Smith Barney Third Annual Small/Mid Cap Conference 1 November 2010.
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Transcript of Smith Barney Third Annual Small/Mid Cap Conference 1 November 2010.
3
Efficient development of international partnerships, focused
primarily in Retail and secondarily in non Retail channels.
Our Strategy
Each subsidiary is managed separately by dedicated
management.
However all subsidiaries take advantage of the group synergies which
are coordinated by the corporate center.
5
-25,0%
-20,0%
-15,0%
-10,0%
-5,0%
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
Feb
-07
Apr
-07
Jun-
07
Aug
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Oct
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Dec
-07
Feb
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Apr
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Jun-
08
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Dec
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Feb
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Apr
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Jun-
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Oct
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Dec
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10
Aug
-10
Operating in a Challenging Economic Environment
Appliances and Furniture SalesAll Retail Sales (excl. fuel)
Retail Sales in Greece (yoy %)
Source: Hellenic Statistical Authority
6
Consumer confidence in Greece at a historic low
98 100
8679
73 70 72
57 57
82
H1FY06 H2FY06 H1FY07 H2FY07 H1FY08 H2FY08 H1FY09 H2FY09 H1FY10 H2FY10
Consumer Confidence Index - Greece
Source: Nielsen Consumer Confidence Survey 2010
7
September 2010 Strikes - IKEA Supply Chain
IKEA Supply Chain highly dependent on trucks: 165 Containers at Piraeus Port,
53 train wagons and 128 IKEA trucks at country borders.
8
Group Legal Structure
FOURLIS HOLDINGS S.A.
100% 100%
Fourlis Trade Α.Ε.Β.Ε.
Prime Telecom
Α.Ε.
HousemarketΑ.Ε.
(IKEA)
99% 100%
Service OneΑ.Ε.
83%
TradeLogisticsΑ.Ε.Β.Ε.
100%
Housemarket(Bulgaria) EAD
(IKEA)
100%
Η.Μ.Housemarket(Cyprus) Ltd
(IKEA)
100%
Intersport Athletics
Α.Ε.
100%
Intersport Athletics
(Cyprus) Ltd
Genco Bulgaria
Ltd
Genco Trade s.r.l.
100%
100%
9
Executive Summary 9MFY10
Sales (Continuing Operations) at € 407,8 mio vs 419,7 mio in 9MFY09.
- Total Sales, including H1 discontinued Samsung activities, at € 463,3 mio.
NP at € 12,3 mio vs. € 23,1 mio 9MFY09.
- After the extraordinary tax payment of € 5,5 mio related to 2009 profits,
NP for the period is € 6,8 mio.
EBITDA at € 30,6 mio vs. € 47,6 mio in 9MFY09. PBT at € 16,2 mio vs. € 32,7 mio 9MFY09.
10
Electronics
39,0% 48,3%
12,7%
9MFY10 Sales and Profit Breakdown
Electronics
11,1%
79,5%
9,4%
SALES SALES € € 463,3 mio463,3 mio EBITDAEBITDA
11
Consolidated P&L
Q3 9M
Group Consolidated Key Financial Figures (in €mm)
CY 10 PY 09 Index
146,5 196,0 75 Revenue 512,1 90
49,4 60,5 82 Gross Profit 143,8 159,5 90
EBITDA
6,2 13,1 47 PBT 16,2 32,7 50
4,7 9,7 49 NP 6,8 23,1 29
11,1 17,4 64
12,3 19,5 63 33,0 48,6 68Adjusted EBITDA
30,6 47,6 64
CY10 PY09 Index
Adjusted Net Profit figures in 2010 are net of € 5,5 mio extraordinary tax under L.3845/2010.Adjusted EBITDA are net of IKEA store preopening expenses € 2,4 mio vs € 3,4 mio in the same period last year as well as € 1,7 mio capital gains from the sale of a real estate asset.
463,3
NP excl. extra tax L.3845/2010 12,3 23,1 53
12
PBT Cause of Change and NP Evolution (€MM)
Tax non-
recurring
(5.5)
(15.7)
(1.0)
1.6
32.7
16.2
Net Financial Expenses
DepreciationEBITDA recurring
PBT
PY
PBT
CY
(1.4)
EBITDA non-
recurring
6.8
NP
CY
(3.9)
Tax recurring
13
Net Debt by Sector - € MM
Dec. 31st, 2009 Sep. 30th, 2010
Total
92 ,1 101,1
5,2 22,1
(18,2) 26,0
(21,5) (13,4)
Δ
9,0
16,8
44,2
8,2
57,7 135,8 78,1
14
137
115 114
99108
117
173
199190
141
110 110 106
86
121
136
58
0
50
100
150
200
250
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
20092007 20082006
Net Debt Evolution (€MM)
2010
15
Net Debt Cause of Change (€MM)
(57.7)
Net Debt
PY
PBT Non Cash
Charges
16.2
15.7
(15.2)
(5.4)
(135.8)
Capex Spending
Income Taxes
Interest
Net Debt CY
(17.0)
Working
Capital
(58.8)
Dividends
(13.1) (0.6)
Stock
Buy-back
16
IKEA in the world (facts & figures)
IKEA is the world leader in home furnishings and accessories
Founded in Sweden in 1943
IKEA numbers 301 stores in 37 countries
IKEA retail square meters now exceed 7,800,000 worldwide
660 million visitors all over the world in fiscal year 2009
Turnover for fiscal year 2009 (Sept. 08 through Aug. 09) EUR 22.7 bio
In 2009, the IKEA catalogue was produced in 199 million copies
3.5 store visits a year are made by the average IKEA customers
42 is the average age of IKEA visitors
60% of visitors to IKEA are women
17
The IKEA Franchise
IKEA Franchisees should:have thorough retail experience combined with extensive local market knowledge. be able to clearly demonstrate outstanding understanding of and strong commitment to the IKEA 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.
18
IKEA Financial Performance
Q3
CY 10 PY 09 Index
84,9 90,9 93 Revenue 223,9 230,0 97
34,5 37,6 92 Gross Profit 91,3 95,6 96
40,6% 41,4% Margin 40,8% 41,6%
IKEA Key Financial Figures (in €mm)
9,6 12,5 77 EBITDA 24,8 35,4 70
11.3% 13,7% Margin 11,1% 15,4%
10,8 14,6 74 Adjusted EBITDA 27,3 37,1 73 12,7% 16,1% Margin 12,2% 16,1%
6,3 9,7 65 PBT 15,8 26,5 60
7,5% 10,7% Margin 7,1% 11,5%
Adjusted 9M figures are net of preopening expenses € 2.4 mio vs € 3.4 mio in 9MFY09 as well as € 1.7 mio capital gain from the sale of a real estate asset.
9M
CY10 PY09 Index
20
2.909
3.368
5.3005.143
5.495
2006 2007 2008 2009 2010
IKEA stores today
ThessalonikiAES
(Athens I)Cyprus
ACS (Athens II)
Larissa
Total space in m2 22,000 25,000 20,500 25,000 20,000
Opening DateOctober
2001April 2004
September 2007
March 2008
October 2009
Nr of products 7,300 7,300 7,300 7,300 7,300
Restaurant capacity
319 478 300 350 450
Check outs 20 29 19 23 15
Employees 300 435 261 481 229
IK
EA
Sto
res
– 9
M T
ota
l V
isit
s(0
00
s)
21
IKEA Stores
IKEA store in Cyprus opened in September 2007
2nd IKEA store in Athens opened in March 2008
Fully Automated IKEA Logistics center operates since April 2008
New IKEA store in Larissa opened in October 2009
22
IKEA Expansion Plan
Athens 3 stores
Thessaloniki 1 store
Countryside 3-4 stores
Greece
Nicosia 1 storeCyprus
Sofia 1 storeBulgaria
Countryside 1-2
stores
Ioannina store
Sofia store due to open end 2011
23
International
The world’s largest retail sporting goods chain
More than 5.049 stores in 35 countries.
More than 250.000 square meters sales surface.
More than 45 million customers are served per year.
Group’s total annual retail sales is more than 8.5 billion.
25
5
1215
19 20 21 23 2430 32
46
1416
28
11
11
22
1
1
1
4
2
1
1
0
10
20
30
40
50
60
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Bulgaria
Cyprus
Romania
Greece
No of Customers (000s)
9MFY09
Stores today
Intersport Athletics S.A. has the franchise for Intersport stores in Greece, Cyprus,
Romania and Bulgaria.
The agreement is based on a management fee on net sales and the distribution of own label products of Intersport International.
No. of Stores
+.6,9%
9MFY10
1.393
1.489
to date
26
Financial Performance
INTERSPORT Key Financial Figures (in €mm)
Q3
CY 10 PY 09 Index
21,0 20,1 104 Revenue 58,8 57,8 102
9,0 9,4 95 Gross Profit 28,2 28,3 100
42,9% 46,9% Margin 48,0% 49,0%
0,8 1,9 39 EBITDA 2,9 5,7 51
3,6% 9,7% Margin 5,0% 9,9%
-0,3 1,1 n/a PBT -0,3 3,3 n/a
-1,5% 5,4% Margin -0,5% 5,6%
9M
CY 10 PY 09 Index
27
Stores
N.Erithrea Store - Athens
N. Ionia Store - Athens
Romania -Town centre
Limassol - Cyprus
“The Mall” Athens Store
28
Expansion Plan
73 StoresNetwork
40 storesGreece
3 storesCyprus
7 storesBulgaria
23 stores
now 32 stores
now 2 store
now 4 stores
Romanianow 16 stores
29
Electricals and Electronics Wholesale
The exclusive distributor of Samsung, GE, Korting and Liebherr Consumer Electronics and Home Appliances.
The exclusive distributor of Samsung Information Technology equipment a and photocopiers.
The largest Service Unit for Consumer Electronics and Home Appliances in Greece.
Fourlis Group and Samsung Electronics have mutually agreed to discontinue their partnership at the end of 2010.
Especially for Romania and the Mobile Phones in Greece, the partnership was discontinued on 1/7/2010.
30
Electricals & Electronics Financial Performance
Q3
CY 10 PY 09 Index CY 10 PY 09 Index
40,7 85,0 48 Revenue 180,7 224,4 81
6,0 13,4 45 Gross Profit 24,4 35,6 68
14,7% 15,8% Margin 13,5% 15,9%
Electronics Key Financial Figures (in €mm)
0,9 3,1 28 EBITDA 3,5 6,6 52
2,2% 3,7% Margin 1,9% 2,9%
0,2 2,3 9 PBT 1,0 2,0 52 0,5% 2,7% Margin 0,6% 0,9%
9M