Annual Report 2017.Pdf

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Annual Report 2017.Pdf our blue book · Founded in 1995 by Lennart Lajboschitz. · W e introduce around 300 fun and useful new products every month. · CEO is Mette Maix. · T here are 75 Flying Tiger Copenhagen stores · I n our stores you can find things for your home, in Denmark. your hobby, for fun and parties, great gifts and award-winning design. All at affordable prices. · I n Spain we have 116 stores, 108 right now in Italy and 89 in Great Britain. · I n 2017 we grew our revenue by 18 percent to more than DKK 5 billion. · W e have 863 stores in 30 countries across 3 continents. · W e have 600 different suppliers. · D uring 2017 we opened 2 new Flying Tiger · W e have more than 5,800 employees. Copenhagen stores around the world – every week. Content 4 The world of Flying Tiger Copenhagen 37 Risk management 7 Key figures 44 Board of Directors 9 Mission and strategy 46 Executive Management 10 Letter from the CEO 49 Consolidated financial statements 19 Operating and financial review 2017 90 Financial statements – Parent Company 27 Corporate social responsibility 115 Management statement 33 Corporate governance 116 Independent Auditors’ report NEW Executive Expansion In Management 8 the United States 18 Examples of dESIGN awards 12 product design 20 26 Zebra office in Shanghai 40 store openings 2017 promoting sustainable forests 36 Meet our employees 42 Management Zebra A/S Commentary Annual Report 2017 4 Norway 44 storesNorway (+5) Faroe Islands Norway 44 stores (+5) Faroe1 store Islands44 stores (+5) Finland Faroe Islands 1 store Sweden 31 stores (+2) 1 store Finland The world of Flying 48 stores (+6) Iceland Sweden Finland 31 stores (+2) Sweden 48 stores (+6) 31 stores (+2) 5 stores Iceland 48 stores (+6) Tiger Copenhagen Iceland 5 stores denmark 5 stores Estonia 75 stores (+2) denmark 7 storesEstonia (+2) denmark 75 stores (+2) Netherlands Estonia 7 storesLatvia (+2) 75 storesGermany (+2) Zebra A/S, the parent company of the Flying Tiger year, more than two new Flying Tiger Copenhagen stores 22 stores 7 stores (+2) Netherlands 54 stores (+9) 6 storesLatvia Copenhagen stores, is a rapidly expanding variety opened every week. We constantly work on innovating Germany Netherlands 22 stores Latvia 6 stores retailer founded in Denmark. Our stores offer new, our product offering and design, and around 300 new 22 stores Germany 54 stores (+9) Lithuania fun and useful products at affordable prices, which products are introduced every month. Our product United Kingdom 54 stores (+9) 6 stores6 storesLithuania are marketed internationally under the Flying Tiger categories include home, toys, hobby, party, snacks, United89 stores Kingdom (+1) Copenhagen brand name. By the end of 2017 the electronics, gadgets, fashion accessories and more. Lithuania6 storespoland United Kingdom 89 stores (+1) Group operated 863 stores in 30 countries across We keep our stores bright and easy to navigate with our 6 stores 31 storespoland (+10) Europe, Asia and the United States. During the past Scandinavian decor being a differentiating characteristic. 89 stores (+1)Ireland poland 31 stores (+10) 26Ireland stores Czech republic 14 stores31 (+3)stores (+10) Ireland 26belgium stores Czech republic 26 stores 22 storesbelgium (+8) Czech republic14 storesSlovakia (+3) 14 stores (+3) FraNCEbelgium 22 stores (+8) 5 storesSlovakia (+1) 40 stores22 stores (+20)FraNCE (+8) HungarySlovakia 5 stores (+1) FraNCE 40porTUGaL stores (+20) 5 stores5 storesHungary (+3) (+1) 40 stores (+20) 32 storesporTUGaL (+6) Italy Hungary 5 stores (+3) 108 stores (+12) 5 stores (+3) porTUGaL 32 stores (+6) Italy Cyprus 32 stores (+6) Spain SwitzerlandItaly 108 stores (+12)Austria 4 stores United states 116 stores (+14) 8108 stores stores (+5) (+12) 9 stores (+2) Cyprus 8 stores (+4) Spain Switzerland Austria Cyprus 4 stores 116 stores (+14) 8 stores (+5) 9 stores (+2) United states Spain Switzerland Austria Greece 4 stores United states8 stores (+4) 116 stores (+14) 8 stores (+5) 9Malta stores (+2) 12 storesGreece 8 stores (+4) 3 store (+2) Malta Greece 12 stores Malta 3 store (+2) 12 stores 3 store (+2) South Korea 9 stores (+5) Japan Our markets 2017 23 stores (-4) Total number of stores 2017 (Net new stores 2017) Zebra A/S Management Annual Report 2017 Commentary Norway 5 44 storesNorway (+5) Faroe Islands Norway 44 stores (+5) Faroe1 store Islands44 stores (+5) Finland Faroe Islands 1 store Sweden 31 stores (+2) 1 store Finland Iceland 48 storesSweden (+6) Finland 31 stores (+2) Sweden 48 stores (+6) 31 stores (+2) 5 stores Iceland 48 stores (+6) Iceland 5 stores denmark 5 stores Estonia 75 stores (+2) denmark 7 storesEstonia (+2) denmark 75 stores (+2) Netherlands Estonia 7 stores (+2) 75 storesGermany (+2) Latvia Netherlands22 stores 7 stores (+2) 6 stores 54 storesGermany (+9) Latvia Netherlands 22 stores Latvia 6 stores 22 stores Germany 54 stores (+9) Lithuania United Kingdom 54 stores (+9) 6 stores6 stores 89 stores (+1) Lithuania United Kingdom Lithuania6 storespoland United Kingdom 89 stores (+1) 6 stores 31 stores (+10) 89 stores (+1)Ireland poland poland 31 stores (+10) 26Ireland stores Czech republic 14 stores31 (+3)stores (+10) Ireland 26belgium stores Czech republic 26 stores 22 storesbelgium (+8) Czech republic14 storesSlovakia (+3) 14 stores (+3) FraNCEbelgium 22 stores (+8) 5 storesSlovakia (+1) 40 stores22 stores (+20)FraNCE (+8) HungarySlovakia 5 stores (+1) FraNCE 40porTUGaL stores (+20) 5 stores5 storesHungary (+3) (+1) 40 stores (+20) 32 storesporTUGaL (+6) Italy Hungary 5 stores (+3) 108 stores (+12) 5 stores (+3) porTUGaL 32 stores (+6) Italy Cyprus 32 stores (+6) Spain SwitzerlandItaly 108 stores (+12)Austria 4 stores United states 116 stores (+14) 8108 stores stores (+5) (+12) 9 stores (+2) Cyprus 8 stores (+4) Spain Switzerland Austria Cyprus 4 stores 116 stores (+14) 8 stores (+5) 9 stores (+2) United states Spain Switzerland Austria Greece 4 stores United states8 stores (+4) 116 stores (+14) 8 stores (+5) 9Malta stores (+2) 12 storesGreece 8 stores (+4) 3 store (+2) Malta Greece 12 stores Malta 3 store (+2) 12 stores 3 store (+2) Flying Numbers Revenue Adjusted EBITDA Stores Store openings Countries 5,032 460 863 2–3 30 DKKm DKKm incl. Japanese every week across Europe, joint venture Asia and the United States 2017 Highlights Revenue growth Net store openings 18% 118 Return on Adjusted EBITDA invested capital 460 14% DKKm Zebra A/S Management Annual Report 2017 Commentary7 Key figures DKKm 2017 2016 2015 2014 2013 Income statement Revenue 5,032.3 4,274.0 3,571.7 2,464.2 1,710.9 Gross profit 3,051.6 2,577.8 2,226.9 1,529.9 1,035.8 EBITDA before special items 380.0 368.2 497.8 364.2 242.3 Adjusted EBITDA2 460.2 443.2 497.8 364.2 242.3 EBIT 89.2 186.7 343.7 286.5 223.9 Result from financial items (63.5) (57.9) (52.4) (27.2) (36.2) Profit before special items, after tax1 58.7 92.7 242.5 195.7 116.7 Profit for the year 4.1 82.1 209.8 195.7 147.7 Financial position at 31 December Invested capital 1,160.5 1,116.5 846.4 760.5 389.2 Total assets 2,848.4 2,743.5 2,009.9 1,555.9 929.7 Net working capital 111.5 118.0 152.3 318.2 101.9 Net interest-bearing debt1 641.0 493.0 94.1 155.2 12.2 Pro forma adjusted equity3 819.2 882.3 789.5 622.1 393.8 Provision for acquisition of non-controlling interests (352.5) (490.3) (850.7) (704.8) (363.5) Accumulated impact from acquired non-controlling interests (687.5) (415.6) (69.1) (16.8) (16.8) Equity (220.8) (23.6) (130.3) (99.5) 13.5 Cash flow and investments Cash flows from operating activities 241.4 261.2 490.2 65.0 139.3 Cash flows from investing activities (311.2) (416.2) (396.9) (199.8) (148.6) Investment in property, plant and equipment (213.9) (263.4) (292.3) (159.7) (130.0) Free cash flow (69.8) (155.0) 93.3 (134.8) (9.3) Key ratio Revenue growth 17.7% 19.7% 44.9% 44.0% 55.5% Gross margin1 60.6% 60.3% 62.3% 62.1% 60.5% Adjusted gross margin2 62.0% 62.1% 62.3% 62.1% 60.5% EBITDA margin before special items1 7.6% 8.6% 13.9% 14.8% 14.2% Profit margin before special items, after tax1 1.2% 2.2% 6.8% 7.9% 6.8% Profit margin 0.1% 1.9% 5.9% 7.9% 8.6% Comparable store sales growth1, 5 (1.3)% (4.6)% 2.5% 0.2% 1.9% Return on invested capital1 14.0% 20.4% 47.8% 49.8% 59.9% Net working capital ratio1 2.2% 2.8% 4.3% 12.9% 6.0% Leverage1 1.7x 1.3x 0.2x 0.4x 0.1x Number of stores, including joint ventures 863 745 585 411 289 Adjusted EBITDA margin2 9.1% 10.4% 13.9% 14.8% 14.2% Pro forma consolidated financial information4 Pro forma revenue 5,126.5 4,415.2 3,726.2 2,562.8 1,735.0 Pro forma adjusted EBITDA2 463.5 445.2 497.0 371.1 245.3 Pro forma adjusted EBITDA margin 9.0% 10.1% 13.3% 14.5% 14.1% 1 Key figures are defined in "Definition of key figures and ratios" on page 89. 2 Adjusted EBITDA, adjusted EBITDA margin and adjusted gross margin excludes extraordinary writedowns and scrappings of DKK 70.4m recognised in Cost of sales (2016: DKK 75.0m) and associated costs of DKK 9.8m recognised in Other external expenses (2016: DKK 0m) as described on page 19.
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