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Annual Report 2018.Pdf (10.41 Annual Report 2018 Kitchen utensils. Assorted DKK 15 · The very first Zebra store opened in 1988 · In 1995 we became a chain of retail stores named Tiger · In 2016 we changed our name to Flying Tiger Copenhagen About across all markets · In our stores you can find things for your home, your hobby, for fun and parties, great gifts and award-winning design. us All at affordable prices · In 2018 we grew revenue by 11 percent to more than DKK 5.5 billion · We have more than 6,000 employees worldwide · We introduce around 300 fun and useful new products each month · There are 77 Flying Tiger Copenhagen stores in Denmark · Our biggest markets are Italy with 126 stores, Spain with 127 stores and United Kingdom with 98 stores · We have a total of 990 stores in 30 countries across three continents Content 04 The world of Flying Tiger Copenhagen 31 Risk management 06 Message from the Chairman and the CEO 38 Board of Directors 07 Key figures 40 Executive Management 09 Mission and strategy 43 Consolidated financial statements 15 Operating and financial review 2018 87 Financial statements – Parent Company 19 Corporate social responsibility 111 Management statement 27 Corporate governance 112 Independent Auditors’ report A more sustainable packaging design 08 Sustainable 22 plastic We support UNGC 30 Meet our 34 colleagues 4 Management Commentary Zebra A/S Annual Report 2018 Norway 46 stores (+2) Faroe IslandsNorway 1 store 46 stores (+2) The world Faroe Islands Finland 1 store Sweden 32 stores (+1) 54 stores (+6) Finland Iceland Sweden 32 stores (+1) of Flying Tiger 5 stores 54 stores (+6) Iceland 5 stores Denmark 77 stores (+2) Estonia 7 stores Denmark Estonia Copenhagen 77 stores (+2) Netherlands 7 stores Latvia 23 stores (+1) Germany 62 stores (+8) 6 stores Zebra A/S, the parent company of the Flying Tiger Copenhagen stores, Flying Tiger Copenhagen stores opened every week. We constantly Netherlands Latvia is a variety retailer founded in Denmark. Our stores offer new, fun and work on innovating our product offering and design, and around 300 23 stores (+1) Germany 62 stores (+8) Lithuania6 stores useful products at affordable prices, which are marketed internationally new products are introduced every month. Our product categories United Kingdom 6 stores under the Flying Tiger Copenhagen brand name. By the end of 2018 include home, toys, hobby, party, snacks, electronics, gadgets, fashion 98 stores (+9) the Group operated 990 stores in 30 countries across Europe, Asia accessories and more. We keep our stores bright and easy to navigate Lithuania and the United States. During the past year, more than two new with our Scandinavian decor being a differentiating characteristic. United Kingdom 6 stores Poland 98 stores (+9) 44 stores (+13) Ireland Poland 25 stores (-1) Czech44 stores Republic (+13) Ireland 17 stores (+3) 25 stores (-1) Belgium Czech Republic 24 stores (+2) 17 stores (+3) Slovakia Belgium 8 stores (+3) France24 stores (+2) 57 stores (+17) Slovakia France Hungary8 stores (+3) 57 stores (+17) 11 stores (+6) Portugal Hungary 36 stores (+4) Italy 11 stores (+6) Portugal 126 stores (+18) 36 stores (+4) Italy Cyprus Spain Switzerland126 stores (+18) Austria 5 stores (+1) United States 127 stores (+11) 11 stores (+3) 13 stores (+4) Cyprus 13 stores (+5) Spain Switzerland Austria 5 stores (+1) United States 127 stores (+11) 11 stores (+3) 13 stores (+4) Greece 13 stores (+5) Malta 13 stores (+1) 3 store Greece Malta 13 stores (+1) 3 store South Korea 14 stores (+5) Japan Our markets 2018 26 stores (+3) Total number of stores 2018 (Net new stores 2018) Zebra A/S Management Commentary 5 Annual Report 2018 Norway 46 stores (+2) Faroe IslandsNorway 1 store 46 stores (+2) Faroe Islands Finland 1 store Sweden 32 stores (+1) 54 stores (+6) Finland Iceland Sweden 32 stores (+1) 5 stores 54 stores (+6) Iceland 5 stores Denmark 77 stores (+2) Estonia Denmark 7 stores 77 stores (+2) Estonia Netherlands 7 stores Latvia 23 stores (+1) Germany 62 stores (+8) 6 stores Netherlands Latvia 23 stores (+1) Germany 62 stores (+8) Lithuania6 stores United Kingdom 6 stores 98 stores (+9) Lithuania United Kingdom 6 stores Poland 98 stores (+9) 44 stores (+13) Ireland Poland 25 stores (-1) Czech44 stores Republic (+13) Ireland 17 stores (+3) 25 stores (-1) Belgium Czech Republic 24 stores (+2) 17 stores (+3) Slovakia Belgium 8 stores (+3) France24 stores (+2) 57 stores (+17) Slovakia France Hungary8 stores (+3) 57 stores (+17) 11 stores (+6) Portugal Hungary 36 stores (+4) Italy 11 stores (+6) Portugal 126 stores (+18) 36 stores (+4) Italy Cyprus Spain Switzerland126 stores (+18) Austria 5 stores (+1) United States 127 stores (+11) 11 stores (+3) 13 stores (+4) Cyprus 13 stores (+5) Spain Switzerland Austria 5 stores (+1) United States 127 stores (+11) 11 stores (+3) 13 stores (+4) Greece 13 stores (+5) Malta 13 stores (+1) 3 store Greece Malta 13 stores (+1) 3 store Flying Numbers Revenue Adjusted EBITDA Stores Store openings Countries 5,583 257 990 2-3 30 DKKm DKKm incl. Japanese joint venture every week across Europe, Asia and the United States 6 Management Commentary Zebra A/S Annual Report 2018 Message from the Chairman and the CEO In 2018 Flying Tiger Copenhagen delivered revenue of DKK 5.6bn, which volumes with suppliers who can provide strong savings, high quality and was an increase of 11% compared to 2017. However, our profit is not at a leading CSR performance. We have completed the first round of satisfactory level due to an increased operational cost base that mainly negotiations with our top suppliers in April 2019 and the process will originates from our growth-related investments. continue throughout 2019 and 2020. These are challenging times for the retail business in general. Luckily for Tighten the supply chain Flying Tiger Copenhagen, our customers still value our concept. Although We are executing the supply chain initiative to deliver a cost and the performance in 2018 is unsatisfying, Flying Tiger Copenhagen is still capital-efficient supply chain with high service levels throughout our a profitable business. We are off to a good start in 2019 and have network. As we consolidate the network and markets, the supply chain demonstrated a positive comparable store sales growth for the first can be stabilized and optimized to deliver these objectives. four months. This includes implementing a revised logistics footprint incl. warehouse In response to the declining profitability we experienced in 2018, we and transportation services catering for a higher service level with initiated a transformation plan in late 2018. The overall objective is to improved cost and capital efficiency. This is already in execution, with the ensure that we generate strong cash flows, improve profitability and first contracts signed and transition to new sites and suppliers ongoing. maintain our comparable store sales at an attractive level. We are also executing a revised planning set-up to ensure that we The transformation plan is divided into five key pillars: Consolidate the maintain sufficient but competitive and high-quality stock levels centrally network, optimize the cost structure, tighten the supply chain, build the and locally. This includes clearing slower moving inventory to return to a retail operating model and evolve the Flying Tiger Copenhagen DNA. highly capital-efficient business model. The plan is designed to address the shorter-term performance whilst investing in the core concept and people to safeguard the future. Build the retail operating model To support the transformation plan, EQT injected DKK 350m in Q1 2019 This initiative will define and execute a standardized store operations and as a statement of their strong belief in Flying Tiger Copenhagen, but also commercial model, which is primarily rolled out in the local markets. to ratify the solid and tangible initiatives already executed and planned The initiative includes developing standard store operations practices for the remainder of 2019 and 2020. to lower our costs, improve our staff efficiency in daily operations and The transformation plan includes: should enable us to re-invest in the service activities that drive value for our customers. Specifically, we have worked with stores and markets to Consolidate the network develop new operating principles. The consolidation initiative will optimize our store network and market We are also working on improving how we service our stores from a set-up following our rapid growth in stores as well as geographies. This central perspective by improving and developing several new central entails radically reducing the number of new store openings compared supporting structures such as product lifecycle management, improved to previous years. We will also relocate and close non-performing stores visual merchandising guidelines, sales optimization tools and a staff to ensure a healthy portfolio. Lastly, we will consolidate our market planning system. set-up where relevant. Evolve the Flying Tiger Copenhagen DNA Optimize the cost structure A cornerstone in Flying Tiger Copenhagen’s historic success is daring to The cost reduction initiative will capture the scale and simplification be different and continuously focusing on what it takes to put a smile on benefits from our strong growth. As part of this initiative, we will reduce people’s faces. All at affordable prices. This is still the core of our DNA HQ staff and simplify our set-up across functions. As an example of this, and something we will never let go of. Therefore, it is important that we we have already reduced the number of employees in our headquarters continue to develop and pursue new ideas in the quest for this. We have by 25% (approx. 75 FTEs). We are also executing a rent reduction established a team who will continue to explore opportunities to keep program, working with our landlords to secure competitive rents, strengthening and developing the assortment and customer experience.
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