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PBS Holding AG © 2016
Central European Operations
AUT
GER
CZ
SK
HU
SLO
PL
Warehouses
Wholesale (market position)
Austria – PBS Austria (#1)
Germany – PBS Deutschland (#2)
Czech Rep. - PBS Bohemia (#4)
Sovakia – Lamitec (#1)
Poland – PBS Polska (#1)
B-2-B Direct Sales (market position)
Austria – Büro Handel (#1)
Czech Rep. – Buroprofi (#3)
Slovakia – Lamitec (#1)
Hungary – PBS Hungaria (#1)
Slovenia – Biroprodaja (#4)
PBS Holding AG © 2016
PBS Holding AG: 2016 Executive Summary
Top line growth was about +2.1%. Gross margin improvement was +3%. B2B channel showed solid performance (+3%) and further margin improvement. Wholesale Germany was down by -2% while Austria and Poland grew by +14% resp. +13%. Lamitec/Slovakia opend new warehouse in Bratislava (capacity +50%). Added warehouse capacity in Warsaw and Budapest. Akquisition of Donau Brand from Biella. CIPS3 roll-out of 1.300 systems in Germany and Austria incl. investments in new features for retail & b2b. Preparing the launch of 2 major online initiatives in 2017. Launch of first b2c webshop (SKRIBO).
Slight organic growth and again improved financial performance
Investments in logistics, Donau brand, ERP & online shops
PBS Holding AG © 2016
Sales Evolution & Split
Germany and Austria account for 2/3 of total sales. Whilst the strong position in the home countries support economies of scale, CEE offers more room to grow and build on the already established competitive infrastructure. Wholesale accounts for 58,4% of total sales and b2b direct business is about 39,6%.
200,7 208,2 214,9 211,2 217,8
247,4 244,7 248,9
2009 2010 2011 2012 2013 2014 2015 2016e
sales (mioEUR)
Austria 36,2%
CEE 34,7%
Germany 29,1%
Sales Split Regions
b2c 2%
b2b 39,60%
WS 58,40%
Sales Split Channels
Sales (m EUR)
PBS Holding AG © 2016
• Continuous improvement of bottom line performance
• Main drivers:
• sales evolution +24% since 2009
• improved margin management
• improved employee productivity
(+8% FTE vs. +24% in sales)
• reduced debt (net leverage 0.8) and financial structure above industry average enebles further acquisitions
• EBT improvement 2016 +500% within last 7 years
Financial Performance
2,6
4,8
6,57,6 8,2
9,4
12,713,5
1,3%
2,3%
3,0%
3,6%3,8% 3,8%
5,2%5,4%
2009 2010 2011 2012 2013 2014 2015 2016e
EBT (MioEUR)
EBT EBT-Margin
PBS Holding AG © 2016
1,9%
2,7%
3,3%3,8% 3,9% 4,0%
5,3% 5,5%
2009 2010 2011 2012 2013 2014 2015 2016e
EBIT-Margin
7,1%
10,6%
12,8% 12,6% 12,5% 12,9%
16,5%
19,0%
2009 2010 2011 2012 2013 2014 2015 2016e
ROCE
18,7%22,4%
25,2%29,6%
31,9%33,6%
40,6%44,2%
218%
158%
110%99%
85%73%
46%35%
2009 2010 2011 2012 2013 2014 2015 2016e
Eigenkapitalquote/Gearing
Eigenkapitalquote Gearing
Financial KPI‘s
Profitability EBIT-Margin > 3%
Value ROCE > 10%
Financial Stability Gearing < 100%
Equity > 25%
EBIT-Margin ROCE Equity/Gearing
PBS Holding AG © 2016
Financial Improvement
Continuous build up of equity to 44% Gearing 2016e: 35% Net leverage 0.8
4,2
2,8
2,2 2,2 2,11,7
1,00,8
2009 2010 2011 2012 2013 2014 2015 2016e
net leverage
30,126,4
21,6 23,1 23,6 22,8
17,814,8
13,8
16,7
19,6
23,3
27,9
31,4
38,4
42,7
2009 2010 2011 2012 2013 2014 2015 2016e
equity /net debt
Net Debt Konzerneigenkapital
PBS Holding AG © 2016
Product Portfolio Development (Austria, total sales evolution 2016: +8.4 %)
76,4%
5,8%
16,1%
1,7%
Managed Print Services
Food
PBS Holding AG offers an extended product portfolio. Strong growing categories like facility management, sanitary and janatory products compensate organic declines in traditional categories like filing. More than 70.000 virtual products complement up to 30.000 stock keeping units.
-6 %
+15 %
+11 %
+9 % Paper
+11 % TOP +7 % pens +25 % filing (Donau, new customer groups)
+22 % b2s (Donau, new customer groups)
+18 % Jan/San +13 % Food +15 % FM
Jan San
-6 % eos +3 % office machines
PBS Holding AG © 2016
E-procurement & Market Strategy
Private Consumers
Manufacturing (brand/private label)
Distribution (logistics, product portfolio, data, systems)
Commercial Consumers
B2C Retail B2B
Supermarkets Discount Station. Shops SMB
SMB/field reps Contract
PBS Holding AG © 2016
Büroprofi Centralized Webshop
Büroprofi new centralized web-platform Creating a centralized webshop which will be managed by PBS incl. centralized SEO/SEA, data research and BI. Fully integrated in our CIPS3 dealer ERP System enabling us to manage total customer base centrally. Shifting marketing activities from print to online. Pushing up-, cross- and down-selling and broadening the field of recommendations, using our new PIM infrastructure. More customized campaigns and automated email offers. Launch Germany second half of 2017, followed by Austria.
PBS Holding AG © 2016
Strategic Partnerships with Our Suppliers – what does this mean in 2017 ...
•Programms with key suppliers /strategic suppliers should be more selective and comprehensive.
•Shifting significantly more activities to online .
•Sharing more information on campaigns and customer base.
•Reducing number of b/c brands (and suppliers) while pushing certain private label programmes to focused targetgroups.
•In our back-to-school listings we have introduced in 2016 around 100 new DONAU sku‘s. In 2017 we‘ll introduce another 100 -150 new sku‘s.
•Further reduction of sku‘s in categories where we don‘t see any grwoth potential for the next years
(i.e. standard office products - lever arch files, envelopes, ….)
•Expend categories with growth potential for the coming years .
(i.e. ergonomic, hygenie , cleaning, ….)
•Individual groupmeetings with our key suppliers /strategic suppliers in Q2/2017 in Wels, Austria where we‘ll introduce our new online tools . (A detailed invitation will follow until end of march 2017)
•Additional individual meetings with each key supplier Q2/2017 to discuss opportunities, ideas , concepts for a more intense co-operation.
PBS Holding AG © 2016