 173,1 165,5 104,6 Japan 27,6 34,9 79,1 121,4 120,3 100,9 Total 250,4 272,6 91,9 1026,1 1022,2 100,4 European sales impacted by distressed markets and lower consumer confidence Rising concern over macroeconomic situation in France impacts traffic Solid performance in Germany continues Nordic and UK remain difficult US with strong momentum, but negatively impacted by warehouse outsourcing in Q4 Quarterly sales, Europe (DKKm, LTM) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Quarterly sales, North America (DKKm, LTM) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Quarterly sales, Asia (DKKm, LTM) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Japanese turnover impacted by JPY and inadequate franchise performance in Q4 own stores continue to grow Continued good development and strong interest in Latin America 2011/ / / / / /13 HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

8 Brand-building and campaign activity increase samestore-sales marginally 2012/13 marketing activities grew awareness and increased market shares Increased marketing budgets Local co-investments with franchisees Campaign offers on selected products Positive development in H1 not sustained in H2 full-year SSS at 2.5% SSS down 2.5% in Q4 as traffic deteriorated, especially in Europe Full-year traffic to stores down 7%. However, web traffic increase of 30% has together with attractive collection and staff excellence increased hit rate and basket size 8% and 2% 15% 10% 5% 0% -5% Same-store-sales development (YoY) Order intake 3 % limit Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010/ / /13 Smart collaboration (Effect collection 2013) with strong PR impact Due to cancellations growth in same-store-sales (order intake) has to exceed approx. 3% to increase revenues HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

9 Store openings below original expectations 24 openings and 27 closures in FY 2012/13 bring total brand store chain to openings and 1 closure in Q4 Openings affected by continued weak markets, and closures affected by continued restructuring in Europe Own stores down to 23 from 25 last year Yearly average contribution to group turnover: Opening store: DKK 3.0m Closing store: DKK 1.7m New markets: Kenya and Australia YTD 2012/13 As of 30 April 2013 Openings Closings # of stores # of studios Europe France Germany UK Spain Denmark Sweden Norway Middle East & Africa North America USA Latin America Asia & Australia Japan China Total Number of brand stores Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010/ / /13 HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

10 Fewer stores, increased marketing spending and non-recurring items reduce earnings (DKKm) 2011/12 Changes from FY 2011/12 to FY 2012/13 Fewer Business own Nonrecurring model stores Currency 2012/13 Revenue Production costs Gross profit Overheads Operating profit (EBIT) In % of revenue 3.6% n.m. 1.9% Fewer own stores reduce gross profit while currency has positive impact on full-year basis Higher brand building costs and one-offs are main reasons for reduction in EBIT HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

11 Fewer own stores reduces gross margin Q4 gross margin down to 43.3% (45.9%) Currency impact: -0.6%-point Fewer own stores: -0.5%-point Indirect production costs: -1.5% FY 2012/13 gross margin down DKK 6m to 43.4% (44.2%) Currency impact: -0.1%-point Fewer own stores: -0.6% Reduced performance associated with change in product mix.: -0.1% Sourcing at 79% vs. 77% last year 46% 44% 42% 40% 38% 36% Gross margin (LTM) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010/ / /13 HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

12 Focus on concept development and higher marketing activity increase overheads Development in overheads (DKKm) 426 Overheads up DKK 12m in FY 2012/13 to 41.6% of revenues (40.6%) S&D up to 33.7% of revenues (33.1%) Marketing and MCR spending increased while fewer own stores reduces costs Losses and provisions stabile at DKK 20m (Q4: DKK 6.3m) Administration costs reduced to DKK 73m (DKK 76m) or 7.1% (7.4%) Overheads FY 2011/12 Business activities Own stores Nonrecurring Currency Overheads FY 2012/13 Non-recurring items of DKK 7m Outsourcing of warehouse facility in US One-offs associated with cost reduction programme introduced in April/May 2013 HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

13 Offensive brand-building and restructuring lowers results FY 2012/12 EBIT at DKK 20m (1.9%) vs. DKK 37m (3.6%) last year Net financials at DKK -2m (DKK 3m) as currency affects balance sheet negatively DKK -3m (DKK +3m) EBT at DKK 17m (DKK 40m) and net result of DKK 11m (DKK 26m) Tax rate of 34.7% Quarterly EBIT (DKKm) EBIT (DKKm) and EBIT%, LTM / / / ,9 7 5, EBIT EBIT % 5% 4% 3% 2% 1% (2) Q1 Q2 Q3 Q4 (3,5) 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010/ / /13 0% HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

14 Asset-light structure with investments focused on brand-building and expansion Total assets down to DKK 532m (DKK 542m) Investments targeted at brand-building, expansion support and sales-generating projects ROCE at 3.6% vs. 7.0% Assets and ROCE Interest-bearing debt reduced to DKK 75m from DKK 87m DKK 20m in cash and unused credit facilities of DKK 93m Equity ratio up to 42.8% Equity ratio Non-current (DKKm, LHS) Current (DKKm, LHS) ROCE (RHS) 55% / / / / /13 10% 8% 6% 4% 2% 0% -2% -4% 50% 45% 40% 35% 30% 25% Target ratio between 40-50% 2008/ / / / /13 HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

15 Positive impact on NWC from reduction in inventories Networking capital to sales NWC (DKKm, LHS) NWC at DKK 89m (8.6% of revenues) compared to DKK 98m (9.6%) last year NWC % of rev. (RHS) Long term NWC/rev. Target (RHS) 14% 12% Inventories reduced by DKK 18m to DKK 106m due to fewer own stores and outsourcing in US % 8% 6% 4% 2% Receivables up DKK 9m to DKK 144m and debtor days at 48 (45 last year) Increased credit for selected franchisees as consequence of market conditions / / / / /13 0% HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

16 Stronger cash flow from operations and higher investments CFFO increased to DKK 55m despite a flat revenue curve and a DKK 12m increase in paid tax Net investments of DKK 32m (DKK 21m) bring cash flow before financing activities to DKK 23m (32m) or 2.3% of revenues (3.1%) Cash flow (DKKm) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010/ / /13 HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

17 Strategic initiatives

18 Strengthening the global concept via focused strategy HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

19 Investing in concept and brand to increase growth in existing brand store chain Efforts to increase brand awareness through sales- and traffic- generating initiatives continue Campaign activity boosted in size and scope each year online and offline Collaborations with top brands and designers to broaden target group impact Test cooperation with local franchisees to expand marketing activity Constant need for new and targeted story telling to keep traffic coming momentum is quickly lost in current markets Offering the unique shopping experience vital to succeed Optimising performance via RAMs and support E-learning to spread best practice Major update of Interior Decoration concept to be launched holistic approach focusing on clients' homes rather than products HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

20 Optimising collection and launch every time 60 th anniversary collection successfully used to highlight BoConcept's unique story 2014 Collection launch on same communications platform, but message will be more direct and based on attitude, fascination and contrast Campaign activities will be largest ever and aimed at generating traffic and physical traffic to stores Product news in all groups, but most in mid-/high-end to support market position New additions within upholstery, dining tables and sleeping category Highly successful Ottawa collection to be expanded More focus on accessories as traffic generator and stand-alone product group High order level from brand stores ahead of launch HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

21 Development of MCR strategy and platform continues MCR platform a central source for building brand and product awareness and maintaining an ongoing dialogue with potential and existing customers MyBoConcept live in +20 markets and e-commerce launched in DK, UK, S & NL Updates in 2012/13 to be continued to secure better overall performance CMS platform to be updated in 2013/14 existing does not offer an optimal flow from design to add-tobasket HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

22 Location Involvement a strong tool to develop pipeline and increase momentum in store openings Location Involvement (DKKm) Original credit Outstanding debt 11 9 End of FY 2012/13 BoConcept had via Location Involvement participated in 13 brand stores mostly in Europe & USA By end of April 2013, total investment at DKK 11m 1 0 Programme to be intensified the coming years expected investment of DKK 25m/year 2011/ /13 Location involvement model include up to 50% financing for store decoration and build-up, including show case furniture, lights etc. The credit runs for a maximum of 36 months at an attractive interest rate. HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

23 Proactive initiatives start to pay off early and late stage pipeline is picking up pace Brand store pipeline Phase 2 Phase As of 30 April 2013 Phase II Phase III Europe 27 5 France 6 1 Germany 5 4 UK 6 Spain Denmark Sweden 2 Norway Middle East & Africa 4 2 North America 2 3 USA 2 3 Latin America 4 3 Asia & Austalia 18 4 Japan 3 1 China 5 2 Total Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010/ / / Strong focus on expansion continues - proactive measures both centrally and locally to identify potential franchisees Initiative has brought back momentum in pipeline New dialogue with existing franchisees Partnership approach Advertising, exhibition participation and headhunting Talent development programme with financial support Several new stores in late stage pipeline in Germany, US and Latin America BoConcept will open own stores in attractive markets where good locations are available (Japan) Stores will be sold off to external franchisees when earnings are solid and financing hence obtainable HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

24 BoConcept to accelerate growth in China As of 1 May 2013 BoConcept has taken over the master rights to BoConcept in China Six existing stores in Shanghai and Beijing also taken over in new joint venture with previous master franchisee As an active and dedicated owner, BoConcept's new Chinese master organisation will focus on Securing an efficient implementation of the full concept Develop pipeline and accelerate expansion and growth in the Chinese market BoConcept has initiated a partner search for candidates able to open several stores in order to accelerate penetration HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

25 Cost-cutting and restructuring to increase profitability To adapt to current market conditions, management has introduced programme to reduce overheads Programme includes Centralising finance and service tasks in HQ Head count reduction Closure of 4 own stores in Spain and 1 in Sweden Executive board reduced to Torben Paulin (CEO) and Hans Barslund (CFO) Solid effect from 2013/14 onwards Cost savings of DKK 10m in FY 2013/14 Yearly cost savings of DKK 20m thereafter Non-recurring cost of DKK 5m in FY 2012/13 and FY 2013/14 respectively HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

26 Further initiatives to secure efficiency and productivity Asset-light sourcing model further strengthened with outsourcing and replacement of US distribution facility in 2012/13 Process fully completed in Q3/Q with new partner-driven facility in California (US) Allows full streamlining of BoConcept's US organisation towards support and expansion Reduces delivery times further Yearly cost savings of DKK 3-4m from H2 2013/14 and reduction in tangible fixed assets New team to boost upholstery product competencies Led by former CPBO from Natuzzi Dedicated team specialising in design, development, product and souring Focus on optimising process from idea to finished product to enable faster upholstery product development Will increase same-store-sales, gross margin and campaign momentum HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

27 Outlook for FY 2013/14

28 Expansion and profitability on agenda for FY 2013/14 FY 2013/14 FY 2012/13 Forecast Realized Revenue growth App. 4% 0% Same-store-sales (order intake) 0% 2.5% New openings App. 35 (net +10) 24 (net -3) EBIT (%) App % 1.9% Cash flow,% of revenue 0% 2.3% Investments DKK 30m DKK 32m Uncertainty and volatility will affect all European markets. The ongoing debt crisis in Southern Europe will influence other markets as well Revenue-generating campaigns and market-focused initiatives will strengthen brand awareness more resources allocated to expansion support Guidance is based on stabile exchange rates and current market conditions HIGHLIGHTS FINANCIAL PERFORMANCE INITIATIVES OUTLOOK

29 FOR MORE INFORMATION VISIT Financial calendar 2013/14 29 August 2013 Quarterly report Q1 2013/14 5 December 2013 Interim announcement Q2 2013/14

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