Synsam Ab · OMXSTO:SYNSAM
Synsam Ab — Q1 2023 Earnings Presentation
21 slides from Synsam Ab's earnings presentation, 2023
Slide 1: Results presentation Q1 2023
Results presentation Q1 2023
Slide 2: Synsam Group Q1 2023 in summary
Synsam Group Q1 2023 in summary
Slide 3: Q1 Overview
Q1 Overview Q1 ▪ Net sales amounted to 1,411 MSEK Net Sales 1,411 MSEK (1,186), an increase of 19.0% Q1 ▪ Gross margin amounted to 76.6% Gross margin 76.6% (Q4 2022: 76.7; Q3: 73.8; Q2: 73.7; Q1: 79.3) ▪ Organic growth during Q1 was 17.5% and Q1 growth like-for-like was 14.0% Organic growth +17.5% ▪
Slide 4: Growth and result per segment
Growth and result per segment 1 Organic growth Q1 Like for like Q1 EBITDA Q1 SWEDEN +19.4% +16.2% 196 MSEK (152) 2 Organisk growth Q1 Like for like Q1 EBITDA Q1 +8.6% +8.3% 79 MSEK (61) DENMARK 118 245 51 Stores Stores Stores 2 Organic growth Q1 Like for like Q1 EBITDA Q1 +14.1% +10.4% 45 MSEK (52)
Slide 5: Q1 2023 RESULTS | 5
Q1 2023 RESULTS | 5
Slide 6: Roskilde, Denmark Säffle, Sweden Leksand, Sweden
Roskilde, Denmark Säffle, Sweden Kramfors, Sweden Leksand, Sweden Lohja, Finland Söderköping, Sweden Q1 2023 RESULTS | 6
Slide 7: Rolling 12-months actuals – selected stores
Rolling 12-months actuals – selected stores Last twelve months (MSEK) Store Opening/Upgrade month Sales EBITDA* Comment B Synsam Norrmalmstorg 2019-03 57 17 I G Synsam Hötorget 2021-12 28 6 C Profil Optik Odense 2021-04 17 3 I T Synsam Aleksi 2021-08 17 3 Y Synsam Täby 2021-04 43 19 Profil Optik Ros
Slide 8: Financial development
F I N A N C I A L D E V E LO P M EN T
Slide 9: Q1 Financial Overview – Continued strong turnover growth
Q1 Financial Overview – Continued strong turnover growth Q1 ▪ Organic growth: 17.5% MSEK 2023 2022 Δ% Net sales 1,411 1,186 19.0 ▪ Like-for-like growth: 14.0% Organic growth, %¹ 17.5 12.3 ▪ The result has been affected by higher operating costs Gross margin, %¹ 76.6 79.3 such as expansion of new sto
Slide 10: Continued strong development of Synsam Lifestyle subscription
Continued strong development of Synsam Lifestyle subscription ▪ Net sales for the Lifestyle subscription in Q1 2023 Lifestyle represents 50% of total Net Sales amounted to 739 MSEK (580), an increase of 27%. All segments contributed to the development. ▪ Lifestyle subscription increased in all segme
Slide 11: Great growth of Synsam Lifestyle's active customer base
Great growth of Synsam Lifestyle’s active customer base 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
Slide 12: 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. +40%* +32% 255 +38% +50% 223 169 +283% 123 82 21 2018 2019 2020 2021 2022 LTM Q1 2023 | 12 * LTM growth corresponds to growth compared
Slide 13: 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 Q1 2023 RESULTS | 13
Slide 14: Long term financial development
Long term financial development Net sales development Adjusted EBITDA and EBITA development IFRS -16 +13,0% +14,1% 27% +23% +14% +11% 5 277 5 502 23% 22% 26% 25% +2% 1 274 4 669 1 217 1 241 3 741 3 806 19% 984 948 3 380 858 643 698 691 593 557 485 2018 2019 2020 2021 2022 LTM Q1 2018 2019 2020 2021
Slide 15: Cash Flow and Financial Position
Cash Flow and Financial Position Q1 jan-dec ▪ Cash flow from operating activities amounted to 257 MSEK (-53) for MSEK 2023 2022 2022 the first quarter Operating activities Profit/loss before tax 45 129 415 ▪ Cash flow from operating activities is foremost affected by a Adjustments for other non-cash
Slide 16: Store Network Overview
Store Network Overview Total number of stores at the end of the quarter was 537 (509), Number of stores per quarter of which directly owned 33 33 504 (476). During Q1, 33 33 39 33 33 503 504 5 directly owned stores 38 39 487 487 40 39 38 38 38 476 43 42 41 446 451 456 467 were opened and 4 44 44 43
Slide 17: Synsam Group is the Business Wellness company of the year
Synsam Group is the Business Wellness company of the year The jury’s justification: ”This year’s Business Wellness company is an innovative company that is driven by developing and challenging business models and customer offers and is one step ahead in an otherwise relatively conservative industry.
Slide 18: Summary
SUMMARY
Slide 19: Summary
Summary ➢ Strong organic growth and result – the growth has been the strongest ever for Synsam in a first quarter ➢ The profitability, EBITDA, has increased in 3 out of 4 segments ➢ The subscription business continues to be an important growth driver ➢ We continue to offer affordable solutions ➢ The
Slide 20: Q&A
Q&A &) s¥NSAM GROUP
Slide 21: www.synsam.com
www.synsam.com