information

Corporate Presentation
10º Foro MEDCAP
Madrid, May 2014
A successful story of growth and internationalization
‘Enabling potential’
The European leader in office services, equipment and supplies
Acquisition of
Adimpo
(€45.5mn 3 x EV/EBITDA)
January
2011
August
2009
Acquisition of
Spicers CE
(€196mn 5.4 x EV/EBITDA)
December
2011
Sale of 50%
Stake in Ofiservice
(€68.7mn 13 x EV/EBITDA)
New integrated
Spicers/Adimpo
organization
& New Corporate
Management Team
Launch of
Transformation
Project
Agreement for the sale
of the Industrial Business
Unit
July
2012
MarchMarch- May
2012
December
2013
Change of Group
denomination
2
With solid results and value creation for our shareholders
We have multiplied revenue by 6 and EBITDA by 4 in 4 years
Revenues (€ million)
EBITDA (€ million)
1.144
48
x6
x4
12
207
2008
2012
2008
2012
ROCE
NFD/EBITDA
15%
4,9
/2
x5
2,2
3%
2009
2012
2009
2012
3
We are the undisputed leader in Europe within the office services,
equipments and supplies wholesale market
ADVEO acquires
Buro+
Buro+ brand
in April, 2013
PBS
Holding
UK + Ireland
TOS/
EOS
EUR
EOS
EOS
EUR
EUR
TOS/
EOS
DOM
Buro+
Od
TOS
TOS
TOS
TOS
TOS
TOS
TOS
TOS
DOM
DOM
DOM
DOM
DOM
DOM
DOM
DOM
EUR = pan-European focus, DOM = domestic focus
NB: excludes broadliners
2010 pro forma figures, Sales in € mn.
4
With a unique business model
We are the only player to cover all market segments, from Traditional to Digital,
from manufacturing to the end user
IT Vendors
Wholesale
Resale
HW broad
liners
EOS Specialists
TOS Vendors
Traditional
Distributors
Businesses, education and families
• 500 vendors
• European contracts with key
vendors
• 35,000 products
• 130,000 m 2 of stocking space
• Broadest portfolio of services
• Over € 400 million credit capabilities
• 1,000 franchised resellers
• 30,000 customers (resellers)
•
•
•
100,000 end user ship to’s
30,000 order lines / year
8 million boxes / year
EOS: Electronic Office Supplies
TOS: Traditional Office Supplies
HW: Hardware
5
With PanPan-European coverage
We have local infrastructure in 7 countries, with 1,808 employees
Benelux
• Sales: €46mn
• HC: 101
• Stock: 16,000 m2
France:
• Sales: €395mn
• HC: 419
• Stock: 52,000 m2
Sales by Country
Germany:
• Sales: €210mn
• HC: 347
• Stock: 23,000 m2
9%
4%
Spain
31%
19%
Portugal
France
Germany
Portugal:
• Sales: €25mn
• HC: 15
2%
Spain:
• Sales: €356mn
• HC: 800
• Stock: 40,000 m2
Italy:
• Sales: €97mn
• HC: 98
• Stock: 16,000 m2
Italy
Benelux
35%
FY 2012 figures. Product sales only.
6
With the widest product and service offering
Furniture (1%)
Desks, chairs, filing
cabinets and shelving.
Traditional Stationery
(25%)
0,7%
School equipment, pens, paper,
filing, envelopes and notepads.
25,8%
2,5%
71,0%
Technology (70%)
Facilities
Management (3%)
Break room supplies (e.g.
coffee), health & safety
equipment and janitorial
products (e.g. cleaning
products).
Electronic office supplies,
business machines, printing
and cleaning & storage
devices.
7
With a differentiated value proposition by customer segment
Value Propositions by Customer Segment
• IT Specialists: ‘We are your printing systems counselor that
provides advanced services and advice, enabling you to build a
winning solution for your customer.’
• Retailers: ‘We are your logistics partner. We can enable you to
maximize the efficiency of your supply chain’.
• ScaleScale-driven Customers: ‘We are your single supplier for your
slow moving portfolio, enabling you to enlarge your offer while
simplifying your business.’
• Serviceare your total supply &
Service-driven Customers: ‘We
‘
solutions provider, enabling your business with competitive
advantage to help you to develop your customers.
Customer Mix (30,000 customers)*
15,5%
• Traditional Customers: ‘We are your one stop shop for all your
product needs, offering you a simple and efficient purchasing
process to enable you to concentrate in growing your business.’
14,6%
IT Specialists
21,9%
31,4%
Retailers
Value Proposition to Vendors
Scale Driven
• We are the most efficient multichannel Go-to-Market option.
Service Driven
• Our multi-channel and operational capabilities enable our
vendors to maximize customer reach while optimizing the
efficiency of their value chain.
Proximity
16,6%
9M 2013 figures.
8
And the most sophisticated integrated customer network
• €600 million Sales in France, Belgium, Spain and Germany.
• 500 members and 650 sales representatives.
• 130 e-commerce web sites.
• 180 sales outlets.
• Investment in advertising: > €1 million.
• €320 million Sales.
• 200 members.
• Fastest growing network in France, increasing market share.
• Similar offering to Calipage, more “retail oriented”.
• Hyper Plein Ciel: >300 m2, in suburbs.
• Plein Ciel Expert: <300 m2, in suburbs and city centres.
• One of the leading brands in office products in France.
• Buro+ brand acquired by ADVEO in April, 2013.
• Strong brand awareness and market recognition.
• Buro+ catalogue already available.
9
Strategic framework
Suppliers
Enabling potential
IT Specialists
Retailers
Scale driven
Service driven
Proximity
Company values: open mindedness, collaboration, proactiveness and integrity
10
Growth strategy
(1) Market integration through value solutions
(2) Market and product consolidation, and
(3) Operating efficiency.
Suppliers
1
3
IT Specialists
Retailers
Scale driven
Service driven
Proximity
2
A value solutions provider, leading the consolidation of the office products market place
11
Growth strategy
1
2
Value chain integration:
a
Upstream: Offering an integrated, multichannel, efficient go-to-market model.
b
Downstream: Offering added-value services by client segment in order to maximize their respective potentialities.
Market consolidation:
a
b
3
Organic: Integrating and extending the product portfolio in order to gain client and market share.
Inorganic: Through acquisitions with a highly synergistic potential.
Operating efficiency:
Integrating the organization, unifying processes and installing new common systems for the Group.
12
Growth strategy: operating efficiency
Different Companies &
Locations
Different Operating Models
Strategies
Organization
Processes
Operational Processes
Client
Relationship
Management
Single
GROWTH STRATEGY
Systems
1.
Market integration through value solutions
2.
Market and product consolidation
3.
Operating efficiency / cost leadership
Single
PROCESSES
Vendor
Relationship
Management
Supply Chain
Management
Single
ORGANIZATION
Support Functions
Finance and
Controlling
Human
Resources
Information
Technology
Single
SYSTEMS
E-Commerce
CRM
PIM
ERP
Implementation
Treasury
WMS
Single Operating Model
Business Intelligence
13
Share Performance
ADV =
16,53 €
ADV =
11,01 €
ADVEO
02/01/2013
02/03/2013
02/05/2013
IBEX35
02/07/2013
IGBM
02/09/2013
02/11/2013
• In 2013, ADVEO share has appreciated by +36% (vs. Ibex35 +17%,
IGBM +26%, Ibex Small Cap +42%).
• From 2009 to 2013, ADVEO share has appreciated by +58%.
02/01/2014
Dividends (gross € per share)
1,55
ADVEO GROUP
N. of shares
Market capitalization (€mn), 13/01/14
Earnings per Share, €
Price/Earnings Ratio (PER) 13/01/14
Remuneration to Shareholders in 2012 (€ million)
Dividend per Share (gross), €
12.315.391
204
1,15
14,37
7,020
0,57
0,50
0,55
2009
2010
2011
0,57
0,57
2012
2013
14
Disclaimer
This presentation was prepared by ADVEO exclusively for the
benefit and internal use in the presentation to analyst and
investors and solely as a basis for discussion of certain issues
related to the presentation of results.
This presentation is based on publicly available information
and/or data provided by ADVEO. This document does not
constitute an offer or invitation to purchase or subscribe shares,
in accordance with the provisions of the Spanish Securities Market
Law (Law 24/1988, of July 28, as amended and restated from time
to time), Royal Decree-Law 5/2005, of March 11, and/or Royal
Decree 1310/2005, of November 4, and its implementing
regulations.
www.
www. adveo.
adveo. com
19
‘Enabling potential’

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