FULL-YEAR RESULTS Paris, 15 June 2018

Transcription

1 FULL-YEAR RESULTS Paris, 15 June 2018

2 S U M M A R Y LDLC GROUP RESULTS ROADMAP AND OBJECTIVES INVESTOR NOTEBOOK

3 LDLC GROUP PIONEER AND HIGH-TECH ONLINE LEADER

4 KEY FIGURES AT 31 MARCH m Revenues FY ,000 employees 11 retail brands incl. 6 commercial websites 4 countries covered: France / Belgium / Luxembourg / Switzerland 29 stores LDLC.com (at 31 March 2018) 39,000 m 2 dedicated logistics platform

5 SPECIALISED MULTI-BRAND DISTRIBUTOR FRENCH LEADER ON THE ONLINE HIGH-TECH MARKET 5 BtoC BtoB High-tech Other businesses Some key dates 1996 Foundation of LDLC.com st store opening in Lyon 2001 Foundation of LDLC.pro 2002 Launch of LDLC.com Switzerland Lux & Belgium 2013 Development of physical retail store network 2016 Acquisition of Materiel.net 2017 Acquisition of Olys Group (BIMP, GDA i-tribu) New head office 2018 (plans) Launch of LDLC.com Spain Merger of Domisys/LDLC.com

6 BtoC, QUALITY OFFERING AND SERVICE CULTURE STRONG DIFFERENTIATION FACTORS 6 ONLINE HIGH-TECH PIONEER Creation of LDLC.com website in 1996 E-sport: LDLC team in 2010 Since 1998: cross-channel strategy DEPTH OF PRODUCT OFFERING 1,700 partner brands 50,000 listed products An LDLC PC brand POSITIONED AS A REPUTED SPECIALIST Materiel.net, No. 1 retailer of assembled PCs Online PC configurator (2017) No. 1 with gamers Advice from high-tech experts QUALITY OF SERVICE 60 in-house Customer Service employees LiveChat (2017 launch) After-sales service & repair departments Proximity due to strong store network A LARGE COMMUNITY OF FANS / HIGH ENGAGEMENT RATE (25%) 1,961, , ,161

7 BTOC, OTHER BUSINESSES RESOUNDING SUCCESS OF L ARMOIRE DE BÉBÉ 7 Launch of website May ,500 listed products for children aged 0-3 years Revenues 1.6m 70,500 fans on Facebook OPENING OF THE FIRST CONCEPT STORE 27 APRIL st pilot store in Limonest (69 - Rhône) 500 m 2 of sales space 2,500 products Additional services: advice, assembly, workshops 30,000 fans on Instagram Maginea.com: catalogue optimisation in progress 400 brands and 13,000 products for home and garden

8 STRONG SYNERGY BETWEEN ONLINE AND OFFLINE 8 DEPLOYMENT RAMP-UP: a dozen openings already planned NETWORK AT 30 APRIL LDLC.com stores 10 Materiel.net concept stores 11 Apple Premium Reseller stores (BIMP, GDA i-tribu) 1 L Armoire de BéBé store CONCEPT-STORES LDLC.COM STORES 2021 TARGET GENERATE REVENUES OF AROUND 300M 100 STORES UP & RUNNING BIMP, GDA i-tribu STORES LOGISTICS PLATFORMS L ARMOIRE DE BÉBÉ STORE More than one third of current franchisees wish to open another store

9 A MULTIPLE AWARD-WINNING CUSTOMER SERVICE DEPARTMENT 9 3 Qualiweb trophies in 2018 (Cocedal survey of 300 companies between Sep. and Dec. 2017) LDLC.COM, NO. 1 IN CUSTOMER SERVICE FOR ALL SECTORS Qualiweb trophy 2018 No. 1 for customer relations via Cross-channel trophy No. 1 for , Twitter, Facebook and LiveChat Qualiweb E-commerce trophy No. 1 for customer relations via for e-commerce retailers Voted Customer Service 2018 for the 4 th year running (BVA Group survey - Viséo CI - May-July 2017) 100% of s answered within 1 business day 15 seconds: average waiting time before speaking to an adviser 100% of answers on social media KEY DAILY FIGURES > 1,000 calls > 250 LiveChat interactions > 900 brands > 150 social network interactions

10 BtoB, AN OFFERING STRENGTHENED BY THE ACQUISITION OF THE OLYS GROUP 10 Apple distributors for business and retail customers (60%) No. 1 in France Strong brand recognition in the education market 18 branches including 11 Apple Premium Reseller stores 200 employees Designer of global solutions for public and private sector enterprises 2 facilities in Limonest (Rhône - 69) and since 2018 in Gennevilliers (Hauts-de-Seine - 92) A 100-strong team including 10 people based in the Paris region 2021 TARGET GENERATE REVENUES OF AROUND 300M

11 INTEGRATED LOGISTICS SOLUTIONS THROUGH TWO COMPLEMENTARY PLATFORMS 11 Two logistics platforms Saint-Quentin-Fallavier (Isère - 38): 21,000 m 2 of warehouse space Nantes (Loire-Atlantique - 44): 18,000 m 2 of warehouse space Over 200 employees in Procurement and Logistics After-sales service, Assembly, Repair Capacity to handle 8,000 packages per day Proprietary ERP systems STRONG SYNERGIES BETWEEN LDLC.COM AND MATERIEL.NET PLATFORMS

12 RESULTS

13 HIGHLIGHTS OF FY Results strongly impacted by the increase in memory component prices Solid comeback in H2 mainly due to synergies with Materiel.net Tight control of debt-to-equity ratio despite 3-year investment programme (Materiel.net and OLYS Group acquisitions, new head office) Launch of new development projects Acquisition of the Olys Group

14 REVENUES OF 472.1M 14 INDIVIDUAL BRAND CONTRIBUTIONS TO REVENUES IN M BtoC % Incl. cross-channel LDLC.pro Other Total % BtoC (excluding stores) 11.0% Stores 25.5% BtoB 2.5% Other BIMP made no contribution to 2017/2018 revenues

15 IN M REVENUES PER QUARTER 15 Q Q Q Q Other BtoB BtoC STRONG INDICATIONS OF A REBOUND in Q Overall, Q4 was up 0.6% BtoB BtoC Sustained revenue growth of 12% compared to Store sales of 12.1m, up 5% versus Slight increase (0.9%) compared to but still impacted by the increase in memory component prices

16 MARKET INDICATORS NUMBER OF NEW ACCOUNTS AVERAGE BASKET CHANGE (Total new accounts BtoC & BtoB) Up 7.2% 470,000 new customers IN

17 CHANGE IN GROSS MARGIN 17 Up 0.9 pt IN M Revenues Gross margin % 17% EFFICACITY OF PROCUREMENT SYNERGIES AS % OF REVENUES WITH MATERIEL.NET

18 CHANGE IN EBIT 18 IN M % % Revenues Gross margin % % Other purchases and external costs (25.9) 5.5% (24.4) 5.1% Staff costs (36.1) 7.6% (32.4) 6.8% Miscellaneous taxes (2.3) 0.5% (1.9) 0.4% Other costs (1.3) 0.3% (0.8) 0.2% EBITDA % % Depreciation and provisions % % EBIT % % Increase in gross margin due to "Procurement synergies" Tight control of fixed costs for a period including numerous development projects and launches (new websites, Spain, BtoB in the Paris region, etc.)

19 SUMMARY INCOME STATEMENT 19 IN M % % Revenues EBITDA % % Underlying EBIT % % Other operating income and expenses (1.6) - EBIT % % Financial profit (1.1) - (0.9) - Earnings before tax % % Tax (2.3) 0.5% (4.4) - Net Income % %

20 STRONG INCREASE IN H2 SALES 20 IN M H1 H2 H1 H2 Revenues Gross margin EBITDA EBIT Net income Increase in gross margin rate, 17.2% in H2 versus H1 (16.7%) and H (15.7%) Improvement in EBITDA margin in H2 at 3.2% compared to H1 (3.0%) and H (3.0%)

21 CASH FLOW STATEMENT 21 STRONG CASH GENERATION IN Free cash flow 12,260 17,083 Change in working capital 21,168 (1,429) Cash flow from operating activities 30,887 11,206 Cash flow from investing activities (43,610) (1,880) Cash flow from financing activities 33,815 4,468 Change in cash 21,093 13,794 Cash b/fwd 10,303 (3,491) Cash c/fwd 31,396 10,303 Investments in the head office ( 23.5m) and OLYS Group acquisition ( 15m)

22 BALANCE SHEET (INCLUDING GROUPE OLYS) 22 ASSETS IN M 31/03/ /03/2017 Non-current assets Inventories and WIP Trade receivables Other receivables Cash and cash equivalents Current assets Total assets EQUITY AND LIABILITIES IN M 31/03/ /03/2017 Shareholders' equity Short-term borrowings Non-current liabilities Loans and borrowings Trade payables Other payables and provisions Current liabilities Total equity and liabilities Debt-to-equity ratio tightly controlled at 0.85 (versus 0.66 at 31 March 2017)

23 ROADMAP AND OBJECTIVES

24 OUR ROADMAP Strengthened leader position in the online high-tech market Innovation and diversification of our offering E.g. LDLC.com becoming exclusive distributor of Shadow for France (1 st provider of data centre based PCs) Sustained pace of store openings Development of BtoB focusing on Ile-de-France Strong synergies with the OLYS Group Roll-out in Spain

25 OPERATION SET-UP IN SPAIN DURING FIRST HALF PROJECT UPDATE 25 Team in situ (4 people) Website in final stages Renovations underway in the Barcelona centre (700 m 2 ) and Madrid (1,100 m 2 ) stores STRUCTURE OF THE SPANISH MARKET ONLINE SPECIALISED PC Componentes ( 312m revenues in 2017) Games.es STORES IT/ APPLIANCES Media Markt ONLINE GENERAL Amazon STORES GENERAL El Corte Inglés

26 EXPECTED TRENDS FOR DOUBLE-DIGIT ORGANIC GROWTH AND FULL-YEAR IMPACT OF OLYS GROUP CONSOLIDATION

27 OUR TARGETS FOR bn in revenues 100 stores 5.5-6% EBITDA MARGIN

28 INVESTOR NOTEBOOK

29 SHARE CAPITAL 29 TOTAL NUMBER OF SHARES AT 25 MAY 2018: 6,322,106 De la Clergerie family % Laurent de la Clergerie: 19.40% Caroline de la Clergerie: 9.94% Olivier de la Clergerie: 9.74% Suzanne de la Clergerie: 1.13% *no action in concert: this segment includes members of the De la Clergerie family 40.21% De la Clergerie family* 7.61% Domicorp 6.1% Keren Finances 4.9% Amiral Gestion 2.08% Treasury shares 39.10% Public float

30 SHARE PRICE MOVEMENTS 30 SHARE PRICE OVER 5 YEARS up 91.45% PUBLICATIONS CALENDAR Q1 REVENUES : 26/07/2018 H1 REVENUES: 25/10/2018 H1 RESULTS: 06/12/2018 Q3 REVENUES: 31/01/2019 FY REVENUES: 25/04/2019 FY RESULTS: 20/06/2019 STOCK MARKET INFORMATION AND LISTING Euronext Compartment C FR LDL Market capitalisation: 99m 1 year high: 30.9 Publication after market close Analysts tracking the LDLC share: Gilbert Dupont/Ning Godement Oddo/Antoine Augier de Lajallet 1 year low: 15.36

31 APPENDICES

32 LDLC SCHOOL THE HUB NEW HEAD OFFICE Investment of 23.5m (incl. relocation) acres of land 7,000 m 2 of office space 3,400 m 2 of greenery 3 buildings: hub, central, offices LDLC School CANTEEN 400 on-campus employees + 80 students

33 THE COMPETITIVE LANDSCAPE IN FRANCE 33 ONLINE SPECIALISTS ONLINE GENERALISTS ONLINE & OFFLINE SPECIALISED BRANDS

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