Sep 1, 2017 - Retail Sporting Goods through the franchise of INTERSPORT stores in Greece, Cyprus, Romania, Bulgaria and.
Corporate Presentation September 2017
Company Profile •
FOURLIS GROUP is a leading retail group of companies of quality consumer goods in Southeast Europe. The initial company was founded in 1950.
•
The group is active in two key divisions: - Retail Home Furnishings through the franchise of IKEA stores in Greece, Cyprus and Bulgaria, - Retail Sporting Goods through the franchise of INTERSPORT stores in Greece, Cyprus, Romania, Bulgaria and Turkey along with THE ATHLETE’S FOOT stores in Greece and Turkey.
Our Business Activities Retail Home Furnishings
Retail Sporting Goods
2
Retail Sales in Greece Retail Sales Index (2010 = 100) 120 100
100
92
80
82
60
75
74
73
73
71
2013
2014
2015
2016
2017 (Jun)
40 20 0 2010
2011
2012
Appl-Furn Index (2010 = 100) 140 120 100 80 60 40 20 0
Department Stores Index (2010 = 100) 140 120 100 80 60 40 20 0
100 83 67
2010
2011
2012
61
58
54
53
50
2013
2014
2015
2016
2017 (Jun)
100
2010
Source: Hellenic Statistical Authority
3
102
2011
97
2012
84
2013
76
72
75
70
2014
2015
2016
2017 (Jun)
Executive Summary H1 2017 FOURLIS Group, during H1 2017, realized sales € 191,3 million 1,2% lower vs same period last year (€ 193,7 mio). - Retail Home Furnishings sales in Greece for H1 2017 decreased by 6,9% y-o-y , while in the other countries increased by 7,9% y-o-y. - Retail Sporting Goods sales in Greece for H1 2017 increased by 0,3% y-o-y , while in the other countries increased by 1,9% y-o-y.
H1 2017 EBITDA was € 11,1 million vs € 11,9 million in H1 2017 (6,5% lower). Consolidated Losses Before Taxes were € 2,4 million vs losses €4,0 million in H1 2016. The Group realized Net Losses € 2,1 million vs losses €3,3 million in H1 2016.
Net Debt € 125,1 million vs € 134,2 million in H1 2016 and € 114,5 in FY16. CAPEX € 4,8 mio. 5 new Intersport stores and 4 The Athlete’s Foot stores opened during 2017.
4
Consolidated Key Financial Figures Group Consolidated Key Financial Figures (in €mm) Q2
H1
CY 17
PY 16
Index
102,2
101,7
101
101
CY 17
PY 16
Index
Revenue
191,3
193,7
99
Gross Profit
82,8
82,4
101
Margin
43,3%
42,5%
EBITDA
11,1
11,9
Margin
5,8%
6,1%
45,2
44,6
44,2%
43,8%
8,3
8,9
8,2%
8,7%
1,7
0,0
nc
PBT
-2,4
-4,0
59
1,3
0,0
nc
NP
-2,1
-3,3
63
94
5
94
Consolidated Balance Sheet Q2 2017
Q2 2016
FY 16
Property, plant & equipment
218,7
222,9
221
Other Non Current Assets
63,3
64,1
63,1
Non-current assets
281,9
287,0
284,1
Inventories
81,0
81,0
77,7
Receivables
22,2
19,0
22,3
Other Current Assets
0,0
2,0
1,3
Cash & Cash Equivalent
21,1
18,2
33,6
Current assets
124,3
120,2
134,9
Total Assets
406,2
407,2
419
Loans and Borrowings
106,1
61,3
104,8
9,0
8,5
9,2
Non-current liabilities
115,1
69,8
114
Loans and Borrowings
40,2
91,1
43,3
Total Account Payables
95,3
91,6
98,0
Current liabilities
135,3
182,7
141,4
Shareholders Equity
155,6
154,6
163,6
Shareholders Equity & Liabilities
406,2
407,2
419
(in € million)
Other non-current liabilities
6
Consolidated Key Financial Figures Revenue (2011-Η1 2017)
400
200
2,2
436,0
420,3
16,8
14,3
1,1
386,5
399,1
413,3
Revenue Breakdown by Geography (2011 - Η1 2017) 0,2
427,8
19,8%
28,2%
31,4%
32,9%
34,8%
36,2%
39,7%
80,2%
71,8%
68,6%
67,1%
65,2%
63,8%
60,3%
FY11
FY12
FY13
FY14 FY15 Greece Abroad
FY16
Η1 2017
191,3
0 FY11
FY12
FY13
FY14
Cont, Operations
FY15
FY16
Η1 2017
Discont. Operations
EBITDA (2011-Η1 2017)
50 40 30 20 10
28,0
20,1
25,9
25,4
32,6
38,4 11,1
0 FY11
FY12
FY13
FY14
7
FY15
FY16
Η1 2017
Net Debt Structure by Segment & Evolution Net Debt Structure by Segment - € mm
Total
30.06.2016
31.12.2016
30.06.2017
Δ vs PY end
Δ vs PY same period
99,4
81,7
85,7
4,0
-13,7
35,3
34,2
39,5
5,3
4,2
-0,5
-1,3
-0,1
1,2
0,4
134,2
114,5
125,1
10,6
-9,1
Evolution of Net Debt 200
150
160
153
159 157 143
163
58
154 154
151
142 138
145
129 129
123
147
145 142
135
138
134 125
120
100
125 115
50
0 Q1
Q2
2011
Q3
Q4
Q1
Q2
2012
Q3
Q4
Q1
Q2
Q3
2013
Q4
Q1
8
Q2
Q3
Q4
2014
Q1
Q2
Q3
Q4
Q1
2015
Q2
Q3
2016
Q4
Q1
Q2
2017
H1 2017 – Cash Flow Performance
Group Cash Flow (in € mm)
Net Debt PY 2016
12,9 PBT
(2,4)
Non Cash Charges
Working Capital Changes
CAPEX Spending/ Equity
(4,0) (11,2)
Income Taxes
(0,1)
Financial Expenses
Net Debt CY 2017
(5,8)
(114,5) (125,1)
9
HOUSEMARKET Bulgaria Sofia 1 store 2 Pick Up Points
IKEA Visitors (in 000’s)
Greece
-1,5%
4.782
4.711
Athens 2 stores
Thessaloniki 1 store YTD Q2 2016
YTD Q2 2017
Countryside 2 stores 5 Pick Up Points
E-Commerce in all three countries 10
Cyprus Nicosia 1 store
HOUSEMARKET – Financial Performance Key Financial Figures (in €mm) Q2
H1
CY17
PY16
Index
67,7
68,0
100
27,8
27,6
101
41,1%
40,6%
5,3
5,6
7,9%
8,3%
1,0
-1,0
95
nc
CY17
PY 16
Index
Revenue
124,7
127,6
98
Gross Profit
51,2
51,1
100
Margin
41,0%
40,1%
EBITDA
7,3
7,9
Margin
5,8%
6,2%
PBT
-1,3
-3,5
11
92
38
INTERSPORT INTERSPORT Customers (in 000’s)
Romania
Greece Intersport stores The Athlete’s Foot stores
50 10
Intersport stores
30
1.819
Bulgaria
Turkey
Intersport stores
Intersport stores The Athlete’s Foot stores
YTD Q2 2016
Cyprus Intersport stores
4
Intersport Stores by geography 103
106
112
2014
2015
2016
113
91
73 44
51
2009
2010
2011
Greece
2012 Romania
2013 Bulgaria
1.819
7
22 1
82
0,02%
Cyprus
2017
Turkey
12
YTD Q2 2017
INTERSPORT – Expansion Plan A Target of 160+ Stores Greece now 50 stores
55 stores
Expansion Plan (2020)
Cyprus now 4 stores
5 stores
200 160
150
Bulgaria now 7 stores
200
120
10 stores
100 80 50
40
Romania now 30 stores
-
40 stores
Turkey now 22 stores
-
Sales (€m)
55 stores
13
Stores
Sq m
INTERSPORT – Financial Performance Key Financial Figures (in €mm) Q2
H1
CY17
PY16
Index
34,6
33,5
103
103
17,3
16,9
50,2%
50,5%
3,3
3,8
9,5%
11,2%
1,0
1,5
87
CY17
PY 16
Index
Revenue
66,6
65,9
101
Gross Profit
31,7
31,2
101
Margin
47,5%
47,4%
EBITDA
4,3
5,2
Margin
6,5%
7,8%
PBT
-0,5
0,8
66
14
84
nc
• A global retailer for trendy athletic footwear and apparel. • 486 stores in 26 countries. • Carrying some of the world’s most renowned brands. • Sport with style. • Fourlis Group has the franchise rights to develop The Athlete’s Foot store network in Greece and Turkey.
• Today operate 10 stores in Greece and 1 store in Turkey. 15
Real Estate Projects Rentis – Piraeus Avenue
Main Tenants
GLA : 69.000 m2
Opened : November 2014
16
Main Tenants
GLA : 8.000 m2
Opened: 2009
