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Avenir Telecom Investor Presentation 2014

Jun 19, 2014

1134_iss_2014-06-19_a918eb24-12f9-4920-bbe3-534b9ad81122.pdf

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Full-year results2013 – 201419 June 2014

Full-year 2013-2014 results

Contents

Highlights

Full-year 2013-2014 consolidated results

Strategy of the Group

Appendices

Full-year 2013-2014 results

Presentation of the Avenir Telecom Group

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2013 – 2014: a transition year marked by the acceleration of the Group's transformation

  • ●72 million euros less in revenue in 2013 – 2014
  • ● Deployment in alternative smartphones:
  • ●Signature of an exclusive distribution contract with the US smartphone manufacturer YEZZ
  • ● Development of the Energizer range in accessories and renewal of the Beewi range in connected devices:
  • ●22% of the revenue for products in 2013 – 2014
  • ●Refocusing of the Internity shopsin France and in Spain
  • ● Disposals of activity in the United Kingdom (indirect multi-operator activity) and in Portugal(retail activity)
  • ● Successful renegotiation of the bank loans providing the Group with the means for its ambitions

Accounts affected by the setting up of the Group's new development strategy

  • ● Consolidated revenue sharply decreased by the voluntary decline in the sale of low-profit mobile handsets
  • ● Adjustment of the cost structure making it possible to contain the degradation in operating income
  • ● Current operating loss affected by non-recurring items (provisions linked to restructuring the store base in France and in Spain)
  • ● Net income affected by the derecognition of the deferred tax asset and other accounting provisions without affecting the Group's cash flow

Contents

Highlights

Full-year 2013-2014 consolidated results

Strategy of the Group

Appendices

A transition year marked by a cleaning up of the accounts with limited impact on cash flow

  • ● Consolidated revenue of 282.8 million euros sharply decreased by the voluntary decline in the sale of low-profit mobile handsets
  • ● Gross margin of 84.5 million euros (margin rate of 29.9%, +3 points) linked to the depreciation of current assets for 10.1 million euros
  • ● Operating loss of 9.7 million euros before:
  • ●Restructuring of the store base in France and in Spain: 8.2 million euros
  • ●Goodwill impairment: 6.3 million euros
  • ●Net income impacted by the Group's refocusing operations
  • ●Negative cash flow of only 3.4 million euros thanks to cost adjustment measures
  • ●Available cash of 8.5 million euros as at 31 March 2014

Financial year 2013 – 2014 market by a cleaning up of accounts

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  1. Taking into account the net change in impairments of current assets and other non-recurrent items (-€2.2 million in 2013-2014 and -€1.2 million in 2012-2013)

2.Following the disposals of activities planned in the United Kingdom in 2013-2014 and in Portugal in 2012-2013

3.Including derecognition of the deferred tax assets (22.9 million euros in 2013-2014)

Products: increasing share for accessories and connected devices

As a %

  • Sharp drop in the sales of low-profit mobile handsets
  • -Good performance with Energizer and electronic cigarettes
  • -Renewal of the Beewi range of accessories and connected devices

Products: acceleration in the change in the productmix

  • •Development of the product mix with accessories, connected devices and electronic cigarettes
  • • Encouraging start with the new ranges of YEZZ telephones in the buoyant market segment of smartphones

•54% of turnover outside of France (presence of the Group in 40 countries)

Services: drop in activity close to that of the market

•Refocusing of shops in France and in Spain

Full-year 2013-2014 results 121.Source: Arthur D. Little, Exane BNP Paribas, mobile services only, May 2013

Drop in recurring operating costs of 8.2 million euros in 2013 – 2014

  • •Substantial drop in the support functions, in particular administrative expenses
  • •Accentuation in efforts to rationalise the Internity store base

1.Excluding accelerated amortisation of the store network in France and in Spain, provisions and depreciation for closing non-profitable stores

Limited decline in free cash flow and available cash of 8.5 million euros

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  • • Good control of the management of the WCR in a context marked by a drop in trade payables and the practice of pre-financing for purchases in Asia
  • • Available cash (cash flow – banks overdrafts) of 8.5 million euros as at 31 March 2014 before cash flow stemming from the disposal of the subscription distribution activity for operators in the United Kingdom which took place on 11 June 2014
  • • Disposal of the retail activity in Portugal making it possible to improve cash flow in light of the expected losses in this segment

Success in bank renegotiation

  • ●New amortisation methods for the current loans
  • ● Deferred repayment of middle-term loans until 25 January 2016
  • ●Prorogation of short-term loans to 25 January 2016
  • ● Lifting of the bank covenants until the test period ending on 30 September 2015
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Shareholders' equity of nearly 15 million euros andavailable cash flow of 8.5 million euros

Contents

Highlights

Full-year 2013-2014 consolidated results

Strategy of the Group

Appendices

A reactive group in a quickly-changing sector

  • ● A market that with every evolution in technology ensures:
  • ●the creation of a new ecosystem
  • ●new business model opportunities
  • ●new sources of revenue through new ranges of products and services

● The arrival of 4G will accelerate the development of connected devices and the multiplication of ecosystems

Expected change in the group's marketsin the next years Revenue for mobile operators in Europe 4 -- Growth in the market for accessories 2 --- Growth in connected devices 1 -2%+8%+93%Forecastannualchange--Growth in smartphones 3 +17%

1.Source: Ericsson, CAGR of the number of connected devices in the world between 2013 and 2020

2.Source: AB Research, CAGR of the market concerning chargers, headsets, covers and headphones between 2011 and 2015

3.Source: eMarketer, 2013, number of users in the world between 2012 and 2017

4.Source: Arthur D. Little, Exane BNP Paribas, CAGR of voice and data revenues for mobile operators in Europe between 2013 and 2016

A Group that is reinventing itself around a new strategy

  • ● Strengthening of the portfolio of YEZZ mobile phones:
  • ●Launching in June of the first alternative Windows Phone in Europe
  • ● Ongoing development of ranges of accessories and connected devices
  • ● Launching of the range of connected comfort solutions for the home (connected LED bulbs, weather stations, on/off electrical outlets, etc.)
  • ● Management of outsourced operator services in a dedicated network
  • ●Deployment of outsourced shelf space and store management offerings

Reinforcing of the alternative smartphone portfoliowith the YEZZ brand

  • ● Exclusivity for Europe, the Middle East, Africa and Russia
  • ●Distributed in over 100 countries
  • ● First alternative Windows Phone in Europe

Development of accessory ranges with Energizer

  • ● Large range of general public electronic commodity products: chargers, protection and connections for the telecom and multimedia worlds
  • ●12.8% market share in France 1
  • ● Distributed in 36 countries, primarily in indirect distribution

1.Source: GFK, January to December 2013, chargers for mobile telephones, in value terms

Development of ranges of connected devices with Beewi

  • ●Patented objects for audio, games and home automation
  • ●Present in 30 countries
  • ●development of applications for connected devices
  • ● Recognised by the main playersMicrosoft, Apple, Amazon

Smart Tracker Smart Temperature & Humidity Sensor Smart Plug Smart LED Color BulbWireless Bluetooth Headphone

Full-year 2013-2014 results

23Innovation and Design awardCES Las Vegas 2014

Outsourced shelf space and store management for operators

  • ●2,500 linear metres in outsourced management in Europe
  • ●Main customers: Orange, Vodafone, Telenor, TMobile…
  • ●Present in 8 European countries

Contents

Highlights

Full-year 2013-2014 consolidated results

Strategy of the Group

Appendices

Results by business segment

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Cash flow statement

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i
m
o
n
s		 l
l
F
e
a
r
u
y
2
0
1
3-
2
0
1
4		 l
l-
F
e
a
r
u
y
2
0
1
2
2
0
1
3
–
h
f
l
f
i
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C
t
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w
r
o
m
c
o
n
n
u
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p
e
r
a
o
n
s		 (
)
3.
4		 8.
9
h
l
b
l
(
)
i
i
d
i
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W
C
R
t
t
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p
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a
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n
e
a
s
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s
a
n
a
e
s		 (
)
9
1.		 (
)
8.
7
h
d
d
d
C
i
i
i
i
t
t
a
s
u
s
e
n
s
c
o
n
n
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e
o
p
e
r
a
o
n
s		 (
)
0.
0		 (
)
0.
2
h
f
l
f
C
i
i
i
i
t
t
t
a
s
o
w
r
o
m
o
p
e
r
a
n
g
a
c
v
e
s		 (
)
5.
3		 0.
1
/
f
l
b
f
d
l
f
b
d
i
i
i
i
i
i
i
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t
t
t
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e
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m
e
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e
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c
q
s
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s
s
p
o
s
a
s
o
s
s
a
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e
s
v
w
u
u		 (
)
0.
4		 (
)
0.
7
h
f
l
f
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i
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t
t
t
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e
c
a
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o
m
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p
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r
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n
a
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w
g
v		 (
)
5.
7		 (
)
0.
6
h
d
f
i
i
i
i
i
i
N
t
t
t
e
c
a
s
s
e
n
n
a
n
c
n
g
a
c
e
s
u
v		 (
)
1.
6		 (
)
1
3.
0
f
h
f
l
h
I
i
i
i
t
t
t
t
t
m
p
a
c
o
e
x
c
a
n
g
e
r
a
e
u
c
u
a
o
n
s
o
n
c
a
s
p
o
s
o
n		 0.
1		 0.
1
h
i
h
i
i
C
t
a
n
g
e
n
c
a
s
p
o
s
o
n		 (
)
2
7.		 (
)
3.
6
1
l
h
C
i
i
i
t
o
s
n
g
c
a
s
p
o
s
o
n		 1
4
5.		 2
2.
6

Simplified balance sheet

l
l
€
i
i
m
o
n
s		 h
3
2
0
1
M
1
4
a
r
c		 h
3
2
0
3
1
M
1
a
r
c
N
t
t
o
n-
c
r
r
e
n
a
s
s
e
s
u		 2
0.
4		 6
2.
0
d
l
l
G
i
o
o
w		 1.
6		 7.
8
b
l
f
d
i
i
i
N
t
t
t
e
n
a
n
g
e
e
a
s
s
e
s
x		 1
0.
4		 1
3.
2
b
l
f
d
i
i
N
t
t
t
e
a
n
g
e
x
e
a
s
s
e
s		 4.
1		 1
3.
2
h
O
t
t
t
e
r
n
o
n-
c
u
r
r
e
n
a
s
s
e
s		 3.
9		 4.
8
f
d
D
t
e
e
r
r
e
a
x		 0.
3		 2
3.
0
C
t
t
u
r
r
e
n
a
s
s
e
s		 1
0
4.
0		 1
4
8.
0
i
i
N
t
t
e
n
e
n
o
r
e
s
v		 2
7.
6		 4
1.
6
d
b
l
i
N
t
t
e
r
a
e
r
e
c
e
a
e
s
v		 3
3.
6		 6
3.
0
h
O
t
t
t
e
r
c
u
r
r
e
n
a
s
s
e
s		 1
2.
3		 2
0.
8
h
l
d
f
l
A
t
s
s
e
s
e
o
r
s
a
e		 1
3
5.		 -
h
d
h
l
i
C
t
a
s
a
n
a
s
e
q
a
e
n
s
c
u
v		 3
1
5.		 2
2.
6
f
d
i
i
d
i
N
t
t
t
t
e
a
s
s
e
s
o
s
c
o
n
n
u
e
o
p
e
r
a
o
n
s		 0.
8		 0.
8
l
T
A
t
t
o
a
s
s
e
s		 1
2
5.
2		 2
1
0.
8

Simplified balance sheet (continued)

l
l
€
i
i
m
o
n
s		 h
3
1
2
0
1
4
M
a
r
c		 h
3
1
2
0
1
3
M
a
r
c
ha
ho
l
de
' e
S
i
ty
re
rs
q
u		 6
1
4.		 6
2
4.
l
ia
b
i
l
i
ie
No
t
t
n-
cu
rre
n
s		 3.
0		 2
8
7.
in
ia
l
de
b
io
F
ts
t p
t
an
c
no
n-
cu
rre
n
or
n
–		 0.
8		 2
5.
6
is
io
d
he
l
ia
b
i
l
i
ie
io
Pr
t
t
t
t
ov
ns
a
n
o
r
s –
no
n-
cu
rre
n
p
or
n		 0.
8		 0.
6
f
l
De
iva
ive
in
ia
in
io
t
tr
ts
t
t
r
an
c
s
um
en
no
n-
cu
rre
n
p
or
n
–		 0.
0		 0.
0
fe
d
l
b
l
De
ia
i
i
ie
ta
t
rre
s
x		 1.
4		 1.
6
l
b
l
Cu
ia
i
i
ie
t
t
rre
n
s		 1
0
6.
0		 1
1
7.
2
1
l
de
b
in
ia
io
F
ts
t
t
an
c
cu
rre
n
p
or
n
–		 3
0.
1		 8.
7
k o
dr
f
Ba
ts
n
ve
r
a		 6.
8		 4.
7
Pr
is
io
io
t p
t
ov
ns
cu
rre
n
or
n
–		 9.
5		 4.
7
de
d
Tr
i
to
a
c
re
rs		 2
7.
1		 6
7.
0
d
l s
bu
b
le
Ta
ia
i
i
io
ty
tr
t
x a
n
so
c
ec
ur
co
n
ns
p
ay
a		 1
7.
9		 1
8.
2
l
b
l
Cu
ia
i
i
t
ta
ty
rre
n
x		 0.
6		 1.
6
he
l
b
l
O
ia
i
i
ie
t
t
t
r c
ur
re
n
s		 4.
7		 1
2.
3
b
l
he
l
d
fo
le
L
ia
i
i
ie
t
s
r s
a		 9.
4		 -
b
l
fro
d
d
L
ia
i
i
ie
isc
in
io
t
t
t
s
m
on
ue
op
er
a
ns		 1.
6		 1.
6
l
b
l
ia
i
i
ie
To
L
ta
t
s		 1
2
2
5.		 2
1
0.
8
  1. Following the finalising of the agreement with the financial partners on 9 April 2014, the financial debt will be reclassed into non-current portions according to the renegotiated timetable

Information for investors

b
l
i
i
N
t
t
e
p
c
a
x
u		 o
n
s
F
i
t
t
r
s
q
u
a
r
e
r
r
e
v
e
n
u
e
s		 /
/
2
7
0
8
2
0
1
4
l
f-
H
a
e
a
r
r
e
e
n
e
s
y
v
u		 /
/
1
3
1
1
2
0
1
4
l
f-
l
H
t
a
y
e
a
r
r
e
s
u
s		 /
/
2
7
1
1
2
0
1
4
h
d
T
i
t
r
q
u
a
r
e
r
r
e
v
e
n
u
e
s		 /
/
0
5
0
2
2
0
1
5
l
l
F
u
y
e
a
r
r
e
v
e
n
u
e
s		 /
/
1
3
0
2
0
1
5
5
l
l-
l
F
t
u
y
e
a
r
r
e
s
u
s		 /
/
1
8
0
6
2
0
1
5

Market data on 18 June 2014

k
L
i
i
t
t
s
n
g
m
a
r
e		 E
P
i
t
u
r
o
n
e
x
a
r
s
d
C
o
e		 F
R
0
0
0
0
0
6
6
0
5
2
h
S
i
i
a
r
e
s
n
s
s
u
e		 9
3,
4
4
0,
8
9
5
l
(
)
i
i
i
C
€
t
t
a
p
a
s
a
o
n
m		 3
5

Full-year 2013-2014 results 301.Press releases will usually be distributed after the close of the market

Investors' contact

Agnès Tixier+33 (0)4 88 00 63 [email protected]

Glossary

Products: mobile handsets, multimedia and mobile accessories, connected devices, electronic cigarettes and refills

Services: prepaid and postpaid subscription sales, whether or not subsidised by the operators, insurance and related services

Notice

This document contains forward-looking statements. Although the Avenir Telecom Group believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks anduncertainties. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: the effect of competition; technological developments; the success of the investments of the Avenir Telecom Group in France andabroad; the effects of the economic situation.

A description of the risks borne by the Avenir Telecom Group appears in the section entitled "Facteurs de risque" of the "Document de Référence" of the Avenir Telecom Group filed with the French financial markets authority (AMF) on 15 July 2013. The forward-looking statements contained in this document apply only from the date of this document, and the Avenir Telecom Group does not undertake to update any of these statements to take account of events or circumstances arising after the date of the saiddocument or to take account of the occurrence of unexpected events.

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