Synsam Ab · OMXSTO:SYNSAM
Synsam Ab — Q3 2023 Earnings Presentation
19 slides from Synsam Ab's earnings presentation, 2023
Slide 1: Results presentation Q3 2023
Results presentation Q3 2023
Slide 2: Synsam Group Q3 2023 in summary
Synsam Group Q3 2023 in summary
Slide 3: Q3 in summary
Q3 in summary ➢ EBITDA profitability increased 23.3% for the third quarter ▪ EBITA profitability increased 31.5% ▪ EBIT profitability increased 38.5% ➢ EBITDA margin amounted to 25.2%, in line with Synsam’s profitability target ➢ Synsam Lifestyle revenue increased 14% and the churn rate was low ➢ De
Slide 4: Q3 Overview
Q3 Overview Q3 ▪ Net sales amounted to 1,450 MSEK (1,319), an Net Sales increase of 9.9% MSEK 1,450 ▪ Gross margin amounted to 74.9% (73.8) Q3 Gross margin 74.9% ▪ Organic growth during Q3 was 7.0% and growth like-for-like was 3.9% Q3 Organic growth +7.0% ▪ EBITDA amounted to 373 MSEK (303), an incr
Slide 5: Growth and increased profitability in three of four countries
Growth and increased profitability in three of four countries 1 Organic growth Q3 Like for like Q3 EBITDA Q3 SWEDEN +10.4% +8.0% 223 MSEK (191) 2 Organic growth Q3 Like for like Q3 EBITDA Q3 -9.6% -9.7% 69 MSEK (80) DENMARK 119 246 54 Stores Stores Stores 2 Organic growth Q3 Like for like Q3 EBITDA
Slide 6: Status in Denmark
Status in Denmark ➢ Organic growth was negative in the third quarter of 2023, in a Organic growth Denmark deeply competitive and weaker consumer market 3.9% 0.5% ➢ The Danish Credit Agreement Act was amended during the quarter, impacting creditworthiness assessments for customers of the Danish Lifes
Slide 7: Synsam Lifestyle development better than total business
Synsam Lifestyle development better than total business ▪ Net sales for Lifestyle subscription in Q3 2023 Lifestyle represents more than 50% of total Net amounted to 729 MSEK (641), an increase of Sales 14%, where all segments contributed to the development ▪ Lifestyle subscription increased within
Slide 8: Active customer base Synsam Lifestyle – about twice as many as in Q1 2021
Active customer base Synsam Lifestyle – about twice as many as in Q1 2021 Active customer base Synsam Lifestyle (thousands), at the end of Synsam Group quarterly churn – Synsam Lifestyle is a measure the period of the proportion of customers who leave the spectacles subscription ▪ The subscription i
Slide 9: Synsam contact lens subscription - increased growth
Synsam contact lens subscription - increased growth The contact lens subscription shows a slightly lower gross margin than for Synsam as a whole. The introduction of the contact lens subscription in Denmark has had a positive effect on growth. Fast growing contact lens subscription sales (MSEK) +56%
Slide 10: Sales and EBITDA in new stores
Sales and EBITDA in new stores Rolling 12-months actuals – selected stores Last twelve months (MSEK) Store Opening/Upgrade month Sales EBITDA* Comment B Synsam Norrmalmstorg 2019-03 59 22 I G Synsam Hötorget 2021-12 30 8 C Profil Optik Odense 2021-04 17 3 I T Synsam Aleksi 2021-08 23 5 Y Synsam Täby
Slide 11: Successful establishment strategy
Successful establishment strategy +103% +9% 2,863 5,800 MSEK** MSEK*** 542 Sales Synsam Skanssi, Finland 498 +223% 2015 2023 Q3 423 1,366 MSEK** MSEK*** Number of stores* Adjusted EBITDA Synsam Hyllinge, Sweden Q3 2023 RESULTS | 11 Synsam Kalmar Giraffen, Sweden *Incl. Franchise **Sales and adjusted
Slide 12: The production facility at Frösön – EBITDA better than planned
The production facility at Frösön – EBITDA better than planned ▪ The second collection was launched in November, the third collection is being prepared for launch in 2024 ▪ The production volume is continuously increasing ▪ EBITDA for the period January to September 2023 amounts to –11 MSEK, better
Slide 13: Financial development
F I N A N C I A L D E V E LO P M E N T
Slide 14: Increase in all margin measures in Q3 2023
Increase in all margin measures in Q3 2023 Q3 MSEK 2023 2022 Δ% Net sales 1,450 1,319 9.9 ▪ EBITDA increased 23.3%. EBITDA margin 25.2% Organic growth, %¹ 7.0 9.6 ▪ EBITA increased 31.5%. EBITA margin 15.0% Gross margin, %¹ 74.9 73.8 EBITDA¹ 373 303 23.3 ▪ EBIT increased 38.5%. EBIT margin 12.4% EBI
Slide 15: Long term financial development – strong trend
Long term financial development – strong trend Net sales development Adjusted EBITDA and EBITA development 27% IFRS -16 +13% +13% 23% +23% +14% +11% 23% 5 800 26% 25% 1 366 +2% 1 274 5 277 1 217 4 669 19% 984 948 3 741 3 806 858 3 380 777 643 698 593 557 485 2018 2019 2020 2021 2022 LTM Q3 2018 2019
Slide 16: Strengthened cash flow January – September. Lower Net debt/Adjusted EBITDA.
Strengthened cash flow January – September. Lower Net debt/Adjusted EBITDA. Cash flow from operating activities before changes in working ▪ Cash flow from operating activities before changes in working capital capital increased to 280 MSEK (236) for the third quarter 646 830 893 236 280 ▪ Payment of
Slide 17: Summary
SUMMARY
Slide 18: Summary
Summary ➢ Increase in all margin measures in Q3 2023 ➢ Strongly improved EBITDA profitability with 23.3% in Q3 2023 ▪ EBITA profitability increased 31.5% ▪ EBIT profitability increased 38.5% ➢ EBITDA margin amounted to 25.2%, in line with Synsam’s profitability target ➢ Synsam Lifestyle revenue incr
Slide 19: www.synsam.com
www.synsam.com