• Fnac Darty: H1 2022 results

    Источник: Nasdaq GlobeNewswire / 27 июл 2022 10:45:00   America/Chicago

    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 SCOPE
    The 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 BASIS
    The 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.

     

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