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226/0/122
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147/11/108
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77/77/77
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1 9m 2014
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Analyst Presentation
Nine Months 2014
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ADLER 2 9m 2014
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1
Financials 2
3 Outlook 2014
Highlights
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3 9m 2014
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Strong Outperformance in a Challenging Environment
ADLER Like for Like Growth vs. German Textile Sector*
* TW-Testclub
Weak summer sale months and warm September burden
sales and margins of German textile retailers
ADLER like for like sales +2.6% well above market average
of -4% in Q3 2014
Increasing profitability and margins proofs the success of
ADLER‘s strategy in a challenging environment
ADLER Monthly Like for Like Comparison
-4.1%
11.9% 14.9%
2.2% 2.3%
-6.5% -4.3%
10.1%
2.6% 2% 5%
8%
-5%
2%
-8% -7%
7%
-9%
Jan Feb Mrz Apr Mai Jun July Aug Sept
ADLER LfL German Apparel Sector
-0.9%
7.5% 7.0%
-4.3%
10.1%
2.6%
July Aug Sept
2013 2014
ADLER Stands Strong in a Challenging Market
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4 9m 2014
Course for Further Growth Set
Number of ADLER Stores Per Country
Number of stores*
Country Market
entry 2008 2009 2010 2011 2012 2013
9m
2014
Germany 1948 103 104 107 132 139 143 143
Austria 1987 16 17 26 28 27 25 22
Luxembourg 1981 2 2 2 2 2 2 2
Switzerland 2012 1 1 1
Total Group 121 123 135 162 169 171 168
Organic openings 6 3 8 13 11 5 2
Acquired (M&P) 7 18 5 1 0
Closings/sold 9 1 3 3 9 4 5
Net change -3 2 12 28 7 2 -3
* excl. online shop
Store openings: 2 – Hamburg-Rahlstedt (Q2) and Luedenscheid (Q3)
Openings in Q4: Henstedt-Ulzburg (October)
Store closures: 5 - Huerth, Graz-Liebenau (AT), Innsbruck (AT), Düsseldorf-Bilk and Fürstenfeld (AT)
16 refurbishments completed in 9m 2014
Highlights 9m 2014
Portfolio Consolidation Concluded – Setting Course for Strong Growth
Portfolio consolidation 2014 concluded
Major loss-making stores closed in 2013/2014 supporting present and future profitability
Strong increase in store base to be seen as of Q1-2015
Up to 15 refurbishments p.a. in 2015/2016
Expansion and refurbishments to further support sales short to mid-term
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5 9m 2014
ADLER advances its multi-channel concept
ADLER Expands Online Sales Organization
Multi-Channel specialist Ralf Reckmann appointed Head of e-commerce
Significant increase in sales by
new SIS concept for plus sizes
offering same-day delivery
Break-even of e-shop expected in 2017
Click & Collect activities strengthened further by new measures to support footfall and sales in the brick & mortar business
Short CV Ralf Reckmann
1988 – 1993 Project Director, Karstadt Corporate Planning Department
1993 – 2000 Head Buyer and Head of Sales & Marketing for Karstadt Sports as Category Manager Golf
2000 – 2002 Board of karstadtsport.com AG
2001 – 2002 Managing Director of Karstadt Warenhandels mbh”
2003 – 2006 Director New Business „Karstadt Quelle Group“
2006 – 2007 Self- employed as consultant, e. g. for Deutsche Post AG, Karstadt AG, Golf House and others Interim Management and Business Development for Buy VIP
2007 – 2009 Sales and Marketing Director Europe Golfino AG
2010 - 2014 Managing Director of Retail Development Consulting GmbH (Customers: e.g. Häfele, Vorwerk, Tengelmann, Garant Marketing GmbH, Adler Modemärkte AG, Alno AG, arvato, Netrada, P&C Nord)
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ADLER 6 9m 2014
1
Financials 2
3 Outlook 2014
Highlights
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7 9m 2014
Ongoing Increase in Sales and Profitability
Positive sales trend unbeaten - +2.4% in Q3 2014
Increase in EBITDA and EBITDA margin for the 6th quarter
in a row - +€3.1m to €5.4m
Positive net profit in Q3 for the first time in company
history
Achieving ongoing growth in sales and earnings by
Customer satisfaction (collections, service,
marketing)
Improved inventory management
Cost control
Closure of loss-making stores
Ongoing Positive Trend in Sales and Earnings
Ongoing Increase in Revenues EBITDA Increased 6th Quarter in a Row
in m€
Q1 Q2 Q3 Q4
2011 2012 2013 2014
CAGR11-14 7.2%
-6.6
11.2
0.1
31.1
-7.7
8.4
0.2
35.3
-8.6
17.9
2.3
32.0
-5.6
18.5
5.4
Q1 Q2 Q3 Q4
2011 2012 2013 2014
CAGR11-14 4.6% CAGR11-14
7.4%
CAGR10-13 4.4%
Positive Net Profit in Q3 2014
-4.4
-1.7
0.005
2012 2013 2014
2012 2013 2014
in m€
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8 9m 2014
Q3 and 9m 2014
Outperformance continued
Increase in sales by 2.4% to €122.0m
Like for like sales up 2.6%
Withstanding challenging market environment and strong previous year level
Apart from July, like for like increase predominantely volume driven
ADLER quarterly like for like sales trend
Q3 2014
9m 2014
Increase in group sales by 3.0% to EUR377.9m in line with like for like sales
122.0
119.1
Q3 - 14Q3 - 13
in m€
+ 2.4% 377.9
367.0
9m - 20149m - 2013
+ 3.0%
-5.3%
11.3%
4.6% 4.0%
8.3%
-0.5%
2.6% 3.0%
Q1 Q2 Q3 9m
2013 2014
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9 9m 2014
Stable Gross Profit Margin in Challenging Quarter
Gross profit margin of 53.0%
Only slight decrease of 10 bps despite challenging summer sale caused by unsatisfying July
Q3 and 9m 2014 gross profit margin
Gross profit margin trend
Q3 2014
9m 2014
Positive trend in gross profit margin unbroken
Gross profit margin increase of 50 bps to 54.2%
53.0% 53.1%
Q3 - 14Q3 - 13
54.2% 53.7%
9m - 20149m - 2013
+ 50bps
48.5% 53.0% 49.5% 53.3%
46.6% 53.0% 49.7%
59.2%
49.5% 57.1%
53.1% 59.9%
51.5% 57.4%
53.0%
Q1 Q2 Q3 Q4
2011 2012 2013 2014
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10 9m 2014
EBITDA Supported by Positive Trends in Cost Structure
EBITDA increase by €3.1m to €5.4m, up >130%
EBITDA margin up 250bps to 4.4%
Q3 and 9m 2014 EBITDA
Q3 and 9m 2014 EBITDA margin
Q3 2014
+
Sales improvement in existing and new stores
Positive trend in main cost drivers
9m 2014
EBITDA increase by €6.7m to €18.3m
EBITDA margin up 160bps to 4.8%
5.4
2.3
Q3 - 14Q3 - 13
in m€ + € 3.1m 18.3
11.6
9m - 20149m - 2013
+ € 6.7m
4.4%
1.9%
Q3 - 14Q3 - 13
+ 250bps 4.8%
3.2%
9m - 20149m - 2013
+ 160bps
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11 9m 2014
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Strong and Healthy Balance Sheet Prepared for Expansion
Cash Flow
Free cash flow of - €0.5m slightly negative
CF from operating activities of €9.4m: decrease by €8.1m due to increase in inventories in autumn/winter season
Cash outflow from investing activities of €9.9m: increase by €1.3m due to higher refurbishment activities
Cash outflow from financing activities of €7.4m: decrease by €7.2m due to placement of treasury shares
Increase in cash position by €10.3m from €36.4m 9m 2013 to EUR46.7m 9m 2014
in m€
9.9
7.4
46.7
9.4
54.5
Cash Position 01.01.2014 CF from OperatingActivities
CF from Investing Activities CF from Financing Activities Cash Position 30.09.2014
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12 9m 2014
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Strong and Healthy Balance Sheet Prepared for Expansion
Improvement in Net Debt position of €8.9m
Cash and cash equivalents up €10.3m y-o-y to €46.7m
Balance sheet clean of bank debt
Net Debt *
* Including pension provisions, financial liabilities, finance lease liabilities ex assets held for sale, cash
in m€
- €8.9m
Ongoing Improvement in Equity
94.0 92.0 71.4
38.0% 40.3%
32.3%
Sept 30, 2014Dec 31, 2013Sept 30, 2013
Equity Equity ratio
Ongoing increase in equity to €94.0m after 9m 2014
Equity improved by €22.6m y-o-y and €2,0m ytd
Sold equity ratio further strengthened from 32.3% 9m 2013 to 38.0% 9m 2014
27.4
36.3
Sept 30, 2014Sept 30, 2013
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13 9m 2014
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Increase in Inventories due to Summer Sale and Early Delivery
Inventories
Operating Working Capital
in m€
Trade Payables
Working Capital increase of €5.5m driven by inventories
Solid WC ratio of 8.6%* after 9m 2014 compared to 8.2%* December 2013
Insignificant amount in trade receivables of < € 0.1m
in m€
Increase in inventories by €6.5m due to unsatisfying summer sale and early inventories in autumn/winter season
Trade payables up €1.1m
in m€ 97.7 91.2
Sept 30, 2014Sept 30, 2013
+ 7.1% 51.4 50.3
Sept 30, 2014Sept 30, 2013
+ 2.2%
50.1 42.6 40.9 43.4 42.9 40.5
46.4
Q1 H1 9m FY
2013 2014
*based on LTM
14 9m 2014
1
Financials 2
3 Outlook 2014
Highlights
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15 9m 2014
Outlook 2014 Unchanged
Guidance
Sales Low single digit
EBITDA In line with sales growth
Expansion 5 – 10 new stores
Additional store closures
Operational Outlook
Gross profit margin
Personnel expenses Wage increase after renewal of collective
bargain agreement
Slight increase
Transport and logistics costs Slight increase
Revitalization of brand image Implementation of RFID technology in all stores
Up to 20 refurbishments Acquisition of Mom & Pop shops
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16 9m 2014
Thank you for your attention