Robust income development and strong ends in the primary half of 2021 in opposition to a background of continuous well being restrictions
First successes of the strategic plan On a regular basis
Upward revision of the 2021 steerage for anticipated revenues, up by practically +5%1 in comparison with 2020 and anticipated present working earnings between €260 million and €270 million
- Revenues for the first half of 2021 at €3,465 million, up 21.3% on a like-for-like foundation1, in opposition to a background of continuous well being restrictions penalizing the working circumstances of the Group’s manufacturers
- Continued development in digital over the half-year, which represents nearly 28% of Group gross sales, pushed by the gaining of two million energetic new on-line clients over the interval
- Gross margin charge at 29.7%, up by +10 foundation factors from final 12 months and by +65 foundation factors excluding the affect of ticketing and franchise
- Present working earnings at €34 million, up by €92 million in comparison with the first half of 2020 and by €2 million in comparison with the first half of 2019, on a comparable foundation2
- Consolidated internet earnings, Group share, at €17 million, up €136 million in comparison with the primary half of 2020
- Implementation of the strategic plan On a regular basis, together with the launch of the brand new Darty Max choices and the signing of the partnership with Manor in Switzerland
- Strengthening of the Group’s monetary construction with an prolonged maturity profile, diversified financing sources and optimized value
Enrique Martinez, Chief Govt Officer of Fnac Darty, acknowledged: “We’re more than happy with the strong outcomes achieved throughout the first half of 2021, pushed by the sturdy gross sales momentum of our markets. Regardless of the persevering with well being restrictions in our numerous international locations of operation, the Group was capable of depend on the energy of its omnichannel mannequin via the facility of its shops and the relevance of its digital providing, which represents round 28% of the exercise for the half-12 months. In this context, which remains to be unsure, the Group is demonstrating its capacity to regain a stage of profitability, as of this half-year, larger than that of the primary half of 2019, which makes it assured of assembly the challenges forward and reaching, over the 12 months, a income development of practically +5% in comparison with 2020 and a present working earnings between €260 and €270 million. Lastly, we’re pleased with the primary successes within the rollout of the strategic plan On a regular basis, together with the launch of the three new Darty Max choices, and the rollout of the Manor partnership in Switzerland, and we’ll proceed our efforts all through the remainder of the 12 months, centered on recommendation, sustainability and providers.”
KEY FIGURES OF THE FIRST HALF OF 2021
|(€ tens of millions)||H1 2021||H1 2020||Change|
|Present working earnings||34.1||-57.6||91.7|
|Consolidated internet earnings, Group share||17.2||–118.3||135.5|
HIGHLIGHTS OF THE FIRST HALF OF 2021
Fnac Darty recorded revenues of €3,465 million within the first half of 2021, up by +21.6% on a reported foundation and by +21.3% on a like-for-like foundation1 in comparison with the primary half of 2020, pushed each by a rise in volumes and in common basket. This strong development is predicated on continued development in on-line gross sales at +7.1%1, regardless of a really excessive comparability foundation impact final 12 months throughout the first lockdown, and on sturdy in-store momentum of +27.8%1, regardless of working circumstances nonetheless penalized by the continuation of well being restrictions over the half-year. Thus in France, after the closure of purchasing malls and outlets of greater than 20,000 sq.m. after which of greater than 10,000 sq.m. and the introduction of a curfew firstly of the 12 months, a 3rd nationwide lockdown was put in place from April Three to Could 18 inclusive, resulting in the closure of a number of Group shops. In Belgium, the Authorities imposed a strict lockdown from March 27 to Could 11 inclusive, ensuing within the closure of non-essential companies, with no main affect on the Group’s manufacturers. In Switzerland, the shops had been closed for a month and a half from January 18. Lastly, on the Iberian Peninsula, regional lockdowns had been imposed with continued footfall management, hourly restrictions in some shops and closures for shopping center shops.
Gross margin for the half-year was €1,029 million, up in comparison with the primary half of 2020. The gross margin charge stays at a excessive stage of 29.7%, up +10 foundation factors year-on-year and up +65 foundation factors excluding the affect of ticketing and franchise. Certainly, the lower in ticketing gross sales within the first half of 2021 brought on by authorities measures imposed on the leisure trade in contrast with the begin to 2020 unaffected by these measures, in addition to the decline within the Nature & Découvertes exercise related to the closing of the model’s shops for a number of weeks, negatively impacted the Group’s gross margin charge over the six months. Furthermore, the excessive franchise exercise, up +63% over the half-year, additionally had a dilutive technical affect on the gross margin. These results had been greater than offset by a extra favorable product combine and by a very good providers efficiency in a context the place fewer shops had been closed in comparison with the primary half of 2020.
Good management of operational prices throughout the first half allowed the Group to indicate a big lower in prices expressed as a proportion of revenues of 300 foundation factors at 28.7%, regardless of a slight improve in logistics prices of practically €Three million, brought on by extra residence deliveries over the interval, in step with elevated on-line gross sales.
EBITDA totaled €210 million, together with €125 million associated to the appliance of IFRS 16, up €92 million in comparison with the primary half of 2020.
Present working earnings amounted to €34 million within the first half of 2021, up €92 million in comparison with the primary half of 2020. Present working earnings for the half-year was additionally larger than that for the primary half of 2019, which was €32 million, on a comparable foundation4, regardless of ticketing and enterprise on the Iberian Peninsula nonetheless closely impacted by the disaster. The present working margin charge for the primary half of 2021 is in step with that for the primary half of 2019, on a comparable foundation1.
As soon as non-recurring gadgets, monetary bills of €25 million and a tax expense of €9 million had been taken into consideration, internet earnings, Group share, from persevering with operations for the primary half of 2021 posted development of €77 million to succeed in €0.5 million within the first half of 2021. Consolidated internet earnings Group share elevated by €136 million in contrast with the primary half of 2020 to €17 million.
Free money move from operations, excluding IFRS 16, amounted to -€577 million within the first half of 2021, down on the 12 months primarily as a result of unfavorable change within the working capital requirement prompted specifically by the necessity to replenish inventories following the sturdy gross sales momentum within the final quarter of 2020, which continued within the first half of 2021, and the anticipated purchases of products in opposition to a background of shortages of sure parts important to manufacturing merchandise bought by the Group. On the finish of June 2021, the Group’s stock stage is broadly in step with that on the finish of June 2019.
IMPLEMENTING THE AIMS OF THE STRATEGIC PLAN EVERYDAY
On February 23, Fnac Darty unveiled its strategic plan On a regular basis with the ambition of being, each every day and over the long run, a significant ally to customers, serving to them be sustainable of their consumption habits and of their each day family duties.
The launch of On a regular basis is predicated on three objectives which are to be achieved by 2025:
- Embodying new requirements for profitable digital and human omnichannel retail sooner or later;
- Serving to customers undertake sustainable practices;
- Rolling out the benchmark subscription-based residence help service.
Embodying new requirements for profitable digital and human omnichannel retail sooner or later
Throughout the half-year, Fnac Darty started to implement these goals by first pursuing the strengthening of the Group’s omnichannel platform and product providing.
The e-commerce actions characterize nearly 28% of the Group’s revenues and posted development of +7% this half-year, regardless of a really excessive comparability foundation impact and extra intense competitors. The profitable of recent on-line clients continued throughout the half-year with greater than two million energetic new on-line clients gained over the interval. As a reminder, the Group goals to attain, by 2025, a minimum of 30% of the Group’s revenues on-line.
The Group has thus demonstrated the complementary nature of its shops and its digital platforms, and the relevance of its omnichannel mannequin. On this regard, for Darty or for Fnac in France, the share of energetic clients5 on the finish of June 2021 throughout each channels, on-line and in-store, elevated by +Four factors over a 12 months. As well as, the share of energetic clients2 in each Fnac and Darty manufacturers stood at practically 35%, up by +Four factors over a 12 months. General, the amount of energetic clients2 on the finish of June 2021 is up +7% year-on-year.
To help customers’ more and more digital-oriented buying conduct and as a part of its steady enchancment of the shopper expertise, the Group has entered right into a partnership with the French start-up Glaze. The goal is to supply a brand new on-line merchandising device to raised inform clients and information them of their buying actions by simplifying entry to further options associated to the chosen product, instantly seen on the pages of the Fnac.com and Darty.com web sites. Consequently, along with reside purchasing, livestreaming, and the power to video chat with a salesman, which the Group rolled out in each manufacturers throughout the half-year to carry the experience of our 12,000 salespeople to e-commerce platforms, this new device promotes an ever extra immersive and efficient on-line expertise and permits the advantage of in-store recommendation to be translated into the digital sphere. The Group has additionally strengthened its streaming content material providing via a partnership with BrutX, thus giving Fnac Darty clients the chance to find the following technology of progressive streaming supplied by Brut, freed from cost. Lastly, the Group has continued to simplify its buyer journey by launching the Click on & Acquire service supplied by a salesman in all built-in Darty shops and below take a look at in some Fnac built-in shops with a goal of deploying the service to all shops within the coming months.
Moreover, the momentum of Click on & Acquire held up because of the Group’s dense geographical retailer community. Fnac Darty thus continued its enlargement tempo throughout the half-year, with the opening of 18 new shops, together with 15 franchises. The shop community now boasts 923 shops, 359 of which had been franchises on the finish of June. Lastly, the take a look at section initiated on the finish of 2020 for the deployment of 4 Fnac shop-in-shops inside Manor shops in Switzerland confirmed the operational feasibility and relevance of a larger-scale implementation, creating worth for patrons of each manufacturers. Consequently, a partnership settlement was lately concluded, with a complete of 27 Fnac shop-in-shops to be deployed inside Manor by the primary half of 2022, considerably enhancing the presence of the Fnac model in all areas of Switzerland. With this partnership, Fnac Darty goals to generate a minimum of a further €100 million in full-year income, with out having a fabric affect on the Group’s free cash-flow goal6, which is predicted to be roughly €500 million for the 2021–2023 interval, regardless of the investments related to implementing the partnership.
On the similar time, the diversification of the product providing has strengthened this half of the 12 months with new double-digit development within the City Mobility, Residence & Design and Video games & Toys segments. On this regard, Fnac Darty continued to strengthen its city mobility providing by signing a partnership with the French start-up Zeway, to distribute in-store and on the Group’s e-commerce platforms, the swapperOne the primary scooter with a battery that may be recharged in 50 seconds by swapping battery at stations all through Paris and its interior suburbs. As well as, the deployment of its Darty Kitchen providing additionally continued throughout the half-year with the opening of 11 new gross sales areas, 4 totally owned and 7 in franchise format. On the finish of June 2021, the Group had greater than 180 Kitchen factors of sale, together with 19 shops devoted solely to this providing.
Serving to customers undertake sustainable practices
The Group additionally continued its actions round extending the life span of merchandise. The enlargement of WeFix continued, regardless of the troublesome operational circumstances imposed by the continuation of well being restrictions, with the opening of 16 new factors of sale, bringing the whole variety of factors of sale to greater than 130 on the finish of June 2021. Notice that the reconditioned merchandise and equipment gross sales actions elevated in a context by which in-store footfall was impacted by the present disaster. As well as, WeFix continued to deploy the XFORCE display safety answer, voted product of the 12 months 20217, and continued its partnership with Bouygues Telecom to restore its subscribers’ telephones. Lastly, the model has partnered with OPPO, the main model within the smartphone and linked objects market, to turn into an OPPO licensed repairer, thus permitting it entry to the model’s official spare components. In parallel, the Group is constant its plan to recruit 500 technicians, as anticipated, and the coaching of its future staff devoted to the restore of home home equipment, via the opening of seven coaching courses in a number of cities in France, and goals to have 13 courses opened by the top of 2021. These numerous developments reinforce the Group’s dedication to extra accountable consumption and contribute to the goal of two.5 million merchandise repaired per 12 months by 2025 (i.e., up +50% in comparison with 2019).
Dedicated to performing on all the weather of the round economic system, the Group can be working to facilitate the reuse of merchandise and this half of the 12 months launched a PlayStation Four trade-in service, enabling Fnac and non-Fnac clients to drop off their previous consoles and controllers, that are nonetheless working. Furthermore, as a pacesetter within the retailing of cultural merchandise, Fnac prolonged its partnership with the French start-up La Bourse aux Livres to supply a quick and environment friendly ebook assortment service, in all Fnac shops in France, to be able to give them a second life. These assortment providers enrich the Group’s second-life providing, whose ambition is to include 100% of “unsaleable” new merchandise right into a Second Life channel by 2025.
Lastly, along with the emphasis positioned on extending the life span of merchandise, the Group is constant its actions within the different areas associated to social and environmental duty. On this respect, Fnac Darty reaffirmed its dedication to local weather points by lately becoming a member of the Ambition Four Local weather initiative, which illustrates the concrete dedication of huge firms to combating local weather change by introducing numerous tasks to cut back carbon footprint. There the Group describes its coverage on the acquisition of renewable power, one among its priorities being to attain its goal of decreasing its CO2 emissions by 50% by 20308. And, for the third time in a row, Nature & Découvertes has obtained B Corp certification, demonstrating its continued dedication to supporting its clients in a sustainable lifestyle.
Rolling out the main subscription-based residence help service
Fnac Darty is making speedy progress in providers by extending its distinctive subscription-based restore service providing, Darty Max, to new product classes: small home home equipment, residence cinema TV, sound, photograph and multimedia9. This implies three separate presents, Darty Max Essentiel at €9.99 (inc. tax) per 30 days, Darty Max Evolution at €14.99 (inc. tax) per 30 days and Darty Max Intégral at €19.99 (inc. tax) per 30 days are actually obtainable to clients. These complementary presents are designed to fulfill buyer restore expectations higher and to allow us to cowl each a part of the home, with the ambition of reaching a minimum of two million Darty Max subscribers by 2025.
The Group may even draw upon B2B partnerships to attain this goal. Accordingly, throughout the half-year, a primary retail settlement was concluded with Sofinco, a subsidiary of Crédit Agricole S.A. specializing in client credit score, which permits us to deploy Darty Max on a bigger scale, drawing on the specialist’s experience and buyer base. This settlement can be supported by the deployment of a joint provide of particular entry to sustainable services, by providing credit score—even free credit score—on “sustainable alternative” labeled merchandise.
In deploying Darty Max, the Group confirms its place as a pacesetter in residence help service options and will increase its dedication to extending the life span of merchandise, whereas strengthening a relationship of belief with its clients by supporting them with a sustainable strategy for repairing their home equipment.
HALF-YEAR OPERATING PERFORMANCE AND RESULTS BY SEGMENT
Within the second quarter of 2021, Group gross sales totaled €1,647 million, up +21.2% on a reported foundation and up +20.7% on a like-for-like foundation10 from the earlier 12 months. The quarter was marked by persevering with well being restrictions with the introduction of recent lockdowns in France and Belgium, in addition to regional lockdowns on the Iberian Peninsula, ensuing within the closure of a number of Group shops. Nevertheless, the sturdy gross sales momentum was pushed primarily by the expansion of in-store gross sales throughout all areas and the sturdy resilience of on-line gross sales regardless of a really excessive comparability foundation impact.
Within the first half of 2021, revenues amounted to €3,465 million, up +21.3% on a like-for-like foundation1 in comparison with the primary half of 2020, pushed by all areas and product classes. Providers had been up over the half-year, regardless of well being restrictions which have continued to affect in-store site visitors, whereas ticketing actions are nonetheless in sharp decline.
In France and Switzerland, revenues elevated by +20.5% on a like-for-like foundation1 within the second quarter and by +22.6% within the first half of the 12 months, pushed by nearly all product classes. The area subsequently skilled strong development in home equipment classes, except for air conditioners, with international locations struggling fewer warmth waves than they did final 12 months. Client electronics proceed to indicate sturdy development in all classes, together with IT gear associated to the continuation of residence working and TVs pushed specifically by the European Soccer Championship. Lastly, editorial merchandise are rising quickly, pushed by books, gaming and audio. This class benefited specifically from the chance given to all younger individuals aged 18 to have the ability to use their Tradition go to buy books, audio and video merchandise or reveals in all Fnac shops in France. On the similar time, providers are displaying good momentum, regardless of persevering with well being restrictions and the continued decline in ticketing actions as a result of continuation of presidency measures imposed on the leisure trade. The diversification classes additionally present sturdy development, pushed primarily by the City Mobility and Residence & Design segments. As well as, franchise confirmed strong development throughout the half-year, up +63% in comparison with the primary half of 2020. Then again, Nature & Découvertes noticed a decline in gross sales, closely penalized by well being measures which have resulted in additional days of retailer closures this half of the 12 months than final 12 months.
Throughout the half-year, present working earnings for the area elevated to €33 million, in comparison with -€46 million within the first half of 2020, owing to the sturdy income momentum and good management of gross sales prices and operational expenditure.
On the Iberian Peninsula, revenues grew by +39.6% on a like-for-like foundation1 over the second quarter and by +18.2% over the primary half of the 12 months regardless of persevering with well being restrictions. The area benefited from a positive comparability foundation impact following a later finish of lockdown in 2020, with in-store momentum driving the area’s efficiency. Robust development was pushed by all product classes in each international locations, primarily books, gaming, telephony, photograph, sound and TV. For its half, IT posted extra normalized development given the very excessive base impact. Lastly, providers confirmed strong development over the quarter.
The area’s present working earnings was -€Four million, in comparison with -€13 million within the first half of 2020. Regardless of good gross sales momentum over the half-year in each Spain and Portugal, caused by a strong business efficiency, the areas continued to be affected by a macroeconomic atmosphere penalized by the well being disaster and extra intense competitors.
Within the Belgium and Luxembourg area, gross sales grew by +8.3% within the second quarter and by +12.6% over the primary half of the 12 months on a like-for-like foundation11. Good gross sales momentum in client electronics, home home equipment and books enabled the area to put up sturdy development, regardless of an appointment being required to make purchases in Vanden Borre shops.
The standard of operational efficiency enabled the Belgium and Luxembourg area to file development of €5 million in its present working earnings in comparison with the primary half of 2020, at €6 million.
The Group’s internet monetary debt excluding IFRS 16 stood at €454 million as at June 30, 2021.
The change in monetary debt was primarily as a result of damaging free cash-flow from operations excluding IFRS 16 at -€577 million, which primarily stemmed from the unfavorable change within the working capital requirement ensuing, specifically, from the replenishment of inventories because of the sturdy gross sales momentum over the past quarter of 2020, which continued into the primary half of 2021, and the anticipated purchases of products in opposition to a background of shortages of sure parts important for the manufacturing of merchandise bought by the Group. On the finish of June 2021, the Group’s stock stage is broadly in step with that on the finish of June 2019.
At June 30, 2021, the liquidity place amounted to €479 million, to which is added a revolving credit score facility of €500 million, not but drawn. Throughout the first half of the 12 months, Fnac Darty launched a brand new financing construction permitting it to strengthen its monetary flexibility, with an prolonged maturity profile and diversified funding sources, and to proceed to optimize the common value of its debt, in step with the aims for recurring free cash-flow technology below the strategic plan On a regular basis.
Fnac Darty has subsequently:
- repaid its €500 million State-guaranteed mortgage (Prêt Garanti par l’Etat, PGE) in full,
- efficiently positioned a bond convertible into new shares and/or exchangeable for present shares (Obligation Convertible En Motion Nouvelle ou Existante, OCEANE) maturing in 2027, for an quantity of €200 million, and lastly,
- prolonged the revolving credit score facility to €500 million with most maturity in 2028 with a CSR element12, and repaid the Senior Time period Mortgage Facility of €200 million that matures in April 2023.
As well as, the Group is rated by the S&P World, Scope Rankings and Moody’s score businesses. In March 2021, the score businesses S&P and Moody’s each raised their outlook from “damaging” to “steady” related to their respective Fnac Darty ‘BB’ and ‘Ba2’ credit score scores. Lastly, in Could 2021, Scope Rankings confirmed Fnac Darty’s credit standing at BBB- and raised its outlook from “below overview” to “steady.” As of June 30, 2021, all monetary covenants for the half-year had been complied with.
Lastly, the Group has reactivated its shareholder return coverage with the fee of a primary atypical dividend of €1.00 per share13, paid in money on July 7. In accordance with its strategic plan On a regular basis and in step with the aims for producing free cash-flow from operations14, Fnac Darty goals to extend this quantity from subsequent 12 months.
CONCLUSION AND OUTLOOK
The Group may be very glad with the strong efficiency within the first half of 2021.
Throughout Could, the Group’s shops reopened in all international locations, albeit with restrictions on opening hours nonetheless relevant on the Iberian Peninsula given a nonetheless unsure public well being state of affairs. Furthermore, following the most recent bulletins by the French authorities, the circumstances of entry to purchasing facilities of greater than 20,000 sq.m. might change and consequently have an effect on the working circumstances of a number of the Group’s shops. Lastly, as anticipated, the Ticketing exercise may be very steadily recovering, with a return to regular anticipated firstly of 2022, and the restoration of financial exercise on the Iberian Peninsula is slower than within the different international locations the place the Group is current, in comparison with pre-crisis ranges.
Consequently, Fnac Darty stays assured however cautious concerning the efficiency of its markets within the second half of the 12 months and can stay centered on its business execution to attain full success within the enterprise challenges of the second half of the 12 months, in addition to on controlling prices and producing money move in step with the aims of the strategic plan On a regular basis.
This is the reason, with an encouraging begin to the 12 months however in a nonetheless unsure public well being state of affairs, and topic to there being no additional prolonged intervals of retailer closure, the Group is revising its 2021 outlook for anticipated revenues upward by practically +5%15 in comparison with 2020 and for anticipated present working earnings of between €260 million and €270 million, i.e., a stage equal to the 2019 professional forma present working earnings16, excluding ticketing.
PRESENTATION OF 2021 HALF-YEARLY RESULTS
Enrique Martinez, Chief Govt Officer, and Jean-Brieuc Le Tinier, Group Chief Monetary Officer, will host a convention name for buyers and analysts on Thursday, July 29, 2021 at 6:30 p.m. (Paris time), 5:30 p.m. (UK), 12:30 p.m. (East Coast USA).
A reside webcast of the presentation of the 2021 half-yearly outcomes will probably be obtainable by clicking right here.
A recording may even be obtainable on the Group’s web site.
The presentation will probably be obtainable earlier than the beginning of the convention name on the Group’s web site, below “Traders”.
As well as, Fnac Darty releases right this moment, July 29, its half-year report on its web site, below “Traders”.
Convention name dial-in numbers:
France: +33 1 70 71 01 59 – entry code: 79030138#
Worldwide – entry code: 12673265#
Germany: +49 69 222 225 429
United Kingdom: +44 207 1943 759
United States: +1 646 722 4916
|Stéphanie Laval|| [email protected]
+33 (0)1 55 21 52 53
|Marina Louvard|| [email protected]
+33 (0)1 72 28 17 08
|Audrey Bouchard|| [email protected]
+33 (0)6 17 25 03 77
|Léo Le Bourhis|| [email protected]
+33 (0)6 75 06 43 81
The half-yearly monetary statements accredited by the Board of Administrators on July 29, 2021 have been topic to a restricted audit carried out by the statutory auditors.
SUMMARY INCOME STATEMENT
|(in €m)||H1 2020||H1 2021||Change|
|As a % of revenues||29.6%||29.7%||+0.1pt|
|As a % of revenues||31.7%||28.7%||-3.0pt|
|Present working earnings||-58||34||+92|
|Different non-current working earnings and bills||-25||–3|
|Web monetary expense||-23||-25|
|Web earnings from persevering with operations||-80||-2||+78|
|Web earnings from persevering with operations, Group share||-77||1||+77|
|Web earnings from discontinued operations, Group share||-42||17|
|Consolidated internet earnings, Group share||-118||17||+136|
|As a % of revenues||4.2%||6.0%|
|EBITDA excluding IFRS 16||-5||86||+91|
CURRENT OPERATING INCOME BY OPERATING SEGMENT
|(in €m)||H1 2020||As a % of revenues||H1 2021||As a % of revenues||Change|
|France and Switzerland||-45.6||-1.9%||32.7||1.1%||+78.3|
|Belgium and Luxembourg||0.7||0.3%||5.6||+1.9%||+4.9|
CASH FLOW STATEMENT
|€ tens of millions|
|H1 2020||H1 2021|
|Money move from operations earlier than tax, dividends and curiosity||109||212|
|IFRS 16 affect||-124||-125|
|Money move from operations earlier than tax, dividends and curiosity, excluding IFRS 16||-14||88|
|Change in working capital requirement, excluding IFRS 16||-415||-581|
|Earnings tax paid||-24||-38|
|Web money flows from working actions, excluding IFRS 16||-453||-530|
|Change in payables and receivables referring to non-current property||-13||-1|
|Web money flows from working funding actions||-50||-46|
|Free money move from operations, excluding IFRS 16||-503||-577|
|Property (€ tens of millions)||At December 31, 2020||At June 30, 2021|
|Property, plant and gear||594||575|
|Rights of use referring to lease agreements||1,109||1,042|
|Investments in associates||0||1|
|Non-current monetary property||33||32|
|Deferred tax property||67||60|
|Different non-current property||0||0|
|Tax receivables due||4||21|
|Different present monetary property||7||6|
|Different present property||361||170|
|Money and money equivalents||1,569||479|
|Property held on the market||0||0|
|Liabilities (€ tens of millions)||At December 31, 2020||At June 30, 2021|
|Shareholders’ fairness, Group share||1,369||1,408|
|Shareholders’ fairness – Share attributable to non-controlling pursuits||5||2|
|Lengthy-term borrowings and monetary debt||902||930|
|Leasing money owed with a maturity of over one 12 months||884||820|
|Provisions for pensions and different equal advantages||206||178|
|Different non-current liabilities||124||106|
|Deferred tax liabilities||165||165|
|Quick-term borrowings and monetary debt||553||3|
|Leasing money owed with a maturity of lower than one 12 months||230||230|
|Different present monetary liabilities||13||5|
|Tax liabilities payable||30||0|
|Different present liabilities||854||667|
|Liabilities referring to property held on the market||0||0|
FIRST HALF 2021 REVENUES
| H1 2021
|Change in contrast with H1 2020|
|precise||At comparable scope of consolidation and at fixed change charges||like-for-like foundation|
|France and Switzerland||2,878||22.9%||22.9%||22.6%|
|Belgium and Luxembourg||301||12.8%||12.8%||12.6%|
2021 SECOND QUARTER REVENUES
| Q2 2021
|Change in contrast with Q2 2020|
|precise||At comparable scope of consolidation and at fixed change charges||like-for-like foundation|
|France and Switzerland||1,374||20.9%||20.9%||20.5%|
|Belgium and Luxembourg||133||8.3%||8.3%||8.3%|
|Dec. 31, 2020||Opening||Closing||June 30, 2021|
|France and Switzerland*||751||17||2||766|
|Nature & Découvertes**||96||3||0||99|
|Of which franchised shops||339||15||0||354|
|Of which franchised shops||5||0||0||5|
|Belgium and Luxembourg||85||0||0||85|
|Darty (Vanden Borre)||72||0||0||72|
|Of which franchised shops||0||0||0||0|
|Fnac Darty Group||908||18||3||923|
|Nature & Découvertes||96||3||0||99|
|Of which franchised shops||344||15||0||359|
* Together with 11 Fnac shops overseas: two in Tunisia, three in Morocco, one in Congo, one in Cameroon, two in Ivory Coast, two in Qatar and two Darty shops in Tunisia; 17 shops within the French abroad territories.
** Nature & Découvertes and its subsidiaries, that are managed from France. Together with 4 shops in Belgium, one retailer in Luxembourg and 7 franchises in Switzerland; 2 shops within the French abroad territories.
|*** Together with one retailer in Luxembourg, which is managed from Belgium.|
DEFINITIONS OF ALTERNATIVE PERFORMANCE INDICATORS
CHANGE IN REVENUES AT CONSTANT EXCHANGE RATES AND COMPARABLE SCOPE OF CONSOLIDATION
The change in revenues at fixed change charges and comparable scope of consolidation implies that the affect of change charge fluctuations has been excluded and that the impact of adjustments in scope is corrected to not take modifications (acquisition, sale of subsidiary) into consideration. The change charge affect is eradicated by recalculating gross sales for 12 months N-1, on the idea of the change charges used for 12 months N. The revenues of subsidiaries acquired or bought since January 1 of 12 months N-1 are excluded from the calculation of the change. This indicator can be utilized to measure the change in revenues excluding the impact of adjustments in overseas change charges and scopes of consolidation.
CHANGE IN REVENUES (LIKE-FOR-LIKE)
The change in revenues on a like-for-like foundation implies that the affect of change charge fluctuations has been excluded, that the impact of adjustments in scope has been corrected (acquisition, disposal of subsidiaries) and that the impact of openings and closures of instantly owned shops since January 1 of 12 months N-1 has been excluded. This indicator can be utilized to measure the change in revenues excluding the impact of adjustments in overseas change charges, scopes of consolidation and directly-owned retailer openings and closings.
|With software of IFRS 16||Restatement of IFRS 16||With out software of IFRS 16|
|EBITDA|| Hire throughout the scope of IFRS 16
|EBITDA excluding IFRS 16|
|Present working earnings earlier than depreciation, amortization and provisions on mounted operational property||EBITDA together with rental bills throughout the scope of IFRS 16|
|Free money move from operations|| Fee of lease throughout the scope of IFRS 16
|Free money move from operations, excluding IFRS 16|
|Web money move from working actions, much less internet working investments||Free money move from operations, includingimpacts referring to rents throughout the scope of IFRS 16|
|Web money|| Lease liabilities
|Web money excluding IFRS 16|
|Gross money and money equivalents much less gross monetary debt||Web money excluding leasing debt|
|Web monetary debt|| Lease liabilities
|Web debt excluding IFRS 16|
|Gross monetary debt much less gross money and money equivalents||Web monetary debt much less lease liabilities|
| Web monetary earnings
| Monetary curiosity on lease liabilities
| Web monetary earnings excluding monetary curiosity on rental debt
1Like-for-like foundation: excludes impact of adjustments in overseas change charges, adjustments in scope, retailer openings and closures.
2 Together with Nature & Découvertes for the full-year and excluding BCC.
3Like-for-like foundation: excludes impact of adjustments in overseas change charges, adjustments in scope, retailer openings and closures.
4 Together with Nature & Découvertes for the total 12 months and excluding BCC.
5 Prospects who’ve made a minimum of two purchases within the final 12 months on a rolling foundation.
6 Excluding IFRS 16.
7 Examine and take a look at carried out on XFORCE Antibacterial by Nielsen/treetz on a complete of greater than 15,000 customers in France, finish of 2020 – poyfrance.com.
8 In comparison with the 2019 stage.
9 Virtually all merchandise lined by guarantee extensions are eligible for Darty Max. Home equipment not lined by Darty Max embody smartphones, drones, city mobility merchandise, recreation consoles, linked watches and wristbands, digital image frames, e-book readers, community arduous drives, community hooked up storage, 3D printers, VR headsets, movie cameras, radio MP3 gamers, moveable minidisc gamers and moveable CD gamers.
10Like-for-like foundation: excludes impact of adjustments in overseas change charges, adjustments in scope, retailer openings and closures.
11 Like-for-like foundation: excludes impact of adjustments in overseas change charges, adjustments in scope, retailer openings and closures.
12In keeping with the strategic aims of the strategic plan On a regular basis, this new credit score facility features a CSR element that can allow the Group to enhance its financing phrases within the occasion that the designated targets are achieved.
13 Accepted on the Basic Assembly on Could 27, 2021.
14 Cumulative free cash-flow from operations excluding IFRS 16 of round €500 million over the 2021–2023 interval and a minimum of €240 million at annual charge from 2025.
15 Like-for-like foundation: excludes impact of adjustments in overseas change charges, adjustments in scope, retailer openings and closures.
16 Together with Nature & Découvertes for the total 12 months and excluding BCC.
17 EBITDA = Earnings (present working earnings) earlier than curiosity, tax, depreciation, amortization and provisions on mounted operational property.
- CP – Fnac Darty – Résultats semestriels 2021_vANG_DEF
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