Orchestra Premaman : 2020-04-23 Press release Q4 Group Revenue

April 23, 2020

• 2019/2020 revenue : € 563.5M (-1,3%)
• Online revenue : +15.4%
• 7.6% drop in the fourth quarter, in line with the market

2019/2020 REVENUE (unaudited data) (March 1, 2019 to February 29, 2020)

IFRS - In €m	Period	Period	2019/2020 vs.
2018/2019	2019/2020	2018/2019
Branches	304.0	302.8	-0.4%
Affiliate commission	231.7	220.9	-4.7%
Internet	20.9	24.1	15.4%
Trading & Misc.	14.3	15.8	10.6%
Consolidated revenue	570.8	563.5	-1.3%
of which France	355.8	346.5	-2.6%
of which Belux	71.1	70.6	-0.8%
of which International (excl. Belux)	143.9	146.5	1.8%

During the 2019/2020 financial year, which covers the period from March 1, 2019 to February 29, 2020, the Orchestra-Prémaman Group achieved consolidated sales of € 563.5 million, down -1 3% compared to the same period of the previous financial year.

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Activity in France (61.5% of turnover) fell -2.6% over the year, in particular with:

- A stable Textile activity (-0.1% vs N-1), despite a difficult market context over the period (- 4.2% according to the French Fashion Institute). This performance can be explained by the distribution of Orchestra magazines since March 2019 and the actions taken by the Group in terms of commercial policy and product offering

• A dynamic childcare activity up + 3.3% in 2019/2020 compared to the previous year
• Conversely, Membership activity decreased by -36.4% over the period, a consequence of membership campaigns carried out at lower prices.

Activity outside of France remained mixed over the 2019/2020 financial year:

• International excluding Belux (26.0% of sales for the period) posted an increase of + 1.8%, and;
• The Belux activity (12.5% of turnover for the period) was down -0.8%.

The Web activity displays a continuous dynamic (+ 15.4%) supported by:

• The good performance of childcare sales on this channel (+ 28.1%) and;
• The development of Web sales in France (+ 11.5%).

In the context of the health crisis that we are currently experiencing, the level of performance in web sales, in line with the progress known over the financial year ended February 29, 2020, constitutes great satisfaction for the Group.

This change can be explained in particular by the investments made (IT teams and systems) over the past two years. The introduction of new innovative e-commerce tools in the fall (ship from store, clic and collect, etc.) also contributed to the growth of web activity.

The Trading & Miscellaneous activity increased by + 10.6% following sales made to sellers during the financial year.

As of February 29, 2020, the Group had 1.8 million Club cardholders, who contribute more than 90% of the Group's turnover.

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2019/2020 REVENUE (unaudited data) (March 1, 2019 to February 29, 2020)

IFRS - In €m	4th Quarter	4th Quarter	Q4 2019/2020 vs.
2018/2019	2019/2020	Q4 2018/2019
Branches	71.6	69.7	-2.7%
Affiliate commission	54.8	49.2	-10.2%
Internet	5.9	6.4	8.5%
Trading & Misc.	4.9	1.5	-70.2%
Consolidated revenue	137.2	126.7	-7.6%
of which France	84.8	75.8	-10.6%
of which Belux	16.8	16.9	0.4%
of which International (excl. Belux)	35.6	34.0	-4.4%

During the fourth quarter of fiscal year 2019/2020, which covers the period from December 1, 2019 to February 29, 2020, the Orchestra-Prémaman Group achieved consolidated sales of € 126.7 million, down -7.6% compared to the same period of the previous financial year.

Activity in France (60.0% of revenue for the fourth quarter of 2019/2020) decreased by -10.6% over the quarter, strongly impacted by the social movements that took place over the entire period. This development is in line with the market (-8.8% according to the French Fashion Institute).

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STORES NETWORK (unaudited data)

					Variation
in number and thousands of m²	28/02/2019	29/02/2020	28/02/2019 vs.
				29/02/2020
	Number	Surface	Number	Surface area	Number	Surface
	area	area
Branches	316	200.6	291	193.1	-25	-7.4
Affiliate commission	229	113.9	198	102.9	-31	-11.0
Total	545	314.4	489	296.0	-56	-18.4
Textile	377	126.1	337	119.8	-40	-6.3
Mixed stores and megastores	146	177.2	136	167.8	-10	-9.4
Outlet Stores	22	11.1	16	8.4	-6	-2.7
Total	545	314.4	489	296.0	-56	-18.4
o.w. France	305	199.3	300	198.3	-5	-1.0
o.w. Belux	58	52.5	41	38.8	-17	-13.7
o.w. International (excl. Belux)	182	62.7	148	58.9	-34	-3.8

In an unfavorable market context, the Group confirms its desire to reduce its investments, by reducing its store base. Large format stores (mixed and megastore) represent more than half of the Group's sales area with 136 stores.

As a reminder, Orchestra-Prémaman Group indicated on April 1, 2020 that it plans to request the short-term conversion of the safeguard procedure into recovery procedure.

Information will be regularly communicated to the market on the evolution of the procedure.

The trading of shares on Euronext Paris will remain suspended until further notice.

Next appointment :

Consolidated results as of end of February 2020 on June 29, 2020 after Stock closing

Contacts :

ACTIFIN - Stéphane RUIZ - 01 56 88 11 15 - [e-mail]

ACTIFIN - Victoire DEMEESTERE - 01 56 88 11 24 - [e-mail]

ACTIFIN PRESSE - Isabelle Dray - 01 56 88 11 29 - [e-mail]

ORCHESTRA-PREMAMAN

A public limited company with capital of €12,159,825

Headquarter: 200 avenue des Tamaris, Zac Saint Antoine, 34130 Saint-Aunès.

Registration n°: 398 471 565 in the Montpellier Trade and Companies Register

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