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ANNUAL REPORT 2013
The 2013 Annual Report provides a summary of the 2013/2014 financial year, which runs from 27 January 2013 to 25 January 2014 (a 52-week period)
BLOKKER HOLDING ANNUAL REPORT 2013
CONTENTS
Omnichannel
3
Foreword
Overview of the Supervisory Board, Board of Directors,
Management and Central Works Council
Report of the Supervisory Board
Blokker Holding B.V. – Key figures
Highlights 2013
Report of the Board of Directors
6
10
11
12
13
14
HOUSEHOLD
Household highlights
Blokker in the Netherlands
Blokker outside the Netherlands
Casa
Xenos
Marskramer/Novy
Big Bazar
Budg7t
Cook&Co
Trend Center and Elektroblok
16
18
22
24
26
28
30
31
32
33
TOYs
Toys highlights
Bart Smit
Intertoys
Maxi Toys
34
36
38
40
LIVING & GARDEN
Living and Garden highlights
Leen Bakker
Tuincentrum Overvecht
42
44
47
BLOKKER HOLDING B.V. FINANCIAL REPORT
49
Group balance sheet
Group profit and loss account
Cash-flow statement
Accounting principles Notes to the group balance sheet
Notes to the group profit and loss account
Company balance sheet and profit and loss account
Notes to the company balance sheet
Other details Independent auditor’s audit report
Addresses
50
51
52
53
55
57
58
59
61
62
63
-2-
OMNI-CHANNEL RETAILING:
ANYWHERE, ANYTIME
Within a short space of time, consumers have become accustomed to interacting with retailers in any location and at any time
of the day to make their purchases, ask questions, or solve any
problems they might have. In interacting with the retail format in
question, they should be able to complete this customer journey
seamlessly across all touch points, regardless of where this
journey begins or ends.
We believe that the future lies in national, clearly identifiable omnichannel retail formats where customer trust – combined with
excellent customer services and a strong commercial proposition –
form the basis of the revenue model. This means that Blokker Holding
and its retail formats are working on increasing their presence at the
touch points relevant to their customers and that we are working hard
on, and investing in, this seamless journey for our customers. This
requires an effort to take (sometimes substantial) steps forward, as
we want our customers to be so satisfied that they automatically rely
on our retail formats out of a sense of familiarity.
We are proud of the fact that we run a well-distributed network of
physical stores, with employees who manage these stores based on
a customer-friendly approach, and intend to make maximum use of
this network. Each of our retail formats is currently evolving, and
we, as the holding company, benefit from economies of scale and
knowledge. This is facilitated in part by a central web platform on
which new developments are immediately available to all our formats.
This web platform is designed to enable all retail formats which
currently do not operate online stores but do have the facilities
available (including Xenos Nederland and Blokker Belgium) to quickly
launch high-quality online stores and the related services.
Our formats also take advantage of the knowledge we have acquired
both at the holding-company and format levels.
The objective of all the minor and major steps we take to become
the best possible omni-channel retailer we can be is to offer our
customers a positive experience, so that we can continue to
welcome them with great enthusiasm at any of our retail formats
in the future, regardless of the touch point involved.
-3-
BLOKKER HOLDING
HOUSEHOLD
OUR CHAINS
The household items sold at our stores provide
consumers with a convenient and enjoyable shopping
Blokker Holding includes the household goods
experience every day.
retail chains Blokker, Marskramer, Novy,
Cook&Co, Casa, Xenos, Big Bazar and
Budg€t; toy chains Bart Smit, Intertoys and
Maxi Toys; home furnishings chain Leen
Bakker; garden supplies format Tuincentrum
Overvecht; and pet supplies retailer
Diervoordeel, along with the wholesalers
Trend Center and Elektroblok. The majority of
these chains operate in several countries.
-4-
TOYS
LIVING & GARDEN
Our richly stocked toy stores and online stores offer
Home and garden furnishings, blooming plants, pet
a wide range of both traditional toys and modern
supplies and original home accessories.
video games.
Logo te gebruiken vanaf 75 cm
-5-
FOREWORD
2013 was a difficult year overall in terms of financial performance, with revenue down by 4% and profit declining by
5%. Continued low consumer confidence combined with
increased online and offline competition led to lower results in
three of our four top markets: the Netherlands, Belgium,
France and Germany.
in the number of stores during the year occurred in the Toy sector,
which saw 15 net closures (including 5 E-Plaza stores) and a reduction from 753 to 738 stores. By country, the largest number of store
closures occurred in France, with net closures of 22 stores during
2013: from 411 to 389 stores.
Instead of store expansion, we will now focus on two key business
areas: retail concept development and e-commerce, which will
enable us to raise revenues once again.
Germany was the outlier within these top four markets, with the
highest level of consumer confidence and more than 9% revenue
growth. Xenos, in particular, continued to successfully expand and
grew its revenue in Germany by 19%, ending the financial year with
51 stores there altogether.
FORMAT DEVELOPMENT
We listened to our customers in the past year in order to gauge
how they feel about our various chains. In the Household sector, we
conducted an extensive customer survey for all our chains in the
Netherlands, which has provided us with valuable feedback for
updating our formats. We also launched a customer survey for our
toy retailers in the Netherlands this year. In the Living & Garden
sector, we have asked our customers to compare our current Leen
Bakker format with the new format, of which several prototype
stores are already in operation.
Much of the company’s focus in the past year was on margin
management, cost control and stock reduction in order to partially
offset the lower revenues. These three measures resulted in the
following outcomes during the year: (i) margin remained at an
almost constant level, (ii) costs were reduced by 3% and (iii) stock
was reduced by 7%.
We continue to steer on these measures whilst also driving other
initiatives across the company to get turnover back on track in the
medium-term.
Leen Bakker has also opened three new test stores: in Raamsdonksveer,
Epe and Almelo. The new concept, which offers a contemporary
take on home furnishings, has received positive customer feedback.
Overall focus has shifted away from store expansion to
format development and e-commerce
Our survey reveals that Dutch customers view Blokker above all as a
practical, functional store. As a strong and high-profile brand, it is
renowned and valued for its reliability, good quality and customer
For the first time in many years in 2013, we shifted the overall focus
away from store expansion, resulting in a slightly lower total
number of stores (2939, four fewer than in 2012). The largest decline
LEEN BAKKER: NEW FORMAT IN EPE, THE NETHERLANDS
-6-
New format development has become a skill in itself. There are
roughly fifteen elements that help create a format’s look and feel,
including product range, brand strategy, packaging, price, employees,
service, store image, location, communication and online experience.
We aim to be a modern retailer across each of these areas.
service. Blokker will be launching its new retail concept in the
Netherlands in August of this year, representing the first update
since 2002. The stores will be given a more contemporary look and
feel, designed to simplify customers’ shopping experience
(customers will find it easier to locate items), while at the same time
adding a little more inspiration both to the store layout and the
product range.
Each format also calls for a separate approach. The Xenos stores, for
example, with their ‘oriental’-inspired look, were due for an update.
The new format has retained the adventurous spirit of the old
stores, but new store displays and rear walls have been added, along
with a new logo, new, updated employee uniforms and improved
in-store communications.
A total of 67 Xenos stores (52 in the Netherlands and 15 in Germany)
of the total number of 232 (approx. 30%) have now switched to the
new format. It is pleasing to see that as a whole they considerably
outperform the more outdated stores.
Customers view Xenos – one of our other Household retail formats –
as inspiring and trendy, especially for home decoration, accessories
and gift items. They enjoy the Xenos shopping experience and
appreciate its welcoming layout and its trends. The major challenge
for the Xenos team today is to deliver new trends to the stores even
faster in the future. Since one of the drawbacks of being a trendsetter is that copycats are always one step behind, Xenos needs to
fill its new product pipeline more quickly than ever. Customers
expect to find new items each time they visit Xenos and – as they
indicated in our survey – if the store can continue to meet this
expectation, they are confident that they will find something they
like during each visit.
Big Bazar launched a preview of its new store concept in
Amsterdam’s Kalverstraat recently and will also be launching its
first new XL store concept in the near future. This new store concept
has been positively received by customers.
BIG BAZAR KALVERSTRAAT
NEW STORE UNIFORM AT BIG BAZAR
-7-
BLOOMBIRD, NEW FORMAT FOR TUINCENTRUM OVERVECHT IN BEUNINGEN, THE NETHERLANDS
WORKING AS ONE COMPANY
Finally, Tuincentrum Overvecht successfully launched its new
concept, rebranded as ‘Bloombird’, in Beuningen in the
Netherlands. It has been heartening to see how the Tuincentrum
Overvecht team managed to come together to create this all-new
garden centre concept, which, since its launch, has consistently
outperformed expectations both in terms of customer feedback
and financial results. We will continue to develop and update our
formats in the coming years as part of our efforts to bolster top-line
growth.
Instead of working on a decentralised basis with our various operating companies, we strive to work increasingly as a single
company. As we take steps to implement these changes, it’s important that consumers will continue to recognise and perceive each of
our formats as unique experiences. I would like to highlight the
following four recent examples:
SHARED SERVICE CENTRE QUALITY
We established a Shared Service Centre (SSC) in the Netherlands in
2013, one of whose responsibilities is ensuring the product safety of
the consumer items marketed by the Dutch operating companies.
The Quality SSC has the following objectives: increasing and
sharing knowledge and experience related to quality; professionalising the organisation; and achieving synergy gains.
There are also external factors that necessitate the establishment of
a Quality SSC: laws and regulations relating to product safety and
the environment are proliferating, becoming more complex in
their scope and are increasingly becoming interrelated. At the
same time, they are also taking on a more generic nature rather
than being aimed at specific products and/or product groups.
E-commerce
In early 2014, when we published our online results for 2013, we
also communicated our plans to accelerate online growth and
perfect our omni-channel retail strategy.
We posted record online revenue in 2013 of EUR 79 million – 19
percent more than our 2012 online revenue.
Revenue in the Toys sector grew by 17%, in the Living & Garden
sector by 19%, and in the Household sector – comprising the
websites blokker.nl, marskramer.nl and cookandco.nl – by an
unprecedented 26%. The retail chains within the group which
operate their own online stores generated nearly 4% of their total
revenue online in 2013, which is not yet up to standard for a group
of our size.
We will continue to grow our existing online stores in 2014 and
launch new ones for Xenos in the Netherlands and for Blokker in
Belgium.
Our target is to increase our online revenue to EUR 300 million by
2017, and we appointed an omni-channel director for Blokker
Holding effective 1 May 2014 to help us achieve this target. He will
be responsible for designing and implementing a central, integrated omni-channel strategy for our operating companies and will
be working closely with the teams of our current online stores to
help them boost their results. One thing is certain: omni-channel
shopping will only increase further as a result of the early adoption
of mobile phones and tablets. A case in point: Blokker’s online store
saw its tablet customers increase explosively by 127%; mobile-phone
purchases increased by 119%. On the blokker.nl website, a total of
18.5% of revenue was generated by mobile or tablet purchases
(versus 11% in 2012).
Examples include:
• REACH Regulation (Registration, Evaluation, Authorisation and Restriction of Chemicals)
• EU Timber Regulation (EUTR), entailing an obligation to prove that timber has been legally harvested.
A product safety document (technical document) must be available
for all items sold; without this document, sale is prohibited.
Based on current data, the Quality SSC will review more than
40,000 technical files on an annual basis. Expertise in the following
areas must be available in order to create these technical files: electrical products, toys, food, food-contact materials, textiles, chemicals, and the environment. Much of the required expertise extends
across the operating companies and the separate sectors contained
within these companies.
-8-
GROUP-WIDE HR AND REGULAR EMPLOYEE FEEDBACK
All these changes require a great deal of flexibility on the part of
our employees, but we are confident that they will help drive
Marskramer’s profits in the long term.
Regular meetings between HR managers of the operating companies ensure that a single HR policy currently applies across the
company, resulting in standardisation of processes. A recent
example is our Employee Engagement Survey, in which six of our
companies participated for the first time. It was encouraging to see
that 9,500 of our employees (more than 70% of those surveyed) took
the time to give feedback and share their thoughts and opinions
about their specific roles, as well as offering ideas to continuously
improve the company.
The majority of employees who shared their feedback are employed
either in our stores or in our logistics teams. The management
teams in each of the companies that participated will be summarising that feedback in the coming months and, through interactive dialogue at all levels of the organisation, will be channelling
the feedback into action plans for teams to implement. During my
numerous store visits over the past year, I was once again impressed
by the many good ideas contributed by our employees. I therefore
fully support the Employee Engagement Survey and am certain it
will be a powerful tool in enabling us to become a high-performing
organisation.
GROUP-WIDE IT SOLUTIONS
The IT managers of our operating companies work closely together
in sharing best practices. We have also set shared IT goals to support
our group strategy. Over the past year, this has included the transition to a single online store platform for all companies and the decision to centralise our data centres. Our Toy sector team have taken
the lead and worked hard together with our central IT team in
developing one standard ERP (Enterprise Resource Planning) blueprint, which can serve as the basis for future rollouts at other operating companies.
In addition to the four examples cited above, this form of cooperation continues in 2014, including for example the procurement of
non-trading goods and supply chain management, where greater
synergies will be achieved.
I would like to thank all our employees for their hard work and
commitment in 2013 and look forward to continue working with
them in the future.
INTEGRATION OF BLOKKER AND MARSKRAMER
The Marskramer head office in Gouda closed its doors in October,
which saw the team relocate to Amsterdam. Marskramer’s compact
sales and marketing organisation has been working closely with
the Blokker Netherlands team in order to achieve synergy gains.
Marskramer maintains its own format organisation, which is also
responsible for producing folders and for managing its successful
online store.
The back-office activities Human Resources, Finance and IT have
been fully integrated into Blokker’s Amsterdam office as part of a
shared operation.
Laren, May 28th 2014
Roland Palmer
Chairman of the Board of Directors
-9-
SUPERVISORY BOARD
BOARD OF DIRECTORS, MANAGEMENT
AND CENTRAL WORKS COUNCIL
SITUATION AS AT 28 MAY 2014
SUPERVISORY BOARD
BOARD OF DIRECTORS
MANAGEMENT
COMPANY SECRETARY
P.C. Klaver, Chairman
A. Blokker
Ms M.J. Poots-Bijl
H.Th.E.M. Rottinghuis
A.J.L. Slippens
R.E. Palmer, Chairman
L.M. de Kool, Deputy Chairman
A.H.M. van der Horst, CFO
T. Smit
P.F. Botter (Logistics)
A.J. Brouwer (Omni-channel)
Ms S.J. van der Mispel (Real Estate)
J. van de Schraaf (Group Control)
Ms A. Schrijver (Human Resources)
J.M. Vos (Real Estate)
P.J. Krenn
MANAGEMENT
CENTRAL WORKS COUNCIL
HOUSEHOLD
TOYS
BOARD OF DIRECTORS
M.A. van der Vos (Intertoys),
BLOKKER
CASA France
BART SMIT
J. Peters, Chairman
F.J.J. Letschert
H. Schipper
Ms A. Schrijver
G.D.J. Avis, Deputy
Ms W.J.M. Voss, Deputy
A. Blokker, Chairman
P.J.R. Douliez
D.R. Van Spaendonk
Mme. F.G.J. Battisti
T. Smit, Chairman
S.J.T. Hansen
J.J.M. de Boer, Deputy
H.C.A.M. Verbaandert, Deputy
T.N.P. van Hees (Blokker),
Deputy Chairman
M. Hartog (Xenos, Cook&Co),
Secretary
COOK&CO
INTERTOYS
OTHER MEMBERS
H.J.J. de Bie
R.F. van den Noort, Chairman
J. Nap
S.J.M. Buffing
E.H.L. Wubben
Ms J. van den Berg (Big Bazar)
Ms J.B.A.M. de Bont (Marskramer)
D. Drenth (Bart Smit)
Ms A.I. Drogt (Big Bazar)
G.G.M. Garnier (Leen Bakker)
A. Gebhard (Xenos, Cook&Co)
M.J.M. Hijdra (Blokker)
Ms M. Rapaic (Bart Smit)
F.M. de Rijke (Intertoys)
L. Verbeek (Marskramer)
W.A.B. Verkooijen (Leen Bakker)
J.G.M. Vullings (Tuincentrum
Overvecht)
Ms P.F. Wester (Tuincentrum
Overvecht)
BLOKKER België
F.A.C. De Belie
Marskramer/Novy
Big BAZAR
J.G.D. Groot Baltink, Chairman
M. den Ouden, Deputy
J. Pels, Deputy
R.E. van Geest, Chairman
B.J.H. Kasteel
BUDGqT
XENOS
R.E. van Geest
H.J.J. de Bie, Chairman
L.R.M. Steenbekkers
CASA International
Wholesalers
A. Blokker, Chairman
P.J.R. Douliez
D.R. Van Spaendonk
A. Vonk
Elektroblok
A.F. van Hoogen
TREND CENTER
A. Vonk
MAXI TOYS
A.C. Mettens, Chairman
G.M.M. Henrion
A.E.G. Hellebaut
LIVING & GARDEN
Leen bakker
A.J.J. van Schaik, Chairman
J.W. Braafhart
Ms M.N. Eijffinger, Deputy
J.A.A. Krol, adj.
Leen bakker België
A.J.J. van Schaik
TUINCENTRUM OVERVECHT/
DIERVOORDEEL
W.J. van den Broek
- 10 -
Chairman
REPORT OF THE
SUPERVISORY BOARD
YEAR UNDER REVIEW 2013
2012/2013 financial statements in the presence of Mr Slippens. The
second consultation meeting was attended by Mr De Kool. The
Board’s attendance at these consultation meetings highlights the
value the Supervisory Board places on an effective consultative
structure.
Consumers in the countries in which the group operates continued
to keep their purse strings tight during the year under review. The
austerity measures implemented in the Netherlands have had an
impact on consumer spending.
SUPERVISION
The report of the Board of Directors contains detailed information
on our revenues and profits in the Household, Toys and Living &
Garden sectors. Net group revenue fell to EUR 2.5 billion during the
year under review (versus EUR 2.6 billion in 2012), with profit before
tax coming to EUR 61 million (2012: 64 million).
During the year under review, the Supervisory Board met with the
Board of Directors on a number of occasions, in accordance with the
meeting schedule. The full Supervisory Board consulted with the
Board of Directors on six occasions altogether; in addition, the
Supervisory Board members also met without the Board of Directors
on various occasions. A meeting was held between a delegation from
the Council, the financial member of the Board of Directors, and the
external auditor. Items discussed during this meeting included a
summary of the audit results, and the audit report. During the year
under review, the Board established from among its number an
Audit Committee, a Nomination Committee and a Remuneration
Committee.
The Supervisory Board is presenting for approval the financial statements prepared by the Board of Directors for the 2013 financial year.
The financial statements were audited by BDO Audit & Assurance
B.V.; their audit report is included on page 62. We adopted the financial statements based on this report, their statement and other data,
and recommend that you approve these financial statements.
COMPOSITION OF THE BOARD OF DIRECTORS
AND SUPERVISORY BOARD
A key focus during the meetings with the Board of Directors was the
new revenue model and how this is to be implemented; operational
issues, the budget and the budgeting process, the investment
budget, disposals, sales and profit at the various formats and of the
Group, and human resources issues. The boards also discussed the
strategy of the Group, which operates in a variety of markets, countries and industries and is represented with several formats in each
sector. Key factors in this process are the fast-changing markets, the
impact of omni-channel trends, and customer behaviour, which is
becoming increasingly more erratic and hard to predict.
Mr L.M. de Kool retired from the Board by rotation during the
General Meeting of Shareholders on 13 September and was subsequently reappointed by the Meeting. In October, the Supervisory
Board, in agreement with the Board of Directors, appointed Mr De
Kool as a member and Deputy Chairman of the Board of Directors
effective 1 November. The General Meeting of Shareholders was
notified of this proposed appointment.
Ms M.J. Poots-Bijl was appointed to the vacant position on the Board
with effect from 1 March, having been nominated by the Central
Works Council. Mr A. Blokker announced in March of the current
year that he would be retiring from the Board of Directors effective
1 April 2014. On the recommendation of the Supervisory Board, the
General Meeting of Shareholders subsequently appointed Mr
Blokker as a member of the Supervisory Board effective 1 April 2014.
Furthermore, the Supervisory Board and Board of Directors also
discussed and evaluated the performance of, and collaboration
between, both boards. The Supervisory Board discussed the annual
report and financial statements in a meeting with the Board of
Directors; this meeting was also attended by the external auditor.
The Supervisory Board would like to thank the Board of Directors
and the management and employees for their efforts during the
challenging year under review.
The Board is pleased that, as a result of Mr Blokker’s appointment to
the Board, the Group will continue to benefit from his vast knowledge of the non-food retail sector. The Board is greatly indebted to
Mr Blokker for his contribution over the past 40-plus years to the
growth of the family business and the successful expansion of the
company’s various formats. We would like to take this opportunity
to wish Ms Poots-Bijl and Mr Blokker every success during their
tenure.
Laren, the Netherlands, 28 May 2014
Supervisory Board
A. Blokker
Ms M.J. Poots-Bijl
A.J.L. Slippens
Members of the Supervisory Board attend consultation meetings
with the Central Works Council. The consultation meeting held
with the Central Works Council in June included a review of the
- 11 -
BLOKKERHOLDING
HOLDINGANNUAL
JAARVERSLAG
BLOKKER
REPORT2013
2013
BLOKKER HOLDING KEY FIGURES
2013/14
2012/13
2011/12
2010/11
2009/10
2008/09
2007/08
Consumer sales
3,120
2,503
Net revenue Operating profit (loss) (EBIT)
77
Income and expenditure
-1
Profit (loss) from ordinary business
activities before tax
76
Tax
15
rofit (loss) after tax
P
61
3,234
3,367
3,433
3,434
3,469
3,400
2,609
2,723
2,770
2,760
2,778
2,711
82 -
167
-
211
-2
216
-4
219
-5
243
4
82
18
64
167
39
128
209
51
158
212
54
158
214
58
156
247
68
179
Amounts in millions of EUR Depreciation
Cash flow
Investments
Group equity
89
150
68
486
84
148
69
508
82
210
75
499
80
238
90
518
79
237
97
480
74
231
89
484
75
255
83
431
Return on initial capital
Solvency
Tax burden
Profit as a % of net revenue
12.0%
52.1%
20.5%
2.4%
12.8%
52.1%
22.2%
2.5%
24.7%
52.1%
23.4%
4.7%
33.0%
52.1%
24.4%
5.7%
32.7%
52.0%
25.3%
5.7%
36.2%
52.0%
26.9%
5.6%
43.3%
49.0%
27.4%
6.6%
Number of employees
25,652
25,985
25,547
25,094
24,546
24,571
23,926
STORES
Company-owned stores in
the Netherlands
Company-owned stores outside
the Netherlands
Franchised stores in and outside
the Netherlands
1,460
1,442
1,411
1,372
1,304
1,244
1,201
1,063
1,065
1,047
1,039
1,015
962
914
416
436 449
473
506
565
607
Blokker
832
asa C
526
Xenos
229
Marskramer
220
Big Bazar
113
Novy
31
Cook&Co
27
Budg7t
25
Novalux
2,003
836
523
212
234
70
35
29
42
10
1,991
839
516
202
241
39
40
26
835
519
192
240
31
48
24
821
517
181
238
16
51
20
813
508
167
239
12
53
19
810
510
158
236
11
51
18
11
1,914
13
1,902
18
1,862
19
1,830
17
1,811
Intertoys
305
Bart Smit
250
Maxi Toys
183
E-Plaza
738
306
252
189
6
753
307
248
182
58
795
305
247
177
57
786
304
241
166
60
771
301
239
172
47
759
299
236
159
37
731
Leen Bakker
Diervoordeel
Total
180
19
178
20
176
20
172
20
163
19
162
18
199
2,943
198
2,907
196
2,884
192
2,825
182
2,771
180
2,722
NUMBER OF STORES PER RETAIL FORMAT
HOUSEHOLD
TOYS
LIVING & GARDEN
178
18
2
198
2,939
The year under review runs from 27 January 2013 to 25 January 2014 (inclusive). The results of the combined group companies in the Netherlands and abroad for this period are shown in this report.
Solely the 2009/2010 financial year reports on a 53-week period; all other financial reports cover a 52-week period.
Novalux Estonia changed from a joint venture to a wholly-owned subsidiary during the 2011/2012 financial year and has been fully included in the financial data since the 2011/2012 financial year
(formerly: 50%). The Estonian business was sold in early 2013.
- 12 -
HIGHLIGHTS 2013
BLOKKER HOLDING
NUMBER OF EMPLOYEES 2013/14
• Revenue of EUR 2.5 billion: a 4% decline from last year
• Revenue from online sales continues to grow: by 19% to EUR 79 million
• 122 new stores opened; 126 stores closed; total number of stores falls slightly to 2,939
• Net group profit: EUR 61 million
56
3,023
5,236
Household
Toys
Living & Garden
Wholesale / other
Total 25,652
(2012/13: 25,985)
HOUSEHOLD
• Number of stores tops 2,000
• Further expansion of Xenos in Germany
• Big Bazar continues growth across the Netherlands and Belgium
• Casa: strong growth in Italy
• Continued strong growth in online sales at Blokker, Marskramer and Cook & Co
17,337
NUMBER OF STORES 2013/14
198
TOYS
• I ncrease in profit at Maxi Toys despite weak toy market
•B
art Smit and Intertoys struggled in tough market conditions
•C
ontinued strong growth in online sakes
Household
Toys
Living & Garden
738
Total 2,939
(2012/13: 2,943)
LIVING & GARDEN
• Leen Bakker launched new format
• Strong growth in online sales at Leen Bakker
• Another weak year for Overvecht Garden Centre
2,003
NET REVENUE (€ million)
NUMBER OF STORES
3,000
Household
Toys Living & Garden
Year-end 2013/14
Company-owned stores
1,730
604
189
Franchise stores
273
134
9
Total
2,003
738
198
Online share
3
5
3
Year-end 2012/13
1,704
614
189
Franchise stores
287
139
10
Total
1,991
753
199
Online share
3
6
3
New store openings 2013/14
103
8
4
Franchise stores
6
1
0
Total
109
9
4
Store closures 2013/14
77
18
4
20
6
1
Franchise stores
Total
97
24
5
Online share
1
2,500
Total
2,000
2,523
416
2,939
11
1,500
1,000
500
0
2.507
436
2,943
12
2007
2008
2009
2010
2011
2012
2013
2011
2012
2013
NET PROFIT (€ million)
200
115
7
122
150
100
99
27
126
1
50
0
- 13 -
2007
2008
2009
2010
REPORT OF THE BOARD OF DIRECTORS
PERIOD UNDER REVIEW
Mr A. Blokker retired from the Board of Directors effective 1 April
2014 and joined the Supervisory Board as of the same date. For more
than four decades, Mr Blokker was a member of, in successive order,
the Blokker management and the Board of Directors of Blokker
Holding. During this period, Mr Blokker focused mainly on
procurement for various operating companies, the international
expansion of the group, and management of the retail formats
based outside the Netherlands, including Casa, Blokker Belgium
and Maxi Toys. The Board of Directors is greatly indebted to Mr
Blokker for his substantial contribution to the growth of the family
business. The Board of Directors is exceptionally pleased that he
will continue to be able to share his in-depth knowledge of non-food
retail and the Blokker group following his appointment to the
Board of Directors.
Blokker Holding follows a non-calendar fiscal year, which runs
from the fifth week in January until the fourth week in January
of the following year. The 2013/2014 financial year ran from 27
January 2013 until 25 January 2014. This financial year is also
referred to below as the ‘year under review’ or the ‘year 2013’.
BLOKKER HOLDING REVENUE
Net group revenue (exclusive of VAT) reached EUR 2,503 million in
the year under review, representing a decline of roughly 4% from
2012, when net revenue was EUR 2,609 million. This net revenue was
distributed as follows across three strategic retail divisions of our
group and our wholesalers:
NET REVENUE
in thousands of euros
Household
Toys
Living & Garden
Retailers
Wholesalers
Total net revenue
2013/14
1,454,507
655,744
366,412
2,476,663
25,928
2,502,591
2012/13
1,512,461
681,494
388,380
2,582,335
26,517
2,608,852
Under the Dutch Management and Supervision (Public and Private
Companies) Act, we currently do not comply with the requirement
of a balanced distribution of management and supervisory positions among men and women. The company’s main consideration
in appointing new members is the candidates’ calibre and skills.
Index
96.2
96.2
94.3
95.9
97.8
95.9
NET PROFIT (LOSS)
ONLINE STORES
The consolidated net group profit for 2013 was EUR 60.7 million
(2012: EUR 64.1 million). This profit was realised under difficult
conditions, with net revenue falling by more than EUR 100 million.
Thanks to the measures implemented, the formats managed to
reduce their costs. The retailer to outperform all others in 2013 was
our international toy store chain Maxi Toys, which managed to
increase its profit in several weak markets. The company took measures during the year under review so as to be able to benefit in 2014
from the expected economic upswing with a number of rejuvenated formats.
We once again achieved strong growth in revenue for our online
stores in 2013. Consumer sales (including VAT) through these
online channels increased by 19% to EUR 79 million. The number of
online stores in the group decreased by one, to eleven stores,
following the closure of the E-Plaza chain.
The group employed a total of 25,652 people during the year under
review – down slightly from the previous year.
Dispersed across the three sectors, both wholesalers and the
holding activities, these employees work in the following sectors:
ONLINE STORES
NUMBER OF EMPLOYEES
The revenue from retail sales including VAT generated by companyowned stores and franchise stores plus the revenue of our wholesalers at invoice amounts exclusive of VAT totalled EUR 3,120
million, versus 3,234 million in 2012 – a 4% decline. At the end of the
year under review, the group operated a total of 2,939 stores,
including 2,523 company-owned stores (of which 11 are online
stores) and 416 franchise stores, along with two wholesalers.
bartsmit.com
intertoys.nl
intertoys.de
leenbakker.nl
leenbakker.be
tuincentrumovervecht.nl
en diervoordeel.nl
cookandco.nl
blokker.nl
maxitoys.be
maxitoys.fr
marskramer.nl
Household
Toys Living & Garden
Retailers
Other *)
Total number of company employees
Franchise employees
Total number of employees
GROUP ORGANISATION
One change occurred within the Board of Directors during the year
under review. In November, Mr L.M. de Kool retired from the
Supervisory Board and was appointed Deputy Chairman of the
Board of Directors. In October, the organisation of Blokker Holding
was expanded following the appointment of Ms S.J. van der Mispel
as Director of Real Estate Operations. The team was expanded in
spring 2014 with the appointment of Mr P.F. Botter as Chief
Operating Officer (COO), responsible for logistics, supply chain
management and IT; Mr J. van de Schraaf as Group Control
Director; and Mr A.J. Brouwer as Omni-channel Director.
The Netherlands
International
Total number of company employees
* Wholesale and Holding activities
- 14 -
2013/14
17,337
5,236
3,023
25,596
56
Employees
2012/13
2013/14
17,067
10,863
5,616
3,361
3,251
1,984
25,934
16,208
51
52
FTEs
2012/13
11,062
3,499
2,109
16,670
47
25,652
3,050
28,702
25,985
3,200
29,185
16,260
16,717
18,167
7,485
18,680
7,305
10,375
5,885
10,881
5,836
25,652
25,985
16,260
16,717
INVESTMENTS
An employee participation report, drafted in conjunction with the
CEO and completed in May, sets out the objective, organisation and
procedures of the employee participation bodies within our group.
The financial statements for 2012/2013 were discussed in June.
During the year under review, the Central Works Council was
consulted, among other things, on the publication of the Social
Media Policy; the establishment of a Shared Service Centre for
Quality; a policy for the acquisition of stores; and the proposed decision to transition to a self-insurance plan under the new Sickness
Benefits Act. The Central Works Council made favourable recommendations for each of these requests for advice. Mr L.M. de Kool
was appointed Deputy Chairman of the Board of Directors effective
1 November.
Ms M.J. Poots-Bijl was appointed to the Supervisory Board effective
1 March (having been nominated by the Central Works Council).
Mr A Blokker retired from the Board of Directors effective 1 April
2014, going on to join the Supervisory Board. The Central Works
Council has responded positively to Mr Blokker’s appointment.
The meetings with the Central Works Council are characterised by
a good, open atmosphere and mutual respect and trust. The Board
of Directors greatly appreciates the positive attitude of the group’s
employee participation bodies.
The total amount invested in 2013 was virtually equal to that for
the previous year: EUR 68.5 million net, versus 69.3 million in 2012.
Major investment areas in 2013 included e-commerce, IT, logistics,
and the store network.
Of the total investment amount, EUR 23.6 million (34%) was spent
on our subsidiaries outside the Netherlands.
NET INVESTMENTS
x C million
New stores
Existing stores
Logistics and information systems
Other
Total
2013/14
32.0
17.4
18.0
1.1
68.5
2012/13
37.6
21.8
8.3
1.6
69.3
Depreciation came to EUR 89.6 million this year (2012: 84.2
million), bringing cash flow (net profit plus depreciation) to EUR
150.3 million (2012: EUR 148.3 million). A total of 45.6% of cash
flow, then, was used for investment purposes (2012: 46.7%). Net cash
flow from operating activities reached EUR 185 million (2012: EUR
117 million), thanks to a significant improvement in working
capital management.
OUTLOOK
The first signs of economic recovery are expected to become visible
during the 2014 financial year in the European countries in which
the group operates. However, there will be no significant improvement in consumer confidence in the majority of countries. The first
few months of the current financial year have seen tentative sales
figures at our various retail formats. The Leen Bakker, Blokker and
Tuincentrum Overvecht chains all reported strong early sales of
garden furniture and garden supplies, boosted by the warm spring
weather. Nevertheless, it is too soon to make any pronouncements
on profit for the current financial year at this stage.
The company closed the year under review with a balance sheet
total of EUR 932.4 million (2012: EUR 975.3 million). The decline is
due, among other factors, to lower stock levels at the majority of
operating companies. Shareholders’ equity fell to EUR 486.2
million. At 52.1%, solvency (defined as the ratio between shareholders’ equity and borrowed funds) was equal to last year.
PROFIT APPROPRIATION
A portion of the dividend to be paid to shareholders based on the
proposal for profit appropriation will benefit employees who participate in the Oranje Boven Participation Plan. The value of certificates is determined based on a standard valuation rule, based on
the average of Blokker Holding’s net profits for the past two years.
The value decreased in 2012 and 2013 on account of the company’s
financial performance.
Investments in the current year are likely to turn out higher than
those in the year under review. Specifically, a substantial amount
will be invested in optimising the e-commerce activities of the
formats which currently operate an online store and in increasing
the number of online stores. The number of full-time equivalents is
expected to increase slightly as a result of expansion.
We would like to thank all our employees for their dedication and
efforts to our group during the year under review.
The Central Works Council (in Dutch: Centrale Ondernemingsraad)
is composed of members of the works councils of our subsidiaries in
the Netherlands (see page 10 of this annual report). The Council
convened on seven occasions during the year under review,
including three consultation meetings with the CEO. Consultation
meetings are traditionally attended by a member of the
Supervisory Board. In addition, the executive committee of the
Central Works Council held several meetings with the CEO. The
meeting conducted in February focused on current issues and
included a review of developments in the past year. The request for
advice concerning the reorganisation of Marskramer and Blokker
was discussed with the Central Works Council in April 2013. The
employee participation bodies and management were frequently
consulted throughout the process.
Board of Directors
T. Smit
- 15 -
HIGHLIGHTS 2013
The household supplies market is characterised by a wide variety of suppliers.
Besides sales by retail chains, this segment also increasingly sells products
online. The Blokker, Marskramer and Cook&Co formats have also seen a significant increase in their online sales. The ‘Household Supplies’ retail category is
becoming more fragmented, as many other companies operating in other industries also offer household items. Blokker Holding has been operating in this
market since 1896, initially only with the Blokker format, but it has since added
several other well-known retail formats in the Dutch and international markets,
which have been going for many years.
These formats all have their own distinctive product ranges. Blokker, Marskramer,
Novy, Big Bazar, Budg€t and Cook&Co specialise in household supplies and
related items, with some diversification into other product groups. Within the
group, the Casa and Xenos chains offer a markedly different range within the
household supplies market. The wholesaler Elektroblok offers mostly household
products, while the international wholesaler Trend Center has diversified its
range somewhat more over the years.
NUMBER OF STORES – HOUSEHOLD 2013/14
31
27
113 25
220
832
Total 2,003
229
(2012/13:1,991)
526
Blokker
Casa
Xenos
The Blokker and Big Bazar formats also operate internationally, within the Benelux
market. The international chain Casa operates solely outside the Netherlands and
currently has stores in nine countries. Market trends in the Netherlands also affect the
profits of our chains. These trends continued to be challenging overall in Western
Europe in 2013. It is difficult to compare the various household supply markets on
account of the variety of suppliers operating in these markets.
In 2013, the Dutch market for household supplies shrank by 5% from 2012, mainly
because of a decline in the second half of the year. Sales are generally strongest in the
Netherlands during the months of November and December.
Trends and developments in the Household Supplies sector showed a consistent picture
overall during the year under review. The continued low consumer spending in the nonfood sector caused total retail revenue in our household sector to fall by 3.4% overall.
However, the decline in total revenue remained in check thanks to the strong growth of
the Big Bazar chain and revenue increases at Cook&Co, Xenos Germany, and at the Casa
stores in Southern Europe. Preparations were underway during the year under review
to revamp several retail formats. The first prototype store of the new Big Bazar format
opened its doors in spring 2014, along with new stores of the successful new Xenos
format ‘Xenos 101%’. Five new-style Blokker prototype stores are scheduled to open in
August 2014.
The focus in 2014 is on online sales. A group-wide web platform is to be launched which
will improve the services provided to online customers. The Xenos online store is also
set to go live by the end of 2014. The main priority of the group and the Household
Supplies sector is optimising online sales by increasing product ranges and through an
integrated omni-channel strategy.
NUMBER OF STORES – HOUSEHOLD
Blokker
CasaXenosMars-
Novy Big Bazar Budg7t Cook&Co Novalux
Total
kramer
Household
Year-end 2013/14
Company-owned 717
458
228
164
113
25
25
1,730
Franchise
115
68
1
56
31
2
273
Total
832
526
229
220
31
113
25
27
2,003
Year-end 2012/13 Company-owned 718
453
211
173
70
42
27
10
1,704
Franchise
118
70
1
61
35
2
287
Total
836
523
212
234
35
70
42
29
10
1,991
- 16 -
Marskramer
Novy
Big Bazar
BudgPt
Cook&Co
KEY FIGURES – HOUSEHOLD
(RETAIL)
Net revenue (x C 1.000)
2013/14
2012/13
1,454,507
1,512,461
Employees
2013/14
2012/13
17,337
17,067
Number of stores
2013/14
2012/13
2,003
1,991
HOUSEHOLD
opeen
op
n in g
Nu!
Spectaculaire
openings
knallers!
- 17 -
COMPANY-OWNED STORES 504
(including one online store)
FRANCHISE STORES 112
EMPLOYEES 6,914
COUNTRY The Netherlands
BLOKKER
FORMAT Blokker is the market leader In the Dutch market for household supplies. With more than 600 stores, the chain is a high-street
fixture. The quintessentially Dutch retail chain always provides an
up-to-date range of items in the household supplies, cookware and
dining categories, in addition to an extensive selection of garden
supplies, multimedia items and toys.
Blokker began preparations during the year under review for
the launch of a new retail format. Although many of these
activities took place behind the scenes, the more visible initial
steps generated immediate results in the stores. The nineteen
stores at which the routing was changed and the carpet floors
were replaced with a wooden-style floor immediately
improved their sales. The first prototype stores based on the
new concept are scheduled to open sometime in 2014.
There was a sharp increase in both visitor numbers and sales in
the online stores. The online product range was significantly
expanded, service was improved, and the online store was
supported by a strong advertising drive. A new logistics centre
became operational in August in order to be able to meet
online demand and the future growth of online sales. Current
efforts focus on the revamped online store, which went live in
spring 2014. Despite a shrinking household supplies market,
Blokker managed to increase its share in the market for household electronics. Sales from cleaning items grew as well.
was able to increase the online product range. The online stores and
physical stores are increasingly reinforcing each other, with more
than half the customers who made purchases online collecting
their order at a Blokker retail store. Of this group, another 50%
ended up making a follow-up purchase at the store. This additional
traffic to the offline stores, initiated online, generated additional
sales.
PROFIT/LOSS
LOGISTICS & IT
The increase in Blokker’s market share for household electronics –
including coffeemakers and espresso machines – can be credited at
least in part to effective partnerships with manufacturers of
premium brands. These partnerships took on the form of in-store
presentations, the expertise of employees, and through special
promotions and promotional campaigns through the distribution
of leaflets and flyers.
Another factor was Blokker’s competitive prices for brand products.
The sale of cleaning items increased, and the retail chain received
positive publicity for its toy division: a comparative survey
conducted by the Dutch Consumer Association among 40 toy stores
and online toy retailers showed that Blokker is 8% cheaper than its
competitors when it comes to toy brands. Nevertheless, total sales of
toy products were lower than 2012. There was also a decline in sales
of garden furniture and accessories, outdoor toys and outdoor
clothes-drying solutions, all of which are key sales categories for the
chain. Staffing at the stores was optimised during the year under
review, without having any effect on services to consumers.
In late August 2013, Blokker transferred its logistics operations for
its online store to a new e-fulfilment centre in Houten, near Utrecht.
Blokker employees at this facility work closely with their counterparts at TopPak, the division of mail company PostNL which handles
all online sales for Blokker. The e-fulfilment centre is responsible for
sorting and packaging online orders, which are then shipped by
PostNL to destinations across the country. Returned items are also
processed at the facility. This expansion makes it possible to accommodate the anticipated future increase in the number of online
transactions and offer a more extensive product range. The
company also began using social media in 2013 for aftersales
purposes and sales and marketing campaigns. In order to manage
the flow of goods as effectively as possible, the company began
preparing the implementation of a new warehouse management
system during the year under review, which will be piloted during
the first half of 2014.
BLOKKER PROTOTYPE STORE FOR NEW FORMAT
ORGANISATION
Following the announcement, in April 2013, of the relocation of the
Marskramer organisation to an office building located beside the
Blokker head office in Amsterdam, several support departments of
this household goods retailer were integrated into the Blokker
organisation, namely Accounts, Human Resources, IT, Facility
Services and Procurement Support. These departments currently
E-commerce
Online sales continued to grow sharply in 2013. The number of products available for sale online increased, making it easier for Blokker
to meet customer needs with its product range. A prime focus was
an analysis of online visitors. Based on these results, the company
- 18 -
BLOKKER
REPORT2012
2013
BLOKKERHOLDING
HOLDINGANNUAL
JAARVERSLAG
BLOKKER AT THE FIRST
HIGH-END SHOPPING CENTRE
IN THE NETHERLANDS
INTERVIEW RIK BRAND
Rik Brand a 34-year-old Economics graduate
and
marketing expert, first began working part-time at Blokker as a student fifteen years ago, helping out in the store on
Saturdays. Having caught the retail bug, Rik ended up
staying with the company and currently manages one of the country’s largest and busiest Blokker stores.
After managing several Blokker stores in the greater Haarlem area,
he became the manager of the separate, subterranean store at the
upscale Stadshart Amstelveen shopping centre in the Amsterdam
suburb of Amstelveen two years ago. Rik is married to a former
Blokker colleague, Lisette, who works as an education expert and
runs a home day-care. The couple live in Hoofddorp with their three
young daughters.
Largest-size Blokker store
As the first luxury shopping centre in the Netherlands, Stadshart
Amstelveen highlights its upmarket credentials in its promotional
materials: ‘Enjoyable, stylish indoor shopping experience offering
a mix of more than 200 stores, including De Bijenkorf, Nespresso,
Guess, Swarovski, Björn Borg, and many other prestigious retailers’.
Such a high-end shopping centre would obviously not be complete
without a Blokker store. The store entrance is located in a strategic,
prominent corner of the shopping centre’s central meeting place –
hard to miss for the shopping crowd. A wide escalator takes shoppers to the retail space beneath the ground floor. With an area of
roughly 700 square metres, the branch is one of the country’s larger
Blokker stores.
Loyal clientele
Rik Brand: ‘This shopping centre attracts huge numbers of
customers. Just about everyone who lives in Amstelveen shops
here, including many regular Blokker customers. These people tend
to have a little more disposable income than average, which obviously doesn’t hurt us. Instead of Best Budget items, they tend to
pick similar but more high-end brand products. It gets really busy
here, especially on Fridays, when there’s an open-air market nearby
and many shoppers like to pop in to see what’s new. We tend to see
a lot of the same faces, and most of them come because they enjoy
the social aspect – they come in just to say ‘hello’ and have a chat.
And in my experience, they never go home empty-handed.’
Day out
The shopping centre’s magnetic pull extends beyond Amstelveen
alone, with customers from all over the region shopping there,
including Amsterdam, Uithoorn, Aalsmeer, and further afield. The
recreational shoppers tend to show up on the weekends – they like
to make a day of it. And who can blame them, really? The shopping
centre has many exclusive stores – including several anchor stores –
and there’s lots of parking space. There are also excellent dining
spots, and even a cineplex. The theatre is right next door, and for art
lovers there’s the famous Cobra Museum. Our store attracts a lot of
people looking for various household devices, toys, gifts and other
competitively priced bargains. Sure, we get a lot of traffic at our
store – you certainly won’t hear me complain!’
- 19 -
Prototype store for the new Blokker format
Rik Brand was both surprised and honoured when he was told that
his store had been selected as one of the prototype stores to be
used to test the future Blokker retail format. He feels this development is both stimulating and challenging: ‘These are going to be
exciting times for Blokker with the new format. The store will be
totally stripped down and remodelled, and our product arrangement
will be improved and become more intuitive. We will also have
access to the latest technologies, which, in terms of procedures,
will both save us time and will allow us to serve our customers
even better. Take the new omni-channel trend, for example, where
the physical stores and online store are fully integrated. I’m really
excited about all these changes. If the trial turns out to be successful,
Dutch Blokker fans are in for a real surprise!’
BLOKKER.NL LOGISTICS CENTRE AT TOPPAK, HOUTEN, THE NETHERLANDS
OUTLOOK
provide support services to Blokker, Marskramer, Big Bazar and
Budg€t. Blokker also saw various organisational changes during the
year under review.
Although a significant economic revival and boost in consumer
confidence are not on the cards at this stage, Blokker is cautiously
optimistic about the current year. The online product range will be
significantly expanded this year, and in addition the upgrading of a
number of stores will help boost sales. The sale of items related to
the FIFA World Cup in summer 2014 will also result in a bump in
sales, followed by the launch of the new Blokker retail concept in
autumn.
RETAIL FORMAT AND STORES
Blokker operated a total of 616 stores in the Netherlands at the end
of the year under review. Four company-owned stores were closed
and four new stores were opened. In addition, two company-owned
stores switched to the franchise format. There were a total of 112
franchise stores in the Netherlands at the end of the year under
review. Of the franchise stores, two garden centres were closed
while three franchise stores were turned into company-owned
stores. The company worked hard on developing the new Blokker
retail format in the year under review. A prototype store was created
at the head office in November. Based on further surveys among
customers, retail staff and other employees, this concept was subsequently further developed and modified. Key elements tested in the
prototype store included product range, routing, in-store communications, aisle arrangement, atmosphere, up-to-dateness, functionality and customer experience.
The prototype store was further tested and improved during the
first half of the current year. The same concept will be launched at a
number of stores later this year. In anticipation of these launches,
Blokker used limited resources during the year under review to
remodel a number of older stores, where several elements of the new
format were implemented. The results were instantly visible, with a
clearer aisle arrangement for customers, positive customer feedback
and higher sales. An additional number of stores will be converted
based on this principle in the current year.
Stichting Sociaal Fonds
Stichting Sociaal Fonds Jacob Blokker Pz. paid a total of more than
EUR 95,000 to employees, former employees and the survivors of
deceased employees in 2013. At year-end 2013, the Foundation had
assets of more than EUR 2.3 million.
EMPLOYEES
As reported above, Blokker has been undergoing a number of
substantial organisational changes in the past year. The focus was
on the recruitment and selection of employees possessing specific
new skills and expertise. Employee training, education and development were another priority, including the development of various
modules to train retail staff in the use of digital sales-support tools.
In conjunction with the works councils of both formats, several
Marskramer support services were integrated into the Blokker
organisation. Of the nearly 7,000 Blokker employees, five celebrated
their 40th anniversary at the company: Ms M.C. Buis, Ms A.J.
Linneman, Ms A.C. Visser, Mr J.W. Idzinga and Mr C.H.F. Brouwer.
Another 72 employees celebrated their 25th anniversary; 262
celebrated twelve and a half years at the company.
- 20 -
SAVING OUR HERITAGE
With start-up capital of one thousand guilders, ‘Japie’ Blokker
and his wife Saapke moved into retail premises at 22 Breed in
the Northern Dutch town of Hoorn. The date was April 1896,
the day after their wedding. That thousand guilders turned out
to be a good investment, as the couple possessed both an eye
for quality and strong business acumen. Japie and Saapke
called their business Goedkoope IJzer- en Houtwinkel (‘The
Low-Cost Iron and Wood Shop’) and, besides selling agricultural tools and accessories such as spades and rakes, they also
carried household supplies, including washtubs and coffee
pots. Seven years down the line, their thriving business had
outgrown its space and they needed to relocate to larger premises, so they purchased the building next door, 24 Breed. The
product range sold by the Blokker family business was further
expanded to include gift items, and the business continued to
grow rapidly, with the couple again being forced to leave their
premises and move into a larger building. Now, 118 years later,
the Blokker Holding family business includes 14 retail formats
with nearly 3,000 stores based across 11 countries.
In 2010, Blokker Holding took advantage of the opportunity to
reacquire the building. An alarming letter sent by a distressed
neighbour revealed the building’s poor condition. An architectural firm was enlisted to assist with the drawings, and the
renovation is currently underway. This ensures that an important part of Blokker’s heritage and history remains preserved.
The renovation is scheduled to be completed in summer 2014.
Just like in 1896, Blokker will then once again have reason to
be proud of the iconic building at 22-24 Breed – the place
where it all began over a century ago.
- 21 -
FRANCHISE STORES 3
EMPLOYEES 1,153
COUNTRIES Belgium, Luxembourg
and Suriname
BLOKKER
FORMAT The Blokker chain is also well-represented in Belgium and
customers a clear overview of the product
range available in the
store. In addition, the
stores were redesigned to
give them a calmer look,
and the aisles are now
more conveniently
arranged. Blokker
entered into several new
partnerships with
various companies in the
year under review
in order to provide even
better services to
consumers. Blokker also
partnered with the
women’s magazines
Libelle and Femmes
d’Aujourd’hui to launch a
special home furnishing
range, including items
such as wicker bean bags,
wooden serving trays,
candle holders, and a
NEW PRESENTATION OF PANS
range of linen with original graphic prints. This collection featured prominently in both magazines, as well as on the various websites. Several successful partnerships were also established with the Belgian entertainment company
Studio 100 (whose properties include the girl group K3), the multinational e-commerce company Zalando, and Nieuwslijn, a current-affairs
programme produced by public broadcaster VRT.
Luxembourg. Operating company-owned stores only, Blokker is a
leading retail format in these markets, offering a wide selection of
household items, toys and garden furniture. There are three stores altogether in the Surinamese market, all operated by a single franchisee.
The prime focus at the Belgian and Luxembourg stores was
improving store image and the launch of a new in-store
communications system. The new method used to present
products and product categories – divided into different
‘customer experiences’ – makes it easy for customers to find
the products they’re looking for. The new set-up has helped
increase sales. The investment in new communication devices
for employees has made it easier for employees to respond to
market trends from within the company and share best practices with each other in real-time. Blokker entered into partnerships with the women’s magazines Libelle and Femmes
d’Aujourd’hui in 2013 to ensure visibility among the target
demographic. At the same time, the partnership also improved
the retail format’s image. While there was a slight bump in
consumer confidence in 2013, unemployment in Belgium
nevertheless continued to rise. This caused Blokker’s overall
sales at the Belgian stores to decline. The company nevertheless managed to achieve a modest profit thanks to strict cost
management.
REVENUE AND COSTS
Although Blokker’s overall revenue in Belgium declined, profits in
the Garden product group increased slightly in the spring, and
particularly in June. Wage costs were reduced through the more
efficient deployment of employees at the stores. At the same time,
energy costs increased as a result of the persistent harsh winter
weather. Electricity costs were reduced thanks to the measures
implemented.
OUTLOOK
There is growing concern in Belgium about a further rise in unemployment. Consumer confidence, which had been increasing steadily
since April 2013, took a dive again in March 2014. Blokker Belgium
has noted that customers – as in 2013 – are more price-conscious and
are less likely to be enticed into making impulse purchases. Profit is
expected to recover, however. Blokker has a strong marketing and
sales programme planned for 2014, including promotions organised
in association with Visa/MasterCard, Zalando, and several amusement parks. The Blokker-Libelle home collection will be continued,
with new items to be added. Blokker Belgium also has high expectations of the launch of its online store and the opening of five new
stores.
LOGISTICS, IT AND E-COMMERCE
Blokker does not currently operate an online store in Belgium, but
plans to open one by the end of the year. The website featured prominently in the retail chain’s promotional activities during the year
under review, resulting in a 15% increase in online visitors. The
number of subscribers to Blokker’s newsletter rose by 47%. All stores
were equipped with new communication devices in preparation of the
launch of the online store in 2014. This made it easier for the stores to
keep track of both stocks and sales, as well as respond more quickly to
market trends. The new technical aids enable employees to share their
best practices, including pictures of product presentations. All these
new elements helped improve the stores’ image and appearance.
Suriname
Sales at our franchise store here (which represents a looser association than is customary in other markets, with greater liberty for the
franchisee) were virtually the same as the previous year. At the end
of the year under review, the franchisee operated three small stores
in Paramaribo. Purchasing power in Suriname has yet to recover, but
expectations for the current year are optimistic.
STORES AND RETAIL FORMAT
A total of four stores were closed in Belgium, while four new stores
were opened and two stores were relocated. The stores themselves
launched a new product presentation system. Various products were
grouped into different types of ‘customer experiences’, giving
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29-YEAR-OLD ILSE MELIS is the manager of the Cook&Co
store in Eindhoven’s city centre, having previously worked at
stores in the Southern Dutch towns of Breda, Bergen op Zoom
and Tilburg. Ilse was born and raised in Oisterwijk (also located in
Brabant province), where she and her partner, Paul, share a
home.
Surge of new, younger customers
Cook&Co, located on Eindhoven’s bustling Vrijstraat, opened its doors
only in September 2013. ‘I found it exciting and challenging to become
the manager of an all-new store. It’s up to you to turn it into a success,
and I think my team and I have done a pretty good job so far. Things
started out a little slow, but customers gradually began to find their
way to our store, and our clientele is still growing.’ This clientele is a mix
of former customers of the old store, and a newer contingent. ‘The
loyal customers of the old Cook&Co store are glad to have a place to
shop for cookware again. We’re seeing a lot of new customers –
including lots of young people and amateur chefs – who know that we
sell quality products, ranging from premium-brand potato peelers to
luxury food-processors to high-end pots and pans. Quality is our top
priority – that’s why people keep coming back.’
‘QUALITY IS OUR TOP
PRIORITY - THAT’S WHY
PEOPLE KEEP COMING BACK’
TV cooking shows: a major influence
Cooking has been ‘hot’ for a while now, and its popularity continues to
grow. TV cookery programmes, which are very popular with the Dutch
public, have had a lot of influence on how people prepare their food.
The most successful by far is the 24-hour food network 24Kitchen,
which features Dutch celebrity chefs such as Rudolph van Veen. ‘A lot
of people visit our store after seeing a particular cooking utensil on TV
and want to learn more about it. We anticipate that demand and make a
point of purchasing items shown on TV cookery shows. Unfortunately,
we sometimes don’t have what the customer is looking for, but we do
always have some kind of alternative, a similar product, to offer them
from our range. Cooking shows are really a major influence on
customer demand at our store.’
More male amateur chefs
Another trend is the growing number of men who have been
frequenting the store in recent years. ‘We’re seeing a lot of amateur
chefs. Men tend to go for technical gadgets and the more expensive
kitchen utensils – a digital thermometer, say, or a high-quality steel
pan. Women are usually a bit more practical and also tend to keep a
tighter eye on their purse strings.’
Interaction with online stores
Both the Vrijstraat store itself – which happens to be the only specialised cookware retailer in all of Eindhoven – and its product range are
fairly compact. ‘For that reason, we don’t carry the full product range.
But fortunately we do have our online store as backup – it’s a very
dynamic sort of place that doesn’t just sell products but also promotes
the whole ‘cooking experience’. We have found that customers find all
that very inspiring and stimulating. Some customers who come into
our store may have seen a food processor that they really like in our
online store. Since those machines are relatively expensive, many
customers like to come into the store first so they can see the machine
up close and know what it feels like in their hands – a phenomenon
known in the retail industry as “showrooming”. But since those
machines are quite heavy, large, and difficult to transport, they usually
prefer to buy it in the online store. I have no problem with that at all – it
just goes to show that we complement each other, and at least I won’t
have to disappoint any customers by not having something in stock.’
‘Cooking paradise’
It turns out Ilse Melis herself also knows her way around the kitchen
pretty well: ‘Ha! You could say that again. I’m mad about cooking. I love
preparing tasty meals and treats for friends and family. I guess it’s
probably in my genes – my parents have always been very passionate
about cooking as well. So you can imagine that, for a foodie like me,
this shop is like paradise. I try to pass that sense of enthusiasm on to
my customers, although a lot of the time that’s not even necessary.
The people who visit our store tend to love all things culinary anyway.’
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FRANCHISE STORES 68
EMPLOYEES 3,250
COUNTRIES Belgium, France, Spain,
Portugal, Italy, Luxembourg,
Switzerland, Austria and Aruba
CASA
FORMAT an inspiring, international retail format offering trendy decora-
tive and gift Items, household linen and garden and home furnishings.
The format is the most international retail formula in the Blokker Group,
operating in the largest number of markets.
Casa manages a website which provides up-to-date information on
the format and its product range, and is active in various social
media. The company does not operate an online store, partly
because it operates in so many different countries and due to the
large distances between the central warehouses in Belgium and the
European consumers. The company will begin launching a number
of e-commerce activities in 2014.
Casa reached a record number of customers in 2013 with its
mission of helping people rediscover the joys of domesticity.
The international homeware retailer opened 21 new stores in
Italy, eight of which share retail space with the Maxi Toys toy
chain. Unlike Belgium and France, where consumer confidence
remains low, revenue in Southern European countries such as
Italy, Spain and Portugal actually grew sharply last year.
Coupled with the poor summer weather across Europe, this
caused overall sales to fall slightly. Casa’s 2013 campaign of
‘achieving more with fewer resources’ resulted in improved
operating margins and higher profits. The chain celebrated its
25th anniversary as a Blokker Holding retailer in 2013. Under
the inspiring leadership of Albert Blokker – who announced his
retirement from the Blokker Holding Board of Directors effective 1 April 2014 – Casa became the most international of all the
group’s retail chains.
MARKET
The international company Casa clearly noticed the difference
between the Southern and Northern European markets in 2013.
Whereas Spain, Portugal and Italy all saw a tentative rise in
consumer confidence, consumer spending in Northern Europe
remained weak. Consumer confidence in France even reached a
record low in May 2013. The bad spring weather led to lower sales of
seasonal products such as garden furniture and accessories.
REVENUE, OPERATING MARGIN AND COSTS
Due to a variety of factors including the continued downturn in
France, Casa’s total revenue was down slightly from the previous
year. Fortunately, the company did manage to improve its operating
margins. All Casa stores implemented measures to reduce their
stock. Thanks to efficient procurement policies, the chain was able
to improve its operating margin slightly, despite the consumer
discounts. The company once again opened a large number of new
stores in Italy during the year under review, while closing several
stores in the French market. The company also changed its processes
and procedures in order to improve efficiency at the store, including
a simplification of the process of unpacking products and arranging
them in the aisles. This enabled the company to reduce the number
of hours spent on these operations.
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CASA, AUVELAIS BELGIUM
OUTLOOK
The company focused in 2013 on expansion in the Italian market,
where the retail format opened 21 new stores. The massive crowds
that turned out for the opening days of two stores located in the
towns of Jesolo and Sarzana despite the dismal May weather bode
well for the future of the retail chain in Italy. The sales generated
during the first few days were promising as well, even reaching
the kind of numbers usually found during the Christmas season.
A total of eight exclusive Casa/Maxi Toys stores were opened in Italy
in 2013, with the two separate retailers sharing the same cash
register area. The total number of Casa stores increased by three and
currently stands at 526. A total of 29 stores were closed and 32 were
opened. An additional advantage of the closure of non-profitable
stores and the opening of new stores is that the store design and
overall look remain fresh and up-to-date that way. Combined with
the new retail concept launched in 2012, this gives the retail chain a
more contemporary feel. This effect was enhanced by arranging
best-selling products more clearly in the aisles. The collection of
lanterns, jewellery racks and paper napkins was expanded and is
currently displayed separately at the cash registers. The stores
reported a sharp spike in sales of these products. Sales of baking
supplies and cupcake accessories also rose during the year under
review, along with deli food items.
The economic situation in Western Europe is not expected to improve
to any significant extent this year. France – Casa’s largest market – is
likely to see a further drop in consumer confidence, on account of the
uncertainty of its political future. This is all the more reason for Casa
to continue its current strategy of optimising opportunities in the
Southern European countries and remodelling outdated stores.
EMPLOYEES
The various store closures and openings required a great deal of
effort on the part of Casa’s employees. The company introduced a
standardised evaluation system for store employees in 2013 to
recognise their achievements and motivation and manage these if
necessary. This has facilitated the introduction of more efficient
procedures and processes at the stores, as well effective in-store
measures to reduce stock.
SPRING CATALOGUE 2013
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FRANCHISE STORES 1 (Based in
Germany)
EMPLOYEES 3,699
COUNTRIES The Netherlands and
Germany
XENOS
FORMAT A progressive retail chain offering household, gift and home
decoration items, along with an attractive range of food products.
Xenos celebrated its fortieth anniversary in 2013 by launching
a number of successful anniversary campaigns. The product
design competition Xenos organised to celebrate the anniversary resulted in the submission of 800 entries from engaged
Xenos customers, many of which hewed closely to the chain’s
design style. This style is characterised mainly by fun, affordable products sold exclusively by the chain, as well as wellknown food brands, and feature an ‘exotic’ look and feel.
Xenos pursued a policy of cost management and strict stock
management in 2013, and continued to invest in new stores, IT,
logistics and the introduction of the new design style – which
is just as contemporary, colourful and fresh as it always has
been. Xenos believes that shopping at its stores should be
nothing short of an adventure.
OPENING OF XENOS STORE, BREDA, THE NETHERLANDS
Xenos’ revenue in the Netherlands was up slightly. In Germany,
which has a stronger economy, the chain saw its revenue rise more
sharply. This growth was the result both of new store openings and
of revenues from existing stores. Despite the lower revenue in the
Netherlands, Xenos has managed to maintain its operating margins
at virtually the same level. Stock levels were sharply reduced, and
staffing and – by extension – management of wage costs in the sales
organisation were critically reviewed. Xenos sources the majority of
products directly from manufacturers, which guarantees a consistently original and innovative product range.
RETAIL AND STORES
The new ‘101% Xenos’ retail format – developed in 2012 – opened
new stores during the year under review. The format (including new
store displays, rear walls, logo, visuals and a contemporary design)
was launched across six existing stores in 2013. During the year
under review, Xenos introduced a number of interesting new
themes in its stores, including the successful ‘Royal’ theme, which
features practical and decorative products in the categories Maison
Royale, Cuisine Royale and Bain Royale. Another bestseller is the
extensive, elegant collection of picture frames and photo collages.
Xenos opened a large number of new stores in the year under review:
ten in the Netherlands and seven in Germany, all of which are
designed in the new ‘101% Xenos’ style, featuring the all-new look
and feel. No stores were closed during the year under review.
LOGISTICS AND IT
Efforts to expand the Xenos distribution centre were underway in
the autumn, including a new high-rise warehouse and a dynamic
order collection system. The new state-of-the-art distribution centre
has made Xenos better equipped to handle the expansion anticipated in the next several years.
E-COMMERCE
Xenos maintained an active social-media presence during the year
under review, as well as adding new content to its website, such as a
blog and a platform offering customers useful and creative tips.
Xenos is set to launch an online store in 2014.
ANNIVERSARY BAG
- 26 -
BLOKKER HOLDING JAARVERSLAG 2013
OUTLOOK
Xenos anticipates another challenging year for Dutch retailers,
characterised by low consumer confidence and lower spending.
Xenos Germany is again expected to grow its revenue. The chain is
preparing to launch an online store in the Netherlands so as to
complement the all-new Xenos retail format and offer customers an
inspiring, user-friendly omni-channel experience.
OPENING OF XENOS STORE IN KOBLENZ, GERMANY
EMPLOYEES
Employee training and education continued as usual in the year
under review, including additional modules for store managers. New
modules were also introduced for various management positions. The
annual Xenos volleyball tournament was held in June, in which more
than 400 company employees competed: 40 teams altogether, cheered
on by a large crowd of supporters. Peter van Leeuwen, store manager
of the Xenos store in Nijmegen, celebrated his fortieth anniversary at
the company during the year under review. Ninety-two employees
celebrated their twelve-and-a-half-year anniversary at Xenos and
eight employees marked their twenty-fifth anniversary.
ANNIVERSARY Leaflet
XENOS STORE, LEIDSCHENDAM, THE NETHERLANDS
- 27 -
(including one online store)
FRANCHISE STORES 56
EMPLOYEES 1,093
FRANCHISE STORES 31
MARSKRAMER
FORMAT A retail format specialising in household items and toys
geared to smaller communities, whose stores have an average area of
300 square metres. The chain also operates the Novy franchise format
(which has a looser association with the head office than the other retail
formats) and the Groothandel Gouda wholesaler. Established In 1940,
Marskramer has been part of Blokker Holding since 1993.
Both the organisation and the stores saw a large number of
changes during the year under review. A number of stores
were designed based on a new format and given a more
contemporary look and feel. A large-scale reorganisation was
initiated in April of the year under review, as part of which
Marskramer’s profits should improve consistently over the
next two years. Marskramer saw its revenue fall, but did
manage to increase its profit by reducing its overhead, closing
several stores and pursuing a strict cost management policy.
REVENUE AND COSTS
Despite an overall drop in revenue in 2013, Marskramer’s sales revenues did increase during the warm summer months, driven by the
strong sales of home furniture, cushions and outdoor toys.
Unfortunately, this was not enough to offset the weak revenue in the
spring and autumn. Profit was slightly higher despite the lower
revenue; Marskramer managed to find the perfect balance between
customer traffic at the stores and the stores’ sales staff. The company
was also able to reduce losses thanks to the installation of a new security camera system. Marskramer underwent a large-scale organisational change, beginning in April, whose objective was to provide it
with a healthy foundation for the future. The downsized head office
relocated from Gouda to Amsterdam. Marskramer’s support services
(Procurement and Procurement Support, Finance & Accounts, IT,
Human Resources and Store Construction) were integrated in October
into their equivalent departments at Blokker’s Amsterdam head
office. The objectives of these organisational changes are reducing
overhead, increasing procurement capacity, improving advertising
and promotional opportunities, and offering a wider range of products, both at the stores and online. The initial results of these organisational changes became visible in spring 2014.
The number of orders placed through the online store increased by
36% in the year under review. Consumers can choose themselves
where and/or when to collect their orders. Additionally, Marskramer
- 28 -
PROTOTYPE STORE, VAN DER MADEWEG, AMSTERDAM
has made preparations to align the online store in 2014 with the
new group-wide web platform. This will make it possible to significantly expand the online product range and bring the online and
offline ranges more in line with each other.
Pettenburg, Ms D. Bijkerk, and Ms G. Blijsie. Sixteen employees celebrated their twenty-fifth anniversary and 45 employees marked
their twelve-and-a-half-year anniversary at the company..
The first few months of the current year have not yet seen a rise in
consumer spending. However, Marskramer expects to be able to reap
the benefits of the organisational change this year – including an
expansion of the product range at the stores and online and additional promotional opportunities generated by the partnership
with Blokker.
OUTLOOK
The number of Marskramer and Novy stores fell by a total of
eighteen. Two stores were converted into Big Bazar stores in 2013
and two former franchise stores became company-owned stores. The
new store concept launched across a number of stores resulted in a
significant boost in sales. Measures to more efficiently arrange the
product range into core groups, use different colours for each group,
and lower the store displays made the stores easier for customers to
navigate. The new lighting system also helped Marskramer to
improve the presentation and organisation of its product range.
Best-selling products during the year under review included the
colour-changing candle and the Safe Wallet cardholder, of which no
fewer than 85,000 units were sold. Other popular items included the
Kakelbont and Hartelust china sets launched by the popular Dutch
TV presenter Yvon Jaspers. These sets, which were created exclusively for Marskramer, were snapped up in large numbers by
customers. A special Kakelbont mug, the proceeds of which went to
the Ronald McDonald Children’s Fund, was another major success. A
new store range was developed for the smaller franchise stores,
which was successfully launched under the name ‘Prima’. This
range was further expanded in 2014.
EMPLOYEES
This was something of an eventful year for employees at the head
office, with a number of staff being let go following the reorganisation and the relocation of the head office from Gouda to Amsterdam.
A number of these employees could be transferred to other divisions
of the group. Of the roughly 1,100 employees, three colleagues were
rewarded for their fortieth anniversary at the company: Ms M.J.
- 29 -
EMPLOYEES 906
COUNTRIES The Netherlands and
Belgium
BIG BAZAR
FORMAT A discount store offering competitive prices to customers in a
pleasant setting, featuring a dynamic, up-to-date product range
including cleaning supplies, household items, chemist’s and personal
care products, toys, arts and crafts supplies, pet supplies and bicycle
accessories, along with decorative items, confectionery and chocolate.
Big Bazar also sells a number of premium brands at rock-bottom prices.
Big Bazar operated 70 stores at the start of the year under
review and had 113 by the end of the year, including eight in
Belgium. Having opened 37 new stores, the innovative
discounter was the fastest-growing discount chain in the
Netherlands. The sharp increase in the number of stores also
resulted in a rise in revenue and an increased market share. The
discounter’s XL format has proved to be particularly successful
and currently serves as the benchmark for expansion at Big
Bazar. The range of beauty products and personal care products attracted many customers to the stores and generated a
great deal of social-media ‘buzz’. ‘Shoplog’ videos enabled
consumers to share news about the product range, offers, and
competitively priced premium brands. Big Bazar carries a strategic and appealing range of low-priced products.
BIG BAzar, leeuwarden
REVENUE AND ORGANISATION
The rapid growth in the number of stores saw a spike in revenue and
higher market share in the year under review. Major revenue drivers
included the premium brands in the Beauty & Personal Care section,
along with cleaning supplies. One challenge for discounters is to
find an effective balance between offering a high-quality, low-priced
product range and keeping the organisation’s operating expenses in
check. Big Bazar shares a variety of services with Blokker, including
Human Resources, Logistics and Quality Assurance, which enabled
it to focus on growth and to create a competitive advantage in the
discount sector.
MARKET
Discount formats are growing in popularity and have become a
fixture in the retail landscape. While their emergence was initially
driven by the economic crisis, they have clearly demonstrated that
‘consumers want more quantity and higher quality for less’. There is
undoubtedly room in the market to accommodate Big Bazar’s plans
for expansion. Discounters that offer a better retail experience and a
higher quality than their competitors are likely to attract the attention of consumers, who continued to have low confidence in the
economy in 2013 and kept a tight grip on their wallets.
Following an increase in the number of stores in 2013, Big Bazar
again opened forty-three new stores in 2013, including thirty-seven
in the Netherlands and six in Belgium. Of this number, eighteen
stores are XL stores with retail space of between 650 and 1,000
square metres. These XL stores, in particular, have proved very
successful in terms of revenue and returns. By the end of the financial year, Big Bazar operated twenty-two XL stores, including two in
Belgium. The discounter began efforts in the autumn to alter the
retail format. The objective of this campaign was to maintain the
current discount format and carry a dynamic and innovative
product range, while at the same time offering customers an exceptional retail experience. A prototype store was created behind the
scenes, which was further developed using a number of resources,
including consumer test panels.
A small-sized version of the new retail format was opened on
Amsterdam’s busy main street Kalverstraat in April 2014. An XL
version is slated to be opened in autumn of this year.
BIG BAzar, leeuwarden
- 30 -
EMPLOYEES 107
BUDghT
EMPLOYEES
FORMAt Pop-up discount format offering a product range patterned
A large number of new people were hired to staff the new stores: of
the more than 900 current Big Bazar employees, approximately 500
were hired in 2013.
on Big Bazar, consisting mainly of household supplies and other brand
items.
OUTLOOK
The opening of the new Big Bazar store on Amsterdam’s Kalverstraat
based on the new retail format was widely covered in the media,
with the majority of coverage being positive. The first new-style XL
store is scheduled to be opened in autumn 2014. Meanwhile, Big
Bazar will continue its expansion this year as a discounter offering
an exceptional retail experience to its customers.
Launched in 2013, Budg€t shares the same management as Big Bazar.
These pop-up stores are located in (closed) stores of other formats of
the group, pending the expiry of the existing leases. Blokker Holding
focuses on the discount format Big Bazar. Budg€t is positioned as the
pop-up format of the Blokker Group. The number of Budg€t stores
was reduced by seventeen during the year under review; there were
twenty-five stores altogether by the end of the year of review.
NEW-FORMAT BIG BAZAR STORE, KALVERSTRAAT, AMSTERDAM
- 31 -
(including an online store)
FRANCHISE STORES 2
EMPLOYEES 182
COOK&CO
FORMAT Established in 2005, Cook&Co, is a relatively recent addition
EMPLOYEES & ORGANISATION
to the Blokker retail family. The format is aimed at consumers with an
interest in cooking and provides a range of trendy household items and
cookware, cookbooks and a wide selection of food products.
Cook&Co is a continuation of, and successor to, the Hoyng retail
format, which became part of Blokker Holding in 1988. Eleven
employees celebrated their twelve-and-a-half-year anniversary at the
company in 2013; three employees celebrated their twenty-fifth
anniversary. A new software application was launched in 2013 to
support the operating processes, which will be further rolled out in
2014.
Cook&Co, a retail chain for contemporary cooking aficionados,
was transformed during the year under review from a physical
retailer into an online store which also operates stores
throughout the country. The Cook&Co format increased its
revenue following a spike in online sales. This online success
was driven by improved customer services, an all-new product
experience in the stores, a more extensive product range and
the launch of a nationally distributed advertising circular.
OUTLOOK
The sales and marketing activities at the physical stores will
continue to reinforce each other in 2014.
MARKET
The Cook&Co product range includes a wide selection of highquality cookware and other kitchen items. Dutch consumers
reduced their consumption of ready meals in 2013 and dined out
less frequently. Cooking elaborate meals at home became more
popular among the Dutch public, sometimes inspired by TV cookery
programmes. The retailer responded to this trend effectively by
positioning itself as the go-to store for amateur chefs. Products that
combine convenience, speed and a sense of domesticity also sold
extremely well, with best-sellers including the Pizzarette, a tabletop
pizza oven.
REVENUE
Cook&Co increased its revenue during the year under review,
resulting in higher revenue overall. Profit was lower, however, due
to higher stock levels at the distribution centre as a result of the
explosive growth of the online store.
One store was closed during the year under review; another store
was converted into a Big Bazar store. The stores worked hard on
developing the ‘cooking experience’ for customers at the stores,
including various in-store product presentations.
E-commerce
The increase in revenue from the online store was driven by
improved online services and a combination of online and offline
activities. New service elements were introduced, including a guaranteed next-day delivery policy for products ordered by 9 p.m., free
shipping for orders over 50 euros, the option for customers to select
the date of delivery, a free-return policy, and the option to pay after
delivery/purchase on credit. The mix of an extensive product range
online, promotional campaigns in the stores and a nationally
distributed advertising leaflet offer customers a comprehensive
omni-channel product range.
AUTUMN 2013 PRODUCT CATALOGUE
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WHOLESALERS
TREND CENTER AND ELEKTROBLOK
FORMAT Blokker Holding operates two independent wholesalers.
ELEKTROBLOK
Trend Center (established in 1978) Is a trading company which sources
its products directly from the Far East and subsequently exports these
items to various countries in Europe and beyond. The wholesaler’s two
main markets are Germany and France. Trend Center offers an exclusive
range of interior design items and gift items and supplies primarily to
retail chains and several major buyers. Wholesaler Elektroblok specialises in household supplies, including both general brands and whitelabel brands, and luxury items and toys. Elektroblok mainly targets
customers in the Netherlands, and also has operations in Belgium,
Germany, Suriname, Curacao and Bonaire. The majority of its
customers are independent retailers operating stores in small- to
medium-sized cities and towns.
Elektroblok clearly suffered from the economic downturn in the
Netherlands, a market which accounts for the bulk – more than
80% – of its revenue. Many regular customers saw a sharp decline in
their revenues, which impacted the number of orders placed. More
frequently even than in the previous financial year, some customers
were unable to meet their financial obligations, which meant that
Elektroblok was compelled to discontinue the delivery of goods to
these customers. Substantially lower revenues even drove some
customers to close their stores altogether. New business development was able to offset these revenue losses only to a limited extent.
Overall, revenue across the retail segments was significantly lower
than last year. The Wholesale sales channel also suffered revenue
losses. Fortunately, there was a sharp growth in exports (which
account for around 16% of total revenue), particularly to Suriname
and Bonaire. Elektroblok’s overall revenue declined, however.
The profit during the year under review was slightly lower than in
the previous year under review. The consumer leaflets proved their
value once again: in offering this communication channel to
retailers, they are provided with an important sales and marketing
tool for consumers. Elektroblok published a total of fifteen leaflets
for retailers: thirteen featuring household items and two featuring
toys. The publication of these leaflets accounted for slightly less than
40% of revenue. The increased frequency (from four to ten) of the
leaflets also boosted business in Curacao, where consumer sales
from a single customer increased by 45%. Elektroblok expects to
once again contribute to the group profit in the current year. A new
and exciting product range, attractive promotional campaigns and
well-produced consumer leaflets are all important tools in
achieving this objective.
The diversity of the clientele of these two wholesalers – which
is distributed across the entire retail landscape – has proved
to be something of a bellwether for the European retail
economy as a whole. A large number of smaller customers
were unable to stay afloat in 2013. Many customers also saw
their credit scores decline and a growing number had difficulty
gaining access to good loan facilities. None of this pointed to
an improvement in the European business climate, but both
wholesalers nevertheless helped increase group profit.
TREND CENTER
Despite the tough market, Trend Center saw its revenue fall only
marginally and actually increased its profit over last year. Revenue
in Germany – Trend Center’s largest market – fell slightly. Secondlargest market France, in contrast, achieved strong revenue growth.
Revenue in the other countries in which Trend Center operates –
accounting for approximately 15% of all sales – fell sharply. The
company once again managed to purchase innovative new products
in 2013, which enabled its customers to compete in the market.
Trend Center also managed to keep its loss ratio down and cut costs,
despite the reduced creditworthiness of several of its customers.
The value/volume ratio improved in 2013, resulting in lower costs
for storage, handling and transport. Since the role of fairs and exhibitions is diminishing, employees more frequently visited
customers onsite. New business development will remain a top
priority in the current year, and in addition the number of touch
points with existing customers will be increased, both at fairs and
exhibitions and elsewhere. The calendar for this year also includes
an upgrade of the existing software applications, which will enable
the company to improve its customer services. Although there are
no clear signs of a recovery in the market as yet, Trend Center had a
stronger order book at the start of the year and expects to realise
modest revenue in the current year.
UPDATED EXHIBITION STAND, TREND CENTER, FRANKFURT,
GERMANY
- 33 -
HIGHLIGHTS 2013
Bart Smit, Intertoys and Maxi Toys are the retailers in our group operating in this
sector. In addition, a large number of Blokker stores and the discount chains Big
Bazar and Budg€t also carry toys. Marskramer stores offer their own in-store
toy section under the name Toys2Play. The Casa stores in Italy also began selling
toys during the year under review at several stores, where they share space with
Maxi Toys. Maxi Toys has also opened a standalone toy store in Italy.
Trends in the Toys sector tended to fluctuate during the year under review. Despite the
continued lower consumer spending in non-food retail and the sharp increase in
competition both online and offline, the group’s toy formats recovered somewhat
during the year under review. Total retail revenue for our toy formats fell by 3.1%
overall. This decline was caused mainly by the lack of revenue from the E-Plaza retail
chain, which was closed at the end of 2012. The toy market has been struggling for
several years now, and the Dutch toy market as a whole shrank once again in 2013. The
multimedia market (consisting of games and game consoles) saw a tentative revival in
autumn 2013 following new releases of several popular games. There are significant
differences in the economies in which the group operates with its toy stores.
In the Toy sector, Bart Smit’s revenue was slightly lower in the year under review due to
weak multimedia sales. Intertoys saw its revenue fall only slightly. Thanks to its strong
market position in traditional toys and despite a decline in the number of stores, our
Maxi Toys toy retail chain – which has stores in France, Belgium, Luxembourg and
Switzerland – managed to keep its revenue stable. Maxi Toys and its sister company Casa
opened several combination stores in Italy during the year under review; these stores
offer a limited selection from the Maxi Toys range, in addition to the Casa product
range. The first standalone Maxi Toys store also opened in Italy in late 2013. Optimising
online sales is also one of the main strategic objectives for the toy formats. Product
ranges will be expanded and an integrated omni-channel approach will be introduced
across the board.
NUMBER OF STORES – TOYS 2013/14
183
250
Total 738
(2012/13: 753)
305
Bart Smit
Intertoys
Maxi Toys
KEY FIGURES – TOYS
Net revenue (x C 1,000)
2013/14
2012/13
655,744
681,494
Employees
2013/14
2012/13
5,236
5,616
Number of stores
NUMBER OF STORES –TOYS
Bart Smit
E-Plaza
IntertoysMaxi Toys
Year end 2013/14
Company-owned
250
176
178
Franchise
129
5
Total
250
305
183
Year end 2012/13
Company-owned
252
6
173
183
Franchise
133
6
Total
252
6
306
189
U
- 34 -
Total Toys
604
134
738
614
139
753
2013/14
2012/13
738
753
TOYS
- 35 -
(including an online store)
EMPLOYEES 1,864
COUNTRIES The Netherlands,
Belgium and Luxembourg
Logo te gebruiken vanaf 75 cm
BART SMIT
FORMAT Toy retailer selling traditional toys, board games, gifts and a
range of multimedia items. Bart Smit was established in 1967 and has
been part of Blokker Holding since 1985.
Bart Smit has always maintained a policy of offering an up-todate product range and responding to the latest toy trends.
Highlights for Bart Smit in 2013 included the launch of the
Space Scooter, the introduction of a new store design, and an
all-new web platform. The chain managed to maintain its
strong position in the traditional toy market in the year under
review, both in the physical stores and online. Preparations
were made behind the scenes for the further implementation
of the omni-channel strategy. In-store activities were geared to
help customers find the gift they’re looking for more quickly
and easily. A trial involving interactive ordering units in the
stores was successful and demonstrated the added value of
online and offline shopping to both customers and retailers.
BARBIE DOLLS AT BART SMIT
tools to compete in the fiercely competitive online market. The logistics for the online ordering system have been improved, along with
the service provided directly to customers and to the stores. This
enables Bart Smit to provide a wider range of new products, generating additional revenue in the process. The number of consumers
who collected online orders from one of the physical stores increased
during the year under review. A pilot project was launched at five
stores in 2013 involving an in-store ordering system, where consumers
can order online items currently not in stock at the store. Gifts
ordered by customers can be delivered to their homes or collected at
the store. The results of the pilot project/trial are promising:
customers were satisfied and employees did not have to turn away
customers due to items being out of stock.
MARKET
Besides low consumer confidence, the toy market also faced growing
competition in 2013, particularly online. The video-game market
also shrank appreciably, because new releases of game consoles –
including Microsoft Xbox One – were delayed in the Netherlands or
(as in the case of PlayStation 4) were not launched into the market
until the late autumn.
Revenue fell slightly during the year under review, the main factor
being the lower multimedia sales. Nevertheless, Bart Smit maintained its market share in the traditional toy market both online
and in the physical stores, with revenue from traditional toys even
increasing slightly.
EMPLOYEES
The operations of E-Plaza – a multimedia retail formula established
as part of the Bart Smit organisation – were discontinued in 2012. By
early 2013, only two stores remained in operation in the
Netherlands and two in Belgium. These last two stores also closed in
2013, and terms and conditions were agreed with the Works Council
regarding the future of the staff. A large number of employees could
be redeployed at Bart Smit or at the other operating companies of
the Blokker Group. Two Bart Smit employees celebrated their
fortieth anniversaries: Mr J. Schilder and Mr K. Oudshoorn. Thirtyseven employees celebrated twenty-five years at the company and 56
employees marked their twelve-and-a-half year anniversary.
Bart Smit remodelled its stores during the year under review. The
stores have become easier for customers to navigate thanks to new
signage, the introduction of special images, and changes to the
design. The main priority in the stores is for customers to easily find
a gift item that a child will really enjoy. Children tend to switch to
toys for the next age category at increasingly younger ages, and
interest in specific types of toys tends to fade fast. This prompted Bart
Smit to design the product range based on currency and quality even
more so than in the past. Besides providing an up-to-date product
range, the company also worked on further improving service and
store layout. For example, store displays were changed on a regular
basis in order for them to coincide with the publicity campaigns
launched by toy manufacturers. Bart Smit closed three stores in
2013, one of which has since been converted into a Big Bazar store.
OUTLOOK
The slump in the toy market is expected to continue into 2014.
Nevertheless, Bart Smit does expect more opportunities in multimedia sales than during the year under review. The Dutch Xbox One
is set to be launched and PlayStation 4 will become more widely
available. Innovations in traditional toys look promising as well.
Bart Smit has operated an online store in the Netherlands since 1999.
The new web platform launched by the company in 2013 gives it the
- 36 -
THE MOST
CUSTOMER-FRIENDLY
BART SMIT STORE
Deciré Mulder
was aged just sixteen when she joined
Bart Smit as a full-time employee. Retail work turned out to suit
her, and she was promoted to store manager after just two
years. Having been with the company for twelve years now,
Deciré has been running the store at the Hoog Catharijne shopping centre at Utrecht’s central railway station for the past
decade. Deciré and her partner, Gert-Jan – a fellow Bart Smit
employee – share a home in Veenendaal.
Challenge trophy
The Bart Smit store at Hoog Catherijne was voted ‘most customerfriendly store’ in a national internal competition. The challenge trophy
presented to the store in the second half of 2013 has been given pride
of place in the employee cafeteria. Deciré: ‘We’re extremely proud of
winning the title and will do everything we can to make sure that
trophy stays put!’
Transformation
‘Of course, our store happens to be in a fantastic location, right near
the main entrance. It’s a very high-traffic store with strong sales. The
store underwent a complete transformation in the late summer of
2013: the building was adapted to suit the needs of today’s consumers
– in fact, the entire Hoog Catherijne shopping centre is scheduled to
be upgraded over the next while. If you look at our store exterior, you’ll
see that it’s made completely of glass – shoppers can see how clean,
cheerful and inviting the store is from the outside, which makes them
want to come in and check it out.’
Variety on the job
The number-one requirement for a good store manager is that they
must enjoy their work, according to Deciré, who believes you can only
truly motivate your team if you have a passion for the job yourself.
Having an actual interest in the product range obviously doesn’t hurt
either. Despite their young ages, the majority of employees have been
working at the store for some time. ‘They stay because they like
working here’, she says. Variety on the job is essential to people’s
morale: ‘You should never let someone work the cash register for an
entire day, as it gets very repetitious. The trick is to assign people
different types of work throughout the day. What aspect of working
here do employees enjoy the most? A lot of people like creating goodlooking in-store presentations – that type of work calls for a bit of creativity. But the most important thing for us all is providing the best
possible customer service – we didn’t receive that customer-friendliness trophy for nothing! I also feel it’s important that Bart Smit
involves us in its company policies. We regularly attend meetings at
the head office, where we’re briefed on new products and new plans.’
Something for everyone
The store carries a wide range of items. ‘Our multimedia products are
very popular: tablets, PlayStations and so on all sell like gangbusters.
We also sell all the accessories for those items. A lot of girls also love
multimedia.’ As popular as multimedia items are among today’s youth,
there’s still plenty of demand for traditional toys as well. ‘Dolls, and
board games such as Monopoly and Stratego are mainstays in toy
retail. And don’t forget the Space Scooters – these kick scooters
which are popping up everywhere. They’re really fun to play around
with and a huge hit with kids.’
- 37 -
Trendy bracelets and ‘Secret Snugglies’
One of Deciré’s personal favourites is the Loom bracelets, which
slightly older kids can create themselves using a miniature loom.
‘And those cuddly toys over there are called Zorgenvriendjes (‘Secret
Snugglies’). They’re traditional plushies that kids can confide their
innermost secrets to. A lot of children tend to keep their secrets to
themselves, but the Secret Snugglies let them write down what’s troubling them on a piece of paper, or they can make a drawing. The cuddly
toys have a special zipper pouch in which they can place the notes.
Confiding in their stuffed animals this way brings them relief. And it
gives parents who later find one of those notes or drawings an opening
to talk to their child about what’s bothering them, which they might
otherwise be clueless about. It’s a brilliant idea, don’t you think?’
(including two online stores)
FRANCHISE STORES 129
EMPLOYEES 2,217
COUNTRIES The Netherlands,
Belgium, Germany
INTERTOYS
FORMAT A modern toy and juvenile-products retailer offering a wide
range of traditional toys alongside an up-to-date selection of multimedia
items and a selection of attractive gifts and jewellery. Established in
1976, the chain has been part of the Blokker Group since 1993.
Intertoys invested heavily in online marketing during the year
under review. A more targeted use of search-engine optimisation,
new online marketing tools and mobile applications have all
increased the importance of the internet as a sales channel. The
online product range was extended again and a new service was
introduced that allows customers to select their own delivery date.
The extension of the product range focused mainly on ‘long-tail
products’, which are not purchased by consumers in large numbers
but which nevertheless account for a share of total sales revenues.
These tend to be larger products for which there is insufficient space
in the smaller Intertoys stores, as well as books or jigsaw puzzles of
which only a limited selection can be displayed in the stores.
Intertoys aims to meet customers’ needs on a 24/7 basis. Consumers
expect to be able to purchase, pay, collect, receive or research products at a time that suits them. Investments during the year under
review focused on facilitating this and on achieving Intertoys’ other
omni-channel objectives. A new software system to support operating processes and the new web platform will both be implemented
in the near future.
Intertoys was voted ‘Toy Retailer of the Year’ by Dutch
consumers for the sixth consecutive year in 2013. The chain
stood out by its extensive and up-to-date range, excellent
product knowledge and customer-friendliness. Intertoys’
market share continued to grow in 2013, despite the shrinking
toy market overall. The company even managed to increase its
online revenue, in spite of the growing number of online toy
retailers. The online store also expanded its catchment area in
the German State of North-Rhine Westphalia, where the bulk
of the company’s German revenue is generated. While
Intertoys’ total revenue declined, its profit rose thanks to a
strategic pricing policy and cost management.
MARKET
The toy market continued to contract during the year under review,
while new toy manufacturers entered the online market and
existing online toy retailers stepped up their game. Intertoys, the
largest toy retailer in the Netherlands, has maintained steady
revenue in this shrinking market. The heavy hitters in the toy
market in 2013 were major brands such as LEGO, Playmobil and
Mattel. The game market continued to decline due to the emergence
of tablet and smartphone games.
REVENUE
The relatively strong summer, Saint Nicholas and Christmas periods
and a differentiated pricing strategy ensured that Intertoys’ total
revenue fell only slightly during the year under review. Bestsellers
included LEGO, Playmobil, Barbie, the Space Scooter, and Furby. The
new ‘Princess Castle’ – complete with dress-up clothes and accessories which children can use to decorate their bedroom – was a
massive success. The School section, which was introduced in 2012
and which offers a fun range of stationery items, books and other
school supplies, continued to expand in 2013.
Popular items in the Gifts & Jewellery section included the nail care
and fashion accessories product groups. Although the overall game
market is shrinking, Intertoys ended the year under review with
growth in this area. This growth was driven by the highly successful
release of Grand Theft Auto 5, the launch of PlayStation 4 in
December, and a revised marketing strategy. The launch of Disney’s
‘Infinity’ game also turned out to be a huge success. Intertoys’
market share for tablets in the cut-price segment stabilised owing to
growing competition from other (new and existing) providers. In
order to keep profit at a stable level, the organisational structure
was modified so as to allow employees to work even more efficiently.
INTERTOYS CATALOGUE 2013
- 38 -
EMPLOYEES
The total number of stores, at 305, remained virtually level. One new
franchisee was added in 2013, based in Oisterwijk. The franchise
store in Zwanenburg was closed down, along with the companyowned store in Avenhorn. In addition, four franchisees became part
of the network of company-owned stores. There was a focus on the
power of presentations in the stores themselves. With an eye for
detail and in conjunction with the franchisees, specific products
were grouped into categories in order to create inspiring in-store
presentations. The Princess Castle is a good example of this type of
display. The Intertoys Speel-en Leermodel™ (Playing and Learning
Model) was launched in the Baby and Toddler section as a way of
inspiring parents and assisting them in selecting fun and educational toys. Customer-friendliness is a top priority for Intertoys and
is one of the aspects in which the format always scores high in the
annual Retailer of the Year competition. Mystery shoppers visit all
stores twice a year in order to assess and maintain customer-friendliness. As in previous years, employees of the highest-performing
store were treated to a weekend break, with the Intertoys management taking over their duties during their absence.
Employee training and motivation continued to be a priority during
the year under review. The continued strong sense of loyalty of the
employees and a variety of training courses (including e-learning
courses) made it possible for the company to continue competing in
a tough market. Fifty-four employees celebrated their twelve-and-ahalf-year anniversary at the company; fourteen employees marked
their twenty-fifth anniversary.
DISTRIBUTION CENTRE, WADDINXVEEN, THE NETHERLANDS
www.intertoys.nl
OUTLOOK
Intertoys expects to further strengthen its position in the toy
market with a strong pricing, marketing and omni-channel
distribution policy. The integration of the strengths of the stores
and the online store has improved the product range available to
consumers. The new online store is also scheduled to be launched
during the year under review. A trial is also on the calendar,
involving an online kiosk for employees at twenty-five stores.
- 39 -
(including two online stores)
FRANCHISE STORES 5
EMPLOYEES 1,143
COUNTRIES Belgium, France, Italy,
Luxembourg and Switzerland
MAXI TOYS
FORMAT Maxi Toys is a large-scale specialised toy retailer operating in
five European countries. The stores have an area of between 600 and
1,000 square metres and are located mainly on the periphery of major
cities. The head office and distribution centre are located in HoudengGoegnies, Belgium. Maxi Toys has been part of the Blokker Group since
1997.
Maxi Toys ventured into the Italian market during the year under
review, opening a 1,000-square-metre store in the vicinity of
Milan. In addition, eight Casa/Maxi Toys combination stores
were opened in the Italian market during the year under review.
The retail chain also began the substantial expansion of the
Belgian-based distribution centre. The larger Maxi Toys stores
(which are generally based in peripheral locations in shopping
centres that include a hypermarket) were a great success,
particularly for large toys. Maxi Toys closed the year with a
slight decline in like-for-like sales. Maxi Toys’ total revenue
remained stable, and operating margin did not change from the
previous year under review. By significantly reducing stock and
through strict cost management, Maxi Toys was able to boost
profit, and even saw its profit rise despite growing competition.
MARKET
The international toy market underwent a large number of changes
during 2013. The traditional retail market struggled, particularly in
Belgium and France. In the online market, the ‘pure players’ showed
their strength and increased in number. A growing number of
retailers in other sectors also added toys to their product range.
Physical retail stores experienced difficulties in France, due to factors
such as the emergence of more online players and because hypermarkets have lost market share. The latter has negative implications for
Maxi Toys, because hypermarkets tend to attract large numbers of
customers to the retail areas where Maxi Toys stores are based. Market
conditions in Luxembourg and Switzerland were more favourable.
REVENUE
Total revenue in the spring of 2013 remained below expectations on
account of the early Easter and early Carnival. The bad weather during
this period slowed down consumer purchases, whereas usually sales
are strong around the time of these two holidays. Poor weather conditions later in the spring caused a slump in the sales of outdoor toys, a
key sales category. Fortunately, sales rebounded sharply during July’s
heatwave, largely making up for the slow sales in the spring. Revenue
was down again in November and December. The main factor was
that consumers, more so than in previous years, put off their
Christmas shopping until the very last minute. Maxi Toys managed to
offset the previous slump in sales almost completely during the last
two weeks of the year. The chain saw its revenue from games and
multimedia products decline in all countries except Luxembourg, but
its tablet sales continued to increase. The white-label brands of traditional toys and well-known traditional brands such as Playmobil,
LEGO and Mattel continued to show strong sales. Although Maxi Toys
was forced to offer these products at rock-bottom prices in order to be
able to compete in the market, the company did manage to keep total
operating margin in 2013 at the same level as 2012.
BUCCINASCO, ITALY
- 40 -
of action figures); ‘Professor Pi’ (a collection of chemistry and
science-related items); and ‘Wooloomooloo’ (a collection of bags and
backpacks). The packaging for ‘Ouatoo Baby’ (preschool; 0-24
months) and the ‘Qweenie Dolls’ doll collection was redesigned.
Bestsellers in 2013 included the sandbox shells and 15-kilogram
sand bags sold along with the shells. Smaller toys by existing and
new, trendy brands were also popular items.
France, the main market for Maxi Toys, saw a decline in the number
of stores following the closure of five company-owned stores and one
franchise store. This brought the number of stores in this market to
141, including three franchise stores and one online store. There
were no new store openings in France in 2013. One store was sold in
Belgium, bringing the total number of stores in the Belgian market
to 32, including the online store. The situation in Luxembourg and
Switzerland remained unchanged: there were five stores altogether,
including two franchises in Luxembourg and four company-owned
stores in Switzerland. Italian consumers were introduced to Maxi
Toys in April 2013, with the opening of the first combined Maxi Toys/
Casa home furnishings store. These combination stores have a single
cash register area, which allows for cost-effective operation. The
combination stores were well received by the Italian public. The first
1,000-square-metre standalone Maxi Toys store opened its doors in
Buccinasco (near Milan) in December.
The licensing agreements and deliveries to franchisees in Turkey
and Morocco were successfully continued.
Online sales in Belgium continued to rise steadily. Maxi Toys saw its
online sales rise slightly in France. The company strengthened its
e-commerce platform during the year under review and integrated
the omni-channel activities into its 2014 marketing plans. The
extension of the logistics centre in Houdeng, Belgium began in 2013,
and the centre was opened and became operational in April 2014,
resulting in the addition of 15,000 square metres to the existing
30,000 square metres. In addition to this extension, Maxi Toys also
changed its supply chain with the objective of better serving both
omni-channel customers and the physical stores. These changes
must accommodate Maxi Toys’ expansion plans in existing and new
markets, including Italy.
One key element of the Maxi Toys retail format is the range of
exclusive and up-to-date white-label brands sold by the toy retailer
in addition to the well-known toy brands. Through the strength of
this combination, Maxi Toys has managed to attract a variety of
consumer categories. The company continues to invest in whitelabel brands on an ongoing basis. A number of Maxi Toys brands
were also further developed in 2013, and the company updated and
rejuvenated the packaging of its white-label brands.
New brands launched in 2013 include ‘Mission Destruction’ (a line
EMPLOYEES
Following the closure of several stores in France, the number of
Maxi Toys employees fell from 1,164 at year-end 2012 to 1,143 at
year-end 2013.
OUTLOOK
In view of global economic trends and growing competition in the
toy market, Maxi Toys expects this to be another challenging year.
Fortunately, Maxi Toys is well positioned to meet these challenges.
The chain will be promoting its upcoming twenty-fifth anniversary
in 2014 with advertising, special offers, creative collections and
online publicity. The new e-commerce platform and the supporting
logistics organisation will become fully operational as 2014
progresses, which will enable Maxi Toys to provide the best possible
service to consumers.
SPRING CATALOGUE 2013
- 41 -
HIGHLIGHTS 2013
Three of our formats operate in this sector. Leen Bakker is our home furnishings
retailer, offering a broad selection of items and stores in the Benelux market,
Curacao, Bonaire and Aruba. Tuincentrum Overvecht, which has stores throughout the Netherlands, offers both a comprehensive range of garden supplies
and indoor and outdoor items. Besides garden centres, Tuincentrum Overvecht
also operates two pet supply discount stores, which offer a broad range of pet
supplies for dogs, cats, rodents and birds.
The formats operating in the Living & Garden sector suffered as a result of the housing
slump. Due to the limited number of moves, there were fewer homes and gardens to
decorate. Another factor that held back sales in 2013 – particularly at the garden centres
– was the weather. The cold spring and late summer caused the sale of outdoor plants,
garden furniture and garden accessories to slow down. The weather is one of the significant factors that determine sales in the garden sector. Good spring weather means
strong sales of outdoor plants and garden furniture.
Sales in the home decoration sector in the Netherlands as a whole once again fell
sharply in 2013. Leen Bakker managed to limit the decline in sales and gained market
share in the process. The housing market was healthier in Belgium and Luxembourg,
where Leen Bakker also operates a number of stores. Leen Bakker’s revenue in Belgium
even showed a modest increase. Besides garden centres and the online stores,
Tuincentrum Overvecht also runs two standalone pet supply discount stores, which
offer a comprehensive range of pet supplies.
NUMBER OF STORES - LIVING & GARDEN 2013/14
2
18
Total 198
(2012/13:199)
178
Leen Bakker
Diervoordeel
KEY FIGURES LIVING & GARDEN
Net revenue (x C 1,000)
2013/14
NUMBER OF STORES - LIVING & GARDEN
2012/13
Leen Bakker Tuincentrum Diervoordeel
Total
Overvecht Living & Garden
Year-end 2013/14
Company-owned
170
17
2
189
Franchise
8
1
9
Total
178
18
2
198
Year-end 2012/13
Company-owned
171
18
189
Franchise
9
1
10
Total
180
19
199
366,412
388,380
Employees
2013/14
2012/13
3,023
3,251
Number of stores
2013/14
2012/13
- 42 -
198
199
LIVING & GARDEN
- 43 -
(Including two online stores)
FRANCHISE STORES 8
EMPLOYEES 2,274
COUNTRIES The Netherlands
(including Aruba, Bonaire and
Curacao), Belgium and Luxembourg
LEEN BAKKER
FORMAT Home furnishings store which makes contemporary living
MARKET
accessible to all. The retail format specialises in home and bedroom
furnishings, floor covering, home and bed linens, lighting, home and
window decoration, and on a seasonal basis it offers an extensive range
of garden furniture and Christmas items. Leen Bakker was established
in 1918 and became part of Blokker Holding in 1988.
The Dutch interior design market shrank for the fifth consecutive
year in 2013. The number of moves declined by 50% over 2008.
Players in this sector therefore continued to struggle to meet their
revenue and profit targets. Sales declined further on account of the
fast-growing competition, including from the DIY/home improvement sector. Markets in the Belgian and Luxembourg interior design
sector also showed a downward trend. Online sales increased once
again in 2013 in both the Netherlands and Belgium.
More Leen Bakker stores were redesigned in 2013; other
efforts focused on increasing employees’ product knowledge.
The home furnishings retailer successfully competes in the
market with the latest products and several well-known
brands, including ‘lief!’ [‘Sweet!’] and ‘101 woonideeën’ [‘101
housing tips’]. These new products also attract new consumer
groups. Promotional campaigns such as the ‘Top-10 daagse’,
a 10-day discount campaign, and the ‘Megakortingsweken’
[Mega-Discount Weeks’] were revisited in the year under
review and helped boost sales. Customers also appreciate the
additional space created in the store for the bedding department. Although total revenue was lower than last year, profit
increased slightly as a result of a strict cost management
policy. The number of visitors to the stores declined, but the
number of visitors who actually made a purchase increased.
This was the case both online and in the stores, where average
purchases per customer increased. This can be credited in
part to the increased expertise and customer focus of the store
staff. Part of the second half of the year under review was
devoted to developing an all-new retail format. The first newstyle Leen Bakker was opened in Epe in April 2014: a store
offering the same product range and familiar low prices, but
providing an all-new retail experience.
REVENUE
Like-for-like revenue in the Netherlands, Belgium and Luxembourg
fell during the year under review. Several product categories showed
growth: beds, bed linens and carpets, in particular, sold well during
the year under review. The furniture and accessories created to coincide with the ‘101 woonideeën’ and ‘lief!’ brands were popular as
well. Total revenue in Belgium increased slightly following the
opening of two new stores at the end of 2012. Leen Bakker was able
to maintain its profit by launching various initiatives to improve the
efficiency of its business operations.
INVESTMENT, IT AND E-COMMERCE
Leen Bakker invested in a new retail format in the year under
review, purchased a new carpet cutter, and strongly improved the
online store. Customers can now also use their tablets and mobile
phones to place orders. The company’s online range was expanded
and visualisation was improved. Online conversion rates improved,
resulting in a strong bump in online sales in the Netherlands.
Revenue from online purchases also increased significantly in
Belgium, even though, until recently, customers were only able to
collect the orders from the physical stores. Preparations were
underway during the year under review for the launch of a new web
platform, which is slated to become operational in 2014. This platform provides customers with the option to place and complete
orders both in the stores and at home. Investments in the distribution centres have resulted in improved stock management and efficiency across the entire logistics chain. One of the purposes of the
extension of the distribution centre is to offer an even wider product
range through the online store in the future.
Two company-owned stores were opened during the year under
review and three were closed. The franchise store in Curacao was
completely destroyed by fire and is scheduled to be reopened in
November 2014. Leen Bakker operated a total of 178 stores at the end
of the year under review. More than 25% of these stores were redesigned in 2012 and 2013, giving them a more contemporary look.
The Leen Bakker format was likewise restyled, with a new logo and
contemporary in-store presentations using different store materials.
The routing in the stores was changed as well. The first ‘new-style’
Leen Bakker stores were opened at the start of the current year in
Epe and Raamsdonksveer in the Netherlands, and in St. Georges-sur-
A UNIQUE PLACE (WITH ‘ATTITUDE’) IN RAAMSDONKSVEER,
THE NETHERLANDS
- 44 -
LEEN BAKKER IN GOUDA:
FROM UGLY DUCKLING TO
BEAUTIFUL SWAN
INTERVIEW TIM VINK
Tim Vink
At 25 years old,
was, and continues to be, Leen Bakker’s youngest store manager, running the branch
on Goudkade in the Dutch town of Gouda. Tim lives in
Sliedrecht with his partner Annika and their little boy, Brent.
From perfect store to ‘problem’ branch
Before being transferred to the Gouda store, Tim was the manager
of the recently refurbished and fully redesigned Leen Bakker store
on Rotterdam’s Schiekade. Tim: ‘The transition to Gouda was a bit
of a shock. The store I’d been managing before was picture-perfect,
whereas the store here in Gouda was filthy and outdated. The store
was badly in need of an upgrade. The layout was all wrong, and it
was practically impossible to put together a decent display. There
were even grey wheelie bins inside the store! The contrast with my
former store couldn’t have been greater. Our General Manager, Alex
van Schaik, joked around with me and said: “You’ve been transferred from the best-looking store to the ugliest store”, and then he
wished me the best of luck.’
‘Knock yourself out’
Tim and his team of twelve employees were pretty much given carte
blanche. ‘When a new store is opened, there’s a specific plan that
needs to be followed, but in this old building I was given the
freedom to change the layout and redesign the store as I saw fit,
provided that we stuck to a tight budget. “Knock yourself out”, they
told me – which is exactly what we did. It took a lot of time and
effort, but we now have a home furnishings store we can really be
proud of.’
Attractive mood displays and enticing in-store presentations
The team worked on their project for many months. ‘We had to
squeeze in the time in between serving customers, since obviously
we had to keep the store running the whole time.’ The team used
existing materials and aisles as much as possible in order to keep
expenses down. They created an attractive store layout, moved
aisles to more strategic locations, created in-store mood displays,
and a small wall was torn down so as to create the impression of
more space. ‘In short, everything was upgraded and we now have
an attractive, well-organised store. We were finally also able to
create good-looking displays. I can really say that our store can now
compete with any recently renovated store in our network. I’m
extremely proud of it, just as I’m proud of this team. This is really the
result of our teamwork.’
A new and improved store and increased sales
So there you have it: the Gouda store was transformed from an ugly
duckling into a beautiful swan, and the former ‘problem branch’
changed from being a less-than-desirable place to work to an
inviting home furnishing store where the team serves its customers
with a renewed sense of enthusiasm.
‘Good customer service is Leen Bakker’s top priority. A number of
e-learning courses have been introduced to teach sales staff about
the latest sales techniques and product information. It’s really an
ongoing process. Our product range is expanding all the time, and
you need to familiarise yourself with the features and details of the
various products in order to be able to assist your customers as well
as possible. Our employees now also take a much more active
approach to customers, which is reflected in the increased traffic at
the store and the higher sales. People enjoy shopping at our store in
Gouda again, and, at the end of the day, that’s why we bother in the
first place, isn’t it?’
- 45 -
NEW-FORMAT LEEN BAKKER STORE, RAAMSDONKSVEER
Meuse in Belgium. Based on customer needs, the size of the bedding
department was increased during the year under review. With its
highly affordable, high-quality box-spring beds, Leen Bakker was
able to cater to customer budgets during these times of crisis and
their need for a luxury bedroom environment. In introducing these
measure, the company made one of its key product groups even
more successful. Expert staff assist customers in making their selection. The collections of furniture and accessories created in association with the ‘101 woonideeën’ and ‘lief!’ brands add extra elegance
and style to the stores. The launch of a fashionable box bed by the
‘lief!’ brand, in particular, caught the eye of many customers. The
launch of the ‘lief!’ brand drew more than 14,000 responses on
social media.
while eight workers celebrated twenty-five years at the company.
In Belgium, thirteen employees marked their twelve-and-a-half year
anniversary and one employee was honoured for having been with
the company twenty-five years.
OUTLOOK
The year 2014 continues to bring uncertainty in the Netherlands
about opportunities for revenue growth. It is likely that the interior
design sector has not yet bottomed out. Revenue in Belgium is
expected to stabilise this year. The new format positions Leen Bakker
for the future, and the company also sees ample opportunity for the
small-furniture category. The launch of new digital tools in the
stores also provides additional opportunities for optimising revenue.
With the new online store and larger product range, Leen Bakker
expects that shopping convenience and online revenue will continue
to increase.
EMPLOYEES
The total number of employees decreased during the year under
review. This decline occurred in all markets and extended to the
stores, the logistics facilities and the head office. The e-learning
program, which was developed in-house and was further implemented across the organisation during the year under review,
enables employees to improve and maintain their product knowledge remotely in a fun and easy way. In the Netherlands, a total of
102 employees celebrated their twelve-and-a-half-year anniversary,
AUTUMN 2013 LEAFLET
‘FIND THE RIGHT DUVET FOR YOU’, RAAMSDONKSVEER
- 46 -
(including one online store and two
pet supply discount stores)
FRANCHISE STORES 1
EMPLOYEES 743
TUINCENTRUM
OVERVECHT
MARKET
Of all retail categories, no sector is as dependent on the weather and
as seasonal in nature as the garden sector, and the main reason for
the weak sales across the sector as a whole in 2013 was the exceptionally bad weather during the period from March to May. Besides low
consumer confidence, garden centres are increasingly struggling
with growing competition from supermarkets and DIY stores,
whose product ranges are becoming increasingly diversified.
It is up to garden centres to entice customers with a wide range of
products and a premium shopping experience.
FORMAT A retail chain with eighteen attractively designed stores
across the Netherlands, Tuincentrum Overvecht provides a full range of
garden products for indoors and outdoors, alongside a very wide selection of pet supplies and a comprehensive range of garden furniture,
indoor and outdoor pottery items and trendy, decorative and seasonal
items. Tuincentrum Overvecht (established in 1969) has been part of
Blokker Holding since 1998.
REVENUE AND COSTS
Tuincentrum Overvecht underwent substantial changes in
2013. For one, the stores were given a more contemporary and
fresher look, and the retailer introduced a new logo. It also
undertook a number of activities to ensure that the shopping
public would become less dependent on weather conditions
and the seasons. The garden centres were able to reverse the
trend of lower sales by focusing more on the pet supply, trend
and mood ranges and by providing attractive, relevant services.
Total annual revenue did initially decline, but began to increase
again over the previous year. Two standalone Diervoordeel
stores (animal supply discount stores) were opened during the
year under review in addition to the existing online store www.
diervoordeel.nl. New elements in these stores delivered a new
and unexpected retail experience to customers, including a
‘doggie wash’, ‘vertical gardening’ and ‘animal-friendly plants’
Tuincentrum Overvecht’s redesign marks the first step towards
an all-new retail concept for the garden centre.
The first new-style garden centre, named ‘BloomBird’, was
opened in Beuningen, the Netherlands in April 2014.
Total like-for-like sales fell slightly, mainly due to weak sales in
garden products and garden furniture.
Sales in the pet supplies, manual tools and Trend & Mood improved
over last year. The revenue growth over the same period last year,
which began in November 2013, continued in the spring. Despite
Tuincentrum Overvecht’s slight drop in revenue in 2013, it
performed better than other garden centres, resulting in an increased market share.
Tuincentrum Overvecht was also adversely affected in the year
under review by price pressure in the market and the rising cost of
accommodation. The increased housing costs were driven mainly by
the higher energy costs of maintaining temperatures in the greenhouses during the cold months. Efficiency improvements resulted in
lower wage costs in the stores and at the head office.
HANGING GARDEN PLANTS AT THE BLOOMBIRD STORE IN BEUNINGEN,
THE NETHERLANDS
- 47 -
‘DOGGIE WASH’ AT THE BLOOMBIRD
STORE IN BEUNINGEN
NEW SIGNS AT LISSE STORE
OUTLOOK
Tuincentrum Overvecht invested in new web platforms in 2013 for
the garden centre and for the Diervoordeel pet supply discount
stores. These online stores have been in operation since April 2014.
Navigation of the web stores has been greatly improved and the
product range has been expanded; in addition, new tips and information have been added.
Interactive information kiosks were created for the stores in 2013,
which have been in operation at the new BloomBird store since April
of this year.
While revenues in the Dutch garden market are expected to
continue to decline slightly in 2014, Tuincentrum Overvecht does
expect to be able to grow its revenue. The redesigned garden centres,
the BloomBird pilot store with its extensive, exciting range of
products, and the Diervoordeel stores all add value for consumers.
The initial financial performance of these stores looks promising.
Tuincentrum Overvecht operated eighteen stores at the end of the
year under review, including an online store.
All Tuincentrum Overvecht stores were redesigned in 2013: the exterior walls and interior have all been updated and the retailer’s logo
was changed. Product presentation was improved in terms of category arrangement, giving customers an easier and more enjoyable
shopping experience. The company also focused more on the
Animal Supplies, Tools and Mood categories, and employees were
given specific training to increase the expertise required in these
areas. At the store in Beuningen in the Netherlands, these elements
were further developed into a pilot store. This store, which opened
in April 2014, will be used to test an all-new format launched by the
garden centre under the name BloomBird.
There were two standalone Diervoordeel stores at the end of the year
under review. These two stores, located in Roermond (1,000 sq. m.)
and Hengelo (550 sq. m.) were opened in 2013 under the management of Tuincentrum Overvecht. Besides an extensive range of
competitively priced pet supplies and expert advice, this new format
also managed to delight customers with a kids’ adventure zone, a
‘canary island’, a bona fide doggie wash, and, at the Roermond store,
even a doggie day-care.
EMPLOYEES
A large number of employees at the garden centres completed training courses and other educational opportunities in 2013 with the
objective of improving customer service in the stores. The training
focused on raising the level of customer service and enhancing the
expertise of store employees.
NEW SIGNS AT LISSE STORE
- 48 -
BLOKKER HOLDING B.V.
FINANCIAL REPORT
- 49 -
BLOKKER HOLDING JAARVERSLAG 2013
CONSOLIDATED BALANCE SHEET
AS AT 25 JANUARY 2014
in thousands of euros, after proposal for profit appropriation
25 January 2014 26 January 2013
Intangible assets 9,688
Property, plant and equipment
Land and buildings
180,216
197,389
Other non-current operating assets
116,875
122,326
297,091
Financial fixed assets
Associates
1,124
Current assets
8,192
ASSETS
Non-current assets
Stocks
319,715
1,124
439,563
471,669
Receivables
Trade debtors
26,186
26,021
Other receivables
55,387
48,807
Prepayments and accrued income
47,128
45,974
128,701
120,802
Cash and cash equivalents
56,211
932,378
53,841
975,343
486,231
508,492
LIABILITIES
Shareholders’ equity
Provisions
Tax
20,243
19,311
Other provisions
48,052
55,075
68,295
Non-current liabilities
44
87
Debts to credit institutions
Other debts
71,474
102,986
71,518
Current liabilities
Debts to trade creditors
90,365
85,467
Tax and social insurance contributions
104,329
103,459
278
309
Other debts
Accruals and deferred income
111,362
100,157
306,334
932,378
- 50 -
74,386
103,073
289,392
975,343
CONSOLIDATED INCOME STATEMENT
FOR 2013/14
2013/14
2012/13
Net revenue
2,502,591
2,608,852
Cost of sales
Gross sales revenues
-1,730,353
772,238
-1,810,589
798,263
Selling expenses
613,525
611,278
General administrative expenses
82,000
83,101
Restructuring expenses
-
21,500
Total costs
-695,525
-715,879
Operating income (EBIT)
76,713
82,384
Financial income
448
692
Financial expenses
-877
-699
Total financial income and expenses
-429
-7
Income from ordinary operations before tax
76,284
82,377
Tax
Income after tax
-15,622
60,662
-18,256
64,121
- 51 -
CASH FLOW STATEMENT
FOR 2013/14
2013/14
2012/13
76,713
82,384
Depreciation
89,601
84,191
Changes in provisions
-6,091
14,070
Changes in working capital in
• Stocks
32,106
-26,491
-7,899
-9,201
• Receivables
• Current liabilities
16,942
-9,709
124,659
201,372
Cash flow from operating activities
52,860
135,244
Financial income and expenses
-429
-7
Tax on profit
-15,622
-18,256
-16,051
Net cash flow from operating activities
185,321
-18,263
116,981
Net investment in
• intangible assets
-5,673
-2,784
• plant, property and equipment
-62,800
-66,469
Net cash flow from operating activities
-68,473
-69,253
Dividend
-83,000
-54,000
Changes in long-term loans
-31,555
4,385
Other
77
-268
Net cash from financing activities
-114,478
Net cash flow
2,370
-49,883
-2,155
Cash and cash equivalents at start of financial year
Cash and cash equivalents at end of financial year
55,996
53,841
Operating income (EBIT)
- 52 -
53,841
56,211
FINANCIAL REPORTING
PRINCIPLES
GENERAL DETAILS
CONSOLIDATION PRINCIPLES
Blokker Holding B.V. and the associates, as well as the group companies over which Blokker Holding B.V. has primary control or which
are centrally managed, are consolidated. Financial data of Blokker
Holding B.V., along with those of the group companies, are recognised based on the integrated consolidation method. Debts, liabilities and transactions between the group companies have been eliminated in the Group Financial Statements. Inter-company results
included in the available stocks on the balance sheet date are eliminated for the purpose of the preparation of the consolidated financial statements. A legal reserve is created for the retained earnings
from associates which are not freely accessible to the company.
LOCATION
Blokker Holding B.V. has its registered office in Amsterdam. The
company’s principal place of business is Laren in the province of
North Holland.
FINANCIAL YEAR
In accordance with the Articles of Association, the financial year
ends on the Saturday of the fourth week of the calendar year. The
2013/2014 financial year included 52 weeks (versus 52 weeks in
2012/2013). The last day of the 2013/14 financial year was 25 January
2014 and that of the previous financial year was 26 January 2013.
The data of the companies included in the consolidation as at 25
January 2014 were filed with the Chamber of Commerce.
GENERAL ACCOUNTING PRINCIPLES
The financial statements are prepared in accordance with the provisions of Part 9 Book 2 of the Dutch Civil Code. The valuation principles described below relate to both the company financial statements and the consolidated financial statements. The general
accounting principles for the valuation of assets and liabilities, as
well as for determining the results, are based on the purchase or
manufacturing price. Assets and liabilities are shown at nominal
value unless otherwise stated. For the preparation of the income
statement in the company financial statements, the exemption
provided for in Section 2:402 of the Dutch Civil Code is applied. The
financial statements are drawn up in thousands of euros.
The results of the acquired companies are included in the consolidation from the date from which Blokker Holding BV bears the risk
and expense for these companies.
In principle, the exemption provided for in Section 2:403(1) of the
Dutch Civil Code is applied for the individual financial statements
of the Dutch associates.
PRINCIPLES FOR THE VALUATION OF ASSETS AND LIABILITIES
INTANGIBLE ASSETS
USE OF ESTIMATES
Intangible assets are valued at cost, less depreciation calculated on a
straight-line basis, based on expected economic life (5 years) and, if
applicable, including impairments. In the year of investment, depreciation is calculated on a pro rata basis.
In preparing the financial statements, the company’s management
must, in accordance with generally accepted accounting principles,
make specific estimates and assumptions which help determine the
amount stated in the financial statements. Actual results may vary
from these estimates. The estimates and underlying assumptions
are assessed on an ongoing basis. Revised estimates are recognised
during the period in which the estimate is being revised and during
future periods for which the revision has implications.
Goodwill paid on the acquisition of a company, by means of shares
or through acquisition of the operating activities and the associated
assets and liabilities, is directly deducted from shareholders’ equity
in accordance with the statutory provisions of Part 9 Book 2 of the
Dutch Civil Code.
FOREIGN CURRENCIES
Specific leasehold rights (droits au bail) are not capitalised with
effect from the 2004/05 financial year.
Assets and liabilities in foreign currency are converted at the
exchange rates prevailing on the balance sheet date. Transactions in
foreign currency are converted at the exchange rates prevailing on
the date of the transaction. The resulting exchange rate differences
are shown in the income statement. Financial statements of foreign
associates which are not denominated in euros are converted into
euros at the exchange rate prevailing at the end of the reporting
period. The effect of the recalculation of the assets and liabilities of
associates at the beginning of the year at the exchange rates at the
end of the year is recognised in shareholders’ equity.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are valued at cost, less straight-line
depreciation, based on the expected economic life of the asset, and
less impairments where applicable. In the year of investment, depreciation is calculated on a pro rata basis. Land is not depreciated.
Insofar as property, plant and equipment have been acquired
through the acquisition of the companies concerned, these are
valued at the current cost on acquisition of the shares.
- 53 -
In the event of a deficit or surplus of the sectoral pension fund, the
company has no obligations other than the payment of future
higher or lower contributions.
In determining depreciation, the following expected economic lives
are assumed:
Company buildings
Renovations of company buildings
Other non-current operating assets
25 – 50 years
10 – 12 years
5 – 7 years
NON-CURRENT LIABILITIES
Non-current liabilities include debts with a remaining term of more
than one year. Payments due in the short term (within one year) are
shown in current liabilities.
FINANCIAL FIXED ASSETS
Associates over which significant control can be exercised are shown
at net asset value. This is calculated by valuing the assets, provisions
and debts and calculating the result on the basis of the valuation principles applicable to the parent company.
CURRENT LIABILITIES
Current liabilities have an expected term of one year maximum,
unless otherwise stated in the notes.
INCOME RECOGNITION
Capital interests in other companies, over which no significant control
can be exercised, are valued at cost.
Dividend income is recognised in the income statement in the year of
receipt.
GENERAL DETAILS
Profit is determined as the difference between net revenue and all
related costs allocated to the reporting year.
Costs are determined in accordance with the above valuation
principles. Profits are recognised in the year in which the revenue is
realised. Losses are shown in the year in which these are foreseeable.
Other income and expenses are recognised in the reporting period
to which they relate.
The remaining financial fixed assets are shown at nominal value, less
a provision for the risk of irrecoverable debts where necessary.
STOCKS
Stocks of trade items are valued at cost or the lower market value, plus
additional procurement costs. If necessary, a provision for obsolescence is deducted from the value of the stocks.
NET REVENUE
Net revenue comprises the sales of the retail chains to consumers
at the market value (exclusive of VAT) as well as other deliveries of
goods and services to customers, less discounts and VAT.
RECEIVABLES
Receivables are shown at nominal value, less a provision for the risk of
irrecoverable debts where necessary.
COST OF SALES
CASH AND CASH EQUIVALENTS
Unless otherwise stated, cash and cash equivalents are freely accessible to the company.
The cost of sales is the purchase value plus the costs directly and
indirectly related to procurement. These costs also include movements in the provision for the risk of obsolescence.
PROVISIONS
FINANCIAL INCOME AND EXPENSES
Provisions are formed for all legally enforceable or constructive
obligations resulting from an event prior to the balance sheet date,
the settlement of which is likely to require an outflow of funds, the
extent of which can be reliably estimated.
The provision for deferred tax liabilities involves the calculation
of the temporary differences between valuation principles for
commercial and tax purposes. Current liabilities with equal
durations are deducted if these relate to the same tax entity.
The provision for restructuring is shown at nominal value and is
intended to cover costs related to reorganisations of parts of the
group and unprofitable contracts.
The provision for warranty obligations is shown at the estimated
costs expected as a result of current guarantee obligations as at the
balance sheet date relating to goods and services delivered.
The provision for long-service bonuses is based on long-service plans
applicable as at the balance sheet date, taking account of the staff
turnover risk, future changes in wage costs and the discount rate.
The provision for legal proceedings concerns ongoing disputes,
claims and lawsuits.
The company has contracted a pension scheme for its employees,
which qualifies as a defined-contribution plan. This means that
contributions payable during the financial year are recognised
as costs. Factors such as wage changes, price indexation and investment returns on fund assets could lead to future adjustments in
the annual contributions to the pension fund.
Financial income and expenses comprise interest received (or
receivable) and paid (or payable) as well as the revenue from nonconsolidated interests.
TAX
Corporation tax is calculated on the basis of the commercial result
according to the consolidated income statement, at the applicable
rate, taking account of tax facilities.
CASH FLOW STATEMENT
The cash flow statement is prepared on the basis of the indirect
method, where the financial income and expenses and profit tax are
based on the income statement.
COMPARATIVE FIGURES
The classification of the comparative figures is adjusted where
necessary for the purposes of comparison.
- 54 -
NOTES TO THE CONSOLIDATED
BALANCE SHEET
ASSETS
Total
INTANGIBLE ASSETS
Opening balance
Cost price
Cumulative depreciation
Book value
Changes during the financial year
Investments
Disposals, impairment and translation differences
Depreciation on disposals, impairment and translation differences
Depreciation
Total changes
Closing balance
Cost price
Book value
The ‘Intangible assets’ relate primarily to software/licenses and websites.
Land and buildings
Other current
operating assets
15,958
-7,766
8,192
5,844
-3,486
3,315
-4,177
1,496
18,316
-8,628
9,688
Total
Opening balance
Cost price
Book value
452,759
-255,370 197,389
311,004 -188,678 122,326 763,763
-444,048
319,715
Investments
Disposals, impairment and translation differences
Depreciation on disposals, impairment and translation differences
Depreciation
Total changes
24,334 -48,786 48,099 -40,820 -17,173 40,852 -51,219 49,520
-44,604 -5,451 65,186
-100,005
97,619
-85,424
-22,624
Closing balance
Cost price
Book value
428,307
-248,091
180,216 300,637
-183,762
116,875
728,944
-431,853
297,091
RECEIVABLES
The ‘Land and buildings’ item relates primarily to renovations of
leased premises.
Receivables in the amount of approximately EUR 3.2 million
(2012/13: EUR 0) have a term exceeding one year. ‘Other receivables’
include an amount of EUR 13.6 million (2012/13: EUR 11.5) in respect
of profit tax and EUR 2.8 million (2012/13: EUR 0) in relation to
deferred tax. The total amount in tax losses not recognised in the
valuation of deferred tax liabilities is approximately EUR 4.1 million
(2012/13: EUR 6.1 million).
ASSOCIATES
The ‘Associates’ item represents a 20% interest in in Dennenhoorn
B.V., registered in Laren.
- 55 -
LIABILITIES
SHAREHOLDERS’ EQUITY
For an explanation of changes in shareholders’ equity, please see the
Notes to the Company Balance Sheet.
PROVISIONS
Opening balance
financial year
In thousands of euros
Taxes
Restructuring
Guarantee
Long-service bonuses
Legal proceedings
Other
Total
19,311
27,383
16,047
4,060
2,367
5,218
74,386
The provision for deferred tax liabilities concerns future tax liabilities
resulting from temporary differences between valuation principles for
commercial and tax purposes. The provision for deferred tax liabilities
is intended to cover the costs related to reorganisations of parts of the
group and unprofitable contracts.
Additional
2,104 8,563 -
1,131 1,305 2,428 15,531 Withdrawals
-1,172 -9,662 -7,616 -611 -695 -1,866 -21,622 Closing balance
financial year
20,243
26,284
8,431
4,580
2,977
5,780
68,295
amount: approximately EUR 643 million) while other contracts have a
remaining term of more than five years (total rental/lease amount is
roughly EUR 431 million).
BANK GUARANTEES AND LETTERS OF CREDIT
An amount of approximately EUR 20 million has been frozen in
the bank accounts (versus EUR 23 million in 2012), including EUR 8
million at Dutch companies (2012: EUR 10 million).
The provision for warranty obligations is recognised for the estimated
costs expected to arise from the warranty obligations at the balance
sheet date in relation to goods and services provided. Costs arising from
meeting warranty obligations are deducted from the provision.
Additions and withdrawals were netted in the transition summary.
The change in the provision includes a release of EUR 6.9 million
relating to the results of new, improved information system for measuring data relating to returns and warranties, with the decline being
caused in part by an improvement in product quality. The provision for
long-service bonuses is recognised based on the long-service policy at
the balance sheet date, taking into account the likelihood of the
employee remaining at the company, future trends in wage costs, and
discount rate. The provision for legal proceedings relates to current
disputes, claims and court cases. The remaining provisions include,
among other things, a provision for the large-scale maintenance of
buildings owned by the company.
INVESTMENT COMMITMENTS
Investment commitments at year-end 2013/14 totalled approximately
EUR 27.7 million (2012: EUR 5.4 million).
PURCHASING COMMITMENTS
At the balance sheet date, outstanding purchasing commitments
totalled approximately EUR 270 million (2012: EUR 290 million).
FINANCIAL INSTRUMENTS
The risks associated with financial instruments are detailed below.
CURRENCY EXCHANGE RISKS
Currency exchange risks are almost exclusively related to purchases
of goods in currencies other than the euro. The Group’s currency
policy is aimed at managing currency exchange risks. In this
context, forward foreign currency exchange contracts are used.
The foreign currency component of forward currency exchange
contracts, which serve as hedge instruments for future transactions, are stated at cost as long as the hedged position has not yet
been included in the balance sheet. The fair value of forward foreign
currency exchange contracts on the balance sheet date was EUR -0.7
million (versus EUR 1.9 million in 2012).
Of the total balance of provisions, approximately EUR 28.5 million
(2012: EUR 33 million) are current liabilities; the remainder is expected
to be non-current in nature.
Most of the non-current liabilities have a term of up to five years and
consist mainly of payable to affiliated companies. Liabilities to affiliated companies amount to EUR 71 million (previous year: EUR 103
million). The interest rate is fixed on a quarterly basis and comprises
the average of the three-month and twelve-month Euribor rates at
the start of each quarter (average for 2013/14: 0.375%; previous year:
1.03%). No collateral is provided
INTEREST RATE RISKS
The company has not used any instruments in connection with
hedging interest rate risks.
INFORMATION NOT SHOWN IN THE CONSOLIDATED BALANCE SHEET
CREDIT RISKS
RENT AND LEASE COMMITMENTS
Credit risks relate to receivables and other current liabilities.
Sufficient provision has been made for these.
An amount of approximately EUR 274 million (2012: EUR 265 million)
is payable in relation to long-term leasing contracts and leases.
Contracts expire each year, and a number of contracts in effect at the
balance sheet date have a remaining term of one to five years (total lease
- 56 -
NOTES TO THE CONSOLIDATED CASH
FLOW STATEMENT
FOR 2013/14
2013/14 2012/13
1,426,875
171,169
1,598,044
1,501,680
189,067
1,690,747
847,895
56,652
904,547
2,502,591
858,684
59,421
918,105
2,608,852
391,691
69,749
28,650
490,090
404,334
68,279
28,262
500,875
4,177
85,424
89,601
2,467
81,724
84,191
-
21,500
18,167
7,485
25,652
18,680
7,305
25,985
Revenue
Revenue is divided as follows:
The Netherlands
• Retail
• Wholesale
International
• Retail
• Wholesale
Net group revenue
Salaries
Salaries
Social insurance contributions
Pension charges
Depreciation
Intangible assets Property, plant and equipment
Depreciation includes impairment in the amount of EUR 11.5 million
(2012/13: EUR 3.8 million) relating to long-term impairment.
Restructuring costs
The amount for 2012/13 concerns expenses related to the termination of the
E-Plaza retail format and the restructuring of the Marskramer organisation.
Personnel (number of employees)
The Netherlands
International
REMUNERATION OF MANAGING DIRECTORS AND SUPERVISORY
DIRECTORS
Converted to full-time equivalents (FTEs), the total number of
employees is 16,260 (2012/13: 16,717).
The income statement includes an amount, also covering pension
contributions of some EUR 2.2 million (previous year: EUR 2.2
million) for the remuneration of the current and former Managing
Directors of Blokker Holding B.V. This includes the amount pursuant
to Section 32bd of the Income Tax Act 1964 [Wet op de Loonbelasting
1964] [crisis tax]. (2012/13: same).
For the remuneration of the Supervisory Directors of Blokker
Holding B.V., an amount of EUR 191,000 (2011/12: EUR 191,000) was
payable by the company for the 2013/14 financial year.
AUDIT FEES
Pursuant to Section 382a, Book 2 of the Dutch Civil Code, the fees of the
auditors, BDO Audit & Assurance B.V., to be paid by the company in the
financial year amount to EUR 267,000 (2012/13: EUR 293,000). Of this
amount, EUR 260,000 related to the audit of the financial statements
(2012/13: EUR 275,000) and EUR 7,000 related to remaining audit tasks
(2012/13: EUR 18,000).
TAX
The effective tax rate for the 2012-2013 financial year is 20.5%
(2012/13: 22.2%).
- 57 -
COMPANY BALANCE SHEET
25 January 2014 26 January 2013
Non-current assets
Intangible assets Property, plant and equipment
Financial fixed assets
260
2,893
680,500
3,005
695,727
Current assets
Other receivables, prepayments and accrued income
Cash and cash equivalents
Total
12,106
47,584
743,343
8,977
51,346
759,055
Shareholders’ equity
Paid-up capital
25,000
25,000
Premium reserve
114,427 114,427
Other reserves
346,804
369,065
486,231
508,492
in thousands of euros, after proposal for profit appropriation
ASSETS
LIABILITIES
Provisions
13,295
13,110
Non-current liabilities
237,372
229,880
Current liabilities
Suppliers
121
370
Other receivables, prepayments and accrued income
6,324
7,203
6,445
Total
743,343
7,573
759,055
COMPANY INCOME STATEMENTS
FOR 2013/14
Result of associates after tax
Net other income and expenses after tax
Result after tax
- 58 -
2013/14
2012/13
54,346
6,316
60,662
62,757
1,364
64,121
NOTES TO THE COMPANY
BALANCE SHEET
ASSETS
in thousands of eurosn duizenden euro’s
Total
Opening balance
Cost price
Depreciation
Book value
Investments
Disposals and impairments
Depreciation of disposals and impairments
Depreciation
Total changes
Closing balance
Cost price
Depreciation
Book value
4,514
-1,509
3,005
63
-140
140
-175
-112
4,437
-1,544
2,893
574,012
Associates
Opening balance
Share in result
Dividend
Other changes
Closing balance
552,654
54,346
-50,427
17,439
Receivables from group companies
Opening balance
Changes
Closing balance
143,073
-36,585
Total financial fixed assets at end of financial year
An interest rate of 5% is calculated on receivables from group companies
that have a long-term nature (previous year: 5%).
- 59 -
106,488
680,500
LIABILITIES
SHAREHOLDERS’ EQUITY
The authorised capital on the balance sheet date totals EUR
100,000,000 and is divided into 90,000,000 shares, each with a
nominal value of EUR 1, and 10,000,000 Class P shares, each with a
nominal value of EUR 1. Of these shares, 22,500,000 ordinary shares
and 2,500,000 Class P shares have been issued and paid-up.
The changes in shareholders’ equity are as follows:
Other reserves
Balance as at 28 January 2012
359,212
114,427 Profit appropriation for previous financial year
10,121
-
Translation difference foreign associates
-268 -
369,065
114,427 Closing balance
Dividend from other reserves
-22,338 -
Translation difference foreign associates
77 -
346,804
114,427
Closing balance
Share capital
Total
The company’s total loss (profit/loss after tax and direct movements
in capital) is EUR 63,9 million (previous year: EUR 128.5 million).
Total
Premium reserve
473,639
10,121
-268
483,492
-22,338
77
461,231
25,000
486,231
The balance of the translation difference foreign associates is
approximately EUR 1.6 million (2012/13: EUR 1.6 million).
PROVISIONS
Opening balance
Additions / withdrawals
Closing balance
The provisions almost exclusively concern deferred tax liabilities
and are assumed to be long term in nature.
Total
13,110
185
13,295
The company and the various group companies form a Dutch tax
entity for the purposes of corporation tax and VAT and are therefore
jointly and severally liable for the tax liabilities of these tax entities.
The bulk of the non-current liabilities has a term of up to five years.
Of the total non-current liabilities, EUR 165.9 million (2012/13: EUR
126.9 million) relates to group companies at interest rates ranging
from 1.0% to 2.2%. The remaining debts concern debts to affiliated
companies. The interest rate is fixed on a quarterly basis and
comprises the average of the three-month and twelve-month
Euribor rates at the start of each quarter (average for 2013/14:
0.375%; previous year: 1.03%). No collateral has been provided for
these liabilities.
AVERAGE NUMBER OF EMPLOYEES
Signed
Board of Directors Supervisory Board
INFORMATION NOT SHOWN IN THE BALANCE SHEET
T. Smit
A. Blokker
Ms M.J. Poots-Bijl
A.J.L. Slippens
During the year under review, the company employed an average of
42 persons (2012/13: 36 persons).
Liability disclosures have been submitted for virtually all Dutch
companies, on the basis of which Blokker Holding B.V. is liable for
the payables arising from legal acts of these group companies. In
this respect, the provisions of Section 2:403(1) of the Dutch Civil
Code apply to the consolidated group companies.
- 60 -
OTHER INFORMATION
REGULATIONS OF THE ARTICLES OF ASSOCIATION FOR THE
APPROPRIATION OF PROFIT
PROPOSED PROFIT APPROPRIATON
In relation to the profit appropriation, the company proposes to pay out
the profit as dividend.
The company’s issued capital is EUR 25 million, divided among two
share classes. For the shares issued, the following summarised provisions apply with regard to the appropriation of profit.
Allocation, payment and distribution of the profit to shareholders
take place after approval of the financial statements that show the
profit available for allocation, payment and distribution.
Profit distribution charged to a reserve takes place only insofar as
the company’s shareholders’ equity exceeds the capital in issue plus
the statutory reserves.
Both share classes qualify for their share of the results in the same
way. The General Meeting decides to distribute profit or to allocate
this to a dividend reserve, which is allocated for each type of share.
The General Meeting may decide to distribute the profit to the
holders of one type of share, while a corresponding amount is set
aside in a dividend reserves for the holders of the other share class.
Payments charged to a dividend reserve may be made at any time,
but only pursuant to a resolution adopted by the General Meeting,
either at the request of the meeting of the holders of the share class
in question.
SPECIAL SUPPORT WAS PROVIDED THIS YEAR TO ORGANISATIONS
INCLUDING:
The Helen Dowling Institute; Gooi- en Eemland Sports Club for the
Disabled Foundation; Skate4Air (Cystic Fibrosis research); VUmc CC
Project for early diagnosis of colon cancer; Sophia Children’s
Hospital; Make-A-Wish Foundation Netherlands;
Stichting Gastenverblijven VUmc Amsterdam (VU Medical Centre
guest residences), Stichting Kinderen Kankervrij (Kika) (Children’s
Cancer Foundation); the Alpe d’ Huzes Foundation ‘Giving up is not
an option’; Tergooi Hospitals, Stad Gods convent – Zuster
Augustinessen convent; and the Almere Children’s Clinic.
- 61 -
INDEPENDENT AUDITOR’S REPORT
In making those risk assessments, the auditor considers internal
control relevant to the entity’s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of
the financial statements.
To: the General Meeting, Supervisory Board and Board of Directors
of Blokker Holding B.V.
REPORT ON THE FINANCIAL STATEMENTS
We have audited the financial statements of Blokker Holding B.V.,
Laren for the financial year ending on 25 January 2014, as set out in
this Annual Report on pages 50 to 60, which comprise the consolidated and company balance sheet as at 25 January 2014, the consolidated and company income statements for 2013/14 and the notes,
comprising a summary of the accounting policies and other explanatory information.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
MANAGEMENT’S REPONSIBILITY
OPINION WITH RESPECT TO THE FINANCIAL STATEMENTS
Management is responsible for the preparation and fair presentation of these financial statements and for the preparation of the
management board report, both in accordance with Part 9 of Book 2
of the Dutch Civil Code. Furthermore management is responsible
for such internal control as it determines is necessary to enable the
preparation of the financial statements that are free from material
misstatement, whether due to fraud or error.
In our opinion, the financial statements give a true and fair view of
the size and composition of Blokker Holding B.V. as at 25 January,
2014 and of its result for 2013/14 in accordance with Part 9 of Book 2
of the Dutch Civil Code.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
Pursuant to the legal requirement under Section 2:393 sub 5 at e and
f of the Dutch Civil Code, we have no deficiencies to report as a result
of our examination whether the management board report, to the
extent we can assess, has been prepared in accordance with Part 9 of
Book 2 of this Code, and whether the information as required under
Section 2:392 sub 1 at b-h has been annexed. Further we report that
the management board report, to the extent we can assess, is consistent with the financial statements as required by Section 2:391 sub 4
of the Dutch Civil Code.
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with Dutch law, including the Dutch Standards on Auditing. This
requires that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including
the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
Amstelveen, the Netherlands, 28 May 2014
BDO Audit & Assurance B.V.
On its behalf,
A.D. den Braber, Chartered Accountant
- 62 -
ADDRESSES
HOUSEHOLD
TOYS
LIVING & GARDEN
Big Bazar B.V.
Marskramer B.V.
Bart Smit B.V.
Leen Bakker B.V.
Van der Madeweg 9
NL-1099 BS Amsterdam
P.O. Box 94072
The Netherlands
NL-1090 GB Amsterdam
The Netherlands
T +31 (0)20 5683500
E [email protected]
I www.bigbazar.eu
Van der Madeweg 11
P.O. Box 94072
The Netherlands
The Netherlands
T +31 (0)20 5683100
E [email protected]
I www.marskramer.nl
Bellstraat 3-4
NL-1131 JV Volendam
The Netherlands
P.O. Box 69
NL-1130 AB Volendam
The Netherlands
T +31 (0)299 399599
E [email protected]
I www.bartsmit.com
Karperweg 3
NL-4941 SH Raamsdonksveer
The Netherlands
P.O. Box 43
NL-4940 AA Raamsdonksveer
The Netherlands
T +31 (0)162 583100
E [email protected]
I www.leenbakker.nl
Blokker B.V.
Novy
Intertoys Holland B.V.
Leen Bakker België N.V.
Van der Madeweg 13-15
P.O. Box 94072
The Netherlands
The Netherlands
T +31 (0)20 5683568
E [email protected]
I www.blokker.nl
Van der Madeweg 11
The Netherlands
T +31 (0)20 5683100
I www.novy.nl
Handelsweg 15
NL-2742 RD Waddinxveen
P.O. Box 29
NL-2740 AA Waddinxveen
The Netherlands
T +31 (0)180 333500
E [email protected]
I www.intertoys.nl
Terlindenhofstraat 36
B-2170 Merksem
Belgium
T +32 (0)3 6418500
E [email protected]
I www.leenbakker.be
Xenos B.V.
Antwerpsestraat 36
B-2500 Lier, Belgium
T +32 (0)3 2882200
E [email protected]
I www.blokker.be
Schutweg 8
NL-5145 NP Waalwijk
The Netherlands
P.O. Box 94072
The Netherlands
T +31 (0)416 674747
E [email protected]
I www.xenos.nl
BUDghT
Wholesalers
Blokker N.V.
Van der Madeweg 9
P.O. Box 94072
The Netherlands
T +31 (0)20 5683500
E [email protected]
I www.budgetwinkel.eu
Casa International N.V.
Karel Govaertsstraat 14
B-2222 Itegem, Belgium
T +32 (0)15 259311
E [email protected]
I www.casashops.com
Cook&Co
Schutweg 8
NL-5145 NP Waalwijk
The Netherlands
P.O. Box 1038
NL-5140 CA Waalwijk
The Netherlands
T +31 (0)416 675299
E [email protected]
I www.cookandco.nl
Elektroblok B.V.
De Flinesstraat 6
NL-1099 CB Amsterdam
The Netherlands
P.O. Box 94072
The Netherlands
T +31 (0)20 5683556
E [email protected]
I www.elektroblok.nl
Maxi Toys SA
Rue Athena 4
B-7110 Houdeng-Goegnies
Belgium
T +32 (0) 64516100
E [email protected]
I www.maxitoys.com
Toys2Play
Atoomweg 99
NL-3542 AA Utrecht
The Netherlands
P.O. Box 40294
NL-3504 AB Utrecht
The Netherlands
T +31 (0)30 2634263
E [email protected]
I www.tuincentrumovervecht.nl
Van der Madeweg 11
The Netherlands
T +31 (0)20 5683100
I www.toys2play.nl
Trend Center B.V.
Van der Madeweg 13-15
The Netherlands
T +31 (0)20 5683356
E [email protected]
I www.trend-center.nl
Blokker Holding B.V.
Naarderstraat 50
NL-1251 BD Laren
The Netherlands
P.O. Box 6
NL-1250 AA Laren
The Netherlands
T +31 (0)35 5393333
E [email protected]
I www.blokkerholding.nl
- 63 -
coloPHon
Concept and design
Monter, Amsterdam
Photography
Sander Foederer, Den Haag
Ivo de Bruijn, Amsterdam
Archive images Blokker Holding
Copy and editing
Jos Busker
Ad van der Horst
Peter Krenn
Sandra Maas
Donald Nijsen
Astrid Nissen
Roland Palmer
Jos van de Schraaf
Printing
Drukkerij Tesink, Zutphen
This report is printed on FSC-certified paper:
300 gr. cardboard, Matterhorn and 130 gr. semi matt mc.
- 64 -

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