Annual report 2011 - Groupe Mr.Bricolage

OuR
hOusE
2011 Annual Report
INTERVIEW
with Jean-François
Boucher
OuR FuTuRE
3 priorities for 2012
OuR NEIghbOuRs
Life in the networks
OuR ValuEs
Financial and
non-financial
indicators

Indicateurs : FINaNCIERs ET ExTRa-FINaNCIERs
CONTENTs
1
2-3
4-11
12-17
18-24
Profile
Interview with J.F. Boucher
Three priorities for 2012
Life in the networks
Indicators

eDiTo
“ With new members, more affiliates and additional partners,
Mr Bricolage’s house is expanding. It is built on solid foundations:
local stores and customer service. ”
Jean-françois Boucher
Chairman and CEO
Profile
No.1 In local* DIY Market In France
€2.3 BIllIon In netWork turnover (Incl. tax)
640 unDer group BranDs stores
IncluDIng 60 outsIDe France
264 aFFIlIates
300 to 10,000 m 2 oF retaIl space
catchMent areas: 10,000 to 100,000 InhaBItants
12,000 eMploYees

inTerview wiTh Jean-françois Boucher chairman and ceo
in a PerioD
of insTaBiliTy,
consumers
are refocusing
«our house»

2011 annual report
2/3
no.1 in the local* DIY market
in France, the Mr Bricolage
group continues to grow
and prepare its future.
how would you describe 2011?
As I said a year ago, 2011 was a year in which we prepared for the future.
We continued to invest in Network Services and to speed up our debt
reduction (€-27.6 million).
This will enable us to seize new growth opportunities.
What were your biggest projects?
We launched three new private label brands (.B, Inventiv’ and Dédicace)
which have been so successful that we will be rolling them out in 2012.
Installation and hire services have also been a hit with customers so we
will be developing these. Lastly, the UNIMAG store management IT system
was tested in 2011. Nine stores have been equipped with this tool since
the start of 2012, and 40 will have it by the end of the year. It represents
real value added for our central services units and networks.
how is the DIY market?
There has been an upturn in the market as consumers turn their attention
to the home; it is seen as a secure place that people want to make
improvements to during a period of instability. Spending time making the
home comfortable and pleasurable is a well-established trend.
has your multi-brand offering been as successful
as you had hoped?
We have far surpassed our targets for this strategic development priority.
Retailers can choose between membership of one of our brand names –
Mr Bricolage, Les Briconautes or L’Entrepôt Du Bricolage (a soft-discount
brand) – and affiliate status, so everyone who joins us can find an offer to
suit them.
has the soft-discount experience with l’entrepôt
Du Bricolage been satisfactory?
We wanted to democratise DIY while still holding onto our values of being
a local retailer providing quality and advice. The pilot store in Amphion has
exceeded our expectations and we plan to open two more stores in 2012.
Will you also be reinvesting in downtown
locations?
Our customers don’t necessarily want to have to drive just to buy a can
of paint, a DIY tool or some compost for their plant pots. In 2011 we
opened a store in the downtown of Tours which has been hugely
successful with local residents.
What progress has been made with your project
to support French brands?
We are positioned as a local retailer. That means we have to think hard
about our purchasing and sourcing. We are considering a range of
products “Made in France”.
What is your take on the disappointing results
posted by Directly-owned stores?
Our market had a difficult time in summer 2011. In order to turn around
Directly-Owned Stores, we launched an action plan to sell or resize fifteen
targeted stores. We have taken the first steps in these stores so we expect
a decrease in their operating losses of around €1 million in 2012.
Concrete measures were also put in place to increase performance at the
74 other stores that we run directly.
What is your main strength?
Our strength lies in our relationships with other people. We reach out to
people through our local positioning. We want to be close to our customers
and close to each one of our retailers. It is essential to be a local retailer
in the digital age. I am convinced that we will witness a return to faceto-face
contact. Customers will do their research on the web but will then
need personal contact, advice and services. People are at the heart of our
business as a retailer.
how do you intend to approach the future?
In 2012 we will reap the rewards of the investments made over the past
two years. We are focusing on the targets defined in our “Trajectoire 2014”
plan.

Dossier : Three PrioriTies for 20i2

2011 annual report 4/5
our
fuTure
recognised as the key player for independent
local DIY retailers, Mr Bricolage aims
to become their first choice.
a home in which everyone chooses their own lifestyle!
With a multi-brand offering based on 4 membership options, the Mr Bricolage Group meets the needs of DIY retailers whose main
characteristic is independence.
Members who choose the
brand name benefit from its high profile and shared services.
The
brand name provides à la carte services.
brand name proposes a soft-discount concept.
Lastely, as a «club» affiliate, it can be independant while bénefiting of the group’s purchase power.
“trajectoire 2014”
On the back of this strategy, the Group is reiterating its ambitions for 2014.
Network turnover (incl. tax) of €2.5 billion
Operating margin of 8% of consolidated turnover

Dossier : Three PrioriTies for 20i2
3 sTraTegic
PrioriTies
i
turn around Directly-owned stores
15 stores targeted as priorities are to be transferred or resized.
2
Intensify network development through the multi-chain
3
offering, while still being positioned as a local, and even
neighbourhood, retailer.
Invest in network services and increase the networks’
purchase volumes.

2011 annual report 6/7
the group has put in place an action plan to reduce
operating losses at Directly-owned stores.
objective: return to operating breakeven by 2013.
DirecTly-owneD sTores
overview
anD ouTlook
Performance was disappointing, with
turnover down 0.6% in 2011 (-2.8% on a
like-for-like store basis). Summer 2011
saw a considerable slow-down in
consumption, followed by an upturn in the
fourth quarter. Anxiety caused by the
economic crisis was combined with
aggressive attacks by our competitors
in some strategic catchment areas (mainly
in medium-sized cities).
action plan put in
place for 15 stores
targeted as a priority
Of the 89 Directly-Owned Stores, 15 have
been targeted as a priority: these 15 stores
alone represented an operating loss
of €4.3 million in 2011. These stores will
either be sold to the networks or third
parties, or be resized.
“Some stores need the impetus of an
independent retailer, an owner with strong
roots in the local community,” explains
Jean-François Boucher. “Others need to
reduce their retail space, thereby reducing
their costs. Another retailer could be
brought into the space which is no longer
used and therefore increase store visit.”
Initial decisions have already been made
regarding 8 stores, with the result that
we expect to see a reduction of around
€1 million in operating losses for the
current financial year. Losses will decrease
considerably from 2012 on, with this
business returning to breakeven in 2013.
case study: amphion
Formerly part of the Mr Bricolage brand, the
store at Amphion-Les-Bains (Haute Savoie)
was under intense attack from the competition.
It was given a new lease of life
by switching to the L’Entrepôt Du Bricolage
brand, and its results now exceed the
Group’s expectations.
TARGET FOR 2012:
the 74 other
Directly-owned stores
all have targets to improve
performance.
assuming the same level
of turnover, the targets focus
on three key management
indicators:
• gross margin
+0.25 basis points
• employee ratio
-0.5 basis points
• inventory shelf life
-7 days

Dossier : Three PrioriTies for 20i2
DirecTly-owneD sTores
overview
anD ouTlook
greater independence
for an improved
performance
As manager of their own company, responsible
for their own accounts and profits,
each store director will have greater
independence to adapt prices to the local
market on a daily basis.
He will also have independence in managing
its store’s resources. To counter the
impact of the reduction in payment terms
(France's Economic Modernisation Act),
stores will refocus on a smaller number
of suppliers. The aim: decrease the number
of products stocked while still meeting
customer expectations.
Innovative, the store
of the future
The Group is studying the concept of the
retailer of the future. A pilot store opened in
Montereau (Seine et Marne) on 18 April
2012 with two key priorities: provide assistance
to customers and return to core skills
and services. Customers are welcomed,
helped and given assistance with their
projects. The pilot store is also assessing
a “cross-channel” strategy which draws
on the benefits of the internet and makes
the most of our sales assistants’ expertise.
It also highlights basic products in the
hardware, electrical, timber and plumbing
departments. The store has two aims:
to draw in DIY-enthusiasts with wellstocked
technical departments and to
assist customers with their projects.
Each DIY-enthusiast has to be able to find
everything they need. And every project
should be completed!
CHANGES IN STORE
PORTFOLIO IN 2011
3 acquisitions: aurillac,
villefranche-sur-saône and
château-gontier.
2 stores sold: pithiviers
and amphion-les-Bains
2 brand changes
(les Briconautes to
Mr. Bricolage):
ussel and tulle
at the end of 2011, the group
had 89 Directly-owned stores,
including 87 Mr Bricolage stores
(370,200 m 2 ) and 2
les Briconautes stores
(9,800 m 2 ).
the group has also continued
to renovate its directly-owned
network with 10 projects in 2011
and 5 projects planned for 2012.

2011 annual report 8/9
With its two central services units, Mr Bricolage
and le club, the group meets the needs of all its
DIY and garden-centre retailers.
guy Beghin, Director of le club and Deputy chief executive
officer, explains why the union has been so successful.
neTwork services
2 cenTral ParTs
two years on from
the group’s purchase
of le club, the results
are very positive.
how do you explain
this success?
Our approach has been to listen to others,
act with humility and search for synergies.
Le Club is a grouping of independent DIY
stores and garden centres.
What synergies are
there between the two
central services units?
The teams at Mr Bricolage and Le Club
have learned to work together to develop
joint purchases. Le Club brings its gardencentre
expertise and its know-how in local
communications. Mr Bricolage brings its
private label products for the Group’s networks
and its logistics. The union of the two
represents increased purchasing power
and, ultimately, better commercial terms for
our networks.
how is le club
organised?
Le Club is an independent subsidiary which
is free to make its own decisions. Members
choose Le Club because of its economic
model. They want to choose their products
from a large selection of items.
These are DIY brands built mainly on the
basics with significant local adaptation.
Stores in rural areas stock agricultural products,
while those in downtown locations
stock tableware; in some areas stores sell
small electrical appliances, car products,
bicycle products, etc. Lastly, Le Club
provides local communication services
which take account of regional differences.
Stores in northern France and southern
France don’t sell the same products at the
same time!
What is le club’s
main strength?
Its culture, without a doubt! Le Club loves
its members. It listens to them and
meets to their specific needs.
LE CLUB’S SUCCESS
a grouping of independent
DIY stores and garden centres,
le club just keeps growing.
2009: 397 member stores.
2011: 4i7 stores and a
partnership with sevea which
brings together 192 affiliate
garden centres, most of which
are under villaverde and Baobab
brand.
2012: 7 openings planned
and a new partnership.

Dossier : Three PrioriTies for 20i2
neTwork services
ProJecTs zone
the Mr Bricolage group rolls
out services launched in 2011
Installation service:
Mr Bricolage takes
care of it
Offered in 100 stores in 2011, the
“ProPose” service will be rolled out to
135 stores by the end of 2012. This service
is a great help to customers, who can now
make their dream projects a reality without
any stress or bad surprises. Mr Bricolage
puts customers into contact with reliable
craftmen, prepares a quote, guarantees the
work, ensures deadlines are met… in other
words, takes care of everything! Thanks to
this service, the conversion rate for quotes
is over 50% and the average spend on
installation is €737.
With “ProPose”, customers don’t feel
intimidated by the work to be done and
only have to deal with one point of contact.
The installation service is provided for
all sorts of jobs, such as installing a woodburning
stove, laying parquet flooring,
updating a bathroom or fitting cupboards.
hassle-free hire!
The new hire service, “Service Loc”,
provided in partnership with Kiloutou, was
tested in 14 stores in 2011. It will be offered
in 70 stores in 2012 with a 5-m 2 concession
stand reserved for equipment hire
(between 35 and 50 items available).
Mr Bricolage is responding to demand from
customers, enabling them to leave the
store with everything they need to turn their
projects into a reality.
unimag lends
a helping hand
to managers
Tested in 2011, this new store management
IT system will be rolled out to
40 stores in 2012.
The aim is for all Mr Bricolage stores
in France to be equipped with the system
by the end of 2014. Accessible online, this
modern management tool makes day-today
management of the business considerably
easier. Unimag monitors stock levels,
carries out automatic restocking using
search engines, keeps tight control of margins
and compares data with other stores,
enabling managers to think ahead and
react quickly. It will
also include an
e - c o m m e r c e
section from 2012.

2011 annual report i0/ii
private labels
Gradual growth of the ‘.B' brand, split into
in five categories:
The Group's purchasers have selected
products which are equivalent to national
brands in terms of quality but are 15 to
20% lower in price. This strategy
encourages customer loyalty while also
generating higher margins.
It is rolled out to all
the Group’s networks,
with the
aim of a gradual
ramp up in the
Group’s purchases.
B FOR BEST SELLER!
2011
ii%
of group purchases
target for 2012
i3%
target for end-2014
20%

current events: life in The neTworks
our
neighBours

2011 annual report i2/i3
In 2011 Mr Bricolage group’s networks posted over €2.3 billion
in turnover (incl. tax), an increase of 0.5% compared to 2010.
this growth was driven in particular by international turnover,
which was up 3.2% at current scope.
International: €198.6 million, incl. tax (+3.2%)
> 9 countries
> 60 stores
France: €2,124.4 million, incl. tax (+0.2%)
Belgium (36)
Eastern Europe (16): Bulgaria (10),
Romania (3), Serbia (3)
Other countries (8): Andorra (1), Morocco (3),
Mauritius (1), Madagascar (1), Uruguay (2)
> 580 stores under group brand
• €1,825.1 million, incl. tax
> 264 affiliates
• €299.3 million, incl. tax
TURNOVER IN FRANCE (ON A LIKE-FOR-LIKE STORE BASIS):
A F F I L I A T E S
-0.4%
At current surface area
• €1,533.1 million in turnover, incl. tax
+i.5%
* Turnover (incl. tax) of Les
Briconautes stores in 2010 has
At current surface area
-0.5% ** • €246.5 million -5.i% in turnover, incl. tax
been re-estimated after a
*
sample group of 85 stores was
set up.
** Based on the sample group
of 85 stores.
At current surface area
• €299,3 million in turnover, incl. tax
+7.9%
INTERNATIONAL TURNOVER
2011 TURNOVER (INCL. TAX) BY AREA
Other countries 13%
Belgium 48%
Eastern Europe 39%
International turnover is up by 3.2% at current scope
(-3.3% on a like-for-like store basis).
Belgium, with 7 stores opened in 2011, increased
by 15.3% at current scope (3% on a like-for-like store
basis).
In Eastern Europe (-11.8% on a like-for-like store
basis), which is still experiencing difficulties in a
particularly deteriorated market, an action plan was
set up to resize the stores in each area.

current events: life in The neTworks
With a multi-brand strategy, new partnerships,
downtown locations and international development,
the Mr Bricolage group plans to expand
while still retaining the feel of a family business.
Jacques Blanchet, Deputy chief executive officer,
gives us an update.
our house
is exPanDing!
4 offers to develop the
networks, targets for
2011 surpassed
The successful union with Les Briconautes
was the first step in the multi-brand
strategy (Mr Bricolage, Les Briconautes,
L’Entrepôt Du Bricolage), Affiliates.
This strategy is bearing fruit and is even
exceeding forecasts as in 2011 we opened
32 Mr Bricolage stores, 6 Les Briconautes
stores and pilot L’Entrepôt Du Bricolage
store. We were also joined by 8 new
affiliates and entered into a partnership
with SEVEA covering 192 garden centres
(mainly under the Villaverde and Baobab
brands).
leading stores in
downtown locations
The Group is founded on the concept of
local retailing. Mr Bricolage intends to open
stores as close as possible to its customers,
in the very heart of cities. Adapted to an
urban customer base, networks with retail
space of 1,000 to 2,000 m 2 meet current
consumption needs. Customers are welcomed,
given advice and can find essential
products for repair jobs, storage, gardening
and all their hardware, electrical and
houseware needs. “Following the opening
of stores in Tours and Strasbourg, we have
projects in Paris and twenty other large
cities,” explains Jacques Blanchet, Deputy
Chief Executive Officer. “The aim is to open
15 stores by 2014.”

2011 annual report i4/i5
people who should listen to each
other, be open towards other cultures
and take on board different expertise
– in other words,
grow – with the shared values
of local retailing and customer focus.
the Mr Bricolage spirit
The distinctive feature of the Group is that
it puts people at the heart of its business.
It’s people who make the difference.
“We want to be the number one Group
for our members, our employees and our
customers,” continues Jacques Blanchet.
“We aren’t just developing our DIY stores,
we’re also developing garden centres
and even farm supply stores. But we don’t
want to just buy stores or sign financial
partnerships. Our agreements are also
turning around people.”
case sTuDy:
francis DuBois
At the age of 40, Francis Dubois has just opened the Mr Bricolage store in
downtown Tours, thanks to financial support and assistance provided by
the Group through the “Passport for entrepreneurs” scheme. He explains:
“I spent 8 years managing a store for an
independent retailer and was very keen
to try it for myself. Helped by the Group’s
Development department, I drew on the
successes of the Strasbourg store and
strategic pointers from management.
Through “Passport for entrepreneurs”,
the Group contributed part of the investment
and helped in negotiations with
banks.
I also received considerable support
from the Architecture department.
My store covers 971 m 2 and is located
between the train station and the town
hall; it has a complete DIY offering
for the home, 4 sales assistants and
2 checkout assistants. We have received
a very warm welcome from the
public. Every day I receive dozens of
messages congratulating me on my
decision to open in the city centre!”

current events: life in The neTworks
2 partnerships are part of the strategy to
develop the networks and mass the group's
purchases.
a new worlD
of
PossiBiliTies!
spotlight on a mediumsized
discount store
In February 2011 the Group signed a partnership
agreement with La Boîte à Outils,
a subsidiary of the SAMSE Group, to develop
a network of local discount stores under
the brand “L’Entrepôt Du Bricolage”.
The first store, opened in Amphion, is posting
very good results. Fifteen new medium-sized
(2,000 to 3,000 m 2 ) stores will
be opened by 2014.
Objective: to provide low-cost, high-quality
products, with fewer items stocked and
minimal product displays, but offering
advice, services, a projects desk and the
possibility of hiring equipment. This additional
offering is aimed at those who do a
lot of DIY, with basic items and technical
products at low prices.
Focus on gardens
In November 2011 Le Club signed a partnership
agreement with the SEVEA Group,
the purpose of which is to mass
purchases of the two groups, drawing on
the power of the Mr Bricolage Group’s
referencing and the SEVEA Group’s
expertise in garden centres.
This alliance makes it possible to complete
the local offering in a business which
is complementary to DIY. Born out of the
merger between Villaverde and Pollen, the
SEVEA Group represents 192 garden centres,
mainly under to the Villaverde (72 franchises)
and Baobab (45 franchises) brands,
the remaining 75 being affiliates.
the gardening department represents i5.7%
of turnover for Mr Bricolage stores, in second place
behind decorating. gardening is the leading
department in les Briconautes stores!

2011 annual report i6/i7
the group continues to expand, with a ramp up in the Belgian
network. restructuring in eastern european countries enables the
group to start 2012 with confidence and to open new stores.
sPiriT of oPenness
Belgium: trust from
our members
7 stores were opened in Belgium in 2011.
6 are run by independent retailers. With
36 stores, Belgium makes the biggest
contribution to the network international
turnover. “Our aim is to have 40 stores
in 2012 and for turnover to exceed
€100 million,” says Yves Puddu, head of
international development. The network
is expanding across Wallonia, with stores
covering retail areas of between 1,500 and
2,000 m 2 .
the “French touch”
travels outside of
France
The Group is developing its master-franchise
networks. In 2012, 7 openings are
planned in Belgium, Bulgaria, Macedonia,
Morocco, Madagascar and Mauritius.
“By creating an international purchasing
coordination department and appointing regional
organisers, we are bolstering the assistance
provided to our partners and
helping them to develop,” continues Yves
Puddu. “We are still looking for opportunities,
particularly in the Mediterranean basin
and in Eastern Europe. We decide whether
or not to proceed based on how we get on
with the people.”
eastern europe and
the Balkans: searching
for the best positioning
Development continues with an opening
planned in Skopje in Macedonia. In Serbia,
a third store was opened in 2011 in the
centre of Belgrade.
However, openings in Albania have been
put on hold. And, hit by the crisis in Bulgaria
and Romania, the Group is concentrating
its efforts on restructuring (in particular,
adapting surface area to the customer
catchment area) and boosting support
services.

financial anD non-financial indicators

2011 annual report i8/i9
our
values
the performance of the Mr Bricolage group is the
result of its original shareholder structure and its
governance (with Mr.Bricolage members strongly
represented), but also of its managerial values, which
place people at the heart of the group’s development
strategy.
When it comes to values, non-financial criteria are as important as economic criteria!
A balance which benefits sustainable performance.

financial anD non-financial indicators
shareholDer Base
anD corPoraTe
governance
the Mr Bricolage sa stock
Compartment: Euronext, Compartment C
ISIN code: FR 0004034320
Reuters code: MBRI.PA
Bloomberg code: MRB.FP
It belongs to the following indices: CAC Small, CAC Mid &Small, CAC All-Tradable,
CAC All-Share
Number of shares: 10,387,755
Each share has a par value of €3.20.
share price performance and trading volumes
since 1 January 2011
Base 100
120
Number En nombre of shares de titres
200000
Mr Bricolage sa
meets its shareholders
The investor relations department jumps
at any opportunity to meet institutional
investors and individual shareholders.
In addition to the two meetings to present
annual and half-year results, the Group
also attends the Oddo Midcaps forum
in Lyon and the Small and Midcaps Event
in Paris. In 2011, for the first time,
Mr Bricolage SA met individual shareholders
belonging to the Fédération Française
des Club d’Investissement (FFCI) at the
CapInvestors session.
Dividend up by 1.7%,
proposed at €0.59 per
share.
100
150000
0,50
0,53
0,55
0,57
0,58
0,59
Mr Bricolage
CAC All Tradable
100000
80
50000
60
01 02 03 04 05 06 07 08 09 10 11 12 01 02 03
2011 2012
In 2011 the Mr Bricolage stock traded between a high of €14.47 (11 February 2011) and a
low of €9.02 (22 December 2011). This change is explained mainly by the stock market crisis
in the summer of 2011. Since this low point, the Mr Bricolage stock has increased by over 15%
(at end-March 2012).
On 30 March 2012, the Mr Bricolage stock closed at €10.54, i.e. a market capitalisation
of €109.8 million.
0
2007
2008
2009
2010
2011
2012
proposed
It is Mr Bricolage’s policy to pay out regular
dividends. The Shareholders’ Meeting of
20 April 2012 will be asked to pay a dividend
of €0.59 per share, up 1.7% compared
to 2010. Based on closing prices in 2012
(2 January to 23 March), this dividend gives
the Mr Bricolage stock a yield of 5.7%.

s
2011 annual report 20/2i
shareholder breakdown
The companies SIMB, SIFI and SIFA represent Mr Bricolage members and are long-standing shareholders
of the Group. The Tabur family has been present in the capital since merging with the Group in 2002. Lastly,
the free float is primarily held by institutional investors and 3,700 individual shareholders.
Public: 32.0%
Institutional investors: 23.0%
Individuals: 7.4%
Treasury shares: 1.6%
Mr Bricolage Members (ANPF) 41.9%
SIFI SIMB SIFA
1.2% 35.3% 5.4%
Tabur family 26.1%
composition of the Board of Directors:
Chairman: Jean-François Boucher
Vice-Chairman: Michel Tabur
Directors: Alain Bériou (independent), Thierry Blosse, Caroline Calliès, Georges Corazzini, Serge Courriol, Bernard
Désérable*, Gaétan-Pierre Dumonceau, Zacharie Hardy, Yves Lafargue (independent), Bernard Mahuzier (independent),
Christine Monier*, Pascal Morvan, SIMB (Eric Lugand), Didier Tabur.
* Subject to approval at the next Shareholders' Meeting.
Tabur family
ANPF
(Mr Bricolage
members)
SIMB
Independent
directors
composition of the executive committee:
Jean-François Boucher – Chairman and CEO
Jacques Blanchet – Deputy Chief Executive Officer
Guy Beghin – Deputy Chief Executive Officer in charge
Philippe Colomby – Deputy Chief Executive Officer in charge of Directly-Owned Stores
Investor and
shareholder contact
For any information or documentation:
Mr Bricolage Financial Communication
Eve Jondeau
Tel: +33 (0)2.38.43.21.88
eve.jondeau@mrbricolage.fr

financial anD non-financial indicators
financial
highlighTs
In 2011, the targets for growth in ordinary operating profit
and for debt reduction were achieved.
turnover
€562.3
million
(-0.4%)
ordinary
operating
profit (2)
€39.6
million
(+1.9%)
net profit, group
share from continuing
operations
€i8.0
million
(+1.0%)
Dividend
€0.59/share
(+1.7%)
547.5 564.7 562.3 39.7 37.9 37.8 29.9 38.9 39.6
21.5 17.9 18.0
2009 1
2010
2011
2009 1
2010
2011
2009 1
2010
2011
Consolidated turnover
(millions of euros)
Operating profit
(millions of euros)
Ordinary operating profit 2
(millions of euros)
Net profit, Group share from continuing
operations (millions of euros)
50.4 46.7 46.7 46.8 56.3 16.6
134.1 174.3 146.6
(1) 2009 profit was adjusted for the
deferred tax associated with the
2009 CVAE (Contribution à la Valeur
Ajoutée des Entreprises - a levy
assessed on added value) (impact
on the income tax line item and on
net profit).
(2) Operating profit excluding gains
(losses) on disposals and
non-recurring items.
(3) Net debt of the cash position and
current financial assets.
2009 1
2010
2011
2009 1
2010
2011
Cash flow from operating activities
(millions of euros)
2009 1
2010
2011
Capital expenditure including
changes in scope (millions of euros)
2009 1
2010
Net debt 3
(millions of euros)
2011

2011 annual report 22/23
summary consoliDaTeD income sTaTemenT
2011 results
Despite the slight decline in sales, the Group
improved its ordinary operating profit, in line
with its commitment.
Ordinary operating profit was
€39.6 million, an increase of 1.9%, mainly
thanks to the contribution of the Network
Services business (ordinary operating profit
up by 5.8%). Despite the efforts which
led to a new improvement in their sales
margins this year (+0.24 basis points),
Directly-Owned Stores posted an ordinary
operating loss of €-5.2 million, compared
with a loss of €-3.6 million in 2010; this
was linked to a level of turnover which did
not cover the change in operating expenses.
The Group has implemented an action plan
targeting as a priority 15 stores in order
to reduce the losses in this business in
2012.
Net profit, Group share totalled
€17.7 million (of which €-0.3 million from
operations held for sale), compared to
€20.1 million (of which €+2.2 million from
operations held for sale) in 2010.
reduction in net debt
of €27.6 million
The Group reduced its debt by
€27.6 million in 2011. At 31 December
2011, the Group's net debt stood at
€146.6 million and, with €236.7 million in
equity, gearing* stood at 62%, a reduction
of more than 15 points compared to
31 December 2010.
targets for 2012
Mr Bricolage SA has set the following targets
for 2012:
- an increase in consolidated turnover at
Network Services;
- a slight increase in consolidated turnover at
Directly-Owned Stores, on a like-for-like
store basis;
- an improvement in operating profit;
- a continued reduction in debt.
(1) Net debt / equity
Millions of euros (at 31 December) Accounts audited by the independent auditors 2011 2010 Variation
Consolidated turnover 562.3 564.7 -0.4%
Ordinary operating profit 1 39.6 38.9 +1.9%
As a % of turnover 7.0% 6.9%
o.w. Directly-Owned Stores (5.2) (3.6) -43.1%
o.w. Network Services 44.6 42.1 +5.8%
Operating profit 37.8 37.9 -0.3%
o.w. Directly-Owned Stores (5.5) (3.9) -41.3%
o.w. Network Services 43.0 41.4 +3.8%
Share in net profit (loss) of associates (3.1) (1.0) n/a
Corporation tax 9.7 12.3 -21.2%
Net profit, Group share (from continuing operations) 18.0 17.9 +1.0%
As a % of turnover 3.2% 3.2%
Net profit (loss) on asset disposals (0.3) 2.2 n/a
Net profit, Group share 17.7 20.1 -11.9%
Net debt-to-EBITDA 2.8x 3.2x
(1) Operating profit excluding gains (losses) on disposals and non-recurring items.

financial anD non-financial indicators
susTainaBle DeveloPmenT
a house
BuilT To
lasT…
respect for wood
For several years the Group has favoured
wood products from forests which comply
with the principles of sustainable forest
management. The Group works
in partnership with different expert
associations, such as “The Forest Trust”.
This policy will make it much easier for the
Group to manage the transition to new
regulations on wood traceability applicable
as of 1 January 2013.
long live compact
fluorescent light bulbs!
They last eight times longer and use five
times less energy.
These energy-saving light bulbs replace
incandescent light bulbs, which are
scheduled to be permanently removed
from shelves in 2012. To ensure a smooth
switch-over, Mr Bricolage offered compact
fluorescent bulbs for less than €1 in 2011,
selling almost 100,000. The Group has also
arranged to collect and recycle used bulbs
with its partner Récyclum.
Follow the guide
In 2011 Mr Bricolage distributed “Le guide
des bonnes pratiques” (The guide to good
practices) in all its stores. This publication
gives concrete solutions for saving water
and energy.
Key environmental indicators
Water consumption
in m 3 / m 2
20i0: 0.09
20ii: 0.09
gas consumption
in kw/m 2
20i0: 55.8
20ii: 56.5
electricity consumption
in kw/m 2
20i0: 86.9
20ii: 78.7
taux de tri des déchets
20i0: 27.5%
20ii: 28.8%

2011 Annual Report 24/25
… WITh a sOlId
aRChITECTuRE!
The “Trajectoire 2014”
plan
One hundred employees and members
worked on 12 strategic projects within the
Group.
Task: To make Mr Bricolage the number
one Group for its concept of local retailing
and employees job satisfaction, and its
ability to develop the capital of its members
and increase the value of its customers’
homes. 9 of these projects are already
being rolled out. The 3 others relate to the
retailer concept, which has a pilot store
in Montereau, optimising relations with
members and getting employees involved.
These projects are considered to be of
strategic importance in the medium and
long term, so the Group is paying particular
attention to their roll-out. For example,
3 priorities have been identified to
When the house expands,
employees advance!
encourage employee involvement:
assisting managers, developing internal
communication and improving employee
well-being. Watch this space for this
participation approach!
Numerous
springboards
The Group seeks out bright talents
and helps them to advance. Its aim: to
encourage employees to develop by giving
them the chance to grow. The Management
School prepares future store directors.
“Passport for entrepreneurs” helps
employees to manage their own company
by giving them financial support and
providing assistance with management and
business skills. In 2011, 100 employees
were promoted internally. 3 former
employees took over stores as members.
Key employment indicators
Total consolidated headcount
2,828
Network Services
538
Directly-Owned Stores
2,290
Women account for
48% of the total headcount
Network Services
50.4%
Directly-Owned Stores
47.5%
New hires on open-ended contracts
368
29,804
hours of training
given in 2011
24.6% of employees
are under 30 years of age
29.6%
are older employees
(over 45 years of age)
3.8% of employees
have a disability.

01 56 88 11 11 - Photos : Photothèque Mr Bricolage SA - Dixdix - DR.
1, rue Montaigne – 45380 La Chapelle-Saint-Mesmin
Tél. : 02 38 43 50 00 – Fax : 02 38 43 11 58
www.mr-bricolage.com