(Boursier.com) — The 2023 turnover of Fnac Darty stands at 7.875 billion euros, almost stable compared to 2022 (-0.9% in published data and -1.1% in comparable data). The Group once again demonstrates its ability to outperform the market whose volumes have decreased compared to 2022.
The gross margin rate reaches 30.2% in 2023, stable compared to 2022 excluding the dilutive impact of the franchise. Operational costs increase by €30 million to reach €2.209 billion in 2023.
Current EBITDA amounts to 533 million euros, including 264 ME linked to the application of the IFRS 16 standard, down -47 ME compared to 2022.
Current operating profit amounted to €171 million at the end of December 2023, down -60 million compared to 2022. Half of this change comes from the particularly sharp drop in activity in Spain and at Nature & Découvertes in the 4th quarter. The balance reflects the increase in the Group’s operating costs. The operating margin rate is down at 2.2%.
Restated for the 106 ME of exceptional non-current items, the Group share of net profit from continuing operations – adjusted amounts to €31 million in 2023.
Quoting…
Dividend
Fnac Darty will propose to the Annual General Meeting of Shareholders on May 29 to approve the distribution of a dividend of 0.45 euros per share.
This amount represents a distribution rate of 39% calculated on the Group’s share of net income from continuing operations – adjusted, in line with previous years and the shareholder return policy presented in the Everyday strategic plan.
The dividend ex-dividend date is July 3, and payment is July 5.
Outlook 2024
In 2024, growth should be supported by the decline in inflation, which is beneficial to purchasing power, and the fall in the savings rate. However, the timetable for the recovery in household consumption still remains very uncertain, affecting visibility on the recovery in volumes.
The cost of energy will benefit from a favorable basis of comparison, however an increase in rental costs and salaries is anticipated. In this context, the Group will ensure:
– continue to outperform the markets thanks to its operational agility and the complementarity of its stores and websites;
– preserve its gross margin level as best as possible;
– pursue rigorous cost control;
– maintain a solid liquidity position and remain attentive to possible market opportunities, while reducing its financial leverage ratio (around 1.5x as of December 31);
– Continue the deployment of its strategic initiatives to simplify its model and support future growth; in particular by testing the possibilities offered by recent advances in artificial intelligence.
The Fnac Darty Group maintains its vigilance regarding developments in the economic and geopolitical context. At this stage, it anticipates a Current Operating Profit (ROC) for 2024 at least equal to that of 2023. The Group reaffirms its objective of achieving a cumulative free operating cash flow of around €500 million over the period 2021-2024, i.e. a level of 180 ME in 2024.