Aramis Group - Q1 2022 revenues
PRESS RELEASE
Arcueil,
27 January
2022
Very good growth momentum in the first
quarter, driven by a strong increase in sales
of refurbished
vehicles
Revenues as of 31 December 2021, 1st quarter of
the fiscal year ending 30 September 2022
-
Strong growth of +47.3% in revenues1, on a pro forma2 basis,
compared to the first quarter of 2021, to €396.2 million. This
performance is the result of the success of Aramis Group's value
proposition, built on a unique integrated and digital model,
continuously enhanced by multi-local teams focused on customer
satisfaction. Customer NPS3 of 67 at end-December 2021
-
Rise in volumes, with the increase in deliveries of refurbished
vehicles to private customers (+47.8%) more than offsetting the
decrease in deliveries of pre-registered vehicles (-27.0%) due to
the underproduction of new cars
-
General increase in purchase and sales prices in the current
specific market environment
-
Strong growth in all geographies, with sales growth compared to the
first quarter of 2021 on a pro forma basis very significant in
Spain (+117.4%), sustained in Belgium (+55.9%) and in France
(+27.0%). Continued integration of the United Kingdom, enabling a
strong acceleration in its performance (+46.3%). Aramis Group's
revenues outside France now stand at 56%.
-
Confirmation of 2022 annual objectives: 1/ growth over +45% in
refurbished cars volumes; 2/ total Group revenues over €1.6
billion; 3/ adjusted EBITDA margin of approximately 1.5%
Aramis Group [Ticker: ARAMI – ISIN:
FR0014003U94], a European leader in the online sales of used cars
to private individuals, which includes the Aramisauto, Cardoen,
Clicars and CarSupermarket brands, in France, Belgium, Spain and
the United Kingdom respectively, published today its 1st quarter
revenues for the fiscal year ending 30 September 2022.
Nicolas
Chartier and Guillaume
Paoli,
co-founders4
of Aramis Group,
said:
« Aramis Group's 2022 fiscal year is off to a
very satisfactory start. The Group delivered nearly 20,000 vehicles
to private customers in the first fiscal quarter of 2022, including
more than 15,000 refurbished vehicles, our priority development
axis. The shortage of semi-conductors continues to impact the
production lines for new vehicles. In this context, the
responsiveness of our multi-channel sourcing enables us to
guarantee our customers a wide range of vehicles at a competitive
price-quality ratio. All our geographies are performing well,
driven by the strength of our brands, our technological and
marketing investments, our capacity for innovation and the
commitment of our teams. »
Q1 2022
B2C volumes (unaudited
figures)
In units |
On a pro forma5
basis |
On a reported basis6 |
|
Q1 2022 |
Q1 2021 |
Growth |
Q1 2022 |
Q1 2021 |
Growth |
Refurbished vehicles |
15,090 |
10,213 |
+47.8% |
15,090 |
6,648 |
+127.0% |
Pre-registered vehicles |
4,560 |
6,249 |
-27.0% |
4,560 |
6,249 |
-27.0% |
Total Volumes B2C |
19,650 |
16,462 |
+19.4% |
19,650 |
12,897 |
+52.4% |
Q1 2022
revenues (unaudited
figures)
By segment
In M€ |
On a pro forma5
basis |
On a reported basis6 |
|
Q1 2022 |
Q1 2021 |
Growth |
Q1 2022 |
Q1 2021 |
Growth |
Refurbished vehicles |
250.5 |
142.0 |
+76.4% |
250.5 |
93.3 |
+168.6% |
Pre-registered vehicles |
86.5 |
90.6 |
-4.6% |
86.5 |
90.6 |
-4.6% |
Total B2C |
337.0 |
232.6 |
+44.9% |
337.0 |
183.9 |
+83.3% |
Total B2B |
38.3 |
22.0 |
+74.3% |
38.3 |
12.5 |
+207.0% |
Total Services |
20.8 |
14.3 |
+45.8% |
20.8 |
10.6 |
+97.5% |
Total Revenues |
396.2 |
268.9 |
+47.3% |
396.2 |
207.0 |
+91.5% |
Total revenues including trading7 |
396.5 |
270.5 |
+46.6% |
396.5 |
208.5 |
+90.1% |
By country
In M€ |
On a pro forma5 basis |
On a reported basis6 |
|
Q1 2022 |
Q1 2021 |
Growth |
Q1 2022 |
Q1 2021 |
Growth |
France |
174.4 |
137.4 |
+27.0% |
174.4 |
137.4 |
+27.0% |
Belgium |
51.0 |
32.7 |
+55.9% |
51.0 |
32.7 |
+55.9% |
Spain |
80.1 |
36.9 |
+117.4% |
80.1 |
36.9 |
+117.4% |
United Kingdom |
90.7 |
62.0 |
+46.3% |
90.7 |
0.0 |
n.a. |
Total Revenues |
396.2 |
268.9 |
+47.3% |
396.2 |
207.0 |
+91.5% |
Total revenues including trading7 |
396.5 |
270.5 |
+46.6% |
396.5 |
208.5 |
+90.1% |
Q1
2022
REVENUES
In the first quarter of 2022 (ending December
2021), the Group's revenues8 reached 396.2 million euros, up +47.3%
compared to the first quarter of 2021, on a pro forma basis.
This performance was driven by dynamic volumes
in the refubished vehicle segment, whose strong growth more than
offset the decline in the pre-registered vehicle segment,
illustrating the relevance of the Group's strategy. The quarterly
activity also benefited from a significant increase in average
selling prices, which was noticeable in some regions.Capitalising
on its expertise and the strength of its multi-channel sourcing,
Aramis Group was able to proactively build up stocks and thus
maintain a deep and diversified range of vehicles for its
customers, notably through an acceleration in trade-ins from
individuals. This strategy, coupled with continued marketing
investments to generate qualified traffic in all countries, were
the main drivers of growth in the quarter.
Revenues
by segment
Revenues
for the refurbished cars segment were at 250.5
million euros, up by +76,4% on a pro forma basis compared to the
first quarter of 2021. 15,090 units were delivered, an increase of
+47.8%, demonstrating the attractiveness of Aramis Group's vehicle
offering and its refurbishing and sourcing capacities (48% of
refurbished vehicles sold during the period were supplied by
private individuals). Prices have also increased, with an average
rise of +19.6% compared to the first quarter of 2021, mainly due to
the current tighter context on the new vehicle market.
Revenues for the pre-registered cars
segment stood at 86.5 million euros, down -4.6% on a pro
forma basis compared to the first quarter of 2021. 4,560 units were
delivered, down -27.0%, again mainly as a result of disruptions on
the new vehicle production lines. At the same time, prices rose
sharply, with an average unit price increase of +31.3%.
Revenues
for the B2C segment as a whole - corresponding to
sales of refurbished and pre-registered cars - amounted to 337.0
million euros in the first quarter of 2022, up +44.9% on a pro
forma basis compared with the first quarter of 2021 and represented
85.1% of the revenues generated over the period.
Revenues
for the B2B segment amounted to 38.3 million
euros, up +74.3% on a pro forma basis compared to the first quarter
of 2021. This growth reflects the increase in prices and of the
sourcing of vehicles from private individuals, some of which are
resold to professionals (mainly vehicles older than 8 years or
above 150,000 km).
Finally,
revenues generated from
services rose by +45.8% on a pro forma basis compared with
the first quarter of 2021 to 20.8 million euros. The penetration
rate of financing solutions continues to grow and the Group has
continued to enrich its offer, notably through extended
warranties
Revenues by
country
France
Revenues for the first quarter of 2022 were at
174.4 million euros, up +27.0% on a pro forma basis. The strong
growth in sales of refurbished vehicles more than offset the
slowdown in sales of pre-registered vehicles, a segment to which
Aramis Group's activities in this geography are significantly
exposed. The sourcing of vehicles from private customers almost
doubled compared to the same period last year.
Belgium
Quarterly revenues were at 51.0 million euros,
up +55.9% on a pro forma basis. Sales volumes of refurbished
vehicles almost tripled compared to the first quarter of 2021, in
line with the Group's strategy, with the gradual ramp-up of the new
Antwerp refurbishing centre fuelling the trend. On the other hand,
volumes of pre-registered vehicles are down sharply due to the drop
in new vehicle production that is affecting all of Europe. It
should be noted that the geography benefits from a favourable base
effect, given the slowdown in activity that the health restrictions
imposed in Belgium at the end of 2020 had generated.
Spain
Revenues for the quarter amounted to 80.1
million euros, a very significant increase of +117.4% on a pro
forma basis compared to the same period in 2021. This very good
performance is due to the refurbished vehicles segment, as Aramis
Group's activities in this geography are only marginally exposed to
pre-registered vehicles. Local refurbishing capacities were
expanded in 2021, and vehicle buy-backs from private individuals
were multiplied by almost 4, enabling the industrial tool to fuel
the very vigorous growth of the activity.
United Kingdom
Revenues for the first quarter of 2022 reached
90.7 million euros, up +46.3% on a pro forma basis compared to the
first quarter of 2021. The integration of CarSupermarket is
progressing as planned and the deployment of Aramis Group's methods
and know-how is starting to generate its first results. Prices
continue to be particularly high in the UK and the region also
benefits from a favourable base effect given the health
restrictions imposed in the UK at the end of calendar year 2020. As
a reminder, the Group's activity in this geography is not at all
exposed to the pre-registered vehicle segment.
CLEAR
OPERATIONAL AND STRATEGIC PRIORITIES
Aramis Group’s fiscal year 2022 is structured
around clearly defined operational priorities:
- Continue to improve the
value delivered to customers through technological,
product and service innovations driven by our multi-local teams,
this proximity being a major asset in understanding market trends
and the expectations of private individuals and therefore in
implementing appropriate solutions;
- Increase the
sourcing of used
vehicles from private
individuals. In a context that 1/ is likely to remain
tense throughout the year in the new vehicle segment and 2/ is
proving to be competitive in used vehicle sourcing channels for
professionals, Aramis will continue its efforts to acquire, in each
of its regions and at the right price, the models best suited to
local customers;
- Continue to increase
refurbishing
capacities. Whether it
is a question of new capacities (two new centres planned for 2022,
in France and the United Kingdom) or optimising existing capacities
(new centre to be opened in Belgium in November 2021), Aramis Group
teams will continue to develop the industrial tool in order to be
able to guarantee the highest standards of quality and the shortest
possible time-to-market, a unique know-how in Europe;
- Continue to invest in
marketing. Aramis Group will continue to invest in
marketing, both to increase brand awareness and to generate traffic
on its sites. In the first quarter of 2022, the number of visits to
all of the Group's sites increased by +34% compared with the first
quarter of 2021, to almost 20 million visitors.
As a reminder, Aramis Group's growth strategy is
based on three pillars:
- Capture the considerable
potential of the online market for
refurbished used
cars;
- Expand its international
presence to address an ever wider European customer
base;
- Build additional
revenues streams,
notably by developing its service ecosystem.
OUTLOOK
As indicated at the time of the Group's 2021
annual results publication on 9 December, the current tensions on
automotive production lines due to the shortage of semi-conductors
are weighing on the outlook for the pre-registered vehicle segment.
This has resulted in significant volume declines in Aramis Group's
geographies exposed to this segment, more than offset by strong
volume growth in the very buoyant refurbished vehicle segment.
The shortage of new vehicles is also fuelling a
general rise in used vehicle prices, both for purchases and sales,
which is reflected in the Group's activity in the first quarter of
2022, as detailed in this press release.
Aramis Group does not anticipate any significant
change in the market situation between now and the end of its 2022
fiscal year.
Its very strong value proposition for its
customers, its agility in its multi-channel sourcing, its control
of its industrial tool and the development of services will enable
it to maintain its Gross Profit per Unit (GPU) levels.
The general rise in prices is mechanically
reflected in the value of inventories. The Group has also been
proactively increasing its levels of stocks for several months now,
as anticipated, in order to be able to serve the strong demand from
the market, while maintaining a deep and diversified vehicle
offer.
Aramis Group confirms its 2022 annual
objectives, which were revised upwards at the time of the
publication of its 2021 annual results compared with those
communicated at the time of its IPO, namely:
- Growth over +45% in refurbished
cars volumes (compared to growth over +30% at the time of the
IPO);
- Total Group revenues over €1.6
billion (compared to revenues over €1.5 billion at the time of the
IPO);
- Adjusted EBITDA margin of
approximately 1.5% of revenues.
These objectives are based on the Group's scope
of activity as of 30 September 2021 and do not take into account a
further deterioration in the health environment in the countries
where it operates.
*** Next
financial
information:
Half Year Results 2022: 16 May 2022 (after
market close)
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 revenues of €1.36 billion, sold more than 80,000 B2C
vehicles, and recorded more than 73 million visits to its websites.
At the end of September 2021, the Group had more than 1,800
employees, a network of 60 agencies and three industrial
refurbishing 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.
Investors
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
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 Universal
registration document filed with the AMF on 26 January 2022, under
number R. 22-004 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 (CarSupermarket) acquisition had actually been completed
on 1 October 2020.
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 Revenues excluding the B2B export vehicle
purchase and sale activities in Belgium, which the Group does not
plan to continue in the medium term2 Growth compared to Q1 2021 pro
forma data of the acquisition of CarSupermarket in the UK in March
20213 Net Promoter Score4 Nicolas Chartier is Chairman and Chief
Executive Officer of the Company, and Guillaume Paoli is Deputy
Chief Executive Officer, on a rotation basis every 2
years 5 Growth compared to Q1 2021 pro forma data of the
acquisition of CarSupermarket in the UK in March 20216 Growth
compared to Q1 2021 "reported data", i.e., including revenues from
CarSupermarket only from the date of its inclusion in the Group's
consolidation scope, i.e., 1 March 20217 B2B export vehicle
purchase and sale activities in Belgium, which the Group does not
plan to continue in the medium term8 Revenues excluding the B2B
export vehicle purchase and sale activities in Belgium, which the
Group does not plan to continue in the medium term
- Press Release - ARAMIS GROUP - Q1 2022 revenues
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