VENTE-UNIQUE.COM: H1 2017-2018 EARNINGS: NET PROFIT UP 92%
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2 June 2018. Vente-Unique.com, a European specialist in online furniture sales, today announces its earnings for the first half of the 2017-2018 financial year (1 October 2017 to 31 March 2018).
Vente-Unique.com posted net profit up 92% from the same period last year, driven by strong growth combined with the consolidation of its operating margin and major reductions in non-recurring expenses.
| IFRS (€000) | H1 2016-2017 |
H1 2017-2018 |
Change |
| Revenues | 38,318 | 44,899 | +17% |
| Margin on sales of goods[1] | 38.9% | 39.4% | +0.5pp |
| EBITDA[2] | 3,501 | 3,637 | +4% |
| Underlying EBIT | 2,585 | 2,916 | +13% |
| EBIT | 1,478 | 2,884 | +95% |
| Net financial income | 16 | 19 | +19% |
| Income tax | 522 | 1,033 | +98% |
| Net income | 973 | 1,870 | +92% |
Strong revenue growth
First half revenues amounted to €44.9 million, up 17% from €38.3 million in H1 2016-2017. Vente-Unique.com posted strong growth in all three of the Group's operating regions:
- The increase in France was 5%, in line with Group targets.
- Revenue growth in Northern and Eastern Europe amounted to 20%, despite a higher base of comparison in the second quarter.
- In Southern Europe, invoicing increased 150% driven by a strong performance in Italy and the successful launch of operations in Portugal in January 2018.
In H1 2017-2018 the Group generated 37% of its revenues outside France, compared to 30% in H1 2016-2017.
The margin on sales of goods remained strong at 39.4% of revenues, up 0.5 percentage points from last year, illustrating the company's skilful management of sourcing.
Relocation to new logistics platform
To absorb this growth surge, during the first half of 2016-2017 Vente-Unique.com relocated its logistics platform from Cricquebœuf-sur-Seine (Eure) to a larger (27,000 m² versus 22,000 m²) and more ergonomic site at Amblainville (Oise). Although this expansion slightly raised the company's fixed cost base, it allows the company to increase its inventory, a strategic factor in a market where product availability is a key commitment made by e-commerce websites.
Meanwhile, tight management has kept marketing costs below 10% of revenues and overheads are well under control. The launch of operations in two new markets, Italy and Portugal, over the last 18 months has had virtually no impact on the cost base and offers further opportunities for profitable growth.
EBITDA edged up 4% to €3.6 million, or 8.1% of revenues, while underlying EBIT rose 13% to €2.9 million.
H1 2017-2018 net profit of €1.9 million
The relocation of the logistics hub and continuation of operations at both sites during the transitional period resulted in non-recurring operating expenses of over €1 million in H1 2016-2017. Accordingly, in line with its expectations, the Group posted a sharp increase in both EBIT (up 95% to €2.9 million) and net profit (up 92% to €1.9 million) in H1 2017-2018.
Increase in net cash before proceeds from IPO
Thanks to strong generation of operating cash flow (free cash flow of €2.3 million) and a further improvement in working capital (savings of €3.0 million), Vente-Unique.com increased net cash[3] by €0.8 million during the period, while continuing to invest in its new logistics hub and pursue its shareholder return policy.
Accordingly, at 31 March 2018 net cash stood at €2.9 million, borrowings at €2.2 million and shareholders' equity at €6.6 million.
The Group therefore has a sound balance sheet, even before including the proceeds of the share issue carried out as part of its early April IPO on Euronext Growth.
Promising outlook
Vente-Unique.com aims to maintain double-digit growth in the current financial year in line with the trend seen over the last six years (12% average annual growth). This target takes into account the buoyant sales generated in April and June, despite the slowdown in May due to adverse calendar effects.
Meanwhile, according to the plan presented at the time of the IPO, the company has secured the necessary investor commitments in order to galvanise the growth drivers that will be implemented as of FY 2018-2019. The plan includes the opening of a 5,000 m² spillover warehouse in June 2018 pending the extension of the Amblainville facility designed to serve the Group's ambitious growth strategy. Delivery is scheduled for June 2019. The plan also provides for the expansion of the decor offering and the launch of a new operation in Poland by the end of 2018.
Read more on: bourse.vente-unique.com
About Vente-unique.com
Founded in 2006, Vente-unique.com (Euronext growth – ALVU) is a European specialist in online furniture sales. The company covers 10 countries (France, Germany, Austria, Belgium, Spain, Italy, Luxembourg, Netherlands, Portugal and Switzerland) and has delivered to over 1 million customers since its inception. Vente-unique.com posted 2016/17 revenues of €77 million, up 13%, and an EBITDA margin of 9.2%.
| ACTUS finance & communication | |
| Jérôme Fabreguettes-Leib | Nicolas Bouchez |
| Investor Relations | Press Relations |
| [email protected] | [email protected] |
| +33 (0)1 53 67 36 78 | +33 (0)1 53 67 36 74 |
Income statement
| €000 | H1 2017-2018 | H1 2016-2017 |
| Revenues | 44,899 | 38,318 |
| Cost of goods sold | (22,327) | (19,265) |
| GROSS MARGIN | 22,572 | 19,052 |
| Staff costs | (2,735) | (2,499) |
| Other recurring operating expenses | (16,921) | (13,969) |
| UNDERLYING EBIT | 2,916 | 2,585 |
| Non-recurring income and expenses | (32) | (1,107) |
| EBIT | 2,884 | 1,478 |
| Interest and related expenses | (29) | (48) |
| COST OF BORROWINGS | (29) | (48) |
| Other financial income and expenses | 49 | 65 |
| NET FINANCIAL INCOME | 19 | 16 |
| EARNINGS BEFORE TAX | 2,903 | 1,495 |
| Income tax | (1,033) | (522) |
| NET INCOME | 1,870 | 973 |
| €000 | H1 2017-2018 | H1 2016-2017 |
| Net income for the year | 1,870 | 973 |
| Share-based payments | 151 | 395 |
| Actuarial gains and losses on provisions for retirement benefits | 4 | - |
| Items of other comprehensive income | 155 | 395 |
| Comprehensive income | 2,025 | 1,368 |
Balance sheet
| €000 | 31/03/2018 | 30/09/2017 |
| NON-CURRENT ASSETS | ||
| Intangible assets | 808 | 693 |
| Property, plant and equipment | 1,652 | 814 |
| Non-current financial assets | 1,355 | 1,355 |
| Deferred tax assets | 140 | 131 |
| Total non-current assets | 3,955 | 2,992 |
| CURRENT ASSETS | ||
| Inventories | 12,911 | 12,598 |
| Trade receivables | 4,425 | 3,618 |
| Other receivables | 6,612 | 4,054 |
| Cash and cash equivalents | 3,063 | 2,099 |
| Total current assets | 27,011 | 22,367 |
| TOTAL ASSETS | 30,966 | 25,360 |
| €000 | 31/03/2018 | 30/09/2017 |
| SHAREHOLDERS' EQUITY | ||
| Share capital | 88 | 87 |
| Capital reserves | 4,674 | 4,830 |
| Net income Group share | 1,871 | 2,690 |
| SHAREHOLDERS' EQUITY | 6,633 | 7,607 |
| NON-CURRENT LIABILITIES | ||
| Non-current provisions | 195 | 169 |
| Long-term borrowings | 1,482 | 1,171 |
| Total non-current liabilities | 1,676 | 1,340 |
| CURRENT LIABILITIES | ||
| Short-term loans and borrowings | 711 | 289 |
| Other current financial liabilities | 160 | 35 |
| Trade payables | 12,859 | 9,928 |
| Tax and social security liabilities | 3,760 | 2,830 |
| Other current liabilities | 5,166 | 3,331 |
| Total current liabilities | 22,657 | 16,413 |
| TOTAL EQUITY & LIABILITIES | 30,966 | 25,360 |
Statement of cash flows
| €000 | H1 2017-2018 | H1 2016-2017 |
| 6 months | 6 months | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| NET INCOME | 1,871 | 973 |
| Depreciation and amortisation | 296 | 444 |
| Net change in non-current assets | 0 | 0 |
| Change in provisions | 31 | (10) |
| Deferred taxes | (10) | (10) |
| Non-cash income and expenses | 151 | 275 |
| FREE CASH FLOW | 2,339 | 1,673 |
| Change in working capital | 3,000 | 1,500 |
| Net cash flow from operating activities | 5,339 | 3,173 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Acquisition of non-current assets | (1,254) | (131) |
| Disposal of non-current assets | 0 | 242 |
| Net cash flow from/(used by) investing activities | (1,254) | 111 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Dividends paid | (3,000) | (2,640) |
| New borrowings | 1,015 | 0 |
| Repayment of borrowings | (278) | (146) |
| Change in other non-current borrowings (including current accounts) | (983) | (780) |
| Net cash flow used by financing activities | (3,247) | (3,567) |
| Net change in cash | 839 | (283) |
| Opening net cash | 2,064 | 2,218 |
| Closing net cash | 2,903 | 1,935 |
EBITDA calculation
| €000 | H1 2017-2018 | H1 2016-2017 |
| UNDERLYING EBIT | 2,916 | 2,585 |
| Depreciation and amortisation | 296 | 444 |
| Net increase in provisions | 425 | 472 |
| EBITDA | 3,637 | 3,501 |
Calculation of gross margin on sales of goods
| €000 | H1 2017-2018 | H1 2016-2017 |
| Revenues | 44,899 | 38,321 |
| Cost of goods sold | (22,327) | (19,265) |
| Gross margin | 22,572 | 19,055 |
| Gross margin rate | 50.27% | 49.73% |
| Transport costs | (6,606) | (5,367) |
| Gross margin less transport costs | 15,966 | 13,688 |
| Gross margin less transport costs (%) | 35.56% | 35.72% |
| Revenues from sale of goods | 36,832 | 31,509 |
| Cost of goods sold | (22,327) | (19,265) |
| Margin on sales of goods | 14,505 | 12,243 |
| Margin on sales of goods (%) | 39.38% | 38.86% |
Margin on sales of goods = Sales of goods – cost of goods sold
EBITDA = earnings before interest, tax, depreciation and amortisation
Net cash = Cash and cash equivalents – Bank overdrafts and discounted bills
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Full and original press release in PDF:
https://www.actusnews.com/documents_communiques/ACTUS-0-54002-vu_cp_rs_2018_vuk.pdf
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