Synsam Ab · OMXSTO:SYNSAM
Synsam Ab — Q2 2023 Earnings Presentation
19 slides from Synsam Ab's earnings presentation, 2023
Slide 1: Results presentation Q2 2023
Results presentation Q2 2023
Slide 2: Synsam Group Q2 2023 in summary
Synsam Group Q2 2023 in summary
Slide 3: Q2 in summary
Q2 in summary ➢ Record earnings and sales for a single quarter ➢ Increased profitability in all countries ➢ Achieved Synsam’s financial targets ➢ Synsam Lifestyle is a winner on the market and lowest churn since 2020 ➢ Increased market shares ➢ Higher efficiency in our stores ➢ The cost and restruct
Slide 4: Q2 Overview
Q2 Overview Q2 ▪ Net sales amounted to 1,566 MSEK (1,399), an Net Sales increase of 12.0% MSEK 1,566 ▪ Gross margin amounted to 74.0% (73.7) Q2 Gross margin 74.0% ▪ Organic growth during Q2 was 10.2% and growth like-for-like was 7.0% Q2 Organic growth +10.2% ▪ EBITDA amounted to 401 MSEK (347), an i
Slide 5: Growth and increased profitability in all countries
Growth and increased profitability in all countries 1 Organic growth Q2 Like for like Q2 EBITDA Q2 SWEDEN +9.7% +6.9% 224 MSEK (202) 2 Organic growth Q2 Like for like Q2 EBITDA Q2 +3.1% +3.1% 81 MSEK (78) DENMARK 118 244 52 Stores Stores Stores 2 Organic growth Q2 Like for like Q2 EBITDA Q2 +10.1% +
Slide 6: Synsam Lifestyle a winner on the market
Synsam Lifestyle a winner on the market ▪ Net sales for the Lifestyle subscription in Q2 2023 Lifestyle represents more than 50% of total Net amounted to 760 MSEK (666), an increase of Sales 14%. All segments contributed to the development. ▪ Lifestyle subscription increased within all segments duri
Slide 7: The subscription business is steadily growing over time
The subscription business is steadily growing over time 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 8: Synsam Contact Lens Subscription – increased growth
Synsam Contact Lens Subscription – increased growth Fast growing Lens Subscriptions Sales (MSEK). Slightly lower gross margin in comparison to Synsam in total. +50%* +32% 292 +38% +50% 223 169 +283% 123 82 21 2018 2019 2020 2021 2022 LTM Q2 2023 Q2 2023 RESULTS | 8 * LTM growth corresponds to growth
Slide 9: New stores quickly profitable
New stores quickly profitable Rolling 12-months actuals – selected stores Last twelve months (MSEK) Store Opening/Upgrade month Sales EBITDA* Comment B Synsam Norrmalmstorg 2019-03 60 21 I G Synsam Hötorget 2021-12 30 7 C Profil Optik Odense 2021-04 17 4 I T Synsam Aleksi 2021-08 20 4 Y Synsam Täby
Slide 10: Successful establishment strategy
Successful establishment strategy ➢ Despite many newly established stores during the last years, the +98% total number of stores is only a bit higher than 2015 +8% 2 863 5 669 ➢ Clear and successful concepts with strong like-for-like growth and MSEK** MSEK*** an efficient establishment process 536 4
Slide 11: Financial development
F I N A N C I A L D E V E LO P M E N T
Slide 12: Q2 Financial Overview – EBITDA and EBITA percentage growth greater than net sales growth
Q2 Financial Overview – EBITDA and EBITA percentage growth greater than net sales growth Q2 ▪ Organic growth: 10.2% MSEK 2023 2022 Δ% Net sales 1,566 1,399 12.0 ▪ Like-for-like growth: 7.0% Organic growth, %¹ 10.2 13.7 ▪ The increase in the result is due to the increased revenue Gross Margin, %¹ 74.
Slide 13: Cost and restructuring program 1.0 allocation per quarter
Cost and restructuring program 1.0 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 Q2 2023 RESULTS | 13
Slide 14: Long term financial development – strong trend
Long term financial development– strong trend Net sales development Adjusted EBITDA and EBITA development IFRS -16 +13% +13% 27% +23% 5 669 23% +14% +11% 5 277 26% 23% +2% 25% 1 295 4 669 1 274 1 217 3 741 3 806 19% 984 948 3 380 858 698 724 643 593 557 485 2018 2019 2020 2021 2022 LTM Q2 2018 2019
Slide 15: Cash Flow and Financial Position – strong cash flow
Cash Flow and Financial Position– strong cash flow Q2 jan-dec MSEK 2023 2022 2022 ▪ Cash flow from operating activities amounted to 386 MSEK Operating activities (345) for the second quarter Profit/loss before tax 164 129 415 Adjustments for other non-cash items -1 12 -34 Depreciation and amortisati
Slide 16: Summary
SUMMARY
Slide 17: Summary
Summary ➢ Record earnings and sales for a single quarter ➢ Increased profitability in all countries ➢ Strong cash flow ➢ Achieved Synsam’s financial targets ➢ Synsam Lifestyle a winner on the market and lowest churn since 2020 ➢ Higher efficiency in our stores ➢ Successful focus on lower price point
Slide 18: Q&A
Q&A &) s¥NSAM GROUP
Slide 19: www.synsam.com
www.synsam.com