• MAISONS DU MONDE: FIRST-HALF 2021 RESULTS

    Source: Nasdaq GlobeNewswire / 28 Jul 2021 01:45:00   America/New_York

    PRESS RELEASE

    MAISONS DU MONDE: FIRST-HALF 2021 RESULTS

    Strong growth in sales and profitability in the half

    Full year guidance confirmed

    NANTES – 28 July 2021, 07:45 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 unaudited consolidated results1 for the first six months of 2021.

    Conference call to be held at 09:00 CEST (see details page 13).

    • Strong sales growth: €663 million (+36%, +35% LFL; +12% LFL vs H1 19)
    • Sharp improvement in profitability: EBIT €52 million (vs -€7 million H1 20)
      • All-time high 1st half EBIT margin of 7.9% (vs -1.5% in H1 20; 5.4% in H1 19)
      • Free cash flow of €57 million (vs 43 million at 30 June 2020)
    • Full year guidance confirmed despite Covid-related uncertainty and
      global supply chain imbalances

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

    “We are very pleased with our first half performance, and I’d like to thank our teams for their commitment and adaptability in the face of ongoing challenging circumstances. With strong growth both in sales and profitability, Maisons du Monde’s results attest to the continued appeal of our model and the sound execution of our strategic priorities to achieve a balanced growth equation.

    The selective marketplace we launched on our French website last November continues to show an outstanding performance, already reaching 20% of our French online GMV in the first half. Our ongoing onboarding of new partners enables us to offer over nearly 600 brands to our customers, with customer experience steadily at par with our own ecommerce activity.

    As we enter the second half of the year, uncertainty in the environment remains high due to recent and ongoing supply chain disruption in Asia, as well as possible impact of the pandemic on commercial activity. Despite the adverse context, our excellent performance to date enables us to confirm our full-year guidance, and I trust our teams to remain fully focused on everyday operational excellence and our strategic priorities.”

    First Half Key Figures
    (in € million)     		2021 2020 %
    change
        Sales2 662.6 488.9 +35.5%
    Like-for-like 647.5 478.1 +35.4%
        EBIT 52.4 (7.3) nm
             As a % of Sales 7.9% -1.5%  
    Net Income 20.5 (20.4) nm
            Diluted EPS (in €) 0.42 (0.35)  
    Free Cash Flow 57.2 42.6 +34.3%
    Net debt3 41.3 96.4 -57.2%
             Leverage3 0.2x 0.7x  

    First half 2021 Sales and Operational Performance

    Strong 1st half sales: €663 million

    Maisons du Monde’s first half 2021 posted a high increase of 35.5% yoy to €663 million (LFL: +35.4%) as store sales resumed strong growth after reopening mid-May, while online activity remained dynamic. The sales growth was also driven by the success of Maisons du Monde’s revitalized collections. Modani’s 1st half 2021 sales amounted to €28 million, representing a 43% yoy increase. Compared to the first half of 2019, total Group H1 21 sales were up 17% (LFL: +12%).

     

    Summary of sales
    (in € million)     		Q2 21 Q2 20 %
    Change     		H1 21 H1 20 %
    Change
    Sales 331.7 245.2 +35.3% 662.6 488.9 +35.5%
    % like-for-like change4 +34.3% -16.2%   +35.4% -17.5%  
    Maisons du Monde 315.9 236.2 +33.8% 632.0 467.9 +35.1%
    % like-for-like change +32.0% -15.3%   +34.2% -17.3%  
    Modani 14.5 8.4 +72.7% 28.2 19.7 +43.4%
                 
    Sales by distribution channel            
    Stores 187.2 129.1 +45.0% 394.4 302.6 +30.3%
    % of sales 56.4% 52.7%   59.5% 61.9%  
    Online 144.5 116.1 +24.5% 268.2 186.2 +44.0%
    % of sales 43.6% 47.3%   40.5% 38.1%  
                 
    Sales by geography            
    France 150.7 124.7 +21.0% 332.2 252.1 +31.8%
    % of sales 45.4% 50.8%   50.1% 51.6%  
    International 180.9 120.5 +50.1% 330.4 236.8 +39.5%
    % of sales 54.6% 49.2%   49.9% 48.4%  
                 
    Sales by product category            
    Decoration 156.6 111.0 +41.1% 332.2 237.0 +40.2%
    % of sales 47.2% 45.3%   50.1% 48.5%  
    Furniture 175.0 134.2 +30.5% 330.4 251.9 +31.2%
    % of sales 52.8% 54.7%   49.9% 51.5%  

    The Group estimates that first half 2021 lockdowns reduced total sales during the period by approximately €(45) million (-€60 million stores, +€15 million online) versus €(110) million during the 1st half of 2020 (-€130 million stores, +€20 million online). The traditional June sales promotion in France did not start until 30 June this year and therefore had virtually no impact on H1 2021 sales.

    During the 2nd quarter 2021, Group sales were up 35% yoy to €332 million (+17% vs Q2 2019). During the period, store sales grew 45% to €187 million. Online sales continued to perform well during the quarter, increasing 25% yoy.

    Brand, Collections and Customers

    Maisons du Monde was selected by EY Parthenon as France’s second favorite home and living brand in March for the 5th consecutive year, and the Group saw solid growth in its Instagram community (+31% more subscribers, reaching 5 million followers across Europe) while the monthly average Facebook reach increased by 20%.

    40% of Maisons du Monde’s total customer base were new clients (new store customers: 41%; new online customers: 40%) and these new customers accounted for approximately one-third of total 1st half sales.

    The omnichannel customer base also continued to grow with the number of “store-only” customers who bought online for the first time up 38% yoy during the H1 period.

    The revitalized decoration collections performed well again, with 1st half sales growing by 40% yoy. Despite limited product availability, furniture sales were up 31% during the period. Outdoor furniture was particularly successful, rising by 23% yoy and accounting for 18% of furniture sales.

    Online Activity

    H1 21 online sales, representing 40% of total first half sales, registered a 44% yoy increase to €268 million, thanks to a 61% increase in online orders. Activity benefitted from free in-store click & collect delivery that was introduced in the 4th quarter of 2020. Furthermore, the online product mix benefited from decoration items accounting for one-third of 1st half online sales (vs 29% in 2020).

    Marketplace GMV totaled €32 million during the period, representing 20% of total online GMV in France and proving the relevance of the strategic decision made to complete Maisons du Monde’s unique omnichannel model. The marketplace, which currently boasts over 580 brands and 71,000 SKUs, continued to display great momentum adding 100 new sellers during the period.

    The Group also introduced 24-hour delivery for decoration items in June, further improving its service level to customers.

    Store Network

    H1 21 store sales were up 30% yoy to €394 million as the European network was open on average for 69% of the period (compared to 66% in H1 2020) due to Covid-related lockdowns. French store sales (52% of total store sales) totaled €203 million (+21% yoy), while the rest of the European and Modani networks added €191 million (+42% yoy).

    At 30 June 2021, Maisons du Monde had 352 stores in Europe and 17 stores in the US, unchanged compared to 31 December 2020. During the 2nd quarter 2021, the Group opened 6 new stores: 2 in France (Chalon-sur-Saône and Montpellier) and 4 in the rest of Europe (2 in Spain and 1 each in Belgium and Germany). During the same period, the Group closed 3 stores in France. Total store network commercial area of 439,000 m2 increased 4,100 m2 compared to 31 December 2020.

    CSR commitment

    Maisons du Monde concentrated its H1 2021 CSR efforts on several fronts:

    • Further improvements on offer with the number of spring-summer decoration items meeting sustainability criteria increasing by 50% yoy, and eco-friendly products in kids categories up 44% yoy
    • ISO 50001 certification of all our French stores, attesting to energy consumption optimization
    • Support of our teams’ purchasing power through a PEPA bonus to all our employees in Europe and extra temporary unemployment compensation to align countries on France’s conditions
    • Signature of our first three year-agreement to promote inclusion of disabled persons in our workforce
    • Financing of a vaccination program for the benefit of our Indian suppliers (1,300 workers vaccinated to date)
    • Product donations to 21 hospitals in France, Belgium, Italy and Spain.

    First half 2021 Financial Performance

    Return to profitability: EBIT margin rebounds to 7.9% (vs -1.5% in H1 20 and 5.4% in H1 19)

    The first half 2021 gross margin amounted to €432 million, up 123 basis points to 65.2% as a percentage of sales (versus 64.0% in H1 20), supported by a favorable online product mix. Increased sales volume induced a favorable leverage effect, notably on logistics costs. Store operating and central costs were higher yoy as temporary unemployment governmental subsidies were lower than in 2020. H1 marketing investments were up €13 million vs 2020 to support online growth, including promotion of our marketplace.

    Gross margin, EBITDA, EBIT

    (in € million)

          		     
    H1 21 H1 20 %
    change
    Sales 662.6 488.9 +35.5%
        Cost of goods sold5 (230.7) (176.2) +30.9%
    Gross margin 431.9 312.6 +38.2%
    As a % of Sales 65.2% 64.0% +123 bps
    Logistics costs (95.1) (90.1) +5.6%
    Store operating and central costs (169.4) (132.1) +28.2%
        Advertising costs (35.3) (22.4) +57.9%
    Operating Costs (299.9) (244.6) +22.6%
    EBITDA 132.0 68.1 +94.0%
    As a % of Sales 19.9% 13.9% +601 bps
    Depreciation, amortization and allowance for provisions (79.6) (75.4) +5.6%
    EBIT 52.4 (7.3) nm
    As a % of Sales 7.9% (1.5)% +942 bps

    As a result, EBITDA nearly doubled yoy to €132 million (EBITDA margin: 19.9% +601 bps vs H1 20 and +272 bps vs H1 19).

    H1 2021 EBIT reached an all-time high at €52 million (up from -€7 million the same period last year) with an associated margin of 7.9% (+942 bps), as a result of higher-than-expected sales activity and non-repeating 1st half 2020 Covid costs which were mostly one-off. Other operating expenses of €(8) million were mainly related to mark-to-market of foreign exchange hedge contracts and store closures. Net financial expense rose to €(12) million due to a swing in currency losses. Income tax amounted to €(10) million and includes corporate income tax (effective tax rate 27%) and local taxes.

    As a result, net income amounted to €20.5 million for H1 2021 (versus -€20.4 million during the same period in 2020 and €5.4 million in 2019). Diluted EPS increased from €(0.35) in H1 2020 to €0.42 in H1 2021. H1 2019 net income was €5.4 million (diluted EPS €0.15).

    Solid free cash flow: €57 million

        30 June 2021   30 June 2020
    EBITDA   132.0   68.1
    Change in working capital   28.7   72.7
    Change in other operating items   (20.9)   (21.5)
    Net cash generated by/(used in) operating activities   139.8   119.3
    Capital expenditures (Capex)   (24.5)   (19.9)
    Change in debt on fixed assets   (0.6)   (4.9)
    Proceeds from disposal of non-current assets   0.8   0.1
    Reduction of lease debt   (52.2)   (45.5)
    Interest on lease debt   (6.1)   (6.5)
    Free cash flow   57.2   42.6

    Free cash flow came in at €57 million compared to €43 million at 30 June 2020. The improvement was mainly due to increased EBITDA, offset by a higher inventory level compared to 2020 and advanced sourcing prepayments with some key suppliers. It should be noted that inventories remained at a low level at the end of June due to sourcing and freight constraints, notably in the last part of Q2. Capex was up €5 million due to higher store development investments. The 1H 21 capex to net sales ratio of 3.7% is expected to be around 5% at year-end.

    Net financial debt

    Thanks to its strong liquidity, Maisons du Monde decided not to renew the €50 million term loan associated with its Senior Credit Facility that was to mature on 31 May 2021, and as a result paid it off in full.

    On 8 June 2021, the Group refunded in full the €150 million French state-guaranteed loan that it contracted in June 2020.

    The Group extended the maturity of its undrawn €150 million Revolving Credit Facility by one year to 19 April 2022.

    The Group’s gross debt position (excluding finance leases) at 30 June 2021 was reduced to €191 million. Taking into account its cash and cash equivalents position of €153 million, Maisons du Monde had net debt position at 30 June 2021 of €41 million (leverage of 0.2x, down from 0.7x at 31 December 2020).

    Net debt & leverage (in € million – IFRS 16 & IAS 17)      

          		 
    Net debt calculation   31 June 2021 31 Dec 2020
    Convertible bonds (“OCEANE”)   188.8   186.5
    Term loan   -   49.9
    Revolving Credit Facilities (RCFs)   (0.1)   (0.1)
    State guaranteed term loan (PGE)   -   150.3
    Other debt6   2.0   1.9
    Finance leases   625.4   620.1
    Cash & cash equivalents   (153.0)   (296.7)
    Net debt   663.1   711.9
    Less: Finance leases (IFRS 16 amount)   (621.8)   (615.5)
    Net debt7   41.3   96.4
    LTM EBITDA7   191.8   130.0
    Leverage7   0.2x   0.7x

    Dividend

    The Shareholders’ Annual General Meeting of 4 June 2021 approved the resumption of a dividend payment, of €0.30 per share for 2020, representing a total cash distribution to shareholders in the amount of €13.5 million. The ex-dividend date was 5 July 2021, and the payment date was 7 July 2021.

     Full Year 2021 Outlook

    As we enter the second half, uncertainty in the environment remains high due to recent and ongoing supply chain disruptions in Asia induced by the Covid outbreak. In addition, store activity could be disrupted should the sanitary conditions deteriorate further.

    However, based on an excellent H1 performance, the Group is confident in fully confirming the full-year guidance it provided on 10 March 2021:

    • high single-digit top line growth yoy, with broadly unchanged number of stores at year-end
    • an improved EBIT margin, increasing by up to 50 basis points vs 2020
    • free cash flow above its 2020 level.

    Maisons du Monde 2021 Capital Markets Day : 8 November 2021

    The Group will hold a capital markets day in Paris, France, on Monday, 8 November 2021. Detailed information of the exact location and time will be provided in September 2021.

    Consolidated financial statements

    Consolidated income statement

    (in € million – IFRS 16)

          		           
      1st half 2021   1st half 2020   %
    change
    Sales8   662.6   488.9   +35.5%
    Other revenue   28.8   21.1   +36.6%
    Total revenue   691.4   509.9   +35.6%
    Cost of sales9   (230.7)   (176.2)   +30.9%
    Gross Margin10   431.9   312.6   +38.2%
    As a % of Sales   65.2%   64.0%   +123 bps
    Personnel expenses   (119.9)   (94.4)   +27.1%
    External expenses   (211.4)   (175.8)   +20.2%
    Depreciation, amortization and allowance for provisions   (79.6)   (75.4)   +5.6%
    Fair value – derivative financial instruments   (3.8)   9.9   nm
    Other income/(expenses) from operations   (3.2)   (1.7)   +86.3%
    Current operating profit   42.8   (3.7)   nm
    Other operating income and expenses   (1.2)   (2.2)   -45.7%
    Operating profit / (loss)   41.6   (5.8)   nm
    Cost of net debt   (3.7)   (3.8)   -3.5%
    Cost of lease debt   (6.2)   (6.6)   -7.3%
    Financial income   1.2   2.3   -50.9%
    Financial expense   (2.8)   (1.5)   +83.9%
    Financial profit / (loss)   (11.5)   (9.6)   +19.4%
    Profit / (loss) before income tax   30.1   (15.5)   nm
    Income tax   (9.6)   (4.9)   +96.4%
    Profit / (loss) for the period   20.5   (20.4)   nm
    Attributable to:            
    • Owners of the parent
    		   19.6   (18.6)   nm
    • Non-controlling interests
    		   0.9   (1.8)   nm
    Diluted EPS (in €)   0.42   (0.35)   nm


    Consolidated balance sheet        
    (in € million – IFRS 16)   30 June 2021   30 June 2020  
    ASSETS                  
    Goodwill   327.0   375.4  
    Other intangible assets   241.8   250.0  
    Property, plant and equipment   162.4   159.3  
    Right-of-use assets related to lease contracts   632.7   668.2  
    Other non-current financial assets   16.2   15.8  
    Deferred income tax assets   7.1   5.0  
    Derivative financial instruments   0.0   3.3  
    NON-CURRENT ASSETS   1,387.3   1,477.1  
    Inventory   186.8   173.6  
    Trade receivables and other current receivables   102.4   121.0  
    Other current financial assets   -   (0.0)  
    Current income tax assets   19.9   15.0  
    Derivative financial instruments   -   15.9  
    Cash and cash equivalents   153.0   437.4  
    CURRENT ASSETS   462.1   763.0  
    TOTAL ASSETS   1,849.4   2,240.1  
               
    EQUITY AND LIABILITIES                  
    TOTAL EQUITY   621.2   607.3  
    Non-current borrowings   1.6   151.4  
    Non-current convertible bonds   189.1   184.4  
    Medium and long-term lease liability   511.1   544.3  
    Deferred income tax liabilities   49.9   53.0  
    Post-employment benefits   12.7   11.6  
    Provisions   6.8   14.0  
    Derivative financial instruments   2.1   -  
    Other non-current liabilities   6.4   23.5  
    NON-CURRENT LIABILITIES   779.8   982.2  
    Current borrowings and convertible bonds   0.1   201.8  
    Short-term lease liability   114.2   118.1  
    Trade payables and other current payables   307.8   319.3  
    Provisions   6.2   3.6  
    Current income tax liabilities   13.0   7.8  
    Derivative financial instruments   7.1   -  
    CURRENT LIABILITIES   448.4   650.6  
    TOTAL LIABILITIES   1,228.1   1,632.8  
    TOTAL EQUITY AND LIABILITIES   1,849.4   2,240.1  


    Consolidated cash flow statement

    (in € million – IFRS 16)

          		         
      30 June 2021   30 June 2020
    Profit/(loss) before income tax   30.1   (15.5)
    Adjustments for:        
    • Depreciation, amortization, and allowance for provisions
    		   77.3   74.3
    • Net gain/(loss) on disposals
    		   2.9   3.3
    • Fair value – derivative financial instruments
    		   3.8   (9.9)
    • Share-based payments
    		   (0.6)   (0.4)
    • Cost of net financial debt
    		   3.7   3.8
    • Cost of lease debt
    		   6.2   6.6
    Change in operating working capital requirement:        
    • (Increase)/decrease in inventory
    		   (15.0)   37.4
    • (Increase)/decrease in trade and other receivables
    		   5.2   (5.8)
    • Increase/(decrease) in trade and other payables
    		   38.4   41.1
    Income tax paid   (12.2)   (15.7)
    Net cash generated by/(used in) operating activities(a)   139.9   119.3
    Acquisition of non-current assets:        
    • Property, plant and equipment
    		   (19.3)   (12.8)
    • Intangible assets
    		   (5.0)   (6.9)
    • Financial assets
    		   -   (0.0)
    • Other non-current assets
    		   (0.3)   (0.0)
    Change in debt on fixed assets   (0.6)   (4.9)
    Proceeds from sale of non-current assets   0.8   0.0
    Net cash generated by/(used in) investing activities(b)   (24.3)   (24.7)
    Proceeds from issuance of borrowings   0.3   301.2
    Repayment of borrowings   (200.3)   (0.4)
    Decrease of lease debt   (52.2)   (45.4)
    Acquisitions (net) of treasury shares   0.4   0.1
    Interest paid   (1.5)   (0.3)
    Interest on lease debt   (6.1)   (6.5)
    Net cash generated by/(used in) financing activities©   (259.5)   248.7
    Exchange gains/(losses) on cash and cash equivalents   0.1   (0.5)
    Net increase/(decrease) in cash & cash equivalents(a)+(b)+(c)   (143.8)   342.8
             
    Cash & cash equivalents at period begin   296.7   94.5
    Cash & cash equivalents at period end   152.9   437.3




    Store network11

    (In units)

          		Number of stores at end of:
    Q1 19 Q2 19 Q3 19 Q4 19 FY 19 Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21
    France 221 224 227 233 233 228 227 227 228 228 223 222
    Italy 45 47 48 48 48 48 48 48 49 49 49 49
    Spain 23 24 24 27 27 27 27 27 27 27 26 28
    Belgium 21 21 22 24 24 23 23 23 24 24 25 26
    Germany 10 10 10 11 11 11 10 10 11 11 11 12
    Switzerland 7 8 8 9 9 9 9 9 9 9 10 10
    Luxembourg 3 3 3 3 3 3 3 3 3 3 3 3
    Portugal - 1 1 1 1 1 1 1 1 1 1 1
    Austria - - - - - - - - - - 1 1
    United Kingdom 4 4 4 - - - - - - - - -
    United States (MDM) 1 1 1 2 2 2 - - - - - -
    United States (Modani) 14 15 16 18 18 19 18 18 17 17 17 17
                             
    Number of stores 349 358 364 376 376 371 366 366 369 369 366 369
    Net openings 0 +9 +6 +12 +27 -5 -5 0 +3 -7 -3 +3
                             
    Sales area (K sqm) 398.6 408.1 416.7 432.3 432.3 431.3 428.5 429.1 434.6 434.6 433.4 438.7
    Change (K sqm) +0.2 +9.5 +8.6 +15.6 +33.9 -1.0 -2.8 +0.6 +5.5 +2.3 -1.2 +5.3

    ***

    In addition to 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 1) sales of decorative items and furniture through the Group’s retail stores, websites and B2B activities, 2) marketplace commissions, and 3) service revenue and commissions. They mainly exclude:

    1. customer contribution to delivery costs,
    2. revenue for logistics services provided to third parties, and
    1. 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 (LFL) 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.

    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.

    ***

    Financial calendar12

    27 October 2021 3rd Quarter 2021 sales
    08 November 2021 Capital Market Day

    ***

    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.

    ***

    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 a complementary omnichannel approach, leveraging its international network of stores, websites and catalogues. The Group was founded in France in 1996 and has expanded profitably across Europe since 2003, reporting sales of €1,182 million and EBITDA of €241 million in 2020. At 31 December 2020, the Group operated 369 stores in 9 countries including France, Belgium, Germany, Italy, Luxembourg, Portugal, Spain, Switzerland and the United States, and derived 47% 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 2020. This platform, enriched by the launch of a marketplace in France in November 2020, accounted for 33% of the Group's sales in 2020 and is available in the countries where it operates stores plus Austria, the Netherlands and the United Kingdom.

    corporate.maisonsdumonde.com

    ***

    Contacts

    Investor Relations Press Relations
    Christopher Welton – +33 7 85 70 71 41 Mathilde Degeorges – +33 6 73 66 23 28
    cwelton@maisonsdumonde.com mdegeorges@maisonsdumonde.com


    Maisons du Monde First Half 2021 Results
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    1 IFRS 16; the audit of the first half 2021 financial results is being finalized.
    2 Defined as merchandise sales and service revenue & commissions less franchise and promotional sales (€2.5 mn in 1H21 and €1.5 mn in 1H20).
    3 Net debt (less IFRS 16 finance leases) divided by LTM EBITDA as calculated under IAS 17 as per the Senior Credit Facilities Agreement. 2020 net debt and leverage data are at 31 December 2020.

    4 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.

    5 Reclassification for €0.8 million from the item “Depreciation, amortization and allowance for provisions” to the item “Cost of sales” in       2020.
    6 Including other borrowings, deposits & guarantees and banks overdrafts.
    7 Net debt (less IFRS 16 finance leases) divided by LTM EBITDA as calculated under IAS 17 as per the Senior Credit Facilities Agreement.
    8 Defined as merchandise sales as well as other commissions and services less franchise and promotional sales (€2.5 mn in 1H21 and €1.5 mn in 1H20).

    9 Reclassification for €0.8 million from the item “Depreciation, amortization and allowance for provisions” to the item “Cost of sales” in 2020.
    10 Gross margin (sales less cost of sales) is a non-IFRS financial metrics and is presented here for informational purposes only.
    11 Excluding franchise stores.
    12 Indicative timetable.

     

    Attachment


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