Synsam Ab · OMXSTO:SYNSAM
Synsam Ab — Q3 2021 Earnings Presentation
21 slides from Synsam Ab's earnings presentation, Nov 30, 2021
Slide 1: Q3 2021 Results presentation
Q3 2021 Results presentation
Slide 2: Agenda
AGENDA Business Financial Summary Q&A update development |
Slide 3: Synsam Group Q3 In Brief
Synsam Group Q3 In Brief ▪ Very strong growth and profitability in the third quarter o Net sales of 1176 MSEK and adjusted EBITDA margin of 28,3% ▪ Organic growth of 21,0% o Q3 2020 was to a limited extent affected by the pandemic, but to a greater extent affected by an IT attack in September 2020 ▪
Slide 4: Business Update
BUSINESS UPDATE
Slide 5: Q3 Overview
Q3 Overview QUARTER Organic growth +21,0% ▪ Organic growth during Q3 was 21,0% and like-for-like growth was 18,1% QUARTER ▪ Net sales amounted to 1176 MSEK Adjusted EBITDA +28,3% margin ▪ Gross margin increased to 75,8% (75,4) LTM ▪ Adjusted EBITDA-margin for the quarter Organic growth +25,0% was 28
Slide 6: Store Network Overview
Store Network Overview Total number of stores at the end of the quarter was 495 (475), whereof directly owned stores 456 (437). Synsam Sweden opened two new Number Of Stores Per Quarter Recycling Outlet stores. Synsam Norway opened one store and 39 Synsam Finland opened two Mega 38 38 39 41 40 39 38
Slide 7: Emerging Store Concepts Development
Emerging Store Concepts Development Flagship, 4 stores Recent developments 2021 ◼ In 2019 the first flagship store was opened ◼ Profil Optik Odense, Denmark (new 2021) ◼ The concept features large stores with a vast assortment in central and prime locations ◼ Bergen Torgallmenningen, ◼ At forefront
Slide 8: Development Of The Synsam Lifestyle Subscription
Development Of The Synsam LifestyleTM Subscription Synsam LifestyleTM Subscription Lifestyle Represents An Increasing % Of Total Net Sales ▪ Net sales for the Lifestyle subscription in Q3 amounted to 520 MSEK (388) ▪ Net sales YTD September was 1536 MSEK (1075) ▪ Recent sales development: 45% o Life
Slide 9: Development Of The Synsam Lifestyle Customer Base
Development Of The Synsam LifestyleTM Customer Base Active Customer Base Synsam LifestyleTM Synsam Group Quarterly Churn - Synsam LifestyleTM (Thousands), At End Of Period 2,06% 361 1,92% 336 1,87% 1,87% 308 1,66% 1,65% 279 1,46% 251 230 214 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2021 2020 2
Slide 10: Development Of Contact Lens Subscription
Development Of Contact Lens Subscription Synsam Contact Lens Subscription Fast Growing Lens Subscription Sales (MSEK) ▪ Net sales for contact lens subscription in Q3 +28% amounted to 45 MSEK (30) +50% 157 ▪ Net sales YTD September was 121 MSEK (86) 3,5% of ▪ The active customer base was 91 thousand
Slide 11: Omni-Channel And Digital Development
Omni-Channel And Digital Development ▪ Synsam has an industry leading digital proposition and is at the forefront of integrating digital solutions in the customer journey ▪ Digital development is a prioritised area of growth, and examples of launches on the Synsam websites during the first half of 2
Slide 12: Our sustainability initiatives drives our profitability
ASSORTMENT & FOOTPRINT Synsam Recycling Outlet Store concept focused on recycling and circularity, e.g. selling spectacles with used frames, second- hand from subscription users Our sustainability initiatives drives our profitability ASSORTMENT & FOOTPRINT ▪ Our sustainability initiatives drives our
Slide 13: Financial Development
F I N A N C I A L D E V E LO P M EN T
Slide 14: Performance By Segment
Performance By Segment Organic growth Q3 Like for like Q3 Adjusted EBITDA Q3 1 +27,2% +23,1% 202 MSEK (133) Organic growth YTD Like for like YTD Adjusted EBITDA YTD SWEDEN +27,7% +23,5% 549 MSEK (387) Organic growth Q3 Like for like Q3 Adjusted EBITDA Q3 2 +9,1% +7,5% 78 MSEK (83) Organic growth YTD
Slide 15: Q3 Financial Highlights
Q3 Financial Highlights Q3 ▪ Like-for-like growth in Q3 2021: 18,1% MSEK 2021 2020 Δ% Net sales 1,176 972 21.0 ▪ Number of stores in Q3 2021: 495 (475) of Organic growth, %¹ 21.0 8.5 which 456 (437) directly owned stores and 39 Gross margin, %¹ (38) franchise 75.8 75.4 EBITDA¹ 314 272 15.1 ▪ Lifesty
Slide 16: Long Term Financial development
Long Term Financial development Net Sales Development Adjusted EBITDA And EBITA Development IFRS -16 14% 19% 11% 27% 26% 25% 2% 4516 1232 3806 19% 3741 984 3380 948 837 643 593 557 485 2018 2019 2020 Sep-LTM 2021 2018 2019 2020 Sep-LTM 2021 Net sales (MSEK) YoY Growth Adjusted EBITDA (MSEK) Adjusted
Slide 17: Cash Flow and Financial Position
Cash Flow and Financial Position Q3 Jan-Sep Jan-Dec ▪ Improvement in cash flow from operating activities in Q3, 252 MSEK MSEK 2021 2020 2021 2020 2020 Operating activities (121). Stable development January to September. Profit/loss before tax 31 -5 72 -137 -136 Adjusted for other non-cash items 92 7
Slide 18: Summary
SUMMARY
Slide 19: Summary
Summary ▪ Very strong growth and profitability in the third quarter ▪ Organic growth of 21,0% ▪ Positive development of Lifestyle subscription ▪ Our strategy and concept development with a focus on an expanded store network featuring a broader range with greater customer appeal, a high degree of inn
Slide 20: WN © sensam GROUP
WN © sensam GROUP
Slide 21: www.synsam.com
www.synsam.com