Mr Bricolage — Earnings Release 2012

Feb 14, 2013

2012 turnover

Networks: €2.32 billion tax-inclusive sales in 2012

• › France remains stable: -0.1% (on a like-for-like store basis), in line with the market (-0.2% in France in 2012, source: Banque de France)
• › International performance: +5.3% (total-store basis) with a strong pace of new openings

Total consolidated turnover: €560.9 million, -0.3%

› +2.4% in Q4, driven especially by Network Services

2012 Outlook

• › Debt reduced by €21 million
• › Net profit, Group share expected between €10 million and €12 million

Pre-tax turnover(€ million)	31.12.12	31.12.11	% Change	Q4 2012	Q4 2011
Retail	373.6	385.3	- 3.0 %	88.4	91.8
Sales in Directly-owned Stores	369.3	385.3	- 4.2 %	85.3	91.8
Online sales (1)	4.3	-	-	3.1	-
Network Services	187.2	177.0	+ 5.8 %	46.2	39.7
Total consolidated turnover	560.9	562.3	- 0.3 %	134.6	131.5

Change in 2012 consolidated turnover

(1) Le Jardin de Catherine company, which runs the e-commerce sites le-jardin-de-catherine.com, la-maison-de-catherine.com and mr-bricolage.fr, was consolidated as from 1 September 2012.

On 31 December 2012, Mr Bricolage SA announced consolidated turnover that was virtually stable at €560.9 million (-0.3% on 2011). This performance was slightly better than expected but varied between business lines: Network Services (+5.8%), Directly-owned Stores (-4.2%) and consolidated online sales (€4.3 million over 4 months).

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"Retail" business: turnover of €373.6 million as at 31 December 2012

Retail turnover includes sales in directly-owned stores and online sales.

Change in Directly-owned Stores turnover

Pre-tax turnover(€ million)	31.12.12	Change (total-store basis)	Change (like-for-like store basis)	Number of stores as at 31 December 2012
Q4 2012 turnover	85.3	- 7.1 %	- 5.8 %
Full-year 2012 turnover	369.3	-4.2 %	-3.4 %	86

There was a clear decline in turnover at Directly-owned Stores in Q4:

• › -7.1 % on a total-store basis, mainly reflecting scope changes following the sale of the L'Isle-sur-la-Sorgue and Saint-Louis stores;
• › -5.8% on a like-for-like store basis, reflecting fiercer competitive pressure, the remodelling of the Bressuire store and adjustment of the sales floor space at Balaruc.

This trend, which was particularly strong in Q4, threatens the 2012 target of improving operating profit at Directly-owned Stores.

€4.3 million turnover from online sales

The Jardin de Catherine websites (le-jardin-de-catherine.com, la-maison-de-catherine.com and mr-bricolage.fr) generated a combined turnover of €21.6 million over the 12 months of 2012, growth of 11%.

During the 4 months that Jardin de Catherine was consolidated (from 1 September), the Group made online sales of €4.3 million in 2012, including the first – as-yet insignificant – sales from the web-store version of the mr-bricolage.fr site.

The Group thus continues to drive forward its multi-channel business strategy (national website and local sites), with strong investment in advertising and human resources integrated as from 2012.

"Network services" business: turnover of €187.2 million as at 31 December 2012

Turnover in "Network Services" business grew strongly in Q4 (+16.4% to €46.2 million) to end 2012 at €187.2 million (+5.8%):

• Sales of services to referenced suppliers and member stores were €71.5 million in 2012, an increase of 2.2%. This change came largely from a €3.4 million increase in inter-activity supplier turnover (with no impact on profit), of which +€2.4 million was due to a change in estimates. Adjusting for this, turnover from services fell by 2.7% reflecting the fall in network purchase volumes.
• Sales of goods to member stores (+15% in Q4) rose by 8.2% in 2012 to €115.8 million, led by the growth of the logistics business (+9.3% in 2012).

Group continues to reduce debt

The Group continued its policy of reducing debt in 2012, achieving a reduction in net borrowing of €21 million to €126 million as at 31 December 2012 (compared to €147 million as at 31 December 2011).

Earnings outlook

In light of recent trends and allowing for a return to a normal income tax rate, Mr Bricolage expects net profit for 2012 to be between €10 million and €12 million.

The Group will present the details of its 2012 annual results and comment on the outlook at its next results release on 6 March 2013, after market close.

Networks business: 905 stores with a tax-inclusive turnover of €2.32 billion in 2012

Tax-inclusive turnover (€ million)	31.12.12	Change (total-store basis)	Change (like-for-like store basis)(4)	Number of stores
In-store sales	2,315.2	-0.3 %	-0.6 %	905
Of which France (2)	2,106.2	-0.9 %	-0.1 %	839
Of which International (3)	209.0	5.3 %	-4.3 %	66
Online sales	5.2	-	-	-
Total tax-inclusive turnover for networks	2,320.4	-0.1 %	-0.6 %	905

Change in Networks turnover

(2) Of which 301 affiliated stores operating outside the brand.

(3) 10 countries: Andorra (1 store), Belgium (38), Eastern Europe (17), Morocco (4), Mauritius (2), Madagascar (2) and Uruguay (2)

(4) Changes calculated only on stores operating under the Mr.Bricolage brand plus a set of 86 stores under the Briconautes brand and 8 affiliates.

In France, turnover in the Mr.Bricolage branded network was virtually stable (-0.3% on a like-for-like store basis), in line with the market. The networks business benefited from the growth of Les Briconautes (+1.3% on a like-for-like store basis), the development of L'Entrepôt Du Bricolage (€8 million including tax in 2012 from 2 stores) and the deployment of online sales.

International turnover grew by 5.3% on a total-store basis and fell by 4.3% on a like-forlike store basis, which reflecting the contrasting effects of:

• A strong pace of store openings (+8 stores in 2012), mostly in Europe;
• Still sluggish performances in Eastern Europe (-8.7% on a like-for-like store basis), particularly in Serbia where the group decided to close one store, franchise out the second and, in 2013, reduce the sales floor space of the third.

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About Mr. Bricolage (as at 31 December 2012)

Mr Bricolage is France's no. 1 local DIY retailer (839 branded or affiliated stores) and has 66 stores in 10 other countries. The group operates under the brands Mr.Bricolage, Les Briconautes and L'Entrepôt Du Bricolage and also through a number of affiliates.

With nearly 12,000 employees, the Group's networks represent total annual turnover including tax of over €2.3 billion. At the beginning of July 2012, the Group acquired Le Jardin de Catherine, a company that runs the websites le-jardin-de-catherine.com and la-maison-de-catherine.com. The Group is currently rolling out a multi-channel strategy via its web-store site, www.mr-bricolage.fr, launched at the end of 2012.

Contacts

• Head of Financial Communications: › Eve Jondeau - + 33 (0)2 38 43 21 88 - eve.jondeau@mrbricolage.fr
• Financial Communications - Actifin:
• › Nicolas Meunier +33 (0)1 56 88 11 11 nmeunier@actifin.fr
• › Charlène Masson +33 (0)1 56 88 11 11 cmasson@actifin.fr

For the full Group financial information:

www.mr-bricolage.com

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