Annual Report 2016

Expectations and outlook

While economic developments in the various countries appear to be favourable, the outlook for 2017 is primarily determined by the extent to which revenue recovers in the German market (more than 50% of group revenue). Through the final delivery of the new webshop platform in the first quarter of 2017 and a refined promotion and advertising strategy, we expect to see a slight improvement in the first half of 2017.

Given the results achieved so far, we will continue to pursue the various objectives set out in our ‘From Good to Great 2016-2020’ strategic plan with the primary focus being on maximising customer satisfaction in an omnichannel environment, which will be promoted by a sharpened retail marketing focus and innovations and supported by an acceleration in logistics. The company furthermore aims to gain market leadership in the various markets through like-for-like growth in revenue and expansion.

After driving organic growth in revenue across the company through various new initiatives, investments and experiments for a number of years, a stringent cost control and investment policy will be followed in 2017.

Uden, The Netherlands, 16 March 2017

A.H. Anbeek,

B.F. Koops,

Chief Executive Officer

Chief Financial Officer