MAISONS DU MONDE

FIRST-HALF 2020 RESULTS

 

PRESS RELEASE

MAISONS DU MONDE: FIRST-HALF 2020 RESULTS

NANTES – 28 July  2020, 17:45 CEST – Maisons du Monde (Euronext Paris: MDM; ISIN: FR0013153541), a European leader in affordable and inspirational household decoration and furniture, today publishes the Group's unaudited¹ consolidated results for the six-month period ended 30 June 2020.

Sales1 reflect Covid-19 impact: €489 million (-13.3%), with a better-than-expected performance in 2Q thanks to: Excellent online dynamics: +51% Strong post-lockdown momentum at store level: +18% Resilient EBITDA1: €69 million (margin: 14.1% vs 17.2% 1H19), enabled by the full delivery of the Group’s cost-cutting plans, including temporary unemployment measures Strong cash position at 30 June: €437 million, resulting from active cash management program RCF drawdowns: €150 million State-guaranteed term loan: €150 million Free cash flow: € 43 million Maintaining investments in strategic priorities while remaining cautious on 2H20 performance given the highly uncertain environment

Julie Walbaum, Chief Executive Officer of Maisons du Monde, commented:

“Maisons du Monde’s first-half performance reflects the comprehensive COVID-19 action plan we swiftly implemented to mitigate the effects of the pandemic on EBITDA and free cash flow. The adaptability and resilience of our omnichannel model led to a better than expected Q2 performance, allowing us to contain our total sales drop to 13% in the first half. This performance is the result of our heightened focus on our online operations throughout the lockdown period, from marketing to supply chain optimization, and the strong momentum we observed in our stores at reopening, demonstrating the strength and appeal of our brand.

The exceptional cash preservation and cost cutting measures we rigorously implemented produced the planned effects, as we ended the first half with a strong cash position of €437 million.

While maintaining financial discipline, we continued our investments in our two strategic priorities, namely the development of our marketplace and of our second warehouse, in order to support our mid- and long-term growth.

Given the highly uncertain environment and the challenges posed by this year’s exceptional context, we believe it is not appropriate to provide guidance for the rest of the year. However, even if our second-half performance should show an improvement over the first six months, we currently expect it to be below its 2H19 level.

Nevertheless, our performance in this major crisis strengthens the confidence we have in our fundamentals and the relevance of our omnichannel and international strategy.”

First-Half 2020 Activity

Sales

The Group’s first-half 2020 sales totaled €489 million, down only 13.3% year-on-year (yoy)(-17.5% LFL), due to a better than expected 2Q20 performance following the COVID-19 lockdown period, which saw the entire store network closed for 8 weeks from mid-March to mid-May. Maisons du Monde sales were down only 14% to €468 million (-17.3% LFL) while Modani’s sales of €19.7 million were roughly unchanged (-2.8%). Rhinov added €1.3 million.

Online sales performed particularly well, posting +25% growth (+51% in the 2^nd quarter) to reach €186 million, representing 38% of total Group sales. Total 1^st half store sales decreased 27% to €303 million, supported by high growth (+18%) in store sales post COVID-19 lockdown. Sales in France were €252 million, while international sales totaled €237 million and represented 48% of total sales (45% in 1H 2019).

In terms of sales split by product category, furniture sales represented 51.5% of total 1^st half sales, gaining 2.2 points in the mix.

Summary of sales (in € million)	1H20	1H19	% Change	2Q20	2Q19	% Change
Sales	488.9	564.0	-13.3%	245.2	283.7	-13.6%
% like-for-like change	-17.5%	+4.4%		-16.2%	+6.5%
Maisons du Monde	467.9	543.8	-14.0%	236.2	272.4	-13.3%
% like-for-like change	-17.3%	+4.4%		-15.3%	+6.5%
Modani	19.7	20.3	-2.8%	8.4	11.4	-26.1%
Rhinov	1.3	-		0.6	-
Sales by distribution channel
Stores	302.9	415.1	-27.0%	129.4	207.0	-37.5%
Online	185.9	148.9	+24.9%	115.8	76.7	+50.9%
Stores (%)	62.0%	73.6%		52.8%	73.0%
Online (%)	38.0%	26.4%		47.2%	27.0%
Sales by geography
France	252.1	307.5	-18.0%	124.7	151.2	-17.5%
International	236.8	256.6	-7.7%	120.5	132.5	-9.1%
France (%)	51.6%	54.5%		50.8%	53.3%
International (%)	48.4%	45.5%		49.2%	46.7%
Sales by product category
Decoration	237.0	285.8	-17.1%	111.0	136.6	-18.7%
Furniture	251.9	278.2	-9.5%	134.2	147.1	-8.8%
Decoration (%)	48.5%	50.7%		45.3%	48.1%
Furniture (%)	51.5%	49.3%		54.7%	51.9%

Store Network

Maisons du Monde’s European stores gradually reopened from 11 May through 1 June. The two Maisons du Monde stores in Florida were closed permanently on 31 May.

Modani stores progressively reopened beginning 11 May, and 15 stores (out of 18) were open as of 30 June. The situation in the US remains complicated, especially concerning the evolution of the COVID-19 pandemic in different states. 

At 30 June 2020, Maisons du Monde’s global store network stood at 366 stores, a net decrease of 10 stores compared to the end of 2019 as the Group optimizes its footprint. During the first half of 2020, Maisons du Monde opened 2 stores in France (Strasbourg and Paris), while Modani opened 1 store in the state of New York. During the same period, 8 stores were closed in France, 1 in Belgium,1 in Germany and 3 in the United States (1 Modani store in Texas and Maisons du Monde’s 2 stores in Florida).

Online Activity

Online traffic increased by more than 30% in the first half of 2020 (+65% post-lockdown). Growth in certain countries was especially high (Germany +55%; Belgium +74%; Switzerland +87%). The average order value also improved over the period. Online order intake was up by +57% in the 2^nd quarter, and whilst the order backlog at 30 June 2020 was still higher than last year, it has been progressively normalizing. It should be noted that the high level of online activity in general led to the gradual saturation of the parcel delivery network in France and other EU countries. We are actively working with our specific partners to address our bottlenecks. Sales at Rhinov grew 23% yoy to €1.3 million due to traffic uplift and a higher average basket size.

COVID-19 impact

During the COVID-19 lockdown (17 March – 10 May in France), sales declined by 54%. The Group estimates that for the entire first half, the net decline in sales was approximately €110 million: store sales were down approximately by €130 million (€40 million in the 1^st quarter and €90 million in the 2^nd quarter), which was partially compensated by an increase in online sales of around €20 million in the second quarter.

In terms of operating and finance costs on a full year basis, the Group estimates that it will have spent approximately €2 million related to the implementation of social distancing measures in its stores. The extra charges associated with the precautionary finance steps taken by the Group in response to the COVID-19 (drawdown of the revolving credit lines in the amount of €150 million, as well as the French state-guaranteed term loan of €150 million) are estimated to be around €1.4 million in the financial year.

The pandemic also impacted the Group’s supply chain:

• Chinese suppliers were essentially closed down for most of the first quarter, delaying inventory restocking;
• In response to the lockdown in Europe and in order to preserve cash in an uncertain environment, the Group froze most supply orders from mid-March to early May. Orders were selectively restarted thereafter. However, due to the large increase in consumer demand for online shopping and better than expected post-lockdown activity, inventories were drawn down to sub-optimal levels. This latter issue is being addressed, although it will likely have an impact on product availability in the third and possibly fourth quarters, particularly in furniture.

First-Half 2020 Financial Performance

Earnings

First half 2020 gross margin amounted to €313 million, down 13% due to reduced sales volume. Gross margin as a percentage of sales was broadly stable at 64.1%, despite an unfavorable product mix (higher-margin decoration items are mostly sold via the store network). This was offset by a favorable exchange rate effect and lower promotions.

Trade margin² was €223 million and showed a 3.4-point decrease yoy due to additional costs related to the French docker strike and COVID-19 in H1 and less efficient absorption of fixed costs due to lower sales.

Total operating costs (stores, central and marketing) were down €25 million yoy (a 14.1% decrease), surpassing the -10% target the Group set for itself in March. Store operating and central costs were down 15.7% yoy as a result of strict cost management. Advertising costs declined 3.3% yoy due to online marketing optimization. Negotiated one-off rental payment reductions booked in H1 totaled €5 million.

EBITDA was €69 million, down 29% yoy, resulting in a resilient EBITDA margin of 14.1%. The lower sales volume impact was partially offset by the reduction in operating expenses, primarily staffing costs. Expenses related to depreciation, amortization and allowance for provisions increased yoy as 2019 was a record year in gross store openings (41 at Group level). As a result, EBIT was €(7) million (margin -1.5%).

Gross margin, Trade margin, EBITDA, EBIT (in € million)
	1H20	1H19	% change
Sales	488.9	564.0	-13.3%
Cost of goods sold	(175.5)	(203.3)	-13.7%
Gross margin	313.4	360.7	-13.1%
As a % of Sales	64.1%	64.0%
Trade margin	223.3	276.9	-19.4%
As a % of Sales	45.7%	49.1%
Store operating and central costs	(132.1)	(156.7)	-15.7%
Advertising costs	(22.4)	(23.1)	-3.0%
Operating Costs	(154.5)	(179.8)	-14.1%
EBITDA	68.8	97.1	-29.1%
As a % of Sales	14.1%	17.2%
Depreciation, amortization and allowance for provisions	(76.2)	(66.9)	13.9%
EBIT	(7.4)	30.2	nm
As a % of Sales	-1.5%	5.4%

Net financial expense amounted to €(9.6) million compared to €(10.8) million for the first half of 2019. The increase in interest expense related to the €150 million drawdown of the Group’s revolving credit facilities in March 2020 was more than offset by foreign exchange gains.

Income tax amounted to €(4.9) million and includes corporate income tax (effective tax rate 31%), trade tax as well as a one-off provision relating to a tax audit.

Net income totaled €(20.4) million for the period.

Cash Flow

Operating activities generated a net cash inflow of €119 million at 30 June 2020, an increase of 67% compared to the end of June 2019. The main reason for this swing was a significant decrease in the working capital requirement (€73 million). This was mainly the combined effect of a temporary reduced inventory level, renegotiation of payment terms with suppliers and several one-off items, principally including  deferred rent payments and cash from undelivered customer orders.

Capex during the 1^st half 2020 was €20 million, compared to €23 million at the end of the first half 2019 as future growth initiatives were maintained. This included €4 million related to store openings, €4 million for store extensions and renovations, €6 million for IT spend and €4 million in logistics investments.

As a result, free cash flow was €43 million at the end of June 2020, compared to €(12) million at the end of June 2019. Without the ad hoc renegotiations of payment terms with suppliers and the one-off items mentioned above, free cash flow would have been slightly negative in H1.

Debt  

The Group’s net debt was €763 million, compared to €805 million at 31 December 2019, and €830 million at 30 June 2019, and reflected:

• Gross debt of €1.2 billion at 30 June 2020 (compared to €861 million at 30 June 2019) including finance leases of €662 million, a convertible bond for €184 million, an unsecured term loan for €50 million, two unsecured, revolving credit facilities drawn in March 2020 for a combined amount of €150 million and a French state-guaranteed term loan in the amount of €150 million taken out at the beginning of June 2020.
• Following the successful negotiation in June 2020 of a covenant waiver on its Senior Credit Facility, the Group’s current debt structure is effectively covenant-free through the end of May 2021.
• Cash and cash equivalents of €437 million at 30 June 2020 compared to €95 million at the end of 2019 and €31 million at 30 June 2019. This very strong liquidity level gives the Group additional flexibility and headroom to be able to address even the worst-case scenarios as regards the evolution of COVID-19 in the coming months.

The Group’s leverage ratio³ at 30 June 2020 was 0.9x, unchanged from 31 December 2019.

2020 commercial priorities, current activity and outlook

Commercial and operational priorities

For the remainder of 2020, the Group’s commercial priorities are to:

• Continue to offer our customers a quality and safe omnichannel experience
• Work towards a normalized supply level by selectively rebuilding inventory
• Launch the Maisons du Monde marketplace
• Continue the development of our warehouse in Northern France, and
• Maintain cost and cash management discipline.

Current activity and outlook

Virtually all Maisons du Monde and most Modani stores have been up and running since the beginning of June, and the Group has experienced strong sales since then. Third-quarter overall activity to date has been ahead of last year’s level, linked to private sales and promotions held in July in most of our markets  (vs. June in 2019). However, due to the high level of sales activity since mid-May, the Group is currently experiencing product shortages, particularly in furniture.  Product availability challenges should be resolved in Q4.

In terms of store development, we currently anticipate between 4 and 8 net store closures in the full year (10 net closures in H1 2020).

Given the ongoing high level of uncertainty, the Group believes it is not appropriate to provide guidance for the rest of the year. Nevertheless, although the second-half performance should show an improvement over the first six months, it is currently expected that it will be below its 2H19 level.

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Consolidated financial statements

Consolidated income statement (in € million – IFRS 16)
		1H20		1H19		% change
Sales		488.9		564.0		-13.3%
Other revenue		21.1		18.6
Total revenue		509.9		582.6		-12.5%
Cost of sales		(175.5)		(203.3)		-13.7%
Gross Margin4		313.4		360.7		-13.1%
As a % of Sales		64.1%		64.0%
Personnel expenses		(94.4)		(112.4)		-16.0%
External expenses		(175.8)		(175.8)		nc
Depreciation, amortization and allowance for provisions		(76.2)		(66.9)		13.9%
Fair value – derivative financial instruments		9.9		4.6		nm
Other income/(expenses) from operations		(1.7)		(2.7)		nm
Current operating profit		(3.7)		26.1		nm
Other operating income and expenses		(2.2)		(3.1)		-29.9%
Operating profit / (loss)		(5.8)		23.0		nm
Cost of net debt		(3.8)		(3.3)		16.3%
Cost of lease debt		(6.6)		(6.1)		8.1%
Financial income		2.3		0.8		nm
Financial expense		(1.5)		(2.2)		-29.9%
Financial profit / (loss)		(9.6)		(10.8)		-10.6%
Share of profit / (loss) of equity-accounted investees		-		-
Profit / (loss) before income tax		(15.5)		12.2		nm
Income tax		(4.9)		(6.8)		-34.5%
Profit / (loss) for the period		(20.4)		5.4		nm
Attributable to:
·Owners of the parent		(18.6)		6.2		nm
·Non-controlling interests		(1.8)		(0.8)		nm
Diluted EPS		(0.35)		0.15		nm

Consolidated balance sheet
(in € million – IFRS 16)		30 June 2020				30 June 2019
ASSETS
Goodwill		375.4				368.7
Other intangible assets		250.0				241.2
Property, plant and equipment		159.3				154.1
Right-of-use assets related to lease contracts		668.2				657.9
Other non-current financial assets		15.8				19.8
Deferred income tax assets		5.0				3.8
Derivative financial instruments		3.3				3.8
Other non-current assets		-				-
NON-CURRENT ASSETS		1,477.1				1,449.3
Inventory		173.6				215.8
Trade receivables and other current receivables		121.0				102.1
Other current financial assets		(0.0)				0.9
Current income tax assets		15.0				15.1
Derivative financial instruments		15.9				14.6
Cash and cash equivalents		437.4				30.7
CURRENT ASSETS		763.0				379.3
TOTAL ASSETS		2,240.1				1,828.7
EQUITY AND LIABILITIES
TOTAL EQUITY		607.3				578.8
Non-current borrowings		151.4				50.0
Non-current convertible bonds		184.4				180.2
Medium and long-term lease liability		544.3				534.9
Deferred income tax liabilities		53.0				61.8
Post-employment benefits		11.6				10.4
Provisions		14.0				14.2
Derivative financial instruments		-				-
Other non-current liabilities		23.5				24.7
NON-CURRENT LIABILITIES		982.2				876.2
Current borrowings and convertible bonds		201.8				0.2
Short-term lease liability		118.1				94.9
Trade payables and other current payables		319.3				275.2
Provisions		3.6				1.8
Current income tax liabilities		7.4				1.6
CURRENT LIABILITIES		650.6				373.7
TOTAL LIABILITIES		1,632.8				1,249.8
TOTAL EQUITY AND LIABILITIES		2,240.1				1,828.7

Consolidated cash flow statement  (in € million – IFRS 16)
			30 June 2020				30 June 2019
Profit/(loss) before income tax			(15.5)				12.2
Adjustments for:
·Depreciation, amortization, and allowance for provisions			74.3				69.5
·Net gain/(loss) on disposals			3.3				1.6
·Fair value – derivative financial instruments			(9.9)				(4.6)
·Share-based payments			(0.4)				1.3
·Cost of net financial debt			3.8				3.3
·Cost of lease debt			6.6				6.1
Change in operating working capital requirement:
·(Increase)/decrease in inventory			37.4				25.5
·(Increase)/decrease in trade and other receivables			(57.5)				(30.8)
·Increase/(decrease) in trade and other payables			92.8				5.6
Income tax paid			(15.7)				(18.2)
Net cash generated by/(used in) operating activities(a)			119.3				71.5
Acquisition of non-current assets:
·Property, plant and equipment			(12.8)				(18.6)
·Intangible assets			(6.9)				(4.1)
·Financial assets5			(0.0)				(4.2)
·Other non-current assets			(0.0)				(0.7)
Change in debt on fixed assets			(4.9)				(8.0)
Proceeds from sale of non-current assets			0.0				0.4
Net cash generated by/(used in) investing activities(b)			(24.7)				(35.2)
Proceeds from issues of borrowings			301.2				-
Repayment of borrowings			(0.4)				(10.4)
Decrease of lease debt			(45.4)				(48.3)
Acquisitions (net) of treasury shares			0.1				0.2
Interest paid			(0.3)				(0.8)
Interest on lease debt			(6.5)				(3.7)
Net cash generated by/(used in) financing activities(c)			248.7				(63.0)
Exchange gains/(losses) on cash and cash equivalents			(0.5)				0.0
Net increase/(decrease) in cash & cash equivalents(a)+(b)+(c)			342.8				(26.6)
Cash & cash equivalents at period begin			94.5				56.6
Cash & cash equivalents at period end			437.3				29.9

Free cash flow (in € million – IFRS 16)
		30 June 2020		30 June 2019
EBITDA		68.8		97.1
Change in working capital		72.7		0.3
Change in other operating items		(22.2)		(25.3)
Net cash generated by/(used in) operating activities		119.3		71.5
Property, plant and equipment		(12.8)		(18.6)
Intangible assets		(6.9)		(4.1)
Other non-current assets		(0.1)		(0.7)
Change in debt on fixed assets		(4.9)		(8.0)
Proceeds from disposal of non-current assets		0.1		0.4
Reduction of lease debt		(45.4)		(48.3)
Interest on lease debt		(6.5)		(3.7)
Free cash flow		42.6		(11.5)

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Net debt & leverage (in € million – IFRS 16 & IAS 17)
Net debt calculation		30 June 2020		31 Dec 2019
Convertible bonds (“OCEANE”)		184.4		182.1
Term loan		49.8		49.8
Revolving Credit Facilities (RCFs)		150.3		(0.4)
State guaranteed term loan (PGE)		149.7		-
Other debt6		3.3		1.7
Finance leases		662.4		666.2
Cash & cash equivalents		(437.3)		(94.5)
Net debt		762.7		804.9
Less: Finance leases		(657.4)		(662.0)
Net debt7		105.9		142.9
LTM EBITDA8		119.1		152.7
Leverage8		0.9x		0.9x

Store network8 (In units)	Number of stores at end of:
	FY18	1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20
France	221	221	224	227	233	233	228	227
Italy	45	45	47	48	48	48	48	48
Spain	23	23	24	24	27	27	27	27
Belgium	22	21	21	22	24	24	23	23
Germany	10	10	10	10	11	11	11	10
Switzerland	7	7	8	8	9	9	9	9
Luxembourg	3	3	3	3	3	3	3	3
Portugal	-	-	1	1	1	1	1	1
United Kingdom	4	4	4	4	-	-	-	-
United States	13	14	16	17	20	20	21	18
Number of stores	349	349	358	364	376	376	371	366
Net openings	+25	0	+9	+6	+12	+27	-5	-5
Sales area (K sqm)	398.4	398.6	408.1	416.7	432.3	432.3	430.9	428.2
Change (K sqm)	+35.2	+0.2	+9.5	+8.6	+15.6	+33.9	-1.4	-2.7

Besides the financial indicators set out in International Financial Reporting Standards (IFRS), Maisons du Monde's management uses several non-IFRS metrics to evaluate, monitor and manage its business. The non-IFRS operational and statistical information related to Group's operations included in this press release is unaudited and has been taken from internal reporting systems. Although none of these metrics are measures of financial performance under IFRS, the Group believes that they provide important insight into the operations and strength of its business. These metrics may not be comparable to similar terms used by competitors or other companies.

Sales: Represent the revenue from sales of decorative items and furniture through the Group’s retail stores, websites and B2B activities. They mainly exclude:

1. customer contribution to delivery costs,
2. revenue for logistics services provided to third parties, and
3.  franchise revenue.

The Group uses the metric of “Sales” rather than “Total revenue” to calculate growth at constant perimeter, like-for-like growth, gross margin, EBITDA margin and EBIT margin.

Like-for-like sales growth: Represents the percentage change in sales from the Group’s retail stores, websites and B2B activities, net of product returns between one financial period (n) and the comparable preceding financial period (n-1), excluding changes in sales attributable to stores that opened or were closed during either of the comparable periods. Sales attributable to stores that closed temporarily for refurbishment during any of the periods are included.

Gross margin: Is defined as sales minus cost of sales. Gross margin is also expressed as a percentage of Sales.

Trade margin: Is defined as gross margin less expenses related to logistics and warehouses, deliveries to clients (net) and stores as well as packaging.

EBITDA: Is defined as current operating profit, excluding:

1. depreciation, amortization, and allowance for provisions,
2. the change in the fair value of derivative financial instruments, and
3. store pre-opening expenses.

The EBITDA margin is calculated as EBITDA divided by Sales.

EBIT: Is defined as EBITDA minus depreciation, amortization, and allowance for provisions. The EBIT margin is calculated as EBIT divided by Sales.

Net debt: Is defined as the Group’s finance leases, convertible bond (“OCEANE”), unsecured term loan, unsecured revolving credit facilities, the French state guaranteed term loan, short- and long-term rental, deposits and bank borrowings, net of cash and cash equivalents.

Leverage ratio: Is defined as net debt less finance leases divided by LTM EBITDA as calculated under IAS 17.

Free cash flow: Is defined as net cash from operating activities less the sum of capital expenditures (capital outlays for property, plant and equipment), intangible and other non-current assets, change in debt on fixed assets, proceeds from disposal of non-current assets and reduction of and interest on rental debt.

                

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Financial calendar⁹

27 October 2020

3rd Quarter 2020 sales (press release after market close)

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Disclaimer: Forward Looking Statement

This press release contains certain statements that constitute "forward-looking statements," including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions or which do not directly relate to historical or current facts. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed, forecasted or implied by such forward- looking statements. Accordingly, no representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Any forward-looking statements included in this press release speak only as of the date hereof and will not give rise to updates or revision. For a more complete list and description of such risks and uncertainties, refer to Maisons du Monde’s filings with the French Autorité des marchés financiers.

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About Maisons du Monde

Maisons du Monde is a creator of inspirational lifestyle universes in the homeware industry, offering distinctive and affordable decoration and furniture collections that showcase multiple styles. The Group develops its business through an integrated and complementary omnichannel approach, leveraging its international network of stores, its websites and its catalogues. The Group was founded in France in 1996 and has expanded profitably across Europe since 2003, reporting sales of €1,225 million and EBITDA of €259 million in 2019. At 31 December 2019, the Group operated 376 stores in 9 countries including France, Belgium, Germany, Italy, Luxembourg, Portugal, Spain,  Switzerland and the United States, and derived 45% of its sales outside France. The Group has also built a successful complementary and comprehensive ecommerce platform, whose sales grew by over 30% per year on average between 2010 and 2019. This platform, which accounted for 25% of the Group's sales in 2019, is available in the countries where it operates stores plus Austria, the Netherlands and the United Kingdom. In 2018, the Group acquired a majority stake in Modani, a furniture chain present in the United States through its stores and ecommerce business. Modani, founded in 2007, is an aspirational lifestyle brand, offering high-quality proprietary modern, contemporary and mid-century furniture at affordable price points, with a nationwide presence through a network of 18 showrooms.

corporate.maisonsdumonde.com

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Contacts

Investor Relations	Press Relations
Christopher Welton – [phone]	Clémentine Prat – [phone]
[e-mail]	[e-mail]

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¹ IFRS 16; the audit of the first-half 2020 financial results is being finalized.

² The trade margin is a non-IFRS metric and is defined as gross margin less expenses related to logistics and warehouses, deliveries to clients (net) and stores as well as packaging.

³ Defined under the Group’s Senior Debt Facility as net debt less finance leases divided by LTM EBITDA as calculated under IAS 17.

⁴ Gross margin: Sales less cost of sales. GM is a non-IFRS financial metric and is presented here for informational purposes only.

⁵ Acquisition of Rhinov

⁶ Including other borrowings, deposits and guarantees, and banks overdrafts.

⁷ Calculated under IAS 17 as per the Senior Credit Facilities Agreement dated 18 April 2016.

⁸ Including Modani; excluding franchise stores.

⁹ Indicative timetable.

Attachment

• 2020 07 28 1H20 Results V-ENG vDEF.2 (2020 07 28)