Blokker Holding

Transcription

Blokker Holding

ANNUAL REPORT
BLOKKER
HOLDING
20
14
ANNUAL REPORT
BLOKKER
HOLDING
20
14
Logo te gebruiken vanaf 75 cm
CONTENTS
FOREWORD4
OVERVIEW OF THE SUPERVISORY BOARD, BOARD OF DIRECTORS,
MANAGEMENT AND CENTRAL WORKS COUNCIL
8
REPORT OF THE SUPERVISORY BOARD
9
HIGHLIGHTS 2014
11
REPORT OF THE BOARD OF DIRECTORS
12
ACCELERATED TRANSFORMATION with new strategy
15
NEXTAIL19
HOUSEHOLD22
BLOKKER23
BLOKKER OUTSIDE THE NETHERLANDS 26
XENOS27
BIG BAZAR
30
BUDG€T31
COOK&CO32
MARSKRAMER34
TREND CENTER
35
ELEKTROBLOK35
TOYS36
BART SMIT
37
INTERTOYS39
MAXI TOYS
41
LIVING43
LEEN BAKKER
44
BLOKKER HOLDING FINANCIAL REPORT
CONSOLIDATED BALANCE SHEET
CONSOLIDATED INCOME STATEMENT
CASH FLOW STATEMENT
FINANCIAL REPORTING PRINCIPLES
NOTES TO THE CONSOLIDATED BALANCE SHEET
NOTES TO THE CONSOLIDATED Income STATEMENT
COMPANY BALANCE SHEET
COMPANY INCOME STATEMENTS
NOTES TO THE COMPANY BALANCE SHEET
OTHER INFORMATION
INDEPENDENT AUDITOR’S REPORT
47
48
49
50
51
54
57
60
60
61
64
65
FACTS AND FIGURES
KEY DATA
66
66
ADDRESSES68
4 BLOKKER HOLDING annual report 2014
Foreword
The year 2014 saw the official kick-off of our Transformation
Strategy 2017, in which we focused more than ever on
change, innovation and progress. We invested many extra
millions of euros in upgrading our online and offline retail
formats and in the underlying logistics systems and IT and
appropriated substantial funds for the corporate reorgani
sation at Blokker B.V., all of which marks the official start of
our transformation. Our new strategy and the hard work and
dedication of our 22,000 committed employees are what
keeps us in the game as a strong player and will help us to
return to profitable growth in the foreseeable future.
We continued to face tough market conditions in 2014 and had
to cope with lower revenues in our main sector, Household.
Coupled with our provisions and increased expenses, this
has resulted in a net operating loss. We are aware of the
need to go full steam ahead with the transformation and are
confident that, supported by our dedicated employees, strong
retail brands, solid plans and strong financial basis, we will
remain a powerful and sustainable player in the turbulent and
sometimes erratic non-food retail market.
FOCUS ON FORMAT DEVELOPMENT RATHER THAN EXPANSION
As reported in our previous annual report, we shifted
our focus for the first time in years from expansion to
format development and e-commerce. In 2014 as well, we
concentrated on the quality of our current online and offline
formats as opposed to expanding our store base.
OUR ‘CHANGE AGENDA’
QUALITY, SERVICE, CONVENIENCE AND RELEVANCE
We are rapidly introducing a variety of new innovations in
order to continue meeting our customers’ needs. There are
many different ways of developing new formats, ranging from
opening pilot stores to updating existing stores. Many of our
stores are being or will be completely upgraded. We began
this process in 2014 and have since changed the format of a
total of 51 stores or reopened them based on a new format –
and we are only just getting started. The initial results have
been promising and we will be changing over more stores to
the new format at an accelerated pace.
At the same time, we also want to keep surprising our custo
mers with new product ranges, and indeed, we continued to
actively pursue new partnerships and enter into licensing
agreements with various high-profile brands in 2014. Successful
examples of this include the new products under licence
from cable food channel ‘24Kitchen’ and ‘Rudolph’s Bakery’
at Blokker and Cook&Co. Blokker launched an exclusive and
exciting range of Douwe Egberts products in 2015 – a perfect
selection of beloved and trusted home-grown Dutch brands.
Consumers can currently redeem their Douwe Egberts Reward
The new Blokker format in a prime location at Hoofddorp’s Vier Meren shopping centre opened in February 2015.
BLOKKER HOLDING annual report 2014 5
Points at more than half of all Blokker stores and we expect
this promotion to drive strong sales gains in the future.
Creating and launching strong white-label brands such as
the UMIX range of furniture at Leen Bakker and the Le Sud
garden furniture line at Leen Bakker and Blokker are both
excellent examples of some of the innovative changes we have
introduced in our product ranges.
The launch in 2014 of Nextail, our Shared Service Center (SCC)
for omnichannel retailing, is a key milestone in our company’s
history and consistent with our strategy of becoming an
omnichannel organisation. The 2014 results are encouraging,
with revenue having increased by 24% to EUR 98 million.
The talented e-commerce specialists employed at the Nextail
SSC serve all our webshops, with activities ranging from
social media and online marketing to online development and
content improvement for the thousands of items we offer our
customers in our current webshops. Following the launch of
new webshops for Xenos and Blokker Belgium in early 2015,
our group currently has twelve online sales outlets.
FACILITATING SERVICE AND QUALITY
The services we provide to our customers form an integral
part of our business, extending to our stores, our online
channels and our aftersales services.
According to data collected by research company Service
Scout, Cook&Co provided the best online service of any
retailer in the Netherlands in 2014 and in April 2015 Blokker
won the Consumer Centric DNA Award for ‘Most CustomerFriendly Offline Retailer’.
We will also work to further improve the service level of each
of our formats in the coming year. How should our retail
employees be trained in order to communicate to customers
the value to which each of our formats aspires and how should
they interact with customers in this era of omnichannel
retailing? These are the questions at the heart of the ongoing
debate in which we engage in our organisation.
The partnership with 24Kitchen has resulted in a successful product range
for Blokker and Cook&Co.
Nextail, the new online organisation for Blokker Holding formats.
We can only deliver the level of service and quality we want to
our customers if we maintain the long-term drive to change,
upgrade and improve our company alongside our stores.
However, these changes cannot be achieved in just one year,
which is why our transformation strategy will see us through
to 2017. As part of these initiatives for change, we developed
a roadmap for IT in 2014, one of the reasons being to make
more business data available in real-time.
Having successfully launched a group-wide Enterprise
Resource Planning (ERP) system at Bart Smit in January 2015,
we are pleased to report that preparations for the launch of this
same new system at Intertoys in June also point to success.
The system is set to be rolled out at the other formats in the
next few years. Meanwhile, the implementation of a single
e-commerce platform for all our webshops is also proceeding
according to plan. The benefits of these efforts will be
substantial once the standardisation has been completed. The
improved check-out process for webshops can now efficiently
be rolled out for all our webshops in a standardised format.
We have also begun implementing a number of changes in
our logistics systems. In the Netherlands and Belgium, we
are currently setting up a new supply chain organisation
which will transport goods from suppliers to consumers with
even greater efficiency. One of the key logistics issues for our
This Leen Bakker store in Breda was changed to the new format and opened its doors on 21 May 2015.
organisation is improving our working capital and we are in
the process of developing a group-wide and integrated set of
processes and procedures in our Supply Chain.
sales revenues and shifts in store traffic have left us no other
choice but to reduce the workforce at half of our own (nonfranchise) Blokker stores.
Our goal of further developing and expanding our
omnichannel operations also requires that we optimise our
logistics systems. Another challenging change project that
is currently underway is the e-distribution centre we are
creating in Gouda for the blokker.nl and blokker.be webshops.
The current, dynamic retail landscape is changing so rapidly
that the work which was traditionally always performed by
our employees is constantly subject to evaluation and change.
Our HR department supports these organisational changes
in a number of ways, including through the group-wide,
performance-based assessment system introduced recently.
Cost savings remain essential for our organisation. While
our two largest expenses continue to be rent and wage costs,
we managed to significantly reduce rents in the Netherlands
during the year under review through a structured approach
of negotiating with all our lessors. Wage costs are being kept
strictly under control across the entire group by making sure
the work our employees perform in our stores is adapted to
revenue trends and store traffic. We are therefore focusing
increasingly on the costs of our non-merchandise in order to
reduce our total cost base.
In addition to Human Resources, various other departments
are also enhancing their operations in a variety of ways. This
includes the customer service departments of Blokker in
the Netherlands and in Belgium, each of which made great
strides during the year under review. There are many aspects
in our company that require new skills and the will to change
our organisation and it is very satisfying to see the energy with
which our teams are dealing with these changes.
CHANGES IN THE PORTFOLIO
As we are experiencing first-hand, change is not necessarily
always a positive thing: for the first time in our history, we
are forced to let approximately 400 employees go at Blokker
stores across the Netherlands. Blokker’s recent lower retail
Blokker Holding’s retail portfolio saw two significant changes
in 2014. At the end of June, we sold the Tuincentrum Overvecht
(TCO) chain of garden centres. Blokker Holding had originally
acquired this company with the intention of gaining a foothold
substantial investments in blokker.nl. We have already taken
the first steps and our expectations are high.
But our innovations are obviously not limited to Blokker alone:
all our retail chains are working hard on this and we are
backed by our many stakeholders, who are enthusiastically
welcoming and supporting our plans for a transformation. We
have listed some of these stakeholders, along with the various
ways in which they contribute, below.
Douwe Egberts Reward Points can be redeemed at more than half of all
Blokker stores.
in the retail sector in exurban areas. We were expecting that a
possible liberalisation of zoning plans would enable us to sell
our other product categories in large shopping precincts in less
populated parts of the country. We decided to sell this division
in 2014 because the operation of garden centres is no longer
among our core activities. An additional factor is that TCO had
been operating at a loss in recent years.
The second key change in the portfolio is the deconsolidation
of the Casa chain of household supplies. Following the
transfer of management control over all Casa activities, Casa
was deconsolidated at the start of the year under review and is
currently classified under ‘Associates’.
We are optimistic and confident that we will remain in the
game as a stronger player in the years to come. At the time of
writing of this annual report, the first new Blokker TV adverts
were being aired on Dutch television. Using the payoff
Fijn dat we er zijn (It’s good that we’re here), we are
reintroducing ourselves to the Dutch public as the leading
omnichannel household goods retailer in the Netherlands.
The payoff is the result of careful marketing, based on
consumer research and the experiences of our customers,
suppliers and employees. We are about to open dozens
of stores based on the new format and we are making
• O
ur customers contribute their own input and ideas for our
new formats, as well as providing feedback and keeping
up with our new formats, brands, product ranges and
webshops, even if there are start-up issues. We would like
to take this opportunity to thank our customers for their
input, loyalty and support.
• Our employees are more flexible than ever, and – given the
recent changes in the non-food retail sector – they must be
able to adapt to new duties and new and different working
hours, both in our stores and in the distribution centres.
We are working in new group-wide positions at the head
office and in logistics, including in Supply Chain, Category
Management and format development. We have also
changed the way we work together and are looking for more
synergy across the operating companies in Shared Service
Centers such as for omnichannel/e-commerce (Nextail), IT,
quality and real estate properties.
• The Central Works Council provides input for our agenda
for change, shares ideas and provides constructive
criticism. The Council is working with us in our shared
effort to turn the transformation into a success.
• Trade unions play a key role during corporate reorganisations.
We are working with them in order to protect jobs in the future.
• Suppliers of merchandise contribute to the supply chain
process, which will enable us to optimise our working capital.
• Suppliers of non-merchandise are improving their services
and providing more value for money.
• Lessors are working with us on building realistic business
models. We expect market-level rents and flexibility with
regard to the term of the leases.
• Our shareholders and members of the Supervisory Board
support our plans. The shareholders are patient: our
revenue has been lower than in the past and the company’s
transformation cannot be achieved in just one year.
I would like to conclude by thanking the stakeholders listed
above and our other partners for their vote of confidence in
our ongoing corporate transformation.
Amsterdam, the Netherlands, 13 May 2015
Roland Palmer,
Chairman of the Board of Directors
SUPERVISORY BOARD, BOARD OF
DIRECTORS, MANAGEMENT AND
CENTRAL WORKS COUNCIL
SITUATION AS AT 13 MAY 2015
SUPERVISORY BOARD
BOARD OF DIRECTORS
GROUP SECRETARY
P.C. Klaver, Chairman
A. Blokker
M.J. Poots-Bijl
H.Th.E.M. Rottinghuis
A.J.L. Slippens
R.E. Palmer, Chairman
L.M. de Kool, Deputy Chairman
J.W. Visser, CFO
T. Smit
P.J. Krenn
GROUP MANAGEMENT
OTHER DIRECTORS
J.M. Vos (Real Estate)
Ms S.J. van der Mispel (Real Estate)
J. van de Schraaf (Group Control)
A.J. Brouwer
L.M. de Kool
A. Schrijver
T. Smit
J.W. Visser
HOUSEHOLD
WHOLESALERS
BLOKKER
ELEKTROBLOK
EXECUTIVE COMMITTEE
J. Peters, Chairman
F.J.J. Letschert
O. Bocxe
K.H.H. van Doorn
C. Hooijdonk
H. Schipper
W.J.M. Voss, Deputy
J.G.D. Groot Baltink
M.A. van der Vos (Intertoys), Chairman
T.N.P. van Hees (Blokker),
Deputy Chairman
M. Hartog (Xenos, Cook&Co),
Secretary
TREND CENTER
A. Vonk
TOYS
OTHER MEMBERS
BART SMIT
BLOKKER BELGIUM
F.A.C. De Belie, Chairman
L.R.M. Steenbekkers
T. Smit, Chairman
J.J.M. de Boer, Deputy
S.J.T. Hansen
H.C.A.M. Verbaandert, Deputy
BIG BAZAR
R.E. van Geest, Chairman
B.J.H. Kasteel
BUDG€T
INTERTOYS
L.M. de Kool, Acting Chairman*
J. Nap
S.J.M. Buffing
R.E. van Geest
MAXI TOYS
COOK&CO
A.J.J. van Schaik*
A.C. Mettens, Chairman
G.M.M. Henrion
A.E.G. Hellebaut
MARSKRAMER/NOV Y
J.G.D. Groot Baltink, Chairman
J. Pels, Deputy
LIVING
LEEN BAKKER
XENOS
A.J.J. van Schaik, Chairman*
H.J.J. de Bie*
O. Sjoerds
E.T.J. Vosbeek
R.F. van den Noort, Chairman*
J.W. Braafhart
M.N. Eijffinger, Deputy
J.A.A. Krol, Deputy
LEEN BAKKER BELGIUM
* As at 1 July 2015.
R.F. van den Noort*
J. van den Berg (Big Bazar)
J.B.A.M. de Bont (Marskramer)
D. Drenth (Bart Smit)
A.I. Drogt (Big Bazar)
G.G.M. Garnier (Leen Bakker)
A. Gebhard (Xenos, Cook&Co)
´ Smit)
M. Rapaic (Bart
F.M. de Rijke (Intertoys)
L. Verbeek (Marskramer)
W.A.B. Verkooijen (Leen Bakker)
C.H.M. van Zuilen (Blokker)
REPORT OF THE
SUPERVISORY BOARD
The two domineering trends that shaped the year under
review were, on the one hand, continued lower consumer
spending in the countries in which our group operates with its
retail formats and, on the other hand, the upgrading of various
formats, the creation of the transformation strategy and the
start of the rollout of the omnichannel strategy.
Total group revenue in 2014 fell by approximately 1% from
2013 (adjusted for the business of Casa and Tuincentrum
Overvecht, which were deconsolidated in 2014). The report of
the Board of Directors sheds light on revenue and profit trends
in the Household, Toys and Living sectors. After restructuring
expenses and profit from associates, the consolidated net group
result for 2014 was EUR -20 million (2013: EUR 61 million).
The Supervisory Board is presenting for adoption the financial
statements for the financial year 2014 prepared by the Board
of Directors. These financial statements have been audited by
BDO Audit & Assurance B.V.; their audit statement is included
on page 65 of this report. We adopted the financial statements
based on this report, their statement and other data and we
recommend these financial statements to be approved.
COMPOSITION OF THE BOARD OF DIRECTORS AND
SUPERVISORY BOARD
As noted in the previous annual report, Ms M.J. Poots-Bijl was
appointed to the Supervisory Board effective 1 March 2014 on
the nomination of the Central Works Council. She also serves
as the chair of the Audit Committee. As previously reported,
Mr A. Blokker retired from the Board of Directors on 1 April,
joining the Supervisory Board as of that same date. Mr A.H.M.
van der Horst, who retired from the Board of Directors on 1
June, had been with the group since 1988. He was initially
employed by Blokker B.V. and eventually joined the Board of
Directors as a member and CFO in 2009. We are extremely
grateful to Mr Van der Horst for his excellent work at Blokker
Holding over the years. Mr J.W. Visser was appointed as
a member of the Board of Directors and CFO effective 1
November 2014. In the General Meeting of Shareholders of 11
June 2014, Mr H.T.E.M. Rottinghuis and A.J.L. Slippens retired
by rotation and were subsequently reappointed by the Meeting.
Members of the Supervisory Board attend consultation
meetings with the Central Works Council. Items on the
agenda for the consultation meeting with the Council in July
2014 included the financial statements for the 2013/2014
financial year, the updated group strategy and developments
related to the Collective Agreement (CAO). This meeting
was attended by Ms Poots-Bijl. The Supervisory Board is
committed to promoting open and constructive meetings
with the employee representatives.
SUPERVISION AND GOVERNANCE
Current developments were discussed with the Board of
Directors during the year under review, in accordance with
a fixed schedule of meetings. The Supervisory Board and
the Board of Directors convened on six occasions in the year
under review, while the Supervisory Board members also
consulted several times outside these meetings.
Delegations from the Council also held regular meetings with
the Chairman and members of the Board of Directors during
the year under review. The various committees that form
part of the Board also convened on several occasions during
the year under review, while the Audit Committee met twice
during this period. A meeting was held with the CFO and the
external auditor to discuss the summary of the audit findings,
the financial statements and the audit report.
In the year under review, the Chairman of the Audit Committee
also consulted with the external auditor in the absence of
the members of the Board of Directors. The Nomination
Committee was involved, among other things, in the search
and selection of a new CFO.
Pursuant to the Management and Supervision Act [Wet
bestuur en toezicht], the group currently does not maintain a
balanced distribution of male and female management and
supervisory positions. Our organisation has always maintained
that the main consideration in making appointments is the
quality of the candidates and their suitability for the roles in
question.
Topics discussed at length on various occasions in the meetings
with the Board of Directors included the group strategy, the
development of pilot stores and the significant increase in the
online business of the retail formats and e-fulfilment activities
based on the omnichannel strategy. Several on-site meetings
were held at the various operating companies, including a
presentation by the General Manager of the format in question.
Other items discussed in the meetings with the Board of
Directors were the demerger and deconsolidation of the
business activities of Casa, the establishment of Nextail
(the Shared Service Center for online, operational
developments within the group) the efficiently executed
automation of the internal reporting systems, the operational
budget, the investment budget, disposal and the revenues
and profits of the various formats and the group as a whole. In
our meetings with the Board of Directors, we also periodically
discussed issues relating to human resources, including
social policies, the necessary reorganisation of the Blokker
Nederland retail organisation, management development and
the results of the Employee Engagement Survey.
The Board discussed the annual report and financial statements
in a meeting with the Board of Directors, in the presence of the
external auditor. In addition, the Supervisory Board and Board
of Directors also discussed and assessed the performance
of, and collaboration between, the two boards and the other
stakeholders. The Supervisory Board assessed its own
performance in spring 2015.
Tuincentrum Overvecht was sold during the year under review.
The decision was made during the year under review to form
new provisions for the closure of loss-making stores for various
formats.
The year 2014 was a disappointing year for Blokker Holding
overall on account of the weaker revenues and lower profits. The
Board endorses the transformation strategy and is confident
that the Board of Directors is implementing the appropriate
measures to improve the group’s performance in the coming
years. The Supervisory Board would like to express its thanks
to the Board of Directors, management and employees for their
commitment and hard work during the year under review.
Amsterdam, the Netherlands, 13 May 2015
Supervisory Board
A. Blokker
M.J. Poots-Bijl
H. T.E.M. Rottinghuis
A.J.L. Slippens
HIGHLIGHTS 2014
BLOKKER HOLDING
TOTAL NUMBER OF EMPLOYEES IN 2014/15
21,865
• R
evenue of EUR 2,098 million; down by 1.1%
• Further growth in online revenue – driven in part by the
Nextail services – by 24% to EUR 98 million
• Operational EBITDA* reaches EUR 65.3 million
(2013: EUR 139.5 million)
• EUR 66.5 million invested in upgrading formats, supply
chain, logistics and IT
(2013/14: 21,659)
TOTAL NUMBER OF STORES IN 2014/15
2,365
(2013/14: 2,393)
NUMBER OF EMPLOYEES IN 2014/15
HOUSEHOLD
• R
evenue falls by 2.9% over last year
• Blokker opens 6 new stores based on the new format
• Further growth of Xenos in Germany with the opening of 12
new stores; total German revenue grows by 20%
• Big Bazar opens 9 new XL stores with a new format and an
all-new product range
• Continued strong revenue growth of the Blokker and
Cook&Co webshops
WHOLESALERS/OTHER
LIVING
2,253
75
TOYS
5,132
HOUSEHOLD
14,405
TOYS
• 1
.7% revenue growth
• Continued growth for Bart Smit and Intertoys webshops
• Revenue boost through popular toy trends such as
Loombands
• Maxi Toys distribution centre expanded from 30,000 to
45,000 square metres
NUMBER OF STORES IN 2014/15
LIVING
181
LIVING
• L
een Bakker revenue remains stable (-0.4%)
• Blokker Holding withdraws from garden-centre market
following the sale of Tuincentrum Overvecht
• Leen Bakker launches the new format (including new logo
and branding) at 5 existing stores
• Launch of new white-label brands in furniture (UMIX) and
(in conjunction with Blokker) in garden furniture (Le Sud)
HOUSEHOLD
1.467
TOYS
717
The figures have been adjusted to include the sale of Tuincentrum Overvecht
(TCO) and the deconsolidation of Casa.
*O
perating profit before interest, taxes, depreciation, amortisation and provisions
for the purpose of restructuring.
NET REVENUE (IN EUR MILLION)
REVENUE FROM WEBSHOPS (IN EUR MILLION)
3,000
100
2,122
2,000
2,098
50
1,000
0
0
2011
2012
2013
2014
Net revenue at Blokker Holding. The orange sections indicate changes in revenue,
adjusted for the sale of Tuincentrum Overvecht and the deconsolidation of Casa.
2010
2011
2012
2013
2014
Revenue from webshops increased by 24%: from EUR 79 million in 2013 to
EUR 98 million in 2014.
REPORT OF THE BOARD
OF DIRECTORS
The year 2014 can be regarded as a transitional year. Based
on the Transformation Strategy 2017 launched by the Board
of Directors and Group Management in 2014, a number of
key investments were made in areas such as new formats,
omnichannel retailing, automation and logistics. Various
cost-saving measures were implemented as well.
This net revenue is shown below, divided among the three
strategic retail sectors which make up our group and our
wholesalers.
NET REVENUE
In EUR thousand
The purpose of the strategy is to start generating profitable
growth again within three years and to become a leading
sustainable provider of omnichannel retail services through
our formats in the Benelux region. The strategies for France
and Germany are designed to further successfully expand our
retail and online activities. Our Transformation Strategy 2017
is detailed on page 15 of this report.
During the transitional year 2014, Blokker Holding found
itself faced with falling revenues and increased costs.
Together with the additional expenses for improving
customer service, web care and our marketing activities,
this has resulted in substantially lower profits. After the
deduction of restructuring costs and the loss from the
sale of Tuincentrum Overvecht (TCO), net group earnings
totalled EUR -20 million. Fortunately, the group can rely on
an extremely solid financial basis and receives virtually no
financing from external sources.
REPORTING PERIOD
Blokker Holding follows a non-calendar financial year, running
from the fifth week in January up to the fifth week in January
of the following year. The 2014/2015 financial year ran from
26 January 2014 to 24 January 2015 (inclusive). The financial
year is also referred to below as ‘the year under review’ or ‘the
year 2014’. The composition of the group changed during the
year under review. TCO was sold effective 30 June 2014, while
Casa – following the transfer of management control over all
of Casa’s operations – was deconsolidated with effect from the
year under review and is currently classified under ‘Associates’.
In the Report of the Board of Directors, the key figures for 2013
and 2014 have been adjusted to reflect the deconsolidation of
Casa and TCO; this is done for the purpose of comparison. Note
that the figures contained in the annual report have not been
adjusted.
2014/15
2013/14Index
Household1,083,020 1,115,315
Toys666,854 655,744
97.1
101.7
Living323,379 324,812
99.6
Retail trade
98.9
2,073,253
2,095,871
Wholesalers24,728 25,928
95.4
Total net revenue
98.9
2,097,981
2,121,799
The amounts listed exclude Casa / TCO
While this was a difficult year for the Household retailers,
the formats in the Toys and Living sectors performed well.
Revenue growth in our four key markets shows a different
picture from last year: the Netherlands -1.9%, Belgium
-1.2%, France -1.4% and Germany +6.1%.
The revenue in retail sales value (i.e. retail sales including
VAT) generated at both our company-owned stores and the
franchise stores plus the revenues of our wholesalers at
invoiced value exclusive of VAT totalled EUR 2,613 million
versus EUR 2,646 million in 2013, representing a 1% decline.
By year-end 2014 the group operated a total of 2,365 stores,
broken down into 2,044 company-owned stores (including 11
webshops), 321 franchise stores and 2 wholesalers.
WEBSHOPS
We saw another sharp rise in revenue from our webshops
in 2014. Customer sales (including VAT) from sales in our
webshops increased by nearly 25% to approximately EUR 100
million. Following the closure of the Marskramer webshop
in spring 2015 and the launch of the xenos.nl and blokker.be
webshops, the number of webshops currently stands at 12.
WEBSHOPS
blokker.nlblokker.be
xenos.nl cookandco.nl
bartsmit.comintertoys.nl
maxitoys.beintertoys.de
REVENUE
maxitoys.frmaxitoys.lu
Net group revenue (exclusive of VAT) during 2014 reached EUR
2,098 million, representing a 1% decline from 2013, when the
group generated total net revenue of EUR 2,122 million.
leenbakker.nlleenbakker.be
ResulT
Operational EBITDA* excluding Casa and TCO reached EUR
65.3 million in 2014 (2013: EUR 139.5 million). The main
reason for this sharp drop in profit was the lower revenue
in the Household sector. In line with the group strategy to
strengthen the core activities in this sector, a number of
measures were implemented to increase revenue and reduce
costs over the long term. Revenue and profit in the Toy and
Living sectors are in line with last year.
After deduction of the restructuring costs and recognition
of the EUR 7.5 million loss from the sale of Tuincentrum
Overvecht, the consolidated net group earnings for 2014
totalled EUR -20 million (2013: EUR 61 million).
The group concluded 2014 with a balance sheet total of
EUR 1,104 million (2013: EUR 1,041 million). Shareholders’
equity fell to EUR 467 million (2013: EUR 486 million). The
solvency rate (defined as the ratio between shareholders’
equity and borrowed funds) fell to 42.4% (2013: 46.7%).
NET INVESTMENTS
x EUR mln.
2014/15
2013/14
New stores/formats
31.1
26.3
Other stores
13.4
11.7
Logistics and information systems
20.6
17.2
Other 1.41.1
Total 66.556.3
Amounts excl. Casa / TCO
* Operating profit before interest, depreciation, taxes, amortisation and
provisions for the purpose of restructuring.
ROLLOUT OF NEW FORMATS
Retail formats
Store openings based on the new formats
Blokker NL
6
Big Bazar XL
9
Xenos31
Leen Bakker 5
Total51
INVESTMENTS
Operational cash flow before working-capital changes
reached EUR 55.5 million (2013: EUR 131.6 million). The
main cause of the drop is the sharp fall in earnings. The
total amount invested in tangible and intangible fixed assets
was significantly larger in 2014 than in 2013. A total of
EUR 66.5 million was invested in 2014 (2013: EUR 56.3 million).
A number of targeted investments were made in 2014 as part of
the group strategy. The bulk of these investments went towards
the organisation and establishment of Nextail, the online organisation responsible for managing all e-commerce activities of
the operating companies. We also continued to invest substantially in IT and logistics and, at various operating companies, in
the development and rollout of pilot stores, fully in line with the
Transformation Strategy 2017. These investments were financed
internally within the group.
Net cash flow from operating activities totalled
EUR 1.9 million (2013: EUR 148.7 million), mainly as a
result of the lower profit and a sharp increase in stocks.
PROFIT APPROPRIATION
In light of the lower earnings, the Board of Directors has
proposed that no dividends be paid for the 2014 financial year;
this proposal has also been incorporated into the financial
statements. The proposal to refrain from paying any dividends
also applies to the dividends for employees participating in
the existing Oranje Boven Participation Plan. The value of
the Oranje Boven certificates is determined based on a fixed
valuation rule whereby the average of Blokker Holding’s net
earnings for the past two years form the basis. This amount
fell again following the substantially lower earnings in 2013
and 2014.
The Central Works Council is comprised of members of the
works councils of our subsidiaries in the Netherlands (for
details on their composition, please refer to page 8 of this
annual report). The Central Works Council convened on a total
of nine occasions during 2014, including twice in consultation
meetings with the CEO. These consultation meetings are
generally attended by a member of the Supervisory Board.
In addition to the consultation meetings, the Executive
Committee of the Central Works Council also consults
regularly with the CEO. The consultation meeting held in
July was attended by the newly appointed Supervisory Board
member Ms M.J. Poots-Bijl. Topics discussed in this meeting
included the 2013/14 financial statements, the updated group
strategy and the sale of the business of Tuincentrum Overvecht,
the latest developments concerning the Collective Agreement
and the results of the Employee Engagement Survey.
Requests for advice were submitted to the Central Works
Council in 2014 regarding the establishment of the online
organisation for all the e-commerce activities of the
operating companies, the introduction of new management
positions for these omnichannel activities and for Group
Control; the introduction of a performance-based evaluation
system; and the relocation of the Blokker Holding head office
from Laren to Amsterdam. The Central Works Council made
carefully considered favourable recommendations in each of
these cases. Furthermore, the Central Works Council was
also asked to give its approval for the proposed required
amendment of the supplementary pension insurance in
connection with the amendments of the Dutch tax regulations
effective 1 January 2015.
The second consultation meeting with the CEO was held in
November 2014. During this meeting, the members of the
Central Works Council were introduced to the CFO of Blokker
Holding, Mr J.W. Visser, appointed effective 1 November
2014. The meeting attendees also again discussed the slow
progress of the Gebra Collective Agreement negotiations.
The talks with the Central Works Council are always
conducted in a positive and open atmosphere, based
on mutual respect and trust. The Board of Directors
greatly values the constructive attitude of the employee
representatives within the group.
PERSONNEL CHANGES IN THE GROUP ORGANISATION
There were several changes in the Board of Directors during
the year under review. As reported in the annual report for
the previous year under review, Mr A. Blokker retired from
the Board of Directors on 1 April 2014, joining the Supervisory
Board as of that same date. Meanwhile, Mr A.H.M. van der
Horst retired from the Board of Directors on 1 June, while
Mr J.W. Visser was appointed as a member of the Board of
Directors and CFO effective 1 November.
The management of the retail formulas have also seen various
changes and appointments during the year under review. The
overview of the group organisation and the management of
the operating companies is included on page 8 of the report.
OUTLOOK
The first signs of economic recovery should become evident
during the 2015 financial year in the European countries in
which the group operates. To date, however, we have only
seen a tentative recovery of consumer confidence, which is
also reflected in the sales at our retail formulas. The sale of
garden furniture and garden accessories at our Leen Bakker
and Blokker chains and outdoor toys at our toy chains had
a late start this spring. Since retail organisations such as
Blokker Holding tend to generate the bulk of their profits
in the second half of the year, it is too early to make any
statements regarding profits during the current financial year.
Investments in the current year will be similar to those in the
year under review. A key priority at present is the optimisation
of the e-commerce business of the formats operating web
shops, along with an expansion of our store base to include
new formats at Blokker, Xenos, Big Bazar and Leen Bakker.
The number of employees (based on full-time employment) is
expected to remain equal overall as a result of store closures
in the Netherlands and new store openings in Germany.
The results of the Employee Engagement Survey conducted in
2014 form the basis for various promotions and monitoring by
the management and executive management of the various
operating companies.
We would finally like to extend our compliments to
approximately 22,000 employees, the majority of whom are
employed in the stores. They once again managed to satisfy
millions of customers in the year under review. This is no
small feat and we thank them for the way they committed
themselves to our company during the year under review.
Amsterdam, 13 May 2015
Board of Directors
J.W. Visser, CFO
T. Smit
ACCELERATED TRANSFORMATION with New STRATEGy
The Transformation Strategy 2017 – created in June 2014 – is based on four cornerstones: ‘Close to the customer’, ‘Contem
porary formats’, ‘Operational excellence’ and ‘Open and committed teams’. The purpose of the strategy is to start generating
profitable growth again within three years in the Household, Toys and Living sectors and to become a leading sustainable
omnichannel player in the Benelux market. In Germany we aim to further expand the retail and online activities in Household.
In France, we are looking to strengthen our position in the toy market. Online revenues will comprise a significant portion of our
total revenues. We aim to generate a total of EUR 300 million in online revenues by 2017.
CLOSE TO THE CUSTOMER
Customers want to be able to do pre-purchase
research and shop anywhere, anytime on a 24/7
basis. Our retail formats should seamlessly fit
the model of the ‘customer journey’, both in the
stores and online. We conduct in-depth research
to find out how customers shop and what their
needs and expectations are. This way, we both
increase customer satisfaction and customers’
willingness to make purchases.
Operational excellence
Blokker Holding is working on developing
up-to-date and efficient business processes.
This enables us to further reduce costs and
increase revenues from all our activities. Closer
cooperation between the various operating
companies improves synergy in e-commerce,
logistics, supply chain, category management
and IT. Information about our business processes
is up-to-date, allowing us to manage our
organisation in real-time and respond much
more quickly to changes.
CONTEMPORARY FORMATS
We will continue to inspire our customers both
online and offline by continuously updating our
retail formats. This requires that we clearly
position these formats against each other.
Distinctive and relevant retail brands are Blokker
Holding’s strength.
OPEN AND COMMITTED TEAMS
We strive to create open and committed teams
with an ongoing dedication to providing top
services to our customers. Our managers
and employees are enterprising, innovative
and focused on results. By investing in effec
tive evaluation systems and development
opportunities, we support our employees and
operating companies in their development.
Blokker Holding moved the process of updating and upgrading
its organisation up a few notches in 2014, based on the new
strategy. Its single objective is to meet customers’ needs
where and when they want, with relevant and distinctive stores
and products at reasonable prices, offering the highest level
of service. Based on qualitative and quantitative research, our
retail chains updated their formats in 2014 and improved their
service levels. We are strengthening our relationships with the
customer by monitoring customer sentiment on social media
and through our customer service (both telephone and web
care) alongside the traditional channels.
Blokker significantly expanded its customer service and web care team in
the past year.
SERVING OUR CUSTOMERS AT ALL TIMES
The number of online kiosks at Bart Smit will be further increased in 2015,
along with those at fellow chains Intertoys, Blokker and Leen Bakker.
New systems are improving the efficiency of customer contact.
Orders placed in one of our webshops are available in the
store the following day or delivered to the customer’s home.
By making our online product range available to customers
in stores, we create an ‘endless aisle’. Customers can order
products which are not – or no longer – in stock at the moment
and have them delivered right to their home the next day. The
great advantage of this method is that our sales staff never
again have to give no for an answer. We use customer counters
and purchase data recorded at cash registers to provide us with
information about conversion rates and peak times, so that our
colleagues can focus even more on the customer’s needs.
CONTEMPORARY FORMATS
Although it will take several years for our formats to be fully
updated, these changes already began to be clearly visible in
2014. Based on extensive customer research and active brand
development, our chains Blokker, Leen Bakker, Big Bazar and
Xenos were off to a good start in upgrading their stores. This
ensures that the retail formats will do an even better job of
meeting the demands of today’s customers in the future.
Both Blokker and Leen Bakker have backed their new formats
with a TV advertising campaign. Leen Bakker launched a major
TV campaign at the end of 2014, while on 9 May 2015 Blokker
premiered an all-new TV campaign using the payoff Fijn dat we
er zijn (It’s good that we’re here).
Leen Bakker and Blokker teamed up in 2014 to provide Dutch
consumers – starting in the first few weeks of good weather in
spring 2015 – with an appealing and modern range of garden
furniture and accessories, an all-new white-label brand
marketed under the name ‘Le Sud’. The TV adverts for this new
brand aired on Dutch television in April 2015.
B-point in the new Blokker stores. Ordering online right in the stores,
giving individual stores their own ‘endless aisle’.
NEW FORMATS: CHANGES ARE NOT JUST COSMETIC
The updated formats involve decidedly more than a ‘changed
layout and a few dabs of paint’, as certain cynical retail
experts have been known to claim. In fact, we have worked
to truly improve the customer experience by offering greater
convenience and service, faster availability of products, efficient
delivery and by combining the services of the physical and
online stores. New white-label brands and product ranges play
a key role in the new formats.
Partnerships with manufacturers of premium brands remain a
priority for the majority of our retail formulas, as exemplified
by the unique alliance between Douwe Egberts and Blokker
launched in September.
CUSTOMER SATISFACTION LEADS TO HIGHER SALES REVENUES
Customer feedback on our new retail formats has been
positive and their high degree of satisfaction is evident from
the increased sales in those stores which have since been
remodelled based on the new formats.
Leen Bakker’s UMIX collection: launched in 2014, this unique contemporary
line of furniture is already one of the home furnishings retailer’s bestsellers.
With all that being said, we still have some way to go, as this
is only the beginning. Retailers truly need to deliver on their
promises in this omnichannel world, which involves delivering
when and where the customer wants it, fast, easy and as
cost-effectively as possible. This requires strong back-office
operations, as well as helpful customer service representatives
and a highly service-oriented web care team that fields queries
from customers and handles complaints efficiently.
USING SYNERGY, JOINING FORCES AND REDUCING COSTS
Omnichannel retail at the highest level is an increasingly
challenging feat to pull off for modern retailers and the
organisation behind the stores. This brings us to the next
cornerstone of our strategy: operational excellence. Our
group’s strength is the ability to join forces, which is why our
retail formats are strengthening their cooperation behind the
scenes. A good example of such efficient cooperation is our
Shared Service Centers (SSC). Our Quality SSC, for example,
monitors the quality and safety of our product ranges.
OCTOBER 2014: ESTABLISHMENT OF NEXTAIL
The SSC Omnichannel Nextail, launched in October 2014, is
the online organisation for all Blokker Holding retail formats.
A large number of new employees and colleagues from the
operating companies have since joined the Nextail team in
Amsterdam. We have made major strides in omnichannel retail
and our online revenue increased steadily to EUR 98 million in
2014. All our webshops are currently managed by Nextail.
CONSTRUCTIVE RELATIONSHIP WITH LESSORS
‘Operational excellence’ also means that, being the enterprising
retailers we are, we close loss-making stores and open new
branches whenever we spot an opportunity. An essential part of
this is building constructive relationships with our lessors. The
world has changed in the past five years and the percentage of
vacant retail properties in the Netherlands increased for the
seventh consecutive year in 2014. Whereas the vacancy rate
remained below 6% up to 2010, this rate has since risen to
nearly 9%. With 570 stores for every 100,000 inhabitants, the
Netherlands has one of the highest levels of store density in
Europe; this is part of the reason that 20% of new stores are not
yet leased on completion. The situation in the home furnishings
market also does not bode well: the 135 home furnishing
centres in the Netherlands could easily serve a population of 51
million. Estimates have shown that there is room in the country
for only 30 to 40 concentrations of home furnishing centres.
It is important that both lessors and lessees stay on top of
these changes and continue to work together where possible.
We ask that our lessors adopt a flexible attitude and show
understanding for the changing situation in the market.
Fortunately, our cooperation is improving in this respect.
MAKING CHOICES WITHIN THE PORTFOLIO
In October 2014 e-commerce and online talents employed at our operating
companies, along with new team members, moved into the offices of Nextail,
the online organisation for Blokker Holding retail formats.
We believe that ‘Operational excellence’ also involves making
choices – choices in our portfolio of retail formats which are
consistent with our strategy, knowhow and aspirations. One
of the decisions we made in 2014 was selling the Tuincentrum
Overvecht chain of garden centres, as a result of which
‘Garden & Pets’ is no longer part of our core business.
CRUX IN RETAIL: BRINGING COSTS AND REVENUE IN LINE
Another key aspect of Operational excellence is aligning
revenue and costs with each other. This is both a challenge
and a necessity, particularly for traditional retailers operating
physical stores. In 2014, for example, we implemented
carefully prepared measures for the reorganisation
announced by Blokker Netherlands on 9 February 2015.
Research conducted in 2014 focused on adapting the
staffing at Blokker stores to the changing shopping habits
and bringing personnel costs more in line with the lower
sales revenues. This has resulted in a change in our staffing
at half of our company-owned stores. This reorganisation
coincided with Blokker’s announcement, on 9 February 2015,
of a substantial investment in the rollout of the new format
presented in e-commerce and logistics in 2014.
E-FULFILMENT: DELIVERING ON THE PROMISE
Logistics and IT are key links in creating affordable and
profitable product ranges and reliable delivery to our
The new Xenos distribution centre in Waalwijk was completed in 2014. Optimising our logistics operations is one of the priorities of our omnichannel
strategy.
customers. Now and in the future, fulfilment will determine
whether we will be able to deliver on our promises of fast
and accurate delivery at the lowest costs. That is why we
decided to invest in new distribution centres in 2014. A new
distribution centre was completed for Xenos in Waalwijk
in order to accommodate the growth of the chain’s online
business and its expansion in Germany. Blokker implemented
a new warehouse management system in 2014.
OPEN AND COMMITTED TEAMS: RETAIL REMAINS A PEOPLE
BUSINESS
We feel it is important for our employees to be able to continue
to develop and believe that management skills, leadership
development, customer focus and product knowhow are all
qualities which are key to a good performance. Training and
education are a shared responsibility of the employer and its
employees. In the coming years we will increase the number of
internal training programmes focused on developing these skills.
The group is always on the lookout for talented young employees.
The key is to attract well-qualified people and further grooming
and developing them for a career within the company. Blokker
has been doing just that with its range of training courses,
its practical training course for young professionals Beroeps
Begeleid Leren being a prime example of a course that has been
successfully completed by many employees to date.
an Employee Engagement Survey in 2014 as a basis for further
improving employee engagement and satisfaction.
SUSTAINABLE RETAIL GROUP
The fact that no new Collective Agreements and therefore no
attendant salary changes have been forthcoming has been a cause
for concern for many of our employees. We therefore introduced
a unilateral salary increase of 1.5% in early 2015 for employees
covered by the Collective Agreements in the Netherlands. The
retail world is undergoing rapid change and we operate in a
dynamic sector in which change is the only constant. This presents
a challenge for our organisation and can be difficult to manage at
times. However, the first steps have now been taken and together
we are working on building a sustainable retail group whose top
priorities are innovation, enterprise and a focus on service.
The organisation conducts regular talent management reviews
as part of its strategic personnel planning. Its objectives are to
appoint the right people to the right positions, keeping people
motivated, ensuring that they maintain their skill set up to date
and keeping an eye out for new talent. This truly offers employees
an opportunity to make a difference at a retail group in transition.
EMPLOYEES MORE IMPORTANT THAN EVER
At these times of change, our people are more crucial than ever
to our continued success. Change does not happen overnight:
it requires that we all pull our weight together. We conducted
Opening of the new Blokker store in Hoofddorp on 19 February 2015. Our
employees form the basis of the services we provide to our customers.
nextail
EMPLOYEES
65
HEAD OFFICE
AMSTERDAM
FORMAT
Blokker Holding established a new Shared Service Center
(SSC) in 2014 under the name Nextail. Nextail accommodates
the e-commerce and omnichannel activities of Blokker
Holding, with the objective of increasing these activities at
a faster pace for, and together with, our formats. Nextail
is located in Amsterdam in a modern building and offers
its employees a transparent, inspiring and enjoyable work
environment.
Consumer behaviour has changed fundamentally in recent
years, mainly as a result of the emergence of online sales
channels. Customers determine where, when and how they
make their purchases and expect to receive excellent service
in the process. Meanwhile, the exponential growth of the
mobile services market has also had a radical impact on how
consumers prepare for purchases. In 2014, one-third (36%) of
all customers accessed our webshops using a mobile device.
Google refers to this as the ‘zero moment of truth’, meaning
you need to be visible as soon as customers appear online.
While online pre-purchase research and sales continue to grow
substantially, around 90% of all non-food retail sales continue
to be made in physical, brick-and-mortar stores. The majority of
consumers do not fall neatly into the category of either ‘strictly
online’ customers or traditional shoppers. Customers may
choose to shop online one day and be in the mood to visit a store
the next, driven by factors such as the convenience of ordering
items from the comfort of their home or the option of actually
seeing the physical product before they purchase it. Another
growing trend we are seeing is that consumers like to shop at
online retailers which also operate physical stores. This is both
because of the trust they place in these retailers, which tend to
be well established, and because they have the option to collect
their orders and return them with minimal inconvenience. An
additional advantage is that they know they will receive a high
level of service. At Blokker Holding, we therefore firmly believe
that this omnichannel customer behaviour will only continue to
grow in the future.
FIVE Omnichannel PILLARS
Our mission is to use a customer-centric approach to provide
consumers with the option to purchase products when they
want, how they want and where they want through seamless
and personalised service across all channels. We have developed
this into five omnichannel pillars.
Nextail:
1.offers a value-for-money proposition with a competitive
product range in our core product lines and a fast-growing
range in the High Online Destination (HOD) categories
2.uses qualitative content and ‘rich media’ to be able to provide
high-quality information to customers
3.facilitates a consistent integration of channels and a seamless
experience across all channels, maintaining a single,
consistent customer profile throughout
4.provides customer-focused, efficient and cross-channel
customer service
5.knows our customers and communicates our omnichannel
proposition in a cost-effective way across all channels
ONLINE GROWTH
The group’s online sales revenues increased by 24%: from
EUR 79 million to EUR 98 million, at a profit. The number of
visitors has also grown markedly: from 95 million in 2013
to 107 million in 2014. This is to be credited mostly to the
expansion of our online marketing activities. Examples of
this include the automated use of media through application
programming interface (API) using Google and the expansion
of product feeds to aggregator sites and affiliates.
The number of orders placed has also increased sharply: from
1.3 million to 1.7 million following the expansion of the online
product range, improved conversion rates and increased
online marketing efforts. The number of visitors and fans and
the amount of feedback on social media has also increased
across the board. The number of Facebook fans increased by
more than 140%, with Intertoys showing the most spectacular
growth at 400%.
We improved our IT infrastructure and logistics options in
the past year and will continue to do so in the years to come.
We converted several webshops to the new web platform in
2014 and have been working hard on developing webshops
for Blokker Belgium and Xenos The Netherlands, which went
live in February and March 2015, respectively. We also further
developed our omnichannel proposition in the new retail
format of Blokker with an improved click & collect service,
Wi-Fi and the availability of in-store technologies such as
digital product information screens, kiosks and tablets.
The Bart Smit and Leen Bakker stores began making their
online product ranges available, both to ensure the most
comprehensive possible range and to be able to provide more
The omnichannel-vision of Blokker Holding.
product information to our customers. We refer to this as the
‘endless aisle’, i.e. the extension online of the product ranges
available in our physical stores. This enables us to provide the
most extensive possible product range in both our online and
offline channels.
FACTS AND FIGURES
20132014
Revenue
EUR 79 mln
EUR 98 mln
Number of visitors
95 mln
107 mln
Orders
1.3 mln
1.7 mln
Facebook fans
192,000
463,000
OUTLOOK AND ACTIVITIES FOR 2015
We developed a three-year strategy and a roadmap with the
objective of making Blokker Holding the leading omnichannel
non-food retailer in the Benelux market. The implementation
of this strategy will continue in 2015. As part of this strategy,
we focus on the following areas:
•
•
•
•
•
•
•
•
Further improvement and alignment of the IT landscape
Expansion of the long-tail product range online
Rollout of kiosks across all formats
Optimisation of click & collect
Increase in the number of delivery options
Launch of mobile websites
Improved usability and conversion rates
Enriching content
Teun Jaspers, 31, was working as a Content Improvement Manager
at online retailer bol.com when he was asked to join Nextail. It did
not take him long to make up his mind. Since November 2014 he is
Nextail’s Content & Publishing Manager, supervising three teams
of 16 enthusiastic employees. His hobbies include photography –
preferably taking pictures on the street – and travelling whenever he
gets a chance: he and his girlfriend will soon be heading off to Asia.
Start-up protected by a sound holding company
Teun: ‘I’ve always been fascinated by content; I’m intrigued by
how you can entice people using just copy and nothing else. As a
Nextail employee, I get to work with some of the most talented web
specialists around – there’s certainly a lot of knowhow here. Since
Nextail is an all-new business unit, it has something of a ‘start-up’
feel to it, the difference being that we are actually part of a large and
well-run holding company. That was certainly one of the reasons I
ended up accepting the offer.’
INTERVIEW with Teun Jaspers
A customer’s
journey on
a website
should be
as smooth
as possible
Unexplored territory and roadmaps
The advantage of starting a new business unit from the ground up
is that you are venturing into new territory. ‘If you start out the way
we did, the only way is up. You see results very quickly. During my
first few weeks on the job, I began expanding the size of the teams,
figuring out the operating processes and ensuring that everything ran
smoothly. That involved brainstorming, getting to know all the systems
and making the right choices. We incorporated the results into a
content plan, which we used as a basis for designing a roadmap for
2015. We migrated all the websites to the new, central platform and
are currently looking at automating the content-entry process. You
can use the labour you save through these processes to optimise the
content.’
Full focus on omnichannel retailing
‘Our current focus is on coordinating online strategies, expanding the
online product range, enriching the existing content and continuing
to develop our websites. We want to learn from our customers and
are constantly improving the sites based on customer feedback. A
customer’s journey on a website should be as smooth as possible.
Whenever we see any hiccups somewhere, we check to see what
should be changed. This is one of the ways we improve customer
conversion rates. Of course, the website is only part of it – there are a
lot more services available, such as the in-store kiosks. We can make
massive progress by doing an even better job integrating the online
and offline experience.’
Future
Nextail will therefore get cracking in 2015 to further improve the
webshops. ‘We are very methodical in analysing specific product
categories. Take garden furniture for example: you need to ask
what do consumers want now, what information do they need and
is this information clear enough? What filters do they use when
searching online and do they have a need for video? And then there’s
omnichannel: how fantastic would it be if consumers could simply
check their phone to see how many units of an item are still in stock
at the nearest store, or to offer customers dynamic price tags showing
the current price? We could also display in-store customer reviews for
all products. There are so many ways in which we could improve in the
future – this job remains a fascinating challenge every step of the way.’
22
HOUSEHOLD
Blokker Holding has been operating in the household retail market since 1896. Initially
only through our Blokker format, but later also, for many years, with the retail formats
Xenos, Marskramer, Big Bazar, Budg€t, Cook&Co and the wholesalers Elektroblok and
Trend Center. Blokker operates stores throughout the Benelux market, while Big Bazar
has stores across the Netherlands and Belgium and Xenos also operates in the German
market. This format, which has grown from 12 to 62 stores, is becoming increasingly
familiar to German high-street customers.
The market slightly recovered in 2014 in the countries surrounding the Netherlands,
particularly Germany. Although the economic tide has shifted somewhat, 2014 turned out to
be another challenging year. With consumer spending continuing to trail off in the non-food
sector, total retail sales revenues in the household sector fell by an average of 3.2% last
year (source: Statistics Netherlands/CBS). The household market and the large number of
retailers operating within it are struggling, including the various Blokker formats.
Current trends in the household retail market include a shift to online sales and an
increase in the number of discount chains. With an average growth of 34% in sales in
its webshops in the Household sector and the ongoing expansion of Big Bazar in the
Netherlands, Blokker Holding finds itself right in the middle of these developments.
HIGHLIGHTS 2014
• Spring: first pilot store of the updated Big Bazar chain opened in Amsterdam’s
Kalverstraat high street. During the year under review, the discount chain also opened
nine XL stores based on the new format.
• Autumn: six pilot stores based on the new Blokker format opened their doors and
partnerships were launched with 24Kitchen and Douwe Egberts.
• Autumn: independent research company Service Scout conducted a survey among
several major Dutch online retailers in December, the busiest time of the year.
Cook&Co won the title of ‘Best Webshop’.
14,405
number of stores-household
BUDG€T COOK&CO
(2013/14: 14,087)
1,467
(2013/14: 1,477)
NET REVENUE (X EUR 1,000)
BIG BAZAR
131
25
NOVY
MARSKRAMER
206
1,083,020
(2013/14: 1,115,315)
13 27
XENOS
252
BLOKKER
813
Blokker
EMPLOYEES
7,187
COUNTRY
THE NETHERLANDS
COMPANY-OWNED STORES
495
FORMAT
As the leading retailer in the Netherlands specialising in
household supplies and home accessories, Blokker is a
quintessentially Dutch retail chain offering items ‘for the
whole house, every day’. The store always has an up-todate supply of items in the Household, Cookware and Dining
categories, alongside a wide range of garden supplies,
multimedia items and toys.
This was a financially difficult year for Blokker on account of
the ongoing economic crisis and consistently low consumer
confidence. At the same time, 2014 was also a key year of
transition for the retailer, which took important steps to
improve its sales revenues and safeguard future growth by
launching an all-new Blokker format. A total of six new-style
Blokker stores have been opened since August 2014. These
stores immediately showed a strong growth in sales revenues
and higher rates of customer satisfaction. In addition to this
investment in the formats – and, by extension, in revenue
growth – the company took measures to further reduce costs
related to accommodation, logistics and personnel. Wage
costs already fell slightly in 2014, with the largest savings
expected for 2015 and 2016. Online sales increased once again
in 2014, by 42%.
FRANCHISE STORES
102
WEBshop
blokker.nl
communications. Staffs in the pilot stores have also received
intensive product and service training.
B-POINT
Blokker has introduced an innovative service point in its pilot
stores, known as ‘B-point’. Customers can use the in store
B-point to order items online and have them delivered to their
home. The sales staffs also operate their own tablets, which
they can use to quickly find relevant and additional product
information for customers.
NEW PRODUCT RANGES AND PARTNERSHIPS
A key element of the new format is the introduction of a select
range of 24Kitchen items. Blokker teamed up with the chefs
of 24Kitchen, the largest food platform in the Netherlands.
Together they created a range of cooking items and accessories.
Under the name ‘Rudolph’s Bakery’, 24Kitchen chef Rudolph
van Veen and Blokker jointly created a range of baking supplies
to make baking even more fun, easier and tastier. The 24Kitchen
range is currently available at all Blokker and Cook&Co stores
nationwide. The new product ranges from the pilot stores
have also been available in the other Blokker stores since the
end of 2014, along with an all-new range of household tools
marketed under the name Vitility and an extensive range of
kitchen towels.
CLOSE TO THE CUSTOMER WITH CONTEMPORARY FORMATS
Blokker presented the new format in August, in the first pilot
store on Amsterdam’s Jodenbreestraat. Several weeks later,
five new pilot stores were opened in Eindhoven, Alkmaar,
Nijmegen, Alphen aan den Rijn and Amsterdam’s Maasstraat.
The new format is based in part on extensive consumer
research and various tests conducted at Blokker stores
around the country. The format is adapted to suit the shifting
composition and habits of today’s Dutch families.
The products are divided into eight ‘worlds’, making it easy for
consumers to navigate the store and find the product they are
looking for within no time at all. These worlds include:
•
•
•
•
•
•
•
•
Cleaning & Household
Washing & Ironing
Cooking & Baking
Eating & Dining
Storing & Organising
Living & Home Decoration
Play & Surprise
Seasonal/Current
The stores have become easier to navigate thanks to
lower shelves, bright lighting and inspiring in-store
24Kitchen’s Rudolph van Veen signing one of his cookbooks at the opening
of a new Blokker store.
New interior of the store on Amsterdam’s Jodenbreestraat.
PARTNERSHIPS WITH PREMIUM BRANDS
Partnerships with manufacturers of premium brands remain
a key focus of the Blokker format. A good recent example is
the partnership with coffee manufacturer Douwe Egberts. In
September, Blokker and Douwe Egberts signed a partnership
agreement under which Blokker takes over the management
of the reward programme and the sale of the popular range
of Douwe Egberts gift items. The six pilot stores were the first
to start selling this range in 2014. The range will also become
available on the shelves of around 300 other Blokker stores in
the course of 2015. Consumers will then also be able to redeem
their Douwe Egberts reward points in these stores.
EXPANDED CUSTOMER SERVICE
Blokker expanded its customer service department and web
care team to approximately 30 employees during the year
under review, thereby further improving its services both
online and offline.
OPERATIONAL EXCELLENCE WITH OPEN AND COMMITTED TEAMS
During 2014, Blokker switched over to a new warehouse
management system at its Geldermalsen distribution centre.
Although the introduction was initially costly and timeconsuming, Blokker now has access to real-time information
on the flow of goods and stocks. This makes it possible for the
company to further reduce its stock expenses. Blokker eliminated
its manual ordering system during 2014; automatic re-ordering
was introduced through an ordering advice system at the stores.
Orders at the stores are based on sales; this way, a lower limit
is set automatically for the stocks. Blokker is now better able to
manage the availability of items and stocks. In order to facilitate
automatic re-orders, a space matrix has been created for all
stores and special shelf plans have been prepared. This links
purchasing and sales directly together at a central level.
Blokker conducted an Employee Engagement Survey in the
year under review. The results of the survey were discussed
with the various departments, based on which a number
of improvements were implemented. For one, internal
communications were improved and special cafeteria sessions
were held at the head office at regular intervals, in which the
management explains the current status and progress of the
various ongoing projects.
The renovation of Blokker’s Amsterdam head office began at
the end of 2014, which has resulted in a fresher, more open
and contemporary work environment.
During the year under review, Blokker researched the most
efficient staffing arrangements for its stores in order to bring
wage costs more in line with trends in revenue growth and to
adapt the services more to store traffic. This is in preparation
for the measures announced in February 2015, involving
substantial investments and operational efforts of approximately
EUR 25 million for e-commerce, IT, logistics and the roll-out of
the new retail format in several dozen new stores.
The company also decided to adapt the staffing in half of the 500
company-owned stores. This has resulted in the redundancy
of approximately 400 employees. An agreement has since
been reached with the trade unions regarding the Redundancy
Plan and the reorganisation is currently underway. Blokker is
working on making the working hours more flexible. The retailer
expects that the measures implemented in 2014 will help
generate stronger returns in 2015.
Article about the partnership between Blokker and Douwe Egberts in DE’s
corporate magazine Blends.
At the time of publication of this annual report, Blokker
launched its new Fijn dat we er zijn! (It’s good that we’re here)
advertising campaign.
25
Tatjana Brockhoff was just shy of her eighteenth birthday when she
joined Blokker as a sales assistant. Having worked at the Toolenburg
store in Hoofddorp for nine years, she transferred to the eighth,
brand-new pilot store at the Vier Meren shopping centre in Hoofddorp
in February 2014. Tatjana, 28, lives in the town of Nieuw-Vennep and
trains horses for a commercial business on Sundays. In her spare
time she likes to be out and about with her young son, Stefano.
B-point: never turn away a customer again
Tatjana’s uniform has the line ‘Questions about our website? I’m happy
to assist you!’ printed on the back and around her waist she wears a
pouch holding a tablet computer. The launch of the new retail format
has changed many things on the shop floor. Products which are no
longer included in the product range or no longer in stock at the store
can be ordered with a push of a button and are delivered the next day.
Tatjana: ‘The majority of customers love having access to the B-point
service – they rave about how convenient they find it. Orders can
usually be delivered the next day and customers can choose whether
they want them delivered to their home or collect them from the
store. People are always very happy to hear that their product will
arrive the next day. We used to have to tell customers: “With any luck
it will arrive tomorrow,” but now we can simply say: “We’ll get it in
tomorrow.” No longer having to disappoint customers by telling them
that a product is unavailable is fantastic.’
From store-focused to customer-focused
Serving customers online while they themselves are offline requires
a whole new approach: ‘Our entire team attended a four-day training
course at the head office. We learned to work on a more customerfocused basis. How do you approach customers and keep the
conversation going, for example, or what can you do to really assist
a customer? Before the new format was introduced, customers
would pass us by as we were stacking shelves. In the new set-up, we
simply restock the shelves after closing, so that we can devote all our
attention to the customers during opening hours. That means we are
much more focused now on assisting and approaching customers. It
really makes a huge difference.’
Uncluttered and well-organised
Although it has taken some time for both employees and customers to
get accustomed to the new format, they all share a sense of excitement.
‘When people first walk into the store, they’ll tell me that they had to
look twice to make sure they were really in the right place, because
everything looks so neat, uncluttered and well-organised! We really had
to help customers get their bearings in the beginning – people didn’t
know that there was a B-point. But they’re finding it easier all the time.
Most customers are aware of the B-point now and try using the tablet
themselves at the service desk. Unfortunately, customers who are
not yet aware of the B-point have a harder time finding the tablet. Of
course, this is as much a learning process for us as it is for them, so I
hope we can create something in the store to make it clear to them that
there is a B-point in the store. I’m confident that we will succeed.’
The new-style Blokker stores are more spacious, have more atmos
phere, are more on-trend and provide a much more extensive product
range. In addition, customers can order any item from the product range
they like directly inside the store from the B-point. This is a service
point where customers can order a product directly online and browse
electronic versions of all leaflets. Store employees also carry a tablet,
which enables them to provide their customers with the most up-to-date
product information at any time.
INTERVIEW WITH TATJANA BROCKHOFF
B-point:
Gone today,
back
tomorrow
Blokker
EMPLOYEES
1,102
OUTSIDE THE NETHERLANDS
COUNTRIES
BELGIUM
LUXEMBOURG
SURINAME
212
FORMAT
Blokker also operates a large number of stores in Belgium
and Luxembourg. With no franchises and company-owned
stores only, Blokker is a leading retailer in these markets,
offering a wide selection of household supplies, toys and
garden furniture. Blokker has one franchisee in Suriname,
who operates a total of three stores.
FRANCHISE STORES
3
WEBshop
BLOKKER.be
(since February 2015)
changed over to a new warehouse management system.
Ahead of the automated reordering system to be implemented
in 2016, all Belgian stores have been equipped with Wi-Fi.
Sales assistants have received new ordering scanners and the
installation of shelf plans is underway, which will have been
rolled out at all stores by the third quarter of 2015.
FURTHER PROFESSIONALISATION
Numerous Belgian retailers are struggling because consumers
continued to keep their purse strings tight in 2014. Blokker has,
unfortunately, also found itself in this position and saw its total
retail sales in the international market fall slightly in 2014.
In the Belgian and Luxembourg markets, the main focus was
on reducing costs and on activities designed to increase sales
revenues. All stores aimed to optimise their staffing and reduce
their stocks.
Blokker Belgium further upgraded its store layouts in 2014. As
part of these changes, it divided the product range into different
‘worlds’. The result is a well-organised store that is easier for
customers to navigate. The FIFA World Cup generated substantial
additional revenues in the months of May and June, with the
Panini football cards being particularly successful. The key to
success was strong merchandising and the strong performance
in the tournament of the Belgian national team, the ‘Red Devils’.
The Belgian stores have also seen a change in the store culture
and the further professionalisation of their operations. Sales
information is more up-to-date and more easily accessible
to the sales teams. A horizontal organisational structure and
direct lines of communication give the organisation greater
control over its operations. An Employee Engagement Survey is
scheduled to be conducted at Blokker Belgium in 2016.
ACTIVITIES AND OUTLOOK FOR 2015
Although the Belgian economy is expected to improve slightly
in 2015, consumers remain very price-conscious and for this
reason Blokker Belgium is expecting the upcoming year to
be challenging. While the FIFA World Cup generated a large
amount in additional sales revenues in 2014, other sales
promotions have yet to prove their success this year. Examples
of these activities include promotions organised in conjunction
with Zalando, Studio 100 and women’s magazine Libelle, and
merchandising tie-ins with two of the most popular Flemish
soap operas, Thuis and De Kampioenen. Blokker Belgium is
hoping to maintain stock sales and sales revenues and reduce
its stocks on the strength of these promotions. In fact, this is
the company’s number-one priority this year.
EXPANSION OF THE WEBSHOP
Blokker Belgium is set to significantly expand the range
of items available in its webshops in 2015. In addition, the
retailer is also preparing for the 2016 launch of stores based
on the new Blokker format currently being introduced at
stores across the Netherlands.
Football stand of the Belgian national team in a Blokker store.
Blokker Belgium and Nextail worked together during the year
under review to set up the blokker.be webshop. The webshop
for Blokker customers in Belgium went live on 2 February
2015, just after the end of the 2014 financial year.
Blokker Belgium upgraded its operating processes in a number
of ways in 2014. Along with Blokker Netherlands, Belgium
Blokker Belgium has made preparations in 2014 for the launch of blokker.be.
The webshop is launched on 2 February 2015.
Xenos
EMPLOYEES
3,527
COUNTRIES
The netherlands
Germany
251
FORMAT
Xenos is a retail chain with stores in the Netherlands and
Germany specialising in the sale of home, household and gift
items. The product range includes international products, as
well as home decoration accessories and practical household
items.
Sales at the Dutch stores fell slightly during the year under
review. The situation is rather different in the German market,
where sales increased by 20% and a total of 12 new stores
were opened. In the year under review, the retailer invested in
upgrading the look and feel of the Xenos format. At the same
time, the company also made preparations for the launch of
the xenos.nl webshop, which went live on 30 March 2015. The
upgraded and expanded distribution centre in Waalwijk is also
completed in 2014.
Xenos specialises in the sale of original, international and
special food and non-food items with a cheerful and positive
style and at competitive prices. The chain began converting 20
stores in 2014 in order to achieve a more contemporary look
and design. The unique, cosmopolitan atmosphere of Xenos
has been further implemented in the stores and promotional
leaflets. This will inspire customers more and provide them a
unique experience, while the focus is kept firmly on attractive
Xenos store in Stuttgart, Germany.
FRANCHISE STORES
1
WEBshop
XENOS.nl
(since March 2015)
Xenos offers. Popular items from the Xenos range of products
in the Netherlands include Christmas decoration products and
accessories and gift items.
The popular Paul Frank promotion also generated plenty of buzz on social
media.
A reward programme was launched in 2014 related to the
popular Paul Frank line of products, where customers could
redeem points to win ‘danglers’ in different colours. In
addition, a photo competition was held on social media
featuring selfies made by customers based on the Paul Frank
theme. This competition introduced the Xenos product range
to younger consumers in a completely contemporary way.
New distribution centre in Waalwijk.
GROWTH IN GERMANY
Xenos focused on further growth in Germany, where it opened a
total of 12 new stores. The market for home decoration and
accessories and gift items is not as developed in this market,
which is adding to Xenos’ popularity as a highly original and
unique format. The marketing and sales activities of Xenos
Germany are, by and large, the same as those in the Netherlands.
professionalisation and a more service-oriented customer
approach. Xenos values its internal training courses: all retail
employees take several or all modules of the Basis Opleiding
Xenos (BOX) basic training course after starting employment,
which is offered online. In order to further improve the quality
of the organisation, a group-wide evaluation system was
launched at Xenos. The retailer also conducted an Employee
Engagement Survey in 2014.
OPERATIONAL EXCELLENCE
In order to further improve delivery and service to consumers
and achieve revenue growth this year, the distribution centre in
Waalwijk was upgraded and expanded. For example, a second
high-bay stocking system
was constructed and a new
dynamic order picking
system was introduced.
Xenos expects the new
distribution centre to
become fully operational in
the summer of 2015. In
addition, the existing
distribution centre currently
has a dedicated department
for the delivery of online
orders. This department
became operational in early
2015. The substantial
Leaflets designed in the all-new Xenos style:
investments in the distribuoriginal, cosmopolitan and competitively priced.
tion centre made in 2014 are
needed in order to accommodate the German growth. The German
Xenos stores are stocked from the Waalwijk distribution centre.
OUTLOOK AND ACTIVITIES 2015
Xenos’ priorities in the Netherlands are improving retail sales
and bringing the product range more in line with the new
Xenos format. Xenos expects the new format to boost sales in
2015. The webshop xenos.nl, launched in conjunction with
Nextail in March 2015, will also contribute to boosting sales.
Xenos also anticipates further expansion and sales growth in
Germany.
Recent shifts in retail require that all Xenos employees make
the necessary changes: different procedures, further
In 2014, Xenos prepared for the launch of its xenos.nl webshop, which went
live on 30 March 2015.
Since joining Blokker Holding in 1998 and after holding positions as
Logistics Manager, Sales Manager, Deputy Sales Director at Xenos and
Managing Director of Xenos and Cook&Co, Hugo de Bie will start focusing
completely on the expansion of Xenos in the German market in July 2015,
when he takes over as Managing Director for Germany. Hugo, who is 47,
lives in Volkel with his wife and six children. In his spare time he likes to
go running and go out for dinner with his family.
Receive the goods instead of collecting them
In the brand-new part of the distribution centre, cranes are driving
around in narrow paths between scaffolds the height of small tower
blocks. And yet the hall, which is several dozen metres high, is seam
lessly connected with two other sections of the distribution centre.
Hugo: ‘In early 2014, we began using the high-bay unit for the storage of
goods. We are currently working on our dynamic order-picking system.
This involves removing goods from the shelves and delivering them to
the employee. The process always worked the other way around, but
this new system has significantly reduced the likelihood of error and
allows us to work much more efficiently. It is quite a challenge to link
the warehouse management system – which manages the logistics
operations of the entire distribution centre – to the software installed in
the high-bay cranes and the automatic order-picking system. We expect
to implement this new order-picking system in the course of 2015.’
Webshops: the market dictates
The online orders are also sent from the Waalwijk distribution centre to
the customer. The top floor of the shipping warehouse accommodates a
separate floor where all online orders are prepared for shipment. Order
picking is done manually in this department. A spiral conveyor, a metal
slider also known as the wokkel (named after a spiral-shaped Dutch
savoury treat) is used to transport orders from the online-store floor to
the ground floor, where the boxes are prepared for shipment.
‘We are currently checking out how we can expand the product range
for the webshops. Since the entire logistics system – including offline
and online – is all under one roof, we aim for a cut-off time for our
online orders (the latest time consumers can order items for next-day
delivery – Ed.) of 10:00 p.m. That is what the market dictates. We have
already achieved this for Cook&Co and will do the same for Xenos by
the end of 2015.’
Expansion in Germany
The main reason for the expansion of the distribution centre is to
accommodate the rapid growth of Xenos in Germany. The chain
expanded the number of stores with 12 to 62 in 2014. Xenos continues
to see potential for growth in the densely populated country. ‘From a
logistics perspective, Waalwijk is the perfect location for stocking both
the Dutch and German stores. Towns such as Dokkum and Den Helder
are equidistant to Waalwijk as Dortmund and Cologne. So, essentially,
that part of Germany is just as close as the farthest Dutch stores. This
makes a single central storage area the best logistics solution.’ He
continues, smiling and pointing to a large piece of grassland next to
the building: ‘And if we manage to grow even further in Germany, at
least we’ll have space to add another section.’
The distribution centre in Waalwijk accommodates the warehouse
for Xenos and Cook&Co. This logistics centre serves the whole of the
Netherlands and part of Germany. Due to the expansion, especially in
Germany, the distribution centre is recently extended with a 35-metrehigh hall, used for the bulk storage of goods. These goods will be
shipped to other locations in the course of 2015 using an ingenious
order-picking system. At the time of writing, this order-picking system
is still being assembled and tested.
INTERVIEW WITH hugo de bie
New and improved distribution centre in Waalwijk:
We can
always add
another
section if
needed
BIG BAZAR
EMPLOYEES
1,306
COUNTRIES
The netherlands
BELGIUM
131
FORMAT
Big Bazar is a discount chain offering customers competitive
prices in an original and inspiring retail environment. Big
Bazar provides a very wide and fast-changing product range
which is divided into 12 worlds: Contemporary & Surprising,
Home & Decoration, Clothing & Textiles, Children & Games,
Hobbies & Parties, Home Improvement & En Route, Pets Care,
Clean & Convenient, Dining & Cooking, Food & Drink, Beauty &
Personal Care and Cash Register & Multimedia. Big Bazar also
sells premium brands at very low prices.
Big Bazar stores are mostly located in high-traffic locations
in city centres, as well as in district shopping centres and in
exurban areas and urban outskirts. Big Bazar remains one
of the fastest-growing retail chains in the Netherlands. The
sharp growth in the number of stores has also generated
higher sales revenues in the Netherlands and Belgium.
Big Bazar has taken a number of important strategic steps in
2014. This includes the development of a completely new retail
format and logo and a substantial expansion of the product
range. A number of XL stores have been opened with floor
space of between 600 and 1,000 square metres, while some
stores which had become too small have been relocated,
expanded or closed down.
Big Bazar, Maxis Muiden Retail Park.
A new retail format was developed in 2014 for the successful
XL format. A completely new store layout was introduced
selling the 12 ‘worlds’, appealing branding featuring shades of
orange and magenta, and a new Big Bazar logo. The purpose
of the new format is to maintain the discount format, based
on an always changing product range and a unique retail
experience.
Following a substantial expansion of the product range at the
end of 2014, the average Big Bazar store currently carries
5,000 items.
XL STORES AND BIG SIMPLE
Big Bazar, Maxis Muiden Retail Park.
The first new store – or at least a smaller version of it –opened
on Amsterdam’s Kalverstraat in April 2014 to much public
interest and media exposure. The first-ever XL store opened its
doors in the Maxis retail park in Muiden in July 2014. Shortly
afterwards, additional XL stores opened in Alkmaar, Venlo and
The Hague. At the end of 2014, existing XL stores in The Hague,
Rotterdam and Roermond were converted based on the new
format. Since then, Big Bazar has converted a total of 10 stores
based on this format, to be followed by an additional number of
store openings in 2015. A new Big Bazar XL opened its doors in
The shop floor of a Big Bazar XL store.
Hoofddorp in February 2015, in addition to a store based on the
new Blokker format.
At the end of 2014, Big Bazar tested for six smaller Big Bazar formats whether the new-style format would appeal to consumers.
The layout and several elements of the new format were copied.
This design, known as the ‘Big Simple’ project, has proved successful in terms of both customer experience and sales revenues.
The Big Bazar retail chain has grown rapidly in recent years;
approximately half of the Blokker distribution centre in the
town of Mijdrecht is currently reserved for Big Bazar. These
capabilities may be further increased if the Big Bazar format
continues to grow in the future.
Of the total of 1,300 people employed by Big Bazar at the end
of 2014, 500 joined in 2013 and 400 in 2014. This means the
majority of Big Bazar staff have been with the company only a
short while. The compact management team worked hard during
the year under review on setting up a professional and efficient
organisation, including training courses for new employees.
In addition to the opening of Hoofddorp XL in February
2015, Big Bazar is focusing on sales growth at the existing
stores and expansion in large-scale XL locations. Another 40
renovations based on the new format are scheduled for 2015.
Big Bazar is currently also working to improve its visibility, in
order to increase traffic to the stores. Since early 2015, the
company has been distributing a new leaflet to homes every
two weeks.
Big Bazar is currently also working together with Xenos
and Blokker in sourcing their food from the same suppliers.
This partnership is expected to create purchasing and other
synergy benefits.
BUDG€t
EMPLOYEES
63
COUNTRIES
The netherlands
13
FORMAT
Budg€t is a pop-up discount format which provides a range of
mainly household and various branded items based on the Big
Bazar range.
In 2012 the Big Bazar management launched the Budg€t chain,
which serves as Blokker Group’s pop-up format. However,
Blokker Holding’s focus is currently on further expanding Big
Bazar. The number of Budg€t stores were therefore reduced by
12 stores to 13 stores during the year under review.
Budg€t store in Purmerend.
COOK&CO
EMPLOYEES
163
COUNTRY
THE NETHERLANDS
24
FRANCHISE STORES
2
WEBshop
cookandco.nl
FORMAT
Cook&Co is an online cookware retailer which also operates
physical stores across the Netherlands for amateur cooks,
‘foodies’ and gourmands looking for personalised advice and
excellent service. The Cook&Co range consists of high-quality,
trendy cookware, including pots and pans, knives, electrical
kitchen appliances, kitchen aids and tools, and cookbooks. The
stores also provide customers with a wide range of food items.
Cook&Co’s online sales grew by nearly 25% in 2014. The
physical stores fell just short of matching their 2013 sales
revenue. The closure of the Zoetermeer store drove down total
sales revenues.
The retail format is committed to providing a high level of
service and makes every effort to maintain and improve this
level. In the wake of the immense growth of the webshop in
particular, Cook&Co is able to compile an increasingly sophisticated profile of its customers. By asking online customers to
write reviews, Cook&Co is able to actively improve its services
and various surveys have revealed the high level of customer
satisfaction among Cook&Co customers.
BEST WEBSHOP
Research Company Service Scout conducted a survey in
December 2014 to assess the quality of several major online
retailers in the Netherlands. The independent survey revealed
Cook&Co to be the best webshop: during the busiest time of
the year, Cook&Co proves its quality and the reliability of its
deliveries.
Cook&Co leaflet featuring celebrity chef Gordon Ramsay.
DEVELOPMENT INTO A WEBSHOP WITH PHYSICAL STORES
In recent years this quality store has evolved from a physical
retailer with a webshop into a webshop with physical stores.
Cook&Co further defined its brand vision in 2014 and
communicated it more effectively in order to increase the
visibility and awareness of the brand. A number of changes
were made to the communications, look and feel, and product
range.
During the year under review, an exclusive line of cookware
was launched for Blokker and Cook&Co under the labels
‘24Kitchen’ and ‘Rudolph’s Bakery’.
Cook&Co promotes high service levels, which is valued and acknowledged
by its customers.
An Employee Engagement Survey was conducted among all
Cook&Co employees in 2014. This survey resulted in relevant
information which is actively being incorporated into the
various departments at the head office, in the distribution
centre and at the stores.
A line of cookware was launched exclusively for Blokker and Cook&Co in 2014 under the labels 24Kitchen and Rudolph’s Bakery.
The focus of Cook&Co is increasingly on approaching the
market online, supported by the network of physical stores
spread across the Netherlands. The profits of the stores
are assessed annually and any stores that show a pattern of
losses over an extended period of time are closed.
The Cook&Co management team has been increased in order
to help meet Cook&Co targets for expansion.
The online platform of the webshop was replaced in early 2015
and became part of Nextail. This measure contributes to the
further professionalisation and development of the webshop.
Cook&Co expects that the physical stores will benefit from
this development as well.
CONTEMPORARY FORMAT
One of the top priorities for 2015 is increasing the chain’s
brand awareness. A national campaign was launched for this
purpose in early 2015. The year 2015 was off to a promising
start, with significant sales growth in the physical stores and
sharp growth in online sales.
The main activity for the coming years is developing a
contemporary format in line with Cook&Co’s brand vision.
Several pilot stores are scheduled to be opened at the end
of 2015.
Cook&Co promotional items.
MARSKRAMER
EMPLOYEES
1,017
COUNTRY
THE NETHERLANDS
153
FORMAT
Marskramer is a retail chain with 205 stores with an average
floor space of 300 square metres specialising in household
goods and toys and catering to residential neighbourhoods and
villages. Marskramer also operates the soft-franchise formats
Novy and Prima and the Groothandel Gouda wholesaler. Established in 1940, Marskramer is part of Blokker Holding since
1993. The retailer is celebrating its 75th anniversary in 2015.
Marskramer is a household format for smaller cities, villages
and residential neighbourhoods. Like many other retailers, the
sales revenues of Marskramer were under pressure in 2014. Toy
sales however, remained stable during the year under review,
boosted by the Loom bands craze. Marskramer began working
even more closely with Blokker in 2014.
NOVY AND PRIMA
The ‘Prima’ label, a shop-in-shop format for smaller independent stores in villages and residential neighbourhoods,
was launched in the market in 2014. Several Novy stores were
converted into Prima stores and a number of wholesale buyers
have been incorporated into Prima. At year-end 2014, there
were 25 Novy stores and 12 Prima stores, followed by opening of
six additional Prima stores in spring 2015. The total number of
wholesale customers fell in 2014.
During the year under review Marskramer redesigned several
stores in the new style, which was first launched in 2011. The
layout of the stores has been improved thanks to a better and
clearer arrangement of the product range into core groups
and by lowering the sales units. At the end of 2014, a special
customer late-opening night was organised for women only
under the name ‘Ladies’ night’.
FRANCHISE STORES
52
at lower costs, through name recognition and promotions. One
example is the reward campaign for Blue Band bread boxes,
available at Blokker and Marskramer stores.
Marskramer conducted an Employee Engagement Survey in
April 2014. After a detailed analysis, the Marskramer management began taking concrete action and making improvements
based on the results of this survey, starting in the second half of
2014. Marskramer holds constructive and open meetings with
its employees, the Works Council and the franchise management. Decisions regarding process and organisational changes
are made in conjunction with the various parties concerned.
Marskramer will continue to focus on residential neighbourhoods and villages and will start working even more closely with
Blokker. Starting in September 2015, the current Marskramer
distribution centre in Gouda will also be used for Blokker’s
e-commerce fulfilment. From 2016, the Marskramer stores
will be stocked by the Blokker distribution centre; by then, the
Gouda distribution centre will be fully dedicated to e-commerce
operations for Blokker.
MARSKRAMER’S 75TH ANNIVERSARY
Marskramer will be celebrating its 75th anniversary in 2015
and we fully intend to commemorate this special occasion.
One of the activities we organised is the ‘Anniversary Late
Opening’ held in spring 2015.
In 2014 Marskramer once again closed several non-profitable
stores whose leases were on the verge of expiring. Furthermore,
the retailer also agreed on a rent reduction with a large number
of lessors. Another example of a cost reduction is a pilot project
involving alternative staffing in the mornings at 40 stores. Both
the stores and the head office are pleased with the results of
this pilot project. The project will be continued for the 40 stores
and extended across another 40 stores.
Various support services for Marskramer, including Purchasing
Administration, Finance & Administration, IT, Human Resources
and Store Construction, were integrated with Blokker’s services
in 2013. Marskramer will be able to strengthen its position
thanks to the economies of scale created through this partnership. The retailer is also generating more sales from TV adverts
Poster commemorating Marskramer’s 75th anniversary.
TREND CENTER AND ELEKTROBLOK
FORMAT
Blokker Holding operates two independent wholesalers, both
of which have buyers in Europe, the Netherlands Antilles
and Suriname. In 2014, many of these customers faced tough
market conditions. Both wholesalers nevertheless again
contributed to Blokker Holding’s group earnings.
TREND CENTER
Trend Center carries a range of home decoration and gift
items, supplying primarily to retail chains and several major
wholesalers. The commercial organisation imports goods from
the Far East and subsequently exports them to countries in
Europe and beyond. The two main markets are Germany and
France.
The year under review has been reasonably positive for Trend
Center, although sales were down slightly as a result of a
sluggish last quarter and the high U.S. dollar. Sales in Germany
fell, while those in the other countries showed a strong recovery.
Although the retailer lost several smaller customers during the
year under review, the overall increase in the customer base
has boosted group profit. After several negative experiences
in 2013, the creditworthiness of the customers improved
once again in the year under review. Costs related to storage,
transport and handling fell marginally, one of the reasons for
which was the lower number of small shipments.
With the number of trade fairs and exhibitions declining, Trend
Center intends to further increase the number of customer
visits. The software will be upgraded in 2015, making it possible
to present items more effectively and making the ordering
system more customer-friendly.
The market continues to contract in early 2015. There is a
sufficient stream of potential new customers, but average
orders from existing customers are smaller.
Trend Center promotional items.
ELEKTROBLOK
Elektroblok specialises in the sale of households items (carrying
both regular brands and white-label brands) alongside luxury
items and toys. The wholesaler primarily serves independent
retailers operating stores in small- to medium-sized cities and
towns. The majority of customers are based in the Netherlands,
although Elektroblok also operates in Belgium, Germany,
Suriname, Curacao and Bonaire.
Elektroblok has seen its sales decline during the year under
review. At the same time, profit margins increased slightly.
The bulk of Elektoblok’s revenue originates from independent
retailers. Sales were down sharply at the majority of these more
or less ‘regular’ customers, resulting in fewer orders. Exports to
Suriname, Curacao, Aruba and Bonaire were down as well, due
primarily to the increased competition and higher cost of living
in these regions.
Elektroblok expects to once again help boost the group earnings
in 2015.
Trend Center promotional items.
36 36 BLOKKER HOLDING annual report 2014
TOYS
With the growing number of online retailers having intensified competition, the toy sector as a whole saw its sales
increase only slightly in 2014. Still, Blokker Holding’s toy
formats performed well, with an average growth of 1.7%.
In spring 2014 a new craze swept the Dutch toy world: ‘Loom’.
Children, teenagers and their parents all rushed out to buy
these coloured rubber bands, which they tied into bracelets
and necklaces. LEGO was another bestseller at toy shops
across the country in 2014.
The biggest hits in multimedia were the new Sony PlayStation 4
and Microsoft’s XBOX One. The market for DVDs and Blu-ray
further shrank during the year under review, in keeping with
expectations.
5,132
(2013/14: 5,236)
717
(2013/14: 738)
666,854
(2013/14: 655,744)
number of stores-toys
MAXI TOYS
179
BART SMIT
235
INTERTOYS
303
BART SMIT
EMPLOYEES
1,807
COUNTRIES
THE NETHERLANDS
BELGIUM
Luxembourg
234
WEBshop
Bartsmit.com
Logo te gebruiken vanaf 75 cm
FORMAT
The Bart Smit retail format specialises in toys and entertainment items for children and anyone who is young at heart.
In addition to the traditional toys, games and gifts, Bart Smit
sells multimedia items, mainly video games.
Total sales in the Netherlands were up slightly in 2014, despite
a number of store closings. The main driver behind these
higher sales is the higher online sales revenues. The Belgian
stores experienced a slight decline in sales, making it a
challenging year in Belgium.
Bart Smit and marketing research firm TNS/NIPO conducted a
market survey in order to better adapt the format to customer
needs. One of the retailer’s objectives is to get even closer to
the customer – and remaining there. The year under review
also saw the launch of the ’t Juiste cadeau, altijd raak! (The
right gift, always a winner!) branding campaign.
2014, the year of the Loom bands.
ONLINE INFORMATION POINT
In order to further increase online and offline conversion
rates, the webshop switched to the shared group platform in
early 2014. The online product range was further expanded at
the same time.
By year-end 2014, 25 stores opened an online kiosk, also
known as online information point. The full Bart Smit online
product range is now also available to customers in these
stores. This means sales staff rarely have to turn away
customers anymore telling them that an item is not available.
Bart Smit made considerable efforts to improve its business
operations in 2014. For one, it worked hard on implementing
an automatic reordering system for its stores, which has been
operational since early 2015.
Online ordering point at various stores.
The transition to the new ERP/BI environment, with the option
of automatic reorders, has been an important strategic step
for Bart Smit as a fully-fledged omnichannel retailer.
Bart Smit store in Mortsel, Belgium.
More efficient e-fulfilment continued to pay off in 2014.
Meanwhile, Bart Smit also closed a number of unprofitable
stores and took various measures to increase franchise fees,
including by negotiating more favourable lease terms. In order
to gain greater control over the product range and working
capital, the administrative processes have been further
streamlined during the year under review and the quality of
the information provision is improved, which will be further
enhanced with the launch of the new ERP/BI system. The
reduction of the truck fleet completed in 2013 also paid off
in 2014.
SLIGHT RECOVERY IN THE MARKET
The toy and multimedia market is expected to improve slightly
in 2015. Although a craze such as the Loom bands does not
occur every year, innovations in the traditional toy market
nevertheless look promising.
Bart Smit fosters a culture with open and committed
employees. In order to strengthen these qualities, a number
of measures are taken in 2014. This includes increasing
communications with staff and managing various HR
processes with greater professionalism. Bart Smit’s highperformance culture is preserved throughout.
The format will be further defined and implemented in the
stores in 2015. Furthermore, the retailer will analyse what
elements the toy and entertainment format will require in the
future. Bart Smit will also take additional measures to align
its logistics and e-fulfilment processes with the solid online
growth. The new web environment will be further perfected
while the product range has become more accessible thanks
to the automatic reordering system.
Bart Smit promotional items.
INTERTOYS
EMPLOYEES
2,168
COUNTRIES
The netherlands
BELGIUM
Germany
176
FRANCHISE STORES
125
WEBshop
intertoys.nl
intertoys.de
FORMAT
Intertoys, which was established in 1976 and has been part
of Blokker Holding since 1993, is a contemporary toy retailer
operating in the traditional toy market and selling an extensive
and up-to-date range of multimedia items, gifts and jewellery.
Intertoys again generated profit in 2014, its sales revenues even
outpacing the market. It was also able to increase its market share
slightly in Belgium and Germany. This success should be credited
in part to the Loom bands craze, a phenomenon Intertoys was
able to capitalise on at an early stage. Another success factor is
the active focus on improving efficiency and enhancing the product
range. Since Intertoys has been able to effectively anticipate the
higher sales of toys and multimedia online, it has seen its sales
increase sharply during 2014.
In 2014, Intertoys focused specifically on customer relationships
in the stores and at other points of contact. Several years ago,
the retailer began providing internal customer service training to
employees at both the company-owned stores and the franchise
stores. The Intertoys format is constantly adapted to meet
customer needs. For example, high-quality toys at a fixed, low
price, named Prijstoppers, have been introduced in 2014.
Intertoys The Hague.
promote its product range for potential wholesale customers.
The company has seen the changes it has made validated by two
major awards it has won: ‘Best Online Toy Retailer’ and ‘Best
The year 2014 also saw Intertoys’ debut as an independent exhibitor Music, DVD and Game Retailer’.
at the world’s largest toy trade fair in Nuremberg, Germany, to
Intertoys worked hard in 2014 on developing a new ERP/BI
system, which is to be implemented in June 2015. Meanwhile,
the Dutch and German webshops switched to a new e-commerce
platform in early 2015 and remodelled their stores to create an
all-new look and feel.
The Intertoys retail culture is characterised by the strong loyalty
of its staff, resulting in low staff turnover. Following the creation
of the new omnichannel organisation, the employees of the
webshop relocated at the end of 2014 from the head office in
Waddinxveen to Nextail’s offices in Amsterdam.
The Intertoys megastore in The Hague opened on 14 August 2014.
Intertoys will be conducting a pilot project involving in-store
online kiosks. The online product range will be further expanded
and customer service in the retail stores will be further improved.
The webshop will continue to be further optimised throughout
the year and a number of pilot projects will be run inside the
stores in order to keep the format contemporary. By improving
the integration of the physical and online stores through the
omnichannel proposition, Intertoys will strengthen its position as
the leading toy retailer in the Netherlands.
Franchisee Jurian Duijzer runs the Intertoys store in Dordrecht’s city
centre. His team consists of 17 employees, including his sister Angelique.
Jurian, 40, lives in Papendrecht with his wife and two daughters. In
his spare time, he is a goalkeeping coach and President of the junior
section for the VV Dechtstreek football club. Jurian studied Higher
Management, worked as a Manager for several major companies and
served as the Sales and Marketing Director of a publishing company. He
is recently appointed Chairman of the Intertoys Franchise Association.
Blood, sweat and tears
Intertoys has been part of Jurian Duijzer’s life for 39 years. The old
paper-tape calculator sitting on the desk in the small office reveals
the family history. Five years ago Jurian took over the business from
his father, who developed it from nothing into a flourishing store with
blood, sweat and tears.
The expertise Jurian acquired in his corporate career prior to the
takeover has turned out to be invaluable to his work as an independent
entrepreneur. Jurian: ‘Putting other people first is something I’ve
really had to learn. As ambitious as I may be, I now realise I’m nothing
without my team. I believe in my staff – they are the ambassadors of
your company. That means you must invest energy in each other and
have the will to keep changing.’
INTERVIEW WITH JURIAN DUIJZER
You’ve got
to have the
will to keep
changing
There are 119 Intertoys franchise stores in the
Netherlands. At Intertoys, franchising involves close
collaboration between the local entrepreneur and a
strong retail format. Franchisees are responsible for
their own sales and investments, while getting to benefit
from the expertise and economies of scale offered by
Blokker Holding.
Doing business under a strong banner
Just how essential change was became clear to Jurian during the
recent economic crisis. ‘The crisis wasn’t all bad; it kept me on my
toes. If everything is going swimmingly, there’s a risk you will start
losing your edge. It’s during times of crisis that you start to scrutinise
your processes and start looking for opportunities.’ For Jurian, it is
essential to have the support of the holding company right behind
him. ‘There are three regional managers in the Netherlands who are
available to assist and support franchisees. They help you to manage
the format effectively and their role is crucial. They support you, for
example, with negotiations on the building you are leasing and help
provide solutions when sales are slack. They are always there for you
when you’re stuck. And that does happen from time to time. I certainly
take advantage of the opportunity; I can always pick up the phone and
call my contact.’
Achieving excellence within the format
Jurian does not regard the fact that independent franchisees need
to follow the format rules as a restriction, but rather as a source of
opportunities. ‘As an entrepreneur, you need to have an interest in
Blokker Holding. The sheer amount of knowhow and ambition you find
among people there is really inspiring. Something like Nextail, which
is an important development in the industry, is really something to
be grateful for. As the Chairman of the Franchise Association, I like to
explain to employees how important omnichannel retailing is for us.
Sure, you have to stay true to the format – you opened the franchise
for a reason, and the holding company has the expertise you need. But
I absolutely have input of my own as well. Look at it this way: Intertoys
is the framework and if you do your best everything will fit within
that framework. The holding company is responsible for purchasing
and marketing and for defining the total identity. This enables me
to focus completely on my customers, which gives me the freedom
I need to excel as an entrepreneur within the parameters given. For
example, I get to order a small quantity of my own products, which is
very important given the fact that local needs change constantly. I also
have the freedom to manage my social media the way I want. Sure, we
are given certain guidelines, but I remain responsible for my own sales
and staffing policy. What matters is that I have a strong organisation
behind me, which is certainly the case.’
MAXI TOYS
EMPLOYEES
1,145
COUNTRIES
France, Belgium,
Luxembourg
Switzerland, Italy
174
FRANCHISE STORES
2
WEBshop
maxitoys.fr
maxitoys.be
maxitoys.lu
FORMAT
Maxi Toys is a specialised toy retail chain operating in five
European countries. A typical Maxi Toys store has floor space
of between 600 and 1,000 square metres and is generally
located in large shopping centres right outside the major
cities. The head office and distribution centre are located in
Houdeng-Goegnies, Belgium. Established in 1989, Maxi Toys
has been part of Blokker Holding since 1997.
Maxi Toys celebrated its 25th anniversary during the year
under review, which it celebrated in a variety of ways. The
quarter-century celebrations were supported with additional
advertising, special offers, in-store decorations, creative
collections and promotions. And to share in the celebrations
with its customers, Maxi Toys treated them to several
campaigns and promotions between March and December.
Around 80,000 customers took home the Maxi Toys truck, a
special anniversary gift.
Maxi Toys, Flémalle, Belgium.
The international toy market showed plenty of dynamic in
2014, with various peaks and troughs. Maxi Toys saw its sales
increase slightly in 2014. Its online sales also increased
further during the year under review. With the exception of
Luxembourg, the retailer saw its sales revenues from games
and multimedia items fall in all markets in 2014. Its own whitelabel brands of traditional toys continued to show strong sales.
The number of stores remained virtually unchanged, with
two closures and one opening. Traditional retail struggled
mainly in the Belgian and French markets, which are both
Maxi Toys markets. This is the result of both an increase in
the number of online players and the reduced market share
of hypermarkets in France. This trend has been unfavourable
for Maxi Toys because hypermarkets generally attract large
numbers of customers to the shopping areas where Maxi Toys
is located.
Maxi Toys mascot.
A successful shopping experience remains key to Maxi Toys’
success. The combination of leading, premium brands and
the range of exclusive and up-to-date white-label brands
appeals to large numbers of consumers. Research shows
that customers spend an average of 42 minutes in the stores.
Bestsellers during the year under review included the new
collections of the white-label brands Professor PI (educational
toys) and EZ BLOX (construction toys).
Maxi Toys celebrated its 25th anniversary in 2014.
The major expansion of the distribution centre in HoudengGoegnies (trading as Logitoys) from 30,000 to 45,000 square
metres was a major milestone in 2014. The expansion
coincided with the redesign of the supply chain. This has
improved services to both online customers and in the
physical stores. The expansion also enables Maxi Toys to
realise its plans for expansion for the next 10 years.
MASTER FRANCHISES IN GROWTH MARKETS
Since Maxi Toys expects limited growth in the coming years
in its two main markets, France and Belgium, the chain
is increasingly focusing on the world around it. Revenues
are increased as a result of the introduction of the master
franchise model. In 2014 the maxitoys.ro webshop is set up
in Romania, in addition to a master franchise in Bucharest,
repeating previous successes in Turkey and Morocco. The
model is scheduled to be rolled out in other non-European
markets in 2016.
It all starts with the employees and this requires a constant
focus on development. For example, external experts were
hired during 2014 to adapt the entire training and education
programme and create a Maxi Toys Academy. Since 2011,
Maxi Toys have been working on the ‘Standardisation and
professionalisation’ project, which focuses on some of the
following topics: store image, routing, communications,
duties, employee training and coaching, and service.
Entrance to Maxi Toys store.
In light of the overall economic trends and increased competition in the toy market, Maxi Toys again expects this to be a
challenging year. Sales in the first few months of 2015 were
stable, despite the early Easter. The toy retailer is well-positioned to overcome these challenges.
LIVING
The Living sector as a whole showed a plus for the first time
in seven years in 2014. The growth rate for the full year
increased by 5% over 2013 (like-for-like figures). This
growth was driven by the double-digit growth in the kitchen
and parquet flooring business (source: INretail).
Data supplied by the Central Bureau of Statistics in the
Netherlands (CBS) shows that the Dutch market for home
furnishing stores as a whole (like-for-like figures) fell by 0.1%
in 2014. In the Netherlands, Leen Bakker slightly outpaced the
market. All Leen Bakker stores in the Benelux market together
showed stable sales of - 0.4% in the past financial year.
Many home furnishings retailers are struggling to keep afloat.
High vacancy rates at home furnishing centres, higher rents,
diversification and the growing popularity of used goods are
just a few of the contributing factors. Competitive advantage in
this sector is therefore vital. A satisfying customer experience,
for example, will attract customers to both the physical and
online stores. Leen Bakker fully updated its retail concept in
2014 for this reason, including the introduction of a new logo,
additional services and white-label (furniture) brands. The
information available in the webshop has also been improved.
The stores which have been fully converted based on the new
retail concept have shown much stronger sales growth than
both the other Leen Bakker stores and the market as a whole.
2,253
(2013/14: 2,280)
181
(2013/14: 178)
323,379
(2013/14: 324,812)
43
LEEN BAKKER
EMPLOYEES
2,253
COUNTRIES
THE NETHERLANDS
Belgium
LUXEMBOURG
170
FRANCHISE STORES
9
WEBshop
LEenbakker.nl
LEenbakker.BE
FORMAT
Leen Bakker is a home furnishings retailer offering contemporary home design styles at surprisingly affordable prices.
Leen Bakker attributes its competitive edge to its high quality,
competitive prices, fast delivery, contemporary designs and
strong customer focus.
Leen Bakker’s stable sales revenues in 2014 are to be credited
mainly to the all-new format, the introduction of the new
branding in all stores, national radio and TV advertising
campaigns and the distribution of a special promotional
leaflet.
Leen Bakker turned its attention in the past few years to
changing its brand image, which has resulted in a complete
visual transformation of the retail format. During the year under
review, the retailer converted existing stores into pilot stores:
pleasant, well-organised and welcoming retail spaces that do a
better job of meeting customers’ needs. The retailer’s signature
colours blue, red and grey have been replaced with fuchsia. In
response to customer surveys, which revealed that customers
New interior of a Leen Bakker store.
have a strong need for detailed product information, Leen
Bakker set up a content team that is responsible for enhancing
the webshop and physical stores with product information. In
addition, the sales staff has attended specialised training
courses to improve their product knowledge. Customer surveys
have also revealed that the first new-style Leen Bakker pilot
stores have improved Leen Bakker’s image. The core values of
‘competitively priced’, ‘contemporary’ and ‘original’ still shine
through in the new stores while the retailer has, at the same
time, managed to strengthen its competitive advantage in the
home furnishings market. Five more stores are scheduled to be
opened in 2015. Outdoor advertising will also be changed for all
stores in the Netherlands in the current year.
WHITE-LABEL BRANDS
In order to boost sales in its Large Furniture section, Leen
Bakker commissioned a team of creative young designers
to create a new line called UMIX: these are sofas which
customers can design based on their own specifications.
The ‘Stock’ line of cabinets and Leen Bakker’s own range of
garden furniture, ‘Le Sud’, are based on the same concept.
New Leen Bakker logo. The house represents all home furnishing items
for indoors and outdoors. By adding the word ‘also’, Leen Bakker draws
the customer’s attention to its additional services.
The sales reports issued periodically by the Finance and IT
departments, which contain sales breakdowns per store,
Leen Bakker’s exclusive UMIX range.
have shown that not all Leen Bakker stores contribute to the
company’s profit. This indicates that further investments will
need to be made in the quality of the sales team and in other
strategies to attract larger numbers of customers to the
stores. Any stores that continue to consistently operate at a
loss despite these efforts can be permanently closed.
The sales growth in the webshops has resulted in an increase
in the number of home deliveries. A large number of orders
are delivered to customers’ homes by third-party providers.
The logistics organisation needs all its resource capacity
to handle the growing volume of deliveries. The technical
installation of one of the bulk warehouses was fully renovated
during the year under review. Since the flow of incoming
goods varies significantly depending on the circumstances,
staff at the stores work on a flexible basis.
a whole and as this year unfolds it will be clear how much
progress these teams have made.
A total of 14 employees successfully completed specialised
retail sales training in 2014. The Format Development
department, which was established in spring 2015, will
provide support in updating and developing the product
range, in combination with aisle management services.
SUSTAINABLE BUSINESS
Leen Bakker is committed to sustainability and is taking
measures in this area with regard to the sale of FSC-certified
wood and reducing carbon emissions. It also fully upgraded
its fleet of trucks in 2014. All platforms of the trucks now
bear the new logo. The new trucks comply with all applicable
carbon emission standards and have received the ‘Lean and
Green’ label for their energy-efficiency.
All employees at the head office, along with the store
managers and team leaders of the distribution centre,
participated in the Employee Engagement Survey in 2014. The
results of the survey were shared across the organisation as
New store in Saint-Georges-sur-Meuse, Belgium.
Building Depot megastore, Leen Bakker franchisee in Curaçao.
LEEN BAKKER BELGIUM AND LUXEMBOURG
Due to a variety of factors, including sustained lower sales
in garden furniture, sales revenues at the Belgian stores
remained marginally below the 2013 level. This group has a
significant share in the sales revenues as a whole. By focusing
more on staff’s sales knowledge, the retailer did manage to
significantly increase its conversion rates in 2014.
Backed by an ambitious sales and marketing plan, Leen
Bakker expects to increase overall sales revenues at both its
Dutch and Belgian stores in 2015. In spring 2015, Leen Bakker
and Blokker began selling a white-label range of garden
furniture under the name ‘Le Sud’. A radio and TV advertising
campaign supported the launch of the brand.
Sales revenues of Leen Bakker’s webshop increased by 23% in
2014, although the total share in the revenue of the online business remains relatively low. Customers continue to collect their
online orders from the stores. Leen Bakker is expected to enter
into a partnership with a courier company in 2015. Supported
by Nextail and a home delivery service, sales revenues from the
webshop in Belgium should be able to further increase.
IN-STORE TABLETS
A new store was opened in the Belgian town of Saint-Georgessur-Meuse, designed in the new Leen Bakker style.
LEEN BAKKER CURAÇAO
The Building Depot megastore, a Leen Bakker franchisee,
opened its doors in November 2014 – exactly eighteen months
after the building was destroyed by fire. In 2014, Building
Depot managed to attract more than 100,000 visitors to the
store in less than six weeks.
The Leen Bakker shop-in-shop inside the Building Depot
megastore is designed based on the new retail format. This
same style was used for the store as a whole, which has
14,000 square metres of floor space and is Curaçao’s largest
megastore. Building Depot has managed to successfully reestablish itself with a significantly upgraded modern store,
while keeping the existing slogan: ‘Djis Pens’e…Nos Tin E
(Need something? We’ve got it!).
Leen Bakker is currently running a pilot project at five stores
involving the use of tablets for sales staff. By the end of this
year, sales assistants should be able to have easy access to all
the information they need in the stores. Customers should also
be able to use these tablets to order items. Leen Bakker will
furthermore be installing online kiosks in the stores on which
customers can view the product range and place orders.
The Leen Bakker webshop will be integrated into the Nextail
web platform this year, creating major opportunities for
growth in online sales. Supported by the webshop and Nextail,
Leen Bakker is gradually evolving into an omnichannel home
furnishings retailer.
The growing number of brands and a more coherent product
range have resulted in a boost in sales. In-store training has
helped improve the level of service provided to customers.
Another customer satisfaction survey will be conducted this
year to gauge customers’ opinions of Leen Bakker.
The remodelling of the stores is an investment priority for
the coming years. Three stores were already successfully
converted based on the new format in 2014, followed by five
more stores in 2015. The outdoor advertising will be adapted
at all stores across the Netherlands.
FINANCIAL REPORT
BLOKKER
HOLDING
20
14
AS AT 24 JANUARY 2015
in thousands of euros, after proposal for profit appropriation
24-01-2015
25-01-2014
ASSETS
Non-current assets
Intangible assets14,609 9,688
Property, plant and equipment
Land and buildings
130,734
180,216
Other non-current operating assets
95,282
116,875
226,016
Financial fixed assets
Associates
270,0931,124
Receivables from associates
12,657
Other receivables
6,644
289,394
297,091
1,124
Current assets
Stocks 410,952439,563
Receivables
Trade debtors
20,852
26,186
Other receivables
60,685
55,387
Prepayments and accrued income
34,929
47,128
116,466
128,701
Cash and cash equivalents
47,061
1,104,498
56,211
932,378
LIABILITIES
Shareholders’ equity 466,628486,231
Provisions
Tax 11,593
20,243
Other provisions
57,291
48,052
68,884
68,295
Non-current liabilities
Debts to credit institutions
-
44
Debts to associates
162,015
Other debts
131,697
71,474
293,712
71,518
Current liabilities
Debts to trade creditors
89,065
90,365
Tax and social insurance contributions
90,874
104,329
Other debts
403
278
Accruals and deferred income
94,932
111,362
275,274
306,334
1,104,498932,378
CONSOLIDATED INCOME STATEMENT
FOR 2014/15
in thousands of euros
2014/15 2013/14
Net revenue
2,117,923
2,502,591
Cost of sales
Gross sales revenues
-1,560,113
557,810
-1,730,353
772,238
Selling expenses
510,257
613,525
General administrative expenses
65,462
82,000
Total costs
-575,719
-695,525
Operating income (EBIT)-17,909 76,713
Financial income
476
448
Financial expenses
-2,363
-877
Total financial income and expenses-1,887 -429
Income from ordinary operations before tax
-19,796 76,284
Tax 4,341-15,622
Income after tax-15,455 60,662
Income from associates
Net income
-4,830
-20,285
60,662
CASH FLOW STATEMENT
FOR 2014/15
Operating income (EBIT)
2014/15 2013/14
-17,909
76,713
Depreciation
55,65589,601
Changes in provisions
17,824
-7,023
Changes in working capital in
• Stocks
-44,99632,106
• Receivables
2,065-3,027
• Current liabilities
3,375
15,292
33,923
126,949
Cash flow from operating activities 16,014203,662
Financial income and expenses
-1,887
-429
Tax on profit
-13,649
-17,912
-15,536
-18,341
Net cash flow from operating activities
478185,321
Net investment in
• intangible assets
-8,855
-5,673
• plant, property and equipment
-58,022
-62,800
• financial fixed assets
-4,439
• deconsolidation
-7,422Net cash flow from investment activities -78,738-68,473
Dividend
--83,000
Changes in long-term loans
68,428
-31,555
Other
68277
Net cash flow from financing activities 69,110-114,478
Net cash flow-9,150 2,370
Cash and cash equivalents at start of financial year
Cash and cash equivalents at end of financial year
56,211
47,061
53,841
56,211
FINANCIAL REPORTING PRINCIPLES
GENERAL DETAILS
LOCATION
Blokker Holding B.V. has its registered office and principal
place of business in Amsterdam.
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.
ACTIVITIES
Blokker Holding B.V. is a retail group operating retail chains in
the Household, Toys and Living sectors, along with wholesalers.
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 2014/2015 financial year included 52 weeks (versus
52 weeks in 2013/2014). The last day of the 2014/15 financial
year was 24 January 2015 and that of the previous financial year
was 25 January 2014.
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 stated otherwise.
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.
CONSOLIDATION PRINCIPLES
Blokker Holding B.V. and the associates, also being 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.
The data of the companies included in the consolidation as at
24 January 2015 were filed with the Chamber of Commerce.
The results of 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.
The financial statements are drawn up in thousands of euros.
DECONSOLIDATION
USE OF ESTIMATES
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.
FOREIGN CURRENCIES
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.
In 2014, Blokker Holding B.V. transferred a single share in the
paid-up capital of Casa Holding B.V. to an affiliated company
outside the Blokker Holding B.V. group. A shareholder agreement
was subsequently entered into in which it was agreed that
Blokker Holding B.V. would transfer managerial control over Casa
Holding B.V. and its affiliates with effect from the 2014/15 financial year. The following terms are agreed with the counterparty:
• m
anagerial control over Casa Holding B.V. and its
associates will revert to Blokker Holding B.V. if there are
any changes in the counterparty’s management.
• The equity capital of Casa Holding B.V. at that time will be
equal to its equity capital at the end of the 2013/14 financial
year (i.e. EUR 269.0 million).
• Blokker Holding B.V. will be entitled in the intervening
period to an annual fee equivalent to 1% of its equity capital
at year-end 2013/14, which will be payable at such time as
the managerial control is reverted.
The amount for 2014/15 of the annual fee (EUR 2.7 million)
is recognised as income from associates. With effect from
the 2014/15 financial year, the associate Casa Holding B.V. is
recognised at net asset value as at 26 January 2014 until such
time as the managerial control is transferred back to Blokker
Holding B.V.
In determining depreciation, the following expected economic
lives are assumed:
In 2014, Blokker Holding B.V. reached agreement regarding
the sale, effective 30 June 2014, of the total business of
Tuincentrum Overvecht, consisting of Groenblok B.V. and its
associates.
FINANCIAL FIXED ASSETS
The financial details of the above-mentioned companies are
no longer included in the consolidated financial statements
from the time it is no longer possible to exercise managerial
control over the company.
For additional information, please refer to page 58.
PRINCIPLES FOR THE VALUATION OF ASSETS AND LIABILITIES
Company buildings
Renovations of company buildings
Other non-current operating assets
25 – 50 years
10 – 12 years
5 – 7 years
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.
Capital interests in other companies, over which no significant
control can be exercised, are valued at cost. At the moment of
losing the managerial control by Blokker Holding B.V., the net
asset value will be the valuation principle for Casa Holding B.V.
Dividend income is recognised in the income statement in the
year of receipt.
INTANGIBLE ASSETS
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.
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.
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 impairment 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.
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.
RECEIVABLES
At initial recognition, the receivables are stated at their fair
value and consequently at amortised cost, which equals their
nominal value less such provisions deemed necessary with
respect to the risk of irrecoverable debts.
CASH AND CASH EQUIVALENTS
Unless stated otherwise, cash and cash equivalents are freely
accessible to the company.
PROVISIONS
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 and the extent of which can be reliably estimated.
INCOME RECOGNITION
GENERAL DETAILS
The provision for deferred tax liabilities involves the
calculation of the temporary differences between valuation
principles for commercial and tax purposes. Deferred tax
assets 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 onerous contracts.
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.
NET REVENUE
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.
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.
The provision for long-service bonuses is based on longservice policies applicable as at the balance sheet date, taking
account of the staff turnover risk, future changes in wage
costs and the discount rate.
COST OF SALES
The provision for legal proceedings concerns ongoing
disputes, claims and lawsuits.
FINANCIAL INCOME AND EXPENSES
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. 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.
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.
Financial income and expenses comprise interest received (or
receivable) and paid (or payable).
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 recognised under ‘Cash flow from operating activities’.
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.
The effect of deconsolidation of group companies, including
any changes in assets and liabilities, is recognised as cash
flow from investment activities.
CURRENT LIABILITIES
COMPARATIVE FIGURES.
Current liabilities have an expected term of one year
maximum, unless otherwise stated in the notes.
The classification of the comparative figures is adjusted where
necessary for the purposes of comparison.
NOTES TO THE CONSOLIDATED
BALANCE SHEET
ASSETS
Total
INTANGIBLE ASSETS
Opening balance
Cost price
18,316
Cumulative depreciation
-8,628
Book value
9,688
Changes during the financial year
Deconsolidation-416
Investments 9,205
Disposals, impairment and translation differences
-865
Depreciation on disposals, impairment and translation differences
515
Depreciation-3,518
Total changes
4,921
Closing balance
Cost price
24,736
-10,127
Book value
14,609
The ‘Intangible assets’ relate primarily to software/licences and websites.
Land and Other non-current
Total
buildings
operating assets
Opening balance
Cost price428,307300,637728,944
Cumulative depreciation-248,091-183,762-431,853
Book value180,216116,875297,091
Deconsolidation-46,131-30,829-76,960
Investments
17,712 40,491 58,203
Disposals, impairment and translation differences
-20,758 -11,576 -32,334
Depreciation on disposals, impairment and translation differences
20,758 11,395
32,153
Depreciation
-21,063 -31,074 -52,137
Total changes
-49,482 -21,593 -71,075
Closing balance
Cost price315,566246,467562,033
-184,832
-151,185
- 336,017
Book value
130,734 95,282
226,016
The ‘Land and buildings’ items refer primarily to renovations of leased premises.
CURRENT ASSETS
ASSOCIATES
STOCKS
The ‘Associates’ item represents a 99.9% interest in Casa Holding
B.V. (EUR 269.0 million), arising from the deconsolidation in 2014
and a 20% interest in Dennenhoorn B.V. (EUR 1.1 million), both of
which have their registered offices in Laren.
In connection with the change in the provision for obsolescence,
an amount of EUR 8.2 million has been charged to the income
statement (2013/14: EUR 11.7 million gain).
RECEIVABLES
RECEIVABLES
Receivables in the amount of EUR 12.7 million relate to
receivables from associates as a result of the deconsolidation
of Casa in 2014. These receivables have a maturity of 1 to 5
years; no securities have been created.
The other receivables, in the amount of approximately
EUR 0.7 million, have a maturity of less than one year.
The receivables in the amount of approximately EUR 0.5 million
(2013/14: EUR 3.2 million) have a maturity of more than one year.
‘Other receivables’ includes an amount of EUR 25.7 million
(2013/14: EUR 13.6 million) related to profit tax and
EUR 1.0 million (2013/14: EUR 2.8 million) related to deferred
tax assets.
The total amount in tax losses not included in the recognition
of tax deferrals is approximately EUR 5.8 million
(2013/14: EUR 4.1 million).
LIABILITIES
SHAREHOLDERS’ EQUITY
For an explanation of changes in shareholders’ equity, please see the Notes to the Company Balance Sheet.
provisions
Opening balance
Deconsolidation
Additions
financial year
Taxes
Restructuring
Guarantee
Long-service bonuses
Legal proceedings
Other
Total
Withdrawals
Closing balance
financial year
20,243
-3,837
71 -4,884 11,593
26,283
-1,319
26,099 -8,284
42,779
8,431
-1,232
-
-75
7,124
4,580
-179
691 -490 4,602
2,977
-2,526
244 -180 515
5,781-3,329 482 -663 2,271
68,295
-12,422
27,587 -14,576 68,884
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 restructuring is intended to cover the
costs related to reorganisations of parts of the group and
unprofitable contracts.
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 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.
Of the total balance of provisions, approximately EUR 39.0 million
(2013/14: EUR 28.5 million) is current; the remainder is likely
to be of a long-term nature.
INVESTMENT COMMITMENTS
PURCHASING COMMITMENTS
Most of the non-current liabilities have a maturity of up to
five years and consist mainly of debts payable to affiliated
companies and debts to associates. No collateral is provided.
At the balance sheet date, outstanding purchasing
commitments totalled approximately EUR 210 million
(2013/14: EUR 270 million).
Liabilities to affiliated companies amount to EUR 131.7 million
(2013/14: EUR 71.5 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 2014/15: 0.33%; 2013/14: 0.375%). The debts to
associates are related to the deconsolidation of Casa in 2014
and amount to EUR 162.0 million (2013/14: EUR nil) at interest
rates ranging from 1.0% to 2.2%.
FINANCIAL INSTRUMENTS
INFORMATION NOT SHOWN IN THE
RENT AND LEASE COMMITMENTS
An amount of approximately EUR 228 million
(2013/14: EUR 274 million) is payable in connection with longterm leasing contracts and leases. Contracts expire each year,
and a number of contracts in effect at the balance sheet date
have a remaining maturity of one to five years (total lease
amount: approx. EUR 524 million) while other contracts have a
remaining term of more than five years (total lease amount is
roughly EUR 330 million).
Investment commitments at year-end 2014/15 totalled
approximately EUR 7.4 million (2013/14: EUR 27.7 million).
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 11.4 million
(2013/14: EUR - 0.7 million).
INTEREST RATE RISKS
The company has not used any instruments in connection with
hedging interest rate risks.
BANK GUARANTEES AND LETTERS OF CREDIT
An amount of approximately EUR 19 million has been frozen
in the bank accounts (2013/14: EUR 23 million) in connection
with bank guarantees and letters of credit, including
EUR 15 million at Dutch companies (2013/14: EUR 8 million).
CREDIT RISKS
Credit risks relate to trade debtors and other current
receivables. Sufficient provision has been made for these.
NOTES TO THE CONSOLIDATED
Income STATEMENT
FOR 2014/15
2014/15
2013/14
Revenue
Revenue is divided as follows:
The Netherlands
• Retail 1,385,1891,426,875
• Wholesale 161,361171,169
1,546,550
1,598,044
International
• Retail 536,695847,895
• Wholesale 34,67856,652
571,373
904,547
Net group revenue
2,117,923
2,502,591
Salaries
Salaries 326,243391,691
Social insurance contributions
57,983
69,749
Pension charges
22,105
28,650
406,331
490,090
Depreciation
Intangible assets
3,518
52,137
55,655 4,177
85,424
89,601
Depreciation includes impairment in the amount of EUR 0.6 million
(2013/14: EUR 11.5 million) relating to long-term impairment.
EBITDA*
37,746166,314
Personnel (number of employees)
The Netherlands
18,140
18,167
International 4,0557,485
22,19525,652
Converted to full-time equivalents (FTEs), the total number of employees is 13,063 (2013/14: 16,260).
* Operating income before interest, tax, depreciation and amortisation.
AUDIT FEES
The fees payable to BDO and other auditors pursuant to Section 382a, Book 2 of the Dutch Civil Code can be specified as follows:
BDO NL
BDO
International
Other
auditors
2014/15
Total
BDO NL
BDO
International
Other
auditors
2013/14
Total
Audit of the financial statements 398
166
55
619
276
253
288
817
Other audit tasks
16
16
7
7
Remaining non-audit tasks
108
108
131
131
Total
522166 55 743414253288955
Please note: Figures for 2014/15 are exclusive of Casa (2013/14: EUR 138,000) and Groenblok (2013/14: EUR 25,000).
TAX
The effective tax rate for the 2014/15 financial year is 21.9% (2013/14: 20.5%).
REMUNERATION OF MANAGING DIRECTORS AND SUPERVISORY DIRECTORS
The income statement includes an amount, also covering pension contributions, of EUR 2.6 million (2013/14: 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].
For the remuneration of the Supervisory Directors of Blokker Holding B.V., an amount of EUR 189,000 (2013/14: EUR 191,000) was
payable by the company for the 2014/15 financial year.
DECONSOLIDATION OF BUSINESS ACTIVITIES
At the beginning of the 2014/15 financial year, the managerial control over Casa Holding B.V. and its associates was transferred
to an affiliated company outside the Blokker Holding B.V. group. In addition, the shares in Groenblok B.V. and its associates were
sold effective 30 June 2014. On this basis, the above-mentioned companies are no longer included in the consolidation as of the
dates stated.
The tables below and on the next page show the impact of this deconsolidation on various key data for both 2014/15 and 2013/14:
Balance sheet
Total book value of the assets
Total book value of the loan capital items
24-01-2015
Casa
25-01-2014
24-01-2015
Groenblok
25-01-2014
-
-
311,524 42,540
-
-
16,418
21,362
TABLE SHOWING DECONSOLIDATION OF BUSINESS ACTIVITIES (continued)
2014/15
Groenblok
2013/14
Net revenue
• Retail Netherlands
-
-
19,563
• Wholesale Netherlands
-
-
379
• Retail international
-
312,808
-
• Wholesale international
-
26,384
-
40,998
602
-
2014/15
Casa
2013/14
Income statement
Costs
--330,319 -21,262 -47,746
EBITDA *
-
-
-10,172 -1,486-6,439
Tax
--2,606
Cash flow
Operating cash flow before working capital changes
Net cash flow from investment activities
Net cash flow from financing activities
-
-
-
-
29,581
8,873
32,217
38,959
-9,946
-22,747
-794
-1,320
-3,844
-6,146
367 1,601
46
-1,433
-449
4,852
-4,492
-2,296
-2,273
3,972
A loss of EUR 7.5 million was incurred following the sale of Groenblok B.V. and its associates. (accounted for under ‘Income from
associates’); no tax is to be offset on this amount. The deconsolidation of Casa Holding B.V. had no effect on income in 2014.
The table below shows the effect of the deconsolidation of Casa and Groenblok on the key figures of Blokker Holding B.V. for 2014/15
and 2013/14.
Financial
Effect of
statements deconsolidation
2014/15
Total excl.
Casa/
Groenblok
Financial
Effect of
statements deconsolidation
2013/14
Total excl.
Casa/
Groenblok
Net revenue
2,117,923
19,942
2,097,981
2,502,591
380,792
2,121,799
EBITDA *
37,746
-794
38,540
166,314
25,737
140,577
-17,909
-1,320
-16,589
76,713
2,727
73,986
Operating cash flow before working capital changes55,570
46
55,524 159,291
27,725 131,566
478
-1,433
1,911
185,321
36,663
148,658
Solvency
42.2%
- 42.2% 52.1% -5.4%46.7%
Number of branches
2,365
-
2,365
2,939
546
2,393
* Operating income before interest, tax, depreciation and amortisation.
COMPANY BALANCE SHEET
in thousands of euros, after proposal for profit appropriation
24-01-2015
25-01-2014
ASSETS
Fixed assets
Intangible assets
2,257
260
3,828
2,893
Financial fixed assets
711,078
680,500
Current assets
Other receivables, prepayments and accrued income
25,992
12,106
Cash and cash equivalents
38,718
47,584
Total 781,873743,343
LIABILITIES
Shareholders’ equity
Paid-up capital
25,000
25,000
Premium reserve
114,427 114,427
Other reserves
327,201
346,804
466,628
486,231
Provisions 8,50713,295
Non-current liabilities 295,975237,372
Current liabilities
Suppliers
4,976121
Other liabilities, accruals and deferred income
5,787
6,324
10,763
6,445
Total 781,873743,343
COMPANY INCOME STATEMENTS
FOR 2014/15
2014/15
Results of associates after tax
Net other income and expenses after tax
Result after tax
-20,420
135
-20,285
2013/14
54,346
6,316
60,662
NOTES TO THE COMPANY
BALANCE SHEET
ASSETS
in thousands of eurosuizenden euro’s
Total
INTANGIBLE FIXED ASSETS
Opening balance
Cost price
260
-
Book value
260
Investments2,535
Depreciation-538
Total changes
1,997
Closing balance
Cost price
2,795
-538
Book value
2,257
‘Intangible assets’ mainly relate to software/licenses and websites.
in thousands of eurosuizend
Land and Other non-current
Total
buildings
operating assets
Opening balance
Cost price
3,746
691
4,437
-1,076
-468
-1,544
Book value
2,670 2232,893
Investments
Disposals and impairments
Depreciation of disposals and impairments Depreciation
Total changes
-
-
-
-101 -101 1,186 -71 71
-150 1,036
1,186
-71
71
-251
935
Closing balance
Cost price3,7461,8065,552
-1,177
-547
-1,724
Book value
2,569 1,259
3,828
Total
Associates
Opening balance
574,012
Share in result
-15,590
Dividend-28,621
Other changes
17,480
Closing balance
547,281
The other changes concern the reclassification of the earnings of associates with a negative net
asset value to receivables from group companies/associates.
Receivables from group companies/associates
Opening balance
106,488
Changes50,665
Closing balance
157,153
Other receivables
Opening balance
Changes6,644
Closing balance6,644
Total financial fixed assets at end of financial year
711,078
An interest rate of 5% is calculated on long-term receivables from group companies/associates (2013: 5%). The other receivables, in
the amount of approximately EUR 0.7 million, have a maturity of less than one year.
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 Premium reserve
Total
Balance as at 26 January 2013 369,065
114,427 483,492
Dividend from other reserves -22,338 -
-22,338
Translation difference foreign associates
77 -
77
Opening balance 346,804
114,427 461,231
Profit appropriation
-20,285
-
-20,285
Translation difference foreign associates 682 -
682
Closing balance 327,201 114,427441,628
Share capital 25,000
Total
466,628
The company’s total loss (profit/loss after tax and direct
movements in capital) is EUR 19.6 million
(2013/14: EUR 60.7 million).
The balance of the translation difference foreign associates is
approximately EUR 0.7 million (2013/14: EUR 1.7 million).
PROVISIONS
in thousands of eurosduizenden euro’s
Total
Opening balance
13,295
Additions / withdrawals
-4,788
Closing balance
8,507
The provisions almost exclusively concern deferred tax
liabilities; EUR 2.8 million of these provisions are short term
in nature, with the remaining portion expected to be of a longterm nature.
The bulk of the non-current liabilities has a term of up to five
years. Of the total non-current liabilities, EUR 164.3 million
(2013/14: EUR 165.9 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 2014/15: 0.33%;
2013/14: 0.375%).
RENT AND LEASE COMMITMENTS
An amount of approximately EUR 665,000 million
(2013/14: EUR nil) 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 amount:
approximately EUR 1.6 million).
BANK GUARANTEES AND LETTERS OF CREDIT
An amount of approximately EUR 2.4 million has been frozen
in the bank accounts (2013: EUR 0) in connection with bank
guarantees and letters of credit. AVERAGE NUMBER OF EMPLOYEES
An average of 61 people were employed by the company during
the year under review (2013/14: 42 people).
No collateral has been provided for these liabilities.
INFORMATION NOT SHOWN IN BALANCE SHEET
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.
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.
Amsterdam, 13 May 2015
w.g.
Board of Directors R.E. Palmer, Chairman
J.W. Visser, CFO
T. Smit
Supervisory Board
A. Blokker
M.J. Poots-Bijl
H.Th.E.M. Rottinghuis
A.J.L. Slippens
OTHER INFORMATION
REGULATIONS OF THE ARTICLES OF ASSOCIATION FOR THE
APPROPRIATION OF PROFIT
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.
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.
PROPOSED PROFIT APPROPRIATION
In relation to the profit appropriation, the company proposes
to pay out the profit as dividend.
SPECIAL SUPPORT
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.
Blokker Holding provided special support in 2014 to some of
the following projects/foundations:
Helen Dowling Instituut, Stichting Sportclub voor
Gehandicapten Gooi- en Eemland, VUmc CCA Project
‘vroegdiagnostiek dikke darmkanker’, IMC Weekendschool,
Doe een wens Stichting Nederland, Go for Children,
Stichting Kinderen Kankervrij (Kika), Het Leerorkest,
onderzoek ziekte Parkinsonisme, Stichting Ambulance Wens
and Klooster de Stad Gods – Zusters Augustinessen.
INDEPENDENT AUDITOR’S REPORT
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., Amsterdam for the financial year ending on 24 January
2015, as set out in this Annual Report on pages 48 to 63, which
comprise the consolidated and company balance sheet as
at 24 January 2015, the consolidated and company income
statements for 2014/15 and the notes, comprising a summary
of the accounting policies and other explanatory information.
MANAGEMENT’S RESPONSIBILITY
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.
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.
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.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
OPINION WITH RESPECT TO THE FINANCIAL STATEMENTS
In our opinion, the financial statements give a true and fair
view of the size and composition of Blokker Holding B.V. as at
24 January 2015 and of its result for 2014/15 in accordance
with Part 9 of Book 2 of the Dutch Civil Code.
REPORT ON OTHER LEGAL OR 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.
Amstelveen,13 May 2015
BDO Audit & Assurance B.V.
On its behalf,
A.D. den Braber, Chartered Accountant
FACTS AND FIGURES
KEY DATA
amounts in millions of euros
Retail sales
Net revenue EBITDA * Operating income (EBIT)
Financial income and expenses
Tax
Income after tax
Income from associates
Net income
2014/15
2013/14
2012/13
2011/12
2010/11
2,6363,1203,234 3,3673,433
2,118
2,503
2,609
2,723
2,770
38 166166 249291
-18 77 82 167211
-2
-1
-
-
-2
-20
76
82
167
209
5
-15
-18
-39
-51
-15
61
64
128
158
-5
-
-
-
-
-20
61
64
128
158
Depreciation 56
89
84
82
80
Cash flow from operating activities
0185117 260224
Investments in intangible assets and property, plant and equipment66 68 69 75 90
Free cash flow
-66 117 48 185134
Group capital
467
486
508
499
518
Result of associates after tax
Solvency
Tax burden
Income as a % of net revenue
-4.1%
12.0%
12.8%
24.7%
33.0%
**
42.2%52.1%52.1%
52.1%52.1%
21.9%
20.5%
22.2%
23.4%
24.4%
-0.9%
2.4%
2.5%
4.7%
5.7%
Number of employees
22,195
25,652
25,985
25,547
25,094
STORES
Company-owned stores – Netherlands 1,431
1,460
1,442
1,411
1,372
Company-owned stores – International
613
1,063
1,065
1,047
1,039
Franchise stores – Netherlands and international
321
416
436
449
473
NUMBER OF STORES BY RETAIL FORMAT
HOUSEHOLD
Blokker
813 832836 839 835
Xenos
252229212 202192
Marskramer
206 220234 241 240
Big Bazar
131
113
70
39
31
Cook&Co
272729 2624
Novy
25 3135 40 48
Budg€t
13 2542
Casa 526
523
516
519
Novalux
10
11
13
1,4672,0031,991 1,9141,902
TOYS
Intertoys
303 305306 307 305
Bart Smit
235
250
252
248
247
Maxi Toys
179
183
189
182
177
E-Plaza 6 5857
717 738753 795 786
LIVING & GARDEN
Leen Bakker
181 178180 178 176
Tuincentrum Overvecht
18
19
20
20
Diervoordeel2
181 198199 198 196
Total
2,365 2,9392,943 2,9072,884
The 2014/15 reporting year runs from 26 January 2014 to 24 January 2015 (inclusive). This report contains the results of the combined group divisions in the
Netherlands and internationally for this period. All financial years cover a period of 52 weeks.
In 2014/15, Casa and Tuincentrum Overvecht were deconsolidated as a result of the transfer of managerial control and the sale of the business, respectively.
Novalux Estonia has been a wholly-owned subsidiary since the 2011/12 financial year (previously a joint venture) and has been fully included in the financial
data since 2011/12 (previously 50%). The Estonian business was sold in early 2013.
* Operating income before tax, depreciation and amortisation.
** Adjusted for the consolidation of Casa 46.7%.
NUMBER OF STORES
HouseholdToys
Total
Living
Year-end 2014/15
Company-owned stores
1,282
590
172
2,044
Franchise stores
185
127
9
321
Total
1,467 717 1812,365
Number of webshops
3
6
2
11
Year-end 2013/14
1,730
604
189
2,523
Franchise stores
273
134
9
416
Total
2,003 738 1982,939
Number of webshops
3
5
3
11
Openings 2014/15
65
8
3
76
Franchise stores
4116
Total
69 9 482
Number of webshops
1
1
Closures 2014/15
55
22
1
78
Franchise stores
24
8
1
32
Total
79 30 1110
Number of webshops
Deconsolidation 2014/15
458
19
477
Franchise stores
68
1
69
Total
526 20546
Number of webshops
1
1
Adjustments were made during the 2014/15 financial year for Casa and Tuincentrum Overvecht – adding up to a total of 21,865 of
the group’s own employees. This represents a slight increase from the 2013/14 financial year.
Divided across the three sectors, the two wholesalers and the holding company, the employees are employed as follows*:
NUMBER OF EMPLOYEES
Number of employees Number of FTEs
2014/152013/142014/152013/14
Household
14,405
14,0877,9538,080
Toys
5,1325,2363,2873,361
Living
2,2532,2801,5961,634
Retail
21,79021,60312,83613,075
Wholesale and holding company activities
75
56
72
52
Total number of employees
21,865
21,659
12,908
13,127
Employees of the franchise stores
2,400
2,550
Total number of employees
24,265
24,209
Netherlands
International
Total number of company employees
* Excluding Casa and Tuincentrum Overvecht.
17,81017,424 9,912 10,025
4,0554,2352,9963,102
21,865
21,659
12,908
13,127
ADDRESSES
HOUSEHOLD
TOYS
Blokker Holding B.V.
Big Bazar B.V.
Marskramer B.V.
BART SMIT B.V.
Head office
Van der Madeweg 9
Van der Madeweg 11
Bellstraat 3-4
Hessenbergweg 8
NL-1114 AM Amsterdam-Duivendrecht
NL-1131 JV Volendam
NL-1101 BT Amsterdam-Zuidoost
The Netherlands
The Netherlands
P.O. Box 69
P.O. Box 22591
P.O. Box 94072
P.O. Box 94072
NL-1130 AB Volendam
The Netherlands
NL-1090 GB Amsterdam
The Netherlands
NL-1100 DB Amsterdam-Zuidoost
The Netherlands
The Netherlands
The Netherlands
T +31 (0)20 5683500
E [email protected]
I www.bigbazar.eu
T +31 (0)20 5683100
E [email protected]
I www.marskramer.nl
T +31 (0)299 399599
E [email protected]
I www.bartsmit.com
BLOKKER B.V.
Novy
Handelsweg 15
Real estate
Van der Madeweg 13-15
Van der Madeweg 11
NL-2742 RD Waddinxveen
Naarderstraat 50
The Netherlands
NL-1251 BD Laren
The Netherlands
The Netherlands
P.O. Box 29
The Netherlands
P.O. Box 94072
P.O. Box 94072
NL-2740 AA Waddinxveen
P.O. Box 6
The Netherlands
NL-1250 AA Laren
The Netherlands
The Netherlands
The Netherlands
T +31 (0)20 5683568
E [email protected]
I www.blokker.nl
T +31 (0)20 5683100
I www.novy.nl
T +31 (0)180 333500
E [email protected]
I www.intertoys.nl
T +31 (0)20 3589000
E [email protected]
I www.blokkerholding.nl
INTERTOYS HOLLAND B.V.
T +31 (0)35 5393344
Nextail
XENOS B.V.
MAXI TOYS SA
Hessenbergweg 8
BLOKKER N.V.
Schutweg 8
Rue Athena 4
NL-1101 BT Amsterdam-Zuidoost
Antwerpsestraat 36
NL-5145 NP Waalwijk
B-7110 Houdeng-Goegnies
The Netherlands
B-2500 Lier
The Netherlands
Belgium
P.O. Box 22591
Belgium
P.O. Box 1038
NL-1100 DB Amsterdam-Zuidoost
T +32 (0)3 2882200
E [email protected]
I www.blokker.be
NL-5140 CA Waalwijk
T +32 (0) 64516100
E [email protected]
I www.maxitoys.com
BUDG€T
The Netherlands
T +31 (0)416 674747
E [email protected]
I www.xenos.nl
Van der Madeweg 9
WHOLESALERS
P.O. Box 94072
The Netherlands
LIVING
T +31 (0)20 3589999
E [email protected]
I www.nextail.nl
Leen bakker B.V.
Shared Service Center Quality
Karperweg 3
Van der Madeweg 11
NL-4941 SH Raamsdonksveer
Elektroblok B.V.
The Netherlands
The Netherlands
The Netherlands
Van der Madeweg 11
P.O. Box 43
P.O. Box 94072
T +31 (0)20 5683500
E [email protected]
I www.budgetwinkel.eu
NL-4940 AA Raamsdonksveer
The Netherlands
The Netherlands
The Netherlands
P.O. Box 94072
T +31 (0)162 583100
E [email protected]
I www.leenbakker.nl
T +31 (0)20 5683568
COOK&CO
The Netherlands
Schutweg 8
T +31 (0)20 5683556
E [email protected]
I www.elektroblok.nl
NL-5145 NP Waalwijk
The Netherlands
Leen bakker België N.v.
Terlindenhofstraat 36
B-2170 Merksem
P.O. Box 1038
NL-5140 CA Waalwijk
TREND CENTER B.V.
Belgium
The Netherlands
Van der Madeweg 13-15
T +31 (0)416 675299
E [email protected]
I www.cookandco.nl
T +32 (0)3 6418500
E [email protected]
I www.leenbakker.be
The Netherlands
T +31 (0)20 5683356
E [email protected]
I www.trend-center.nl
coloPHon
Concept and design
Monter, Amsterdam
Photography
Archive images Blokker Holding
Ivo de Bruijn
Mariëlle Penrhyn Lowe
Sebastiaan Westerweel
Copy and editing
Jaco Havelaar
Peter Krenn
Sandra Maas
Astrid Nissen
Roland Palmer
Natascha Sanders
Jos van de Schraaf
Michiel Tolsma
Jeroen Visser
Printing
Drukkerij Tesink, Zutphen
This report is printed on FSC-certified paper:
300 gr. cardboard, Matterhorn and 130 gr. semi matt mc.
Blokker Holding B.V. has a closed structure and formal reporting on the 2014/15 financial year takes place as
required by law and the Articles of Association. This internal annual report is intended for executive staff, franchisees,
participants in the Participation Plan and relations who are closely involved in the development of the business. All
rights reserved. No part of this publication may be reproduced, saved in an automated data file or disclosed in any
way or form, either electronically, mechanically, through photocopying, recording or in any other way without the prior
written consent of Blokker Holding B.V.

Blokker Holding

Transcription

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