201100504 e-commerce markt incl bidbook def...the average amount of spending per person in 2009 was...

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E-commerce market

Contents

I. Market information

II. Company profiles

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European market

The Netherlands

The Netherlands are one of the most active countries in Europe on e-commerce, 71% of all consumers buy products online.

An important reason for the growth of the e-commerce market is the trust that consumers have in the security regarding payments. Just

7% of the Dutch population is worried about this financial security.

Europe

In Western Europe the e-commerce market is expected to grow with 11% per year in the coming four years. De turnover from online

retail in Western Europe in 2009 was equal to € 68bln. Most of the European markets are relatively immature, except for the UK market.

The average amount of spending per person in 2009 was equal to € 483,- p.p. This average spending is expected to rise to € 601,-

in 2014.

Although the e-commerce market is quite an international market, only 7% of all European consumers buy their products in webshops

in other EU-countries.

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in other EU-countries.

Source: http://www.webwinkelvakdagen.nl/nl/nieuws/Online_retail_Nederland_een_van_de_actiefste_van_Europahttp://www.forrester.com/rb/Research/western_european_online_retail_forecast,_2009_to/q/id/56543/t/2http://ecommerceblog.nl/whats-crosschannel-retail/Clipperton Finance

Worldwide market

The global e-commerce turnover is expected to grow by 19% in 2011 to $ 680bln and $ 963bln in 2013.

The number of people who buy online still increases. 38% buys at least once per month. The amount of people who don’t shop online at

all is declined to 12% in 2010 compared to 20% in 2007.

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In the US the turnover in the e-commerce market is expected to rise with 10% per year the coming four years to $ 249bln. The expected

turnover in 2011 is $ 187bln. One potential weakness in e-retail growth is the possibility of an internet sales tax.

Reasons for online shopping, which drive the growth of the e-commerce market are convenience, cheaper, wider productrange and saving

time.

Source:http://www.webwinkelvakdagen.nl/nl/nieuws/Online_retail_Nederland_een_van_de_actiefste_van_Europahttp://techcrunch.com/2011/01/03/j-p-morgan-global-e-commerce-revenue-to-grow-by-19-percent-in-2011-to-680b/

Product segments

The most popular products to buy online differ per country. On average the most popular products include books, event-tickets and clothing.

In the early years of e-commerce, the physical media segment (books, CDs, DVDs) was the first one to break out and achieve mainstream acceptance.

Electronics is also a ‘early-adopter’ category, including computing, consumer electronics and appliances.

Sectors such as apparel are less conducive to e-

commerce and have taken longer to develop. Therefore

buying these products online is mainly popular in the

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Source: Clipperton Finance

buying these products online is mainly popular in the

more mature markets, like UK.

E-commerce landscape

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Source: Intershop

Trends in the e-commerce market (i)

Consumer loyalty:

The number of people who buy online is still growing, but eventually this growth will stabilise. Consumer loyalty is the key to real revenue

growth by online retailers. Loyal consumers are willing to pay a higher prices, buy more products, are easier to reach and are taking care of

free publicity. Recent research proves key properties of consumer loyalty are contact interactivity, convenience, care, choice, character,

cultivation, customization, community en confidentiality.

Cross-channel

To realise the growth in turnover , online retailers have to develop a cross-channel strategy in the coming years. Consumers will buy offline

as well as online and mobile commerce is a new channel, which will develop in the near future.

Cross channel retail is expected to be an important growth driver in the retailsector.

In the Netherlands 69% of the consumers buy products via 2 or more different channels, in the US this percentage is even higher, 78%.

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Source: http://ecommerceblog.nl/whats-crosschannel-retail/

Trends in the e-commerce market (ii)

Social Media

Social Media is mainly used by people between an age of 18-34. That’s why social media are an important medium for branding and

loyalty. Social Media is expected to become more important for online retailers.

Social Media is not yet used very often to share online purchasing activities.

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Source: http://ecommerceblog.nl/whats-crosschannel-retail/Intershop

Trends in the e-commerce market (iii)

Touchless e-commerce

Online retailers who don’t held stock on their own, but deliver directly from manufacturer to consumer on a JIT basis. This business

model will lead to a broader range of products, because a retailer can aggregate from multiple suppliers.

Mass-customization

Consumers can design, customize or even build their product from scratch.

Categories where customization is common in the off-line world are natural targets for the next wave of online players.

Payments

The Netherlands are actually quite unique regarding secure payment methods, using IDeal. Other used payment methods are Paypal and

Credit / Debit Cards.

The costs for buying by mobile is relatively expensive compared to the costs related on online shopping.

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The costs for buying by mobile is relatively expensive compared to the costs related on online shopping.

Mobile commerce

See next slides


Mobile commerce

A research by Forrester proves that only 1% of the respondents in the Netherlands have bought a product via their mobile phone and 4%

responded they are interested in buying via mobile phone. In comparison to other European countries this percentage is very low.

Securer payment methods and sites that are adjusted to the size of mobile phone screens could lead to growth of popularity of mobile

commerce.

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Although the Mobile commerce market is a relatively small and early stage market. The market is expected to grow enormously in the next

five years.

Source: http://ecommerceblog.nl/whats-crosschannel-retail/http://www.mediact.nl/weblog/enorme-groei-online-retail-tot-2015http://ecommerceblog.nl/hoe-ziet-de-nederlandse-mobile-commerce-markt-eruit/

Mobile commerce (ii)

The most popular products bought via mobile commerce are take away food, cinema-tickets, music and dvd’s.

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Source: http://ecommerceblog.nl/whats-crosschannel-retail/http://ecommerceblog.nl/hoe-ziet-de-nederlandse-mobile-commerce-markt-eruit/

A downside of mobile commerce is that its growth could negatively effect brick and mortar stores.

Changing market (i)

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Source: Intershop

Changing market (ii)

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Source: Intershop

Changing market (iii)

1995 2000 2005 2010

Wave OneThe Gold Rush

Basic online retailingLow bandwith and static web pages

Wave TwoMaturity & Growth

PersonalisationAdvanced search navigation

Wave ThreeInovation Web 2.0

Virtual dressing roomsProduct videosCustomised products

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Source: Argo securities

web pagesBasic searchSimple account managementCredit-card paymentsE-mail marketing

navigationProduct comparisonsCross-sell/up-sellAdvanced payment optionsCommunities

Customised productsProduct and store blogsSocial marketingChannel integrationLoyalty programs

SEO and google

The amount of clicks still increases each quarter. In five years the amount of clicks became three times higher in 2010 compared to the

starting level 2005, which indicated that it is a popular method of marketing.

Although the average CPC in the Netherlands did not reach the level of before the crisis, 2008Q2, it is expected that the average CPC will

increase further in the near future.

These costs per click are still much lower in the Netherlands than in other countries, therefore the Netherlands is a relatively inexpensive

country to market products via internet.

250

300

350

Indexed aggregated paid clicks

100

105

Indexed AVG cost per click

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Source: http://ecommerceblog.nl/search-marketings-insights-2010/Google

0

50

100

150

200

250

Aggregated paid clicks

75

80

85

90

95

AVG cost per click

Google Base

Comparison sites are quite important for the success of e-commerce companies, the introduction of Google Base, another

comparison/auction site by Google, is expected to have a large influence on e-commerce companies.

Google Base is rated first in the TOP10 shopping engines, which list is based on traffic, revenue, COS% (spend/revenue), average CPC,

responsiveness and Merchant tools. The popularity of Google Base is among others related to its cost-free structure and highly regarded

Google Analytics tool.

Google Base is already introduced in US, Germany and UK and is expected to be introduced in the near future in the Netherlands. It is

recommended that e-commerce companies optimize their Google Base Strategy.

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Source: http://blog.cpcstrategy.com/the-top-ten-comparison-shopping-engines-compared/

Video Advertising

Display and video ads can greatly increase retailers` site visits and brand name searches.

Internet retailers can use video advertising not just to drive consumers to the website in the first place, but also to reach back to them to

encourage them to purchase a product on their website.

Video advertising:

Increases the chance of a front-page Google result

Increases time spend on the website

Help visitors in making purchasing decisions

Increases purchase intent

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33% of online retailers plan to add video to their sites in 2010, making it

a higher priority than any other advanced feature!

eMarketer, March 2010

Source: http://www.internetretailer.com/2010/03/26/online-display-and-video-ads-pull-consumers-to-sites-study-sayshttp://www.spotxchange.com/performance-based-video-ad-campaigns.htmlhttp://www.invodo.com/html/resources/video-statistics/

M&A (i)

A selection of recent interesting deals in the e-commerce market are:

Date Acquiror Coun

try

Target Coun

try

Turnover

target

EBITDA

Target

Segment EBITDA

multiple

4-2011 CDON Group SW Tretti SW € 39m € 2,8m Home appliances 13,8

2-2011 Scheer&Foppen NL Modern.nl NL € 15m* unknown Consumer electronics unknown

2-2011 GSI US Fanatics US $ 300m unknown Sports unknown

1-2011 eBay US Brands4friends G € 45,7m - €5,6m Fashion and lifestyle -

11-2010 Amazon.com US Quidsi.com US unknown unknown Babycare unknown

8-2010 Comnaar Investments

Mentha Capital

NL Kleertjes.com NL unknown unknown Clothing unknown

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Based on recent transactions in the e-commerce market, the estimated EBITDA multiple for mid-market companies is on average around

6-8 times EBITDA*.

* Estimate BlueMind

Source: ZephyrBlueMind

2-2010 Arnoldo Mondadori Editore SPA IT Mondolibri SPA IT € 80,6m € 5,8m Books 2,32

2010 Groupon US Several Asian companies Asia - - -

8-2009 RFS Holland Holding BV NL Create2fit BV NL unknown unknown Electronics etc. 6*

5-2009 Fuji Media Service JP Cecile Co Ltd JP € 510m € 3,2m Department store 21,6

1-2009 Scheer&Foppen NL Bobshop.nl NL € 12,4m unknown Consumer electronics unknown

12-2008 Private investors NL RFS Holland Holding BV NL € 316m € 29,3m (EBIT) Department store unknown

7-2007 Sanoma Uitgevers BV NL mrticket.nl BV NL unknown unknown Tickets unknown

5-2007 Madison Dearborn Partners (PE) US CDW Corporation US € 4,8bln € 299m Hardware 17,2

M&A (ii)

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European investors are interested in investing in e-commerce companies. Some important aspects regarding this:

Focus on establishing a market-leading position

Capital efficiency (JIT-ordering and cash flow management)

International expansion

Growth potential

The e-commerce market is expected to grow further, but for online retailers to grow exceptionally there are different approaches:

Foreign investors

Private Equity is willing to invest in e-commerce companies in Europe. It is expected this will lead to consolidation in the market, which

will lead to larger e-commerce companies and a stronger competitiveness in the market.

Strategic Partner

There are several strategic e-commerce companies active in Europe, looking for acquisitions to expand their product segments or

geographical reach.

Geographical expansion

The Netherlands are too small to grow exceptionally, expansion to other countries is essential.

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The Netherlands are too small to grow exceptionally, expansion to other countries is essential.

Expansion by segment

To grow exceptionally e-commerce companies have to focus on

several segments with different webshops.

Source: BlueMind

Contents

I. Market information

II. Company profiles

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Financials

Company information

Activities

www.alphacomm.nlLocation: Rotterdam

Shareholders: Blue Potato Investments B.V.Management: Huub Sparnaay (CEO)

The main activity of Alphacomm is the distribution of prepaid amounts. They are quite competitive in this market and would like to grow to 5-10% market share.

They are looking for possible add-ons.

They are willing to discuss a potential sale of a minority stake to a financial investor to realise further growth.

Status & situation

Alphacomm

www.opwaarderen.nlSales and distribution of prepaid amounts for mobile telecom. These activities are realised via their own websites, via partners and directly via providers under a private label. Active in the Netherlands, Belgium and Germany.

AnnabelDistribution of personal telephone messages (reminders for appointments).Mainly active in the healthcare sector (hospitals, dentists etc.) and collecting agent sector.

EcomobielPlatform for sustainable mobility (business events).

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FinancialsActivities

www.opwaarderen.nl

Turnover € 30m

Margin NL/B 8-9%

Margin G 5%

Annabel

Turnover € 750K - € 1m

Margin 80-90%

Ecomobiel

Turnover € 750K

Financials

Company information

Activities

www.eyeti.nlLocation: Tilburg

Shareholders: TC Holding B.V.Management: Tom Coehorst (CEO)

The company is willing to expand their existing brands and expand their related services.

They are looking for acquisitions in the following segments:Companies active in the (online) sale of software for companies up to 500 employeesService-provider (installation of hardware and software etc.

Other interesting companies could be websites active in the sale of specialised IT products (no website focussed on a broad range of products).

Possible sale over five years. They are willing to discuss an earlier potential sale when the offered multiple meets expectations.

Status & situation

EyeTi Group

The EyeTi group is specialised in the sale of IT related products (hardware, software) via five different websites. These webshops all focus on a specific target group.

Takeitnow.nl Focused on companies with up to 10 employees.Acesdirect.nl Focused on companies with 10-250 employees.Buyonline.nl Focused on companies with over 250 employees.Prowarehouse.nl Focused on companies who are looking for Apple products.Rackserver.nl Focused on companies who are looking for Server related products.

They are only focused on businesses. The only website were consumers can also purchase products is takeitnow.nl.

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Expected turnover 2011 € 60m

Expected EBIT 2011 € 1,5-2m

Financials (group)

Company information

Activities

www.basgroup.nlLocation: Almere

Shareholders: Bakker Holding B.V.Management: Steven Bakker (CEO)

The turnover is relatively stable during recent years, but the focus has shifted from BAS Distribution to MyCom /Vobis, which is now 70% of total realised turnover.

They are looking for possible add-ons for their e-tail/retail activities in different market segments. They don’t have a specific segment in mind, but a niche-player in products easy to handle are most interesting.

They are also interested in retailers who are in a difficult situation. They are specifically interested to get in contact with the Swedish KIN AB, owner of Kijkshop.

Status & situation

Bas Computers

BAS Distributie (wholesale)Online IT hardware distributor, active in the Netherlands (800 weekly buying dealers) and Belgium (300 dealers).

MyCom & Vobis (e-tail and retail)Retail (26 shops) and e-tail shops, active in IT hardware and software products for end-users.

IciduProduction of IT related accessories under their own brand. These products are produced in China and sold to retailers in more than 13 European countries.

MPSoftware developers for the e-commerce market

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Financials (group)Activities

2010 2009

Turnover € 124m € 149m

Gross Margin € 16,6m € 20,7m

EBIT € 1,5m -/- € 355K

EBITDA € 2,1m € 808K

Financials 2010

Company information

Activities

www.cameranu.nlLocation: Urk

Shareholders: STAK Cameranu.nlManagement: Johan van Slooten (CEO)

They would like to expand their activities internationally.

They are willing to discuss a potential sale of the company over a couple of years.

Status & situation

Cameranu

Cameranu.nl is an online retailer of mirror reflex, video and compact camera’s and related accessories.

They offer products from an extensive assortment, including brands like Canon, Nikon, Sony, Olympus, Panasonic, Leica, Pentax, Sigma, Tamron etc.

The company keeps stock and have an own shop in Urk.

Some side products offered on the website are printers, navigation, audio & hifi, television & monitors, telecom products etc.

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Financials 2010Activities

Turnover € 43m ( +40% compared to 2009)

EBT € 1 - 1,5m

Average order size € 430,-

Stock value € 3-3,5m

Financials

Company information

Activities

www.elderswebsales.nlLocation: Alkmaar

Shareholders: InvestorsManagement: Boudewijn van Ewijk (Interim CEO)

The company handles with a difficult financial situation.

The margins in this segment are quite low and the most interesting way to earn money in this business segment is via affiliates.

The domain name ‘gsm.nl’ could be very interesting to acquire.

Status & situation

Elders Websales

Gsm.nlOnline sale of mobile phones and subscriptions. Target group are consumers.

Bestelmaar.nlOnline sale of mobile phones and subscriptions. Target group are consumers.

Zakelijkvoordelig.nlOnline sale of mobile phones and subscriptions. Target group are companies.

Related providers are Hi, KPN, T-Mobile, Telfort and Vodafone.

The websites also offers some side-products, such as camera’s, TV’s, laptops and game-stations.

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Negative results in 2009 (- € 1,5m) and 2010.

The company realises from Q4 2010 until now positive results after a drastic reorganisation.

Transactions per year 30.000

Financials

Company information

Activities

www.elektrokoopjes.nlLocation: Franeker

Shareholders: Akkerman Invest Group B.V.Management: Jan Harmen Akkerman(CEO)

They would like to roll-out their CMS system, which they have developed within ICIT.

They are looking for possible add-ons for their hosting activities (ISNet).

Status & situation

Elektrokoopjes

ElektrokoopjesOnline retailer, active in the consumer electronics, white goods and brown goods segment.

Other companies in the Akkerman Invest Group B.V.:

ICITInternet service provider with 25 employees.Mainly active in the healthcare and financial services market.Have their own CMS system

ISNetA hosting and domain registration company, located in Franeker(northern Netherlands).

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Elektrokoopjes

Turnover € 15m

EBT € 100K

Average order size € 230,-

Expected turnover 2011 € 18-19m

Expected EBT 2011 € 400K

Financials

Company information

Activities

www.koopjeskampioen.nlLocation: Hoogeveen

Shareholders: Privately ownedManagement: Henk Pragt

Koopjeskampioen has realised a negative result in 2010, caused by a new appointed director of the company.

Currently the entrepreneur, Henk Pragt is the director again.

The company is now looking for an investor for an amount of € 500K.

Status & situation

Koopjeskampioen

Online retailer, active in the consumer electronics, white goods and brown goods segment.

Koopjeskampioen has four locations in the Netherlands. They can buy the products at these locations or the products can be delivered at home.

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2010

Turnover € 10m

Expected growth 2011 20%

Expected growth per year after 2011 40%

Financials

Company information

Activities

www.fonq.nlLocation: Utrecht

Shareholders: Kehaho beheerManagement: Patrick Kerssemakers (CEO)

The members of the management team and owners of Fonq are Patrick Kerssemakers (CEO), Frank Hanssen (CFO) and Joost Wels (COO).

Their personal holdings own 100% of the shares of the company via a STAK (together with a minority shareholder, who owns 3%) .

We are currently advising Fonq on a sales process.

Status & situation

Fonq

The company is an e-commerce business which operates 65 specialised webshops in consumer goods

Fonq operates webshops with a focus on:Living & homeCookingDesign & StyleGifts & Presents

The company operates several webshops under their own brand, but also operates white label webshops for Rituals for example.

Fonq employs around 40 fte.

•29


The company realised a revenue of more than € 14,8m in 2010 with an EBITDA-margin around 7%.

Turnover is expected to grow to € 26m in 2012 with an EBITDA-margin of 9%.

Financials

Company information

Activities

www.coolblue.nlLocation: Capelle aan den Ijssel

Shareholders: Coolblue Holding B.V.Management: Pieter Zwart

Until recently, Coolblue’s separate webshops operated under their own URL as brand name.

Upon the strategy to create brand value and consistent services across all their brands, Coolblue has started to integrate its webshop under its main brand, Coolblue.

Coolblue is also active in Belgium

Status & situation

Coolblue

Coolblue is an eCommerce business that runs 67 specialized online shops and 4 live outlets, mainly focused on consumer electronics (telephones, music players, PDAs, laptops etc) and consumer care products (skincare, toothbrushes).

Coolblue runs their entire support on themselves, logistics, IT, product development and customer care.

Coolblue won the award for Best Dutch webshop 2010 and Best Telecom webshop 2010.

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Turnover of 2010 is approximately € 100 mio.

2009

Gross Margin € 14,6m

EBIT € 4,0m

EBITDA € 4,7m

Financials

Company information

Activities

www.create2fit.comLocation: Naarden

Shareholders: RFS Holland Holding B.V. (Wehkamp)Management: Tom Coronel (CEO)

Create2Fit is steadily expanding its revenue

Halfway 2009, RFS Holding, the parent company of leading mailorderretailer and online retailer Wehkamp, acquired a majority stake in Create2Fit.

Status & situation

Create2Fit

Create2Fit is the holding company of several specialized webshops, founded by Dutch race car driver Tom Coronel.

The separate web shops offer typical products related to a masculin interest, with a focus on high-end products.

Plasma TVs

Tire chains

Laundry machines

Grill sets

Coffee Machines

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Turnover € 37,5m

Financials

Company information

Activities

www.123inkt.nlLocation: Nederhorst Den Berg

Shareholders: Privately ownedManagement: Gerben Kreuning

123inkt.nl continues to grow and welcomed its 500.000s unique customer in 2010.

Status & situation

Digital Revolution B.V. 123inkt.nl

123inkt is an online retailer for printer cartridges, printer ink , toners and photo paper

The main focus is on private label products

123inkt.nl intents to provide best service and 24 delivery with the best pricing strategy in the market for printer ink and cartridges.

123inkt won the award for best home shopping company, awarded by the industry platform for eCommerce and homeshopping

•32


Turnover € 16m

Financials

Company information

Activities

www.bol.comLocation: Nieuwegein

Shareholders: Flevo Deelnemingen III B.V. Management: Daniël Ropers

Bol.com was one of the first webshops active in the Netherlands.

In 2009, PE firm Cyrte, the investment firm of media “tycoon” John de Mol, acquired Bol.com.

Bol.com announced its intentions to grow to 500 mio revenue by 2013.

Status & situation

Bol.com

Bol.com is a Dutch online retailer, specialized in books, both Dutch and English, and entertainment products such as CD’s, DVD’s and games, and electronics, photo/video, media devices, laptops, software, and accessories.

Bol.com was founded in 1999 as part of Bertelsmann Online and as part of a global initiative to sell media products online worldwide.

The Dutch site was privatized in 2003 and is currently owned by Cyrte Investments, a Dutch Investment company specialized in media and telecom companies.

Currently, bol.com is an online (local) market leader and winner of several online retail awards

•33


2009

Turnover € 267m

Ebit € 11,4m

EBITDA € 21,2m

Number of transactions per year: 14 mio.

Financials

Company information

Activities

www.gsmweb.nlLocation: Diemen

Shareholders: BBF Financieel B.V. Management: Joost Bruining

GSMWeb is the leading web shop for mobile phones

In July 2010, GSMWeb acquired (a minority share in) LHMW B.V., an online platform that keeps track of local discounts in “real” stores in the area.

Status & situation

GSMweb.nl

GSM Web is a webshop entirely focused on selling cell phones, accessories, and cell phone contributions.

GSMweb.nl is the largest webshop in this segment in the Netherlands.

•34


2009

Turnover € 29,3m

EBIT (2008) € 4,9m

EBITDA (2008) € 5,0m

Financials

Company information

Activities

www.bakker-hillegom.nlLocation: Hillegom

Shareholders: STAK BakkerManagement: Michael van Diemen

We have spoken to the CFO of Bakker Hillegom.

They are looking for possible add-ons.

Status & situation

Bakker Hillegom

Bakker Hillegom is a large garden mail-order company in Europe.

It is an international organization with over 700 employees and nearly 65 years experience in the transmission of green products and accessories by mail.

They are active in a consistent delivery of high quality flower bulbs, roses, perennials, seeds and garden products.

•35


2010

Turnover € 143m

EBIT € 7,0m

Financials

Company information

Activities

www.kleertjes.comLocation: Doetinchem

Shareholders: Comnaar Investments (33%)Mentha Capital (33%)Management (33%)

Management: Claudia Willemsen

The founder of the company, Claudia Willemsen sold a majority of the shares of kleertjes.com (67%) to the PE houses, Comnaar Investments and Mentha Capital in 2010.

They are focussed on further growth of the company and add-on acquisitions are expected.

Status & situation

Kleertjes.com

Kleertjes.com is the largest online retailer for children’s clothing and shoes in the Netherlands.

Some side products offered are nightwaer, underwear and accessories.

•36


2010

Turnover € 11m

Employees 125

60.000 customers in 2010

110.000 packages ordered in 2010

Financials

Company information

Activities

www.worldticketshop.nlLocation: Groningen

Shareholders: S. MontebanManagement: Mr. Monteban

WorldTicketShop has been growing rapidly over the past few years and is looking for growth capital / ready to sell the company

BlueMind has been mandated to sell the company

Status & situation

Worldticketshop B.V.

World Ticket Shop (WTS), founded in 2006, is a platform for buying and selling second hand tickets for (music)concerts, events, sports games etc.

Since its start, WTS invested in its mulinational network and focuses on not-easily-obtainable tickets for events in Europe.

WTS now focuses on creating a platform or market place to united supply and demand of tickets, arranging all logistics for both buyer and seller

WTS is member of the EUSTA (European Union Secondary Ticketing Association) and adheres to their universal code.

•37


Turnover € 10m

EBIT € 500K

201100504 e-commerce markt incl bidbook def...the average amount of spending per person in 2009 was...

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