IKEA Stores - Fourlis

fourlis.gr

IKEA Stores - Fourlis

May 2012Smith Barney Third AnnualSmall/Mid Cap Conference1


Fourlis Group VisionA Passion for Better Living.To create superior value for our Customers, People,Shareholders and Society by delivering goods andsolutions for better living.Fourlis Group ValuesIntegrityRespectEfficiency2


Fourlis Group Strategy Efficient development of international partnerships, focusedprimarily in Retail and secondarily in non Retail channels. Each subsidiary is managed separately by dedicated management.However all subsidiaries take advantage of the group synergies whichare coordinated by the corporate center.3


Currently Operating in Greece, Cyprus, Bulgaria, Romania and TurkeyOur Business ActivitiesHome Furnishing RetailSporting Goods RetailIntersportNew LookFashion Goods RetailElectrical Appliances WholesaleIkeaIntersportNew LookTurkeyIntersport4


Operating in a Challenging Economic EnvironmentRetail Sales in Greece (yoy %)FY 09FY 10 FY 11 FY 12Source: Hellenic Statistical Authority5


Group Legal StructureFOURLIS HOLDINGS S.A.100% 100%FourlisTradeΑ.Ε.Β.Ε.HousemarketΑ.Ε.(IKEA)100%IntersportAthleticsΑ.Ε.99% 100%Service OneΑ.Ε.100%Η.Μ.Housemarket(Cyprus) Ltd(IKEA)Housemarket(Bulgaria) EAD100%(IKEA)TradeLogisticsΑ.Ε.Β.Ε.100%100%75%IntersportAthletics(Cyprus) Ltd100%GencoBulgariaLtdIntersportAtletikASGencoTrades.r.l.6


Executive Summary Q1FY12The Retail Market in Greece continued its deterioration for 14 th consecutiveQuarter affecting severely both of our categories, especially the Home Furniture.Overall in Q1 the Group is on a marginally positive EBITDA position, driven mostlyby outside Greece operations.‣ Sales at € 90,6 mio vs 93,5 mio (Continuing Operations) in Q1FY10‣ 3 new Intersport stores and 1 New LOOK store.‣ Net Debt € 159,2 mio.‣ EBITDA € 0,9 mio vs € 5,7 mio in Q1FY10.‣ PBT at € -6,2 mio vs € 0,9 mio in FY11.‣ NP at € -5,2 mio vs € 0,5 mio in FY11.7


Net Debt by Sector (€MM)Dec. 31 st , 2011 Mar. 31 st , 2012Δ119,3 130,5 11,223,8 26,6 2,93,0 1,6 -1,42,3 2,8 0,5-4,9 -2,3 2,6Total143,4 159,2 15,79


Net Debt Evolution (€MM)2007 200820092010 2011 201210


Net Debt Cause of Change (€MM)Net DebtPY 2011PBTWorkingCapitalChangesCapexSpending/EquityInterestNet DebtCY 2012Non CashCharges11


IKEA in the world (facts & figures) IKEA is the world leader in home furnishings and accessories Founded in Sweden in 1943 IKEA numbers 325 stores in 38 countries IKEA retail square meters now exceed 8.4 million worldwide 734 million visitors all over the world in fiscal year 2011 Turnover for fiscal year 2010 (Sept. 10 through Aug. 11) EUR 26.0 bio In 2010, the IKEA catalogue was produced in 208 million copies 900 million website visits a year in 2011 42 is the average age of IKEA visitors 60% of visitors to IKEA are women12


The IKEA FranchiseIKEA Franchisees should:have thorough retail experience combined with extensive local market knowledge.be able to clearly demonstrate outstanding understanding of and strong commitment to theIKEA Concept.have the financial strength and potential as well the ability to locate and develop proper real estate sites.Inter IKEA Systems B.V. continuously provides IKEA Franchisees with the support they need to operate the IKEA Concept.Opening an IKEA operation requires considerable investment, which are entirely incurred by the IKEA Franchisee.13


IKEA Financial PerformanceIKEA Key Financial Figures (in €mm)Q1CY 12 PY 11 Index CY 11 PY 10 IndexFY1159,1 67,0 88 Revenue 313,7 319,4 9822,4 27,0 83 Gross Profit 121,6 128,5 9537,9% 40,3% Margin 38,8% 40,2%1,6 5,6 29 EBITDA 24,4 36,6 672,7% 8,4% Margin 7,8% 11,5%-3,7 2,2 n/c PBT 7,9 24,4 32-6,2% 3,2% Margin 2,5% 7,6%14


Countries we OperateExisting StoresFuture Openings15


IKEA stores todayThessalonikiAES(Athens I)CyprusACS(Athens II)LarissaIoanninaSofiaBulgariaOpening DateOctober2001April 2004September2007March2008October2009December2010September2011Check outs 20 22 19 23 15 15 19Employees 280 376 241 433 203 228 309No of Visitors (mil)+ 0,8%1.8231.837Q1 11 Q1 1216


IKEA StoresNew IKEA store in Larissa opened in October 20092 nd IKEA store in Athens opened in March 2008IKEA store in Cyprus opened inSeptember 2007Fully Automated IKEA Logisticscenter operates since April 200817


IKEA in BulgariaSofia store opened on September 20 th , 201118


IKEA Expansion Plan Athens 3 storesGreece Thessaloniki 1 store Countryside 3 storesCyprus Nicosia 1 storeExisting StoresFuture OpeningsBulgaria Sofia 1 store Countryside 1 stores19


International• The world’s largest retail sporting goods chain• More than 5.300 stores in 39 countries•More than 50 million customers are served per year• Group’s total annual retail sales is more than € 10 billion20


A market of 110 million people20 Stores5 Stores38 StoresTurkey15 StoresCyprus2 Stores21


Stores today• Intersport Athletics S.A. has the franchise for Intersport stores in Greece, Cyprus,Romania, Bulgaria and Turkey.• The agreement is based on a management fee on net sales and the distributionof own label products of Intersport International.No. of StoresNo of Customers+34%485650Q1 11 Q1 1222


Financial PerformanceINTERSPORT Key Financial Figures (in €mm)Q1FY11CY 12 PY 11 Index CY 11 PY 10 Index26,1 19,6 133 Revenue 90,8 81,0 11211,3 8,7 130 Gross Profit 43,4 39,4 11043,2% 44,4% Margin 47,8% 48,6%0,3 -0,1 n/c EBITDA 4,3 5,5 781,2% -0,7% Margin 4,7% 6,8%-1,1 -1,1 n/c PBT -1,9 1,3 n/a-4,3% -5,6% Margin -2,1% 1,6%23


24Stores


Expansion PlanNetworkTarget of 120+ StoresGreeceCyprusBulgariaRomaniaTurkeynow 38 storesnow 2 storesnow 5 storesnow 20 storesnow 15 stores 40 stores 3 stores 7 stores 23 stores 50 stores25


Electricals and Electronics Wholesale• The exclusive distributor of General Electric, Korting and Liebherr HomeAppliances.• Main activity is the after sales support and service of Group and third partyproducts.26


Electricals & Electronics Financial PerformanceElectronics Key Financial Figures (in €mm)Q1FY11CY 11 PY 10 Index CY 11 PY 10 IndexCY 12 PY 11 Index CY 11 PY 10 Index4,8 9,3 52 Revenue 32,7 237,8 140,9 1,5 59 Gross Profit 7,0 32,8 2118,4% 16,4% Margin 21,4% 13,8%-0,4 0,3 n/c EBITDA 0,5 5,5 9-8,1% 3,6% Margin 1,5% 2,3%-0,6 -0,1PBT -0,5 2,6n/c-13,2% -0,7% Margin -1,5% 1,1%n/c27


International• Founded in the UK in 1969• More than 1.000 stores in 15 countries• 355 million customers visited New Look either online or in one of thestores in 2010• Total annual sales are £ 1,5 billion• New Look is the No.1 retailer in the UK ladies under 35yrs clothing &accessories market28


Financial PerformanceNew Look Key Financial Figures (in €mm)CY 11Q1PY 10 CY 11FY11PY 10 IndexCY 12 PY 11 Index CY 11 PY 10 Index0,6 - - Revenue 1,2 - -0,3 - - Gross Profit 0,7 - -42,4% Margin 58,3%-0,4 - - EBITDA -0,6 - --0,5 - - PBT -0,8 - -29


Expansion PlanNetworkTarget of approximately25 StoresRomaniaBulgarianow 5 storesnow 0 stores 20 stores 5 stores30

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