Fnac Darty : Présentation estimation de la performance 2022 (en anglais seulement)

2022

ESTIMATED

PERFORMANCE

17 January 2023

RESILIENT FY 2022 ESTIMATED RESULTS

Estimated and unaudited 2022 figures

Total sales remaining at a higher level than

pre-covid crisis (€m)

	8 043	7 945
7 349	7 491

Gross margin rate

30,4%			30,3%
	29,2%	29,5%
2019	2020	2021	2022e

FY 2022 sales estimated at €7,945 million

• Down only by -1.2% on a reported basis compared with 2021, despite another year of uncertain context
• Still up by +7.0% compared to the proforma 20191

Solid gross margin rate at c.30.3%, up by +80 bps vs 2021

• More favorable product mix, positive impact of services related to Darty Max and recovery of ticketing
• Capacity of the Group to optimize its margin while offering a wide range of products and services
• In line with the pre-pandemic level for 2019

Current operating income of c.€230m

• Solid cost control despite a higher rate of inflation in H2 vs H1
• Efficient performance plans offsetting most impacts of inflation

1 Including Nature & Découvertes on a full-year basis and excluding BCC

2

ESTIMATED FREE-CASH FLOW SLIGHTLY NEGATIVE IN 2022

Estimated and unaudited 2022 figures

Inventories and trade payables on goods (€m)

The evolution of the free cash-flow from operations1 in 2022 compared with 2021 is explained by:

(B)

(A)

			(C)
2019	2020	2021	2022e
	Inventories	Trade payables on goods

1. Sharp drop in inventories linked to the Covid crisis
2. Rebuilding of inventories to a normative level and sustained activity at the end of 2021
3. Inventories up due to weaker than expected December sales

• A decline in EBITDA in line with the evolution of the current operating income
• A level of inventories slightly higher than last year, up by c.+€40m
• Negative impact of the change in working capital, mainly due to more cash outflows for purchases of goods linked with robust activity in late 2021, coupled with less than expected level of sales end of 2022
• A level of Capex slightly higher than last year for an additional c.€15m, but slightly below the guidance

As a consequence, the Group has chosen to adjust its short-term guidance for the free cash-flow generation

1 Excluding IFRS16

3

OUTLOOK

Fnac Darty has demonstrated its capacity to deliver resilient results after several years of context of crisis

The Group will pursue its strategic plan Everyday supported by solid operational performance

The Group remains focus in delivering cash in order to ensure its development and a regular return to shareholders in accordance with what was announced during the Everyday strategic plan

As a consequence, Fnac Darty:

• Extends its target of cumulative free cash-flow from operations1 of approximately €500 million over the 2021-2024 period, vs 2021-2023 previously
• Maintains its target of free cash-flow from operations1 of at least €240 million annually from 2025

1 Excluding IFRS16

4

NEXT STEPS AND Q&A

Agenda

February 23rd (after markets close) : 2022 full-year results press release

February 24th (morning): 2022 full-year results presentation (webcast) by the CEO and CFO

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Q&A

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