Corporate Presentation. Madrid, May 2014

Transcription

1 Corporate Presentation 10º Foro MEDCAP Madrid, May 2014

2 A successful story of growth and internationalization Enabling potential The European leader in office services, equipment and supplies Acquisition of Adimpo ( 45.5mn - 3 x EV/EBITDA) January 2011 Acquisition of Spicers CE ( 196mn x EV/EBITDA) New integrated Spicers/Adimpo organization & New Corporate Management Team July 2012 Launch of Transformation Project Agreement for the sale of the Industrial Business Unit August 2009 December 2011 March-May May 2012 December 2013 Sale of 50% Stake in Ofiservice ( 68.7mn - 13 x EV/EBITDA) Change of Group denomination 2

3 With solid results and value creation for our shareholders We have multiplied revenue by 6 and EBITDA by 4 in 4 years Revenues ( million) EBITDA ( million) x6 12 x ,9 NFD/EBITDA ROCE 15% / 2 x5 2,2 3%

4 We are the undisputed leader in Europe within the office services, equipments and supplies wholesale market ADVEO acquires Buro+ + brand in April, 2013 UK + Ireland PBS Holding Buro+ TOS/ TOS/ EOS EOS TOS TOS TOS TOS TOS TOS TOS TOS EOS EOS EUR EUR EUR DOM DOM DOM DOM DOM DOM DOM DOM DOM EUR = pan-european focus, DOM = domestic focus NB: excludes broadliners 2010 pro forma figures, Sales in mn. Od 4

5 With a unique business model We are the only player to cover all market segments, from Traditional to Digital, from manufacturing to the end user IT Vendors TOS Vendors 500 vendors European contracts with key vendors 35,000 products Wholesale HW broad liners EOS Specialists Traditional 130,000 m 2 of stocking space Broadest portfolio of services Over 400 million credit capabilities Resale Distributors 1,000 franchised resellers 30,000 customers (resellers) Businesses, education and families 100,000 end user ship to s 30,000 order lines / year 8 million boxes / year EOS: Electronic Office Supplies TOS: Traditional Office Supplies HW: Hardware 5

6 With Pan-European coverage We have local infrastructure in 7 countries, with 1,808 employees Benelux Sales: 46mn HC: 101 Stock: 16,000 m 2 Sales by Country France: Sales: 395mn HC: 419 Stock: 52,000 m 2 Germany: Sales: 210mn HC: 347 Stock: 23,000 m 2 19% 9% 4% Spain 31% Portugal France Germany Portugal: Sales: 25mn HC: 15 Spain: Sales: 356mn HC: 800 Stock: 40,000 m 2 Italy: Sales: 97mn HC: 98 Stock: 16,000 m 2 2% 35% FY 2012 figures. Product sales only. Italy Benelux 6

7 With the widest product and service offering Furniture (1%) Desks, chairs, filing cabinets and shelving. 0,7% 25,8% Traditional Stationery (25%) School equipment, pens, paper, filing, envelopes and notepads. Technology (70%) Electronic office supplies, business machines, printing and cleaning & storage devices. 71,0% 2,5% Facilities Management (3%) Break room supplies (e.g. coffee), health & safety equipment and janitorial products (e.g. cleaning products). 7

8 With a differentiated value proposition by customer segment Value Propositions by Customer Segment IT Specialists: We are your printing systems counselor that provides advanced services and advice, enabling you to build a winning solution for your customer. Retailers: We are your logistics partner. We can enable you to maximize the efficiency of your supply chain. Scale-driven Customers: We are your single supplier for your slow moving portfolio, enabling you to enlarge your offer while simplifying your business. Service-driven Customers: We are your total supply & solutions provider, enabling your business with competitive advantage to help you to develop your customers. Customer Mix (30,000 customers)* Traditional Customers: We are your one stop shop for all your product needs, offering you a simple and efficient purchasing process to enable you to concentrate in growing your business. 15,5% 14,6% IT Specialists Retailers Value Proposition to Vendors 31,4% 16,6% 21,9% Scale Driven Service Driven Proximity We are the most efficient multichannel Go-to-Market option. Our multi-channel and operational capabilities enable our vendors to maximize customer reach while optimizing the efficiency of their value chain. 9M 2013 figures. 8

9 And the most sophisticated integrated customer network 600 million Sales in France, Belgium, Spain and Germany. 500 members and 650 sales representatives. 130 e-commerce web sites. 180 sales outlets. Investment in advertising: > 1 million. 320 million Sales. 200 members. Fastest growing network in France, increasing market share. Similar offering to Calipage, more retail oriented. Hyper Plein Ciel: >300 m 2, in suburbs. Plein Ciel Expert: <300 m 2, in suburbs and city centres. One of the leading brands in office products in France. Buro+ brand acquired by ADVEO in April, Strong brand awareness and market recognition. Buro+ catalogue already available. 9

10 Strategic framework Suppliers Enabling potential IT Specialists Retailers Scale driven Service driven Proximity Company values: open mindedness, collaboration, proactiveness and integrity 10

11 Growth strategy (1) Market integration through value solutions (2) Market and product consolidation, and (3) Operating efficiency. Suppliers 1 3 IT Specialists Retailers Scale driven Service driven Proximity 2 A value solutions provider, leading the consolidation of the office products market place 11

12 Growth strategy 1 Value chain integration: a b Upstream: Offering an integrated, multichannel, efficient go-to-market model. Downstream: Offering added-value services by client segment in order to maximize their respective potentialities. 2 Market consolidation: a Organic: Integrating and extending the product portfolio in order to gain client and market share. b Inorganic: Through acquisitions with a highly synergistic potential. 3 Operating efficiency: Integrating the organization, unifying processes and installing new common systems for the Group. 12

13 Growth strategy: operating efficiency Different Companies & Locations Operational Processes Client Relationship Management Support Functions Finance and Controlling Vendor Relationship Management Human Resources Different Operating Models Strategies Processes Single PROCESSES Supply Chain Management Information Technology Organization Systems Single SYSTEMS Single GROWTH STRATEGY 1. Market integration through value solutions 2. Market and product consolidation 3. Operating efficiency / cost leadership E-Commerce Single ORGANIZATION PIM CRM ERP Treasury WMS Business Intelligence Implementation Single Operating Model 13

14 Share Performance ADV = 16,53 ADV = 11,01 ADVEO IBEX35 IGBM 02/01/ /03/ /05/ /07/ /09/ /11/ /01/2014 In 2013, ADVEO share has appreciated by +36% (vs. Ibex35 +17%, IGBM +26%, Ibex Small Cap +42%). From 2009 to 2013, ADVEO share has appreciated by +58%. ADVEO GROUP N. of shares Market capitalization ( mn), 13/01/ Earnings per Share, 1,15 Price/Earnings Ratio (PER) 13/01/14 14,37 Remuneration to Shareholders in 2012 ( million) 7,020 Dividend per Share (gross), 0,57 0,50 Dividends (gross per share) 1,55 0,55 0,57 0,

15 Disclaimer This presentation was prepared by ADVEO exclusively for the benefit and internal use in the presentation to analyst and investors and solely as a basis for discussion of certain issues related to the presentation of results. This presentation is based on publicly available information and/or data provided by ADVEO. This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law (Law 24/1988, of July 28, as amended and restated from time to time), Royal Decree-Law 5/2005, of March 11, and/or Royal Decree 1310/2005, of November 4, and its implementing regulations. adveo.com 19

16 Enabling potential