Investor Presentaiton
Key messages
1
The integration of Jawoll into the Group has gone well and EBITDA has grown.
2
The necessary pre-conditions for faster expansion in Germany - in terms of skills, infrastructure and a retail model
which can generate attractive returns - are in place.
3
The Jawoll management team is highly experienced and is motivated to deliver growth. Jawoll has a stable and
consistent track-record. They have opened 5 stores already in Q1 FY17, versus 1-2 per annum previously.
Jawoll is now moving into a phase of faster expansion in Germany with plans this year for 10 stores sourced
organically.
5
Given the fragmented and underserved nature of the discount variety retail sector in Germany, Jawoll now has
the potential to become a second growth engine for the Group.
June 2016 - Germany Analyst and Investor Day
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