Fnac Darty Sa · EURONEXT:FNAC
Fnac Darty Sa — Fnac Darty Sa Ord — H1 2022 Earnings Presentation
24 slides from Fnac Darty Sa's earnings presentation, Jul 27, 2022
Slide 1: H1 2022 Results Presentation
H1 2022 RESULTS PRESENTATION JULY 27, 2022
Slide 2: Business Review
BUSINESS REVIEW Enrique Martinez, CEO 2
Slide 3: Good Resilience of H1 2022 Results
GOOD RESILIENCE OF H1 2022 RESULTS € ▪ H1 2022 revenue of €3,428m, down slightly by -1.1% on a Group revenue change (%) reported basis and -1.7% on a like-for-like basis1 compared +7.8% +9.0% +8.4% with H1 2021, in the context of a very high comparison basis and sharply rising inflation € • Compared
Slide 4: H1 2022 Revenue by Channel and Product Category
H1 2022 REVENUE BY CHANNEL AND PRODUCT CATEGORY ▪ By channel: • In-store sales showed solid growth in all regions with all stores reopened • Online sales amounted to 22% of total sales, up +4 pts compared with the pre-pandemic level, as digital market penetration returned to normal after two years o
Slide 5: A Responsible Player with a Strong Commitment to Repairs and Sustainable Consumption
A RESPONSIBLE PLAYER WITH A STRONG COMMITMENT TO REPAIRS AND SUSTAINABLE CONSUMPTION ➢ First steps in the roll-out of the partnership with Apple o 143 WeFix points of service joined the network of Apple Authorized Service Providers (AASPs) in France at the + end of June and now have access to Apple
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS Jean-Brieuc Le Tinier, CFO 6
Slide 7: France and Switzerland in H1 2022
FRANCE AND SWITZERLAND IN H1 2022 ▪ Resilience of sales in H1 2022 • Strong momentum in books, telephony and sound € H1 2021 H1 2022 Change • IT equipment and TV suffered from high comparison basis Revenue 2,878 2,844 -1.2% and appliances from sluggish household consumption, which penalized volumes
Slide 8: Iberian Peninsula in H1 2022
IBERIAN PENINSULA IN H1 2022 € H1 2021 H1 2022 Change ▪ Strong revenue growth • Significant store performance, boosted by a more Revenue 285 306 +7.1% favorable comparison basis due to the later end of lockdown measures in 2021 Current operating income -4.2 -1.9 +2.3 • All product categories sustain
Slide 9: Belgium and Luxembourg in H1 2022
BELGIUM AND LUXEMBOURG IN H1 2022 ▪ Revenue decreased mainly due to lower sales volumes € H1 2021 H1 2022 Change in domestic appliances in a context of a very high Revenue 301 279 -7.3% basis of comparison and particularly high level of inflation, while services posted a good performance Current ope
Slide 10: H1 2022 Group Financial Results
H1 2022 GROUP FINANCIAL RESULTS ▪ Continued tight control of operating costs € H1 2021 H1 2022 • Most of the rise in operating costs is due to the closure Revenue 3,465 3,428 of some stores last year as a result of the Covid crisis, Gross margin 1,029 1,058 the PEPA bonus and the costs linked to the
Slide 11: Free Cash-Flow Generation
FREE CASH-FLOW GENERATION € H1 2021 H1 2022 ▪ EBITDA at €192m including the impact of IFRS 16, down by -€18m vs. H1 2021, in line with the change in current EBITDA 210 192 operating income IFRS 16 impact -125 -126 ▪ Operating free cash-flow1 stands at -€764m, mainly Non-recurring cash elements 2 2 i
Slide 12: A Strong Liquidity Position
A STRONG LIQUIDITY POSITION € 12/31/2021 06/30/2022 ▪ Net financial debt1 amounted to €586 million at end of S d s’ q y 1,564 1,524 June 2022 impacted by usual seasonality of activity Net debt1 -247 586 ▪ Good cash position at €350m, thanks to solid financial Gross debt 934 936 management, and a €50
Slide 13: Outlook
OUTLOOK Enrique Martinez, CEO 13
Slide 14: Outlook
OUTLOOK ▪ The Group has demonstrated its resilience in H1 2022 in a context of rising inflation and geopolitical uncertainties that still impact visibility in the coming months ▪ For the rest of the year, the Group: ✓ Remains fully committed to continuing to outperform the market, as it demonstrated
Slide 15: Q&A
Q&A FNAC DARTY
Slide 16: Appendices
APPENDICES FNAC DARTY
Slide 17: Definitions (1/2)
DEFINITIONS (1/2) ▪ Definition of Like-for-like sales growth • This indicator measures changes in revenue excluding the impact of exchange rate fluctuations, changes in scope and the opening and closure of directly owned stores since January 1, N-1. ▪ Definition of Current operating income • Current
Slide 18: Definitions (2/2)
DEFINITIONS (2/2) With application of IFRS 16 IFRS 16 Without application of IFRS 16 EBITDA EBITDA excluding IFRS 16 Rent within the scope Current operating income before depreciation, EBITDA including rental expenses within the scope of amortization and provisions on fixed operational assets of IFR
Slide 19: Q1/Q2/H1 Revenue
Q1/Q2/H1 REVENUE Change vs. Q1 2021 Change vs. Q2 2021 Change vs. H1 2021 At constant FX At constant FX At constant FX and and and comparable (€ ) Q1 2022 Reported Like-for-like Q2 2022 Reported comparable Like-for-like H1 2022 Reported comparable Like-for-like scope of scope of scope of consolidati
Slide 20: Cash Flow Statement
CASH FLOW STATEMENT € H1 2021 H1 2022 Net Cash as at January 1 114 247 Operating free cash-flow1 -577 -764 Dividends paid -1 -55 S ’ q – OCEANE bonds 21 0 Interest paid net of interest and dividends received -17 -11 Acquisition/disposal of subsidiaries net of cash transferred 0 0 Acquisition/disposa
Slide 21: Balance Sheet
BALANCE SHEET At December 31, At June 30, At December 31, At June 30, Ass s € Eq y dL b s € 2021 2022 2021 2022 Goodwill 1,654 1,654 Share capital 27 27 Reserves related to equity 971 971 Intangible assets 528 541 Conversion reserves -6 -5 Tangible assets 575 569 Other reserves and net result 563 52
Slide 22: Store Network
STORE NETWORK December 31, 2021 June 30, 2022 Owned Franchised Total Owned Franchised Total France and Switzerland1 413 385 798 411 400 811 Iberian Peninsula 69 5 74 69 5 74 Belgium and Luxembourg 85 0 85 86 0 86 Group 567 390 957 566 405 971 1 Including 13 stores abroad: 3 in Morocco, 4 in Tunisia,
Slide 23: Board of Directors as at July 27, 2022
P ST FF TY’S F T S AS AT JULY 27, 2022 Member of the Member of the Member of the Member of the Corporate, Name Role Independency Appointments & Audit Strategy Environmental and Social Compensation Committee Committee Committee Responsibility Committee Chairman of the Board and chairman Jacques Veyra
Slide 24: Disclaimer
DISCLAIMER IMPORTANT NOTICE: By reading this presentation, you agree to be bound by the following limitations and qualifications: certain information included in this release is not based on historical facts but on forward-looking statements. Such forward-looking statements speak only as of the date