analyst presentation q1 2015 - Investor Relations

Transcription

analyst presentation q1 2015 - Investor Relations
March,
12 May,
2015
2015
ANALYST PRESENTATION
Q1 2015
KEY HIGHLIGHTS Q1´15 –
EXECUTIVE SUMMARY
 Group Sales up by 3.4% to € 215.7 m
 Gross profit for the Group up by € 0.5 m to € 119.3 m reflecting
good margin of 55.3%
 Recurring EBITDA decreased by € 2.0 m to € 9.1 m
(margin: 4.2%) reflecting further expansion
 Reported EBITDA decreased by € 2.1 m to € 7.8 m (margin: 3.6%)
 Net income for the period at previous year´s level
 BONITA: Increased sales by 5.8% to € 72.4
 Like-for-Like went up by 7.4% for Q1´15
 Operating cash flow increased by € 3.4 m while net debt was
further reduced by € 5.7 m
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SUSTAINED MULTI-CHANNEL EXPANSION FOCUS ON CONTROLLED DISTRIBUTION
RETAIL SEGMENT
RetailStores
388
in Europe
ECommerce
In 21
countries
WHOLESALE SEGMENT
RetailEStores
Commerce
1,014
in
in Europe Germany
FranchiseShop-in- Multi-Label
Stores
Shops
partner
206
2,722
~9,825
worldwide worldwide worldwide
Net expansion in Q1 `2015
+6
Openings: 9
Closings: 3
+1
+/- 0
+36
+1,298
Openings: 9
Closings: 8
As of March 31, 2015
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BONITA GREW LIKE-FOR-LIKE BY 7.4%
Like-for-like development Q1´14–Q1´15 in %
German Market1)
TOM TAILOR Retail
Bonita
9.6%
7.4%
Comment
 BONITA successfully
increased Like-for-Like by
7.4% after five negative
quarters despite
challenging market
3.0%
 Compared to strong Q1´14
TOM TAILOR Retail had an
extended winter season
Q1´15; LfL was down by
4.6% and thus mainly in
line with the market
-4.6%
-5.0%
-8.7%
Q1´14
 German textile market
suffered from weak
Sep./Oct. sales in 2014
Q1´15
1) Source: TextilWirtschaft-Testclub
2015
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REORGANIZATION
Target:
 Accelerated verticalization to increase
productivity/m² resulting in higher profitability
Executive Board:
 New structure in place
 Search for new COO expected to be finalized
within the next months
Organization:
 Responsibility for individual brands across all sales
channels pooled with one person each (VP brand)
 Take a more target approach to specific strengths of
individual brand to align them even more closely with
customer needs
 Internal reorganization has started on April 1st, being
well underway:
 5 vice presidents (VP) already in charge
 Search for VP Digitalization in progress
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BONITA TO CONTINUE ITS PLEASANT
DEVELOPMENT
 Store expansion of approx. 35 new stores in core markets in
2015 intended
 All stores refurbished
 Optimization of store portfolio
 Focus on e-commerce expansion
 Marketing campaign (print & TV) planned for the second half of
2015
 Loyalty Fashion Card increased further to 604,000 holders
representing 42% of respective sales
 Higher consumption of card holders compared to non-card
holders
∙ Average price per ticket 77%
∙ Number of items sold 47%
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EXPANSION OF E-COMMERCE:
COOPERATION WITH JABONG
… one of the leading online retailers in India
… part of Rocket Internet Group
… annual growth rates in double-digit range
… sale of TOM TAILOR brand family and its accessories on the online
platform Jabong.com
… 3 year cooperation concluded
→ TOM TAILOR now available in India and marketed in 21 countries
online since March 2015
→ Expansion in one of the worlds most attractive future markets
for online retail
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FINANCIAL HIGHLIGHTS Q1´15
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TOM TAILOR GROUP WITH LIVELY START IN
2015
Sales [€ m]
Gross profit [€ m]
Margin
56.9%
+3.4%
55.3%
Recurring EBITDA [€ m]
Margin
5.3%
+0.4%
4.2%
-17.9%
215.7
118.8
208.7
119.3
11.1
Q1'14
Q1'15
Comment
 Group sales rose by € 7.0 m
 Increase was driven by TOM
TAILOR Wholesale and BONITA
 Sales in Germany +5.3% to
€ 137.0 m
 Sales in foreign countries
stable with € 78.7 m
Q1'14
Q1'15
Comment
 Gross profit grew by 0.4% or
€ 0.5 m to € 119.3 m
 Gross margin was 160 bpts
below PYQ due to common
seasonal promotions
Q1'14
9.1
Q1'15
Comment
 Rec. EBITDA down by € 2.0 m
or 17.9%
 Rep. EBITDA decreased by
€ 2.1 m or 20.9%
 Non recurring expenses mainly
attributable to reorganization
project
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TOM TAILOR BRAND INCREASED SALES BY
2.2%
Sales [€ m]
Gross profit [€ m]
Margin
50.9%
Margin
8.1%
6.2%
-21.6%
+0.5%
+2.2%
140.3
50.1%
Recurring EBITDA [€ m]
143.4
71.4
71.8
11.4
8.9
Q1'14
Q1'15
Comment
 TOM TAILOR brand increased
sales by 2.2% to € 143.4 m
representing 66.5% of Group
sales (PY: 67.2%)
 Retail share within TOM TAILOR
brands was 41.1% (PY: 42.2%)
Q1'14
Q1'15
Comment
 Gross profit increased slightly
by 0.5% while margin
decreased by 80 bpts due to
some promotions
 Increase was driven by
wholesale segment while
retail was flat
Q1'14
Q1'15
Comment
 Rec. EBITDA decreased by
21.6% to € 8.9 m
 Rep. EBITDA went down by
29.6% to € 7.7 m
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TOM TAILOR WHOLESALE WITH STRONG
FIRST QUARTER
Sales [€ m]
Gross profit [€ m]
Margin
47.3%
+4.2%
81.1
Q1'14
46.0%
Recurring EBITDA [€ m]
Margin
12.8%
12.1%
-1.9%
+1.3%
84.5
Q1'15
Comment
 TOM TAILOR Wholesale
increased top-line by 4.2% to
€ 84.5 m
 Wholesale represents 39.2% of
Group sales (PY: 38.9%)
 Order intake (until August)
6.7% above PY but slowing
down in course of the year
38.3
38.8
Q1'14
Q1'15
Comment
 Gross profit increased by
€ 0.5 m to € 38.8 m
 Gross margin decreased by
130 bpts due to some
promotions
10.4
10.2
Q1'14
Q1'15
Comment
 Rec. EBITDA was € 10.2 m and
slightly below PY (€ 10.4m)
 EBITDA was influenced by
higher personal expenses
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TOM TAILOR RETAIL WITH MIXED START
Sales [€ m]
Gross profit [€ m]
Margin
55.9%
-0.6%
59.2
56.0%
Recurring EBITDA [€ m]
Margin
1.7%
<-100%
-0.4%
58.9
33.1
33.0
1.0
Q1'14
Q1'14
-2.1%
Q1'15
Comment
 Sales of TOM TAILOR Retail
nearly stable at € 58.9 m, only
€ 0.3 m below strong PYQ
 Like-for-Like was -4.6%
compared to a strong Q1´2014
 Sales in e-commerce were
€ 10.8 m (PY: € 11.1 m)
Q1'14
Q1'15
Comment
 Gross profit and gross profit
margin were on previous years
level
Q1'15
-1.3
Comment
 Rec. EBITDA was € 2.3 m below
PY reflecting higher personal
and rent costs related to
expansion
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BONITA STARTED SUCCESSFULLY INTO
2015
Sales [€ m]
Gross profit [€ m]
Margin
69.3%
+5.8%
68.4
65.6%
Recurring EBITDA [€ m]
Margin
-0.4%
>100%
+0.2%
72.4
47.4
0.2
47.5
Q1'14
Q1'14
Q1'15
Comment
 Sales grew by € 4.0 m or 5.8%
to € 72.4 m
 BONITA sales contributed
33.5% to Group sales
(PY: 32.8%)
 BONITA increased Like-for-Like
by 7.4% (PY: -8.7%)
Q1'14
0.2%
Q1'15
Comment
 Gross profit was on prior years
level
 Gross margin decreased
mainly due to higher
promotional activities in
January
Q1'15
-0.3
Comment
 EBITDA benefited from lower
personal costs
– Rec. EBITDA rose by
€ 0.5 m to € 0.2 m
– Rep. EBITDA increased by
€ 1.2 m to € 0.2 m
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POSITIVE CASH FLOW DEVELOPMENT
Comment
Cash flow development Q1´13-Q1´15
Operating Cash
Flow
Net Interest
-2.1
Capex
Free Cash Flow
-1.3 -1,7
 Operating cash flow
improved by € 3.4 m
compared to prior year
quarter
-4.1
-8.1
-8.3
 Capex increased in line
with expansion of
controlled areas to € 7.4 m
-7,4
-10.9
-11.7
-17,1-17,4
-20.9
Q1´13
Q1´14
 As a result, free cash flow
(defined as operating cash
flow-capex-interest
payment) was on prior
years level
Q1´15
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KEY FINANCIAL FIGURES – BALANCE
SHEET SIGNIFICANTLY STRENGTHENED
Key figures
Q1 ‘14
Q1 ‘15
Equity ratio [%]
28.7
29.6
Net debt [€ m]
237.6
232.0
97.1
88.5
Net working capital,
thereof:
 Inventories
 Trade receivables
 Trade payables
 Net working
capital/sales
in [%], based on LTM
142.8
164.2
56.7
67.8
(102.3)
(143.5)
10.6%
9.4%
Comment
 Equity ratio increased by
90 bpts
 Net debt further
decreased by € 5.6 m or
2.4%
 Net working capital
decreased by € 8.6 m
mainly due to increased
trade payables
 Gearing as ratio of net
debt to equity improved
from 109.6% to 97.7%
 Refinancing project well
on track
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OUTLOOK
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MACROECONOMIC ENVIRONMENT IN
GERMANY 2014/2015 REMAINS STABLE
GDP [%]
Ifo-business climate index [points]
107.9
1.6
0.8
106.5
0.7
Q1
-0.1
0.1
Q2
Q3
Q4
106.7
105.5
105.5
104.6
103.4
FY 14e
Aug
Unemployment rate [%]
5.0
5.0
Aug
Sep
Oct
Dec
Feb
GfK-consumer climate index [points]
5.0
4.9
Oct
Nov
106.8
8.6
4.9
Dec
4.8
4.8
Jan
Feb
Aug
8.3
8.5
Oct
8.7
9.0
Dec
9.3
9.7
10.0
Feb
Source: IfW Kiel, Ifo institutes, GfK
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OUTLOOK FOR 2015 CONFIRMED
2014
2015
Sales
€ 932.1 m
 Moderate increase
Rec. EBITDA margin
9.4%
 On previous years' level
Net debt
€ 202.9 m
 Decreasing by approx. € 10 m
Net debt/rec. EBITDA
2.3
 Approx. 2.0
Equity ratio
30.3%
 Above 30.0%
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Success through a deep and fundamental
understanding of customers
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DISCLAIMER
This document contains forward-looking statements, which are based
on the current estimates and assumptions by the management of TOM
TAILOR Holding AG. Forward-looking statements are characterized by
the use of words such as expect, intend, plan, predict, assume, believe,
estimate, anticipate and similar formulations. Such statements are not
to be understood as in any way guaranteeing that those expectations
will turn out to be accurate. Future performance and the results
actually achieved by TOM TAILOR Holding AG and its affiliated
companies depend on a number of risks and uncertainties and may
therefore differ materially from the forward-looking statements.
Many of these factors are outside TOM TAILOR Holding AG’s control and
cannot be accurately estimated in advance, such as the future
economic environment and the actions of competitors and others
involved in the marketplace. TOM TAILOR Holding AG neither plans nor
undertakes to update any forward-looking statements.
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CONTACT DETAILS
INVESTOR RELATIONS
Date preliminary
EVENT
May 12, 2015
Interim report Q1´2015
June 3, 2015
Annual General Meeting, Hamburg
June 16 & 17, 2015
August 11, 2015
November 10, 2015
Capital Markets Day, Hamburg
Half-yearly financial report 2015
Interim report Q3´ 2015
Felix Zander
Head of Investor Relations & Corporate Communications
TOM TAILOR HOLDING AG
Garstedter Weg 14
22453 Hamburg
Phone:
+49.40.589 56 - 449
Fax:
+49.40.589 56 - 199
Mobile:
+49.173 746 08 28
Email:
[email protected]
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