Mr.Bricolage moves forward with the implementation of its REBOND strategic
La Chapelle-Saint-Mesmin, 15 February 2018 - Launched 16 months ago, the REBOND
plan notably aimed to (i) reorganize the network of directly-owned stores, (ii)
accelerate digital capabilities, and (iii) improve Network Services. In 2017,
in line with this roadmap:
* 15 directly-owned stores were closed and six sold,
* The new Mr.Bricolage website was launched,
* Network Services were further strengthened (EUR182.2 million, +1.7%).
With a resized operational scope (2017 consolidated turnover of EUR485.7
million, -7.2%), these measures were accompanied, as planned, by a return to
moderate growth in current operating profit in 2017. The REBOND plan's
deployment will continue to move forward in 2018 and make it possible to embark
on a new phase of growth, while improving results and competitiveness.
2017 consolidated business
EURM 31 Dec 2017 31 Dec 2016 change H2 2017 H2 change
In connection with the REBOND plan and Mr.Bricolage SA's realignment around its
Network Services business, the network of directly-owned stores at 31 December
2017 comprised 66 points of sale in France, with 65 under the Mr.Bricolage
brand (average of 4,300 sq.m) and one under the Les Briconautes brand (versus
87 at 31 December 2016, with 83 Mr.Bricolage brand and four Les Briconautes
15 stores were closed during the year, out of the 17 initially planned: one
store was bought out by a member-entrepreneur and one store is still trading
with a reduced sales area. One non- operational real estate asset and five
stores were also sold, including four under the Mr.Bricolage brand and one Les
Briconautes brand unit. A further two divestments were completed at the start
In addition to clearing stock from the closed stores, Mr.Bricolage has launched
a massive stock clearance program at all its directly-owned stores targeting
products with very low turnover(1) in order to prepare to deploy the new
product ranges rolled out in 2017. At end-2017, 12% of the product selection
was renewed and Mr.Bricolage will be ramping up its deployment and
rationalization in 2018.
(1) Products with very low turnover are products selling less than two units in
The measures adopted for the directly-owned stores and the overhauling of the
e-commerce business, in line with the objectives from the REBOND plan, are
reflected in a contraction in turnover for 2017, down to EUR303.5 million
(-11.9% on a current basis and -5.2% on a like-for-like store basis).
* Network Services business
The Network Services business generated EUR182.2 million in turnover for 2017,
up 1.7%. Driven by growth in the volumes passing through the Group's logistics
unit, sales of goods to the members-entrepreneurs (+4%) are in line with the
new offer strategy and Mr.Bricolage SA's realignment around this business
* Net debt
Under the impact of the REBOND plan, and particularly the store closure costs
and the deferred divestments carried out at the start of 2018, the Group's debt
increased temporarily in 2017 by EUR5.9 million to EUR72.5 million at 31
December 2017, versus EUR66.6 million at 31 December 2016.
Over the last four years, the Group has reduced its debt by a total of EUR19.1
Lastly, in connection with the refinancing of its debt, the Group signed a new
syndicated credit agreement on 20 December 2017 for EUR120 million, with three
tranches: (i) a first medium-term tranche for EUR55 million, repayable over
five years, (ii) a EUR40 million revolving credit line, repayable at maturity
in five years, and (iii) a EUR25 million investment credit, repayable at
maturity in five years.
This financing enabled the existing financing line to be repaid ahead of
schedule and in full for EUR55 million on 20 December 2017, while supporting
the Group with its implementation of the REBOND plan, paving the way for a
further reduction in the Group's debt in 2018.
EUR2,039.1 million volume of business in 2017
755 stores in France and around the world under the Mr.Bricolage, Les
Briconautes and independent brands (affiliates).
Networks volume of business
Volume of Change on Change on
business like-for-like Change on like-for-like
incl. taxes store basis total store store basis Number of
EURM vs H2 2016 31 Dec 2017 basis (c) stores
(a) With 322 Mr.Bricolage brand stores, 103 Les Briconautes brand stores and
262 affiliate stores under independent brands.
(b) 68 Mr.Bricolage brand stores operating in eight countries: Andorra (1),
Belgium (46), Bulgaria (11), Cyprus (1), Macedonia (1), Madagascar (1), Morocco
(5), Mauritius (2).
(c) Changes calculated based on all the Mr.Bricolage stores, a panel of 55 Les
Briconautes stores and 21 affiliates.
(d) The "online sales" item includes home delivery sales and sales collected
from Mr.Bricolage store collection points.
In France, the network had 687 stores at the end of 2017.
In a French home improvement superstore market that grew 0.2%(2)on a
like-for-like store basis in 2017, the volume of business on a like-for-like
store basis for the brand and affiliate networks represents EUR1.8 billion
(-1.4%). This change primarily reflects the resizing of the directly-owned
store network, one of the priorities from the REBOND plan. Alongside this, the
Mr.Bricolage members-entrepreneurs are ramping up the network's development and
making significant investments in new projects. In 2017, five stores were
opened, seven transferred, remodeled or expanded, and eight acquired.
The international network had 68 points of sale in eight countries at the end
of 2017, compared with 71 stores in 11 countries at end-2016.
Its realignment around the most buoyant countries (Belgium, 46 stores, and
Bulgaria, 11 stores) enabled the Group's international business to grow 2% in
2017 to EUR240.4 million.
* The Belgian network, which represents 55.9% of the volume of business for the
international networks, confirmed its return to growth (+4.3%) following a year
marked by a sluggish economic environment in 2016;
* The Bulgarian network, which represents 27.8% of the volume of business for
the international networks, is up +1.9%.
In addition, a fifth store was opened in Morocco (Casablanca) in June 2017. The
two Uruguayan stores, the Colombian store and the brand's final point of sale
in Romania were closed during the year.
At the start of 2018, the Group further strengthened its partnership with the
Yeshi Group, adding five new countries (Benin, Burkina Faso, Mali, Niger, Togo)
to the four countries already signed up in 2014 (Ivory Coast, Gabon, Senegal,
Congo). The first opening is planned for the first half of 2018 in Ivory
The Group will be releasing its full-year earnings for 2017 and outlook for
2018 on 14 March 2018 (after close of trading).
About Mr.Bricolage (figures as of end of 2017)
The Mr. Bricolage Group, which develops well-known brands Mr.Bricolage and Les
Briconautes, is a French specialist in DIY local independent retail with 687
outlets operating under the brands or through affiliates. Internationally, the
Group is present in 8 others countries with 68 stores.
Mr. Bricolage SA (MRB FR0004034320) is listed in compartment B of Euronext
Paris and is part of the Enternext PEA-PME 150 and CAC All Shares index.
Mr. Bricolage SA is eligible for the PEA-PME savings plan.
Head of Financial Communications
Tel: +33 2 38 43 21 88