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Strategic Review - Focus. Execute. Deliver.

Strategic Review - Focus. Execute. Deliver. Corporate Express – Scottsdale (AZ), 3 October 2007 Kees Bangma – Group Treasurer. “Safe Harbour” Statement under the Private Securities Litigation Reform Act of 1995.

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Strategic Review - Focus. Execute. Deliver.

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  1. Strategic Review - Focus. Execute. Deliver. Corporate Express – Scottsdale (AZ), 3 October 2007 Kees Bangma – Group Treasurer

  2. “Safe Harbour” Statementunder the Private Securities Litigation Reform Act of 1995 Statements included in this press release, which are not historical facts are forward-looking statements made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Such forward-looking statements are made based upon management’s expectations and beliefs concerning future events impacting Corporate Express and therefore involve a number of uncertainties and risks, including, but not limited to industry conditions, changes in product supply, pricing and customer demand, competition, risks in integrating new businesses, currency fluctuations, and the other risks described from time to time in the Company’s filings with the US Securities and Exchange Commission, including the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 9, 2007. As a result, the actual results of operations or financial conditions of the Company could differ materially from those expressed or implied in such forward-looking statements. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update publicly or revise any forward-looking statements.

  3. Overview Corporate Express • Pure-play contract supplier within office products industry • Leading global player • Extensive logistical backbone • Sophisticated eCommerce platforms • Strong brands • Over 18,000 employees • Company description • Global footprint • #1 position in US, Australia, Norway, Sweden, Benelux and Germany • Top 3 position in Canada, Austria, New Zealand, Ireland and Italy • Present at over 300 locations in 20 countries in Europe, North America and Australia • Annual revenues of EUR 5.6 billion1 1 Last 4 quarters, excluding ASAP Software

  4. A leading player … • Pure-play contract OP supplier with distinct B2B model • Large global footprint • Scale benefits - Merchandising, sourcing • Exchange best practices - Private brands, product range extension, Pick-to-Voice, eCommerce, Saleforce.com • Scalable platform- Logistics and distribution infrastructure - Sophisticated eCommerce platforms • Leading B2B market positions in key markets - #1 in US, Australia, Norway, Sweden, Benelux and Germany - Top 3 positions in Canada, Ireland, Austria, New Zealand and Italy • Present at over 300 locations in 20 countries in Europe, North America and Australia • Alliances in Europe, Latin America and South-East Asia • Only player able to service customers globally - Strong sales growth with global accounts Strong competitive position

  5. … in an attractive market… • Close link with white-collar employment • Leverage of distribution, IT, eCommerce and sales force infrastructure • Little risk of disintermediation • High barriers to entry • Different infrastructures (IT, logistics) • Sourcing, multiple suppliers • Operational leverage of fixed cost base • Attractive Return on Capital Employed Attractive market

  6. …and a streamlined operational infrastructure…

  7. …but with room to drastically improve execution • Decentralised organisation and unfocused go-to-market models …leading to unsuccessful execution and poor sales performance …however, with successful sourcing, merchandising, logistics and eCommerce • Identified challenges • Under-utilized position with larger clients • Limited penetration in mid-market • Increasing complexity in category offering • Sub scale or absent in some geographies

  8. STRATEGIC REVIEW FOCUS. EXECUTE. DELIVER.

  9. Key issues • Key questions • Key issues • Do we have a sound strategy? • How can we improve performance? • What operational changes are needed to deliver? • Corporate Express has the right strategy and is well positioned but has been lacking in execution… • …we should further increase FOCUS and improve how we EXECUTE our plans... • …we need to change our organisation and leadership to be able to unlock full potential and DELIVER shareholder value

  10. Strategic direction 2007-2010 • 2004-2007 • March-September 2007 • 2007-2010 Broaden product portfolio of businesses Focus. Execute. Deliver. Strategic Review • Adding categories to create single source offer • Shift organisation to category focus • Focus on mid­market • Private brands, preferred supplier, global sourcing Key strategic moves • Do we have a sound strategy? • How can we improve performance? • What operational changes are needed to deliver? • Which strategic options do we have? • Increase share of wallet • Improve category offering • Grow mid-market share • One global management team • KPI’s, accountability M&A activity • Acquisitions in Australia, Scandinavia, North America, Spain • Divested ASAP Software and Veenman Germany • Strengthen geographicfootprint

  11. Key actions to deliver shareholder value Focus • Launch 4 key strategic priorities to deliver profitable growth • Increase share of wallet • Improve category offering • Grow mid-market share • Strengthen geographic footprint Execute • Transform into a more operationally focussed and sales driven organisation • Creation of one global management team to improve operational execution significantly • Clear and specific targets, KPI’s and accountability Deliver Global Office Products: • Average annual organic sales growth of at least 6% for 2008-2010 • Given business model, EBITDA margin of at least 7%

  12. To become a fully operational driven company • Peter Ventress (CEO): ”We have to transform radically our management structure and our ability to execute.” • Decentralised structure no longer appropriate • Organisation has to mirror our unique position as global pure play B2B office supplies company • Transform into a more operationally focussed and sales driven organisation • Creation of one global management team to improve operational execution significantly

  13. New management teamStrong operational focus President USA President Europe President Australia EVP Merchan-dising SVPOperations SVP People & Organisation SVP IT Jay Mutschler Peter Damman Grant Harrod Ron Lalla Tim Beauchamp Not yet filled Dick Dijkstra Supervisory Board Executive Board Peter Ventress (CEO) - 1960 George Dean • 1947 • To retire as planned after AGM in April 2008 Floris Waller (CFO) - 1958 Executive Management Group

  14. FINANCIALS FOCUS. EXECUTE. DELIVER.

  15. H1 2007 performance as reported • Sales up 2.4% to EUR 3,194 million • 7.0% at constant rates • Organic growth Corporate Express +3% • Office Products North America down 2% • Office products industry US facing challenging environment • US operations stable after disruptions in sales force and customer service • OP Europe and OP Australia showing good performance • Printing systems reporting a good first half • Operating result EUR 108 mln • (4.2%), at constant rates flat • Operating result before special items EUR 119 mln • (16.7%), at constant rates (13%)

  16. Consolidated cash flow statement

  17. Net interest-bearing debtExcl ASAP Software *, in bold 1,456 * 1,208 • Leverage ratio: 3.7x → 3.3x * • Interest coverage ratio 4.5x → 4.6x * • Net interest-bearing debt as percentage of • group equity: 98% → 75% * * Assumes ASAP Software divestment per end of June 2007 Proceeds USD 340 mln (± EUR 248 mln)

  18. Funding (per end of June 2007)

  19. Trading update Q3 2007 resultsQ3 2007 to be published Tuesday 6 November • Organic growth Q3 2007 Office Products North America Organic growth (1%) Q2 2007 (3%) Q1 2007 (1%) Office Products Europe Organic growth +7% Q2 2007 +5% Q1 2007 +6% • CEUS organisation stabilised; enhanced morale • ‘Simplify and Sell’ approach paying off • Continue to gain market share

  20. Key actions to deliver shareholder value Focus • Launch 4 key strategic priorities to deliver profitable growth • Increase share of wallet • Improve category offering • Grow mid-market share • Strengthen geographic footprint Execute • Transform into a more operationally focussed and sales driven organisation • Creation of one global management team to improve operational execution significantly • Clear and specific targets, KPI’s and accountability Deliver Global Office Products: • Average annual organic sales growth of at least 6% for 2008-2010 • Given business model, EBITDA margin of at least 7%

  21. . FOCUS. EXECUTE. DELIVER.

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