ANALYST PRESENTATION - Investor Relations

Transcription

ANALYST PRESENTATION – FY 2010
March 1, 2011
COMPANY PRESENTATION
│1
Disclaimer
This document contains forward-looking statements, which are based on the current
estimates and assumptions by the management of TOM TAILOR Holding AG. Forwardlooking 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.
│2
Differentiation criteria from competitors
HIGHLIGHTS FY 2010
Dieter Holzer
│3
TOM TAILOR highlights FY 2010
Sales development significantly up to € 348m (+16%)
Adjusted EBITDA up to € 40m (+6%)
Significant jump in adjusted net income up to € 12.4m versus € 0.6m
Controlled distribution area expanded by 71 retail stores and 333 shop-in-shops
Retail accounts for 31% (PY: 25%) of sales on the back of strong growth dynamics
│4
TOM TAILOR delivered more than promised
Guidance 2010
Actual performance 2010
> 12 %
+ 15.8 %
EBITDA
Moderate increase in absolute terms
+ 5.9 % growth
Capex
€ 21 – 23m
€ 25.4m
Net debt
€ 52 – 57m
€ 52.1m
Slightly positive in absolute terms
€ 12.4m
Sales
Adjusted
net income
ü
ü
ü
ü
TOM TAILOR on track for future profitable growth
│5
TOM TAILOR
OPERATING HIGHLIGHTS FY 2010
Dieter Holzer
│6
Controlled distribution area expansion FY 2010
Retail
Shop-in-shops
Number of shop-in-shops
Number of retail stores
+333
+71
1.441
158
1.108
87
2009
Total selling space
+55%
20.000 sqm
31.000 sqm
Germany
19
New openings
Retail
International
52
2009
2010
42.500 sqm
New openings
Shop-in-shops
2010
+25%
53.300 sqm
International
70
Germany
263
│7
Accelerated growth in Southeast Europe:
Joint venture Sportina
Joint venture Sportina
n
n
n
n
Take-over of 23 franchise stores in segment retail
Objective: speed up retail expansion in Southeast Europe
(Slovenia, Croatia, Bosnia, Serbia, Bulgaria)
Usage of local know-how of a reliable partner who is
successful in these markets for many years
About 25 new stores until end of 2013
Joint venture Sportina as a model for accelerated international growth
│8
Systematic expansion of e-shop
Sales in €m
Highlights
CAGR 2007-2010: 62%
+31%
¢ Internet relaunch in 2010
+88%
21.8
+73%
16.6
8.8
5.1
2007
2008
¢ Start of social marketing
activities to promote the brand
¢ Launch of the TOM TAILOR App –
casual fashion to go!
2009
2010
Number of registered customers (in thousands)
¢ E-commerce supports the TOM TAILOR
brand: 16.9m visitors in 2010
CAGR 2007-2010: 101%
+70%
+99%
267
+139%
56
2007
453
¢ Further internationalization of ecommerce
134
2008
2009
¢ E-commerce sales expected to represent
10% of overall sales in the medium term
2010
│9
Sourcing situation FY 2010
Situation
TOM TAILOR response
Raw material price increases
¢ Smart pricing across all collections by
keeping starting price points
Shortage of production capacity
and increased labour costs
¢ Bundling of production capacities
Higher freight costs due to
longer lead times
¢ Earlier commitment to secure raw
material availability
Temporarily weak Euro
¢ Diversification of production schedule
Longterm and stable relationship with suppliers pays off
│10
Diversified and balanced sourcing portfolio
TOM TAILOR sourcing country split 2010
TOM TAILOR sourcing 2011:
Based on FOB turnover
¢ Strengthen management
Others
7%
Europe
10%
China
32%
capacities at the sourcing
front in Asia
¢ Balanced split between
sourcing countries
Indonesia
13%
¢ Further concentration on
core suppliers
Bangladesh
18%
India
20%
Overall goal:
Get the right product in the right
quality and quantity at the right
time to the point of sale!
│11
OUTLOOK
Dieter Holzer
│12
Outlook 2011: Value creation continues
Net sales:
> € 400m
EBITDA:
€ 48m - € 51 m
│13
MANAGEMENT target 2014
Doubling of sales to approx. € 700m
Increase in EBITDA to approx. € 100m
How?
¢ Consequent rollout of the TOM TAILOR business model
¢ Further internationalization
¢ Ongoing retail expansion
¢ Potential line extensions
Realization of significant economies of scale
│14
Long term growth potential based on three pillars
Growth potential
Sales channels
Geographics
Retail
Controlled
E-Commerce Existing markets
store
Wholesale
expansion
New markets
f.e. Poland,
Turkey
Products
WOMEN
Casual and
Denim
Female
Licences
│15
TOM TAILOR at a glance
MEN CASUAL
WOMEN CASUAL KIDS - MINIS - BABY Licenses/Accessories
Denim Male
Denim Female
Figures for FY 2010 (compared to FY 2009)
Balanced product portfolio
Denim 16%
Denim Female 7%
Denim Male 9%
Licenses
Casual
and other 1%
83%
KIDS &
MEN 38%
MINIS 13%
Strong international presence
International
32%
Multi-channel distribution
Retail 31%
Wholesale/
69%
Focus on core markets
Other markets
10%
Core markets
90%
Germany
68%
WOMEN
32%
Total revenues € 347.7m (+ 15.8%)
Stable sales split Germany/abroad
Increasing share of Retail business
(+ 6% points)
Increasing share of sales achieved
in core markets (+ 1% point)
│16
TOM TAILOR
PRODUCT EXCELLENCE
Christoph Rosa
│17
Competitive advantages TOM TAILOR
¢ TOM TAILOR brand
¢ Strong brand awareness
¢ Clearly two brand with TOM TAILOR Casual and TOM TAILOR Denim
¢ Increasing penetration into women’s fashion market
¢ Business model
¢ Systematic and analytic design in combination with short lead-times
¢ Fast vertical, integrated system supplier with control over the entire value chain
¢ Focus on controlled distribution areas
¢ Growth potential
¢ Significant potential for future market share gains in existing markets
¢ Rollout of existing business model in new markets
¢ Economies of scale and cost dilution should lead to future profitable growth
│18
TOM TAILOR:
A premium lifestyle brand at affordable prices
TOM TAILOR USPs
Exclusive
segment
Lifestyle matrix
ESCADA
JIL SANDER
STRENESSE
Bridge
segment
BOGNER
Medium
price
segment
GERRY WEBER
BONITA
MAX MARA
HUGO BOSS
TOMMY HILFIGER
MARC O’POLO
¢ Primarily targeting the middleincome consumer segment
with a highly attractive valuefor-money proposition
REPLAY CLOSED
G-STAR
STEFANEL
MEXX
ESPRIT
S. OLIVER
BENETTON
STREET ONE
¢ Fashion Follower Concept
MANGO
CECIL
LERROS
Low/
medium
price
segment
DIESEL
RALPH LAUREN
STRELLSON
¢ Strong market position in the
young lifestyle segment
PRADA
NEW
YORKER
ZARA
BESTSELLER
GROUP H&M
PIMKIE
TAKKO
C&A
¢ “Act premium, sell volume”
¢ Strongly increasing consumer
acceptance and brand
recognition
ORSAY
KIK
Fashion degree
Low
High
│19
Lean and vertical business model
Full information control across all
value chain processes
Product development
Sourcing
Logistics
Distribution
e.g. Women
Design
Technical preparation
Buying / purchasing
Complete outsourcing
of manufacturing
and procurement
Centralised
warehousing
system
Points-of-sale
Product management
¢ Low fashion risk with 12
collections per year
¢ ~90% of purchasing in
wholesale segment via
pre-order system
minimising stock risk
¢ Outsourced to DHL with B2B
portal ensuring 24/7
availability for business
partners
¢ Multi-channel distribution
approach with focus on
controlled distribution
Focus on core value added processes: product development and distribution
Track record for system expertise and meticulous supply chain management
│20
Collection development
TOM TAILOR system leads to outperformance of the
market
¢ Operational value chain allows for 12
collections per year for each product line
¢ Collection development jointly by designer and
market scout (4eye-principle)
¢ Systematic research of market intelligence and
identification of successful fashion trends
¢ Fast incorporation of market-proven fashion
styles
¢ “Bestseller-management”
Retail like-for-like development
16.5%
16.8%
14.0%
3.0%
Product cycle–time-to-market
0.0%
-4.0%
Lead time
Standard
Lead time ~23-26 weeks; up to 65% of collection
process
Fast
track
Lead time ~11 weeks; ~20-25% of collection
Spot style
Lead time ~5 weeks; ~10-15% of collection
2008
2009
2010
Retail LFL sales incl. e-commerce
Textile market growth
(Source: Textilwirtschaft)
│21
FINANCIAL HIGHLIGHTS FY 2010
Dr. Axel Rebien
│22
Profit & loss Q4 2010 TOM TAILOR Group:
Accelerated growth momentum in Q4
Key Figures Q4 2010
Comments
(€m)
¢ Sales growth in both segments: Wholesale up
17.7% to € 61.4m, Retail up 43.1% to € 37.5m
Sales
+ 26.2%
78.4
98.9
Q4 2009
Q4 2010
¢ First consolidation of Sportina stores has an
impact of € 3.1m sales in segment Retail
37.9
45.1
¢ Gross profit margin decreases from 48.4% to
45.6% mainly due to higher freight cost
Q4 2009
Q4 2010
Gross profit
(€m)
+ 19.0%
Recurring
EBITDA
(€m)
¢ Recurring EBITDA Wholesale hit by lower gross
margin
-24.5%
14.3
10.8
Q4 2010
Q4 2009
¢ Recurring EBITDA Retail up by 77.4% to € 8.0m
Recurring
net income
(€m)
- 23.4%
7.7
5.9
Q4 2009
Q4 2010
¢ Decrease of recurring net income due to a lower
operational result partly compensated by a
better interest result of € 2.4m
│23
Profit & loss FY 2010 TOM TAILOR Group:
Significant growth in all lines
Key Figures FY 2010
Comments
(€m)
¢ Sales growth clearly ahead of guidance
Sales
+ 15.8%
¢ Growth driven by both Retail and Wholesale
300.2
347.7
2009
2010
¢ Gross profit margin at 46% on last year’s level
Gross profit
(€m)
+ 16.1%
137.7
2009
159.8
¢ Cost of materials negatively influenced by higher
transport cost, cotton prices and increasing wages
2010
¢ Reduction of margin in Wholesale segment offset
by growth in the higher-margin Retail segment
(€m)
Recurring
EBITDA
¢ TOM TAILOR growth strategy pays off
+ 6.1%
40.1
37.8
2009
2010
¢ Recurring EBITDA margin reaches 11,5%
(2009: 12.6%)
¢ Profitability effected by higher cost of materials
as well as upfront costs for new stores
Recurring
net Income
(€m)
+ 1966.7%
12.4
0.6
2009
2010
¢ Increase of operational result and significant
reduction of interest expenses (impact +€ 9.7m)
lead to jump of recurring net income up to €
12.4m
│24
Profit & loss Segment Wholesale:
Gaining market share
Key Figures Wholesale FY 2010
(€m)
Sales
¢ Pleasant growth of 7.7%; Wholesale represents
69% of Group sales
+ 7.7%
223.7
241.0
2009
2010
Gross profit
+ 4.6%
89.7
93.8
2009
2010
(€m)
¢ Stabilization of Greater Russian markets in
second half of FY 2010 due to a recovery of the
economy and taking over of the distribution
rights
¢ Gross margin declined from 40.1% to 38.9%
primarily due to higher freight costs in Q4
- 9.0%
28.6
26.0
2009
2010
¢ Core markets are up 11.6% mainly driven by
Germany, Austria and Switzerland. Although,
all core markets increased compared to prior
year
¢ Within non core markets sales shift from
Wholesale to Retail out of taking over Sportina
stores in South East Europe and taking over
former franchise stores in Hungary
(€m)
Recurring
EBITDA
Comments
¢ Recurring EBITDA margin decreases from
12.8% to 10.8% due to sourcing impacts
(lower gross margin)
│25
Profit & loss Segment Retail:
Segment reveals its potential
Key Figures Retail FY 2010
Comments
¢ Expansion in the retail segment leads to
impressive growth figure of almost 40%
(€m)
¢ Lfl growth reaches 16.8% and clearly
outperformes the German textile market (3%)
Sales
+ 39.4%
76.5
106.7
2009
2010
Gross profit
(€m)
48.0
66.0
2009
2010
(€m)
Recurring
EBITDA
¢ E-commerce lfl-growth by 41.4% and represents
20% of Retail sales
¢ Stable growth margin development
+ 37.5%
+ 52.2%
9.2
14.0
2009
2010
¢ Segment Retail represents 31% of Group sales
¢ Strong increase in recurring EBITDA despite
higher pre-opening costs due to various store
openings
¢ Recurring EBITDA margin increases from 12.0%
to 13.1%
¢ Earnings expected to accelerate in this segment
in the coming years
│26
Capex FY 2010:
Used for expansion in controlled distribution areas
Capex FY 2010
Comments
(€m)
Wholesale
TOM TAILOR
Group
¢ Strong expansion of controlled distribution
areas leads to Capex of € 25.4m
11.5
25.4
2009
2010
(€m)
9.5
12.5
2009
2010
¢ Increase in Capex due to 333 additional
shop-in-shops
¢ Increase in Capex due to the new opening of
47 additional retail-stores
¢ Investments and store equipment amount
to €11.7m
(€m)
Retail
¢ Repair & Maintenance Capex €2.4m
2.0
2009
12.9
2010
¢ Taking over of 23 former Sportina franchise
stores included in total investments of
€27.5m
│27
Net income and EPS FY 2010:
Convincing increase
Recurring net income
(€m)
Recurring EPS
Reported net income
(€)
(€m)
Reported EPS
(€)
12.4
> 20 x
-
>7x
0.6
2009
0,12
2010
2009
+
-
+
2.4
0,87
0.15
2010
2009
2010
2009
2010
-1.13
-5.6
│28
Net debt FY 2010:
Conservative financing post IPO
Usage of IPO proceeds
Net debt
(€m)
(€m)
110
- 131.8
143
183.9
14.3
20
13
52.1
13
IPO proceeds
Reduction of
debt
*Cash outs
Growth
Capex
Cost of IPO*
Net debt/
recurring EBITDA
4.9
1.3
│29
Transparent and detailed profit view FY 2010
2.0
8.0
14.9
8.0
40.1
30.1
4.8
25.2
17.2
12.4
Reported
EBITDA
IPO
Cost in P&L
Other oneoff cost
Recurring
EBITDA
Depreciation
Recurring
EBIT
Interest
Recurring
EBT
Taxes
Recurring
net income
│30
Outlook 2011: Growth & Profitability
Net sales:
> € 400m
Sales split: Wholesale ∼60% Retail ∼40%
EBITDA:
€ 48m - € 51 m
Amortisation: PPA impact € 5.3m (€ 8.1m)
Interest expenses: decrease due to lower debt level
│31
TOM TAILOR
QUESTIONS? – ANSWERS!
│32
TOM TAILOR
APPENDIX
│33
Focus on controlled distribution areas
Controlled
Distribution
Retail / B2C
Retail
POS
(as of
Dec. 31, 2010)
Highlights
E-commerce
Wholesale / B2B
Franchise
Shop-in-shops
Multi-label
175 in Europe
1.441 in Europe
~6.000 worldwide
+ 333
Shop-in-shops
versus
Dec. 31, 2009
Number of POS
remains stable
www.tom-tailor.de
158 in Europe
www.tom-tailor.at
www.tom-tailor.nl
+ 71 stores
versus Dec.
31, 2009
Lfl-growth
41.4% to
prior year
Increasing number
and proportion of
stores with revenue
share-concept
│34
Contact details Investor Relations
Please do get in touch with us:
TOM TAILOR HOLDING AG
Garstedter Weg 14
22453 Hamburg
Dr. Andrea Rolvering
Head of Investor Relations
& Corporate Communications
Tel:
Fax:
Mobile:
Email:
+49 (0) 40 589 56 429
+49 (0) 40 589 56 498
+49 (0) 172 399 59 13
anr@tom-tailor.com
│35

ANALYST PRESENTATION - Investor Relations

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