Aramis Group: 2021 objectives achieved and 2022 objectives upgraded
PRESS RELEASE
Arcueil, 9 December
2021
2021 Annual
ResultsObjectives
achieved and continuation of profitable growth
strategyUpgrade of 2022
objectives
Fiscal year ended 30th September 2021
-
Strong growth in 2021 with pro forma1 revenue2 of 1.361 billion
euros, up +25.9%; the Group now generates more than 50% of its
revenue outside France
-
Revenue growth of +53.5% on a reported basis with the acquisition
of CarSupermarket in the UK in March 2021
-
Excellent momentum in refurbished car sales, up +37.4% in volume,
reflecting the Group's growth strategy focused on customer
experience and satisfaction, illustrated by an average Net Promoter
Score (NPS) of 64 in 2021
-
Growth of the Group supported by its increased marketing
investments, the development of its technology platform, the
diversification of its sourcing and its increased refurbishment
capacity
-
High and market-leading margin per vehicle (GPU) of 2,292 euros and
gross margin of 13.5%, above the announced objectives (respectively
> 2,150 euros and > 13%) thanks to the Group's vertically
integrated business model
-
Pro forma adjusted EBITDA margin of 2.7% in line with objectives,
in a context of sustained marketing investments to drive
growth
-
Strengthened financial capabilities to support the Group's
development with more than 100 million euros of available
cash at year-end and significant credit facilities, including an
undrawn RCF of 200 million euros
- 2022
growth objectives revised upwards with an increase in refurbished
car sales superior to +45% (initially >30%) and revenues above
1.6 billion euros (initially >1.5 billion euros). Adjusted
EBITDA margin objective of c.1.5%.
Aramis Group [Ticker: ARAMI - ISIN:
FR0014003U94], a European leader in the online sale of used cars to
private individuals, which includes the Aramisauto, Cardoen,
Clicars and CarSupermarket brands in France, Belgium, Spain and the
United Kingdom respectively, today published its annual results for
financial year ended 30 September 2021.Nicolas
Chartier and Guillaume Paoli,
co-founders3 of Aramis
Group, say:
"In 2021, Aramis Group achieved an exceptional
performance, despite the pandemic and the automotive market
context, largely exceeding its growth objectives set at the time of
the IPO. The Group has accelerated its investments to offer
innovative, accessible and more virtuous mobility solutions to meet
the expectations of its growing number of customers. The excellent
performance of its refurbished used car business has enabled it to
record strong growth in all its geographies. The Group's
investments in marketing and in its technological platform have
also paid off, with more than 73 million visits recorded this year
on its websites. 2021 was also marked by the Group's continued
European expansion with the acquisition in March of CarSupermarket
in the United Kingdom. In an automotive market affected by
significant pressure on new vehicles in Europe, the Group has
demonstrated its agility in vehicles supply, which it has been able
to increase and diversify in all its geographies. In 2022, this
dynamic will accelerate further, driven by the development of
refurbishment capacities with the planned opening of two new
centres, in addition to the recent opening of the Antwerp centre.
Aramis Group is therefore looking forward to 2022 with confidence,
convinced that it is perfectly positioned to seize all growth
opportunities and thus be the preferred platform for Europeans
looking for a refurbished used vehicle.
PROFITS &
LOSSES
In
M€ |
On a pro forma basis |
On a reported basis |
FY 2021 |
FY 2020 |
Variation |
FY 2021 |
FY 2020 |
Variation |
Revenue |
1,361.2 |
1,081.5 |
+25.9% |
1,256.3 |
818.5 |
+53.5% |
Gross
margin |
185.3 |
154.2 |
+20.2% |
173.0 |
125.6 |
+37.7% |
Gross margin per
vehicle sold (in euros) |
2,292 |
2,322 |
-1.3% |
2,307 |
2,509 |
-8.1% |
SG&A |
(148.0) |
(106.6) |
+38,8% |
(140.4) |
(87.3) |
+60.8% |
|
|
|
|
|
|
|
Adjusted
EBITDA |
37.2 |
47.6 |
-21.8% |
32.6 |
38.3 |
-14.9% |
Adjusted EBITDA
margin |
2.7% |
4.4% |
-1.7 bps |
2.6% |
4.7% |
-2.1 bps |
|
|
|
|
|
|
|
Operating
profit |
(7.5) |
9.9 |
N/A |
(9.7) |
9.3 |
N/A |
Financial
result |
(4.6) |
(4.1) |
N/A |
(3.1) |
(2.0) |
N/A |
Income tax |
(3.3) |
(9.2) |
N/A |
(2.8) |
(8.4) |
N/A |
Net result |
(15.5) |
(3.4) |
N/A |
(15.7) |
(1.1) |
N/A |
The Group's pro forma revenue reached 1.361 billion euros in
2021, up by +279.7 million euros, or +25.9% compared to 2020. This
solid performance is driven by very strong growth in the
refurbished vehicles segment, in line with the Group's
strategy.
Pro forma revenue in the
refurbished cars segment is up
+42.1% for the year ended 30 September 2021, to 712.7 million
euros, representing 50,125 units delivered, up +37.4% versus 2020.
This excellent performance is mainly driven by the marketing
investments made in all geographies, the increase in the supply of
vehicles coming from private individuals and the increase in
capacity at the Group's refurbishment centres.
Throughout the year, and in order to cope with a
constrained market context in terms of supply, the Group developed
its vehicle trade-in business from private individuals in all its
geographies. In Q4, on a pro forma basis, sales of refurbished cars
from this supply channel thus increased by +42.6% compared to Q4
2020.
Revenue for the pre-registered car
segment for the year ended September 30, 2021, amounts to
470.2 million euros, up +4.0% compared to 2020. This activity
increase is achieved in a market context marked by a sharp decline
in new car production.
Pro forma revenue for the B2C
segment as a whole – corresponding to sales of refurbished
and pre-registered cars – amounting to 1.183 billion euros in 2021,
up +24.0% compared to 2020, representing 86.9% of Group
revenue.
Pro forma revenue from
Services rise by +49.7% in 2021,
to 71.2 million euros, with an increase in the penetration rate of
financing solutions in all geographies.
Pro forma revenue for the B2B
segment amount to 107.0 million euros, or +33.7% compared
to 2020. This strong growth reflects the increase in the sourcing
of vehicles coming from private individuals, part of which is
resold to professionals.
Further details, including a breakdown of 2021
revenue and volumes by geography, can be found in the Group's
publication dated 9 November 2021.
Adjusted EBITDA
On a pro forma basis, gross margin reaches 185.3
million euros, up +20.1% compared to 2020, an increase of +31.1
million euros, to reach 13.5% of sales, compared to 14.2% in
2020.
Gross margin per vehicle sold is 2,292 euros on
a pro forma basis, a high level and among the best in the market,
comparable to the level achieved in 2020. In line with its growth
strategy, the Group has significantly increased its marketing and
sales expenses in all geographies, as well as its workforce.
As a result, SG&A expenses amount to 148.0
million euros in 2021 on a pro forma basis, an increase of
+41.4 million euros compared to 2020. This investment has
enabled the Group to consolidate awareness of its brands in Europe,
particularly in Belgium and in France where brands reached levels
of aided awareness of over 65%4.
As a result of these investments to accelerate
growth, the Group has achieved an adjusted EBITDA on a pro forma
basis of 37.2 million euros in 2021 compared to 47.6 million euros
in 2020 and thus records an adjusted EBITDA margin of 2.7% in 2021,
as anticipated and previously communicated.
Operating profit
On a pro forma basis, acquisition-related
personnel expenses amount to 20.0 million euros in 2021, compared
to 21.2 million euros in 2020.
Expenses related to operations (IPO and
acquisitions) amount to 7.1 million euros in 2021, compared to
0.4 million euros in 2020 on a pro forma basis. 6.6 million
euros of these expenses are related to the preparation and
execution of the IPO, for the part of the costs that cannot be
charged to the share premium.
Depreciation expenses amount to 17.5 million
euros in 2021 on a pro forma basis, slightly higher than in 2020,
in line with the Group's increased capital expenditure.
As a result, the Group's operating result for
the year 2021 is -7.5 million euros on a pro forma basis.
Financial result
On a pro forma basis, the financial result
amounts to -4.6 million euros in 2021 at a level comparable to
2020. On a pro forma basis, the Group's net cost of debt is -2.5
million euros in 2021, compared to -1.8 million euros in 2020.
Net result
On a pro forma basis, the Group's income tax
expense decreases by -5.9 million euros from 9.2 million euros in
2020 to 3.3 million euros in 2021.
The Group recorded a net loss of -15.5 million
euros in 2021, which includes a charge of -6.6 million euros
related to the IPO.
STATEMENT OF
FINANCIAL POSITION & CASH FLOW
(reported)
In M€ |
FY 2021 |
FY 2020 |
Variation |
Stocks |
173.8 |
69.1 |
+104.7 |
Trade
receivables |
23.7 |
21.9 |
+1.8 |
Trade
payables |
46.6 |
22.8 |
+23.8 |
Stocks amount to 173.8 million euros on 30 September 2021,
including the impact of the integration of CarSupermarket in the
perimeter on 1 March 2021 for an amount of 28.6 million euros.
Excluding the scope effect, the increase in the stock level amounts
to +76.1 million euros, reflecting the strong growth in business in
2021 within a more constrained supply environment. The level of
operating working capital5 stood at 34 days, in line with the
revised guidance communicated to the market in September 2021.
In M€ |
FY 2021 |
FY 2020 |
Change in
WC |
-54.6 |
+16.4 |
Capex |
-12.2 |
-7.4 |
Acquisition of
subsidiaries |
-41.7 |
- |
Capital increase
(net of expenses) |
+235.1 |
- |
Net cash (or
debt) position |
+102.0 |
-26.3 |
The change in working capital amounts to -54.6 million euros in
the year ended 30 September 2021, mainly due to the increase in
inventories, excluding the scope effect.
For the year ended 30 September 2020, the change
in working capital amounted to +16.4 million euros due to the
significantly lower inventory level than the normative levels, a
consequence brought about by the start of the Covid-19 health
crisis in fiscal year 2020.
The acquisitions of fixed assets represent 12.2
million euros in respect of the 2021 fiscal year, taking into
account the Group's investments in its refurbishment capacity and
in the development of its technological platform.
Acquisition-related cash outflows, net of cash
acquired, amount to 41.7 million euros in the year ended
30 September 2021, and result from the acquisition of
CarSupermarket.
In the context of the IPO on 18 June 2021, the
Group carried out a capital increase of 235.1 million euros, net of
transaction costs.
As of 30 September 2021, the Group benefits from
a strong cash position and significant financial flexibility to
support its accelerated growth. The Group shows a net cash position
of 102 million euros as of 30 September 2021, compared to a
net debt position6 of 26.3 million euros as of 30 September 2020.
Furthermore, the Group has a significant financial flexibility
with substantial credit facilities, in particular
200 million euros RCF put in place at the time of the IPO and
undrawn to date, and credit facilities from its majority
shareholder Stellantis and financial institutions. Only 4.5 million
euros of the Group's credit facilities were drawn as of 30
September 2021.
OUTLOOK
In 2022, Aramis Group intends to pursue its growth strategy
centred around the refurbished vehicle segment, which is
experiencing excellent momentum. The pre-registered vehicle
segment, on the other hand, is expected to remain significantly
affected by the tensions in the new vehicle market.
The Group will continue to develop its offer in
order to strengthen the customer experience which is at the heart
of its strategy. The growth of the Group will also be fuelled by
its marketing investments and by the sustained development of its
refurbishment capacity with the opening and ramp-up of three
refurbishment centres in 2022, including the one recently
inaugurated in Antwerp, for which Aramis Group benefits from unique
know-how and experience.
In addition, the Group will continue to
strengthen its agile and multi-channel supply platform, both from
private individuals and professionals as well as from Stellantis.
Finally, the Group is actively working on pursuing its European
expansion through acquisitions, taking advantage of its strong
track-record in integrating new countries.
As a responsible and committed company, Aramis
Group also intends to continue reducing its carbon footprint and
reaffirms its objectives of reducing its CO2 emissions by -40% for
scopes 1 and 2 by 2030. For the year 2021, CO2 emissions per
vehicle sold are down by -8%7 on these scopes.In addition, the
refurbished vehicle segment, which is at the heart of the circular
economy, is expected to account for more than 75% of the total
number of cars sold to private customers by the Group by 2025.
In this context, the Group is upgrading its
growth objectives for 2022 initially communicated at the time of
the IPO in June 2021:
- Growth superior to +45% in
refurbished car deliveries (vs. growth > +30% initially)
- Total Group revenue above 1.6
billion euros (vs. revenue >1.5 billion euros
initially)
In addition, the Group has set an adjusted
EBITDA margin objective of approximately 1.5% of revenue.
As indicated at the time of the IPO, the adjusted EBITDA margin
should continue to be impacted in 2022 by the significant
investments made by the Group, particularly in marketing, in order
to accelerate its growth. As part of its medium-term objectives,
the Group reiterates that it is aiming at an adjusted EBITDA
margin of above 3.0% in 2025.
These objectives are established on the basis of
the Group's scope of activity on 30 September 2021 and do not take
into consideration further deterioration of the sanitary context in
the countries where the Group operates.
Status of audit procedures
At its meeting on 8 December 2021, the Board of
Directors of Aramis Group approved the parent company and
consolidated financial statements for the year ended 30 September
2021. With regard to the process of certification of the accounts,
the statutory auditors have to date substantially completed the
audit procedures.
***
Next financial information:
2022 Q1 Sales: 27 January 2022
About Aramis Group
Aramis Group is a leading European B2C platform
to acquire a used car online and brings together four brands:
Aramisauto, Cardoen, Clicars and CarSupermarket, in France,
Belgium, Spain and the UK respectively. The Group is transforming
the used car market and is putting digital technology at the
service of customer satisfaction with a fully vertically integrated
business model. For the full 2021 fiscal year, Aramis Group
generated revenue of 1.361 billion euros on a pro forma basis, sold
more than 80,000 B2C vehicles, and recorded more than 73 million
visits on their websites. As of the end of September 2021, the
Group employs 1,800 people, operates a network of 61 agencies and
three industrial refurbishment sites. Aramis Group is listed on
compartment A of the Euronext Paris stock exchange (Ticker: ARAMI –
ISIN: FR0014003U94). For more information, visit
www.aramis.group.
Investor Contact
Alexandre LeroyHead of Investor
Relationsalexandre.leroy@aramis.group
+33 (0)6 58 80 50 24
Press contacts
Brunswickaramisgroup@brunswickgroup.comHugues
Boëton +33 (0) 6 79 99 27 15Alexia Gachet +33 (0) 6 33 06 55 93
Appendices
1. PROFITS & LOSSES
In €
thousand |
FY 2021 (12 months) |
FY 2020 (12 months) |
|
|
|
Revenue |
1,263,831 |
830,974 |
Other
income |
- |
1 |
Cost of goods
and services sold |
(1,039,850) |
(683,526) |
Other
purchases and external expenses |
(114,854) |
(59,754) |
Taxes other
than income tax |
(3,805) |
(3,035) |
Personnel
expenses |
(70,753) |
(45,001) |
Personnel
expenses relating to share-based payments |
(144) |
(1,026) |
Personnel
expenses relating to acquisitions |
(18,514) |
(14,934) |
Provisions and
impairment loss on current assets |
(2,167) |
(1,194) |
Transaction-related costs |
(7,059) |
- |
Other
operating income |
482 |
556 |
Other
operating expenses |
(303) |
(712) |
|
|
|
Operating income before depreciation and
amortisation |
6,865 |
22,350 |
|
|
|
Depreciation
and amortisation relating to PP&E and intangible assets |
(8,400) |
(6,761) |
Depreciation
of right-of-use assets |
(8,214) |
(6,256) |
|
|
|
Operating income (expenses) |
(9,749) |
9,332 |
|
|
|
Cost of net
debt |
(1,990) |
(1,117) |
Interest
expenses on lease liabilities |
(1,227) |
(912) |
Other
financial income |
293 |
3 |
Other
financial expenses |
(180) |
(7) |
|
|
|
Net
financial income (expenses) |
(3,104) |
(2,033) |
|
|
|
Profit
(loss) before tax |
(12,853) |
7,299 |
|
|
|
Income
tax |
(2,810) |
(8,424) |
|
|
|
Profit
(loss) |
(15,663) |
(1,125) |
Attributable
to owners of the Company |
(15,663) |
(1,125) |
Attributable
to non-controlling interests |
- |
- |
Effect of
changes in exchange rate |
380 |
- |
Other
comprehensive income |
380 |
- |
|
|
|
Total
comprehensive income |
(15,283) |
(1,125) |
Attributable
to owners of the Company |
(15,283) |
(1,125) |
Attributable
to non-controlling interests |
- |
- |
|
|
|
Earnings per share |
|
|
Basic earnings
per share (in euros) |
(0.21) |
(0.02) |
Diluted
earnings per share (in euros) |
(0.21) |
(0.02) |
2. STATEMENT OF
FINANCIAL POSITION
In €
thousand |
30/09/2021 |
30/09/2020 |
|
|
|
Assets |
|
|
Goodwill |
44,146 |
12,869 |
Other intangible
assets |
47,510 |
25,577 |
Property, plant
and equipment |
18,881 |
9,388 |
Right-of-use
assets |
61,437 |
39,932 |
Other non-current
financial assets, including derivatives |
1,182 |
1,122 |
Deferred tax
assets |
6,033 |
2,485 |
|
|
|
Non-current assets |
179,189 |
91,373 |
|
|
|
Inventories |
173,842 |
69,062 |
Trade
receivables |
23,729 |
21,921 |
Current tax
receivables |
2,065 |
1,012 |
Other current
assets |
25,967 |
20,472 |
Cash and cash
equivalents |
106,982 |
39,639 |
|
|
|
Current
assets |
332,586 |
152,106 |
|
|
|
Total
assets |
511,774 |
243,479 |
|
|
|
Equity
and liabilities |
|
|
|
|
|
Share
capital |
1,657 |
1,193 |
Additional
paid-in capital |
271,000 |
27,159 |
Reserves |
15,349 |
15,781 |
Effect of changes
in exchange rate |
380 |
- |
Profit (loss)
attributable to owners of the Company |
(15,663) |
(1,125) |
|
|
|
Total
equity attributable to owners of the Company |
272,723 |
43,008 |
|
|
|
Non-controlling interests |
- |
- |
|
|
|
Total
Equity |
272,723 |
43,008 |
|
|
|
Non-current
financial liabilities |
12,538 |
28,860 |
Non-current lease
liabilities |
52,852 |
34,389 |
Non-current
provisions |
878 |
803 |
Deferred tax
liabilities |
9,000 |
3,799 |
Non-current
personnel liabilities associated with acquisitions |
2,790 |
16,958 |
Other non-current
liabilities |
872 |
876 |
|
|
|
Non-current liabilities |
78,931 |
85,685 |
|
|
|
Current financial
liabilities |
7,295 |
37,679 |
Current lease
liabilities |
9,670 |
6,359 |
Current
provisions |
2,703 |
1,395 |
Trade
payables |
46,645 |
22,776 |
Current tax
liabilities |
1,174 |
1,018 |
Current personnel
liabilities associated with acquisitions |
32,676 |
- |
Other current
liabilities |
59,958 |
45,558 |
|
|
|
Current
liabilities |
160,121 |
114,786 |
Total
Equity and liabilities |
511,774 |
243,479 |
3. CASH FLOW
STATEMENT
In €
thousand |
FY 2021 (12 months) |
FY 2020 (12 months) |
|
|
|
Profit
(loss) for the period |
(15,663) |
(1,125) |
Depreciation,
amortisation and provisions |
17,549 |
13,745 |
Income
tax |
2,810 |
8,424 |
Net financial
income and expenses |
3,104 |
2,033 |
Items
reclassifed under cash from investing activities |
(15) |
37 |
Expenses
relating to share-based payments |
144 |
1,026 |
Other non-cash
items |
82 |
- |
Change in
personnel expenses relating to acquisitions |
18,514 |
14,934 |
Change in
working capital |
(54,597) |
16,360 |
Income tax
paid |
(5,070) |
(8,406) |
Net
cash from (used in) operating
activities |
(33,141) |
47,029 |
|
|
|
Acquisition of
property, plant and equipment and intangible assets |
(12,442) |
(7,748) |
Proceeds from
disposals of assets |
288 |
349 |
Change in
loans and other financial assets |
(58) |
5 |
Acquisition of
subsidiaries, net of cash acquired |
(41,707) |
- |
Net
cash from (used in) investing activities |
(53,919) |
(7,394) |
|
|
|
Increase
(decrease) in capital |
242,158 |
- |
Proceeds from
borrowings |
64,968 |
36,231 |
Repayment of
borrowings |
(150,430) |
(46,888) |
Purchase/sale
of own shares |
979 |
- |
Interest
paid |
(4,083) |
(1,395) |
Other
financial expenses paid and income received |
58 |
(2) |
Net
cash from (used in) financing activities |
153,650 |
(12,054) |
|
|
|
Effect of
changes in exchange rate |
100 |
- |
|
|
|
Net
change in cash |
66,690 |
27,580 |
Cash and cash equivalents at opening |
39,618 |
12,037 |
Cash and cash equivalents at close |
106,307 |
39,618 |
4. BREAKDOWN OF
REVENUE BY PRODUCTS AND SERVICES
In €
million |
On a pro forma basis |
FY 2021 |
FY 2020 |
Var. % |
Q4 2021 |
Q4 2020 |
Var. % |
Refurbished |
712.7 |
501.6 |
+42.1% |
210.6 |
164.4 |
+28.1% |
Pre-registered |
470.2 |
452.3 |
+4.0% |
127.8 |
140.5 |
-9.0% |
Total
B2C |
1,182.9 |
953.9 |
+24.0% |
338.4 |
304.9 |
+11.0% |
Total
B2B |
107.0 |
80.1 |
+33.7% |
32.6 |
28.1 |
+16.0% |
Total
Services |
71.2 |
47.6 |
+49.7% |
20.0 |
15.0 |
+33.1% |
Total
revenue excl. trading |
1,361.2 |
1,081.5 |
+25.9% |
390.9 |
347.9 |
+12.4% |
Total revenue
incl. trading |
1,368.7 |
1,094.0 |
+25.1% |
391.7 |
351.3 |
+11.5% |
In €
million |
On a reported basis |
FY 2021 |
FY 2020 |
Var. % |
Q4 2021 |
Q4 2020 |
Var. % |
Refurbished |
629.0 |
277.4 |
+126.7% |
210.6 |
96.4 |
+118.6% |
Pre-registered |
470.2 |
452.3 |
+4.0% |
127.8 |
140.4 |
-9.0% |
Total
B2C |
1,099.2 |
729.7 |
+50.6% |
338.4 |
236.8 |
+42.9% |
Total
B2B |
92.9 |
52.4 |
+77.1% |
32.6 |
18.2 |
+79.1% |
Total
Services |
64.2 |
36.4 |
+76.6% |
20.0 |
11.1 |
+80.3% |
Total
revenue excl. trading |
1,256.3 |
818.5 |
+53.5% |
390.9 |
266.1 |
+46.9% |
Total revenue
incl. trading |
1,263.8 |
831.0 |
+52.1% |
391.7 |
269.4 |
+45.4% |
5. GROSS MARGIN
PER VEHICLE SOLD TRANSITION TABLE
In € million |
Pro forma financial year ended 30 September
2021 |
Pro forma financial year ended 30 September
2020 |
Financial year ended 30 September 2021 |
Financial year ended 30 September 2020 |
Revenue |
1,368.7 |
1,094.0 |
1,263.8 |
831.0 |
Cost of goods and services sold |
(1,125.4) |
(903.9) |
(1,039.8) |
(683.5) |
Gross
margin - Consolidated Data |
243.2 |
190.2 |
224.0 |
147.5 |
Cost of
transport and refurbishing |
(57.9) |
(35.7) |
(51.1) |
(21.6) |
Others |
0.0 |
(0.2) |
0.0 |
(0.2) |
Gross
margin - including Trading in Belgium |
185.3 |
154.2 |
172.9 |
125.6 |
Deduction of Trading in Belgium |
(0.9) |
(0.4) |
(0.9) |
(0.4) |
Gross margin - excluding Trading in Belgium |
184.3 |
153.8 |
172.0 |
125.2 |
Number of vehicles sold (in thousands) |
80.4 |
66.2 |
74.6 |
49.9 |
Gross margin per car sold |
2,292 € |
2,322 € |
2,307 € |
2,509 € |
6. ADJUSTED
EBITDA RECONCILIATION
In € million |
Pro forma financial year ended 30 September
2021 |
Pro forma financial year ended 30 September
2020 |
Financial year ended 30 September 2021 |
Financial year ended 30 September 2020 |
Operating income before depreciation and amortisation |
10.0 |
25.0 |
6.9 |
22.4 |
Personnel expenses relating to share-based payments |
0.1 |
1.0 |
0.1 |
1.0 |
Personnel
expenses relating to acquisitions |
20.0 |
21.2 |
18.5 |
14.9 |
Transaction-related costs |
7.1 |
0.4 |
7.1 |
- |
Adjusted EBITDA |
37.2 |
47.6 |
32.6 |
38.3 |
7. OPERATING WORKING CAPITAL
In €
million |
Financial year ended 30 September 2021 |
Inventories |
173,842 |
Trade
receivables |
23,729 |
Trade
payables |
(46,643) |
Other current
assets |
25,967 |
Restatements
relating to other current assets : |
|
- Prepaid expenses (or advances) not corresponding to advances paid
to vehicle suppliers |
(2,199) |
- Receivables from personnel & social organisations |
(397) |
- Tax receivables other than those related to VAT |
(120) |
- Other items not related to operating working capital |
(164) |
Other current
liabilities |
(59,958) |
Restatements
relating to other current liabilities : |
|
- Social security payables |
13,292 |
- Tax liabilities other than those related to VAT |
1,146 |
- Payables on consolidated investments |
100 |
-Iitems under "other liabilities" not related to conversion and
environmental bonuses |
564 |
Deferred income
- non current |
(653) |
Total -
Operating working capital requirement (A) |
128,506 |
|
|
Revenue |
1,263,831 |
Restatement of
changes in the scope of consolidation over a full year |
104,778 |
Adjusted revenue over 12 months (B) |
1,368,609 |
Disclaimer
Certain information included in this press
release is not historical data but forward-looking statements.
These forward-looking statements are based on current beliefs and
assumptions, including, but not limited to, assumptions about
current and future business strategies and the environment in which
Aramis Group operates, and involve known and unknown risks,
uncertainties and other factors, which may cause actual results or
performance, or the results or other events, to be materially
different from those expressed or implied in such forward-looking
statements. These risks and uncertainties include those discussed
or identified in Chapter 3 "Risk Factors" of the registration
document dated 25 May 2021, approved by the AMF under number I.
21-024 and available on the Company's website (www.aramis.group)
and on the AMF website (www.amf-france.org). These forward-looking
statements and information are not guarantees of future
performance. Forward-looking statements speak only as of the date
of this press release and Aramis Group expressly disclaims any
obligation or undertaking to release any update or revision to any
forward-looking statement included in this press release to reflect
any change in expectations or any change in events, conditions or
circumstances on which any such forward-looking statement is based.
These forward-looking statements are intended for illustrative
purposes only.
This press release contains summary information
only and should not be regarded as complete. No assurance is given
as to the accuracy or completeness of the information or statements
contained in this press release.
Some of the financial information contained in
this press release is not directly extracted from the accounting
records or procedures of Aramis Group and is not an IFRS
(International Financial Reporting Standards) accounting measure.
It has not been independently reviewed or verified by Aramis
Group's auditors.
The pro forma financial information included in
this press release is presented for illustrative purposes only and
does not represent the results that would have been produced if the
Motordepot acquisition (CarSupermarket) had actually been completed
on 1 October 2019 or 1 October 2020, as applicable.
This press release does not contain or
constitute an offer of securities or an invitation or inducement to
invest in securities in France, the United States or any other
jurisdiction.
1 In this press release, unless otherwise
stated, the Group's revenue, margin rate and margin per vehicle
(GPU) are presented excluding the B2B activities of buying and
selling vehicles fort export in Belgium, which the Group does not
plan to continue in the medium term.2 In order to provide financial
information to understand the Group's financial position after
taking into account the acquisition of CarSupermarket in the UK in
March 2021, this press release contains pro forma financial
information for the year ended 30 September 2021, prepared as if
the Group had completed the acquisition of CarSupermarket on 1
October 2020 and pro forma financial information for the year ended
30 September 2020, prepared as if the Group had completed the
acquisition of CarSupermarket on 1 October 2019.The Group's
financial information is also given in this press release on a
"reported basis", i.e., for volumes and income statement items,
including items relating to CarSupermarket only as of its inclusion
in the Group's scope of consolidation on 1 March 2021.3 Nicolas
Chartier is Chairman and Chief Executive Officer of the Company,
and Guillaume Paoli is Deputy Chief Executive Officer, on a
two-year rotation basis4 Source: Yougov, aided awareness. Survey
conducted from the 25th to the 29th of November 2021 on 1029 people
representative of the French national population, 2161 people
representative of the British national population, 1001 people
representative of the Belgian national population and 1130 people
representative of the Spanish national population, all aged 18 and
over.5 See Appendix 7 for calculation of operating working
capital
6 Excluding lease liabilities and liabilities on
commitments to purchase minority interests (put)7 Excluding
CarSupermarket; on total vehicles sold in B2C and B2B
- Press release - ARAMIS GROUP - Annual results 2021
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