Synsam Ab · OMXSTO:SYNSAM
Synsam Ab — Q4 2022 Earnings Presentation
22 slides from Synsam Ab's earnings presentation, 2023
Slide 1: Results presentation Q4 & 2022
Results presentation Q4 & 2022
Slide 2: Agenda
AGENDA Business Summary Financial Q&A update Development |
Slide 3: Synsam Group Q4 & 2022 in summary
SynsamGroup Synsam GroupQ4 Q4&& 2022 i korthet 2022 in summary |
Slide 4: Strong growth and increased market shares in a weaker market
Strong growth and increased market shares in a weaker market ➢ Nominal growth 10.3% Q4 ➢ Organic growth 6.8% Q4, 10.6% 2022 ➢ EBITDA margin 19.6% Q4, 22.8% 2022 During the year, a cost and restructuring program has been implemented to strengthen the EBITDA margin to be in line with Synsam's financia
Slide 5: Business Update
BUSINESS UPDATE
Slide 6: The Market Situation
The Market Situation ➢ The market is characterized by uncertainties such as war and macroeconomic turbulence ➢ Optics and eye health are need driven and acyclic ➢ High inflation contributes to price awareness among customers and a desire to distribute costs ➢ The consumers are more thorough when mak
Slide 7: Continued strong development of Synsam Lifestyle subscription
Continued strong development of Synsam Lifestyle subscription ▪ Net sales for the Lifestyle Subscription in Q4 2022 Lifestyle represents an increasing % of total Net Sales amounted to 728 MSEK (600), an increase of 21%. All segments contributed to the development. ▪ Lifestyle subscription increased
Slide 8: Record quarter for the subscription business
Record quarter for the subscription business 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 Subscriptions provide customers with option
Slide 9: Synsam Contact Lens Subscription – the success continues
Synsam Contact Lens Subscription – the success continues Fast growing Lens Subscriptions Sales (MSEK). Slightly lower gross margin in comparison to Synsam in total. +32% +38% 223 +50% 169 +283% 123 82 21 2018 2019 2020 2021 2022 | 9
Slide 10: Jämtö – Synsam's best launch ever
Jämtö – Synsam’s best launch ever ➢ The new collection from our factory in Frösön, Jämtö, is the best launch ever and sells more than twice as much as other premium brands ➢ The Swedish-made Jämtö frame from Östersund reduces CO2e-emissions with 30 percent compared to a matching spectacle frame manu
Slide 11: Summary
Summary ➢ Strong growth and increased market shares in a weaker market ➢ A cost and restructuring program is carried out to strengthen profitability and increase efficiency ➢ Record quarter for the subscription business ➢ Affordable solutions are even more important in this market and our price guar
Slide 12: Financial Development
F I N A N C I A L D E V E LO P M EN T
Slide 13: Q4 Overview
Q4 Overview Q4 Net sales 1,373 MSEK ▪ Net sales amounted to 1,373 MSEK (1,245), an increase of 10.3% Q4 ▪ Gross margin amounted to 76.7% (79.2) Gross margin 76.7% ▪ Organic growth during Q4 was 6.8% and Q4 growth like-for-like was 4.0% Organic growth +6.8% ▪ EBITDA margin for the quarter amounted to
Slide 14: 2022 Overview
2022 Overview 2022 Net sales 5,277 MSEK ▪ Net sales amounted to 5,277 MSEK (4,669), and increase of 13.0% 2022 ▪ Gross margin amounted to 75.8% (76.7) Gross margin 75.8% ▪ Organic growth was 10.6% and growth like- 2022 for-like was 6.7% Organic growth +10.6% ▪ EBITDA margin amounted to 22.8% (26.9)*
Slide 15: Cost and restructuring program allocation per quarter
Cost and restructuring program allocation per quarter Reduced operating costs (MSEK) 140 129 120 102 100 80 60 40 33 33 25 20 10 0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Total 2023 Total 2024 Q4 2022 RESULTS | 15
Slide 16: Q4 Financial Overview – Continued strong turnover growth
Q4 Financial Overview – Continued strong turnover growth Q4 ▪ Organic growth: 6.8% MSEK 2022 2021 Δ% ▪ Like-for-like growth: 4.0% Net sales 1,373 1,245 10.3 Organic growth, %¹ ▪ Increased operating costs due to the high store expansion 6.8 13.8 rate, increased personnel costs partly as a result of t
Slide 17: Long term financial development
Long term financial development Net sales development Adjusted EBITDA and EBITA development IFRS -16 +11% +13% 27% +23% +14% 5277 23% 26% 25% +2% 1274 4669 1217 3741 3806 19% 984 948 3380 858 643 698 593 557 485 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Net sales (MSEK) YoY growth Adjusted E
Slide 18: Cash Flow and Financial Position
Cash Flow and Financial Position Q4 jan-dec MSEK 2022 2021 2022 2021 ▪ Cash flow from operating activities amounted to 185 MSEK (392) Operating activities for Q4 Profit/loss before tax Adjustments for other non-cash items 59 -4 91 12 415 -34 163 271 Depreciation and amortisation 183 145 665 555 ▪ Ca
Slide 19: Growth and result per segment
Growth and result per segment 1 Organic growth Q4 Like for like Q4 Adjusted EBITDA Q4 SWEDEN +8.7% +6.7% 213 MSEK (209) Organic growth YTD Like for like YTD Adjusted EBITDA YTD +11.6% +8.5% 758 MSEK (758) Organic growth Q4 Like for like Q4 Adjusted EBITDA Q4 2 -5.3% -5.9% 58 MSEK (74) Organic growth
Slide 20: Store Network Overview
Store Network Overview Total number of stores at the end of 2022 was 536 (500), of which Number of stores per quarter directly owned 503 33 (467). During Q4, 16 33 33 38 39 39 33 33 487 487 503 directly owned stores 40 39 38 38 38 476 43 42 41 446 451 456 467 were opened 44 44 43 43 432 436 435 437
Slide 21: Q&A
Q&A &) s¥NSAM GROUP
Slide 22: www.synsam.com
www.synsam.com