2013 Group Annual Report

ANNUAL REPORT 2013
CORPORATE OFFICE
22 Quai Gallieni
F-92150 Suresnes
France
ANNUAL
REPORT
2013
CONTENTS
Foreword
Group CEO Statement
Board Members
Key Highlights of 2013
Key Numbers
03
04
05
06
08
1 > Group Strategy
10
2014 Priorities
People & Expertise
12
14
ANOVO IS A MARKET LEADING PROVIDER OF AFTER SALES SUPPORT AND SUPPLY
CHAIN MANAGEMENT SERVICES WITHIN THE TELECOMMUNICATIONS, ACCESS,
INFRASTRUCTURE & NETWORKING AND CONSUMER ELECTRONICS MARKETS. OUR
SERVICES SUPPORT A BROAD RANGE OF PRODUCT TECHNOLOGIES COVERING
MOBILE AND FIXED COMMUNICATION DEVICES, COMPUTERS, TABLETS, SET-TOP
BOXES, HOME GATEWAYS, GAME CONSOLES, AND TV PRODUCTS. THE GROUP
OFFERS COMPANIES AND INDIVIDUALS INTEGRATED SERVICES IN REPAIR,
REGENERATION, RETURNS AVOIDANCE, TECHNICAL CALL CENTRES AND SMART
2 > Regional Overview
16
Latin America
France, Belgium, Switzerland
Spain
UK, Germany, Poland
18
20
22
24
3 > Market Spotlights
26
Insurance Fulfilment
Regeneration
Returns Avoidance
Smart Logistics
Proximity Repair
28
30
32
34
36
4 > Performance
38
Financial Statements
Highlights
Corporate Social Responsibility
40
42
46
LOGISTICS. IN THIS WAY, ANOVO MAKES IT POSSIBLE TO EXTEND THE LIFECYCLE
OF HIGH-TECH PRODUCTS, AND EVERY YEAR OFFERS A SECOND LIFE THROUGH
REPAIR, REFURBISHMENT AND RECYCLING SERVICES TO MORE THAN 20 MILLION
PRODUCTS WORLDWIDE.
FOR FURTHER INFORMATION, PLEASE VISIT OUR WEBSITE
WWW.ANOVO.COM
FOREWORD
This year has been another strong year for ANOVO, building successfully on the solid
performance delivered in 2012. Despite a challenging economic environment, the Group
continued to innovate, and grow its client base within all markets, delivering a very
positive set of results.
ANOVO has progressed well to establish itself as the international after-sales partner
of choice and I am encouraged by the pace at which the Group is evolving to ensure we
can take full advantage of the opportunities we see today in our core markets and take a
leading position in our future markets.
Our aim is to keep innovation at the heart of what we do to ensure we continue to bring
real added value and service flexibility to our customer base.
The overall result in revenue and profit this year is particularly pleasing because it has been
achieved in parallel with 1) launching new operations in Latin America and Germany,
2) consolidating sites in Poland and 3) scaling up significant new activities in Spain.
This strategy has involved the work and support of resources from all subsidiaries. This
underlines our capability to grow profitably, maximise our investments and leverage the
international collaboration we now have across the Group.
I would like to thank all of the ANOVO staff for their contribution to the achievements
made this year.
We have made significant progress on all strategic priorities this year. The financial base
and conditions are now set to continue the momentum and we are committed to further
investments in new operations and capabilities in the first half of 2014.
The Group is well positioned to accomplish the challenges we have set as a priority for
this year.
WALTER BUTLER
PRESIDENT
ANNUAL REPORT // 2013
03
BOARD MEMBERS
GROUP CEO
STATEMENT
I AM PLEASED with the progress made this year
as we demonstrated the Group’s ability to grow
profitably while simultaneously delivering on the
promises made last year to evolve our business
model.
Innovation has been at the forefront of our
activities continuing the development of our
technology solutions across all sectors which is
establishing us as a service partner bringing real
added value and service differentiation to our
clients. Notably, our returns avoidance solutions
received strong plaudits and endorsements from
our customers while Telefónica backed ANOVO
to support the launch of new buy-back services
across our network in Latin America. The expansion
of walk-in-repair solutions for our multi-channel
Operator, Retail and OEM customers has started
with real momentum in Spain and Latin America
and we expect this to continue at the same rate
this year. Strengthening the management team,
adding new capabilities and re-focusing on more
specialised marketing of buy back services has
kick-started a global Regeneration business which
is now expected to reach over ¤100M revenue this
year and will be fully diversified across Operator
take-back, B2C buy-back, B2B asset recovery and
a significantly larger share of insurance fulfilment
business.
Within operations we have improved profitable
performance across all entities as a result of
the roll-out of our enterprise-wide IS strategy
built around our proprietary systems, and an
‘Innovation’ focus on streamlining existing activity
while we consolidated customer flows and sites in
Poland and Spain. We continued our geographic
expansion in Latin America with the start-up of an
innovative walk-in-repair network in Colombia and
roll-out of our depot operations in Bogota and with
further acquisitions to come this year in Brazil we
are pursuing successfully our strategy to capitalise
on the growth opportunities in this region. ANOVO
Deutschland GmbH was successfully launched
at the end of 2013 in Düsseldorf and our first
operation is an optimally located platform from
which to build new business quickly.
We have further strengthened the Executive
Management team bringing in a new Deputy
Group CFO and new CEOs for France, Peru and
Switzerland while renewing the commercial teams
locally and at Group level. I would also like to
personally acknowledge the commitment made
by all of the staff throughout all of our sites and
know I can count on them to continually meet the
challenges we have ahead of us.
I take also this opportunity to thank all of our
customers for their continued trust in ANOVO.
Finally, our Group needs to continue to evolve, in
sync with our customers’ business. This is one of
the reasons our management team decided to
launch a global re-branding of ANOVO in order
to enforce our international identity. Our new logo
aims to suggest an agile and modern company,
delivering real economic value to its customers.
We do find solutions and we definitely keep our
promises.
We encourage our customers to take a fresh look
at the ‘new ANOVO’ and our activities.
WALTER BUTLER
President ANOVO Group & President Butler Capital
Partners (Shareholder)
LAURENT PARQUET
Partner, Butler Capital Partners
FRANÇOIS LACOMBE
Chief Executive Officer - ANOVO Group
RICHARD WILSON
Chief Commercial Officer - ANOVO Group
CHRISTIAN LAFERRERE
Managing Director, Regeneration – ANOVO Group
KEVIN COLEMAN
Chief Executive Officer - ANOVO UK
MICHEL TOURNIER
Chief Information Officer - ANOVO Group
BRIGITTE ALBRAND
Chief Financial Officer - ANOVO Group
JOSE GARCIA
Chief Executive Officer - ANOVO Spain
CLAUDE-ALAIN CORMERAIS
Chief Executive Officer - ANOVO France
EDOUARD CELIER
Deputy CFO - ANOVO Group
FRANÇOIS LACOMBE
CHIEF EXECUTIVE OFFICER
ANNUAL REPORT // 2013
05
KEY HIGHLIGHTS
OF 2013
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
JULY
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
ACQUISITION /
EXTENSION OF
OPERATIONS
NEW CONTRACT
WIN
MARKETING
CSR
CSR
> ANOVO
sponsors CA
Brive Rugby Club
within France top
Rugby league.
NEW CONTRACT
WIN
NEW CONTRACT
WIN
NEW CONTRACT
WIN
> ANOVO is
awarded the
regional contract
to service all
Philips branded
TVs in France.
> ANOVO
supports
Telefónica
Movistar in
the roll-out of
proximity repair
services in
Colombia.
ACQUISITION /
EXTENSION OF
OPERATIONS
APPOINTMENTS
> ANOVO France
raises 2000
euros for Cœur
de forêt during
Sustainable
Development
Week.
NEW CONTRACT
WIN
MARKETING
> ANOVO UK
wins the Annual
Mobile News
Service & Repair
award for the
5th time.
> ANOVO and
IBM confirm
continued
collaboration into
2014.
> ANOVO Spain
is selected as
key supplier of
multi-channel
integrated hub
and after-sales
services for a
market-leading
Telco Operator.
> ANOVO
confirms its’
presence at
Mobile World
Congress in
February 2014.
> David
Grandjean is
appointed as
CEO for ANOVO
Switzerland.
> ANOVO
cements its
foothold in Latin
America with the
establishment of
a new subsidiary
in Bogota,
Colombia.
NEW CONTRACT
WIN
> Nokia extends
its service
contract with
ANOVO UK.
> ANOVO Spain
begins working
with Vodafone
for Set-Top
Box repair and
refurbishment
and Call Centre
Operations.
> ANOVO is
appointed as
the sole repair
partner for ZTE
Livebox repairs in
Poland.
NEW CONTRACT
WIN
> Phones 4U sign
exclusive contract
with ANOVO UK
for after-sales
support functions.
> Telefónica
selects ANOVO as
preferred partner
to launch its
device buy-back
program in Chile,
Peru, Colombia
and Brazil.
> ANOVO
Deutschland
GmbH was
launched from
its’ operation in
Düsseldorf.
APPOINTMENTS
NEW CONTRACT
WIN
> ANOVO
Belgium launches
Regeneration
services for
Vanden Borre
(Darty Group).
> Brigitte Albrand
extends her duties
to include Deputy
General Manager Regeneration.
> Edouard Celier
is promoted to
Deputy Group
CFO.
> Mike
Wiedemann is
appointed as
Business Unit
Manager for
ANOVO Germany.
APPOINTMENTS
> Astou Dia
is appointed
International
Business
Development
Manager Regeneration.
MARKETING
> ANOVO
launches new
brand image and
positioning.
MARKETING
> Samsung’s
annual audits
see ANOVO
recognised as
the only Grade A
service centre for
Samsung in the
UK.
ACQUISITION /
EXTENSION OF
OPERATIONS
> Regeneration
activities
consolidated
under a Global
Business Unit.
ANNUAL REPORT // 2013
07
KEY NUMBERS
2012
2013
€’000 revenue
140000
0
2014
(projected)
100000
%
13
Regeneration
0
Insurers
20000
71
Retailers
40000
Operators
60000
Manufacturers
80000
€’000 revenue
80000
2012
2013
60000
2014
(projected)
40000
20000
0
%
2014
(projected)
2012
2013
2014
(projected)
Repair & Refurbishment
Regeneration
New services *
14
66
Total 2012
Total 2013
Total 2014
(projected)
Switzerland
100000
Latin America
Spain
Belgium
Poland
UK
Poland
Spain
Latin America
Spain
Germany
Latin America
Switzerland
Belgium
France
Regeneration
France
Regeneration
Insurers
Switzerland
Belgium
13
%
14
58
Repair & Refurbishment
Regeneration
% *
New services
16
16
100000
80000
60000
Regeneration
New services *
20
Belgium
2013
120000
France
2012
120000
16
Total 2012
Total 2013
Total 2014
(projected)
66
20000
0
26
13
Repair & Refurbishment
Regeneration
New services *
%
Total 2012
Total 2013
58
Total 2014
(projected)
%
71
Germany
20000
%
26
Latin America
40000
Regeneration
REVENUE BY CUSTOMER TYPE
120000
* Revenue from services delivered
within Returns Hub Management,
Returns Avoidance & Technical
Call Centres and Proximity Repair
solutions.
20
Repair & Refurbishment 40000
2014
Insurers
150000
Total 2012
100000
Total 2013
50000
Total
2014
(projected)
0
354 141
80000
60000
0
13
100000
Retailers
200000
315 077
255 400
255 400
%
71
Manufacturers
250000
Operators
0
2012
2013
2014
(projected)
120000
UK
300000
354 141
Poland
20000
315 077
140000
Germany
350000
Spain
40000
Belgium
400000
Switzerland
60000
Latin America
€’000 revenue
France
GROUP REVENUE
Regeneration
100000
80000
Insurers
Retailers
16
2014
(projected)
20
Repair & Refurbishment
Regeneration
%
Total 2012
14
Total 2013New services *
66
Total 2014
16
(projected)
71
Total
2012& Refurbishment
Repair
Total
2013
Regeneration
Total 2014
New services *
(projected)
Spain
2013
2013
20000
Switzerland
2012
40000
Belgium
0
0
120000
2012
2013
2014
(projected)
0
13
16
UK
20000
50000
0
13
60000
France
40000
€’000 revenue
20000
16
%
20000
80000
France
100000
40000
7140000
Poland
150000
REVENUE BY COUNTRY
0
80000
2014
(projected)
60000
2013
60000
2012
2013
120000
2014
(projected)
100000
Germany
2012
Regeneration
0
200000
100000
%
6000071
80000
Manufacturers
250000
20000
100000
Insurers
50000
255 400
Operators
120000
315 077
Retailers
100000
40000
Operators
350000
300000
354 141
€’000 revenue
60000
Manufacturers
140000
150000
120000
2014
(projected)
80000
200000
400000
2013
100000
Latin America
2012
255 400
250000
0
REVENUE BY SERVICE TYPE
300000
120000
0
Spain
315 077
20000
2012
Retailers
140000
50000
354 141
350000
Manufacturers
40000
100000
400000
Operators
60000
150000
GROUP REVENUE
80000
80000
200000
16
Switzerland
100000
UK
120000
100000
255 400
250000
120000
Germany
315 077
300000
140000
UK
354 141
350000
Poland
400000
ANNUAL REPORT // 2013
09
01
Strategy
SOLUTIONS FOUND. PROMISES KEPT.
We know our success depends on our clients’
success, and we have built our strategy around
this. Our ultimate goal is to work with customers
to develop exceptional solutions that deliver
innovation, value and sustainability, while driving
efficiencies and protecting their brand’s reputation.
This is our promise. In its deliverance, we focus
on building long-term partnerships with
customers, so that their customer services are
unrivalled in the industry.
ANNUAL
ANNUAL
REPORT
REPORT
2013//
ANOVO
2013 \ 11
PRIORITIES 2014
STRATEGY // 2014 PRIORITIES
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20%
DOUBLE DIGIT
REVENUE GROWTH
IN 2014
OF BUSINESS FROM
NEW MARKETS
2014 PRIORITIES
• Smart Partnering to extend footprint and services
We will continue collaboration with global logistics partners and international
alliances in order to extend our global reach and develop intelligent new service
models for our clients.
> Looking forward to 2014 our priorities are focused on acceleration
in the following areas:
• Entry into new markets
We will develop in line with technological advances in the Machine to Machine
(M2M) and Telemetry arena a range of services aimed at supporting devices
and our customers’ infrastructure needs within metering, vending, utilities
and retail markets. In parallel we will increase our investment in high-end
infrastructure & networking support services.
• Deployment of advanced services in all regions
Last year Regeneration services were extended to all countries. Insurance
fulfilment and refurbishment were established as key enablers to our growth
in this market and the expansion of device management and fulfilment services
for international insurance clients is a key priority in 2014.
Walk-in and proximity repair services continued their successful expansion in
both Latin America and Spain. The priority this year is to develop models which
can be used effectively by our customers in all countries in which we operate.
Returns Avoidance (RA) solutions have been deployed internationally with
expert support from the multi-lingual UK call centre. In 2014 the aim is to deploy
RA solutions in the Access and Broadband markets, supporting our customers
with on-line, call centre and remote diagnosis solutions for Set Top Box (STB)
and Router products.
• Evolving the Regeneration business for maximum growth
Our global Regeneration business will continue its evolution, focused on
managing the increasingly multi-channel demand for our services, whilst
delivering improved operating margins.
Annual shipments of consumer M2M devices with embedded
cellular connectivity, million units (World 2010-2016)
Million units
40
35
30
25
20
15
10
5
Year
0
2010
2011
2012
2013
2014
2015
2016
ANNUAL REPORT // 2013
13
PEOPLE & EXPERTISE
BELGIUM
POLAND
The Group has operations in 12 countries supporting customers through a network
of 23 specialised service centres and reverse logistics hubs. In 2013, ANOVO delivered
comprehensive solutions and consistently high levels of service to meet the changing
needs of its’ growing customer base. These are our key by-country summaries.
1 site
40 headcount
1 site
256 headcount
Specialised Hub in
high growth forward
and reverse logistics
for Benelux region and
distribution market.
LCD Display Centre
of Excellence & Class
One Clean Room
Supporting Central
European region
Czech Republic,
Austria, Hungary and
Slovakia.
GERMANY
1 site
31 headcount
UK
5 sites
1071 headcount
Mobile News Service &
Repair Award Winners
2013. International
customer call centre
for Dell.
Express repair Hub
for Germany, France,
Benelux and Italy
regions, located in
Düsseldorf. Began
operations in 2013.
CHINA
FRANCE
2 sites
8 headcount
5 sites
1014 headcount
COLOMBIA
1 site
25 headcount
PERU
SPAIN
1 site
765 headcount
3 sites
1050 headcount
CHILE
2 sites
421 headcount
BRAZIL
1 site
120 headcount
Leading Customer
Walk-in-Repair centre
network for Movistar
and Samsung and
launch of professional
Operator Buy-back
services.
Specialised parts
sourcing and
refurbishment, and
trading of devices.
Love2recycle.fr
continues as buyback
market leader in
France.
60% of Telco Reverse
& Repair Market Share,
multi-operator and
multi-technology
repair for Iberia
region.
SWITZERLAND
1 site
91 headcount
Market leading mobile
device Insurance
fulfilment service with
nationwide 24 hour
TAT coverage.
ANNUAL REPORT // 2013
15
02
Regional
Overview
INNOVATING FOR THE FUTURE
We are delighted that all subsidiaries posted
positive EBIT results. Through the development
and roll-out of flexible service solutions, a Group
focus on reducing costs and continued investments
in productivity, ANOVO has not only secured
new contracts within the trading period, but
also unlocked significant savings for existing key
customers.
ANNUAL REPORT // 2013
17
PRIORITIES 2014
REGIONAL OVERVIEW // LATIN AMERICA
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of 25%
for the entire region.
350
PEOPLE DEPLOYED IN CUSTOMER
CALL CENTRES AND WALK-IN-REPAIR
NETWORK
LATIN AMERICA
> Our Results
2013 saw strong contribution from operator repair and refurbishment services in
all markets and the launch of reverse hub and returns management services for
key retailers.
Low volume, high margin activities were focused on high-end repair of Server,
PC and parts repair for the IT market.
OUR 2014 EXPANSION
ANOVO is focused on
continued growth in Latin
America. In 2014 we
launch operations in Brazil
- the world’s sixth largest
economy, where we will
initially support demand
for STB repair and
refurbishment, Walk-InRepair of mobile devices
and consumer electronics
products, and further
development of customer
buy-back services.
Growth in 2014 will be supported by further consolidation of core activities
with existing and new operator customers and the launch of Regeneration
services in the region, which will reach 10% of total regional revenue.
> Our Core Capabilities
End-to-end after-market services solutions, focusing on rapid TATs and seamless
integration between call centre, reverse hub, repair depot and customer
operations.
Our core services continue to drive cost and customer service benefits for
our B2B customers, ensuring we deliver on our promise to protect their brand
values.
Telefónica has endorsed our capabilities, by supporting our expansion of their
services in Colombia and Brazil, and entrusting to ANOVO’s expertise the rollout of new buy back services marketed to its customers across Latin America.
“We have initiated the Proximity Repair project
in Colombia with ANOVO this month. It has been
very well perceived by our customers and we believe
it will be a success thanks to ANOVO’s expertise
in this particular service, as well as its noted
professionalism.”
NELLY ROCÍO, Technical Service Manager from Telefónica, Colombia
ANNUAL REPORT // 2013
19
PRIORITIES 2014
REGIONAL OVERVIEW // FRANCE, BELGIUM, SWITZERLAND
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FRANCE, BELGIUM,
SWITZERLAND
> Our Results
Strong results are attributed to a combination of restructured operations,
a stronger focus on achieving excellent customer satisfaction, and increasing
consumer demand for refurbished devices.
OF GROUP
REVENUE IN 2013
BELGIUM
Our Belgian operation continues to grow in terms of resources and turnover
year-on-year. With activities primarily focused on returns management, repair
handling and logistics, the site collaborates with our central refurbishment sites
in France and Poland to expertly service products covering modems, mobile
devices and decoders.
Demonstrating a strong client portfolio in 2013, ANOVO Benelux’s site revenue
has doubled in three years, following the provision of professional services
to prestigious brands such as VOO TV Vlaanderen, Telesat, Siemens Gigaset,
Netgear and BeTV.
SWITZERLAND
> Our Core Capabilities
FRANCE
In France, 2013 has seen increased volume in most of our activities. We have
continued to focus on operational excellence, delivering consistent efficiency
and productivity. The redistribution of the customer activities in the Access,
Telco and Multimedia markets has been completed across Beauvais, Brive,
Montauban and Angers, leading to a better balance in capacity and ability to
leverage skilled resources across the sites.
Within Telco, we continue to focus on reverse hub screening and RMA
management services for our Operator customers, at the same time, working
on value-engineering for our market-leading B2C device buy-back channel,
Love2recycle.fr. This operates alongside a well established B2B operation via
customer shops and operator marketing programs.
ANOVO Switzerland leads the local Regeneration market, working in partnership
with major operators and insurance companies to ensure continued success.
Operations have been improved, resulting in increased volumes in integrated
Reverse Hub activities. This trend will continue as we plan to drive increased
volumes of new products on the integrated Hub and repair platform.
OUR GROWTH IN 2014
The focus for 2014 lies
firmly in the increased
investment of resources
for operational excellence,
innovation and increasing
customer satisfaction.
Additionally, we aim to
drive sustainable and
profitable growth of the
STB, Modem and Triple
Play businesses. Both
Belgium and Switzerland
will renew their existing
Regeneration services,
developing new customer
channels in retail in order
to maximise market
growth.
ANNUAL REPORT // 2013
21
REGIONAL OVERVIEW
PRIORITIES
2014
REGIONAL OVERVIEW // SPAIN
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Revenue skills,
in excess
of 60M€
reflecting
a year-on-year
of career and experience
opportunities.
growth
of 22%. 2014 growth is set at 20% for the region.
60%
In Iberia, we repair in excess
of 1.9M customer devices
from over 8,000 individual
point of sales or customer
collection points.
TELCO MARKET
SHARE
TAT
22%
< 3 DAYS
Students voted us the number one Graduate
GROWTH
Employer in The Times Top 100 Graduate lorem
ipsum survey.
Students voted number Graduate
YEAR
ON YEAR
SPAIN
> Our Results
The combined sites of Madrid, Malaga and Barcelona have repaired in excess of
4 million units during 2013, providing the highest standard of after-sales service
and delivering excellent customer satisfaction results.
> Our Core Capabilities
Whilst the Spanish economy emerges slowly out of recession, its’ fragility
continues to impact on the technology market place, resulting in a reduction
in demand of circa 20%. Despite this, ANOVO Spain has achieved continued
growth in every service and sector.
Our 2013 focus on innovation led to the development of a unique understanding
of consumer needs in the Spanish market. We have used this understanding as
a key strength which has been successfully developed in our network of Walk-In
Repair Centres throughout the region.
This Proximity Repair solution not only streamlines and differentiates the entire
after-sales experience, but also places us directly in front-line contact with our
customers’ customers at the point of sale.
OUR GROWTH IN 2014
In 2014, ANOVO Spain will
focus on protecting its’
market-leading position
by ensuring that we fully
align with and anticipate
changing consumer needs
across all business areas.
We plan to develop the
multi-channel after sales
support for Operators,
Dealers, Distributors,
and Insurance providers
offering multiple touchpoints and options to
our clients in return
maximising convenience
for end users. We will also
enhance our technical
expertise through
continued improvement
of the expert reverse
logistics management
system, and further
development of in-store
and point of sales support
for our customers.
By the end of 2014 we expect to support
over 4,000 customers per month through
our walk-in repair locations.
ANNUAL REPORT // 2013
23
PRIORITIESOVERVIEW
REGIONAL
2014
REGIONAL OVERVIEW // UK, GERMANY & POLAND
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> Our Results
Strong customer relationships have enabled us to quickly identify new areas of
demand and growth and ensured that we have the flexibility to quickly adapt.
> Our Core Capabilities
In 2012 the UK Board’s regional responsibility extended to include ANOVO’s
operations in Poland and Germany. This diversification has enabled each country
to benefit from expertise and economies of scale allowing the rapid launch
of our German operations and facilitating the continued development of our
service and capability portfolio across the Group.
Our mobile division continues to lead the UK market with an unrivalled range
of services and accreditations. An operational re-structure and the continued
development of ‘Solution Selling’ will further enhance our profitability. We have
been able to build the fulfilment, repair and refurbishment offerings into a suite
of services that align perfectly not only to Telco, but also to STB and Smart
Meter markets, both of which are key growth areas for 2014 and beyond.
60%
UK
TAT
POLAND
< 3 DAYS
TELCO
MARKET
IS
GRADE
A SERVICE CENTRE
SHARE
FOR
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Key to competitive advantage are the accreditations we gain from
manufacturers. ANOVO is now the only Grade A Service Centre for servicing
Samsung products in the UK. Between the regions we have also successfully
transferred technical expertise, best-practice tools and knowledge management
systems working with experts in each region to offer our customers a high
quality solution with unrivalled capabilities in each market.
We have participated in-and won-a number of new contracts, including a major
reverse logistics contract for Telefónica in the UK and a high profile multimedia
product repair contract for HP consumer printers, IBM LCD Panels, NC+ repair
and refurbishment of STBs, and ZTE Livebox in-warranty repairs.
“The local expectations and requirements in Poland
meant that this project set-up has been particularly
complex. ZTE experienced good cooperation, trust,
and professionalism from ANOVO. It is pleasure
to work with this team.”
IN THE UK, we have
installed our tracking &
workshop management
system inside our
customer’s point of
sales network in over
400 individual retail
stores in order to speed
up RMA transaction
processing time
and provide instant
on screen visibility
to store staff.
MR FU HONGTAO, Poland After-Sales Service Manager, ZTE
PROVIDING EXCEPTIONAL SERVICE IN 2014
Overall success can also be attributed to our exceptional bid management
process. Using a structured process, we produce high quality, professional
tender responses, usually under immense time pressures. This year we have
been keen to extend this knowledge to other regions within the Group, ensuring
we offer a consistent and comprehensive response to RFQs across Europe and
Latin America.
Our focus for 2014 is one
of exceptional service
for both customers and
end-users. We aim to
do this by focusing on
KPI compliance at the
highest possible level.
This will strengthen our
market position, improve
processes to eliminate
waste and ultimately
reduce cost for ourselves,
our suppliers and our
customers.
ANNUAL REPORT // 2013
25
03
Market
spotlights
EVOLVING SOLUTIONS FOR AN EVOLVING
MARKET.
In 2013 the Group placed significant investment
in the development of innovative new services
in buy-back, Insurance Fulfilment and Returns
Avoidance. Regeneration activities were
consolidated under a Global Business Unit,
and new customer contracts were signed across
all business segments.
ANNUAL
ANNUAL
REPORT
REPORT
2013//
ANOVO
2013 \ 27
MARKET SPOTLIGHTS // INSURANCE FULFILMENT
In 2012, ANOVO leveraged its capabilities in Telco product repair,
refurbishment and regeneration in order to exploit the opportunities
in insurance supply chain services.
28ME
PER ANNUM
BUSINESS REVENUE
+160,000
UNITS SUPPLIED
PER ANNUM
Mobile subscription pred
INSURANCE
FULFILMENT
3.9bn 2
in
> Market Approach
> Market Investment
In line with increasing demand for insurance solutions, we have strengthened
our sourcing capability to include retail and insurance returns as well as new
channels for equipment across Europe. The service is offered as both an
exclusive or marginal VAT process giving further cost benefits to our insurance
customers. All of this has enabled us to further optimise supply lines and
strengthen our competitive position in the market.
In the coming financial year, we expect further growth with new customers
coming on board in early 2014 for device fulfilment and accidental damage
repair services; the latter being a natural area from which to support our
insurance fulfilment process.
Our investment in the service continues, with additional operational resource
planned and continued IT investment in innovative web design that aims
to make the market simpler for our customers.
In turn, customers have recognised that our high quality repair and
refurbishment capabilities mean that by sourcing their insurance fulfilment
through ANOVO, their business will benefit from the significant savings
that refurbished devices can bring compared with new products, without
impacting negatively on their corporate reputation.
Average
smart phone
replacement
value is
€800
In EU Top 5
there is an
estimated
35 million
mobile phone
insurance
policies.
R
m
s
Mobile subscription predicted to exceed
3.9bn 2017
in
Replacement rate every
“The EU Top 5 show a Smartphone penetration
of 57%, this trend is expected to continue,
with tablets also gaining traction in the market.”
18 months
creating second-user
market for devices.
ANNUAL REPORT // 2013
Average
29
MARKET SPOTLIGHTS // REGENERATION
3.9bn 2017
In France, the average time
Having deployed our RegenerationReplacement
solution internationally
– offering services
rate every
in France, UK, Spain, Belgium, Poland, Chile, Switzerland, Peru and now BrazilANOVO
is perfectly placed to serve the rapid growth experienced by the market.
in
cription predicted to exceed
bn 2017
18 months
to complete an in-store device
buy-back transaction, register,
pack, and ship the exchanged
unit ready for collection to an
ANOVO returns processing site
is less than 6 minutes.
Average
in
20% +1
GROUP REVENUE
IN 2013
accesses end-user
channel is through
.
REGENERATION
B2C BuyBack
Replacement
rate every
18
months
creating
second-user
market for
devices.
MILLION
DEVICES AND GADGETS
TRADED PER YEAR
accesses end-user
channel is through
€800
0
18 mon
creating second-user
market for devices.
smart phone
replacement
value is
creating second-user
market for devices.
e
t
e
Replacement rate every
Mobile subscription predicted to exceed
In EU Top 5
there is an
Replacement
estimated
rate every
35 million
mobile phone
insurance
> The development of B2C sales through Operators’ online shops and
policies.
online marketplaces
B2C BuyBack.
18
months
creating
second-user
market
for turnover
Regeneration revenue is expected to represent 26%
of Group
devices.
in 2014 driven by:
> Market Investment
> Market Approach
In 2012, the number of Smartphones in use worldwide broke the 1 billion mark,
representing a global penetration of 17%. It has taken 16 years to reach this,
yet analysts believe that it will only take three years to achieve the next billion.
This can be attributed to the increasing popularity of high-end Smartphones
and rising penetration of mobile Internet among users, both of which are also
responsible for the continued sale of refurbished devices as a cost-effective
alternative to new phones - mainly in emerging regions. Refurbished phones
provide buyers access to high-end products at lower prices, reduce electronic
waste and help manufacturers expand their customer base.
70%
of electronic
devices
can beeconomic hardship, consumers’ desire to update
Given device values,
continued
refurbished
technology, and their increasing concern for environmental issues, we expect
to add value
the Regeneration market to continue its growth in the coming years.
and re-trade into
Our in-house repair
andmarkets
refurbishment capabilities make ANOVO a preferred
other
partner to Network
Operators
and
channelsand Insurers.
The Regeneration business has seen its service offering expand with:
> Buy-back enriched product categories including tablets, laptops and gaming
products
> The development of ANOVO’s own web platform, love2recycle, as well as
customer web platforms for product buy-back
> The development of Insurance Fulfilment programs in new areas
> A higher focus on buy-back programs with Operators and large
retailers to increase sourcing channels
> The reinforcement and development of relationships with Insurers for
both sourcing and sales of second hand products
> The diversification of sales networks to give a second life to products
70%
of electronic
devices can be
refurbished
to add value
and re-trade into
other markets
and channels
“The Buy Back program is an example of innovative and
demonstrated initiatives that will help us to bring more value
to our customers in the LatAm Region, contributing at
the same time to building a more sustainable business model.
During the last years ANOVO has demonstrated to be a robust
and qualified partner of Telefónica International SA. Its expertise,
acquired in other device buyback markets, will contribute to
maintaining Telefónica’s leading position in the region.”
GILLES GIACOSA, Telefónica VP Supply Chain & Customer Services for Latin America
ANNUAL REPORT // 2013
31
Model database
MARKET SPOTLIGHTS // RETURNS AVOIDANCE
in excess of
Returns
Avoidance
application
integrated within
160
12 language
smart phone,
Avoiding returns across a range of electronic devices has become increasingly
important to our customers and partners this year. Our Returns Avoidance solution
draws on our experience within the industry to regularly achieve ‘save rates’
in excess of 60% for end-users in the first 28 days of product ownership.
RETURNS AVOIDANCE
> Market Approach
Returns
Avoidance
application
integrated within
12 language
customer
call centre.
Returns Avoidance (RA) made great progress this year. We have listened to the
industry needs and end-user requirements, and deployed RA services which
deliver ROI in excess of 100% every time. We have worked to enhance the profile
of our offering both internally - presenting across the Group, and externally presenting to the international markets.
Model database
in excess of
customer
call centre.
160
4:1
60%
tablet and
device variants
customer
call centre.
tablet and
device variants
> Market Investment
The roll-out of RA services is already in progress in the form of in-store RA,
online self-service portals, specialised applications and out of warranty handling
services, all of which can be customised and are complementary to ANOVO’s
MANAGEMENT INFORMATION – REPORTING DASHBOARD
existing portfolio of services. We have seen significant momentum of new
opportunities across the group which is expected to increase our level ofCHANNEL
activity
SIMPLE TO USE RA FUNCTIONALITY
with both existing and new partners.
ONLINE
The ANOVO RA Process
MANAGEMENT INFORMATION – REPORTING DASHBOARD
The business model has also been improved with new modules being added.
As a result, in 2013 our UK customers were able to prevent the return
of an average 60% of devices that had been considered faulty by the end-user.
At an average cost to the customer of £60 per device, plus associated savings
to ARPU (Average Revenue Per Unit) and churn, that amounts to a substantial
overall saving for our partners.
12 language
smart phone,
RETURN ON
INVESTMENT
RETURNS
PREVENTED
Returns
Avoidance
application
integrated within
CALL CENTRE
CHANNEL
SIMPLE TO USE RA FUNCTIONALITY
OUTCOME
Diagnostics
Context Copy/
Backup
Software
Update
E2E TAT
RETAIL
Saved
ONLINE
The number of manufacturers already supporting and validating our diagnostic
tools demonstrates our strong expertise in RA. In 2013, we have worked to
proactively maximise save rates achieved, keeping customers and end-users
satisfied with our service.
CALL CENTRE
Furthermore, we have developed an innovative management information system
which acts as an early warning tool for device faults at product launch, this
minimises product recalls for both manufacturers and retailers.
Diagnostics
Context Copy/
Backup
Software
Update
Exchanged
Doorstop or
Retail Exchange
Repair
Fast Repair
Content
Restore
!
RETAIL
Fast Repair
ANNUAL REPORT // 2013
33
Content
Restore
MARKET SPOTLIGHTS // SMART LOGISTICS
Smart Logistics provides an option to embed repair operations within customer
locations, adding value across the entire supply chain. We can report a strong
performance of this activity within core reverse hub and repair businesses in 2013.
Spiraling costs of refurbishment
Spiraling costs of refurbishment
parts is driving demand for rapid
parts is driving demand for rapid
repair across Telco.
repair across Telco.
Transparent and practical
collaboration with our global
logistics partners has enabled an
integration of repair within the
warehousing, delivering
20% reduction
in reverse supply chain costs.
72 hour 95% same
unit repair completion
requires efficient
RMA processing and
transportation from store,
with daily injection into
same day multi-level repair.
SMART LOGISTICS
> Market Approach
Technology is evolving rapidly within a competitive market and our customers
require faster resolution to customer issues, multi-customer channel support,
instant visibility, exceptional customer care and a simple, convenient and reliable
way to return products.
We take control of the entire reverse and return process; tracking the IMEI
at each stage of the process, building the necessary efficient supply chain
to avoid customer delay and swap stock costs, and reducing inventory levels
for our customers.
> Market Investment
Integrating market-leading capabilities in repair and logistics can deliver
the flexibility and quality required. Repair companies need to deploy expert
systems in complex reverse logistics management to ensure each RMA (Return
Material Authorisation) opened from within the store, corporate customer site,
end-user address or on-line request is repaired within the highest service-level.
When it comes to logistics, we do not have all the answers. We do not own
a transportation fleet or a global network of warehouses and multiple stocking
locations, but through ‘Smart’ partnering we can deliver integrated after sales
services models which can make a real difference to our customers.
In the last year, ANOVO has transferred technical know-how and repair
management systems to partner hub locations in UK and Germany with a total
headcount of 60 staff directly employed within the sites to reduce warranty
support costs for a leading PC brand manufacturer.
This year we expect to double the number of skilled services supplied within
partner supply chains, customer sites or retail stores as we continue to evolve
smarter and more flexibly for our customers.
This is not about repair… this is about ‘Smart’ Logistics.
Transparent and practical collaboration with our global logistics partners has
enabled us to develop combined logistics and technical service solutions for our
customers. An expertly constructed service can reduce TAT, operational costs
or inventory levels by up to 20% releasing significant savings within the reverse
supply chain or aftermarket support budget of our customers.
Spiraling costs of refurbishment
parts is driving demand for rapid ANNUAL REPORT // 2013
repair across Telco.
35
MARKET SPOTLIGHTS // PROXIMITY REPAIR
We are increasingly asked to manage repair services at the end-user’s
immediate point of need. Below we highlight some of the complex proximity
repair and point of sales solutions we offer.
60.000
END-USERS MANAGED PER MONTH
IN PERU FOR 1 CUSTOMER
PROXIMITY REPAIR
IN PERU, 90% of
customers attended
to within 15 minutes,
30 minute wait on
Level 1 repairs, instant
walk-away loan unit
and a 72 hour depot
repair.
> Market Approach
Smartphones and Tablets provide our primary access to the internet,
communication and use of every day applications means an increasing need
for customers to remain connected. Our operator, retailer and manufacturer
customers face fierce competition to provide the latest technology coupled
with unrivalled customer service. Consequently, demand for ANOVO to place
its services at the end users’ immediate point of need is growing, and we are
expanding our range of proximity repair and point of sales solutions.
Whether end-users have lost or damaged their product, require help in setting
up or configuring their device, need specific hardware diagnostics, or data
transfer services, we provide a range of in-store technical skills, tools and backoffice repair services to support their requirements.
For our operator customers, this provides a strong positive customer experience.
Customers who need support can get an instant ‘walk-away’ solution either
through an on-site repair, or as a swap device configured exactly to the end
users’ original settings. This level of service is perfectly illustrated by our network
in Peru, where we manage over 60,000 end users per month for our customer
through a support network of call centres and shops in 20 cities. Demand for
these services continues to grow in Latin America and currently 25% of our
headcount is deployed in Proximity Repair & support solutions.
Customers knowledge of products and inter-connectivity has increased
and the need for instant support is becoming a strong differentiator for clients
who want to increase market share and drive higher retention and revenue
per device. Our in-store network also provides additional resources to promote
new offers and marketing of products and services.
For another leading network operator in Spain, we have supported a shift in its
after sales service model to deliver not only market-leading turnaround times
on devices sent for repair, but to also deploy walk-in-repair solutions in selected
larger footfall stores within its network. We expect this trend to continue.
> Market Investment
For our leading brand Manufacturers, visibility on the high-street is more
and more important to enhance and widen brand reputation. The provision
of additional value-added services at the point of sale - such as technical
advice, product selection or integration support, sale of upgraded service
and support - can address the needs of an end-user in one visit. This year
we opened dedicated stores for a leading mobile and consumer electronics
manufacturer. These stores provide technical support and sell related products
and accessories. We have plans to add stores in similarly fast growing markets.
ANNUAL REPORT // 2013
37
04
Performance
OUR FULL YEAR RESULTS CLEARLY
REFLECT THE POSITIVE IMPACT OF 2013’s
GROWTH STRATEGY.
In the Financial Statements that follow we
underline the Group’s ability to grow profitably in
a challenging economic environment, and within
fast-moving, highly competitive markets, whilst
continuing to develop innovative new services
for our clients.
ANNUAL
ANNUAL
REPORT
REPORT
2013//
ANOVO
2013 \ 39
FINANCIAL
STATEMENTS
M€
Sep-12
Sep-12
Sep-13
11 months
audited
12 months
proforma
12 months
audited
Revenue
244.3
255.4
315.1
59.7
Purchases and other external charges
-109.4
-113.3
-161.3
-48.0
Staff costs
-71.1
-74.6
-75.0
Other costs
-57.7
-61.0
-1.0
ANOVO consolidated P&L
Depreciation
Total Costs & Expenses
EBIT
as a % of revenue
Delta
M€
Sep-12
Sep-13
Audited
Audited
Intangible assets
0.5
0.4
-0.1
Tangible assets
19.3
19.0
-0.3
-0.4
Financial assets
2.8
3.8
1.1
-70.0
-9.0
Fixed assets
22.6
23.3
0.7
-1.2
0.4
1.6
-239.2
-250.1
-305.9
-55.8
Inventories
18.7
14.8
-3.9
5.1
5.3
9.2
3.9
Trade receivables
52.3
59.2
6.8
2.1
2.1
2.9
+0,8pts
Trade payables
38.3
32.1
-6.3
Tax & social liabilities
16.4
17.9
1.5
ANOVO Consolidated Balance Sheet
Delta
-1.2
-1.2
-1.8
-0.6
Other
2.7
4.2
1.6
Non recurring result
-2.8
-2.8
-2.5
0.3
WCR
18.9
28.1
9.2
Income tax
-0.6
-0.6
-0.2
0.4
TOTAL USES
41.5
51.4
9.9
0.7
0.7
1.3
0.6
1.2
1.4
6.0
4.6
Shareowners Equity
11.9
19.1
7.2
-0.1
-0.1
0.0
0.0
Shareowners Current Account
7.5
6.6
-0.9
1.1
1.3
6.0
4.6
Badwill
2.2
2.2
0.0
0.5%
0.5%
1.9%
+1,4pts
21.6
27.9
6.3
Non controlling interests
0.3
0.7
0.3
Liabilities for risks & charges
11.5
9.9
-1.5
Debt & Borrowings
16.6
26.6
10.1
Cash
-8.5
-13.7
-5.2
8.1
12.9
4.8
41.5
51.4
9.9
Financial result
Badwill depreciation
Net result - Group
Non controlling interests
Net result attributable to shareholders
as a % of revenue
Equity & quasi equity
Net debt
TOTAL RESOURCES
Audited consolidated financial statements
ANNUAL REPORT // 2013
41
PERFORMANCE // HIGHLIGHTS
In 2014 we continue our strategic plan to diversify the range of services supplied
to our international client base. New customer contracts have been signed across all
business segments, notably with a strong performance within core reverse hub
and repair businesses, and a rapid acceleration of new clients within insurance repair
and fulfilment.
IN EXCESS OF 70 OEM ACCREDITED
WARRANTY REPAIR PROCESSES ACROSS
OUR NETWORK OF SITES SUPPORTING
20M MULTI-TECHNOLOGY PRODUCTS
HIGHLIGHTS
> Key Business Highlights
> Further acquisitions are planned in Brazil in 2014 to support the demand
for growth from our customers in this region.
> ANOVO Deutschland GmbH was launched from its operation in Düsseldorf
in August 2013 providing European-wide customer logistics and repair services
for Computer and Tablet products.
> Regeneration activities were consolidated under a Global Business Unit driving
a business in excess of ¤100M annually providing specialised marketing and
delivery of innovative multi-channel programs for Operator take-back,
B2C buy-back, B2B asset recovery and Insurance fulfilment.
> In Spain, a large new contract for the supply of multi-channel integrated Hub
and After Sales Services for a market-leading Telco Operator has strengthened
ANOVO’s position within the Iberia mobile device returns and repair market.
and continued collaboration with IBM for the EMEA-wide screening, repair and
warranty management of LCD products.
> In France, ANOVO secured a strong foothold in the after sales service market
for TV products with the regional contract to service and support spare parts
distribution for Philips and its’ after sales service network.
> In the UK, ANOVO significantly increased its contract volumes for mobile
device insurance repair and replenishment through a diversified client base while
consolidating its leading after sales service position with mobile device OEMs
such as Samsung and Nokia.
> In Switzerland, ANOVO formed a new partnership with a leading mobile
device insurance provider, providing swap and replenishment services for lost
or damaged mobile phones, tablets and other insured electronic devices.
> In Latin America, ANOVO was selected by Telefónica as partner to launch new
customer buy-back services in Chile, Peru, Colombia and Brazil, which increases
the range of our mobile after sales services already supplied to the Telefónica
organisation in UK, Spain and Latin America.
> Important new contracts were also secured in the restructured Poland central
repair site with warranty accreditation of the Live Box products from ZTE
ANNUAL REPORT // 2013
43
PERFORMANCE // HIGHLIGHTS
ANOVO’s full year results ending 30th September 2013 show consolidated Group
revenue of €315M – 24% increase on 2012 – and an operating profit of €9.2M.
E315M
E9.2M
REVENUE
EBIT
HIGHLIGHTS
> Key Financial Highlights
> All subsidiaries posted positive EBIT results reflecting the success of
controlled start-ups in Colombia and Germany, the restructuring of our Poland
activities to one site and the significant ramp-up of new volumes in Iberia.
> The focus on reducing cost and continued investments in productivity
linked to an Enterprise-wide IT strategy have yielded positive results.
> Despite Non-recurring Expenses related to restructuring costs, strong Net
Result increase of ¤4.6M.
> Equity and quasi-equity reached ¤27.9M as of September 2013 (+¤6.3M)
with Net result and current account conversion to Equity.
> Working Capital increased impacted by revenue growth.
> Investment in innovative new services in Buy-Back, Insurance Fulfilment
and Returns Avoidance have not only secured new contracts within the trading
period, but also unlocked significant savings for existing key customers.
> Net Debt reached ¤9.0M with increased factoring facilities.
Figures based on the fiscal year from 1st October 2012 to 30th September 2013.
> Total Revenue of ¤315.1M split regionally as 34% France, 33% UK, 19% Spain,
7% Latin America and 7% Belgium, Switzerland and Poland.
> 2014 Outlook
> Revenue growth driven in the main by core reverse hub and repair activity
and new business in Regeneration and Insurance services.
> Group EBIT total of ¤9.2M with all operating subsidiaries achieving positive
results.
> Financial result increased due to higher use of factoring.
> Cash at Bank as of September 2013 amounted to ¤13.7M.
Trading for the first quarter of 2014 has started equally as strongly with results
to-date exceeding both Revenue and EBIT expectations. The outlook for the
full year is for continued growth with the impact of recent acquisitions and new,
significant business wins acquired in the first quarter of this year taking a full
positive effect.
On the strength of its results, projected business plan and market opportunities
immediately open to ANOVO, the Board is pleased to confirm that additional
funding is being secured to fund planned acquisitions and development of its
new services portfolio.
ANNUAL REPORT // 2013
45
PRIORITIES 2014
PERFORMANCE // CORPORATE SOCIAL RESPONSIBILITY
Our corporate social responsibility achievements in 2013 reflect our promise to
provide innovative and cost-effective solutions that protect the reputations of our
customers so that they are trusted and appealing to consumers across the world.
CORPORATE SOCIAL
RESPONSIBILITY
84%
of EU consumers claim that
a product’s environmental
impact is an important
consideration when buying(1)
93%
of consumers would
be more loyal to
a company engaged
in CSR(2)
(1) European
Commission’s report:
Attitudes of Europeans
towards building the
single market for green
products. July 2013
(2) 2013 Cone
Communications/
Echo Global CSR Study
> Reactivity
We combine technological know-how with a passion for the industries in which
we operate. This allows us to develop innovative services that suit the products
of tomorrow.
> Global vision/ Local impact
SINCE INCEPTION, ANOVO HAS FOCUSED on developing services that have
a positive impact on our own and our customers’ bottom line, yet at the same
time help to shape a better and more sustainable environment. The following
values shape our Group approach to CSR.
> Quality & Transparency
We aim for excellence concerning customer satisfaction. We give ourselves the
means to do so because we fully comprehend the life cycle of digital products,
because we are transparent throughout all processes and methods which are
acknowledged by major players of the market, and because we offer intelligent
and tailor-made technological solutions.
> One Team
To develop our quality solutions, experts are needed as well as teamwork, we
invest considerable resource on staff training and development both internally
and externally. We also keep an open workspace, based on teamwork that
encourages and rewards continuous improvement and value of creativity.
> Community Spirit
We strive to support the communities in which we work and since our business
affects almost everywhere in the world, we encourage our people to support
charities across the globe.
We are a group and are proud of it. We want to share our best practices,
our best solutions whilst looking for the most adequate solutions locally.
> Sustainability
We want to take part in the reduction of environmental impact by supporting
innovative solutions for second life - regeneration of electronic products,
which are becoming a major development leverage for ANOVO.
We always aim to build our development on a correct financial, human and
environmental balance.
CSR CASE STUDY
In Q1 of 2013 over £35k was raised through a mobile phone recycling scheme
launched by Three and ANOVO in the UK. The money was raised through a project
collecting handsets across Three’s operations in Maidenhead and Glasgow and
mobile phones contributed by Three’s partners.
£35K
“ANOVO has shown great commitment on this project
and I am excited that it has been such a success.”
PATRICK BINCHY, Business Operations Director at Hutchison 3G
ANNUAL REPORT // 2013
47
Editorial design: Piaton&associés
Design and production: Aurélie Bert, Piaton&associés
Photo: Getty Images, ANOVO
Printing: Broadland Digital
ANNUAL REPORT 2013
CORPORATE OFFICE
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ANNUAL
REPORT
2013