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Annual Report 2014.Pdf Zebra A/S – Annual Report 2014 Management Commentary 1 Annual Report 2014 Zebra A/S TEA CUP DKK 20 Content 04 This is Tiger 07 Key figures 09 Operating and financial review 2014 15 Strategy 23 Corporate social responsibility 27 Corporate governance 31 Risk management 34 Board of Directors 37 Executive Management 39 Consolidated financial statements 69 Financial statements – Parent Company 91 Management statement 92 Independent Auditors’ opinion This is Tiger Zebra, the parent company of the TIGER stores, is a rapidly The products are sold at affordable prices and have broad growing international variety retailer offering a broad appeal across age and income groups. range of mostly own-branded, own-designed products that are marketed internationally through the Group’s Across markets, the Scandinavian decor is a differenti- stores under the TIGER, Flying TIGER and TGR brand ating characteristic of the TIGER stores. They are bright, names. By the end of 2014 the Group operated 411 easy to navigate and designed to provide customers with stores in 26 countries. a fun and pleasant shopping experience. Working continuously with innovative design and product Founded in 1995 and headquartered in Copenhagen, development, TIGER has a dynamic product assortment Denmark, Zebra employs more than 3,000 people world- and introduces up to 300 new products every month. wide and generated revenue of DKK 2,464m and EBITDA The assortment includes categories ranging from home, of DKK 364m in 2014. hobby and party over toys, electronics and gadgets, to food and accessories, with the products having a distinct Scandinavian design DNA and often a humorous twist. The evolution of Tiger Concept Danish “one dollar” Stylish international discount concept fun shopping concept Own brand, Clearance Europe Products packaging and design Multi round price points 10 kroner Pricing (DKK 10, 20, 30, 40, 50, 100) 2 product campaigns Products Sporadic launches per month Brand The name of a store a growing consumer brand 1995 Today Markets and stores JAPAN 13 (+11) Existing markets 2013 New markets 2014 Total number of stores 2014 (Net new stores 2014) ICELAND 5 (+1) FINLAND NORWAY 23 (+2) FAROE ISLAND 26 (+4) 1 (+0) SWEEDEN 37 (+7) ESTONIA 2 (+2) SCOTLAND LATVIA 4 (+0) DENMARK LITHUANIA 5 (+0) ENGLAND 69 (+5) 6 (+0) IRELAND (+11) 36 HOLLAND POLAND 13 (+5) WALES 12 (+2) 8 (+5) 3 (+2) GERMANY BELGIUM (+7) CZECH REPUBLIC 4 (+3) 23 3 (+3) AUSTRIA FRANCE 1 (+1) 1 (+1) ITALY PORTUGAL (+23) SPAIN 44 10 (+6) GREECE (+18) 52 9 (+2) CYPRUS 1 (+1) 2014 Highlights Revenue growth 44% EBITDA growth DKK 2,464 million Before special items 50% DKK 364 million Profit growth Before special items, after tax 68% DKK 196 million MARSHMALLOWS DKK 20 Zebra A/S – Annual Report 2014 Management Commentary 7 Key figures DKKm 2014 2013 2012 20111 20101 Income statement Revenue 2,464.2 1,710.9 1,100.2 710.1 519.8 Gross profit 1,529.9 1,035.8 660.0 419.0 299.7 EBITDA before special items 364.2 242.3 164.9 109.6 73.0 EBIT before special items 286.5 194.3 137.6 93.1 62.4 EBIT 286.5 223.9 132.4 93.1 62.4 Profit before special items, after tax2 195.7 116.7 92.7 63.8 44.4 Profit for the year 195.7 147.7 88.8 63.8 44.4 Financial position at 31 December Total assets 1,555.9 929.7 580.6 309.0 203.2 Net working capital 318.2 101.9 116.0 65.2 37.0 Net interest-bearing debt 155.2 12.2 27.6 (19.1) (28.9) Equity before recognition of provisions for acquisition of non-controlling interests 605.3 377.0 232.2 157.8 109.7 Provisions for acquisition of non-controlling interests 704.8 363.5 234.0 - - Equity according to IFRS (99.5) 13.5 (1.8) 157.8 109.7 Cash flow and investments Cash flow from operating activities 65.0 139.3 74.3 62.6 34.9 Cash flow from investing activities (199.8) (148.6) (97.6) (52.0) (25.2) Free cash flow (134.8) (9.3) (23.3) 10.7 9.7 Key ratios Revenue growth 44.0% 55.5% 54.9% 36.6% 29.0% Gross margin 62.1% 60.5% 60.0% 59.0% 57.7% EBITDA margin before special items 14.8% 14.2% 15.0% 15.4% 14.0% EBIT margin before special items 11.6% 11.4% 12.5% 13.1% 12.0% Profit margin before special items, after tax 7.9% 6.8% 8.4% 9.0% 8.5% Profit margin 7.9% 8.6% 8.1% 9.0% 8.5% Comparable store sales growth3 (1.0)% 1.0% 1.6% 4.2% 11.0% Net working capital, % 12.9% 6.0% 10.5% 9.2% 7.1% Leverage 0.4x 0.1x 0.2x (0.2)x (0.4)x Number of stores, including joint ventures 411 289 197 120 86 Proforma consolidated financial information4 Proforma revenue 2,562.8 1,735.0 - - - Proforma gross profit 1,582.9 1,049.2 - - - Proforma EBITDA before special items 371.1 245.3 - - - Proforma gross margin 61.8% 60.5% - - - Proforma EBITDA margin before special items 14.5% 14.1% - - - 1 As of 1 January 2012, accounting policies were changed to IFRS. Comparative figures for 2010-2011 are presented in accordance with the Danish Financial Statements Act. Difference between the previous accounting policies and IFRS mainly relate to the accounting for put options held over non-controlling interests, amortisation of goodwill, and valuation of residual values regarding leasehold rights. 2 Profit before special items, after tax is defined in Note 1.1. 3 Comparable store sales growth is defined in Note 1.1 and for 2010 includes Danish stores only. 4 Proforma consolidated financial information reflect a proforma proportionate consolidation of the 50% owned Japanese joint venture. TIGER OXFORD STREET NewLONDON store opened in 2014 Zebra A/S – Annual Report 2014 Management Commentary 9 Operating and financial review 2014 2014 was another year of profitable revenue growth, driven by new store openings and a strengthened corporate backbone. The expansion of the international store network – an average of more than two store openings per week in 2014 – paved the way for record revenue of DKK 2,464m, an increase of 44% compared to 2013, and profit for the year of DKK 196m. Management and the Board of Directors consider the oper- ational and financial performance of 2014 to be satisfactory, and overall in line with expectations. The increase in net working capital (“NWC”), however, was higher than expected and consequently Management has 2014 revenue launched initiatives to reduce NWC. Zebra opened net 122 new stores in 2014 (net 111 new stores exclud- Net Revenue Growth new ing the Japanese joint venture) and entered 5 new markets. The TIGER (DKKm) (%) stores concept was well received in all new markets. By the end of 2014, Zebra operated 411 stores in 26 countries. Denmark 564 6% 5 Italy 323 110% 23 England 317 67% 11 Based on the progress made in 2014, Zebra is well positioned to continue Spain 313 67% 18 the growth in 2015, while at the same time continuing to strengthen the Sweden 181 23% 7 organisation, processes and systems. Subtotal 1,698 41% 64 Revenue development Total revenue for 2014 was DKK 2,464m, an increase of 44% compared to Total 2,464 44% 111 2013. The increase was driven by net new store openings in 2014 and the full-year effect of stores opened in 2013, contributing each with approx- imately 23 percentage points of revenue growth, whereas there was a slightly negative comparable store sales growth (1.0)%. Management launched a number of initiatives to mitigate the negative comparable store sales growth, including better product availability in the central warehouses and improved in-store operations. Overall compa- rable store sales growth improved throughout the year and was positive in fourth quarter. In certain markets comparable store sales growth was impacted negatively by cannibalisation as a consequence of the increas- ing store penetration. Management Commentary Zebra A/S – Annual Report 2014 10 In 2014, Zebra opened 103 new stores in existing markets. More than half of the new stores were opened in the Group’s top five markets, which contributed with approximately 65% of the Group’s total revenue growth. The top five markets made up approximately two thirds of the Group’s total 2014 revenue. The Group continued to expand into new markets in 2014. In May, Zebra opened its first store in the Czech Republic. It soon proved to be a com- mercial success and was followed by two additional store openings in November. In October, Zebra entered the French market, opening a store in Nice. Zebra also entered new markets in Austria, Estonia and Cyprus. By the end of 2014, Zebra was present in most of the European countries. Having only limited store penetration outside Denmark, the potential for store expansion is considered to be significant. EBITDA Development in earnings Earnings before interest, tax, depreciation and amortisation (“EBITDA”) before special items amounted to DKK 364m compared to DKK 242m in 2013. The EBITDA margin before special items increased to 14.8% – a 0.6 DKK million percentage point improvement from 2013. The margin increase was driv- en by a higher gross margin of 62.1% compared to 60.5% in 2013. The gross margin was positively affected by product mix. Operating costs (staff costs and other external costs) were DKK 1,166m in 2014 compared to DKK 794m in 2013, representing 47.3% of revenue 364 in 2014 compared to 46.4% in 2013.
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