May 2017
Corporate Presentation
Our Business Activities
Retail Home Furnishings
Retail Sporting Goods
2
Company Profile
• FOURLIS GROUP is a leading retail group of companies of quality consumer goods in Southeast Europe. The initial company was founded in 1950.
• The group is active in two key divisions:
- Retail Home Furnishings through the franchise of IKEA stores in Greece, Cyprus and Bulgaria,
- Retail Sporting Goods through the franchise of INTERSPORT stores in Greece, Cyprus, Romania, Bulgaria and Turkey along with THE ATHLETE’S FOOT stores in Greece and Turkey.
3
Economic Environment in Greece remains challenging
Source: Hellenic Statistical Authority
100 92
82 75 74 73 73 69
0
20
40
60
80
100
120
2010 2011 2012 2013 2014 2015 2016 2017 (Feb)
Retail Sales Index (2010 = 100)
100
83
67 61 58 54 53
44
0
20
40
60
80
100
120
140
2010 2011 2012 2013 2014 2015 2016 2017(Feb)
Appl-Furn Index
100 102 97 84
76 72 75 66
0
20
40
60
80
100
120
140
2010 2011 2012 2013 2014 2015 2016 2017(Feb)
Department Stores Index
FOURLIS Group, during Q1 2017, realized sales € 89,1 million 3,2% lower vs same period last year (€ 92,0 mio).
Q1 2017 EBITDA was € 2,8 million vs € 3,0 million in Q1 2016 (3,3% lower).
Consolidated Losses Before Taxes were € 4,1 million vs losses €4,0 million in Q1 2016.
The Group realized Net Losses € 3,3 million vs losses €3,2 million in Q1 2016.
Net Debt € 137,5 million vs € 146,9 million in Q1 2016 and € 114,5 in FY16
CAPEX € 1,8 mio.
4
Executive Summary Q1 2017
5
Consolidated Key Financial Figures
Group Consolidated Key Financial Figures (in €mm)
Q1 FY
CY 17 PY 16 Index CY 16 PY 15 Index
89,1 92,0 97 Revenue 428,1 414,4 103
37,7 37,8 100 Gross Profit 182,0 171,1 106
42,3% 41,1% Margin 42,5% 41,3%
2,8 3,0 92 EBITDA 38,4 32,6 118
3,1% 3,3% Margin 9,0% 7,9%
-4,1 -4,0 101 PBT 7,7 2,5 306
-3,3 -3,2 103 NP 6,0 0,3 2375
5
Consolidated Balance Sheet
€ million Q1 2017 FY 2016 Q1 2016
Property, plant & equipment 219,3 221,0 223,3
Other Non Current Assets 63,3 63,1 64,9
Non-current assets 282,6 284,1 288,2
Inventories 88,2 77,7 86,5
Receivables 26,7 22,3 22,4
Other Current Assets 1,2 1,3 2,8
Cash & Cash Equivalent 18,9 33,6 11,7
Current assets 135,0 134,9 123,4
Total Assets 417,5 419,0 411,6
Loans and Borrowings 109,7 104,8 65,8
Other non-current liabilities 9,1 9,2 9,1
Non-current liabilities 118,8 114,0 74,9
Total Loan Borrowings 46,6 43,3 92,9
Total Account Payables 92,2 98,0 90,0
Current liabilities 138,8 141,4 182,9
Shareholders Equity 159,9 163,6 153,9
Shareholders Equity & Liabilities 417,5 419,0 411,6
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Consolidated Key Financial Figures
436,0 420,3 386,5 399,1 413,3 427,8
89,1
2,2 16,8 14,3 1,1 0,2
0
100
200
300
400
500
FY11 FY12 FY13 FY14 FY15 FY16 Q1 2017
Cont, Operations Discont. Operations
Revenue (2011-Q1 2017)
80,2% 71,8% 68,6% 67,1% 65,2% 63,8% 59,6%
19,8% 28,2% 31,4% 32,9% 34,8% 36,2% 40,4%
FY11 FY12 FY13 FY14 FY15 FY16 Q1 2017
Greece Abroad
Revenue Breakdown by Geography (2011 - Q1 2017)
EBITDA (2011-Q1 2017)
28,0
20,1 25,4 25,9
32,6 38,4
2,8
FY11 FY12 FY13 FY14 FY15 FY16 Q1 2017
8
Net Debt Structure by Segment & Evolution
Total
2011 2012 2013 2014 2015 2016
Evolution of Net Debt
Net Debt Structure by Segment - € mm
31.12.2016 31.03.2016 31.03.2017
Δ vs PY
same
period
Δ vs PY end
81,7 106,8 97,4 -9,4 15,7
34,2 40,7 40,1 -0,6 5,9
-1,3 -0,6 0,0 0,5 1,3
114,5 146,9 137,5 -9,5 22,9
€46,0 m
€70,3 m
€40,0 m
Short Term Loans
Long Term Bank Loans
Corporate Bond
Debt Structure Q1 2017
153
123
160
143
159 157
142 138
154 154
129 129
151 58
145 135
163
145 142
125
147
134
120 115
138
0
50
100
150
200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2017
(114,5)
(4,1)
6,8
(20,8)
(1,8) (3,0) (0,1)
(137,5)
Non Cash Changes
9
Q1 2017 – Cash Flow Performance
Net Debt
PY 2016 PBT
Working
Capital
Changes
Group Cash Flow (in € mm)
CAPEX Spending
Interest Income Taxes
Net Debt
CY 2017
10
HOUSEMARKET
Athens 2 stores
Thessaloniki 1 store
Countryside 2 stores
Greece
Nicosia 1 store
Cyprus
Sofia 1 store
Bulgaria
2 Pick Up Points
E-Commerce in all three countries
5 Pick Up Points
2.335 2.240
Q1 2016 Q1 2017
IKEA Visitors
-4,1%
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HOUSEMARKET – Financial Performance
IKEA Key Financial Figures (in €mm)
Q1 FY
CY17 PY16 Index CY16 PY 15 Index
57,1 59,6 96 Revenue 291,3 279,5 104
23,4 23,5 99 Gross Profit 117,2 108,6 108
40,9% 39,4% Margin 40,2% 38,9%
1,9 2,3 84 EBITDA 29,1 25,6 114
3,4% 3,8% Margin 10,0% 9,2%
-2,3 -2,5 91 PBT 8,1 4,6 178
INTERSPORT
Greece Intersport stores 50 The Athlete’s Foot stores 8
Intersport stores 31
Romania
Intersport stores 21 The Athlete’s Foot stores 1
Turkey Intersport stores 7
Bulgaria
Intersport stores 4
Cyprus
Stores by geography
13
2009 2010 2011 2012 2013 2014 2015 2016 2017
Greece Romania Bulgaria Cyprus Turkey
44 51
73
82 91
103 106 112 113
851 834
Q1 2016 Q1 2017
INTERSPORT Visitors
-2%
INTERSPORT – Expansion Plan
14
55 stores
5 stores
Cyprus
10 stores
Bulgaria
40 stores
now 50 stores
now 4 stores
now 7 stores
Romania
now 31 stores
Turkey
now 21 stores
Greece
55 stores
A Target of 160+ Stores
Expansion Plan (2020)
-
40
80
120
160
200
-
50
100
150
200
Sales (€m) Stores Sq m
INTERSPORT – Financial Performance
15
INTERSPORT Key Financial Figures (in €mm)
Q1 FY
CY17 PY16 Index CY16 PY 15 Index
32,0 32,4 99 Revenue 136,5 129,3 106
14,3 14,3 100 Gross Profit 64,9 61,4 106
44,7% 44,3% Margin 47,5% 47,5%
1,1 1,4 77 EBITDA 11,9 10,9 109
3,3% 4,3% Margin 8,7% 8,4%
-1,5 -0,8 195 PBT 2,3 2,8 82
• A global retailer for trendy athletic footwear and apparel.
• 471 stores in 26 countries.
• Carrying some of the world’s most renowned brands.
• Sport with style.
• Fourlis Group has the franchise rights to develop The Athlete’s Foot store network in Greece and Turkey.
• Today operate 8 stores in Greece and 1 store in Turkey.
16
Real Estate Projects
Main Tenants GLA : 8.000 m2
Opened: 2009
Main Tenants
GLA : 69.000 m2
Opened : November 2014
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Rentis – Piraeus Avenue