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13%86%

€275m*

profitable Fabless business model 100% made in Europe

range

French Art de Vivre

family success story

54 countries

combined and complementary distribution network

ROCHE

CHOUCHAN

ERRA

TAMBURI

LOUSTAU ELIA

EMULIER

ROCHE

AMOURDEDIEU

GLEIZE

ROCHE

GABILLAUD

MASSET

FOCUS EUROPE

+1

6 + 3 takeovers

+2

+1

FEBRUARY 2019

JULY 2019

SEPTEMBER 2019

©Ju

lien

Mill

et

key figures

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Owned stores

Suppliers

3.6% - 6% royalty

+ advertising

contribution

Franchised stores

Direct orders

No central purchasing

agency

8% Services (incl. supplier

commissions, marketing services) 88%Owned store revenues

4% Franchise royalties

€275m2019

revenues

€m 2018 2019

Sale of goods 224.7 242.2

Royalties 11.6 11.2

Supplier commissions and other 16.9 18.2

Supplier commissions in owned store network adjusted -6.6 - 8.0

Sale of services (including paid deliveries) 10.4 11.2

Revenues 257.0 274.7

100% store revenues

Consolidated revenues

Supplier commissions on

volumes sold by

franchisees

Direct orders

No central purchasing

agency

13% Cuir CenterFrance 31%

(-2 pts vs 2018)

18%

Other Europe

29%

US/Canada

(+2 pts vs 2018)7% UK

2% Other (overseas)

1% Corporate

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2019 retail sales Regional breakdown of consolidated revenues (%

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€m 2018 2019

Sale of goods 224.7 242.2

Cost of goods sold -94.7 -99.0

Gross margin 130.0 143.2

Gross margin (% of sales) 57.8% 59.2%

gross margin Sales margin

€m 2018 2019 IFRS 16Ch. %

reported

Advertising & PR 28.5 28.9 +1.5%

Leases and rental expenses 24.4 6.7 (20.5) -72.7%

Freight costs (mainly customer deliveries) 8.5 9.5 +12.5%

Store opening expenses 1.0 0.9 (1.0) -11.5%

Other (fees, subcontractors, meetings etc.) 22.9 24.5 +6.9%

Total external expenses 85.3 70.5 (21.5) -17.3%

€m 2018 2019 Ch. %

Payroll 40,0 43,2 +8,0%

Social security

contributions11,6 12,2 +5,2%

Share-based payments

(bonus share plan)*3,4 0,2 -94,1%

Total staff costs 55,0 55,6 +1,2%

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External expenses (€m)

Staff costs (€m)

EBITDA (€000)

20182019

(excl.IFRS16)

2019

reported

Ch. %

reported

% ch.

Excl. IFRS 16

Roche Bobois France 5,299 5,594 11,743 +121.6% +5.6%

Roche Bobois USA/Canada 10,947 11,812 18,949 +73.1% +7.9%

Roche Bobois UK 1,793 2,550 3,835 +113.9% +42.2%

Roche Bobois Other Europe 3,060 4,114 7,445 +143.9% +34.4%

Roche Bobois Other (overseas) 2,809 2,986 2,986 +6.3% +6.3%

Cuir Center (France) 3,333 3,857 6,093 +82.8% +15.7%

Corporate -4,858 -5,574 -5,192 - -

Total 22,383 25,338 45,859 +104.9% +13.2%

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EBITDA margin2018

2019

(excl. IFRS16)2019

Roche Bobois France 6.3% 6.6% 13.9%

Roche Bobois USA/Canada 16.0% 15.1% 24.2%

Roche Bobois UK 10.7% 14.1% 21.2%

Roche Bobois Other Europe 6.7% 8.2% 14.9%

Roche Bobois Other (overseas) n.a n.a. n.a.

Cuir Center (France) 10.0% 10.7% 16.9%

Corporate ns n.a. n.a.

Total 8.7% 9.2% 16.7%

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EBITDA

2018

EBITDA

Reported 2019IFRS 16

EBITDA

Excl. IFRS 16

Current EBITDA* 22.4 45.8 +20.5 25.3incl. Roche Bobois 24.0 44.9 17.9 27.1

incl. Cuir Center 3.3 6.1 2.3 3.8

incl.Corporate -4.9 -5.2 0.3 -5.6

Share-based payments including social security

charges*(3.4) (0.2) - (0.2)

Store opening costs (1.0) (0.9) +0.9 (1.8)

Depreciation, amortization and impairment of non-

current assets(6.3) (28.0) (20.8) (7.2)

EBIT 11.6 16.7 +0.6 16.1

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€m 2018 2019 IFRS 162019

Excl. IFRS16

EBIT before non-recurring items 11.6 16.7 +0.6 16.1

Other non-recurring operating

income and expenses(0.5) (0.9) - (0.9)

EBIT 11.1 15.8 +0.6 15.2

Net financial expense (0.4) (2.1) (1.8) (0.3)

Corporate income tax (4.0) (4.1) - (4.1)

Net profit 6.7 9.6 (1.2) 10.8

Net profit - Group share 6.3 9.3 (1.2) 10.5

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€m 2018 20192019

excl. IFRS 16

Change

(excl.

IFRS16)

Sale of goods 224.7 242.2 242.2

Royalties and other services 32.3 32.5 32.5

Revenues 257.0 274.7 274.7 +6.9%

Cost of goods sold (94.7) (98.9) (99.0)

External expenses (excluding store opening costs) (84.3) (69.6) (90.2)

Staff costs (excluding share-based payments) (51.6) (55.4) (55.4)

Taxes and duties (3.9) (4.2) (4.2)

Net provision charges 0.2 (0.3) (0.3)

Share of earnings of associates 0.1 0.3 0.3

Other underlying income and expenses (0.3) (0.8) (0.8)

Current EBITDA 22.4 45.8 25.3 +13.2%

% of revenues 8.7% 9.2%

Share-based payments (3.4) (0.2) (0.2)

Store opening costs (1.0) (0.9) (1.8)

Depreciation/amortisation (6.3) (28.0) (7.2)

EBIT before non-recurring items 11.6 16.7 16.1 +38.8%

Other non-recurring income and expenses (0.5) (0.9) (0.9)

EBIT 11.1 15.8 15.2 +37.0%

Net cost of debt (0.2) (2.1) (0.3)

Other financial income and expenses (0.2) - -

Corporate income tax (4.0) (4.1) (4.1)

Net profit 6.7 9.6 10.8 +61.2%

Net profit - Group share 6.3 9.3 10.5 +66.7%

Non-current assets

• w/o intangible assets

• Property, plant and equipment

• Right-of-use assets related to

lease liabilities

Total current assets

• Inventories

• Trade receivables

• Cash and cash equivalents

Total assets

Non-current liabilities

• w/o Non-current borrowings

• w/o Non-current lease liabilities

• w/o Current borrowings

• w/o Current lease liabilities

Total liabilities and equity

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2019

Amounts in € Reported IFRS 16 impact Excl.IFRS 16

Cash flow from operating activities 51.3 +21.4 29.9

Cash flow from investing activities - 7.9 - 7.9

Cash flow from financing activities - 26.4 - 21.4 -5.0

Revenues (+6.9%) and EBITDA up 13.2%

Gradual improvement in France profitability (6.6% vs 6.4% in 2018), as per IPO targets to double France EBITDA margin by 2021

Strong cash generated thanks to virtuous business model

Still very healthy and robust balance sheet with free cash in strong growth at €31.1 million (versus €15.5 million in 2018)

Owned stores in France, Europe and North America: The lockdown measures implemented in these countries led Roche Bobois to temporarily close all of its owned stores

Depending on the countries, some franchies stores are still open (Asia, Africa, and the Middle East…)

Production in Italy and Portugal continued as normal until 13 March 2020, and thenpartially from 13-24 March 2020

In the case of Cuir Center production in China, factories are operating at full capacity

Procurement (Italy, France, Portugal), logistics and deliveries continued as usualuntil 15 March

Robust business trend up to mid-March

Total RB sales: up 10.9% at end February 2020

RB owned stores sales: up 14.1% at end February 2020

Robust business performance from all owned stores, which stayed open until mid-March

Deliveries of orders taken in Q1 2020 are being deferred

Depending on the duration of the lockdown, a significant/very significant impact on order intake and deliveries in Q2 2020 is to be expectd

Seasonal nature of activity: historically, order intake is lowered in Q2

The supply to order sales model applied by CC and RB has shown its resilience to different crises in the past, as purchases are delayed and caught up at a later stage

Achieved

2018

Achieved

20192020 2021

TOTAL

2018-

2021

France 1 1 0 1 3

Europe - 4 3 2 9

Amérique du Nord 2 2 4 3 11

Closures1 Cuir

Center

1 CC

1 RB1 RB 0 3

Total openings - net* 2 5 6 6 19

* Including franchise takeovers

A new cycle of growth launched by an acceleration of owned store openings in strong EBITDA-generating countries

Double-digit

EBITDA margin

€320m in

revenues in 2021

Current EBITDA

margin France of 8%

by 2021

(4% in 2017

vs 6.6% in 2019)

Retail sales: Orders received excl. VAT throughout owned store network and franchises for both brands

Net scope: Scope adjusted for store closures

Like-for-Like: Sales growth on same-store basis is calculated by comparing sales generated by stores in a given year with the previous year’s sales,

excluding stores opened or closed during the two years under comparison. Sales generated by stores temporarily closed for works during one of the

periods under comparison are included.

Revenues: The Company’s revenues are generated by the sale of goods in stores, franchise royalties, commissions paid by suppliers, and services

(transport services (customer deliveries) and logistics services).

Corporate: includes revenues invoiced to suppliers for representation expenses of the holding company, as well as central administrative costs

(Finance, HR, Marketing, etc.) mainly generated by the Roche Bobois Group subsidiary.

Current EBITDA: means earnings before interest, tax, depreciation, and amortization. Current EBITDA equals Group pre-tax profit before deduction of

interest, depreciation, amortisation and impairment charges on non-current assets, store opening costs, but after impairment of inventories and trade

receivables. It shows profit generated by business activities regardless of financing conditions, tax constraints and the upgrading of operating assets.

Non-recurring expenses (one-off, unusual or infrequent items) are excluded.

Opening costs: In the initial weeks after a store opening, the store incurs sales and startup costs (primarily rent, advertising and payroll costs including

sales agents' commissions based on order entry) before earning any revenue. Opening costs refer to these expenses and are only calculated on new

owned store openings.

Franchise royalties paid by franchise stores: Franchise royalties are invoiced and paid monthly on the basis of orders placed by franchise stores.

Royalties are recognised as they are acquired by the Group, i.e. as orders are placed by franchised stores.

37,2%

16,6%

34,8%

11,4%

Source : www.oanda.com - Banque de France

1.181 1.144 1.120 1.123

1.525 1.560 1.486 1.460

1.154 1.126 1.113 1.085

0.885 0.898 0.877 0.851

Source : www.banque-france.fr

17

75 magasins

51% en propre

3938

269

810

1627

34

2

4418