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  Communiqué de la société ROCHE BOBOIS du 27/09/2018

  27/09/2018 - 18:30


  • Increase in revenues and EBITDA
  • Non-recurring items dampen underlying EBIT
  • Robust balance sheet

Paris, 27 September 2018

ROCHE BOBOIS SA (ISIN: FR0013344173 - Ticker symbol: RBO), high-end furniture global market leader and the name behind French Art de Vivre, today released its first-half 2018 results. The Roche Bobois S.A. Board of Directors met on 25 September 2018 and adopted the financial statements.

IFRS (in €m)  H1 2017* H1 2018*
Sale of goods  110.2 113.2
Royalties and other services 16.1 16.0
Revenues 126.3 129.2
Gross margin on sales 57.4% 57.7%
Underlying EBITDA 10.2 10.4
EBIT before non-recurring items** 5.3 3.9
Operating income 5.1 3.5
Net financial expense (0.5) -
Tax charge (1.5) (1.5)
Net income/(loss) 3.1 2.0
Net profit Group share 3.0 1.7

*Audited H1 2018 figures - H1 2017 results have not been audited
 ** Stated after €3.3m (H1 2017: €1.7m) expense for employee bonus share plan

First half 2018 Group revenues amounted to €129.2 million (H1 2017: €126.3 million), up 5.4% at constant exchange rates (up 2.3% at current exchange rates), fuelled by buoyant sales in the vast majority of regions, particularly in North America and France, which turned in revenue growth of 9.2% and 5.7% respectively at constant exchange rates. Sales in these two regions were boosted by store openings in the second half of 2017 and late 2017 sales postponed until early 2018. It should be noted that France achieved the above results despite a lacklustre French furniture market (down 0.6% YTD 30 June 2018 - source: IPEA).

Europe sales also posted growth up 8.0% at constant exchange rates. Only UK sales, in a market reeling from the fallout from Brexit, fell 6.9% at constant currencies (the region accounting for just 6% of H1 2018 total revenues).

The Group gross margin held up at 57.7% compared to 57.4% in the first half of 2017.

External expenses and staff costs remained under strict control.

First half 2018 underlying EBITDA came in at €10.4 million, up 3.1% at constant exchange rates. With regard to regional EBITDA before corporate expenses, France posted a sharp increase in its underlying EBITDA margin to 8.0% (up from H1 2017 6.6%, and full year 2017 4%), that was primarily down to improvements implemented by the store network, buoyant sales and some late 2017 deliveries postponed until early 2018. France's strong earnings partially makes up for lower earnings in Europe, which reported a 7.7% underlying constant exchange rate EBITDA margin, down from 10.7% in H1 2017, hit by a non-recurring impairment charge in Spain and by acquiring two Italian franchises that are still loss making. The UK held up well during the period despite lower revenues, largely due to a high average shopping basket value. Meanwhile, North America's constant exchange rate EBITDA margin remained high at 10.9% (compared to 12.3% in H1 2017) against a background of a ramp-up in store openings.

In total, the first half 2018 Group underlying EBITDA margin amounted to 8.0%.

Non-recurring expenses included under EBIT

EBIT before non-recurring items came to €3.9 million down from €5.3 million in H1 2017 hit by the issue of an employee bonus share plan amounting to a €3.3 million non-recurring expense in H1 2018 (affecting recurring operating income but excluded from EBITDA). Issue of tranches 2 and 3 of the share plan occurred in the first half of 2018 and as such, the second half expense will be lower (€0.7 million).

Adjusting for the share issue, EBIT before non-recurring items comes in at €7.2 million, up from €7.0 million in H1 2017.

EBIT amounted to €3.5 million, which is stated after €0.4 million non-recurring expenses related to the Roche Bobois S.A. initial public offering, compared to €5.1 million in H1 2017.

After €1.5 million net financial expenses and tax charge, first half 2018 net profit amounted to €2.0 million, down from €3.1 million in H1 2017.

Strong balance sheet

At 30 June 2018, Group equity stood at €48.9 million compared to €59.3 million as at 30 June 2017. Group working capital increases in relation to seasonal fluctuations in its supply-to-order sales model: the change in working capital in H1 2018 was -€7.2 million against -€7.6 million in H1 2017. Working capital will improve in the second half of the year (as a reminder, the change in working capital was €2.9 million in FY 2017).

First half 2018 capital spending (store openings and renovations) amounted to €2.0 million, accounting for approximately one third of the capex budget for the full year.

At 30 June 2018, the Group cash position[1] remained high at €14.4 million (compared to €19.2 million as at 30 June 2017) after payment of a €15.2 million special dividend in first half 2018.

The Group is backed by a very robust balance sheet with low net debt of €6.6 million at 30 June 2018, or 13.5% of Group equity.

Ongoing targeted store opening strategy abroad in the second half and reaffirmation of the IPO objectives

Pursuant to its strategy, the Group plans to step up owned store openings in high-margin regions and will open three new US owned stores in New York, San Diego and Greenwich Connecticut in the second half. In July 2018, the Group opened a store in Tysons Corner, Virginia (USA). The Group is also still watching out for targeted franchise acquisition opportunities. Regarding its franchise business, the Group recently opened stores in Singapore and Qingdao China, and targets three to five further openings by the year end.

In the first half of 2018, the Group opened 5 stores in the first half of 2018: 4 franchises in Guangzhou (China), Tokyo 2 (Japan), Kiev 2 (Ukraine) and Cuir Center Mulhouse and 1 owned store in the United States (Tysons Corner[2], Virginia), as well as closing 4 stores, 3 of which were non-strategic franchises. At the end of H1 2018, the Roche Bobois and Cuir Center brands had a network of 330 stores.

The Group reaffirms the targets it announced during the IPO, namely: €320 million revenues by 2021 and a double-digit EBITDA margin from 2019. The sharp increase in the H1 2018 France underlying EBITDA margin shores up the Group's capacity to double its France underlying EBITDA margin by 2021.

To achieve these targets the Group is backed by several initiatives: (I) stepping up owned store openings (39 net openings from 2018 to 2021, including 50% owned stores); (ii) accelerating franchise acquisitions in strategic areas to boost Group EBITDA; (iii) further growth drivers such as digitalisation (e-commerce websites planned for 2019) and taking on the B2B market. The Group has also signed a contract with Fauchon l'Hôtel for which it has installed a "Gourmet Bar", the flagship feature of its Paris hotel which opened on 1 September in Place de la Madeleine, Paris.

Availability of the first half 2018 financial report

Roche Bobois S.A. hereby announces it has published and filed its financial report for the first half ended 30 June 2018 with the AMF (French financial markets regulator). This report is available online on its website at

About Roche Bobois SA
Roche Bobois SA is a French family business founded in 1960. The Group operates in 54 countries and has a network of 329 owned stores and franchises (at 31 december 2017) marketing its two brands: Roche Bobois, a high-end furniture brand with a strong international presence, and Cuir Center, positioned in the mid-range market segment with an essentially French customer base. Through its Roche Bobois brand, the Group embodies the French Art de Vivre whose presence can now be felt on the world stage, with original and bold creations from talented designers (Bruno Moinard, Jean Nouvel, Ora Ito, Sacha Lakic, Christophe Delcourt, Stephen Burks, Kenzo Takada, Bina Baitel...) and partnerships with fashion and haute couture houses. Roche Bobois is also a committed partner in the world of culture and the arts. Including franchises, these two brands posted 2017 revenues of €480 million excluding VAT, to which Roche Bobois contributed €388 million and Cuir Center €92 million. Roche Bobois SA consolidated revenues came to €249 million in 2017.
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Forward-looking statements

This press release contains forward-looking statements. These statements do not constitute guarantees regarding the future performance of ROCHE BOBOIS. This forward-looking information covers the future outlook, growth and commercial strategy of ROCHE BOBOIS and is based on the analysis of future result forecasts and estimates of amounts that cannot yet be determined. By nature, forward-looking information involves risks and uncertainties, as it relates to events and depends on circumstances that may or may not occur in the future. ROCHE BOBOIS draws your attention to the fact that forward-looking statements provide no guarantee of future performance and that its actual financial position, results and cash flow, as well as changes in the sector in which ROCHE BOBOIS operates, may differ significantly from those proposed or suggested by the forward-looking statements contained in this document. Moreover, even if ROCHE BOBOIS' financial position, results, cash flow and changes in the sector in which ROCHE BOBOIS operates were to be in accordance with the forward-looking information contained in this document, these results or changes may not be a reliable indicator of ROCHE BOBOIS' future results or developments. A description of events that could have a material adverse impact on ROCHE BOBOIS' business, financial position or results, or on its ability to achieve its targets, is given in Chapter 4 “Risk Factors” of the Base Document.


"Underlying EBITDA" means earnings before interest, tax, depreciation, and amortization. Underlying EBITDA is stated after interest and depreciation, amortization and impairment of non-current assets but before store opening costs and staff share-based payments including related social security charges.

[1] Cash and cash equivalents, excluding bank credit facilities

[2] Excluding Hanoï and Yekaterinbourg, opened at the end of December, 2017

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