Oddo Nextcap 2015 - Groupe Toupargel

Oddo Nextcap
22 May 2015
Contents
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Toupargel Group
Our markets
2014 business activity
2014 financial results
The new strategic plan
Conclusion
2
Toupargel Group
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3
Our business:
Sale & home delivery of frozen foods products
Business
development
Online sales
(telesales,
internet)
Semi-automated
preparation of orders on
dedicated platforms
Home delivery
4
History
2014
2013
2003
1997
1982
1947
• Acquisition of
Agrigel
• New
governance
Acquisition
of Eismann
France & Le
Comptoir du
Surgelé
• IPO on the
Second Marché
• Roland
Tchénio buys
Toupargel
Surgelés
• Founding
of
Toupargel
Surgelés
5
5
Shareholders
31/12/2012
31/12/2013
31/12/2014
Roland Tchénio family group
51.36%
50.26%
50.26 %
Maurice Tchénio group
33.49%
32.85%
32.85 %
Other Board members
0.06%
0.01%
0.01 %
Jacques-Edouard Charret
0.01%
1.94%
1.94 %
Own shares
2.02%
2.00%
2.00 %
Free float
13.06%
12.94%
12.94 %
6
Toupargel Groupe shares
€10
€9
Price: €5.49
€8
(11 May 2015)
€7
€6
CAC®All-Share
CAC® All-Tradable
CAC®Mid & Small
CAC®Small
€5
€4
€3
€2
Market cap: €57.0 million
7
Organisation (1)
Prospection
5 prospection call-centers
120 teleprospection operators
140 door to door canvassers
Nearly 230,000 new accounts each year
Sale
32 telesales agencies
750 telesales agents
1,0 million customers
45,000 customers called each day
1 100 frozen food products
4 300 fresh food & groceries products
1 e-commerce team
1 call center for management of incoming calls
Order picking
5 logistical platforms
240 order preparers
60 drivers
Over 6 millions orders and 60 million products prepared each year
Delivery
112 delivery agencies
840 drivers
154 km and 30 customers delivered each delivery round
Headquarter
172 employees
(1) Eismann France & Le Comptoir du Surgelé non included
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Nationwide presence (1)
Close to our customers
• 5 prospection call centers
• 32 telesales agencies
• 4 logistic platforms
• 112 delivery agencies
(1) Eismann France & Le Comptoir du Surgelé not included
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1 million customers
80% rural & suburban customers
20% urban customers
Population density
Rural & suburban families
26% of French population
Rural
Rural & suburban seniors
32% of French population
Single / Duo without
children
20% of French
population
7%
28%
52%
Urban families
14% of French population
Urban seniors
8% of French population
7%
Urban
6%
Single / Duo
Source: ACXIOM
Retired
% of Toupargel’s customers
Life
10 cycle
Legal structure
as of 31 March 2015
100%
100%
Le Comptoir
du Surgelé
100%
France
50%
Dauphiné
Viandes
11
Le Comptoir du Surgelé
joins the Toupargel Group
on 31 January 2014
2013 sales: €5.6 m
Nearly 20,000 active customers
Presence in the Centre and Centre-East regions of
France
Significant synergies
12
Eismann France
joins the Toupargel Group
on 31 March 2014
Subsidiary of the Eismann group
(Europe’s second-largest player)
2013 sales: €46.7 m
455 employees
Nearly 160,000 active customers
Will become an autonomous subsidiary
Significant synergies
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Presence in the
northwestern quarter of France
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Un autonomous subsidiary
Own brand and product line
No change for customers
A high level of gross profit
Increase the market share of the Group
15
Significant synergies
Evolution of sale system, from store-vans to teledelivery
- Delivery costs
- Logistical costs
And more
- Purchase
- Commercial
16
Costs per order
In €
2014
Toupargel
Eismann
Average basket
48.6
42.3
Gross profit
27.2
27.6
Sales costs
7.5
7.0
Business development costs
2.3
1.3
Delivery costs
9.8
13.1
Logistic costs
3.7
2.5
Shared costs
2.8
3.1
Total costs
26.1
27.0
5 698 400
759 000
Number of orders
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Our markets
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French Food Market
Food Market
€151 Bn
978 M€
7 Mds € €
Frozen Foods
€6.7 Bn
Frozen Foods
Home delivery
€1 Bn
Fresh Foods
Home delivery
€1 Bn
Sources: Insee, Kantar Worldpanel, Credoc, Syndigel
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Frozen foods and ice cream market (€6.7 Bn)
14.9%
Products
range
size
Home
delivery
19.4%
Freezer
centres
65.7%
Super &
Hypermarkets
Source: Kantar Worldpanel
Convenience and food safety
Drop in the market
Customers want prices
Aggressive competitors
Development of "Drives"
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Home delivery frozen foods market (€1 Bn)
Regional
actors ;
11%
France
Toupargel
Group;
35%
Picard; 2%
Bofrost;
5%
- 3.4%
in 2014
Argel; 8%
Source: Syndigel
Maximo;
15%
Source: Toupargel
Thiriet;
24%
Europe
Sales
Position
Market presence
Sales system
Bofrost
€1,200 m
No.1
13 countries (+ Russia)
Storetrucks, telesales, internet
Eismann
€400 m
No.2
7 pays (+ Brasil)
Storetrucks, telesales, internet
Toupargel
€314 m
No.3
France
telesales, internet
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2014 Business activity
22
2014 Sales
In €m
2014
2013
Change
2014
Change
(without acquisitions)
1st quarter
68.9
74.1
-7.0 %
67.7
-8.6 %
2nd quarter
79.9
71.4
+11.9 %
67.4
-5.7 %
3rd quarter
70.4
65.5
+7.5%
60.5
-7.6 %
4th quarter
94.2
83.4
+12.9 %
81.5
-2.3 %
Total
313.4
294.4
+6.4 %
277.1
-5.9 %
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Q1 2015 Sales
• At comparable structure
En M€
2015
2014
Variation
1st quarter
69.6
67.7 M€
+2.7 %
2015
2014
Variation
79.4 M€
68.9 M€
+15.2 %
• Consolidated
En M€
1st quarter
Contribution from acquired companies : €9.8 million
A favourable calendar effect
Market share : return to growth
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Positive factors since 2014 2nd quarter
Loyalty continuing to rise in all customer segments and
across all regions
Decrease of spread between Toupargel and the market
Drop of creation cost of new customers
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Breakdown of sales
by channel
2014
2013
In €m
En %
In €m
En %
Telesales
281.7
89.9 %
288.1
97.8 %
Direct to door sales
24.6
7.8 %
Internet sales
7.1
2.3 %
6.3
2.2 %
TOTAL
313.4
100.0%
294.4
100.0 %
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Workforce
In €m
Dec.
2014
Dec. 2014
Dec. 2013
(without
acquisitions)
Change
(without
acquisitions)
372
356
419
-63
Sales
1 202
851
889
-38
Delivery
1 106
1 078
1 141
-63
Logistic
326
308
326
-18
Headquarters
246
207
209
-2
3 252
2 800
2 984
-184
Business development
Total
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2014 Financial results
28
Consolidated income statement
In €m
2014
2013
Sales
313.4
294.4
Gross profit
178.4
165.2
5.7
8.3
Current operating margin
1.8 %
2.8 %
Exceptional income and expenses
(18.0)
Operating profit/loss
(12.3)
8.3
Net financial cost
(0.2)
(0.0)
Net profit/loss (group share)
(13.5)
5.1
Income from ordinary activities
29
Variation of scope
In €m
2014
Toupargel
Acquisitions Total Groupe
(1)
Sales
277.1
36.3
313.4
Gross profit
154.8
23.6
178.4
5.4
0.3
5.7
(10.8)
(1.5)
(12.3)
Income from ordinary activities
Operating profit/loss
(1) Le Comptoir du Surgelé on 12 months, Eismann on 9 months
30
Consolidated balance sheet
In €m
31 Dec. 2014 31 Dec. 2013
Shareholders’ equity
74.3
88.4
Net debt
22.7
9.4
Gearing
30 %
11 %
Net debt / Ebitda
1.50
0.54
WCR
(23.4)
(24.8)
Capex
14.5
6.0
Operating Cash Flow
11.9
14.1
Free Cash Flow
(0.3)
2.9
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The new strategic plan
32
Why a new plan?
Management change
Give meaning and share a common vision
Engage and encourage all employees
Return to growth
Improve our profitability
33
Our ambition for 2013-16
Strengthen our leadership
in home delivery of frozen foods
Direct our efforts to customer loyalty
Refocus on frozen foods, our historical business
Differentiate ourselves on the theme of enjoying
cooking and eating well
Improve our productivity and return value to the
customer
Optimize our operating costs
34
Action plan
Strengthen our product offering
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
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Action plan
Strengthen our product offering
Make our prices visibly lower
Modernise our packaging
Boost the quality and readability of our catalogues
Publicise our new visual identity
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A complete review of our assortment
European Range
French Régional
Exclusivity
Small skus
Small prices
• More than 250
new products
launched in
2014
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A complete review of our assortment
• 1 140 skus
• 720 under Toupargel brand
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New products at a small price
Bûche pâtissière Forêt noire
Prix UV = 13,95€
Bûche glacée fruits de la
passion MILLE ET UNE
ETOILES
Prix UV =13,95 €
Bûche pâtissière Fraisier
Prix UV =13,95€
Bûche glacée
ARTISANALE vanille
chocolat meringue
Prix UV = 10,90€
COURONNE DE NOEL dessert
glacé nougat abricot
Prix UV = 9,95 €
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New products at a small price
12 mini-coquilles de noix de
Saint-Jacques
Prix UV = 7,95€
16 mini-crêpes jambon
emmental.
Prix UV = 2,30€
6 mini-céramiques de noix de SaintJacques et purées crémeuses
Prix UV = 7,50 €
Cassolette de saumon et
colin ,sauce à la fine
champagne
Prix UV = 19,95 €
40
New products at a small price
10 mini-moelleux assortis cœurs fondants
caramel au beurre salé et citron
Prix UV = 4,90€
4 bonhommes de neige glacés
Prix UV = 3,40€
6 cerises glacées
Prix UV = 2,70€
41
Action plan
Improve our sales performance
Every contact should create new bonds with the client
Deploy CRM software
Optimise our multi-channel approach
Improve the quality of our delivery service
42
Action plan
Focus our business development efforts
Target prospective customers better
Increase productivity
Concentrate investments
Develop partnerships
43
Conclusion
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Promising business model
The population is ageing
Rural and suburban areas are seeing demographic
growth
More people are choosing home delivery
Freezing preserves food quality
Toupargel has a lead over its competitors
45
Toupargel’s advantages
68 years of history
An unique sales model
Personalised contact with 1 million households, several
times a year
The market’s broadest product range
More advanced tools than our competitors
Unparalleled delivery network
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Toupargel’s advantages
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
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