2021/03/24 6:30 PM




EBITDA : +9.4% - ROC : +4.5%


  • Consolidated revenues down slightly (-3.2%) to €266.0m ;
  • Current EBITDA up sharply by 9.4% ;
  • Free cash-flow from operations : €19.8m1 ;
  • Cash position strengthened : €25.0m vs. €11.1m at 31/12/2019.


Paris, 24 March 2021

The Roche Bobois SA Group (ISIN: FR0013344173 - Ticker symbol: RBO) a global benchmark on the high-end furniture market and the name behind the French Art de Vivre, today publishes its full-year 2020 results. The financial statements were approved by the Executive Board on 22 March 2021. The financial statements have been audited and the reports are currently being prepared.

IFRS (€m)  
Change %
Sale of goods 242.1 235.8 -2.6%
Royalties and other services 32.6 30.2 -7.3%
Revenues 274.7 266.0 -3.2%
Gross margin on sales 59.2% 59.0% -
Current EBITDA2 45.9 50.2 +9.4%
Current EBITDA margin 16.7% 18.9% -
EBIT before non-recurring items 16.7 17.5 +4.5%
EBIT 15.8 17.1 +7.8%
Net financial expense (2.1) (3.3) +58.1%
Tax charge (4.2) (3.7) -11.2%
Net profit/(loss) 9.6 10.1 +5.1%
Net profit/(loss) Group share 9.3 10.0 +7.2%

During this unique and unprecedented year, the Group has drawn on its resilient business model, its strong international brand, and the flexibility of its organisation to deliver an outstanding economic performance despite the disruptions related to the health crisis.

2020 Roche Bobois SA consolidated full-year revenues amounted to €266.0m, down slightly by 3.2% at current exchange rates (-2.8% at constant exchange rates). Overall, Roche Bobois sales held up well in all regions, despite store closures lasting almost two months in all countries due to the health crisis. This capacity for recovery is particularly evident in France and Europe (excluding France and the United Kingdom), regions in which Group annual revenue increased 0.8% and 3.3%, respectively.

The gross margin remained high at 59.0% compared with 59.2% at 31 December 2019, reflecting tight control of production costs and sales prices in particular. Through responsive organisation, external expenses were adjusted to the circumstances wherever possible, including the negotiation of a €1.7 million reduction in rental expenses, a €3.8 million cut in local advertising expenses and a reduction in transport costs and events.

Current EBITDA amounted to €50.2 million compared with €45.9 million at 31 December 2019, up 9.4%, which represents an excellent performance given the unique circumstances.

The France and Europe (excluding France and the United Kingdom) regions made the most significant contribution to this growth thanks to the strong momentum of owned stores in France, Switzerland, the Netherlands and Italy, and the capacity of these countries to ramp-up deliveries at the end of the year. Furthermore, the Group had an order backlog totalling €103.7 million at the end of the period, up 30% year-on-year. The increase was as much as 52% in the United States/Canada region.

The Group's current EBITDA margin increased by more than 2 points to 18.9% (compared with 16.7% at 31 December 2019). In France, the EBITDA margin reached 18.5%, up 4.5 points. The North America region maintained its EBITDA margin above 25% for the period.

EBIT before non-recurring items amounted to €17.5 million compared with €16.7 million at 31 December 2019, up 4.5%. After recognition of a non-recurring expense of €0.4 million, EBIT amounted to €17.1 million, compared with €15.8 million at 31 December 2019.

After €3.3 million in net financial expenses and tax of €3.7 million, net profit Group share amounted to €10.0 million compared with €9.3 million at 31 December 2019, an increase of 7.2%.


Strong cash generation - Cash and cash equivalents of €73.3 million - Net cash of €25.0 million

The Group's strong operational performance is reflected in the cash flow from operations before cost of net financial debt, which amounted to €50 million for the period. Working capital improved by €14.0 million due in particular to the uptick in orders at the end of the year. This brings the after-tax cash generation from operations to more than €60 million for the full year.

This large amount easily covered expenditure of €17.6 million relating to store openings and renovations, purchases of franchise stores and minority interests and share repurchases. The Group generated positive free cash flow with a large surplus of €19.8 million after charging rental expenses.

This strong cash generation from operations and the securing of a €25 million state-guaranteed PGE loan significantly boosted Group cash and cash equivalents, which amounted to €73.3 million at 31 December 2020. The Group's healthy financial position will enable it to repay the PGE loan in full within one year.

At 31 December 2020, the Company has a positive net cash position of €25.0 million.


Proposed dividend of €0.50 per share

In view of the good results in 2020 and the confidence expressed by the Board of Directors and the Supervisory Boards regarding the Group's outlook, the distribution of 50% of 2020 net income, representing a dividend of €0.50 per share, will be proposed to the General Meeting of Shareholders scheduled for June 2021. This proposal, which makes up for the lower amount distributed in respect of the previous financial year, is line with the Group's measured and balanced dividend policy.


Continued roll-out in France and abroad in line with the roadmap

In 2020, the Roche Bobois Group continued to develop its store network in France and abroad in accordance with its pre-Covid-19 roadmap, with four new owned stores in Europe and the United States and six new franchise stores.

The takeover of three franchise stores on the US West Coast (San Francisco, Seattle and Portland) in November 2020 also represents a major new phase in the Group's development strategy in one of the fast-growing countries and one of the top contributors in terms of revenue and EBITDA.

At 31 December 2020, the Roche Bobois Group had 337 stores (127 owned stores), comprising 258 Roche Bobois stores (106 owned stores) and 79 Cuir Center stores (21 owned stores). The Group is pursuing its plans to open a large number of owned stores, mainly in the United States and in Europe. 2021 should also see the opening of 5-10 franchise stores and six owned stores.

The Roche Bobois Group thus intends to pursue its value creation strategy in the medium term. In the short term, given the excellent order intake (retail sales) recorded in Q4 2020, the Group is already forecasting significant growth in revenues in H1 2021 bolstered by a favourable base effect.


A well-oriented start to 2021

The start of 2021 is also showing a positive sales trend, with owned store retail sales up 7.7% at the end of February. This performance is based on excellent momentum in France (up 32.9% for Roche Bobois and up 28.4% for Cuir Center) and solid sales in North America (up 7.8%), two regions that largely offset the impact of forced store closures in certain European countries (United Kingdom, Germany, Belgium and Portugal in particular).

Whilst keeping close watch over the development of the health crisis, the Group is confident in its ability to deliver a strong operational performance during the year, having demonstrated its capacity to quickly offset the effects of imposed store closures.


Next publication:

Q1 2021 Revenues: Thursday, April 29th 2021


ROCHE BOBOIS SA is a French family business founded in 1960. The Group operates in 55 countries and has a network of 337 owned stores and franchises (at 31 December 2020) marketing its two brands : Roche Bobois, a high-end furniture brand with a strong international presence, and Cuir Center, positioned in the mid-range market segment with an essentially French customer base. Through its Roche Bobois brand, the Group embodies the French Art de Vivre whose presence can now be felt on the world stage, with original and bold creations from talented designers (Bruno Moinard, Joana Vasconcelos, Raphaël Navot, Ora Ito, Sacha Lakic, Christophe Delcourt, Stephen Burks, Kenzo Takada ou encore Bina Baitel...) and partnerships with fashion and haute couture houses. Roche Bobois is also a committed partner in the world of culture and the arts. Including franchises, these two brands posted 2020 revenues of €484.5 million excluding VAT, to which Roche Bobois contributed €392.8 million and Cuir Center €91.7 million.
Roche Bobois SA 2020 consolidated revenues came to €266.0 million.
For more information please visit www.finance-roche-bobois.com


Actus Finance – Claire RIFFAUD

Investor Relations

Tél. : +33 (0)1 53 67 36 79 / c[email protected]

Actus Finance – Serena BONI

Press Relations

Tél. : +33 (0)4 72 18 04 92 / [email protected]

Forward-looking statements

This press release contains forward-looking statements. These statements do not constitute guarantees regarding the future performance of ROCHE BOBOIS. This forward-looking information covers the future outlook, growth and commercial strategy of ROCHE BOBOIS and is based on the analysis of future result forecasts and estimates of amounts that cannot yet be determined. By nature, forward-looking information involves risks and uncertainties, as it relates to events and depends on circumstances that may or may not occur in the future. ROCHE BOBOIS draws your attention to the fact that forward-looking statements provide no guarantee of future performance and that its actual financial position, results and cash flow, as well as changes in the sector in which ROCHE BOBOIS operates, may differ significantly from those proposed or suggested by the forward-looking statements contained in this document. Moreover, even if ROCHE BOBOIS' financial position, results, cash flow and changes in the sector in which ROCHE BOBOIS operates were to be in accordance with the forward-looking information contained in this document, these results or changes may not be a reliable indicator of ROCHE BOBOIS' future results or developments. A description of events that could have a material adverse impact on ROCHE BOBOIS' business, financial position or results, or on its ability to achieve its targets, is given in Chapter 4 “Risk Factors” of the Base Document.

1 Free cash-flow : gap over the period between excess cash-flow from operations and capital expenditures.

2 Current EBITDA after adjusting for store openings and before bonus share plans.

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