Fnac Darty Sa · EURONEXT:FNAC
Fnac Darty Sa — Fnac Darty Sa Ord — H1 2021 Earnings Presentation
25 slides from Fnac Darty Sa's earnings presentation, Jul 29, 2021
Slide 1: H1 2021 Results Presentation
H1 2021 RESULTS PRESENTATION July 29, 2021
Slide 2: Business Review
BUSINESS REVIEW Enrique Martinez, CEO
Slide 3: Continuing Public Health Restrictions in H1 2021 in All Regions
CONTINUING PUBLIC HEALTH RESTRICTIONS IN H1 2021 IN ALL REGIONS WHERE THE GROUP OPERATES January February 1 – April 2 April 3 – May 18 May 19 – June 30 National curfew c. 20% of the Group’s stores in France 3rd national lockdown Stores reopening from 6 PM are closed c. 90 Fnac and Darty stores close
Slide 4: Solid H1 2021 Results Despite the Unprecedented Context
SOLID H1 2021 RESULTS DESPITE THE UNPRECEDENTED CONTEXT • Strong operational execution in H1 2021 Group revenue at €3,465m in H1 2021, up +21% on a like-for-like basis1 thanks to the strong momentum in all regions and all product categories Strong performance of stores of c.+28%1 and online sale
Slide 5: Strong H1 2021 Revenue Growth Boosted by All Product Segments
STRONG H1 2021 REVENUE GROWTH BOOSTED BY ALL PRODUCT SEGMENTS • Strong group revenue growth in H1 2021 driven by: Demand remaining strong for categories linked to home office supplies despite some component shortages that have affected all the industry Continued momentum in home equipment especi
Slide 6: Main Achievements on the Strategic Pillars of the Everyday Plan (1/2)
MAIN ACHIEVEMENTS ON THE 3 STRATEGIC PILLARS OF THE EVERYDAY PLAN (1/2) Embodying the new standards of the successful omnichannel retail strategy of the future, both digitalized and human • Growing e-commerce activities – Over 2 million new active web customers registered in H1 2021, which sustained
Slide 7: Main Achievements on the Strategic Pillars of the Everyday Plan (2/2)
MAIN ACHIEVEMENTS ON THE 3 STRATEGIC PILLARS OF THE EVERYDAY PLAN (2/2) Helping consumers to adopt sustainable behaviors • Continued expansion of WeFix with the opening of 16 new points of sale in H1 • Continued training and recruitment of technicians to reach an additional 500 technicians by 2025 •
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS Jean-Brieuc Le Tinier, CFO
Slide 9: France and Switzerland in H1 2021
FRANCE AND SWITZERLAND IN H1 2021 Revenue growth sustained by strong momentum in €m H1 2020 H1 2021 Change almost all product categories, especially Hardware, TV, Revenue 2,343 2,878 +22.9% LDA, SDA, Books and Gaming Nature & Découvertes strongly affected by continued Current operating income -4
Slide 10: Iberian Peninsula in H1 2021
IBERIAN PENINSULA IN H1 2021 €m H1 2020 H1 2021 Change Strong revenue growth mainly driven by significant store performance, boosted by a more favorable Revenue 240 285 +19.1% comparable basis due to the later end of lockdown measures in 2020 Current operating income -12.7 -4.2 +8.5 All product
Slide 11: Belgium and Luxembourg in H1 2021
BELGIUM AND LUXEMBOURG IN H1 2021 Solid revenue growth driven by both significant store €m H1 2020 H1 2021 Change performance as well as online growth Revenue 267 301 +12.8% Solid sales momentum in computer equipment, Current operating 0.7 5.6 +4.9 appliances and books, despite restrictive publi
Slide 12: H1 2021 Group Financial Results
H1 2021 GROUP FINANCIAL RESULTS €m H1 2020 H1 2021 Current operating income at €34m, up €92m Revenue 2,849 3,465 compared to H1 2020 and higher than the level in H1 Gross margin 844 1,029 2019 on a comparable basis1 Costs 902 995 Continued tight control of operating costs, enabling Current opera
Slide 13: Free Cash Flow Generation
FREE CASH FLOW GENERATION €m H1 2020 H1 2021 EBITDA up €92m including the impact of IFRS 16 vs. H1 2020, in line with the current operating income trend EBITDA 119 210 Operating free cash flow stands at -€577m, mainly IFRS 16 impact -124 -125 impacted by: Non-recurring cash elements -9 2 The r
Slide 14: A Strong Liquidity Position
A STRONG LIQUIDITY POSITION €m At December 31, At June 30, 2021 2020 Shareholders’ equity 1,373 1,409 New financing structure implemented in March 2021 to 1 Net debt -114 454 strengthen the Group’s financial flexibility, with: Gross debt 1,455 933 Placement of a first OCEANE bond for €200m matur
Slide 15: Outlook
OUTLOOK Enrique Martinez, CEO
Slide 16: Outlook
OUTLOOK Current restrictions on opening hours in the Iberian Peninsula and following the latest announcements by the French government, the conditions of access to shopping centers of more than 20,000 sq.m. may change and consequently could affect the operating conditions of some of the stores in
Slide 17: Q&A
Q&A
Slide 18: Appendices
APPENDICES FNAC DARTY
Slide 19: Definitions (1/2)
DEFINITIONS (1/2) • Definition of Like-for-like sales growth – This indicator measures changes in revenue excluding exchange rate fluctuations, the impact of change in scope and the impact of the opening and closing of directly owned stores since January 1, N-1. • Definition of Current operating inc
Slide 20: Definitions (2/2)
DEFINITIONS (2/2) With application of IFRS 16 IFRS 16 Without application of IFRS 16 EBITDA EBITDA excluding IFRS 16 Rents within the scope Current operating income before depreciation, EBITDA including rental expenses within the scope of amortization and provisions on fixed operational assets of IF
Slide 21: Q1/Q2/H1 Revenue
Q1/Q2/H1 REVENUE Change vs. Q1 2020 Change vs. Q2 2020 Change vs. H1 2020 At constant FX At constant FX At constant FX and and and comparable (€m) Q1 2021 Reported Like-for-like Q2 2021 Reported comparable Like-for-like H1 2021 Reported comparable Like-for-like scope of scope of scope of consolidati
Slide 22: Cash Flow Statement
CASH FLOW STATEMENT (€m) H1 2020 H1 2021 Net debt excluding IFRS 16 as of January 1 18 (114) Cash flow from operations before tax, dividends and interest 109 212 Change in working capital (415) (579) Corporate income tax paid (24) (38) Operating investments (50) (46) Operating free cash flow (380) (
Slide 23: Balance Sheet
BALANCE SHEET At December At June 30, At December At June 30, Assets in €m 31, 2020 2021 Equity and Liabilities in €m 31, 2020 2021 Goodwill 1,654 1,654 Share capital 27 27 Intangible assets 506 512 Reserves related to equity 971 971 Conversion reserves -5 -6 Tangible assets 594 575 Other reserves 3
Slide 24: Store Network
STORE NETWORK December 31, 2020 June 30, 2021 Owned Franchised Total Owned Franchised Total France and Switzerland(1) 412 339 751 412 354 766 Iberian Peninsula 67 5 72 67 5 72 Belgium and Luxembourg 85 0 85 85 0 85 Group 564 344 908 564 359 923 (1) including 13 stores abroad: 3 in Morocco, 4 in Tuni
Slide 25: 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