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13%86%
€275m*
profitable Fabless business model 100% made in Europe
range
French Art de Vivre
family success story
54 countries
combined and complementary distribution network
ROCHE
CHOUCHAN
ERRA
TAMBURI
LOUSTAU ELIA
EMULIER
ROCHE
AMOURDEDIEU
GLEIZE
ROCHE
GABILLAUD
MASSET
FOCUS EUROPE
+1
6 + 3 takeovers
+2
+1
FEBRUARY 2019
JULY 2019
SEPTEMBER 2019
©Ju
lien
Mill
et
key figures
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Owned stores
Suppliers
3.6% - 6% royalty
+ advertising
contribution
Franchised stores
Direct orders
No central purchasing
agency
8% Services (incl. supplier
commissions, marketing services) 88%Owned store revenues
4% Franchise royalties
€275m2019
revenues
€m 2018 2019
Sale of goods 224.7 242.2
Royalties 11.6 11.2
Supplier commissions and other 16.9 18.2
Supplier commissions in owned store network adjusted -6.6 - 8.0
Sale of services (including paid deliveries) 10.4 11.2
Revenues 257.0 274.7
100% store revenues
Consolidated revenues
Supplier commissions on
volumes sold by
franchisees
Direct orders
No central purchasing
agency
13% Cuir CenterFrance 31%
(-2 pts vs 2018)
18%
Other Europe
29%
US/Canada
(+2 pts vs 2018)7% UK
2% Other (overseas)
1% Corporate
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2019 retail sales Regional breakdown of consolidated revenues (%
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€m 2018 2019
Sale of goods 224.7 242.2
Cost of goods sold -94.7 -99.0
Gross margin 130.0 143.2
Gross margin (% of sales) 57.8% 59.2%
gross margin Sales margin
€m 2018 2019 IFRS 16Ch. %
reported
Advertising & PR 28.5 28.9 +1.5%
Leases and rental expenses 24.4 6.7 (20.5) -72.7%
Freight costs (mainly customer deliveries) 8.5 9.5 +12.5%
Store opening expenses 1.0 0.9 (1.0) -11.5%
Other (fees, subcontractors, meetings etc.) 22.9 24.5 +6.9%
Total external expenses 85.3 70.5 (21.5) -17.3%
€m 2018 2019 Ch. %
Payroll 40,0 43,2 +8,0%
Social security
contributions11,6 12,2 +5,2%
Share-based payments
(bonus share plan)*3,4 0,2 -94,1%
Total staff costs 55,0 55,6 +1,2%
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External expenses (€m)
Staff costs (€m)
EBITDA (€000)
20182019
(excl.IFRS16)
2019
reported
Ch. %
reported
% ch.
Excl. IFRS 16
Roche Bobois France 5,299 5,594 11,743 +121.6% +5.6%
Roche Bobois USA/Canada 10,947 11,812 18,949 +73.1% +7.9%
Roche Bobois UK 1,793 2,550 3,835 +113.9% +42.2%
Roche Bobois Other Europe 3,060 4,114 7,445 +143.9% +34.4%
Roche Bobois Other (overseas) 2,809 2,986 2,986 +6.3% +6.3%
Cuir Center (France) 3,333 3,857 6,093 +82.8% +15.7%
Corporate -4,858 -5,574 -5,192 - -
Total 22,383 25,338 45,859 +104.9% +13.2%
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EBITDA margin2018
2019
(excl. IFRS16)2019
Roche Bobois France 6.3% 6.6% 13.9%
Roche Bobois USA/Canada 16.0% 15.1% 24.2%
Roche Bobois UK 10.7% 14.1% 21.2%
Roche Bobois Other Europe 6.7% 8.2% 14.9%
Roche Bobois Other (overseas) n.a n.a. n.a.
Cuir Center (France) 10.0% 10.7% 16.9%
Corporate ns n.a. n.a.
Total 8.7% 9.2% 16.7%
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EBITDA
2018
EBITDA
Reported 2019IFRS 16
EBITDA
Excl. IFRS 16
Current EBITDA* 22.4 45.8 +20.5 25.3incl. Roche Bobois 24.0 44.9 17.9 27.1
incl. Cuir Center 3.3 6.1 2.3 3.8
incl.Corporate -4.9 -5.2 0.3 -5.6
Share-based payments including social security
charges*(3.4) (0.2) - (0.2)
Store opening costs (1.0) (0.9) +0.9 (1.8)
Depreciation, amortization and impairment of non-
current assets(6.3) (28.0) (20.8) (7.2)
EBIT 11.6 16.7 +0.6 16.1
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€m 2018 2019 IFRS 162019
Excl. IFRS16
EBIT before non-recurring items 11.6 16.7 +0.6 16.1
Other non-recurring operating
income and expenses(0.5) (0.9) - (0.9)
EBIT 11.1 15.8 +0.6 15.2
Net financial expense (0.4) (2.1) (1.8) (0.3)
Corporate income tax (4.0) (4.1) - (4.1)
Net profit 6.7 9.6 (1.2) 10.8
Net profit - Group share 6.3 9.3 (1.2) 10.5
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€m 2018 20192019
excl. IFRS 16
Change
(excl.
IFRS16)
Sale of goods 224.7 242.2 242.2
Royalties and other services 32.3 32.5 32.5
Revenues 257.0 274.7 274.7 +6.9%
Cost of goods sold (94.7) (98.9) (99.0)
External expenses (excluding store opening costs) (84.3) (69.6) (90.2)
Staff costs (excluding share-based payments) (51.6) (55.4) (55.4)
Taxes and duties (3.9) (4.2) (4.2)
Net provision charges 0.2 (0.3) (0.3)
Share of earnings of associates 0.1 0.3 0.3
Other underlying income and expenses (0.3) (0.8) (0.8)
Current EBITDA 22.4 45.8 25.3 +13.2%
% of revenues 8.7% 9.2%
Share-based payments (3.4) (0.2) (0.2)
Store opening costs (1.0) (0.9) (1.8)
Depreciation/amortisation (6.3) (28.0) (7.2)
EBIT before non-recurring items 11.6 16.7 16.1 +38.8%
Other non-recurring income and expenses (0.5) (0.9) (0.9)
EBIT 11.1 15.8 15.2 +37.0%
Net cost of debt (0.2) (2.1) (0.3)
Other financial income and expenses (0.2) - -
Corporate income tax (4.0) (4.1) (4.1)
Net profit 6.7 9.6 10.8 +61.2%
Net profit - Group share 6.3 9.3 10.5 +66.7%
Non-current assets
• w/o intangible assets
• Property, plant and equipment
• Right-of-use assets related to
lease liabilities
Total current assets
• Inventories
• Trade receivables
• Cash and cash equivalents
Total assets
Non-current liabilities
• w/o Non-current borrowings
• w/o Non-current lease liabilities
• w/o Current borrowings
• w/o Current lease liabilities
Total liabilities and equity
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2019
Amounts in € Reported IFRS 16 impact Excl.IFRS 16
Cash flow from operating activities 51.3 +21.4 29.9
Cash flow from investing activities - 7.9 - 7.9
Cash flow from financing activities - 26.4 - 21.4 -5.0
Revenues (+6.9%) and EBITDA up 13.2%
Gradual improvement in France profitability (6.6% vs 6.4% in 2018), as per IPO targets to double France EBITDA margin by 2021
Strong cash generated thanks to virtuous business model
Still very healthy and robust balance sheet with free cash in strong growth at €31.1 million (versus €15.5 million in 2018)
Owned stores in France, Europe and North America: The lockdown measures implemented in these countries led Roche Bobois to temporarily close all of its owned stores
Depending on the countries, some franchies stores are still open (Asia, Africa, and the Middle East…)
Production in Italy and Portugal continued as normal until 13 March 2020, and thenpartially from 13-24 March 2020
In the case of Cuir Center production in China, factories are operating at full capacity
Procurement (Italy, France, Portugal), logistics and deliveries continued as usualuntil 15 March
Robust business trend up to mid-March
Total RB sales: up 10.9% at end February 2020
RB owned stores sales: up 14.1% at end February 2020
Robust business performance from all owned stores, which stayed open until mid-March
Deliveries of orders taken in Q1 2020 are being deferred
Depending on the duration of the lockdown, a significant/very significant impact on order intake and deliveries in Q2 2020 is to be expectd
Seasonal nature of activity: historically, order intake is lowered in Q2
The supply to order sales model applied by CC and RB has shown its resilience to different crises in the past, as purchases are delayed and caught up at a later stage
Achieved
2018
Achieved
20192020 2021
TOTAL
2018-
2021
France 1 1 0 1 3
Europe - 4 3 2 9
Amérique du Nord 2 2 4 3 11
Closures1 Cuir
Center
1 CC
1 RB1 RB 0 3
Total openings - net* 2 5 6 6 19
* Including franchise takeovers
A new cycle of growth launched by an acceleration of owned store openings in strong EBITDA-generating countries
Double-digit
EBITDA margin
€320m in
revenues in 2021
Current EBITDA
margin France of 8%
by 2021
(4% in 2017
vs 6.6% in 2019)
Retail sales: Orders received excl. VAT throughout owned store network and franchises for both brands
Net scope: Scope adjusted for store closures
Like-for-Like: Sales growth on same-store basis is calculated by comparing sales generated by stores in a given year with the previous year’s sales,
excluding stores opened or closed during the two years under comparison. Sales generated by stores temporarily closed for works during one of the
periods under comparison are included.
Revenues: The Company’s revenues are generated by the sale of goods in stores, franchise royalties, commissions paid by suppliers, and services
(transport services (customer deliveries) and logistics services).
Corporate: includes revenues invoiced to suppliers for representation expenses of the holding company, as well as central administrative costs
(Finance, HR, Marketing, etc.) mainly generated by the Roche Bobois Group subsidiary.
Current EBITDA: means earnings before interest, tax, depreciation, and amortization. Current EBITDA equals Group pre-tax profit before deduction of
interest, depreciation, amortisation and impairment charges on non-current assets, store opening costs, but after impairment of inventories and trade
receivables. It shows profit generated by business activities regardless of financing conditions, tax constraints and the upgrading of operating assets.
Non-recurring expenses (one-off, unusual or infrequent items) are excluded.
Opening costs: In the initial weeks after a store opening, the store incurs sales and startup costs (primarily rent, advertising and payroll costs including
sales agents' commissions based on order entry) before earning any revenue. Opening costs refer to these expenses and are only calculated on new
owned store openings.
Franchise royalties paid by franchise stores: Franchise royalties are invoiced and paid monthly on the basis of orders placed by franchise stores.
Royalties are recognised as they are acquired by the Group, i.e. as orders are placed by franchised stores.
37,2%
16,6%
34,8%
11,4%
Source : www.oanda.com - Banque de France
1.181 1.144 1.120 1.123
1.525 1.560 1.486 1.460
1.154 1.126 1.113 1.085
0.885 0.898 0.877 0.851
Source : www.banque-france.fr
17
75 magasins
51% en propre
3938
269
810
1627
34
2
4418
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