Aramis Group - 2023 annual results
PRESS RELEASE
Arcueil, November 28, 2023
2023 annual
resultsFull-year objectives reached:
Volume growth, substantial increase in adjusted
EBITDA and return to cash generation excluding
acquisitions. Continued profitable growth expected
in 2024Results for the fiscal year ended September 30,
2023
-
Revenues of €1,944.8 million, up +9.9% compared with FY 2022 on a
reported basis and +0.7% excluding the acquisitions in Austria and
Italy
-
Strong team commitment, despite a still difficult environment,
dedicated to providing quality vehicles at competitive prices,
leading once again to a very high level of customer satisfaction
(NPS1 of 72 at the end of September 2023)
-
Volumes of refurbished vehicles sold up +13.1% from FY 2022 to
78,441 units, of which +1.2% increase excluding acquisitions in
Austria and Italy, in line with annual objectives in a market that
declined by -5.3%2, while continuing efforts to improve
profitability
-
Continued recovery in the volumes of pre-registered cars sold, with
a total of 13,622 units for the year, up +10.3% from FY 2022. The
volumes sold during the second half of 2023 increased by +52%
compared with the first half of 2023, but still remain about half
of what was observed during the last peak semester in 2021, prior
to this market segment’s collapse
-
Gross profit per vehicle sold (GPU) of €2,161, still well above the
Group’s peers and displaying an improvement compared with FY 2022
(€2,142), despite the dilutive impact of acquisitions in Austria
and Italy. Restated for these acquisitions, the GPU stands at
€2,267, up +5.8% from 2022
-
Adjusted EBITDA of €9.6 million, in positive territory in line with
the Group’s commitments. Excluding acquisitions in Austria and
Italy, it amounts to €13.2 million, compared with -€10.7 million in
FY 2022
-
Net result of -€32.3 million, reflecting a significant improvement
compared with FY 2022 (-€60.2 million)
- Net debt of €82.3 million, showing
a significant reduction of -€27.8 million compared with March 31,
2023. Positive cash generation of €3.9 million in FY 2023, before
factoring in cash outflows relating to the companies acquired. On
September 30, 2023, the Group also had €173 million of undrawn
credit lines without conditions
-
2024 full-year guidance: at a constant perimeter, the volumes of
B2C vehicles sold by Aramis Group will exceed the milestone of
100,000 units, and the Group’s adjusted EBITDA will be at least
twice as high as that achieved in 2023
Nicolas Chartier and Guillaume Paoli,
co-founders3 of Aramis
Group:“Aramis Group maintained its strategic course in
2023 and achieved its objectives, generating profitable and
sustainable growth. The Group once again demonstrated its
outstanding adaptability: faced with a further deteriorating and
demanding market, our teams showed a high level of responsiveness,
ensuring our customers received quality vehicles at the best prices
throughout the year. The beginning of the year was still affected
by a shortage of supply, particularly a very low availability of
pre-registered cars. The situation gradually improved over 2023,
with vehicle prices and supply conditions that slowly eased
(notably, the pre-registered vehicle segment began to normalize),
allowing for an improvement in our offering and our margins.
Coupled with cost discipline and active inventory management, we
were able to return to profitability and cash generation, before
considering the outflows relating to the acquisition of other
companies. Aramis Group operates at the heart of the circular
economy; we are convinced that we can deliver sustainable growth in
the short, medium, and long term. While the used car market will
remain uncertain for several more quarters, the start of our 2024
fiscal year is in line with the positive trend observed in recent
months, and we approach it with confidence. We are convinced that
our competitive advantages will be unique assets to further
consolidate our leadership this year, and allow us to achieve our
ambition of becoming the preferred platform for Europeans willing
to buy a used car online.”
MAJOR
DEVELOPMENTS IN 2023
In 2023, Aramis Group continued the
implementation of its strategy, despite a still volatile market
context.
The year was marked primarily by the Group’s
continued geographic expansion in European countries with strong
potential, in line with the second pillar from its growth strategy.
Illustrating this, Aramis Group acquired Onlinecars, the market
leader for used car sales in Austria, and Brumbrum, Italy’s only
fully online distributor of used vehicles, following Cazoo's exit
from Continental Europe. Extensive work was carried out in 2023 to
integrate these new subsidiaries, leading to a major reduction in
the level of inventory held by Onlinecars (c.-€17 million at
end-September 2023 compared with at the time of the acquisition),
in addition to gradually relaunching the activities and
rationalizing the organization of Brumbrum, which expects to see
strong sales growth in 2024.
Alongside this, in February 2023, Aramis Group
inaugurated a second refurbishing center in the UK. Located in
Hull, Yorkshire, this center will significantly increase the
refurbishing capacity in place in this country, while delivering
productivity and efficiency gains for vehicle processing.
In several countries, the Group’s teams have
also adapted their industrial processes to changes in their local
market. For instance, Clicars, Aramis Group’s Spanish subsidiary,
following six years of exponential growth, launched an optimization
of several of its industrial flows. First of all, at its Villaverde
refurbishing center (south of Madrid), to adapt its production
methods in line with the diversification of the vehicle types to be
refurbished (increase in the proportion of vehicles purchased from
private owners) and to further gain productivity to continue
fueling its growth. Then, in its logistics and customer approach,
with two customer centers opened in addition to the longstanding
Villaverde hub: one in Saragossa (2,000 sq.m of showroom space,
opened in October 2023) and another in Valencia (upcoming).
Finally, Aramis Group recently announced two
in-house promotions that will contribute to the continuation of its
profitable growth trajectory and the achievement of its ambition to
become the preferred platform for Europeans for buying a used car
online. Fabien Geerolf, previously CFO of Aramisauto, Aramis
Group’s French subsidiary, who has developed his expertise in a
challenging environment over the last two years, was appointed as
the Group’s Chief Financial Officer. Ivan Velasco, previously CTO
of Clicars, who was instrumental in developing all of the brand's
technological tools and played a key role in establishing its
leadership in the online sale of used vehicles in Spain, was
appointed as the Group’s Chief Technology Officer.
2023 FULL-YEAR
ACTIVITY
For the year ended September 30, 2023, the Group
recorded €1,944.8 million of revenues, up +9.9% from 2022 on a
reported basis and +0.7% excluding the acquisitions in Austria and
Italy. Despite the deterioration in the market, Aramis Group was
able to maintain a positive trend for its B2C vehicle sales,
capitalizing on the competitive advantages generated by its unique
and vertically integrated business model.
Overview of volumes and
revenues
2023 full-year B2C volumes
|
In units |
Reported basis |
|
|
FY 2023 |
FY 2022 |
Change (%) |
|
Refurbished cars |
78,441 |
69,384 |
+13.1% |
|
Pre-registered cars |
13,622 |
12,347 |
+10.3% |
|
Total B2C volumes |
92,063 |
81,731 |
+12.6% |
2023 full-year revenues
By segment
|
In million of euros |
Reported basis |
|
|
FY 2023 |
FY 2022 |
Change (%) |
|
Refurbished cars |
1,391.7 |
1,215.0 |
+14.5% |
|
Pre-registered cars |
244.1 |
245.3 |
-0.5% |
|
Total B2C |
1,635.8 |
1,460.3 |
+12.0% |
|
Total B2B |
205.3 |
217.9 |
-5.8% |
|
Total services |
103.7 |
90.7 |
+14.4% |
|
Revenues |
1,944.8 |
1,768.9 |
+9.9% |
By country
|
In million of euros |
Reported basis |
|
|
FY 2023 |
FY 2022 |
Change (%) |
|
France |
802.2 |
725.7 |
+10.5% |
|
Belgium |
249.3 |
240.8 |
+3.5% |
|
Spain |
340.1 |
369.5 |
-8.0% |
|
United Kingdom |
390.5 |
432.8 |
-9.8% |
|
Austria |
147.6 |
- |
- |
|
Italy |
15.2 |
- |
- |
|
Revenues |
1,944.8 |
1,768.9 |
+9.9% |
Analysis of the change in volumes and
revenues
B2C – sales of cars to private customers (84% of
revenues)
Revenues for the B2C segment –
corresponding to sales of refurbished and pre-registered cars to
private customers – climbed to €1,635.8 million in 2023, up +12.0%
from 2022. For the 2022 scope, i.e. excluding the acquisitions in
Austria and Italy, B2C segment revenues show a +1.9% increase.
Revenues for the refurbished cars
segment totaled €1,391.7 million, up +14.5% from 2022 on a
reported basis and +2.4% for the 2022 scope. In total, 78,441
vehicles were delivered in 2023, up +13.1% from 2022, with +1.2%
excluding the acquisitions in Austria and Italy. Although it
focused more on profitability and inventory rotation in 2023,
Aramis Group maintained its trend for positive growth and
outperformed the market for less than eight years old used
vehicles4, which contracted by -5.3%5 over the same period, on
average across the Group’s six geographies.
This performance reflects the Group’s effective
management of the various key success factors for the business of
buying and selling used vehicles online. Thanks to its knowledge of
local consumers and the sourcing network that it has successfully
built up over the years across Europe, Aramis Group has developed
an outstanding ability to identify and offer models that are
aligned with its customers’ needs. In addition, its pricing is
always competitive in relation to the quality of the products and
services offered, thanks in particular to its industrial-scale
vehicle refurbishing capabilities.
Revenues for the pre-registered cars
segment6 came to €244.1 million, with a
slight contraction of -0.5% versus 2022. This performance reflects
negative price and mix effects, masking the gradual upturn in
volumes for this business line over the months. In total, 13,622
units were delivered over the full year in 2023, up +10.3%. Volumes
for the second half of 2023 came in +82% higher than the second
half of 2022 and +52% higher than the first half of 2023,
confirming the reacceleration on the pre-registered vehicle market.
In comparison, volumes for the first half of 2023 were down -31%
versus the first half of 2022. Despite this significant
improvement, the volumes of pre-registered vehicles sold by Aramis
Group during the second half of 2023 were still around half the
level from the previous half-year performance peak, recorded in
2020 prior to this market segment’s collapse.
B2B – sales of cars to professional customers (11% of
revenues)
Revenues for the B2B segment came to €205.3
million in 2023, down -5.8% from 2022. This activity’s development
reflects the pricing trends on the market and the sourcing of
vehicles from private owners, some of which are resold to
professionals (mainly vehicles over eight years old or 150,000 km).
As the origins for sourcing used vehicles for refurbishing
rebalanced in 2023, with 52% purchased from private owners and 48%
from professionals, compared with 57% and 43% respectively in 2022,
the change in B2B revenues is logical.
Services (5% of revenues)
Services generated €103.7 million of revenues in
2023, up +14.4% compared with 2022. The average penetration rate
for financing solutions over the year was 46%, compared with 49% in
2022, with this slight dip linked to the dilutive impact of the new
companies acquired in Austria and Italy, whose average penetration
rate for financing solutions is significantly lower than the
companies from the 2022 scope. On a constant perimeter, it stands
at 49%, stable compared with 2022.
Geographically, the +10.5% revenue growth in
France to €802.2 million benefited from the marked upturn in
pre-registered vehicle sales, as well as the solid performance for
refurbished vehicle sales, despite the potential trade-offs made by
consumers between these two types of vehicles. The total volume of
B2C vehicle sales is up c.+14% compared with 2022, in a market7
that is down c.-10%. The price and mix effects had a negative
impact of c.-2% on revenues from vehicles sold to private owners
over the period.
The -9.8% fall in UK revenues to €390.5 million
is linked to a c.-3% drop in the volume of B2C vehicle sales for
CarSupermarket, Aramis Group’s subsidiary in this country, in a
market7 that is down c.-7% compared with 2022. The price and mix
effects had a c.-6% impact on revenues from B2C vehicle sales over
the period, with CarSupermarket looking to offer its customers
products whose ranges, ages and mileage levels make them more
accessible.
Lastly, the -8.0% drop in revenues in Spain to
€340.1 million is linked mainly to Clicars, Aramis Group’s
subsidiary in this country, adjusting the production methods at its
Villaverde refurbishing center, which temporarily impacted its
production levels and therefore the number of vehicles offered on
its website and its volumes sold.
INCOME
STATEMENT
In 2023, Aramis Group was able to not only
maintain a positive trend for its B2C vehicle sales, but also
return to profitability, in line with the commitments set out by
the Group. The income statement for the period highlights three key
elements: 1/ the good business trends independently from the still
challenging market context, 2/ the solidity of the gross profit per
unit generated on each vehicle sold, highlighting the robustness of
the business model, 3/ the effective management of overheads,
enabling the Group to return to a positive adjusted EBITDA.
Condensed income statement
|
In million of euros |
Reported basis |
|
|
FY 2023 |
FY 2022 |
Change (%) |
|
Revenues |
1,944.8 |
1,768.9 |
+9.9% |
|
Gross margin |
198.9 |
175.1 |
+13.6% |
|
Gross profit per B2C vehicle sold - GPU (€) |
2,161 |
2,142 |
+0.9% |
|
Adjusted EBITDA |
9.6 |
(10.7) |
n.a. |
|
Operating income |
(20.9) |
(51.8) |
n.a. |
|
Net profit (loss) |
(32.3) |
(60.2) |
n.a. |
Gross profit
The gross profit for 2023 is up +13.6% from 2022
to €198.9 million. The gross profit per unit generated per B2C
vehicle sold (GPU) came to €2,161, representing an improvement from
2022, despite the dilutive impact of the consolidation of the
companies acquired in Austria and Italy. Restated for these
acquisitions, it represents €2,267, up +5.8% compared with 2022.
This GPU is a benchmark for listed operators in Europe, reflecting
Aramis Group’s effective management and expertise across all the
links in the value chain, built up since it was founded 22 years
ago.
Adjusted EBITDA
Adjusted EBITDA for 2023 came to €9.6 million,
materializing an improvement by more than €20 million compared with
2022. For the 2022 scope, excluding the acquisitions in Austria and
Italy, it totaled €13.2 million, with the company acquired in
Austria generating a positive adjusted EBITDA of €1.5 million and
the company in Italy posting a -€5.1 million loss.
Throughout the year, Aramis Group maintained its
discipline with the management of its sales, general and
administrative costs (SG&A). They totaled €189.3 million in
2023, with a limited increase of +1.9% versus 2022 on a reported
basis and a marked reduction of -4.9% for the 2022 scope, despite
the higher volumes recorded over the period, which increased the
variable component.
Within this amount, marketing costs represent
€31.1 million, down -20.3% from 2022, following Aramis Group’s
decision to adapt its brand building and traffic acquisition
strategy to the market environment. Personnel expenses recognized
in SG&A totaled €97.5 million, up +13.3% from 2022, primarily
reflecting the impact of the integration of the new subsidiaries.
Vehicle delivery costs totaled €27.4 million, down -9.4% despite
the increase in the volumes sold, as the Group rationalized some of
its logistics flows. Lastly, other SG&A, which include
overheads and head office costs, represent €33.3 million, up +9.5%
compared with 2022, once again linked mainly to the impact of the
integration of the new subsidiaries.
Operating income
Operating income for 2023 totaled -€20.9
million, compared with -€51.8 million in 2022. This amount includes
-€10.0 million of personnel expenses relating to acquisitions,
-€1.0 million of personnel expenses linked to share-based payments,
-€2.1 million of transaction-related costs, and -€31.5 million of
depreciation charges. It also includes restructuring costs for
-€1.3 million, as well as a fair value surplus (badwill) of +€15.4
million, reflecting Brumbrum’s acquisition for a symbolic
price.
Net profit (loss)
The net loss for 2023 came to -€32.3 million,
compared with -€60.2 million in 2022, with the Group nearly halving
its losses. It factors in -€11.4 million of financial income and
expenses, including -€5.8 million for the cost of net financial
debt, -€4.1 million of financial expenses on lease liabilities
(IFRS 16), and -€1.5 million of other net financial expenses linked
mainly to the cancellation of a local credit line in connection
with Brumbrum’s integration.
CASH FLOW AND
FINANCIAL STRUCTURE
In addition to the Group’s return to a positive
adjusted EBITDA, FY 2023 was also characterized by a return to
positive cash generation before factoring in cash outflows relating
to the acquisitions of companies. This performance was achieved
thanks in particular to the Group’s strong focus on inventory
management and therefore the effective management of operating
working capital requirements.
Inventory and operating working capital
requirements
|
In million of euros |
Reported basis |
|
|
Sep 30, 2023 |
Sep 30, 2022 |
Change (€mn) |
|
Inventories |
220.3 |
184.8 |
+35.5 |
|
Trade receivables |
39.0 |
36.1 |
+2.8 |
|
Other current assets (excl. non-operational items) |
30.1 |
27.6 |
+2.5 |
|
Trade payables |
78.3 |
50.2 |
+28.1 |
|
Other current liabilities (excl. non-operational items) |
44.2 |
46.3 |
-2.1 |
|
Other items |
2.6 |
2.3 |
+0.3 |
|
Operating working capital requirements |
164.4 |
149.8 |
+14.6 |
|
Non-cash effect of changes in the scope of consolidation |
(46.5) |
- |
- |
|
Operating working capital requirements cash effect |
117.8 |
149.8 |
-32.0 |
Inventory represented €220.3 million on
September 30, 2023. The €35.5 million increase compared with
September 30, 2022, is linked to the inclusion of the new
subsidiaries in Aramis Group’s basis for consolidation, while
inventory levels for the 2022 scope show a slight decrease. The
Group has carried out extensive work to rationalize the inventory
of Onlinecars, the company acquired at the start of FY 2023 in
Austria, reducing local vehicle stock levels by around €17 million.
In all its other subsidiaries, Aramis Group has also worked to keep
its inventory at levels that are effectively in line with demand
and ensure the level of its gross profit per unit (GPU).
The impact of the scope effects on operating
working capital requirements represents €46.5 million. The cash
impact of the change in operating working capital requirements over
the period corresponds to €32.0 million of cash generation. The
level of operating working capital requirements on September 30,
2023, represents 31 days of revenues, stable compared with
September 30, 2022, and showing a significant improvement compared
with the 37 days reported on March 31, 2023.
Cash position
|
In million of euros |
Reported basis |
|
|
Sep 30, 2023 |
|
Net debt at period-start |
18.4 |
|
Adjusted EBITDA |
+9.6 |
|
Change in operating working capital requirements (cash effect) |
+32.0 |
|
Personnel expenses relating to acquisitions |
-1.6 |
|
Other operation-related cash flow |
-0.2 |
|
Subtotal cash flows from operating activities |
+39.8 |
|
Capex |
-19.7 |
|
Acquisitions of subsidiaries (excl. fees) |
-27,2 |
|
Other investment-related cash flow |
+2.4 |
|
Sub-total cash flows from investing activities |
-44.5 |
|
Interest paid |
-4.4 |
|
Lease charges (IFRS 16 - interest and capital) |
-17.8 |
|
Other financing-related cash flow (excl. issuing and repayment of
borrowings) |
+0.0 |
|
Sub-total cash flows from financing activities |
-22.3 |
|
Other financing-related cash flow without any impact on cash |
-37.0 |
|
Net debt at period-end |
82.3 |
Net debt on September 30, 2023, represented
€82.3 million, up +€63.9 million compared with September 30, 2022,
but down -€27.8 million compared with March 31, 2023.
The increase compared with September 30, 2022,
covers:
- €67.9 million for a scope effect
relating to the acquisitions of companies, with €30.9 million paid
out to buy these companies (including €2.1 million of costs linked
to carrying out these operations) and €37.0 million for the
consolidation of the debt recorded on the balance sheets of these
companies when they were acquired;
- €3.9 million of net cash generation
for the year.
The cash generation from operations over the
period amounted to +€39.8 million. This was driven by the
contribution from the positive adjusted EBITDA recorded and the
change in operating working capital requirements as explained
previously.
Cash consumption from investments totaled -€44.5
million. In addition to the amounts paid out to acquire
subsidiaries, it includes -€19.7 million of capex aiming to develop
new refurbishing capacity and the Group’s digital ecosystem,
representing 1% of revenues in line with the Group’s
commitments.
Lastly, financing-related cash consumption
totaled -€22.3 million, primarily including IFRS 16 lease charges
and interest paid over the period.
The Group’s balance sheet positions remain under
control, with Aramis Group benefiting from €181 million of equity
on September 30, 2023. The Group also had €173 million of undrawn
credit lines without any conditions on September 30, 2023,
including 57% with its majority shareholder, the Stellantis
Group.
OUTLOOK
Despite a still uncertain macroeconomic
environment, Aramis Group is approaching its FY 2024 with
confidence, and the start of the year is in line with the positive
trend observed in recent months. The Group also intends to maintain
a high level of discipline in managing costs and inventories across
all its subsidiaries, to ensure a profitable and controlled growth
trajectory.
The Group has set the following objectives for
its FY 2024:
-
To sell volumes of B2C vehicles in excess of the 100,000 units
milestone, at a constant perimeter;
-
To reach an Adjusted EBITDA at least twice as high as that achieved
in 2023.
Furthermore, in 2024 the Group will provide an
update on its medium and long-term outlook, in line with the new
market paradigm.
***
Status of the statutory auditors’
procedures:
During its meeting on November 28, 2023, Aramis
Group’s Board of Directors approved the consolidated financial
statements for FY 2023, ended September 30, 2023. The audit
procedures on these accounts have been completed. The statutory
auditors’ report on the full-year financial information is in the
process of being issued.
Next financial information:
2024 first-quarter activity: January 24, 2024
(after market close)
About Aramis Group –
www.aramis.group
Aramis Group is the European leader for B2C
online used car sales and operates in six countries. A growing
group, an e-commerce expert and a vehicle refurbishing pioneer,
Aramis Group takes action each day for more sustainable mobility
with an offering that is part of the circular economy. Founded in
2001, it has been revolutionizing its market for over 20 years,
focused on ensuring the satisfaction of its customers and
capitalizing on digital technology and employee engagement to
create value for all its stakeholders. With full-year revenues of
nearly €2 billion, Aramis Group sells more than 90,000 vehicles B2C
and welcomes more than 70 million visitors across all its digital
platforms each year. The Group employs more than 2,500 people and
has eight industrial-scale refurbishing sites throughout Europe.
Aramis Group is listed on Euronext Paris Compartment B (Ticker:
ARAMI – ISIN: FR0014003U94).
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 dated January 18, 2023, approved by the AMF
under number R. 23-002 and available on the Group’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. 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.
Investors contact
Alexandre LeroyHead of Investor Relations, Financing and Cash
Managementalexandre.leroy@aramis.group
+33 (0)6 58 80 50 24
Press contacts
BrunswickHugues Boëton Tristan Roquet
Montegon
aramisgroup@brunswickgroup.com+33 (0)6 79 99 27
15
APPENDICES
Net profit and loss
|
In € thousands |
FY 2022-2023 |
FY 2021-2022 |
|
Revenue |
1,944,810 |
1,768,856 |
|
Cost of goods and services sold |
(1,636,973) |
(1,509,366) |
|
Other purchases and external expenses |
(159,579) |
(158,145) |
|
Taxes other than income tax |
(6,045) |
(5,341) |
|
Personnel expenses |
(127,448) |
(104,055) |
|
Personnel expenses relating to share-based payments |
(987) |
(684) |
|
Personnel expenses relating to acquisitions |
(9,991) |
(16,167) |
|
Provisions and impairment loss on current assets |
(5,153) |
(2,140) |
|
Transaction-related costs |
(2,113) |
(2,070) |
|
Other operating income |
2,657 |
658 |
|
Other operating expenses |
(3,923) |
(1,132) |
|
Operating income before depreciation and amortisation |
(4,746) |
(29,586) |
|
Depreciation and amortisation relating to PP&E and intangible
assets |
(16,848) |
(11,591) |
|
Depreciation of right-of-use assets |
(14,693) |
(10,592) |
|
Gain on a bargain purchase |
15,375 |
- |
|
Operating income (expense) |
(20,911) |
(51,769) |
|
Cost of net debt |
(5,769) |
(3,788) |
|
Interest expenses on lease liabilities |
(4,076) |
(2,141) |
|
Other financial income |
418 |
848 |
|
Other financial expenses |
(1,937) |
(410) |
|
Net financial income (expenses) |
(11,364) |
(5,491) |
|
Profit (loss) before tax |
(32,275) |
(57,260) |
|
Income tax |
(58) |
(2,966) |
|
Profit (loss) |
(32 333) |
(60,226) |
|
Attributable to owners of the Company |
(32 333) |
(60,226) |
|
Attributable to non-controlling interests |
- |
- |
Statement of financial
position
|
In € thousands |
Sep 30, 2023 |
Sep 30, 2022 |
| |
|
|
|
Goodwill |
64,118 |
44,264 |
|
Other intangible assets |
61,017 |
52,759 |
|
Property, plant and equipment |
41,188 |
26,080 |
|
Right-of-use assets |
98,091 |
75,842 |
|
Other non-current financial assets, including derivatives |
1,157 |
1,078 |
|
Deferred tax assets |
1,904 |
2,636 |
|
Non-current assets |
267,475 |
202,658 |
|
Inventories |
220,336 |
184,825 |
|
Assets sold with a buy-back commitment |
5,010 |
6,716 |
|
Trade receivables |
38,972 |
36,128 |
|
Current tax receivables |
437 |
1,190 |
|
Other current assets |
32,446 |
29,396 |
|
Cash and cash equivalents |
49,040 |
58,243 |
|
Current assets |
346,241 |
316,498 |
|
Total assets |
613,717 |
519,156 |
| |
|
|
|
Share capital |
1,657 |
1,657 |
|
Additional paid-in capital |
271,165 |
271,162 |
|
Reserves |
(59,683) |
(464) |
|
Effect of changes in exchange rate |
93 |
(1,358) |
|
Profit (loss) attributable to owners of the Company |
(32,333) |
(60,226) |
|
Total equity attributable to owners of the Company |
180,899 |
210,771 |
|
Non-controlling interests |
- |
- |
|
Total Equity |
180,899 |
210,771 |
|
Non-current financial liabilities |
43,622 |
13,812 |
|
Non-current lease liabilities |
86,626 |
66,620 |
|
Non-current provisions |
2,508 |
1,573 |
|
Deferred tax liabilities |
8,383 |
8,126 |
|
Non-current personnel liabilities associated to current
acquisitions |
21,560 |
12,257 |
|
Other non-current liabilities |
2,754 |
2,700 |
|
Non-current liabilities |
165,453 |
105,088 |
|
Current financial liabilities |
101,864 |
76,644 |
|
Current lease liabilities |
13,529 |
10,181 |
|
Current provisions |
5,662 |
2,771 |
|
Trade payables |
78,291 |
50,170 |
|
Current tax liabilities |
503 |
283 |
|
Current personnel liabilities associated to current
acquisitions |
1,000 |
1,591 |
|
Other current liabilities |
66,517 |
61,657 |
|
Current liabilities |
267,365 |
203,296 |
|
Total Equity and liabilities |
613,717 |
519,156 |
Cash flow statement
|
In € thousands |
FY 2022-2023 |
FY 2021-2022 |
|
Profit (loss) for the period |
(32,333) |
(60,226) |
|
Depreciation, amortisation and provisions |
34,296 |
22,953 |
|
Income tax |
58 |
2,966 |
|
Net financial income and expenses |
11,364 |
5,491 |
|
Gain on a bargain purchase |
(15,015) |
- |
|
Items reclassifed under cash from investing activities |
389 |
(40) |
|
Expenses relating to share-based payments |
987 |
684 |
|
Other non-cash items |
(0) |
(0) |
|
Change in personnel expenses relating to acquisitions |
8,400 |
(21,143) |
|
Change in working capital |
31,066 |
(19,875) |
|
Income tax paid |
580 |
(233) |
|
Net cash from (used in) operating activities |
39,792 |
(69,421) |
|
Acquisition of property, plant and equipment and intangible
assets |
(19,705) |
(25,184) |
|
Proceeds from disposals of assets |
2,469 |
495 |
|
Change in loans and other financial assets |
(63) |
104 |
|
Acquisition of subsidiaries, net of cash acquired |
(2,457) |
(902) |
|
Intérêts reçus |
0 |
3 |
|
Net cash from (used in) investing activities |
(19,756) |
(25,484) |
|
Capital increase (decrease) |
2 |
124 |
|
Proceeds from borrowings |
50,549 |
133,322 |
|
Repayment of borrowings |
(68,972) |
(84,350) |
|
Purchase/sale of treasury shares |
76 |
(614) |
|
Interest paid |
(8,511) |
(3,674) |
|
Other financial expenses paid and income received |
(1,230) |
(473) |
|
Net cash from (used in) financing activities |
(28,085) |
44,335 |
|
Effect of changes in exchange rate |
180 |
(383) |
|
Net change in cash |
(7,869) |
(50,953) |
|
Cash and cash equivalents at opening |
55,354 |
106,307 |
|
Cash and cash equivalents at close |
47,485 |
55,354 |
Reconciliation of gross profit per unit
(GPU)
|
In thousands of euros |
Reported basis |
|
|
FY 2023 |
FY 2022 |
Change (%) |
|
Revenues |
1,944,810 |
1,768,853 |
+9.9% |
|
Cost of goods and services sold |
(1,636,973) |
(1,509,366) |
+8.5% |
|
Gross profit (consolidated data) |
307,837 |
259,490 |
+18.6% |
|
Cost of transport and refurbishing |
(108,919) |
(84,426) |
+29.0% |
|
Gross profit |
198,918 |
175,064 |
+13.6% |
|
Number of B2C vehicles sold (units) |
92,063 |
81,731 |
+12.6% |
|
Gross profit per unit of B2C vehicle sold – GPU (€) |
2,161 |
2,142 |
+0.9% |
Reconciliation of adjusted
EBITDA
|
In thousands of euros |
Reported basis |
|
|
FY 2023 |
FY 2022 |
Change (%) |
|
Operating income before depreciation and amortization |
(4,746) |
(29,586) |
-84.0% |
|
Personnel expenses related to share-based payments |
987 |
684 |
+44.2% |
|
Personnel expenses related to acquisitions |
9,991 |
16,167 |
-38.2% |
|
Transaction-related costs |
2,113 |
2,070 |
+2.1% |
|
Restructuring costs |
1,301 |
- |
- |
|
Adjusted EBITDA |
9,646 |
(10,665) |
- |
Breakdown of operating working capital
requirements
|
In thousands of euros |
Reported basis |
|
|
Sep 30, 2023 |
Sep 30, 2022 |
|
Inventories |
220,336 |
184,825 |
|
Trade receivables |
38,972 |
36,128 |
|
Trade payables |
(78,291) |
(50,170) |
|
Other current assets |
32,446 |
29,396 |
|
Restatements relating to other current assets: |
|
|
|
- Social security and personnel-related receivables |
(300) |
(174) |
|
- Tax receivables other than those related to VAT |
(485) |
(114) |
|
- Other items not related to operating working capital |
(1,557) |
(1,524) |
|
Other current liabilities |
(66,517) |
(61,657) |
|
Restatements relating to other current liabilities: |
|
|
|
- Social security liabilities |
16,501 |
13,615 |
|
- Tax liabilities other than those related to VAT |
4,697 |
1,150 |
|
- Debt on securities acquisition |
100 |
100 |
|
- Items under “other liabilities” not related to conversion
premiums and environmental bonuses |
1,037 |
487 |
|
Prepaid income - non-current |
(2,567) |
(2,271) |
|
Operating working capital requirements (A) |
164,372 |
149,791 |
|
Revenues over last 12 months (B) |
1,944,810 |
1,768,856 |
|
Operating working capital requirements expressed in days of
revenues (A/B multiplied by 365) |
31 |
31 |
Reconciliation of net debt with net
financial debt under IFRS
|
In thousands of euros |
Reported basis |
|
|
Sep 30, 2023 |
Sep 30, 2022 |
|
Bank loans and borrowings (incl. RCF) |
49,586 |
18,668 |
|
Other financial liabilities |
80,238 |
55,087 |
|
Bank overdrafts |
1,555 |
2,889 |
|
Cash and cash equivalents |
(49,040) |
(58,243) |
|
Net financial debt |
82,340 |
18,401 |
|
Lease liabilities |
100,155 |
76,800 |
|
Liabilities relating to minority shareholder put options |
14,106 |
13,812 |
|
IFRS net financial debt |
196,600 |
109,013 |
1 Net Promoter Score2 Market for used vehicles
less than eight years old in the 6 geographies of the Group,
source: S&P Global and Aramis Group3 Guillaume Paoli is
the Company’s Chairman and Chief Executive Officer, and Nicolas
Chartier is Deputy Chief Executive Officer, based on a two-year
rotation 4 Aramis Group’s core market5 Source: S&P Global and
Aramis Group6 Only Aramis Group’s French and Belgian subsidiaries
sell pre-registered vehicles, so this performance was not impacted
by the acquisitions made in Austria and Italy7 Market for used
vehicles less than eight years old, source: S&P Global and
Aramis Group
- Press release - ARAMIS GROUP - 2023 annual results
Aramis (EU:ARAMI)
過去 株価チャート
から 11 2024 まで 12 2024
Aramis (EU:ARAMI)
過去 株価チャート
から 12 2023 まで 12 2024
