Consolidated turnover up 6.9% to € 274.7 million
Current EBITDA (excluding IFRS 16) up 13.2% to € 25.3 million1
9.2% EBITDA margin (excluding IFRS 16) (in line with target)
Cash flow from operations: € 29.9 million (before IFRS 16), multiplied by 3.2
Positive net cash (excluding rental debts): € 11.1 million

Paris, March 26, 2020

ROCHE BOBOIS SA (ISIN: FR0013344173 – Mnemonic: RBO), the international benchmark for high-end furniture and French art of living, publishes its annual results closed on December 31, 2019. The accounts were approved by the Management Board on March 24, 2020. The audit is being finalized and reports will be issued at a later date.

IFRS standards (in € m)
data under audit



before IFRS16

Var. %

Sale of goods




Royalties and other services








+ 6.9%

Gross profit on sale of goods




+ 10.2%

Current Ebitda[1]




+ 13.2%

Current EBITDA margin 8.7% 16.7% 9.2%

current operating income




+ 38.8%

Operating income




+ 37.0%

bottom line




Tax charge




Net profit




+ 61.2%

CEO net profit




+ 66.7%

At the end of the 2019 financial year, Group sales amounted to € 274.7 million as of December 31, 2019 compared to € 257.0 million as of December 31, 2018, up + 6.9% (+ 5.2% at constant exchange rates). The Group recorded an increase in revenue across all of its geographic areas, including the UK area, which returned to growth over this financial year.

Group gross margin up to 59.2% (compared to 57.8% at December 31, 2018), it increased in value by + € 13.2 million linked to a geographic mix effect (higher volumes in areas with higher profitability).

External charges amounted to € 70.5 million as published, including a significant drop in rental charges taking into account the application of IFRS16. Excluding IFRS16, external charges are perfectly controlled. They amounted to € 92.0 million compared to € 85.3 million at the end of 2018, most of the increase resulting from the integration of Déco Center 95 and currency effects.

Before IFRS 16, current EBITDA stood at € 25.3 million compared to € 22.4 million, up + 13.2% compared to December 31, 2018. All geographic areas contributed to this growth, in particular the area other Europe thanks to the very buoyant activity of its own stores in Belgium, Switzerland and Italy, but also the United Kingdom, which is benefiting from the return to growth.

In accordance with the strategy implemented, France continues to grow and has an EBITDA margin rate of 6.6% (compared to 6.3% at December 31, 2018).

The Group’s current EBITDA margin rate is 9.2%, in line with the target (compared to 8.7% at December 31, 2018).

Before IFRS 16, current operating income stood at € 16.1 million compared to € 11.6 million at December 31, 2018, up + 38.8%. As a reminder, last year the Group recorded a non-recurring charge of € 3.4 million (free share plan (AGA)).

After recognition of a non-recurring charge of € 0.9 million, operating income came to € 15.2 million (before IFRS16) compared to € 11.1 million at December 31, 2018.

After taking into account the financial result and the tax (- € 4.1 million), the Group share of net profit before IFRS 16 amounted to € 10.5 million compared to € 6.3 million at December 31, 2018, up + 66.7%.

Strong increase in cash generation – Available cash of € 31.1 million

Equity stood at € 59.1 million at December 31, 2019 compared to € 53.4 million at the end of December 2018.

The WCR is perfectly under control with a positive variation of € 9.2 million (versus (€ 7.4) million at December 31, 2018).

Cash flow generated by operations rose sharply to € 51.3 million, and included a positive effect of € 21.4 million related to the application of IFRS 16. Excluding IFRS 16, this level reached € 29.9 million compared to € 9.3 million as of December 31, 2018. This high amount largely covers investments linked to store openings and renovations (€ 9.2 million) and dividends paid to shareholders (2.9 million €).

At the end of 2019, the Group’s free cash flow increased sharply to € 31.1 million compared to € 15.5 million as of December 31, 2018. Excluding rental debts relating to IFRS 16, the Group had a positive net cash position of € 11.1 million.

Update on the activity at the start of the year and impact of COVID-19

The Group has observed since the start of the financial year, in line with the 2019 financial year, a very good dynamic of activity, with a business volume at end February 2020 of + 10.9% for all Roche Bobois stores and + 14.1% in sole stores of this brand. This good general orientation continued until mid-March 2020.

However, given the exceptional circumstances caused by the health crisis of the Coronavirus (Covid-19) and the containment measures announced by the various countries, Roche Bobois SA has gradually closed all of its own stores in France since mid-March , Europe and the United States / Canada during this period. The franchises remain open according to the provisions in force locally (Asia in particular). These measures aim to protect the health of all employees and to curb the spread of the virus.

Production in France, Italy and Portugal and deliveries continued normally until mid-March 2020. Note that for Cuir Center, in China, the factories of the suppliers are now operating at full speed.

To date, the Group therefore anticipates an extension of the delivery times for orders registered on 1er quarter 2020 but does not record any order cancellations. All firm orders will be delivered as soon as the situation allows. In parallel, and depending on the duration of the confinement, the Company anticipates a significant, even very significant, decline in turnover to 2th 2020 quarter and its order intake. However, this quarter is traditionally a period when order intake is lower for the Group in its main markets (seasonality in the furniture sector).

Roche Bobois reminds the countermark of its model’s strength, which has already demonstrated its resilience to different crises in the past; purchases are then delayed over time and order intake is subject to catching up in the months that follow.

This resilience and the Group’s financial solidity, with a substantial free cash position, will be assets in the management of this unexpected crisis. The Group will keep the market informed of significant developments in this situation in its business.

Continued international deployment – Project for the gradual acquisition of 6 franchise stores in the United States

Given the exceptional conditions linked to the COVID-19 health crisis, the signing of the share purchase agreement (SPA) concerning the acquisition of American franchisees has been postponed.

Roche Bobois recalls having signed in February 2020 a non-binding letter of intent with its main American franchisee with a view to the acquisition in 2020 of three Roche Bobois franchise stores on the West Coast of the United States located in the cities of San Francisco, Portland and Seattle, with a unilateral option to buy 3 additional stores located in Atlanta, Houston and Dallas between 2021 and 2022.

The cumulative turnover of all of its 6 stores reached US $ 16.6 million in 2019, for a very high EBITDA margin in accordance with the brand’s standards in the United States.

The Group confirms its desire to finalize this transaction, which will be highly accretive and will have a very positive effect on the increase in the consolidated EBITDA margin. This transaction will be financed by equity and / or dedicated loan.

Finally, it should be noted that Roche Bobois plans to have 7 new own stores in 2020:

  • 3 openings in Europe: Germany (Cologne); Portugal (Lisbon 2) and Switzerland (Sion);
  • 1 opening in the United States: Minneapolis;
  • 3 integrations of franchisees in the scope of own stores (San Francisco, Portland and Seattle).

In parallel, the Group remains online with a rate of openings of 5 to 10 franchises during the year 2020.


ROCHE BOBOIS SA is a French family business founded in 1960. The Group is present in 54 countries with a network of 332 stores (as of December 31, 2019), directly and franchised, through its two brands: Roche Bobois, a brand of high-end furniture, with a strong international dimension and Leather Center, positioned in a mid-range segment with an essentially French footprint. With its Roche Bobois brand, the Group embodies the French art of living which he spreads throughout the world, with original and daring creations made by talented designers (Bruno Moinard, Jean Nouvel, Ora Ito, Sacha Lakic, Christophe Delcourt, Stephen Burks, Kenzo Takada or even Bina Baitel … ), and partnerships with the world of fashion and haute couture. Roche Bobois is also a committed partner in the world of culture and the arts. In 2019, the business volume achieved by the two brands, including the franchisees, amounted to € 490 million excluding tax, including € 398 million excluding tax for Roche Bobois and € 92 million excluding tax for Cuir Center.
Roche Bobois SA’s consolidated revenue in 2019 amounted to € 274.7 million.

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Finance News – Anne-Pauline PETUREAUX
Investor relations
Phone. : 01 53 67 36 72 /

Finance News – Alexandra PRISA
Press relations
Phone. : 01 53 67 36 90 /



The term ” EBITDA Current, in English, “earnings before interest, taxes, depreciation, and amortization”, is the profit before interest, taxes, depreciation and amortization. It designates the Group’s pre-tax profit before interest, depreciation and impairment of fixed assets (but after depreciation of inventories and customer receivables), store opening costs, payment charges are deducted in actions.) It highlights the profit generated by the activity regardless of the conditions of its financing, fiscal constraints and the renewal of the operating tool. Non-recurring expenses (unusual, abnormal and infrequent items) are excluded.

Forward-looking statements

This press release contains forward-looking statements. These statements do not constitute guarantees as to the future performance of ROCHE BOBOIS. This forward-looking information relates to the future prospects, the development and the commercial strategy of ROCHE BOBOIS and is based on the analysis of forecasts of future results and estimates of amounts not yet determinable. By its nature, forward-looking information involves risks and uncertainties because it relates to events and depends on circumstances which may or may not occur in the future. ROCHE BOBOIS draws your attention to the fact that forward-looking statements in no way constitute a guarantee of its future performance and that its actual financial situation, results and cash flows as well as the development of the sector in which ROCHE BOBOIS operates may differ significantly from those proposed or suggested by the forward-looking statements contained in this document. In addition, even if the financial situation of ROCHE BOBOIS, its results, its cash flows and the development of the sector in which ROCHE BOBOIS operates were in accordance with the prospective information contained in this document, these results or these developments may not be a reliable indication of the results or future developments of ROCHE BOBOIS.

[1] Current EBITDA after restatement of store openings and before free share plan.

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