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15 May 2014
Oddo Nextcap
The leader in home delivery of frozen food products to individual customers
Contents
• Toupargel Group• Change in Governance• Our markets• 2013 business activity• 2013 financial results• Q1 2014• The new strategic plan• Conclusion
2
3
Toupargel Group
3
Our business:Sale & home delivery of frozen foods products
Business development
Online sales(telesales, internet)
Semi-automated preparation of orders on
dedicated platformsDelivery within 72 hours
4
History
5
1947• Founding
of Toupargel Surgelés
1982• Roland
Tchénio buys Toupargel Surgelés
1997• IPO on the
Second Marché
2003• Acquisition of
Agrigel
2013• New
governance
5
2014Acquisition of Eismann France & Le Comptoir du Surgelé
Shareholders
6
31/12/2012 31/12/2013
Roland Tchénio family group 51.36% 50.26%
Maurice Tchénio group 33.49% 32.85%
Other Board members 0.06% 0.01%
Jacques-Edouard Charret 0.01% 1.94%
Own shares 2.02% 2.00%
Free float 13.06% 12.94%
Feb-13Mar-1
3Apr-1
3Apr-1
3
May-13
May-13
Jun-13Jul-1
3Jul-1
3
Aug-13
Aug-13
Sep-13Oct-1
3Oct-1
3
Nov-13
Nov-13
Dec-13Jan-14
Jan-14
Feb-14Mar-1
4Mar-1
4Apr-1
4
May-14
€2
€3
€4
€5
€6
€7
€8
€9
€10
Toupargel Groupe shares
7
Market cap: €85.8 million
Price: €8.26 (12 May 2014)
CAC®All-ShareCAC® All-Tradable CAC®Mid & Small CAC®Small
100%
Legal structureas of 1 April 2014
8
100%
France
100%
Le Comptoir du Surgelé
Organisation (1)
9(1) Eismann France & Le Comptoir du Surgelé non included
Prospection 6 prospection call-centers97 teleprospection operators100 door to door canvassers
Nearly 230,000 new accounts each year
Sale 33 telesales agencies820 telesales agents1,0 million customers45,000 customers called each day1 100 frozen food products4 200 fresh food & groceries products
1 e-commerce team1 call center for management of incoming calls
Order picking 4 logistical platforms287 order preparers61 drivers
Over 6 millions orders and 60 million products prepared each year
Delivery 114 delivery agencies892 drivers
154 km and 30 customers delivered each delivery round
Headquarter 172 employees
Nationwide presence (1)
10(1) Eismann France & Le Comptoir du Surgelé not included
1 million customers80% rural & suburban customers
20% urban customers
11Single / Duo
Population density
RetiredLife
cycle
Urban
RuralRural & suburban families26% of French population
Rural & suburban seniors32% of French population
Single / Duo without children
20% of French population
Urban families14% of French population
Urban seniors8% of French population
% of Toupargel’s customersSource: ACXIOM
28% 52%
7% 6%
7%
Change in Governance
12
Roland Tchénio, Chairman & CEO, becomes Chairman of Toupargel Groupe SA
Romain Tchénio & Jacques-Edouard Charret becomeco-CEOs
New senior managementsince 1 August 2013
13
Romain Tchénio- ESCP Europe- Joined Group Toupargel in 2004- Director of sales since 2010
14
New senior managementsince 1 August 2013
Jacques-Edouard Charret- MBA Cesma (EM Lyon), MSG- Managing Director in the Casino Group (2005- 2009)- Chairman of the Management Board of the Quick Group (2010-2013)- Member of Toupargel’s Board since 2010
15
New senior managementsince 1 August 2013
Our markets
16
French Food Market
7 Mds € €
978 M€Food Market
€151 Bn
Frozen Foods€6.7 Bn
Frozen FoodsHome delivery
€1 Bn
Fresh FoodsHome delivery
€1 Bn
Sources: Insee, Kantar Worldpanel, Credoc, Syndigel
17
Drop in the marketCustomers want pricesAggressive competitorsDevelopment of "Drives"
Frozen foods and ice cream market (€6.7 Bn)
Convenience and food safety
Products range size
62.3% Super &
Hypermarkets
18.6% Freezer centres
19.1% Home
delivery
Source: Kantar Worldpanel
18
France
Home delivery frozen foods market (€1 Bn)
Europe
Toupargel; 30%
Thiriet; 24%Maximo; 15%
Argel; 8%
Picard; 3%
Others; 20%
2013 Sales Position Market presence Sales system
Bofrost €1,200 m No.1 13 countries (+ Russia) Storetrucks, telesales, internet
Eismann €450 m No.2 13 pays (+ Brasil) Storetrucks, telesales, internet
Toupargel €294 m No.3 France telesales, internet
- 5.2%in 2013Source: Syndigel
Source: Toupargel
19
2013 Business activity
20
An unfavourable calendar effect (4 fewer business days)
Intentionally lower and more selective new customer creation
Investment in sales prices
Horsegate
Erosion in loyal customers, a trend which improved towards the end of the year.
Decrease in sales due todeliberate action and external factors
21
Sales
2012 2013 Change
Sales €327.1 m €294.4 m -10.0%
Number of active customers 1,222,000 1,056,100 -165,900
of which new customers 384,300 268,800 -115,500
Number of orders delivered 6,645,200 5,944,150 -701,050
Number of orders / customer 5.4 5.6 +0.2
Average basket €49.2 €49.5 +0.3 €
22
Breakdown of salesby channel
2012 2013
In €m In% In €m In%
Telesales 320.6 98.0% 288.1 97.8%
Internet sales 6.5 2.0% 6.3 2.2%
TOTAL 327.1 100.0%
294.4 100.0%
23
Workforce2012 2013 Change
Business development 544 376 -168
Sales 833 774 -59
Delivery 1 062 962 -100
Management & administration 364 344 -20
Logistics 332 326 -6
Headquarters 210 202 -8
Seconded staff 43 31 -12
Total 3 388 3 015 -373
Reduction in personnel costs: €9.7m (8.6%)24
Change in operating costs
2012 2013
In €m In %of sales
In €m In %of sales
Business development costs 19.4 5.9% 14.3 4.9%
Sales costs 51.7 15.7% 47.6 16.1%
Delivery costs 64.2 19.6% 58.6 19.9%
Logistical costs 23.0 7.0% 21.9 7.4%
Shared costs 19.2 5.6% 15.8 5.4%
Total 175.4 53.8% 158.2 53.7%
25
2013 Financial Results
26
Consolidated income statement
In €m 2012 2013
Sales 327.1 294.4
Gross profit 185.7 165.2
Operating income 8.3 8.3
Operating margin 2.5% 2.8%
Net financial cost 0.1 0.0
Net profit 4.0 5.1
Net margin 1.2% 1.7%
27
Consolidated balance sheet
28
Gearing 14% 11%
Net debt / Ebitda 0.61 0.54
In €m 31 Dec. 2012 31 Dec. 2013
Shareholders’ equity 83.2 88.4
Net debt 11.7 9.4
WCR -31.4 -24.8
Capex 11.3 6.0
Operating Cash Flow 15.4 14.1
Free Cash Flow 0.8 2.9
29
Q1 2014
29
2013 sales: €5.6 mNearly 20,000 active customersPresence in the Centre and Centre-East regions of
FranceSignificant synergies
Le Comptoir du Surgeléjoins the Toupargel Group
on 31 January 2014
30
Subsidiary of the Eismann group(Europe’s second-largest player)2013 sales: €46.7 m455 employeesNearly 160,000 active customersWill become an autonomous subsidiarySignificant synergies
Eismann Francejoins the Toupargel Group
on 31 March 2014
31
Presence in thenorthwestern quarter of France
32
Q1 2014 Sales
Q1 2013 Q1 2014 Change
Sales €74.1 m €68.9 m -7.0%
33
Unfavourable calendar effect (Easter fell on 20 April)Comptoir du Surgelé contributed €1.2 mCustomer creation costs declinedLoyalty increased across all customer segments
The new strategic plan
34
Management changeGive meaning and share a common visionEngage and encourage all employeesReturn to growthImprove our profitability
Why a new plan?
35
Our ambition for 2013-16
36
Strengthen our leadership in home delivery of frozen foods
Direct our efforts to customer loyaltyRefocus on frozen foods, our historical business Differentiate ourselves on the theme of enjoying
cooking and eating wellImprove our productivity and return value to the
customer
Action plan
Make certain products more easily accessible
Adapt and apply a category management approach
Extend the Fresh foods & Groceries offering to all of France
Sell cooking solutions
Strengthen our product offering
37
Action plan
Make our prices visibly lower
Modernise our packaging
Boost the quality and readability of our catalogues
Publicise our new visual identity
Strengthen our product offering
38
39
Action plan
Every contact should create new bonds with the client
Deploy CRM software
Optimise our multi-channel approach
Improve the quality of our delivery service
Improve our sales performance
Action plan
Target prospective customers better
Increase productivity
Concentrate investments
Develop partnerships
Focus our business development efforts
40
Conclusion
41
The population is ageing
Rural and suburban areas are seeing demographic growth
More people are choosing home delivery
Freezing preserves food qualityToupargel has a lead over its competitors
Promising business model
42
Toupargel’s advantages
43
66 years of history
An unique sales model
Personalised contact with 1 million households, 15 times a year
The market’s broadest product range
More advanced tools than our competitors
Unparalleled delivery network
Toupargel’s advantages
44
A societal dimension
Dedicated employees
Ability to invest and grow by acquisition
Long-term vision supported by family shareholders
Toupargel has all it needs to be in phase with both today’s and tomorrow’s retailing trends