Annual results 2016/2017 Investor pr presentation 7 June 2017
Financial performance 2016/2017 1 > Overview of the Group 2 > Highlights 3 > Business review 4 > Financial performance 5 > Conclusion
OVERVIEW OF THE GROUP 3
Your speakers Jean FERRIER Olivier ESTÈVES Jacques JANSSEN Group CFO CEO MANAGING DIRECTOR JOINED THE GROUP IN 2017 JOINED ABEO IN 2014 HEAD OF ABEO SINCE 1992 8 YEARS AT BABOLAT FOLLOWING THE MERGER WITH 13 YEARS AT ARTHUR ANDERSEN GRADUATED FROM HEC BUSINESS SCHOOL JANSSEN-FRITSEN IN 1981 DRS BUSINESS ECONOMICS, SCIENCES PO PARIS 1988 MAASTRICHT UNIVERSITY CHARTERED ACCOUNTANT 46% OF THE SHARE CAPITAL 15% OF THE SHARE CAPITAL FAMILY-RUN, ENTREPRENEURIAL DNA 4
ABEO, a leading player in the market for sport and leisure equipment Designer, manufacturer and distributor Designing and equipping specialised Equipment or complex turnkey projects sports facilities, leisure centres, gymnasia, indoor climbing walls, locker rooms, schools, etc. FY 2016/2017 * REVENUE €167 m % INTERNATIONAL** 70% ORGANIC GROWTH*** +13% EBITDA 9.0% NET RESULT 5,8% EMPLOYEES ~ 1,200 * Financial year ended 31 March ** French subsidiaries’ export sales and foreign subsidiaries’ sales outside France *** At constant exchange rates and consolidation scope 5
A unique position on a world market worth €5bn CLIMBING LOCKER ROOMS SPORTS Revenue: €29m Revenue: €49m Revenue: €89m Artificial walls Lockers Gymnastics Fun climbing modules Cubicles Physical education Leisure centres Fit-out Team sports 3 COMPLEMENTARY BUSINESSES Figures as at 31 March 2017 6
A unique portfolio of leading brands SPORTS LOCKER ROOMS CLIMBING Revenue: € 30 m Revenue: € 50 m A COMBINATION OF LOCAL BRANDS AND BRANDS AIMED AT THE INTERNATIONAL MARKET 7
A wide, diversified customer base • SPECIALISED SPORTS FACILITIES Prestigious contracts (> €200k) • GYMNASTICS CLUBS 12 % • > visibility and brand awareness CLIMBING CLUBS 18,000 revenue • LEISURE CENTRES AND PARKS act ctive cus ustomers pe per r • FITNESS FACILITIES year • PRIMARY AND SECONDARY SCHOOLS Average orders • UNIVERSITIES €2k to €3k 50,000 • SPORTS FEDERATIONS 88 % > resilience, penetration, or orde ders pe per r year revenue • LOCAL GOVERNMENT installed base • BUILDING TRADES (GENERAL CONTRACTORS, JOINERS & OUTFITTERS) 2/3 Private - 1/3 Public Figures as at 31 March 2016 8
An entrepreneurial success story Acquisition of A new Janssen-Fritsen development phase €167 m Achievement of from 2016 critical size 1 April 2012 - 31 March 2016 € 134m * Average annual growth Development of a IPO 28 % / year €88m portfolio of leading (20% of shares) A widening specialist brands Organic growth ambit in sports 7 % / year + € 50m Internationally 1 April 2016 – 31 March 2017 € 10 m Organic growth 13% 2001 2003 2004 2008 2011 2013 2014 2015 2016 2017 A DEVELOPMENT MODEL COMBINING ORGANIC GROWTH French accounting standard until 31/03/2013, and IFRS from 01/04/2013 AND EXTERNAL GROWTH * pro forma 9
Know-how in integrating companies 14 companies acquired and integrated since 2002 The Janssen-Fritsen takeover at end 2014 placed us on a firm footing Insourcing Janssen-Fritsen of production Gymnova O Jump / PCV Widening • Revenue ~ €46m; employees ~ 198 Erhard Sport Taking over of the range SA Sport distributors • Merging of 2 family-run Sportsafe UK companies in a niche market, yielding synergy gains Entre-prises Top 30 Navic Dock 39 Prospec 2 companies acquired since Clearing the Clip & Climb Sanitec competitive IPO in October 2016 landscape • Erhard Sport • Sportsafe UK Extension of geographical coverage A VALUE-CREATING STRATEGY 10 10
A world-leadership ambition 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* * Combining sport and leisure 11
Ambition for 2020 > €300m Organic growth > 7% / year + Acquisitions External growth > 12% / year > Expanding internationally > Capitalising on the €148m brands > Strengthening our position in sportainment and services Revenue 31 March Revenue 31 March 2016 2020 DYNAMIC GROWTH 12
HIGHLIGHTS 2016/2017 13
Highlights 2016/2017 revenue of €167m Improved profitability of incl. 13% organic growth* 9.0%, up 0.6 pt STRONG BUSINESS MOMENTUM CONFIRMING MID-TERM Success of the 2016 Rio Successful execution of the TARGETS Olympic Games targeted acquisition plan Continued development of 2 acquisitions since the IPO partnerships with sports + 2 buy-outs of minority federations shareholders ROLL-OUT IN LINE WITH STRATEGIC PLAN * At constant exchange rates and consolidation scope 14
Sustained growth in business volumes 13.1% organic growth in 2016/2017 2016/2017 organic growth and revenue At constant exchange rates and consolidation scope SPORTS LOCKER ROOMS CLIMBING +18.1% +21.1% +1.6% €89.3m €29.1m €48.7m 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 ACCELERATION IN INTERNATIONAL GROWTH: 70% OF REVENUE VS 66% IN 2015/2016 15
Record 2016/2017 results FY ended IFRS, €m Change 31/03/2017 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 €0.5m loss in Net income 9,6 2015/2016 Cash flow from operations 14.8 x 2.3 * Operating income + depreciation of fixed assets - non-current income and expenses 16
2 acquisitions completed since IPO + 2 buy-outs of minority shareholders GOAL: DRIVING BUSINESS VOLUMES ON THE GOAL: EXPANDING ON THE GERMAN MARKET, UK MARKET AND SERVICES MARKET THANKS TO A RECOGNISED BRAND Acquisition of Acquisition of Erhard Sport (60%) Sportsafe UK (80%) Annual revenue c. €8m Annual revenue c. €1.5m January 2017 November 2016 GOAL: CAPITALISING ON GROWTH IN FUN CLIMBING GOAL: INTERNATIONAL GROWTH IN LOCKER ROOMS Increased stake in Clip’n Buy-out of Pros ospec Climb (New Zealand) minority interests Equity interest increased from 50% to 70% Equity interest increased from 80% to 100% Annual revenue c. €4m January 2017 November 2016 STRENGTHENING OUR INTERNATIONAL GROWTH POTENTIAL 17
BUSINESS REVIEW 18
SPORTS: revenue up 18.1%* High media visibility maintained by participation in international competitions Sustained development across all New and brands and markets renewed partnerships with Increased share of maintenance Growth of over 30% in the UK and sports services and fit-out projects for North America federations sports centres 2 acquisitions: Erhard Sport (Germany) and Sportsafe UK * Like-for-like growth 19
Partnership-based momentum with sports federations > Powerful recommendation drivers at local level March 2017 June 2016 June 2016 New Renewed Renewed agreement agreement agreement 2017-2021 2016-2020 2016-2020 20
Brand participation in international competitions MAINTAINING MEDIA VISIBILITY OF BRANDS 21
Rio 2016 Olympic Games August 2016 > A logistical success praised by International Gymnastics Federation The Group’s 14th participation in the Games: supply of 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 22
Commonwealth Games in Australia April 2018 ABEO, 25 events, SUPPLIER 70 participating for the 3 rd time nations, following the 2014 Glasgow 6,600 athletes Games and 2010 New Delhi Games Held between Artistic gymnastics 4 and 15 April 2018 equipment supplied in Australia by AN EVENT THAT WILL ENHANCE ABEO’S BRAND REPUTATION IN ASIA AND THE PACIFIC REGION 23
CLIMBING: revenue up 21.1%* Climbing will become a new Strong momentum of Olympic sport as from 2020 Clip’n Climb > 50 centres fitted out over the financial year, Opening of a Top 30 Centre in including 6 in Asia Palma de Mallorca (Spain) Opening of 100 th Clip’n Climb > 10 centres managed to date centre in the Netherlands 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 Outdoor Centre in Mallorca (Spain) Top 30 Centre in Mallorca * Organic growth 24
Sports climbing, a new Olympic sport at the 2020 Tokyo Olympics CLIMBING INCLUDED IN STRENGTHENED PARTNERSHIP WITH 2020 TOKYO OLYMPICS INTERNATIONAL FEDERATION OF SPORT CLIMBING (IFSC) 2 medals: men and women Agreement signed by 40 competitors: Entre-Prises in 20 men June 2017 and 20 women 3 events: speed, Exclusive partnership lead and 2017-2020 bouldering, leading to a combined ranking SPORTS CLIMBING, A RISING SPORT 25
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