Q1 2024 Results - Investor Presentation
Financial Review - Selected Income Statement
Group Adjusted EBITDA amounted to €289.1m, i.e. 29.5% of sales. Group strategy is to develop
volumes notably by strengthening our brands while maintaining high GM rates (69.0% in LTM Dec23).
Selected Income Statement
First Quarter
LTM Ended
December
In €m
2023
Network Sales
320.0
2024
334.2
Var. %
4.4 %
2023
980.9
Gross Margin
223.1
231.7
3.8 %
As a % of Network sales
69.7%
69.3%
(0.4)pp
676.5
69.0%
Personnel expenses
(50.3) (52.7)
4.7 %
(194.3)
Rent & charges
(3.9)
(3.2)
(16.9)%
Marketing costs
Taxes
Overheads
Total Network Direct Costs
Network Contribution
As a % of Network sales
Indirect Costs
Reported EBITDA
(7.7)
(9.4)
22.7 %
(16.4)
(25.0)
(2.1)
(2.4)
12.3 %
(9.5)
(11.2)
17.7 %
(73.5)
(78.9)
7.3 %
(8.8)
(41.2)
(285.7)
149.6
152.8
2.1 %
46.8%
45.7%
(1.0)pp
(32.9) (34.5)
As a % of Network sales
116.7
36.5%
118.3
5.1 %
1.3 %
35.4%
(1.1)pp
Full Period of Stores opened and refurbished (a)
Agatha normalization (b)
Electricity cost normalization (c)
Adjusted EBITDA
As a % of Network sales
IFRS16 restatement
Adjusted EBITDA pre-IFRS 16
As a % of Network sales
THOM
Q1 2024 Results - Investor presentation March 15, 2024
390.8
39.8%
(116.4)
274.4
28.0%
9.2
0.3
5.1
289.1
29.5%
(87.9)
201.2
20.5%
Network contribution totaled €152.8m in Q1 2024, an increase of €3.2m, or 2.1%,
from €149.6m in Q1 2023. As a percentage of network sales, the network
contribution decreased by 1.0 percentage point from 46.6% in Q1 2023 to 45.6% in
Q1 2024. This decrease was primarily due to the decrease in GM rate of -0.4pps
and to higher energy costs for -0.4pp (energy prices will benefit from a new
contract with more favorable conditions starting 1st January 2024). We have
started to implement selling price increases in 1Q 2024, by waves, which will
progressively materialize. However, the impact in 1Q 2024 is limited (only the new
arrivals are labelled with the new prices).
Indirect costs totaled €34.5m in Q1 2024, an increase of €1.7m, or 5.1%, from
€32.9m in Q1 2023 mainly due to higher IT costs to support the development of
services to our customers.
Adjusted EBITDA amounted to €289.1m, i.e. 29.5% of network sales, or €201.2m pre-
IFRS 16, i.e. 20.5% of network sales, compared to €289.8m in FY 23, i.e. 30%, or
€203.3m pre-IFRS16, i.e. 21%. LTM adjusted EBITDA is therefore fairly stable in
absolute value and in percentage of network sales, in an inflationary context
impacting the spending power of our customers, demonstrating the resilience of
the Group.
(a) Proforma effect to the actual or forecasted full-year profitability of (x) stores opened within the relevant period and (y)
stores refurbished, relocated or rebranded within the relevant period, (ii) exclude the EBITDA of Agatha, consolidated
from October 1, 2022, which is undergoing operational restructuring and is projected by management to generate
positive EBITDA in the financial year ending September 30, 2025
(b) Exclusion of the EBITDA of Agatha, consolidated from October 1, 2022, which is undergoing operational restructuring
and is projected by management to generate positive EBITDA in the financial year ending September 30, 2025
(c) Normalization of the impact of volatile electricity costs in France, Italy and Germany, by applying electricity costs as
contractually fixed by the Group for the financial year ending September 30, 2025
p.18View entire presentation