Fnac Darty: H1 2022 results
Very good
resilience of H1 2022
sales
Solid gross margin rate,
up on H1 2021
Fnac
Darty, a player committed to purchasing
power and repairs
- Revenue for
H1 2022 at €3,428 million, down slightly
by -1.1% on a reported basis and -1.7% on
a like-for-like basis1 compared to H1 2021, with a
high comparison basis and growing inflation
- Gross
margin rate at 30.9%, up by +120 basis points from last
year driven
particularly by
Darty Max and the
recovery of ticketing
- Current
operating income stable in comparison to H1 2021 and H1 2019 on a
pro-forma basis2, excluding
impact of one-off purchasing power bonus and roll-out of new
activities during this half-year
- Continued
roll-out of strategic plan
Everyday, and ramped-up services and
repairs: extension of Darty Max
to all Fnac stores, and integration of the first
video service dedicated to product maintenance and care to prevent
breakdown
-
Fnac Darty, a player
committed to purchasing power: one-off bonus in March for nearly
80% of Group employees to improve their purchasing power, and agile
supply-chain management to provide a wide range of products and
services suited to all
Enrique Martinez, Chief Executive
Officer of Fnac Darty,
stated: “The Group's results
remain solid, in line with previous years. Aware of the pressures
that inflation and the energy crisis are imposing on our employees’
everyday lives, our Group supported their purchasing power by
paying a bonus to 80% of our teams in the first half of the year.
Against a constantly changing geopolitical and economic backdrop,
we have managed to stay an ambitious course in the form of our
strategic plan Everyday, which presents a transformative vision for
the Group in terms of advice, sustainability and service. Because
our commitment to product sustainability and protecting purchasing
power is at the heart of our ambition to transform consumption
toward a responsible model, we are accelerating the roll-out of our
Darty Max repair services, now available through the Fnac network,
and offering the first video-based product maintenance service. We
will be well placed in the coming months to continue the
implementation of our strategic plan Everyday, which establishes
our Group’s position on key transformation challenges.”
H1 2022 KEY FIGURES
|
|
|
|
|
(€ million) |
H1 2022 |
H1 2021 |
Change |
|
Revenue |
3,428.3 |
3,464.7 |
-1.1% |
|
Comparable var. 1 |
|
|
-1.7% |
|
Gross margin rate |
30.9% |
29.7% |
+120bps |
|
Current operating income |
18.6 |
34.1 |
-15.5 |
|
Net income from continuing operations, Group
share |
-17.4 |
0.5 |
-17.9 |
|
H1 2022 KEY HIGHLIGHTS AND ANALYSIS OF
RESULTS
In the second quarter of 2022, Group
revenue totaled €1,647 million, stable on a
reported basis and down-0.8% on a like-for-like basis3 compared
with the previous year. The good sales resilience was driven
primarily by the solid growth of in-store sales across all regions
and the return of online sales to normal levels against a very high
comparison basis.During the first half of 2022, revenue totaled
€3,428 million, down -1.7% on a like-for-like basis1 compared with
the same period in 2021. Compared to the proforma 2019 pre-crisis
level4, the Group recorded solid sales growth of +8.4%, supported
by an increase in the average checkout value. Online sales
accounted for 22% of the Group’s revenue for the first half of
2022, up +4 points on their pre-pandemic levels. This figure, which
is usually lower in the first half than over the year as a whole,
was achieved against a background of digital market penetration
returning to normal after two years of online sales being helped by
the closure of physical stores. The click & collect dynamic
remained strong, representing 47% of the Group’s online sales over
the first half of the year.Finally, as a reminder, Fnac Darty has
no sites in the Russia–Ukraine war zone; nor does it depend on
suppliers in that region. Nevertheless, the Group is closely
monitoring the situation as it evolves and assessing how rising
inflation and pressures on consumers’ purchasing power might impact
on its activities and results.
Analysis by product
category
The Group’s sales teams worked closely with all
suppliers to adjust inventory levels in order to continue to offer
a good level of product availability throughout the
half-year.During the second quarter, the Group posted a decline in
its sales of appliances, mainly due to lower
volumes in the market coupled with a strong comparison basis, while
the average selling price of large appliances continued to rise.
Consumer electronics recorded good momentum in
telephony, sound and photo, although this was more than offset by
the decline in categories that had benefited from the high demand
for remote-working and home-learning equipment as a result of the
health crisis. Similarly, television sales suffered from the high
comparison basis brought about by the Euro 2020 soccer tournament
held in 2021. Sales of editorial products
continued to grow, driven mainly by books, video and audio. On the
other hand, the decline in gaming persisted due to a shortage of
consoles on the market. Diversification categories
continued to record solid growth, driven mainly by urban mobility.
Lastly, services continued their robust growth,
with an increase in the number of Darty Max subscribers and the
ticketing business resuming after the final Covid-related
restrictions were lifted in late February.
Analysis by region
France and Switzerland posted
resilient sales, at -0.9% on a like-for-like basis1 over the second
quarter and -1.9% over the first half of the year, enabling the
Group to outperform the market. During that second quarter, the
region saw a decline in both large and small appliances, primarily
due to sluggish household consumption adversely affecting volumes.
Consumer electronics continued to benefit from good dynamics in
photo, sound and telephony, while IT equipment and television
suffered from a high comparison basis. Editorial products grew
thanks to books and audio, which continued to benefit from the
Culture Pass, while gaming declined. The diversification categories
also recorded strong growth, driven primarily by the toys and games
and urban mobility segments. At the same time, there was solid
growth in services thanks to the continued roll-out of Darty Max
and the resumption of ticketing. Ticketing benefited from strong
consumer interest and a particularly rich program of events,
although some events were still being postponed due to the health
crisis. Lastly, Nature & Découvertes sales were up compared to
the first half of last year, when stores were closed for much of
the period. However, sales were still harmed by footfall not yet
returning to pre-pandemic levels.
In the Iberian Peninsula,
revenue grew by +4.9% on a like-for-like basis1 over the second
quarter and by +6.2% over the first half of the year. The region
benefited from a less difficult comparison base effect due to a
slower recovery in 2021 than in other regions, with stores dynamics
driving the region's performance. All product categories
contributed to the solid growth across Spain and Portugal,
particularly books, telephony, photo and sound as well as services
which posted strong growth in what remains a highly competitive
environment, particularly in Spain.
Belgium and Luxembourg sales
were down -6.3% in the second quarter and -7.6% over the first half
of the year on a like-for-like basis5. This was due primarily to
lower appliance sales volumes against a very high comparison basis
and particularly high inflation. Conversely, services continued to
perform well. Compared with the first half of 2019 on a pro-forma
basis6, sales in the region were still up.
The gross margin for the first
half of the year was €1,058 million, an improvement on the
same period of 2021. The gross margin rate was high at 30.9%, up
+120 basis points compared with the previous year. This solid
growth was driven mainly by a favorable product mix, more Darty Max
subscribers and the resumption of ticketing, which more than offset
the dilutive technical effect of the franchise. The gross margin
rate was in line with the pre-pandemic pro-forma level for the
first half of 20192, excluding the dilutive technical effect of the
franchise.
Operating expenses remained
under control during the half-year and amounted to €1,039 million,
an increase of +€45 million on the first half of 2021,
reflecting:
- For the largest part of the change,
the closure of stores during the first half of the previous
year;
- The measures taken by the Group to
support its employees by paying a one-off purchasing power bonus of
approximately €7 million and increasing the overall wage
budget above the average of previous years;
- The costs of rolling out new
activities during the half-year, mainly Manor and WeFix;
- Lastly, the Group continued to
implement performance plans across all divisions, offsetting nearly
all of the inflationary impact on costs during the half-year.
Expressed as a percentage of sales, operating
expenses in the first half of 2022 were down slightly on the
pro-forma figure for the first half of 20192.
EBITDA totaled
€192 million, including €126 million related to the
application of IFRS 16, down by -€18 million compared with the
first half of 2021.
Current operating income was
€19 million during the first half of 2022. Excluding the
effect of the one-off purchasing power bonus, which cost nearly
€7 million, and the impact of rolling out new activities
during the half-year, current operating income was stable compared
with the first half of 2021 and the same period of 2019, on a
pro-forma basis7.
Non-current items amounted to
-€14 million over the half-year, including -€8 million of
one-off expenses relating to the restructuring of the Group’s
real-estate holdings. Operating income was
€5 million during the first half of the year.
After taking into account non-current items,
financial expenses of €18 million and a €3 million tax
expense, consolidated net income from continuing
operations, Group share for the first
half of 2022 was down to-€17 million.
FINANCIAL STRUCTURE
The Group’s net financial debt
excluding IFRS 16 stood at €586 million at June 30, 2022.The change
in financial debt was due primarily to a negative free cash-flow
from operations, excluding IFRS 16, at -€764 million which is
mainly due to the unfavorable change in working capital
requirement, resulting from the advance goods purchases amid
steeply rising inflation, a shortage of certain components
essential to the manufacture of products sold by the Group, and the
need to build up inventories for the opening of 14 Fnac
shop-in-shops within Manor stores. As a result, the Group’s
inventory level was higher at the end of June 2022 than it was a
year earlier. In addition, as expected, the Group’s capex was
slightly higher than in the first half of 2021, in connection with
the opening of the shop-in-shops at Manor.
At June 30, 2022, the liquidity
position amounted to €350 million, and there was also an
undrawn €500 million revolving credit facility whose maturity was
extended until 2027. The Group still has an option to extend its
confirmed revolving credit facility until March 2028.
In addition, the Group is rated by the Standard
& Poor’s, Scope Ratings and Moody’s rating agencies.During the
first half of the year, S&P and Scope Ratings raised Fnac
Darty’s long-term credit rating by one notch, demonstrating their
confidence in the Group’s omnichannel model, operational
performance and financial discipline, all of which have
significantly improved its risk profile. Fnac Darty has BBB, BB+
and Ba2 ratings, assigned by Scope Ratings, Standard & Poor’s
and Moody’s respectively, all with a stable outlook.
Lastly, Fnac Darty paid out a
dividend for the second year in a row. The
dividend of €2.00 per share was paid in cash on June 23 and
represented a payout ratio of almost 37%8, in line with the target
of at least 30% announced in the strategic plan Everyday.
CONTINUED STRATEGIC ADVANCES AND ACCELERATION IN
SERVICES AND REPAIRS
Fnac Darty continues to commit to
providing an educated choice and sustainable consumption
by way of strategic projects in digital,
services and repairs, which are
major pillars of the strategic plan
Everyday.
Over the half-year, the Group continued to
optimize its e-commerce sites and position its store network
strategically.The Group began to roll out its partnership with
Google, which was signed in February, by
integrating Google Cloud’s Retail Search into Fnac.com. This
enhances consumers’ online purchasing experience with a richer,
easier and more customized product search, which helps to increase
the conversion rate. By 2025, the Group aims to achieve at least
30% of its revenue online.
Fnac Darty also continued its expansion pace
during the half-year by opening 22 new stores9, including 17
franchises. The network now totals 971 stores, including 405
franchises at the end of June, representing 40% of the total store
base. In addition, in keeping with the schedule of planned
openings, over the first half of the year, the Group opened 14 new
Fnac shop-in-shops within Manor stores. This took the total number
of Fnac shop-in-shops to 27, significantly increasing Fnac’s brand
presence in every area of Switzerland. Lastly, the Group continued
to extend its kitchen offering by opening four new sales spaces
during the half-year. This brought the total number of kitchen
points of sale to over 190 at the end of June.
At the same time, under the partnership with
Apple signed in March, all 143
WeFix service centers had already joined the
French network of Apple Authorized Service Providers (AASPs) at the
end of June, with over 350 WeFix technicians receiving training and
accreditation from Apple. This partnership underscores the Group’s
ambition to achieve annual repairs of 2.5 million products by
2025.Furthermore, Fnac Darty launched its innovative
informed delivery service during the half-year,
enabling customers to estimate the environmental impact of the
various delivery methods while making an online purchase. It is the
first retailer to have developed such a tool and added it to its
e-commerce sites. The tool helps reduce the environmental impact of
the Group’s e-commerce activities and is in keeping with the
commitments that Fnac Darty made in July 2021 when it signed the
Charter of Commitments for the reduction of the environmental
impact of online commerce.
Fnac Darty reaffirms its ambition to become the
leader in home assistance services and its commitment to extending
product life span. To this end, and with a view to achieving the
target of two million Darty Max
subscribers by 2025, since June the Group has been offering this
service in all integrated Fnac stores across France, in addition to
Darty stores and its e-commerce sites. Furthermore, the Group has
introduced a new video-based preventive maintenance service that
identifies at-risk products, maintains them better and anticipates
breakdowns in order to extend their life span. To keep pace with
the rising number of repairs which reached 1.1 million in the first
half of 2022, the Group continues to train dedicated repair
technicians and currently has more than 220 technicians being
trained in the 16 open courses.
GOVERNANCE AND SHAREHOLDING
On July 27, 2022, the Board of Directors
accepted the resignation of Antoine Gosset-Grainville, Director,
Vice-Chairman of the Board of Directors and Chairman of the
Appointments and Compensation Committee.
The Board also decided as follows:
- the cooption of Laure Hauseux as
independent director, replacing Carole Ferrand, for the remainder
of her term of office; her appointment will be subject to
ratification at the next Fnac Darty General Meeting, scheduled for
May 24, 2023;
- the appointment of Sandra Lagumina
as Vice-Chair of the Board of Directors;
- the appointment of Brigitte
Taittinger-Jouyet and Javier Santiso respectively as Chair and
member of the Appointments and Compensation Committee;
- the appointment of Jean-Marc
Janaillac and Caroline Grégoire Sainte Marie respectively as
Chairman and member of the Corporate, Environmental and Social
Responsibility Committee.
As a reminder, the Board of Directors appointed
Sandra Lagumina and Daniela Weber-Rey respectively as Chair and
member of the Audit Committee from May 18, 2022.
All this means that the Fnac Darty Board of
Directors currently comprises 13 members, of whom 10 are
independent, two are employee representatives and six are women.
The composition of the Board thus complies with the AFEP-MEDEF Code
as regards the number of independent directors and meets the legal
obligation as regards the ratio of male to female; i.e. at least
40% of each sex.
On July 11, Vesa Equity Investment notified the
Group that it held more than 20% of Fnac Darty’s share capital and
voting rights, without intending to request the appointment of one
or more members to the Board of Directors.
CONCLUSION AND OUTLOOK
The first half of 2022 was marked by rising
inflation and a geopolitical environment that remains uncertain,
affecting visibility for the months ahead. Against this background,
and in accordance with its announced intentions, Fnac Darty
outperformed the markets in which it operates and demonstrated its
ability to maintain its gross margin in the first half.
For the rest of the year, amid a persistently
uncertain macroeconomic climate, the Group:
- Remains well
placed to continue outperforming the markets due to its position as
a benchmark omnichannel player and its good supply-chain
management;
- Maintains its
priority of preserving its gross margin level through a growing
impact of services and a wide range of products suitable for
everyone against a background of squeezed purchasing power and
price increases, particularly in more premium product
categories;
- Continues to
keep costs under control by means of performance plans, which
already offset inflation almost entirely during the first half of
2022. With inflation expected to remain high during the second half
of the year, the Group will continue to implement its cost-saving
plans in order to offset the impact of inflation as much as
possible;
- Adjusts
downwards its operating investment budget for this year to slightly
less than €140 million.
Lastly, the Group will continue to implement its
strategic plan Everyday and confirms its targets of cumulative free
cash-flow from operations10 of approximately €500 million over the
2021–2023 period and annual free cash-flow from operations1 of at
least €240 million from 2025.
***
PRESENTATION OF 2022 HALF-YEARLY
RESULTS
Enrique Martinez, Chief Executive
Officer, and Jean-Brieuc Le Tinier, Group Chief Financial
Officer, will host a conference call for investors and
analysts on Wednesday, July 27,
2022 at 7:00 pm (Paris
time); 6:00 pm (UK); 1:00 pm (East Coast USA).
A presentation will be livestreamed at the
following link: here.
Please register here to only attend the
conference by phone and to be able to ask questions during the
Q&A session.
The presentation slides are available on the
“Investors” section of the Group’s website:
www.fnacdarty.com/en/.
Listen to the recording on Fnac’s website:
https://www.fnacdarty.com/en/.
Fnac Darty will today also publish its half-year
report on its website, under “Investors.”
CONTACTS
ANALYSTS/INVESTORS |
Stéphanie Laval |
stephanie.laval@fnacdarty.com+33 (0)1 55 21 52 53 |
Marina Louvard |
marina.louvard@fnacdarty.com+33 (0)1 72 28 17 08 |
|
|
|
PRESS |
Audrey Bouchard |
audrey.bouchard@fnacdarty.com+33 (0)6 17 25 03 77 |
Alexandra Redin |
alexandra.redin@fnacdarty.com+33 (0)6 66 26 05 18 |
APPENDIX
The half-yearly financial statements approved by
the Board of Directors on July 27, 2022 have been subject to a
limited audit conducted by the statutory auditors.
The following tables contain individually
rounded data. The arithmetical calculations based on rounded data
may present some differences with the aggregates or subtotals
reported.
SUMMARY INCOME STATEMENT
|
|
|
|
|
|
(€ million) |
H1 2021 |
H1 2022 |
Change |
|
|
|
|
|
|
|
|
Revenue |
3,465 |
3,428 |
-1.1% |
|
|
Gross margin |
1,029 |
1,058 |
+2.8% |
|
|
As a % of revenue |
29.7% |
30.9% |
+1.2pt |
|
|
Total costs |
995 |
1,039 |
+4.4% |
|
|
As a % of revenue |
28.7% |
30.3% |
+1.6pt |
|
|
Current operating income |
34 |
19 |
-15 |
|
|
Other non-current operating income and expenses |
-3 |
-14 |
|
|
|
Operating income |
32 |
5 |
-27 |
|
|
Net financial expense |
-25 |
-18 |
|
|
|
Income tax |
-9 |
-3 |
|
|
|
Net income from continuing operations |
-2 |
-17 |
-15 |
|
|
Net income from continuing operations, Group
share |
1 |
-17 |
-18 |
|
|
Net income from discontinued operations, Group share |
17 |
-0 |
|
|
|
Consolidated net income, Group share |
17 |
-18 |
-35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA11 |
210 |
192 |
-18 |
|
|
As a % of revenue |
6.1% |
5.6% |
|
|
|
EBITDA excluding IFRS 16 |
86 |
66 |
-20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H1 2022 REVENUE
|
|
|
|
|
|
(€ million) |
H1 2022 |
Change compared with H1 2021 |
|
|
Actual |
At constant scope and exchange rates |
Like-for-like basis |
|
France and
Switzerland |
2,844 |
-1.2% |
-1.3% |
-1.9% |
|
Iberian
Peninsula |
306 |
7.1% |
7.1% |
6.2% |
|
Belgium and
Luxembourg |
279 |
-7.3% |
-7.3% |
-7.6% |
|
Group |
3,428 |
-1.1% |
-1.2% |
-1.7% |
|
Q2 2022 REVENUE
|
|
|
|
|
|
(€
million) |
Q2 2022 |
Change compared with Q2 2021 |
|
|
Actual |
At constant scope and exchange rates |
Like-for-like basis |
|
France and
Switzerland |
1,373 |
-0.1% |
-0.2% |
-0.9% |
|
Iberian
Peninsula |
148 |
5.6% |
5.6% |
4.9% |
|
Belgium and
Luxembourg |
126 |
-5.6% |
-5.6% |
-6.3% |
|
Group |
1,647 |
0.0% |
-0.2% |
-0.8% |
|
CURRENT OPERATING INCOME BY OPERATING
SEGMENT
|
|
|
|
|
|
|
|
|
|
(€ million) |
H1 2021 |
As a % of revenue |
|
H1 2022 |
As a % of revenue |
Change |
|
France and
Switzerland |
32.7 |
1.1% |
|
16.7 |
0.6% |
-16.0 |
|
Iberian
Peninsula |
-4.2 |
-1.5% |
|
-1.9 |
-0.6% |
+2.3 |
|
Belgium and
Luxembourg |
5.6 |
1.9% |
|
3.8 |
1.4% |
-1.8 |
|
Group |
34.1 |
1.0% |
|
18.6 |
0.5% |
-15.5 |
|
CASH FLOW STATEMENT
|
|
|
|
(€ million)
|
H1 2021 |
H1 2022 |
|
Cash flow before tax, dividends
and interest |
212 |
195 |
|
IFRS 16 impact |
-125 |
-126 |
|
Cash flow before tax, dividends
and interest, excluding IFRS 16 |
88 |
68 |
|
Change in working capital requirement, excluding IFRS 16 |
-581 |
-735 |
|
Income tax paid |
-38 |
-40 |
|
Net cash flows from operating activities, excluding IFRS
16 |
-530 |
-707 |
|
Operating investments |
-46 |
-57 |
|
Change in payables and receivables relating to non-current
assets |
-1 |
1 |
|
Operating divestments |
0 |
0 |
|
Net cash flows from operating investment
activities |
-46 |
-56 |
|
Free cash-flow from operations, excluding IFRS
16 |
-577 |
-764 |
|
|
|
|
|
BALANCE SHEET
Assets (€ million) |
At December 31, 2021 |
At June 30, 2022 |
|
Goodwill |
1,654 |
1,654 |
|
Intangible assets |
528 |
541 |
|
Property, plant and equipment |
575 |
569 |
|
Rights of use relating to lease agreements |
1,115 |
1,047 |
|
Investments in associates |
1 |
1 |
|
Non-current financial assets |
40 |
45 |
|
Deferred tax assets |
69 |
61 |
|
Other non-current assets |
0 |
0 |
|
Non-current assets |
3,982 |
3,918 |
|
Inventories |
1,104 |
1,136 |
|
Trade receivables |
304 |
192 |
|
Tax receivables due |
1 |
5 |
|
Other current financial assets |
9 |
7 |
|
Other current assets |
378 |
289 |
|
Cash and cash equivalents |
1,181 |
350 |
|
Current assets |
2,978 |
1,979 |
|
Assets held for sale |
0 |
0 |
|
Total assets |
6,960 |
5,897 |
|
|
|
|
|
|
|
|
|
Liabilities (€ million) |
At December 31, 2021 |
At June 30, 2022 |
|
Share capital |
27 |
27 |
|
Equity-related reserves |
971 |
971 |
|
Translation reserves |
(6) |
(5) |
|
Other reserves and net income |
563 |
523 |
|
Shareholders’ equity, Group share |
1,555 |
1,516 |
|
Shareholders’ equity – Share attributable to non-controlling
interests |
8 |
8 |
|
Shareholders’ equity |
1,564 |
1,524 |
|
Long-term borrowings and financial debt |
932 |
934 |
|
Long-term lease payables |
891 |
831 |
|
Provisions for pensions and other equivalent benefits |
188 |
152 |
|
Other non-current liabilities |
79 |
38 |
|
Deferred tax liabilities |
165 |
165 |
|
Non-current liabilities |
2,255 |
2,120 |
|
Short-term borrowings and financial debt |
2 |
2 |
|
Short-term lease payables |
239 |
236 |
|
Other current financial liabilities |
9 |
8 |
|
Trade payables |
2,037 |
1,346 |
|
Provisions |
31 |
36 |
|
Tax payables due |
8 |
(23) |
|
Other current liabilities |
816 |
648 |
|
Current liabilities |
3,142 |
2,253 |
|
Payables relating to assets held for sale |
0 |
0 |
|
Total liabilities and shareholders’ equity |
6,960 |
5,897 |
|
STORE NETWORK
|
Dec. 31, 2021 |
Opening |
Closure |
Jun. 30, 2022 |
France and Switzerland* |
798 |
20 |
7 |
811 |
Traditional Fnac |
97 |
6 |
6 |
97 |
Suburban Fnac |
17 |
0 |
0 |
17 |
Travel Fnac |
30 |
0 |
0 |
30 |
Proximity Fnac |
73 |
4 |
0 |
77 |
Fnac Connect |
14 |
0 |
0 |
14 |
Darty |
465 |
9 |
0 |
474 |
Fnac/Darty France |
1 |
0 |
0 |
1 |
Nature & Découvertes** |
101 |
1 |
1 |
101 |
Of which
franchised stores |
385 |
17 |
2 |
400 |
|
|
|
|
|
Iberian Peninsula |
74 |
1 |
1 |
74 |
Traditional Fnac |
52 |
1 |
1 |
52 |
Travel Fnac |
2 |
0 |
0 |
2 |
Proximity Fnac |
16 |
0 |
0 |
16 |
Fnac Connect |
4 |
0 |
0 |
4 |
Of which
franchised stores |
5 |
0 |
0 |
5 |
|
|
|
|
|
Belgium and Luxembourg |
85 |
1 |
0 |
86 |
Traditional Fnac*** |
12 |
1 |
0 |
13 |
Proximity Fnac |
1 |
0 |
0 |
1 |
Vanden Borre/Darty |
72 |
0 |
0 |
72 |
Of which
franchised stores |
0 |
0 |
0 |
0 |
|
|
|
|
|
Fnac Darty |
957 |
22 |
8 |
971 |
Traditional Fnac |
161 |
8 |
7 |
162 |
Suburban Fnac |
17 |
0 |
0 |
17 |
Travel Fnac |
32 |
0 |
0 |
32 |
Proximity Fnac |
90 |
4 |
0 |
94 |
Fnac Connect |
18 |
0 |
0 |
18 |
Darty |
537 |
9 |
0 |
546 |
Fnac/Darty |
1 |
0 |
0 |
1 |
Nature & Découvertes |
101 |
1 |
1 |
101 |
Of which
franchised stores |
390 |
17 |
2 |
405 |
* Including 12 Fnac stores abroad: two in
Tunisia, one in Morocco, one in the Congo, one in Cameroon, two in
Côte d’Ivoire, three in Qatar, two in Senegal; two Darty stores in
Tunisia; 18 stores in the French overseas territories. Excluding
Fnac shop-in-shops in Manor stores.** Nature & Découvertes and
its subsidiaries, which are managed from France. Including four
stores in Belgium, one store in Luxembourg, seven franchises in
Switzerland and one in Portugal; four stores in the French overseas
territories.*** Including one store in Luxembourg, which is managed
from Belgium.
DEFINITIONS OF ALTERNATIVE PERFORMANCE
INDICATORS
CHANGE IN REVENUE AT CONSTANT EXCHANGE
RATES AND COMPARABLE SCOPEThe change in revenue at
constant exchange rates and comparable scope means that the impact
of exchange rate fluctuations has been excluded and that the effect
of changes in scope is corrected to not take modifications
(acquisition, disposal of subsidiaries) into account. The exchange
rate impact is eliminated by recalculating sales for year N-1, on
the basis of the exchange rates used for year N. The revenue of
subsidiaries acquired or sold since January 1 of year N-1 are
excluded from the calculation of the change. This indicator can be
used to measure the change in revenue excluding the effect of
changes in foreign exchange rates and scopes of consolidation.
CHANGE IN REVENUE ON A LIKE-FOR-LIKE
BASISThe change in revenue on a like-for-like basis means
that the impact of exchange rate fluctuations has been excluded,
that the effect of changes in scope has been corrected
(acquisition, disposal of subsidiaries) and that the effect of
directly owned store openings and closures since January 1 of year
N-1 has been excluded. This indicator can be used to measure the
change in revenue excluding the effect of changes in foreign
exchange rates, scopes of consolidation and directly owned store
openings and closures.
With application of IFRS 16 |
Restatement of IFRS 16 |
Without application of IFRS 16 |
|
|
|
EBITDA |
Rent within the scope of IFRS 16 |
EBITDA excluding IFRS 16 |
Current operating income before depreciation, amortization and
provisions on fixed operational assets |
EBITDA including rental expenses within the scope of IFRS 16 |
|
|
Free cash-flow from operations |
Payment of rent within the scope of IFRS 16
|
Free cash-flow from operations, excluding IFRS
16 |
Net cash flow from operating activities, less net operating
investments |
Free cash-flow from operations, including impacts relating to rent
within the scope of IFRS 16 |
|
|
Net cash |
Leasing debt |
Net cash excluding IFRS 16 |
Gross cash and cash equivalents less gross financial debt |
Net cash excluding leasing debt |
|
|
Net financial debt |
Leasing debt |
Net financial debt excluding IFRS 16 |
Gross financial debt less gross cash and cash equivalents |
Net financial debt less leasing debt |
|
|
|
Net financial income |
Financial interest on leasing debt |
Net financial income excluding financial interest on
leasing debt |
1 Like-for-like data excludes effect of changes
in foreign exchange rates, changes in scope, directly owned store
openings and closures.2 Excluding BCC and including Nature &
Découvertes for the full year.3 Like-for-like data excludes effect
of changes in foreign exchange rates, changes in scope, store
openings and closures.4 Excluding BCC and including Nature &
Découvertes for the full year.5 Like-for-like data excludes effect
of changes in foreign exchange rates, changes in scope, store
openings and closures.6 Excluding BCC and including Nature &
Découvertes for the full year.7 Excluding BCC and including Nature
& Découvertes for the full year.
8 Calculated on the net income from continuing
operations in 2021, Group share.9 Excluding Fnac shop-in-shops in
Manor stores.10 Excluding IFRS 16.11EBITDA = Earnings (current
operating income) Before Interest, Tax, Depreciation, Amortization
and provisions on fixed operational assets.
- Fnac_Darty_CP_S1 2022_vFINALE ENG
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