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Semelhante a Nobia Capital Market Day 2011-05-26
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Nobia Capital Market Day 2011-05-26
- 1. 1
- 2. Agenda Strategy for growth and efficiency, essentials for Nobia going forward Morten Falkenberg, CEO Financial implications Mikael Norman, CFO Short break Streamlined range supporting brand differentiation Björn Block, Range and Grace Pardy, Marketing Coffee break Purchasing and production potentials Ingemar Tärnskär, Production and Logistics Commercial initiatives Morten Falkenberg, CEO Retail and Professional sales, Nordic Henrik Karup Jörgensen B2B Retail in UK and Continental Europe Christian Rösler Short break Magnet Retail and Trade in UK Anjum Ahmed Hygena in France Per Kaufmann Short break Summing up Morten Falkenberg, CEO and Mikael Norman, CFO Q & A session 2
- 3. Morten Falkenberg, CEO Strategy for growth and efficiency 3
- 5. Group Management President and CEO CFO Morten Falkenberg Mikael Norman Change program & IT Production and Logistics Group Marketing Jonas Hård Ingemar Tärnskär Grace Pardy CE Retail UK Retail Nordic Retail and CE and UK Professional professional Per Kaufmann Peter Kane Henrik Karup Jørgensen Christian Rösler
- 6. What does it take to be a winner?
- 7. A winner must excel across the value chain Assortment and Marketing & Consumer Performance production/ Logistics Innovation Journey management sourcing
- 8. all about strong brands 8
- 9. The drivers that will help us reach our financial target Drivers Growth Financial target 10% EBIT Efficiency 10
- 10. Drivers 4 strategic themes Growth Brand differentiation through innovation Commercial excellence Efficiency Radically reduced break-‐even cost Optimised asset use 11
- 11. Bringing our strategic themes to life Visible differentiation in our range, service proposition and store Brand differentiation experience through innovation Growth Innovation across all key touch-‐points Best-‐in-‐class sales metrics and tracking systems to measure performance Commercial in lead generation, conversion and customer satisfaction excellence Consistent and high-‐quality execution across all critical consumer/customer touch-‐points Radically reduced Reduced product cost through coordination and complexity reduction Efficiency break-‐even costs Streamlined cost-‐to-‐serve through process simplification and cost focus Optimised Exploring new business opportunities that improve capacity utilisation in asset use factories without adding complexity Increasing footfall to get more mileage out of existing store network 12
- 12. Our strategic mindset We will treat our people as We will earn the right our most important asset, to grow outside our recognising and rewarding current core. high performance. We will be a customer and We will focus on our innovation driven business with strongholds key simultaneous, relentless focus brands, categories, on cost and operational channels/customers. excellence. 13
- 13. Strategy for growth and efficiency Vision Become the leading and most profitable kitchen specialist that inspires and fulfils kitchen dreams through a world-‐class customer experience Financial goal 10% EBIT margin Growth Drivers Brand differentiation through innovation Commercial excellence Themes Efficiency Drivers Radically reduced break-‐even costs Optimised asset use Build strong Lead brands with innovation Drive Nordic UK CE Grow B2B Priorities clear points throughout front-‐end retail of differen-‐ the consumer excellence tiation journey Local Savings in operations through manufacturing optimisation, productivity gains and purchasing synergies Funda-‐ mentals Streamlined range to reduce complexity 14
- 14. Mikael Norman, CFO Financial implications 16
- 15. reality Kitchens Focus on Organic growth and Declining growth, kitchens IPO acquisitions, decreasing profitability Doors increasing profitability Windows 17500 Building products 11 Target EBIT margin 9 12500 Net sales 7 7500 5 EBIT margin 3 2500 1 Apr 2010 -‐25001995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Mar 2011 -‐1 -‐3 -‐7500 -‐5 17
- 16. Our plan to reach the 10% EBIT margin target Run-‐rate EBIT Run-‐rate impact EBIT margin Timeframe to One-‐time costs SEK m impact run-‐rate SEK m Comment Range/ Net purchasing benefit including expected 150 250 1.0 1.6% ~ 3 years 100 Purchasing raw materials increases Production 250 300 1.6 2% 3 4 years 500 700 Will extend into 2014 restruct. Store refurbishment program largely Hygena 200 300 1.3 2% 2 3 years Minor complete by end of 2012. turnaround Investment ~SEK 250m Front-‐end 250 350 1.6 2.2% 2 3 years Minor Store efficiency, pricing strategy, CRM etc initiatives Cost-‐out 100 125 0.6 0.8% < 1 year Taken SEK 244m EBIT charge taken in Q4 2010 program 6 8% Total 1,000 1,300 EBIT margin 600 800 Pay-‐back in less than one year improvement 18
- 17. Brand strategy Grace Pardy
- 18. 4 key strategic themes Growth Drivers Efficiency Drivers Drivers Strategic Themes Growth Brand differentiation through innovation Commercial excellence Efficiency Radically reduced break-‐even cost Optimised asset use 20
- 20. A brand is more than just a logo
- 21. A brand is a set of human experiences
- 22. A BRAND A CONSUMER Where they touch we have a connection or touchpoint
- 24. These contact moments form a loop from first contact to sharing experiences and advocate purchase
- 26. Our brands are our most valuable assets Our goal: Increase the value of our brands profitably
- 27. We need to organize our brands to capitalize on opportunities more effectively
- 28. Consumer insight STARTING POINT RESEARCH CONDUCTED Brands Phase one: Magnet, Different levels of Hygena, HTH, Marbodal, consumer and brand Norema, Sigdal understanding 500 respondents in 5 markets Screening criteria: o Have bought a kitchen Group consistent during the last 2 years approach o Planning to buy a kitchen and have started the process 60 items tested with consumer
- 29. Key analysis Category perspective Category dynamics Trends
- 30. Key analysis Brand perspective Drivers behind brand choice Price/equity equation Brand platform Brand Funnel analysis Brand perception analysis Brand Heritage
- 31. Nobia is best equipped to capitalize on key opportunities and lead in changing the game in our industry
- 32. Differentiation in an undifferentiated category
- 33. Breaking the 15 year cycle Every 8 years Every 4 years
- 34. Consumer journey: from emotional rollercoaster to a consistent positive experience
- 36. We are establishing strong and differentiating platforms for our brands
- 37. Group brand framework processes Global positioning Nobia brand mapping Positioning routes framework
- 38. 4 key strategic themes Growth Drivers Efficiency Drivers Drivers Strategic Themes Growth Brand differentiation through innovation Commercial excellence Efficiency Radically reduced break-‐even cost Optimised asset use 40
- 39. Innovation driven by brand positioning across key consumer touchpoints DIGITAL RANGE Brand positioning RETAIL/ SERVICE SALES
- 40. Positions drive all our activities going forward
- 41. Relevant and consistent Activation Word of mouth Blogs Community Public networks Relations Recommendation Brand of experts positioning Feedback support Brand web sites Service Events Traffic-‐driving Promotions Retail Sales material
- 42. Potential in production and purchasing Ingemar Tärnskär 44
- 43. 4 key strategic themes Drivers Strategic Themes Growth Brand differentiation through innovation Commercial excellence Efficiency Radically reduced break-‐even cost Optimised asset use 45
- 44. Strategy for growth and efficiency Vision Become the leading and most profitable kitchen specialist that inspires and fulfils kitchen dreams through a world-‐class customer experience Financial goal 10% EBIT margin Growth Drivers Brand differentiation through innovation Commercial excellence Themes Efficiency Drivers Radically reduced break-‐even costs Optimised asset use Build strong Lead brands with innovation Drive Nordic UK CE Grow B2B Priorities clear points throughout front-‐end retail of differen-‐ the consumer excellence tiation journey Local Savings in operations through manufacturing optimisation, productivity gains and purchasing synergies Funda-‐ mentals Streamlined range to reduce complexity 46
- 45. Nobia Production roadmap From local production to brand-‐independent best-‐in-‐class service Harvesting on the existing production set-‐up 47
- 46. Nobia Production roadmap From local production to brand-‐independent best-‐in-‐class service Harmonization enables further consolidation and brand independence 48
- 47. Nobia Production roadmap From local production to brand-‐independent best-‐in-‐class service 90% in-house manufactured Nordic 90% brands purchased UK brands Best-‐in-‐class Best-‐in class service to the new service range and brand positions CE brands High variance 49
- 48. Max. capacity Capacity has been reduced by 15%, Weekly volumes Yet still 40% over-‐capacity Closure 1 Norway Closure 1 Denmark Closure 1 Sweden Cabinets / week & 1 Finland 310,000 300,000 290,000 -‐15% 280,000 270,000 260,000 180,000 40% 170,000 160,000 150,000 140,000 130,000 Jan-‐ Jul-‐ Jan-‐ Jul-‐ Jan-‐ Jul-‐ Jan-‐ 08 08 09 09 10 10 11 50
- 49. More focused investments 51
- 50. Potentials in Purchasing 52
- 51. New Purchasing organisation enables category expertise Sourcing & Procurement Business navigation Local Sourcing procurement Fronts, Glass, Indirect Chemicals & Appliances Carcass Profiles & Plastic & material & Metal EWE-FM Hygena Nobia UK Etc. Packaging Joinery Lights Investments
- 52. Streamlined range creates economy of scale in purchasing Past Well-‐balanced product specifications from Commercial, Range, Purchase and Production perspectives already on the drawing-‐board Future Fewer article numbers in higher volumes Fewer suppliers means strategic relationships with key suppliers 54
- 53. Lower purchasing cost by increasing and improving LCC sourcing Review alternatives for increased sourcing from Asia and other low cost countries e.g. in Eastern Europe Review agent set-‐up to increase proportion of direct LCC sourcing 55
- 54. 2.6-‐3.6 % EBIT margin improvement Vision Become the leading and most profitable kitchen specialist that inspires and fulfils kitchen dreams through a world-‐class customer experience Financial goal 10% EBIT margin Growth Drivers Brand differentiation through innovation Commercial excellence Themes Efficiency Drivers Radically reduced break-‐even costs Optimised asset use Build strong Lead brands with innovation Drive Nordic UK CE Grow B2B Priorities clear points throughout front-‐end retail of differen-‐ the consumer excellence tiation journey Local Savings in operations through manufacturing optimisation, productivity gains and purchasing synergies Funda-‐ mentals Streamlined range to reduce complexity 56
- 55. Morten Falkenberg, CEO Commercial initiatives 57
- 56. Strategy for growth and efficiency Vision Become the leading and most profitable kitchen specialist that inspires and fulfils kitchen dreams through a world-‐class customer experience Financial goal 10% EBIT margin Growth Drivers Brand differentiation through innovation Commercial excellence Themes Efficiency Drivers Radically reduced break-‐even costs Optimised asset use Build strong Lead brands with innovation Drive Nordic UK CE Grow B2B Priorities clear points throughout front-‐end retail of differen-‐ the consumer excellence tiation journey Local Savings in operations through manufacturing optimisation, productivity gains and purchasing synergies Funda-‐ mentals Streamlined range to reduce complexity 58
- 57. Commercial initiatives 1. Retail and Professional sales, Nordic 2. B2B Retail UK and Continental Europe 3. Magnet Retail and Trade in UK 4. Hygena in France 59
- 58. Henrik Karup Jörgensen, Retail and Professional, Nordic region Market update and how we will further improve margins 60
- 59. 4 key strategic themes Drivers Strategic Themes Growth Brand differentiation through innovation Commercial excellence Efficiency Radically reduced break-‐even cost Optimised asset use 61
- 60. Strong market development primarily driven by the recovering professional segment Positive new build development Renovation growing; partly driven by government subsidies (e.g. ROT) Strong market shares Sweden 31% Norway 48% Finland 25% Denmark 35-‐40% Positive trend which also reflects in the financials; in Q1 EBIT has grown to 5,9% (1,4%) with a organic growth of 14% Source: Prognoscentret, IFKA, Nobia analysis. 62
- 61. Looking forward, the kitchen market is likely to continue developing positively in Sweden and Norway Sweden Norway Number of kitchen cabinets (t) Number of kitchen cabinets (t) 3500 1800 3000 1600 1400 2500 1200 2000 1000 1500 800 600 1000 400 500 200 0 0 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 New build Renovation New build Renovation Source: Prognoscentret 63
- 62. After a few tough years in Denmark the market is likely to slowly catch up. The Finnish market forecast to stabilise in 2012 Denmark Finland Number of kitchen cabinets (t) Number of kitchen cabinets (t) 2500 2500 2000 2000 1500 1500 1000 1000 500 500 0 0 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 New build Renovation New build Renovation Source: Prognoscentret 64
- 63. In the Nordic, Nobia has about 300 own and franchise stores in total Number of O&C stores and size (Apr 2011) Market Number of stores Size (m2) Denmark 107 89 000 Finland 69 14 000 Norway 66 26 000 Sweden 47 32 000 Export 17 2 500 Total 306 167 000 65
- 64. 66
- 65. Moving forward, the Nordic has two clear strategic priorities to increase profitability 1. Develop our offer towards the professional segment to become an even better partner 2. Enhance the customer experience in our stores we are the kitchen specialist 67
- 66. Conclusion Leading brands Growth from a strong base Strong positions in all sales channels 68
- 67. Christian Rösler, B2B Retail in UK and Continental Europe 69
- 68. 4 key strategic themes Drivers Strategic Themes Growth Brand differentiation through innovation Commercial excellence Efficiency Radically reduced break-‐even cost Optimised asset use 70
- 69. Asset utilization We have the knowledge We have the capability We have the capacity in manufacturing Exploring geographic virgin territory Align our approach to the market 71
- 70. New B2B retail opportunities for Nobia Channel shift New entrants Independent furniture Chains such as IKEA, outlets (often organized Conforama, BUT into buying groups) Contract / Kitchen Furniture Furniture Building 2006 specialists; retailers; chains; Trade; 35,0% 16,0% 19,0% 13,0% Contract / Kitchen Furniture Furniture Building 2009 specialists; retailers; chains; Trade; 32,3% 18,3% 23,7% 10,0% -‐8% +20% -‐23% The B2B retail channels are increasing in importance, and furniture chains and retailers have increased their marketshare by 20% between 2006 and 2009 72
- 71. B2B Customer groups Large Scale Retailers Purchasing Associations working cross border Independent kitchen dealers
- 72. Current position and key initiatives for ewe/FM High market share Strong brands with a clear profile Private label as option 100% Professional sales via multiple channels Growth potential -‐ domestic and export Customized category management New show room/competence center in Linz 74
- 73. Link to: New showroom and competence center for Intuo, Ewe and FM brands in Linz 75
- 74. Conclusion Growth area, lean and existing business model Low risk High potential Share knowledge across the Group 76
- 75. Magnet Retail and Trade in UK Anjum Ahmed
- 76. 4 key strategic themes Drivers Strategic Themes Growth Brand differentiation through innovation Commercial excellence Efficiency Radically reduced break-‐even cost Optimised asset use 78
- 77. UK Kitchen Market Indexed 2007 = 100 (£3,066m) 100 95 90 85 Index 80 75 70 65 60 2007 2008 2009 2010 -‐8% -‐8% 0%
- 78. Housing Transactions Housing Transactions Rolling 12 Month Index Mar 2006=100 (1.44m transactions) 140 120 100 80 60 40 20 0 mar-06 jul-06 nov-06mar-07 jul-07 nov-07mar-08 jul-08 nov-08mar-09 jul-09 nov-09mar-10 jul-10 nov-10 Housing transactions still 53% down on the 2007 market peak. Personal uncertainty and lack of mortgage availability hampers recovery
- 79. House Prices 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% jan 05 jan 06 jan 10 jan 11 jan 04 jan 07 jan 08 jan 09 maj 08 maj 04 maj 05 maj 06 maj 07 maj 09 maj 10 sep 05 sep 06 sep 07 sep 10 sep 04 sep 08 sep 09 Annual Monthly House price recovery in H2 2009 and H1 2010 is being eroded as prices fall 2011 Prices Fall 5% Oversupply
- 80. Consumer Confidence 30 20 10 0 -10 -20 -30 -40 -50 jul 03 jul 05 jul 06 jul 08 jul 09 jul 04 jul 07 jul 10 jan 03 jan 04 jan 05 jan 06 jan 07 jan 08 jan 09 jan 10 jan 11 Overall Major Purchases Consumer confidence continues to fall in 2011, Index -‐31 is now lowest point since 2008
- 81. Savings Ratio and Consumer Credit Measures Savings Ratio - % of Earnings Saved Net Change in Consumer Credit (£m) 8 7 £3,000 6 £2,500 5 £2,000 £1,500 4 £1,000 3 £500 2 £0 1 -£500 0 -£1,000 -£1,500 -1 -£2,000 -2 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jul 03 Jul 04 Jul 05 Jul 06 Jul 07 Jul 08 Jul 09 Jul 10 2003 2004 2005 2006 2007 2008 2009 2010 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Net Changes in Outstanding Credit Card Balances Net Changes in Loans & Overdrafts UK Consumer is untypically saving more and reducing debt
- 82. Responding to market downturn Control Costs Closing unprofitable stores Rent Negotiations Managing Productivity Re-‐negotiating utility contracts Reducing subsidy on consumer finance Reducing bad debt Increasing customer appeal to a wider market Maintain Retail Discipline
- 83. Background Magnet Group
- 84. 34 retail solus Background 2010 sales breakdown 133 mixed sites 46 trade solus 113 stores
- 86. Target Customer: Small Local Builder Easy to install, time saving products Generalist tradesmen They are price sensitive and do not easily become loyal Good Counter Demand is driven by customer Service recommendations Products Available in Quality Product Stock to help their reputation
- 87. Products Service
- 88. KPIs New Account Openings Account Conversion Account Base Growth Average Spend per Account Sales / Visit Frequency / Average Order Value
- 89. Trade
- 90. Average Account Spend by Age Account Spend: average Account Spend by age -‐ 2010 Data 250 200 150 Kitchens 100 Joinery 50 0 Under 1 year 1-‐2 years 2-‐3 years 3-‐4 years 4-‐5 years Over 5 years Indexed to compare older accounts versus those under 1 year Under 1 year index = 100
- 91. Introducing CRM Structured Lead and Integration of Local and Effective Stock Account Management Central Marketing Management Increased Frequency of Increased Sales Accounts Trading
- 92. Growth opportunities through Social Housing and Private Developers Private Developers Magnet Share = 1.7% Social Housing
- 93. Utilising Existing Resources to Develop Contract Channel Utilise Existing Utilise Existing Store Network Product Small dedicated sales Utilise Existing team to win contracts Logistics to be serviced by the store network
- 95. Who are our retail customers? Appeal to customers spending in the region of £5k to £15k Self Expressionists They demand quality product and service Like variation Like recognition Household income £50k to £75k+
- 96. The Retail Proposition Best Showroom in Town Measurable KPIs Web Traffic Footfall Prospects Leads Sales Full Circle Service (FCS) Inspirational Products
- 97. Widening the appeal of the Magnet brand £3k £5k £15k
- 98. Increase product differentiation between collections Rigid Cabinets Differentiated Greater Differentiation Soft close drawers & doors Value Conscious Ranges + Enhanced cabinet options + Enhanced cabinet options + Enhanced colour options + Enhanced colour options + design innovations + Timber Drawer boxes + Built in Storage as standard
- 99. Summary of Magnet Focus Tough UK market Maintain core retail principles Control costs Widen brand appeal Provide a reason to buy Stronger service
- 100. Hygena in France Turnaround Per Kaufmann 102
- 101. The French Kitchen Retail Market 103
- 102. The French kitchen market growing with potential (billion) 3 9% Built in appliances kitchen specialist (GFK source) : +4.2% Vs 2010 (Invoices, end of feb) 2 6,7% 5,0% 6% IPEA kitchen specialist panel : +10 % Vs 2010 (orders, end of Feb 2011) Only 60% of French kitchens are 2.3 2.4 1 3% equipped compared to 80% in 1.9 Germany and even higher in Scandinavia. 0 0% Between 2005 and 2010, the market 2005 2010 2011 growth is +26% and the selling surface Est. growth is +25%. 104
- 103. 140 stores covering all of France 105
- 104. 4 key strategic themes Drivers Strategic Themes Growth Brand differentiation through innovation Commercial excellence Efficiency Radically reduced break-‐even cost Optimised asset use 106
- 105. Growth Value-‐added kitchens New product introductions New store concept Increase sales personnel competence Put content into the brand 107
- 106. Growth -‐ New product introductions A wider range 108
- 107. Growth -‐ New product introductions New best-‐sellers The Nova door 109
- 108. Growth New product introductions -‐ New worktops High gloss worktops 110
- 109. Growth -‐ A new store concept 111
- 110. Growth -‐ A new store concept Circular layout Design Studio 19 kitchens 6 Vendor boxes 112
- 111. Growth -‐ A new store concept -‐ Design studio 113
- 112. Growth -‐ A new store concept More value added 114
- 113. Growth -‐ A new store concept More value added 115
- 114. Link to: First step to a more modern Hygena -‐ A new store concept improving sales 116
- 115. Growth -‐ A new store concept Estimated roll-‐out plan 2010 Dec 2 2011 Apr May 3 Nov -‐ Dec 20 2012 May-‐Dec 84 2013 Apr May 31 117
- 116. Growth -‐ A new Store concept Customer Research Does this store make you want Why does this store make you to buy a kitchen? After Before want to buy? After Before Yes, very much 66% 46% Kitchen presentation/expo 87% 49% Yes 30% 28% The choice of kitchens/variety 52% 44% of models A little 4 % 19% The style 47% 30% Does not comment -‐ 7% The quality of the kitchens 24% 19% Sales person advice 20% 20% Functionality of the kitchens 14% 19% Easiness to compose oneself 13% 10% The promotions 11% 27% Proposed services 3% 4% The prices 2% 13% The Shopping windows 1% 4% 118
- 117. Growth -‐ Increase sales staff competence Recruitement More attractive Technical use of Drawing better Process remuneration drawing system kitchens Technical, Test each new More attractive Training for all functional and recruit after remuneration for people in sales emotional kitchens two months. performers training programs -‐> Starts in June -‐> Negotiations -‐> June to -‐> 2011-‐12 with unions September 119
- 118. Efficiency Diminish our costs Closures of stores and Delivery platforms Redundancies Daily operations Costs of Failures 120
- 119. Efficiency -‐ Diminish our costs Closures Redundancies Daily Operations 10 stores 109 Energy 2 delivery platforms -‐ HQ: 40 Cleaning -‐ Store: 40 Supplies -‐ Central WH: 21 Etc. -‐ Deliv. agencies: 8 121
- 120. Efficiency -‐ Diminish our costs Cost of failure Prerequisites Suppliers Stores Supply Chain 122
- 121. The drivers that will help us reach our financial target Drivers Growth Financial target 10% EBIT Efficiency 123
- 122. Morten Falkenberg, CEO Summing up 124
- 123. Drivers 4 strategic themes Growth Brand differentiation through innovation Commercial excellence Efficiency Radically reduced break-‐even cost Optimised asset use 125
- 124. Q and A 126
- 125. www.nobia.com Highlighted features 127
- 126. www.nobia.com Highlighted features Improved search function 128
- 127. www.nobia.com Highlighted features Improved search function Investor portal 129
- 128. www.nobia.com Highlighted features Improved search function Investor portal Current and historical share development 130
- 129. www.nobia.com Highlighted features Improved search function Investor portal Current and historical share development Reports and presentations at one place 131
- 130. www.nobia.com Highlighted features Improved search function Investor portal Current and historical share development Reports and presentations at one place View and compare financial data in HTML and Excel 132
- 131. www.nobia.com Highlighted features Improved search function Investor portal Current and historical share development Reports and presentations at one place View and compare financial data in HTML and Excel Our ownership structure 133
- 132. www.nobia.com Highlighted features Improved search function Investor portal Current and historical share development Reports and presentations at one place View and compare financial data in HTML and Excel Our ownership structure Add Nobia events to your calendar 134
- 133. www.nobia.com Highlighted features Improved search function Investor portal Current and historical share development Reports and presentations at one place View and compare financial data in HTML and Excel Our ownership structure Add Nobia events to your calendar Follow us 135
- 134. www.nobia.com www.twitter.com/nobiagroup #nobiacmd11 m.nobia.com Press releases, news, reports, calendar events, subscriptions and contact information 136
- 135. Thank you 137