Annual results 2016/2017 Investor pr presentation 7 June 2017 - - PowerPoint PPT Presentation

Annual results 2016/2017

Investor pr presentation 7 June 2017

Financial performance 2016/2017 1 > Overview of the Group 4 > Financial performance 5 > Conclusion 2 > Highlights 3 > Business review

OVERVIEW OF THE GROUP

3

4

Your speakers

Olivier ESTÈVES

CEO

HEAD OF ABEO SINCE 1992 GRADUATED FROM HEC BUSINESS SCHOOL IN 1981

Jacques JANSSEN

MANAGING DIRECTOR

JOINED ABEO IN 2014 FOLLOWING THE MERGER WITH JANSSEN-FRITSEN DRS BUSINESS ECONOMICS, MAASTRICHT UNIVERSITY

Group CFO

JOINED THE GROUP IN 2017 8 YEARS AT BABOLAT 13 YEARS AT ARTHUR ANDERSEN SCIENCES PO PARIS 1988 CHARTERED ACCOUNTANT 46% OF THE SHARE CAPITAL 15% OF THE SHARE CAPITAL

FAMILY-RUN, ENTREPRENEURIAL DNA

Jean FERRIER

5

ABEO, a leading player in the market for sport and leisure equipment

Designing and equipping specialised sports facilities, leisure centres, gymnasia, indoor climbing walls, locker rooms, schools, etc. REVENUE €167m % INTERNATIONAL** 70% ORGANIC GROWTH*** +13% EBITDA 9.0% NET RESULT 5,8% EMPLOYEES ~ 1,200

Designer, manufacturer and distributor FY 2016/2017*

Equipment or complex turnkey projects

* Financial year ended 31 March ** French subsidiaries’ export sales and foreign subsidiaries’ sales outside France *** At constant exchange rates and consolidation scope

6

A unique position on a world market worth €5bn

3 COMPLEMENTARY BUSINESSES

Gymnastics Physical education Team sports

SPORTS

Revenue: €89m

CLIMBING

Revenue: €29m

LOCKER ROOMS

Revenue: €49m

Artificial walls Fun climbing modules Leisure centres Lockers Cubicles Fit-out

Figures as at 31 March 2017

7

A unique portfolio of leading brands

A COMBINATION OF LOCAL BRANDS AND BRANDS AIMED AT THE INTERNATIONAL MARKET

CLIMBING

Revenue: € 30 m

LOCKER ROOMS

Revenue: € 50 m

SPORTS

8

A wide, diversified customer base

18,000

act ctive cus ustomers pe per r year

50,000

• r
• rde

ders pe per r year

Prestigious contracts (> €200k) > visibility and brand awareness Average orders €2k to €3k > resilience, penetration, installed base

88%

revenue

12%

revenue

2/3 Private - 1/3 Public

• SPECIALISED SPORTS FACILITIES
• GYMNASTICS CLUBS
• CLIMBING CLUBS
• LEISURE CENTRES AND PARKS
• FITNESS FACILITIES
• PRIMARY AND SECONDARY SCHOOLS
• UNIVERSITIES
• SPORTS FEDERATIONS
• LOCAL GOVERNMENT
• BUILDING TRADES (GENERAL

CONTRACTORS, JOINERS & OUTFITTERS)

Figures as at 31 March 2016

2001 2003 2004 2008 2011 2013 2014 2015 2016 2017 9

An entrepreneurial success story

A new development phase from 2016

€10m €50m

€88m

A widening ambit in sports + Internationally Development of a portfolio of leading specialist brands Acquisition of Janssen-Fritsen Achievement of critical size

Average annual growth 28% / year Organic growth 7% / year

French accounting standard until 31/03/2013, and IFRS from 01/04/2013 * pro forma

1 April 2012 - 31 March 2016

€134m*

€167m

A DEVELOPMENT MODEL COMBINING ORGANIC GROWTH AND EXTERNAL GROWTH 1 April 2016 – 31 March 2017 Organic growth

13%

IPO (20% of shares)

10 10

Know-how in integrating companies

A VALUE-CREATING STRATEGY

14 companies acquired and integrated since 2002 The Janssen-Fritsen takeover at end 2014 placed us on a firm footing

• Revenue ~ €46m; employees ~ 198
• Merging of 2 family-run

companies in a niche market, yielding synergy gains

Insourcing

• f production

Widening

• f the range

Taking over distributors Extension

• f geographical

coverage Clearing the competitive landscape Navic Prospec Sanitec

Janssen-Fritsen Gymnova O Jump / PCV Erhard Sport SA Sport Sportsafe UK

Entre-prises Top 30 Dock 39 Clip&Climb

2 companies acquired since IPO in October 2016

• Erhard Sport
• Sportsafe UK

11

A well-established, growing and profitable player

Organic growth: 13.1% as at 31 March 2017 EBITDA / Revenues: 9.0% as at 31 March 2017

A consolidating role confirmed with the acquisition of its competitor in the sports field, Janssen-Fritsen Leading European brands positioned in niche areas

A NEW AMBITION FOR 2020: TO BECOME A FRONT-RUNNER ON EVERY CONTINENT, CONSOLIDATING THE MARKET AND DEVELOPING THE GROUP IN SPORTAINMENT*

A world-leadership ambition

* Combining sport and leisure

12

Ambition for 2020

DYNAMIC GROWTH

Revenue 31 March

2016

€148m Organic growth > 7% / year + External growth > 12% / year > €300m

Revenue 31 March

2020

Acquisitions

> Expanding internationally > Capitalising on the brands > Strengthening our position in sportainment and services

13

HIGHLIGHTS 2016/2017

14

Highlights

ROLL-OUT IN LINE WITH STRATEGIC PLAN

* At constant exchange rates and consolidation scope

STRONG BUSINESS MOMENTUM CONFIRMING MID-TERM TARGETS

2016/2017 revenue of €167m

• incl. 13% organic growth*

Success of the 2016 Rio Olympic Games Continued development of partnerships with sports federations Successful execution of the targeted acquisition plan 2 acquisitions since the IPO + 2 buy-outs of minority shareholders Improved profitability of 9.0%, up 0.6 pt

15

Sustained growth in business volumes 13.1% organic growth in 2016/2017

At constant exchange rates and consolidation scope

2016/2017 organic growth and revenue

Strong growth in sports and climbing on all markets Delivery of major projects in fitting specialised sports centres and fun climbing centres Buoyant international markets in the locker room sector, but deferral of some projects in France: 6% growth in the second half

+18.1% €89.3m +21.1% €29.1m +1.6% €48.7m

CLIMBING LOCKER ROOMS SPORTS

ACCELERATION IN INTERNATIONAL GROWTH: 70% OF REVENUE VS 66% IN 2015/2016

16

IFRS, €m FY ended 31/03/2017 Change

Revenue 167.1 +12.6% Organic growth +13.1% Current EBITDA* 15.1 +20.5% % of revenue 9.0% +0.6 pt Operating income 12.5 x 4.6 Net income 9,6

€0.5m loss in 2015/2016

Cash flow from operations 14.8 x 2.3

Record 2016/2017 results

* Operating income + depreciation of fixed assets - non-current income and expenses

17

2 acquisitions completed since IPO + 2 buy-outs of minority shareholders

Acquisition of Sportsafe UK (80%)

Annual revenue c. €8m

Acquisition of Erhard Sport (60%)

Annual revenue c. €1.5m

Increased stake in Clip’n Climb (New Zealand)

Equity interest increased from 50% to 70% Annual revenue c. €4m

Buy-out of Pros

• spec

minority interests

Equity interest increased from 80% to 100% STRENGTHENING OUR INTERNATIONAL GROWTH POTENTIAL

GOAL: DRIVING BUSINESS VOLUMES ON THE UK MARKET AND SERVICES MARKET GOAL: EXPANDING ON THE GERMAN MARKET, THANKS TO A RECOGNISED BRAND GOAL: CAPITALISING ON GROWTH IN FUN CLIMBING GOAL: INTERNATIONAL GROWTH IN LOCKER ROOMS

January 2017 January 2017 November 2016 November 2016

18

BUSINESS REVIEW

SPORTS: revenue up 18.1%*

Increased share of maintenance services and fit-out projects for sports centres New and renewed partnerships with sports federations 2 acquisitions: Erhard Sport (Germany) and Sportsafe UK Sustained development across all brands and markets Growth of over 30% in the UK and North America High media visibility maintained by participation in international competitions

* Like-for-like growth

19

> Powerful recommendation drivers at local level

Partnership-based momentum with sports federations

June 2016 Renewed agreement 2016-2020 June 2016 Renewed agreement 2016-2020 March 2017 New agreement 2017-2021

20

Brand participation in international competitions

MAINTAINING MEDIA VISIBILITY OF BRANDS

21

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Rio 2016 Olympic Games

August 2016

> A logistical success praised by International Gymnastics Federation

The Group’s 14th participation in the Games: supply

• f gymnastics equipment (Gymnova and Spieth

Gymnastics), basketball backstops (Schelde Sports) and competition stages Initial contacts established for Tokyo 2020 Olympics Sport climbing to become an Olympic discipline in 2020

23

Commonwealth Games in Australia

April 2018

ABEO, SUPPLIER

for the 3rd time following the 2014 Glasgow Games and 2010 New Delhi Games

AN EVENT THAT WILL ENHANCE ABEO’S BRAND REPUTATION IN ASIA AND THE PACIFIC REGION

Held between 4 and 15 April 2018 in Australia 25 events, 70 participating nations, 6,600 athletes Artistic gymnastics equipment supplied by

24

CLIMBING: revenue up 21.1%*

Strong momentum of Clip’n Climb

> 50 centres fitted out

• ver the financial year,

including 6 in Asia Climbing will become a new Olympic sport as from 2020 Opening of a Top 30 Centre in Palma de Mallorca (Spain) > 10 centres managed to date The division comfortably reached break-even in 2016/2017 > Current EBITDA = 2.9% of revenue Increased stake in Clip’n Climb > Equity interest increased from 50% to 70%

Top 30 Centre in Mallorca Opening of 100th Clip’n Climb centre in the Netherlands Top 30 Outdoor Centre in Mallorca (Spain)

* Organic growth

25

Sports climbing, a new Olympic sport at the 2020 Tokyo Olympics

SPORTS CLIMBING, A RISING SPORT

CLIMBING INCLUDED IN 2020 TOKYO OLYMPICS STRENGTHENED PARTNERSHIP WITH INTERNATIONAL FEDERATION OF SPORT CLIMBING (IFSC)

Agreement signed by Entre-Prises in June 2017 Exclusive partnership 2017-2020 2 medals: men and women 40 competitors: 20 men and 20 women 3 events: speed, lead and bouldering, leading to a combined ranking

26

LOCKER ROOM: revenue up 1.6%*

Strong international growth: +16% > International sales account for 32% of division’s sales Buy-out of Prospec minority interests > Equity interest increased from 80% to 100% Restructuring of Sanitec, positioned

• n the campsite and swimming pool

market > resumption of sales growth in Q4

STRONG MOMENTUM CONCEALED BY DEFERRAL OF FRANCE PROJECTS IN SECOND HALF

* Organic growth

27

FINANCIAL RESULTS EXCEPTIONAL ORGANIC GROWTH AND RECORD RESULTS

28

IFRS, €m 31/03/2017 12 months 31/03/2016 12 months Change Change (organic) * GROUP REVENUE 167.1 148.4 +12.6% +13.1% SPORTS 89.3 74.5 +19.8% +18.1% CLIMBING 29.1 24.4 +19.1% +21.1% LOCKER ROOMS 48.7 49.5

• 1.6%

+1.6%

Strong organic growth: 13.1%

* At constant exchange rates and consolidation scope

Consolidation scope effect of +2.2%, mainly due to consolidation of Erhard Sport from 11 November 2016, Clip’n Climb International from 1 December 2016 and Sportsafe UK from 1 January 2017 Negative currency effect of 2.7%, mainly due to depreciation of GBP

29

Growth in international sales

AMERICAS

10%

ASIA/ROW

8%

FRANCE 30% GERMANY 3% UK 16% BENELUX 21% SPAIN 4% OTHER 8%

Regional breakdown of 2016/2017 revenue (% of total revenue)

* Export sales of French subsidiaries + foreign subsidiaries’ sales

• utside France

ROW: Rest of World

MORE INTERNATIONAL, LESS EUROPEAN

International*: 70% of revenue

in 2016/2017

vs 66%

in 2015/2016

30

IFRS, €m

FY ended 31/03/2017

TOTAL SPORTS CLIMBING LOCKER ROOMS Revenue 167.1 89.3 29.1 48.7 Organic growth +13.1% +18.1% +21.1% +1.6% Gross margin* 97.6 51.3 19.1 27.2 % of revenue 58.4% 57.5% 65.6% 55.8% Change vs 2015/2016

• 1.6 pt
• 3.7 pts
• 0.6 pt

+0.6 pt Current EBITDA 15.1 10.4 0.9 3.8 Change vs 2015/2016 (€m) +2.6 +1.7 +1.5 (0.6) % of revenue 9.0% 11.7% 2.9% 7.8% Change vs 2015/2016 +0.6 pt

• +5.6 pts
• 1.2 pt

EBITDA up 20.5%

CLIMBING:

BREAK-EVEN EXPECTED IN 2016/2017 GROWTH EXPECTED IN 2017/2018

* Margin on cost of sales (2016 base restated)

OF WHICH SANITEC IMPACT: (€0.9M)

31

IFRS, €m 31/03/2017 12 months 31/03/2016 12 months Change Revenue 167.1 148.4 +12.6% Current EBITDA* 15.1 12.5 +20.5% % of revenue 9.0% 8.4% +0.6 pt Current operating income 11.6 9.4 +24.3% Non-current income and expenses 0.9 (6.7) Operating income 12.5 2.7 x 4.6 Cost of debt (0.8) (0.8) Currency gains & losses 0.4

• Income from equity affiliates

0.4 0.3 Earnings before tax 12.5 2.1 x 6.0 Net income 9,6 (0.5) % of revenue 5,8% (0.3%) +6.1 pts

Marked improvement in earnings

EBITDA up 20.5% and operating income x 4.6

* Operating income + depreciation of fixed assets - non-current income and expenses

INCLUDING €0.4M SANITEC RESTRUCTURING COSTS, €0.9M IPO EXPENSES AND A €2.6M REVALUATION OF CLIP’N CLIMB SHARES GROSS MARGIN OF 58% AND CONTROL OF FIXED COSTS

IFRS, €m FY ended 31/03/2017 FY ended 31/03/2016 Cash flow from operations before change in working capital and tax 15.6 11.7 Change in working capital 1.0 (3.2) Tax paid (1.8) (2.1) Cash flow from operations after tax 14.8 6.4 Capex (4.1) (2.6) M&A (4.4) (2.4) Cash flow from investing activities (8.5) (5.0) Dividends (1.9) (1.0) Capital increase 19.4 Change in borrowings and other debt (5.7) (0.1) Net interest paid (0.8) (0.8) Cash flow from financing activities 10.9 (1.9) Currency translation difference (0.1) (0.4) Change in cash and cash equivalents 17.0 (0.9)

Strong cash generation enabling internal funding of capex

OF WHICH €1.8M WAS SPENT ON FITTING OUT 2 TOP 30 CLIMBING CENTRE FREE CASH FLOW x 2.3 IPO ON EURONEXT IN OCTOBER 2016

ABEO HAS THE RESOURCES TO EXECUTE ITS STRATEGIC PLAN

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33

A robust balance sheet at 31 March 2017

IFRS, €m 31/03/2017 31/03/2016 ASSETS Goodwill & brands 57.6 46.2 Non-current assets 23.9 22.7 Inventories 16.1 16.4 Trade accounts receivables 29.8 24.9 Other assets 15.3 13.7 Cash and cash equivalents 20.6 6.6 TOTAL 163.3 130.5 31/03/2017 31/03/2016 EQUITY & LIABILITIES 64.2 37.4 Equity 32.1 40.4 Borrowings and debt 18.3 15.7 Trade accounts payables 48.7 37.0 Other liabilities 163.3 130.5 TOTAL

€19.4M CAPITAL INCREASE AS PART OF IPO EQUITY X 1.7 THANKS TO IPO AND RECORD RESULTS NET DEBT/EQUITY: 0.2

CONCLUSION

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35

Success of IPO

15.4%

SERDON, controlled by Jacques Janssen, Managing Director

45.9%

JALENIA, controlled by Olivier Estèves CEO

0.2%

Adora Holding

18.7%

CM-CIC Investissement SCR

X SHARES

19.8%

Free-float including Bpi: 5%

6,662,848 SHARES

CONTROL OF CAPITAL TO STEER LONG-TERM STRATEGY: 67.8% OF VOTING RIGHTS HELD BY THE 2 KEY EXECUTIVES

Breakdown of share capital at 31 May 2017

SUCCESSFUL IPO: €22.2M RAISED OFFERING NEARLY 2 TIMES OVERSUBSCRIBED (190%) SHARE PRICE AT 31 MAY 2017 €30.5 UP 81% VERSUS IPO PRICE (€16.8)

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CONCLUSION

ABEO EXECUTING 2020 STRATEGIC PLAN AS SCHEDULED SINCE IPO > WELL PLACED TO CONTINUE SUSTAINED

GROWTH AND IMPROVE PROFITABILITY

PUBLICATION OF Q1 2017/2018 REVENUE ON 24 JULY

> CONTINUITY OF TARGETED ACQUISITION

PROGRAMME IN EUROPE AND ASIA

• 1 TRANSACTION CURRENTLY UNDER

NEGOTIATION IN THE SPORTS SECTOR IN ASIA

• INCREASE IN CLIP’N CLIMB STAKE PLANNED

FOR 07/2017 (70%  100%)

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Q&A

38

APPENDIXES

39 39

Acquisition of Sportsafe UK

(January 2017)

AN ACQUISITION THAT WILL DRIVE GROWTH ON THE BRITISH MARKET

http://www.sportsafeuk.com

> Company based east of London > Annual revenue €8m, growing fast, robust profitability > Around 90 employees > A sports equipment maintenance specialist > Purchase of an 80% stake alongside the founding director, who will continue to manage the company > 15,000 customer locations in the UK to supplement the Gymnova base

40 40

Acquisition of Erhard Sport

(November 2016)

AN ACQUISITION THAT WILL DRIVE GROWTH ON THE GERMAN MARKET

http://www.erhard-sportprojekte.de/

> Company based in the Berlin region > Annual revenue ~ €1.5m , 9 employees > Gateway into the German sports market, the largest in Europe > A strong sports equipment brand founded in 1880 > Expertise in designing and fitting specialised sports centres > A cross-selling opportunity for the Group

41 41

Increased stake in NZ-based Clip’n Climb (January 2017)

AN ACQUISITION THAT WILL ALLOW US TO TAP INTO THE GROWTH ENJOYED BY THE FUN CLIMBING MARKET > Equity stake increased from 50% to 70% > Annual revenue ~ €4m, EBITDA margin >10% > Growing fast > 18 employees > Innovative fun climbing modules

March 2017 Winner of the Best International Manufacturer award IAAPI Amusement Expo, Mumbai (India)

42 42

Purchase of minority interests

(November 2016)

AN ACQUISITION ALLOWING THE GROUP TO TAKE FULL ADVANTAGE OF ACCELERATED GROWTH IN THE UK AND USA

https://www.prospec.co.uk/

> Company based in the UK with a distribution subsidiary in the USA > Specialists in cutting-edge lockers and cubicles > Exercise of a put option on 20% of the share capital in November, at a price of €813k (80% acquired in November 2012) > Growing markets in the UK and USA

Governance

Strengthening of the Board of Directors

Olivier Estèves CEO Jacques Janssen Managing Director Gérard Barbafieri Founder of Gymnova Blandine Roche Representative of CM-CIC Investissement Liz Musch Independent director Marine Charles Independent director

6 6 MEM EMBERS

AS AT 31 MAY MAY 2017 17

2 2 NEW NEW MEM EMBERS TO O BE BE PR PROPOSED

AT THE NE NEXT T GE GENERA RAL ME MEETING ON N 19 JUL ULY Y 2017 17

Cédric Weinberg Representative of Nobel Emmanuelle Gervais Representative of Bpifrance

43

Key CSR assets

Summary of the annual CSR report, which is available on request

Governance

> Decentralised governance system > New articles of association set in accordance with the MiddleNext Corporate Governance Code > Strong ethical values

Human capital

> Formal recording of HR strategy and issues > Clear prioritisation around career management: attracting and retaining employees and developing management skills > In progress: harmonisation

• f employee-related

processes and reporting

Customer satisfaction

Quality management systems at some subsidiaries: ✓ ISO 9001 certification ✓ Employee and customer satisfaction surveys ✓ Monitoring of applicable standards and regulations ✓ R&D

Environment

✓ Identification of main impact on environment ✓ Environmental management systems at some subsidiaries: ISO 14001 certification and initiatives aimed at reducing energy consumption ✓ Eco-design

Imple mplementati ation of supp upplementar ary act ctio ion pl plan (2016-2019) > Adoption of Ethics Charter in May 2017

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The ABEO share

Euronext Paris Compartment C

ISIN code: FR 0013815857 Symbol: ABEO Price at 31/05/2017: €30.5 Number of shares: 6,662,848 Market capitalisation: €203m

ANALYSTS

CM-CIC Market Solutions Emmanuel Chevalier Gilbert Dupont Thomas Alzuyeta

CONTACT INVESTOR RELATIONS

investor@beo.fr +33 (0)4 72 18 04 94

0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0

01/10/16 01/11/16 01/12/16 01/01/17 01/02/17 01/03/17 01/04/17 01/05/17

15,0 17,0 19,0 21,0 23,0 25,0 27,0 29,0 31,0 33,0

01/10/16 01/11/16 01/12/16 01/01/17 01/02/17 01/03/17 01/04/17 01/05/17

46

Share evolution since the IPO

* until 31 May 2017

PRICE AT 31/05/17: €30.50 IPO PRICE €16.84

Share price (€) Volume (thousands)

Average daily volume 2,800

47

A HIGHLY FRAGMENTED WORLD MARKET EXHIBITING SUSTAINABLE GROWTH

48

A B2B world market which is highly fragmented

LOCKER ROOMS

Acial (France) RSBP (United Kingdom) Grant Westfield (United Kingdom) Kemmlit (Germany) Meta (Germany) Schäfer (Germany) etc.

CLIMBING

Walltopia (Bulgaria) Zhongti (China) etc.

SPORTS

Casal Sport (France) Marty Sport (France) Sport Thieme (Germany) Benz (Germany) Kerko (Northern Europe) Continental (United Kingdom) American Athletic Inc (United States) Senoh (Japan) Taishan (China) etc.

SPORTS MARKET €435bn1

NUMEROUS PLAYERS AND COMPETITORS

ABEO's MARKET €5bn

88%

Sports events Personal equipment Miscellaneous

10%

Construction

• f sports

infrastructures

Equipment

€5bn €4bn

Floor coverings Play areas

2%

OVER 20 PLAYERS IN THE MAIN COUNTRIES

NUMEROUS SMALL-SCALE FAMILY-OWNED BUSINESSES

Sources:

1 AT Kearney, Winning in the business of sports, 2014

Other information: company estimate

49

A world market worth €5bn with sustainable growth factors

A B2B MARKET IN LINE WITH THE WORLD-WIDE BOOM IN SPORTS PRACTICE

+: moderate growth (0-5%) ++: middle-range growth (5-10%) +++: high growth (10% +)

+++

Middle East China Japan South-East Asia North America Latin America

+ ++ ++ +++ + +++ +++

India

+++ +

Firm structural growth

• 1. Increased emphasis by governments on sport as

forging a social bond and promoting health

• 2. A strongly-expanding middle class with access to

sports facilities in the emerging countries

• 3. Growing urbanisation and democratisation of

sports pursuits, with increased participation by women and seniors

• 4. Construction and renewal of ageing

infrastructures in Western countries

• 5. Development of new activities:

e.g. climbing Source: Company estimate Europe Eastern Europe Africa

Estimated growth of B2B sport and leisure equipment market by 2017

50

STRENGTHS TO MATCH OUR AMBITION

51

Powerful demand drivers

PARTNERSHIPS WITH NATIONAL AND INTERNATIONAL SPORTS FEDERATIONS

International Federation

• f Gymnastics

Fédération Française de Gymnastique Fédération Française de la montagne et de l’escalade International Federation of Sports Climbing International Basketball Federation International Handball Federation International Association

• f Amusement Parks and

Attractions

➢MAJOR SPORTS EVENTS / PRESTIGIOUS CONTRACTS BRAND AWARENESS / INFLUENCING DEMAND

Leisure centre Switzerland Rio Olympics 2016 London Olympics 2012 Beijing Olympics 2008 Sports club Bangkok Ice Factor Scotland National University of Singapore

High media visibility

INVOLVEMENT IN 14 OLYMPICS SINCE 1956

Official Supplier, Rio 2016

EUROPEAN CHAMPIONSHIPS WORLD CHAMPIONSHIPS

World artistic & rhythmic gymnastic championships 2017 (Montreal) FIBA 3 x 3 basketball World Tour 2017 Legends Only Climbing 2015 (Stockholm) Pan American Games 2015 (Toronto) European Artistic Gymnastics Championships 2017 (Roumania) European Artistic Gymnastics Championships 2015 (Berne) Eurobasket 2015 (Europe)

52

53

A model of profitable vertical integration, a differentiating factor

R&D DESIGN ADAPTATION

32 people Standards and certification

PURCHASES

No supplier- dependence Top10 = 26% of purchases Raw-materials mix (plywood, foam, wood, etc.)

MANUFACTURING

~ 90% of revenues internally 13 production sites Automated industrial facilities

MARKETING

Marketing investments New products Ties with sports federations

DISTRIBUTION & SERVICES

~ 83% in direct sales, referencing with demand leaders ~ 17% through agents, distributors and to export Over 6,200 sports centre maintenance contracts

58% GROSS MARGIN

IN 2017

54

An organisational system scaled to international expansion

Jacques Janssen Managing Director

Nicolas Van Meerssche Divisional Manager, Locker rooms Eric Surdej Divisional Manager, Climbing

A WELL-MATCHED, INTERNATIONAL MANAGEMENT COMMITTEE > 1,200 PEOPLE OF WHOM > 800 OUTSIDE FRANCE PRESENT IN 12 COUNTRIES

Olivier Estèves CEO

Rémy KARAKOTCHIAN Divisional Manager, Gymnastics France Claire Cavallucci

HRD

SPORTS DIVISION

Dirk Van Esser Director, Export & Belgium

Jean Ferrier Group CFO

Organisation chart as at 31 March 2017 Willem Bouwman Divisional Manager, Sports

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• r commitment.

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