Mr Bricolage — Investor Presentation 2011

Mar 7, 2012

Full Year Results 2011

7 mars 2012

V.9 du 020312

› Jean-François BOUCHER

– Chairman and CEO

› Jacques BLANCHET

– Deputy Chief Executive Officer

No. 1 in local DIY market in France

4

Group scope of consolidation

Network services

2 central services units : MrBricolage and Briconautes

Logistics : integrated and outsourced

89 Directly-owned stores 87 under brand :

2 under brand :

Abroad : Belgium Bulgaria, Serbia, Macedonia, Albanie

France : partnerships DEDB (EDB development) 1 TPH France (installation service) Lur Berri (south west) « Passeports pour entreprendre »

Associates

Non-consolidated entities in other countries

• With equity stake: Morocco and Uruguay (19.99 %); Romania (13,37%)
• Without equity stake: Andorra, Madagascar et Mauritius

2011, investments in network services and debt reduction

• › Slight decline in turnover (- 0.4 %) to €562.3 M
• › Ordinary operating profit¹up: + 1.9 %

Ordinary operating margin: 7.0 % of turnover (vs. 6.9 % in 2010)

• › Continued debt reduction: Debt decreased by €27.6 M
• Debt brought down by 31/12/11 to €146.6 M
• Gearing dropped by 62 % i.e. -15.6 points
• Debt/EBITDA leverage = 2.76x

Proposed dividend: 0.59 € per share increase of + 1.7 %

Despite the drop in the 2011 net profit (group share) by 11.9 % (€17.7 M vs. €20.1 M in 2010)

(1) ROPO = operating profit excluding gains or losses on disposals and non-recurring items

• I. Network activity
• II. Annual consolidated results for 2011
• III. Perspectives: 3 priorities for 2012
• IV. 2012 Objectives
• V. Appendix

A multi-brand strategy

4 offerings:

2011 objectives exceeded

Total network turnover

› €2,323 M turnover including tax in 2011

Up by + 0.5 % compared to 2010

French Network

* The turnover including tax under the Briconautes 2010 brand name was re-estimated following the establishment of an array of 85 stores.

** Based on the array of 85 stores

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International networks

› Turnover scope

(2011 vs. 2010 on a like-for-like store basis)

Belgium	+ 3.0 %
Eastern Europe	- 11.8 %
Other countries	+ 4.0 %
Total International	- 3.3 %

Turnover including tax 2011 per zone

International network:

Accelerated development in Belgium

• › 7 stores opened in 2011
• 37 stores by 31/12/11

› Strong growth:

• on a current scope : + 15.3 %
• on a like-for-like store basis : + 3.0 %

A share of profit of Belgium associates up by €0.2 M:

2011 : €0.4 M vs. €0.2 M in 2010

International networks:

Update on countries in Eastern Europe

• › Bulgaria: 10 stores, the market is still in recession
• Adjusted action plan and budget revised with partner
• Depreciation of real estate assets (former location of Stara Zagora) : €-0.7 M
• › Serbia: 3 stores to attain critical mass
• Overhead and pre-opening expenses not yet absorbed
• › Macedonia: opening of the 1st store in Skopje in 2012
• › Albania: decision to freeze development
• Depreciation of real estate assets (previously acquired land) : €-1 M

A share of loss of Eastern European associates in 2011 : € (2.9) M

Exceptional share: € (2.5) M

including (€1.7M) of depreciation of real estate assets including (€0.8 M) in pre-opening expenses

Annual consolidated results for 2011

Slight decline in consolidated turnover

› Consolidated turnover for 2011: €562.3 M (- 0.4%)

* Classification of the 2011 turnover by the Redon SCI [real estate company] for Network Services activity (in 2010 classified in Directly Owned Stores activity), the store is being operated by a member. No impact on the total consolidated turnover.

Directly Owned Stores:

Events on stores

› Acquisitions: 3 stores

• Aurillac on 01.01.11: 3,700 m²
• Villefranche/Saône on 30.03.11: 4,200 m²
• Château-Gontier on 01.10.11: 3,500 m²

• Disposals: 2 stores

• Pithiviers (to the network) on 31.03.11
• Amphion (to the DEDB) on 01.04.11

• Other events:

• Change of brands (Briconautes Mr.Bricolage)
• Ussel on 30.03.11 and Tulle on 29.06.11
• Transfer and expansion: Anet on 29.06.11 (+ 200 m²)
• Remodelling (March) : Bidart, Perpignan, Brive, Vichy

Annual consolidated results

Directly Owned Stores :

Degradation of Operating Profit of 1,6 M€

(1) Ordinary operating profit excluding gains (losses) on disposals and non-recurring items and before elimination of intercompany profits.

19

Annual consolidated results

Networks Services:

Improvement of the Operating Profit of 1,6 M€

At 31.12.2011, in € million	2011	2010	% Change
Consolidated turnover Network turnover (1)	177.0 263.1	177.1 257.1	- 0.1% + 2.4%
Purchases of goods	129.1	125.5	+ 2.8%
External changes As % of network turnover	54.3 20.6%	51.7 20.1%	+ 5.0%
Personnel expenses As % of network turnover	29.0 11.0%	31.4 12.2%	- 7.7%
Tax	2.0	2.1	- 7.0%
Depreciation, amort., prov. As % of network turnover	6.2 2.4%	6.0 2.3%	+ 4.6%
Other Operating Products and Charges	0.5	1.1	- 57.0%
Operating profit as % of turnover	43.0 16.3%	41.4 16.1%	+ 3.8%
operating profit (2) Ordinary as % of turnover	44.6 16.9%	42.1 16.4%	+ 5.8%

(1) Network turnover = Turnover before reclassification of intercompanies sales

20

(2) Ordinary Operating profit = operating profit excluding gains (losses) on disposals and non recurring items and before elimination of intercompany profits.

Consolidated income statement

Improvement of the ordinary operational profitability

At 31.12.2011, in € million	2011	2010	% Change
Consolidated Turnover	562.3	564.7	- 0.4%
EBITDA As % of network turnover	53.1 9.5%	54.4 9.6%	- 2.3%
Operating Profit (ROP) As % of network turnover	37.8 6.7%	37.9 6.7%	- 0.3%
operating profit (ROPO) (1) Ordinary As % of network turnover	39.6 7.0%	38.9 6.9%	+ 1.9%
Net financial income	(7.1)	(6.8)	+ 4.4%
tax (RAI)(1) (2) Profit before As % of network turnover	30.7 5.5%	31.1 5.5%	- 1.4%
Share of corporate (loss) of associates	(3.1)	(1.0)	na
Tax	9.7	12.3	21.2%
Net profit, group share from continuing operations	18.0	17.9	+ 1.0%
Net profit (loss) from assets held for sale	(0.3)	2.2	na
Net profit, group share As % of network turnover	17.7 3.1%	20.1 3.6%	- 11.9%

(1) ROPO= Ordinary operating profit = operating profit excluding gains (losses) on disposals and non-recurring items

(2) RAI = Profit before tax excludes associates portion of profit (loss) and income from assets held for sale.

21

Cash Flow statement

In € Million	31.12.11	o/w disposals
Cash flow from operating activities	46.7
Change in working capital requirements	4.2
Current taxes paid	(13.2)
Cash flow from investing activities	(13.1)	4.0
Free cash flow	24.7
Dividend	(5.9)
Change in borrowings	(17.2)	4.8
Change in other financial liabilities	1.5
Cash flow from assets held for sale	10.1	10.1
Change in cash position	11.6	18.9

Focus on net investments

In € M	31.12.11
CAPEX (1)	(12.3)
(2) Acquisitions (companies)	(3.8)
Acquisition of non-consolidated securities	(0.5)
(3) Disposal of fixed assets	4.0
Change in liabilities, payables and loans	(0.5)
Total net investments	(13.1)

• (1) Including €4.9 M from CAPEX forSAR activity (corresponding mainly to information systems including UNIMAG and to private labels) and €7.4 M for directly Owned Stores activity (corresponding primarily to transfers, expansion, brand name changes for Briconautes and remodeling, as well as acquisition of commercial property from Villefranche sur Saone)
• (2) Corresponding to the acquisition of stores fromAurillac and Château Gontier, as well as toequity of DEDB (50% subsidiary of MBSA)
• (3) Including €1.0 M from the disposal of commercial assets from Pithiviers and Amphion and €2.4 M from transfer of 'commercial real estate by Voivres

Update on transfers: €18.9 M(1)

›	Continuing operations – Warehousing real estate (Voivres) – Directly Owned Stores (Pithiviers, Amphion)	€8.7 M €7.7 M €1.0 M
›	Assets to be divested	€10.1 M
	– Store real estate (Niort, Ruffec, Abbeville)	€7.4 M
	– Stores (Pontaumur, Souillac)	€1.0 M
	– Balance of Icade Bricolage	€1.7 M

(1) Impact of disposals in terms of cash flow and debt reduction

Annual consolidated results

Continuation of the plan to reduce Group debt

(1) Net debt = net financial debt

(2) Gearing = (net financial debt)/(shareholder's equity)

Summary balance sheet

Actif		Passif
300.4 195.1 48.8	Shareholder's equity	236.5
298.8 152.1 82.3	interest Minority	0.2
22.3	Borrowings Of which, OBSAAR (bonds with redeemable warrants attached)	170.3 46.6
	Other liabilities Of which, trade payables	219.5 114.5
9.0 6.4	Liabilities associated with assets held for sale	4.0
630.5	Total	630.5

(1) The « current assets » item excludes cash and marketable securities

(3) Including 22,6 M€ relating to Network services and 129,4 M€ Magasins Intégrés

Perspectives : 3 priorities for 2012

Three priorities for 2012

1. Turn round Directly Owned Stores

– A action plan undertaken

2. Intensify development

• France: capitalise on the multi-brand offering
• International: prioritise development by master-franchise

3. Deploy services launched in 2011

– Network service projects

1- Turn round Directly Owned Stores

a action plan undertaken

8 operations implemented: reduction of loss by approx. €1 M

1- Turn round Directly Owned Stores

a action plan undertaken

> For the 74 other stores

›Store segmentation on 3 key factors

-Gross margin on the turnover excluding tax

-Ratio of staff on the turnover excluding tax

-Duration of life of inventory in days of purchases consumed

- 7 days

30

2- Intensify development

International: capitalise on the multi-brand offerings

2012 Objective: 22 openings

2- Intensify development

International : prioritise development by master-franchise

2012 Objective: 7 openings

• › Belgium: 2 openings
• › Eastern Europe: 2 openings and 4 reductions in area
• New country = Macedonia: 2,900 m² store located in Skopje
• Bulgaria:
  • 1 opening
  • Reduction store located in Pleven -> 2,000 m² for transfer to the town centre
  • Reduction located in Stara Zagora -> 2,000 m²
• Romania: reduction store located in Iasi -> 5,700 m²
• Serbia: reduction store located in Nish -> 2,400 m²

› Other countries: 3 openings

– Morocco (+1), Madagascar (+1) and Mauritius (+1)

3- Deploy services launched in 2011

Network service projects: Private labels

› End of 2014: 20%*

• Deployment of multiple brands
• .B split into 5 categories of the Mr. Bricolage brand
• › End of 2012: 13%*

› End of 2011: 11%*

• vs. 10 % at the end of 2010
• painting, spot lights, garden equipment, garden hand tools, coating, laminate and wood floors, dryers, security hardware…

33

3- Deploy services launched in 2011

Network service projects: UNIMAG*

› End of 2014: 100% of the French Mr.Bricolage network

› End of 2012: 40 stores

Deployment : 9 stores today and approx. 30 additional stores on the H2 2012

Entry into service of the investment on the H2 2012

› 2011: 1 pilot store

Alertes				Mr. Bricolage \$405-224 : MR BRICOLAGE ROMORANTIN
Quality of UNI			Description
		6 produits dont le DPA est en écart de plus de 10% par rapport au mouvement précédent			阪	PRODUITS
Offre		produits dont la prix d'achat a changé et que vous n'avez pas répercuté sur vos prix de vente.				PRODUITS
Approvisionnement
Approvisionnement Centrale
Stock
Cession / Rétrocession						Utilisateur : Romorantin Directeur_5415 (	ю $-100$
Client		Promotions nationales			Mr. Bricolage
Pilotage					5405-224 : MR MSICOLAGE ROMORANTIN
			Liste des promotions nationales
Contrôle financier			- Afficher les promotions détunées à l'actual
Contrôle caisse
Balisage		Libellé opération N + opération	Date début Date fin Aucun enregistrement ne correspond à votre selection	Alerte Date clotûre		Pagination	Valorisation
Inventaire
				Liste des promotions choisies par le magasin
Paramétrage			IT Afficher les promotions terminées à la vente
	$N$ -	Libellé opération	Date Date fin Alerte début			Conditions
	opération 720	O1 - FOSE & LA POWNE DE TERRE 2012	S.01/03/2012 31/03/2012	uate cloture Pagination Valorisation 26/02/2012 4 Fages =	1.341.30 €	vente F	V CONS
	729	02 - ANDAALERIE 2012	R. 01/03/2012 31/05/2012	26/02/2012 3 Fages =	4 570.86 C	p	$J$ CONS
	733	T2 - MADIN ET AMENAGEMENT EXTERIEUR 2012 R, 26/02/2012 17/03/2012		14/11/2011 12 Pages =	12 406.00 C	u
	736	ES - OPERATION FORCES BONUS 2012	G. 21/03/2012 11/03/2012	25/28/2011 0 Pages =	7 862,00 E	is.
	742	T4 - PROFITEZ DES BEAUX 20URS 2012	9, 02/05/2012 19/05/2012	19/12/2011 12 Foord =	7 672.38 C	R.
	754	CO - JARDIN D'AUTOMNE 2012	R 10/10/2012 27/10/2012	01/01/2012 8 Pages =	1.00 €	IV
	783	ES - AMMONISABE PSI 2012	R.04/04/2012 21/04/2012	20/05/2012 11 Page = 1	354,00 €	R
	764	34 - PROFITEZ DES BEAUX JOURS PS1 2012	9, 02/05/2012 19/05/2012	30/01/2012 11 Prom =	190.00 C	R.
	768	T2 - MADIN ET AMENAGEMENT EXT PS2 2012	R. 29/02/2012 17/03/2012	07/07/2011 12 Pagel *	502,00 €	$\overline{u}$
	721	E4 - OPERATION POINTS BOARS PS2 2012	Q, 21/03/2012 31/03/2012	07/07/2011 il Fagee +	354,00 C	F
	771	ES - ANNEVERSATEE PS2 2012	R. 04/04/2012 14/14/2012	07/07/2011 11 Fages	2 160.00 €	R	$J$ COMS $\sqrt{60M}$ $\vee$ CONS U. CONS $\sqrt{C}$ CONS $J$ CONS $\sqrt{COMS}$ $\sqrt{}$ CONS
	773	T4 - PROFITEZ DES BEAUX 30URS PS2 2012	R. 02/05/2012 19/05/2012	07/07/2011 18 Fages F.	2.951.00 €	F.
	724 778	ES - PRODUCTS PREFERES PS2 2012 E4 - OPERATION POINTS BONUS PS3 2812	Q_36/05/2012 09/16/2012 R. 21/63/2012 31/83/2012	07/07/2011 0 Pages = 07/09/2011 0 Pages =	1 275,00 € 615.00 C	F R	$\angle$ CONS U CONS $J$ CONS

* UNIMAG, the information system for stores

3- Deploy services launched in 2011

Service network projects: client services

› Acceleration of « ProPose »

• 100 stores deployed at the end of December 2011
• Objective: 135 stores at the end of 2012

› Deployment of « Service Loc » (renting)

• 14 pilote stores at the end of December 2011
• Objective: 70 stores at the end of 2012

2012 Objectives

2012 investments

›Directly Owned Stores: selectivity on projects in 2012

• Montereau: pilot of a new store concept opening 18 April 2012
• Bressuire: expansion Q4 2012
• Touques: remodeling Q1 2012
• Development of Unimag
• Total investment: €4 to 5 M

›Network Services

• Logistics/launching of construction of Cahors: €1.5 M
• Central information systems at MBSA: €2,5 M
• Private label: €0.5 M
• Total investment: €5 M

CAPEX 2012 in the amount of €10 M

2012 Consolidated objectives

›Consolidated turnover:

• Network Services:
• progress of turnover
• Directly Owned Stores:
• slight increase in turnover (on a like-to-like store basis)

›Improvement in operating profit

›Pursuit of debt reduction:

"Horizon 2014"

Objectives "Horizon 2014" › Turnover including tax from the networks: €2.5 B › ROPO/Consolidated turnover: of 8 % By 31.12.2014 Be even more the benchmark of local independent DIY retailers Reaffirmed ambition

39

Financial Communication Calendar

› Smallcap Event Paris

– 12 et 13 April 2012

› Quaterly Turnover

• Q1 2012 : 9 may 2012 *
• Q2 2012 : 25 July 2012 *

› 2012 Half Year Results

– 6 september 2012 *

* : after the closure of stock-market

Mr Bricolage shareholders at 31 decembre 2011

Mr Bricolage share price performance

As of 05 March 2011 :

Stock Price	10,75 €
Capitalisation	111,7 M€
Higher	€
12 months	14.35
Lower	€
12 months	9.00

Index CAC Small, CAC Mid &Small, CAC All-Tradable, CAC All-Share

Shareholder memo
Isin code	FR 0004034320
Outstanding shares	10 387 755
Market segment	Euronext B

Syndicated loan, OBSAAR and covenants to 31 December 2011

• › Outstanding balance of syndicated loan: €105.6 M
• › Balance from OBSAAR: €46.6 M
• › The 2 covenants are respected
• NFD(1) /EBITDA(2) < 3 -> 2,76
• NFD(1) Equity capital(3) < 1 -> 0,62

(1) NFD: Net Financial Debt

• (2) EBITDA = EBITDA calculated using accounts on 31.12.11
• (3) Equity capital: Equity Capital

Consolidated turnover published 2011

Current scope (€ m)	2011	2010 (1)	% change
Directly-owned stores	385,3	387,6	(0,5) %
Network services Sales of goods(2) Sales of services	177,0 107,0 70,0	177,1 107,5 69,6	(0,2) % (0,4 %) + 0,1 %
Consolidated turnover	562,3	564,7	(0,4) %

• (1) SCI Redon reclassification in Networks services activity (Directly-owned store activity before) in 2010 to be comparable as 2011, Redon store is running by an affiliate Turnover 0.1M€ in 2010 and in 2011
• (2) Sales of goods figure largely comprises sales of goods passing through the directly-owned (Voivres et Cahors) or outsourced logistics platforms.

Transfer of ROP to ROPO

²²			31/12/2011				31/12/2010
	SAR	M.I.	Inter sector	Total	SAR	M.I.	Inter sector	Total
ROP	43.0	-5.5	0.2	37.8	41.4	-3.9	0.3	37.9
Disposal of Icade Bricolage	0.0			0.0	2.1			2.1
Disposal of Voivres warehouse	1.3			1.3	0.0			0.0
Disposa Int. Str./ SCI	-0.1	-0.1		-0.3	0.2	0.5		0.6
Closure Int. Str.					-0.1	-0.4		-0.5
Commercial litigation	0.2			0.2	-2.9			-2.9
Bricorama litigation	-1.4			-1.4
Test Design by MB	-0.7			-0.7
Unimag/intranet network	-0.7			-0.7
Employment plan Logistics	-0.9			-0.9
Credit tax before 2011	0.7			0.7
Tax inspections		-0.1		-0.1		-0.3		-0.3
Total non-recurring elements	-1.6	-0.3	0.0	-1.8	-0.7	-0.2	0,0	-1.0
ROPO	44.6	-5.2	0.2	39.6	42.1	-3.6	0.3	38.9

Investor relations contacts

• › Mr.Bricolage SA : Eve JONDEAU
• Téléphone : 02 38 43 21 88 / Fax : 02 38 43 02 84
• eve.jondeau@mrbricolage.fr
• › You can find all the group's financial information on its corporate website

www.mr-bricolage.com