Aramis Group - 2024 annual results
PRESS RELEASE
Arcueil, November 26, 2024
2024 annual results
Record performance in 2024: +22% volume
growth,
EBITDA and cash generation significantly
increased
Results for the fiscal year ended September
30, 2024
-
Revenue of €2.2 billion, reflecting organic growth of +15.0%
-
Continued improvement in customer satisfaction, reaching a record
Net Promoter Score (NPS1) of 73, supported by
exceptional team engagement across our six countries
(e-NPS2 of 57)
-
Strong growth of +21.9% in B2C vehicle sales volumes, including
+12% for refurbished cars and +81% for pre-registered vehicles.
Clear outperformance compared to the overall used car
market3
-
Consistent increase in gross profit per unit (GPU), rising to
€2,285 compared to €2,161 in 2023. The second half of 2024 saw a
record GPU of €2,412, reflecting continuous and structural
improvements across all entities and their convergence toward a
unified operational system
-
Adjusted EBITDA of €50.5 million, more than five times higher than
in 2023 (€9.6 million)
-
Positive net income
-
Significant improvement in operating working capital, down to 26
days of revenues from 31 days in 2023
-
Strong cash generation of €21.3 million
-
2025 full-year guidance:
- Double-digit growth
in refurbished B2C vehicle sales volumes, resulting in high
single-digit total B2C vehicle sales growth, on a like-for-like
basis;
- Adjusted EBITDA
exceeding €65 million;
- Continuous
improvement in operating working capital measured in days of
revenues.
Nicolas Chartier et Guillaume Paoli,
co-founders4 of Aramis
Group:
"Thanks to the dedication of its teams and its unique business
model, Aramis Group delivered sustained growth in 2024 while
significantly improving profitability. With over 110,000 vehicles
sold to private customers this year, our cumulative volumes have
now reached 700,000 since the Group’s inception. Customer
satisfaction, which continues to climb, has reached exceptionally
high levels, validating the relevance and sustainability of our
strategy. Adjusted EBITDA and cash generation have increased
sharply, supported by our ongoing efforts to enhance productivity
and the quality of our offering. Building on these results, we
approach 2025 with confidence, determined to maintain profitable
growth and further strengthen our cash generation."
MAJOR
DEVELOPMENTS IN 2024
In 2024, Aramis Group intensified its
operational focus to speed up the convergence of its entities,
optimize its European reach, and ensure a trajectory of profitable
growth.
The sharing of expertise was amplified,
particularly in flow management and vehicle sourcing, with
significant progress achieved in Austria and Spain.
The deployment of the « optichannel5
» model gained momentum with the opening of customer centers in
Italy, Austria, and Spain, where Clicars inaugurated four new sales
points in 2024. These initiatives support volume growth, brand
awareness, and logistical flow optimization, with additional
openings planned over the next 24 to 36 months.
The Group continued to roll out its internal
marketplace, capitalizing on its European scale. This initiative
enriches its customer offering, maximizes margins, and optimizes
inventory turnover by leveraging variations in market dynamics
across its different geographies.
Aramis Group also advanced the development of
its technology and data platform, deploying new modules to enhance
the customer experience and better support its teams. Efforts were
also focused on creating a cohesive brand platform aimed at
strengthening the consistency of its value proposition and enabling
future synergies in marketing costs.
On the financial front, the Group improved its
productivity and efficiency through technology and the sharing of
best practices between entities. Customer acquisition costs (COCA)
remained low, thanks to ongoing optimization of conversion rates
and marketing spend.
Finally, confident in its potential for
profitable, cash-generative growth, Aramis Group launched a share
buyback program in August 2024 to cover its performance share
plans. This initiative further strengthened employee engagement,
with staff already holding 0.86% of the company’s share
capital6.
2024 FULL-YEAR
ACTIVITY
Overview of volumes and
revenues
2024 full-year B2C volumes
|
In units |
Reported basis |
|
|
FY 2024 |
FY 2023 |
Change (%) |
|
Refurbished cars |
87,541 |
78,441 |
+11.6% |
|
Pre-registered cars |
24,683 |
13,622 |
+81.2% |
|
Total B2C volumes |
112,224 |
92,063 |
+21.9% |
2024 full-year revenues
By segment
|
In million of euros |
Reported basis |
|
|
FY 2024 |
FY 2023 |
Change (%) |
|
Refurbished cars |
1,512.1 |
1,391.8 |
+8.6% |
|
Pre-registered cars |
459.1 |
244.1 |
+88.1% |
|
Total B2C |
1,971.2 |
1,635.8 |
+20.5% |
|
Total B2B |
150.6 |
205.3 |
-26.7% |
|
Total services |
115.8 |
103.7 |
+11.6% |
|
Revenues |
2,237.5 |
1,944.9 |
+15.0% |
By country
|
In million of euros |
Reported basis |
|
|
FY 2024 |
FY 2023 |
Change (%) |
|
France |
935.2 |
802.1 |
+16.6% |
|
Belgium |
289.7 |
249.3 |
+16.2% |
|
Spain |
310.7 |
340.1 |
-8.6% |
|
United Kingdom |
454.1 |
390.5 |
+16.3% |
|
Austria |
220.2 |
147.6 |
+49.2% |
|
Italy |
27.6 |
15.2 |
+81.8% |
|
Revenues |
2,237.5 |
1,944.9 |
+15.0% |
Analysis of the change in revenues per
segment
B2C – sales of cars to private customers (88% of
revenues)
Revenues for the B2C segment -
corresponding to sales of refurbished and pre-registered cars to
private customers - reached €1,971.2 million in 2024, an increase
of +20.5% compared to 2023, driven by a volume effect of +21.9%. In
a market for used cars under 8 years old7 that grew by
an average of +4.7%8 in volume in 2024, Aramis Group’s
unique value proposition once again positioned it as a preferred
choice for consumers, outperforming the market by an average of 17
percentage points.
Revenues for the
refurbished car segment totaled €1,512.1 million,
representing growth of +8.6% compared to 2023. Volumes increased by
+11.6%, while the average unit price decreased by -2.6%.
Revenues for the
pre-registered car segment9 reached
€459.1 million, a sharp increase of +88.1% compared to 2023,
including a volume effect of +81.2%. This segment experienced a
faster-than-expected return to normal. After a record second
quarter, volumes stabilized at slightly lower levels during the
third and fourth quarters of 2024, without hindering the Group’s
overall growth, which intensified its focus on
refurbished10 vehicle volumes.
B2B – sales of cars to professional customers (7% of
revenues)
Revenues for the B2B segment came to €150.6
million in 2024, a decrease of -26.7% compared to 2023. This
decline reflects the reduction during the year in Aramis Group's
sourcing of used vehicles from private individuals, a portion of
which is resold in the B2B channel (primarily vehicles over 8 years
old or with more than 150,000 km).
Services (5% of revenues)
Revenue from services amounted to €115.8 million
in 2024, up +11.6% compared to 2023. While the beginning of the
year was impacted by interest rate dynamics, particularly in the
UK, the situation stabilized for financing solutions, with an
average consolidated penetration rate of 43%, compared to 46% in
2023.
Analysis of the change in revenues per
country
Revenues generated in France in 2024 increased
by +16.6%. The performance of Aramis Group's French entity
benefited from its ability to seize opportunities in the
pre-registered vehicle segment through its unique supplier network,
as well as from the dynamism of its commercial network. For
reference, the French market11 grew by +7% in volume
compared to 2023.
Revenues in the United Kingdom grew by +16.3%.
Sales volumes also showed strong growth, which represents a
remarkable achievement given the challenging market conditions
during the period, with declines in both volume (-2%) and
pricing.
Revenues in Spain decreased by -8.6%, including
a volume effect of -3%. The year focused on restoring
profitability, achieving significant productivity gains, and
delivering a remarkable improvement in margins. This performance
strengthened the Group's consolidated results and led to an upward
revision of the 2024 annual guidance. Spain now has a solid
operational foundation, enabling it to resume healthy growth as
early as 2025.
Revenues in Belgium increased by +16.2%, driven
by a +15% rise in volumes. Activity accelerated progressively over
the year, culminating in a very dynamic fourth quarter. The Belgian
market11 grew by +11% in volumes during the same period.
Revenues in Austria surged by +49.2% compared to
2023. Volumes sold increased by +57%, significantly outperforming
the Austrian market11, which grew by +10% in volumes over the same
period.
Finally, revenues in Italy grew by +81.8%. To
boost the entity’s commercial momentum, an agency was opened in
Milan at the end of the fiscal year.
INCOME
STATEMENT
Condensed income statement
|
In million of euros |
Reported basis |
|
|
FY 2024 |
FY 2023 |
Change (%) |
|
Revenues |
2,237.5 |
1,944.9 |
+15.0% |
|
Gross margin |
256.4 |
198.9 |
+28.9% |
|
Gross profit per B2C vehicle sold - GPU (€) |
2,285 |
2,161 |
+5.7% |
|
Adjusted EBITDA |
50.5 |
9.6 |
+423.5% |
|
Operating income (loss) |
12.2 |
(20.9) |
- |
|
Operating income (before the gain on a bargain purchase linked
to Brumbrum acquisition) |
12.2 |
(36.3) |
- |
|
Net profit (loss) |
5.0 |
(32.3) |
- |
|
Net profit (before the gain on a bargain purchase linked to
Brumbrum acquisition) |
5.0 |
(47.7) |
- |
Gross margin
In 2024, gross margin amounted to €256.4
million, an increase of +28.9% compared to 2023. The gross profit
per unit (GPU), representing the margin generated per B2C vehicle
sold, reached €2,285, marking a significant improvement of nearly
€125 compared to the previous year.
However, this average reflects contrasting
dynamics throughout the year. In the first half, the GPU was
€2,153, impacted by a temporary and exceptional market downturn in
the United Kingdom, which weighed on both Metal12 and
Services13 margins. In contrast, the second half saw the
GPU rise to €2,412, driven by operational gains across all
geographies and a return to a more normalized market. Improvements
optimized vehicle margins, notably through a refined vehicle
selection process enabled by enhanced sharing of expertise within
the Group.
Adjusted EBITDA
Adjusted EBITDA stood at €50.5 million in 2024,
a significant improvement compared to €9.6 million in 2023. The
growth was particularly pronounced between the first half (€16.2
million) and the second half (€34.3 million) of the fiscal
year.
In addition to the substantial improvement in
unit margins detailed above, Aramis Group maintained strict control
over its selling, general, and administrative expenses (SG&A).
These amounted to €205.9 million in 2024, increasing by only +8.8%
compared to 2023, despite a +22% growth in volumes over the
period.
More specifically, marketing expenses remained
under control, amounting to €33.6 million in 2024, a decrease of
-11.2% in unit cost (COCA). Aramis Group continued investing in its
brands, including the launch of a TV advertising campaign in Spain,
while improving the efficiency of traffic acquisition expenses
through targeted work on lead conversion.
Personnel costs included in SG&A reached
€104.1 million, rising by a relatively modest +6.6% given the +22%
increase in activity and wage inflation. Personnel costs per
vehicle sold decreased by -12.4%.
Vehicle delivery costs totaled €29.2 million, an
increase of +16.2% in absolute value but a reduction of -4.7% in
unit cost.
Finally, other SG&A, including general and
headquarters expenses, amounted to €39.0 million, increased
moderately by +9.7%, but decreased by -10.0% per B2C unit sold.
Operating income
Operating income for 2024 returned to positive
territory, reaching €12.2 million, compared to a loss of -€20.9
million in 2023, reflecting the ongoing profitability recovery of
the Group.
The breakdown is as follows:
- €50.5 million in adjusted
EBITDA;
- -€17.9 million in depreciation and
amortization (excluding IFRS 16);
- -€14.7 million in lease payments
(IFRS 16);
- -€2.5 million in personnel expenses
related to acquisitions (progressive recognition in the
consolidated income statement of earnouts for the acquisition of
the UK and Austrian subsidiaries);
- -€2.7 million in personnel expenses
related to share-based payments; and
- -€0.4 million in restructuring
costs.
Net income
Net income for 2024 was also positive at €5.0
million, compared to a loss of -€32.3 million in 2023.
This figure includes a financial result of
-€11.4 million, comprising net financial debt costs of -€6.0
million, lease-related financial charges (IFRS 16) of -€4.5
million, other net financial expenses of -€1.0 million, and a tax
benefit of €4.2 million.
CASH FLOW AND
FINANCIAL STRUCTURE
Inventory and operating working capital
requirements
|
In million of euros |
Reported basis |
|
|
Sep 30, 2024 |
Sep 30, 2023 |
Change (€mn) |
Mar 31, 2024 |
|
Inventories |
222.3 |
220.3 |
+2.0 |
226.9 |
|
Trade receivables |
37.1 |
39.0 |
-1.9 |
51.4 |
|
Other current assets (excl. non-operational items) |
37.3 |
30.1 |
+7.2 |
38.8 |
|
Trade payables |
67.1 |
78.3 |
-11.2 |
91.1 |
|
Other current liabilities (excl. non-operational items) |
63.7 |
44.2 |
+19.5 |
67.2 |
|
Other items |
4.2 |
2.6 |
+1.7 |
2.5 |
|
Operating working capital requirements |
161.7 |
164.4 |
-2.7 |
156.3 |
|
In days of revenues |
26 |
31 |
- |
27 |
The inventory level stood at €222.3 million as
of September 30, 2024, remaining nearly stable compared to
September 30, 2023, despite a +22% increase in volumes during the
fiscal year. Aramis Group's inventory management, already
considered "best in class" in the market, has further improved
across all countries.
Operating working capital amounted to €161.7
million, a decrease of €2.7 million compared to September 30, 2023.
This represents 26 days of revenues for the 2024 fiscal year, a
marked improvement of 5 days compared to the level recorded as of
September 30, 2023, and a steady enhancement over the past three
fiscal years.
This performance reflects sustained efforts to
improve the quality of the offering, as well as the ongoing
optimization of logistical flows and in-factory processes. These
improvements were made possible by Aramis Group's ability to share
expertise across its various entities and leverage its advancements
in technology.
Cash position
|
In million of euros |
Reported basis |
|
|
Sep 30, 2024 |
Sep 30, 2023 |
|
Net debt at opening |
82.3 |
18.4 |
|
Adjusted EBITDA |
+50.5 |
+9.6 |
|
Change in operating working capital requirement |
+2.7 |
+32.0 |
|
Disbursement of personnel liabilities related to acquisitions |
-1.0 |
-1.6 |
|
Other transaction-related cash flow |
+1.9 |
-0.2 |
|
Subtotal of cash flows from operating
activities |
+54.0 |
+39.8 |
|
Capex |
-13.7 |
-19.7 |
|
Acquisitions of subsidiaries (excl. fees) |
- |
-27.2 |
|
Other investment-related cash flow |
+2,8 |
+2.4 |
|
Subtotal of cash flows from investing
activities |
-10.9 |
-44.5 |
|
Interest paid |
-4.7 |
-4.4 |
|
Lease charges (IFRS 16 - interest and capital) |
-17.1 |
-17.8 |
Other financing-related cash flow
(excl. issuing and repayment of borrowings) |
+0.0 |
+0.0 |
|
Subtotal of cash flows from financing
activities |
-21.8 |
-22.3 |
|
Total cash flows |
+21.3 |
-27.0 |
|
Other financing-related cash flow without any impact on cash |
- |
-37.0 |
|
Net debt at closing |
61.0 |
82.3 |
The Group generated free cash flow of €21.3 million during the
period, driven by improved profitability and effective inventory
management.
Cash generation from operations amounted to €54
million, primarily supported by the EBITDA generated in 2024 and
the effective management of working capital.
Cash consumption related to investments totaled
-€10.9 million, mainly composed of capital expenditures. The Group
continued to invest in its technologies, with an increasing pooling
of investments at the corporate level.
Cash consumption related to financing amounted
to -€21.8 million, mainly comprising IFRS 16 lease payments and
interest paid during the period.
Net debt as of September 30, 2024, stood at
€61.0 million, a significant decrease compared to September 30,
2023.
The Group's financial structure remains robust,
with a leverage ratio14 of 1.2x.
As of September 30, 2024, Aramis Group also had
undrawn and covenant-free credit lines totaling approximately €194
million, 74% of which are provided by its reference shareholder,
Stellantis Group.
OUTLOOK
The used car market continued its normalization in 2024,
returning to traditional balances with prices well below the peak
levels reached during the crisis.
Aramis Group anticipates a modestly positive
growth trajectory for the used car market in the coming years and
is highly confident in its ability to continue its development
without constraints while further strengthening its European
leadership.
To achieve its objectives, the Group will rely
on two strategic pillars:
- Convergence around its
unique operating system and the leverage of its European
platform: This involves unifying internal practices and
technological tools while further capitalizing on its pan-European
scale;
- “Raise the bar”:
This means continuously improving its operating system, enhancing
the customer experience, and utilizing technology and artificial
intelligence to empower its teams across the entire
organization.
Furthermore, with the goal of embedding its growth in a
sustainable and value-creating dynamic, Aramis Group aims to
achieve an optimized balance between growth, margins, and cash
generation. For 2025, the Group has set the following
objectives:
- Double-digit growth in refurbished B2C vehicle sales volumes,
resulting in high single-digit total B2C vehicle sales growth, on a
like-for-like basis;
- Adjusted EBITDA exceeding €65 million;
- Continuous improvement in operating working capital measured in
days of revenues.
***
Status of statutory auditors' procedures:
During its meeting on November 26, 2024, the
Board of Directors of Aramis Group approved the consolidated
financial statements for the fiscal year 2024, ended September 30,
2024. The audit procedures are currently being finalized.
Next financial information:
2025 first-quarter activity: January 28, 2025
(after market close)
2025 first-half results: May 19, 2025 (after market close)
2025 third-quarter activity: July 24, 2025 (after market close)
2025 annual results: November 25, 2025 (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 fast-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 annual revenues of more
than €2 billion, Aramis Group sells more than 110,000 vehicles B2C
and welcomes close to 70 million visitors across all its digital
platforms each year. The Group employs more than 2,400 people and
has eight industrial-scale refurbishing centers 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 4 "Risk Factors and Control Environment"
of the Universal Registration Document dated December 19, 2023,
filed with the French Financial Markets Authority (AMF) under
number D. 23-0864 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.
Investor contact
Alexandre Leroy
Head of Investor Relations,
Financing and Cash management
alexandre.leroy@aramis.group
+33 (0)6 58 80 50 24
Press contacts
Brunswick
Hugues Boëton
Tristan Roquet Montegon
aramisgroup@brunswickgroup.com
+33 (0)6 79 99 27 15
APPENDICES
Net profit and loss
|
In € thousands |
FY
2023-2024 |
FY
2022-2023 |
|
Revenues |
2,237,537 |
1,944,810 |
|
Cost of goods and services sold |
(1,859,131) |
(1,636,973) |
|
Other purchases and external expenses |
(172,092) |
(159,579) |
|
Taxes and duties |
(6,201) |
(6,045) |
|
Personnel expenses |
(141,537) |
(127,448) |
|
Personnel expenses related to share-based payments |
(2,660) |
(987) |
|
Personnel expenses related to acquisitions |
(2,511) |
(9,991) |
|
Provisions and impairment |
(7,194) |
(5,153) |
|
Transaction costs |
(14) |
(2,113) |
|
Other operating income |
3,282 |
2,657 |
|
Other operating expenses |
(4,624) |
(3,923) |
|
Operating income (loss) before depreciation, amortization and
impairment |
44,855 |
(4,746) |
|
Depreciation, amortization and impairment related to PP&E and
intangible assets |
(17,917) |
(16,848) |
|
Amortization of right-of-use assets related to leases |
(14,733) |
(14,693) |
|
Gain on bargain price |
- |
15,375 |
|
Operating income (loss) |
12,206 |
(20,911) |
|
Cost of net financial debt |
(5,960) |
(5,769) |
|
Financial expenses on lease liabilities |
(4,489) |
(4,076) |
|
Other financial income |
30 |
418 |
|
Other financial expenses |
(985) |
(1,937) |
|
Net financial income (expenses) |
(11,404) |
(11,364) |
|
Income (loss) before tax |
801 |
(32,275) |
|
Income tax |
4,212 |
(58) |
|
Net income (loss) |
5,013 |
(32,333) |
|
Attributable to owners of the Company |
5,013 |
(32,333) |
|
Attributable to non-controlling interests |
- |
- |
Statement of financial
position
|
In € thousands |
Sep 30, 2024 |
Mar 31, 2024 |
Sep 30, 2023 |
| |
|
|
|
|
Goodwill |
65,121 |
64,437 |
64,118 |
|
Other intangible assets |
59,112 |
60,897 |
61,017 |
|
Property, plant and equipment |
36,018 |
38,820 |
41,188 |
|
Right-of-use assets related to leases |
98,516 |
96,392 |
98,091 |
|
Other non-current financial assets, including derivatives |
1,219 |
1,238 |
1,157 |
|
Deferred tax assets |
9,491 |
2,018 |
1,904 |
|
Non-current assets |
269,477 |
263,802 |
267,475 |
|
Inventories |
222,314 |
226,924 |
220,336 |
|
Assets sold with a buy-back commitment |
2,600 |
3,874 |
5,010 |
|
Trade receivables |
37,111 |
51,433 |
38,972 |
|
Current tax receivables |
959 |
309 |
437 |
|
Other current assets |
39,322 |
40,864 |
32,446 |
|
Cash and cash equivalents |
37,012 |
29,937 |
49,040 |
|
Current assets |
339,318 |
353,342 |
346,241 |
|
Total assets |
608,795 |
617,144 |
613,717 |
| |
|
|
|
|
Share capital |
1,657 |
1,657 |
1,657 |
|
Additional paid-in capital |
271,165 |
271,165 |
271,165 |
|
Reserves and reserves and retained earnings |
(90,227) |
(91,100) |
(59,683) |
|
Unrealized exchange losses |
2,583 |
874 |
93 |
|
Profit (loss) attributable to owners of the Company |
5,013 |
(13,340) |
(32,333) |
|
Equity attributable to owners of the Company |
190,190 |
169,256 |
180,899 |
|
Non-controlling interests |
- |
- |
- |
|
Total equity |
190,190 |
169,256 |
180,899 |
|
Non-current financial debt |
42,873 |
43,653 |
43,622 |
|
Non-current lease liabilities |
88,031 |
85,679 |
86,626 |
|
Non-current provisions |
5,098 |
3,302 |
2,508 |
|
Deferred tax liabilities |
9,166 |
8,750 |
8,383 |
|
Non-current personnel liabilities associated with current
acquisitions |
18,498 |
23,515 |
21,560 |
|
Other non-current liabilities |
4,319 |
2,644 |
2,754 |
|
Non-current liabilities |
167,984 |
167,543 |
165,453 |
|
Current financial debt |
69,762 |
77,209 |
101,864 |
|
Current lease liabilities |
14,658 |
14,154 |
13,529 |
|
Current provisions |
5,739 |
4,676 |
5,662 |
|
Trade payables |
67,068 |
91,108 |
78,291 |
|
Current tax liabilities |
1,239 |
561 |
503 |
|
Current personnel liabilities associated with current
acquisitions |
6,222 |
4,667 |
1,000 |
|
Other current liabilities |
85,932 |
87,970 |
66,517 |
|
Current liabilities |
250,620 |
280,346 |
267,365 |
|
Total equity and liabilities |
608,795 |
617,144 |
613,717 |
Cash flow statement
|
In € thousands |
FY
2023-2024 |
FY
2022-2023 |
|
Net income (loss) |
5,013 |
(32,333) |
|
Adjustments for depreciation, amortization and provisions |
35,377 |
34,296 |
|
Adjustments for income tax |
(4,212) |
58 |
|
Adjustments for net financial income (expense) |
11,404 |
11,364 |
|
Adjustments for gain on bargain price |
- |
(15,015) |
|
Items reclassified under cash from investing activities |
892 |
389 |
|
Expense related to share-based payments |
2,660 |
987 |
|
Other non-cash items |
(42) |
- |
|
Change in personnel liabilities related to acquisitions |
2,159 |
8,400 |
|
Change in working capital requirement |
3,363 |
31,066 |
|
Income tax paid |
(2,597) |
580 |
|
Net cash from (used in) operating activities |
54,018 |
39,792 |
|
Acquisition of property, plant and equipment and intangible
assets |
(13,712) |
(19,705) |
|
Proceeds from disposals of assets |
2,992 |
2,469 |
|
Change in loans and other financial assets |
(62) |
(63) |
|
Acquisition of subsidiaries, net of cash acquired |
(100) |
(2,457) |
|
Interest received |
10 |
- |
|
Net cash from (used in) investing activities |
(10,872) |
(19,756) |
|
Capital increases (decreases) |
- |
2 |
|
Proceeds from borrowings |
45,019 |
50,549 |
|
Repayment of borrowings |
(86,598) |
(68,972) |
|
Purchase/sale of treasury shares |
(649) |
76 |
|
Interest paid |
(11,636) |
(8,511) |
|
Other financial expenses paid and income received |
23 |
(1,230) |
|
Net cash from (used in) financing activities |
(53,842) |
(28,085) |
|
Effect of changes in exchange rate |
149 |
180 |
|
Net change in cash |
(10,548) |
(7,869) |
|
Cash and cash equivalents at opening |
47,485 |
55,354 |
|
Cash and cash equivalents at closing |
36,937 |
47,485 |
Reconciliation of gross profit per unit
(GPU)
|
In € thousands |
Reported basis |
|
|
FY
2023-2024 |
FY
2022-2023 |
Change (%) |
|
Revenues |
2,237,537 |
1,944,810 |
+15.0% |
|
Cost of goods and services sold |
(1,859,131) |
(1,636,973) |
+13.6% |
|
Gross profit (consolidated data) |
378,406 |
307,837 |
+22.9% |
|
Cost of transport and refurbishing |
(122,004) |
(108,919) |
+12.0% |
|
Gross profit |
256,402 |
198,918 |
+28.9% |
|
Number of B2C vehicles sold (units) |
112,224 |
92,063 |
+21.9% |
|
Gross profit per unit of B2C vehicle sold – GPU (€) |
2,285 |
2,161 |
+5.7% |
Reconciliation of adjusted
EBITDA
|
In € thousands |
Reported basis |
|
|
FY
2023-2024 |
FY
2022-2023 |
Change (%) |
Operating income (loss) before depreciation, amortization
and impairment of non-current assets |
44,855 |
(4,746) |
na |
|
Personnel expenses related to share-based payments |
2,660 |
987 |
+169.6% |
|
Personnel expenses related to acquisitions |
2,511 |
9,991 |
-74.9% |
|
Transaction costs |
14 |
2,113 |
-99.4% |
|
Restructuring costs |
439 |
1,301 |
-66.2% |
|
Adjusted EBITDA |
50,474 |
9,642 |
+423.5% |
Breakdown of operating working capital
requirements
|
In € thousands |
Reported basis |
|
|
Sep 30, 2024 |
Mar 31, 2024 |
Sep 30, 2023 |
|
Inventories |
222,314 |
226,924 |
220,336 |
|
Trade receivables |
37,111 |
51,433 |
38,972 |
|
Trade payables |
(67,068) |
(91,108) |
(78,291) |
|
Other current assets |
39,322 |
40,864 |
32,446 |
|
Restatements related to the other current assets
item: |
|
|
|
|
- Payroll and social security receivables |
(342) |
(336) |
(300) |
|
- Tax receivables other than those related to VAT |
(353) |
(404) |
(485) |
|
- Other items not related to operating WCR |
(1,365) |
(1,340) |
(1,557) |
|
Other current liabilities |
(85,932) |
(87,970) |
(66,517) |
|
Restatements related to the other current liabilities
item: |
|
|
|
|
- Social security liabilities |
20,300 |
18,504 |
16,501 |
|
- Tax liabilities other than those related to VAT |
1,143 |
1,159 |
4,697 |
|
- Debt on securities acquisition |
- |
100 |
100 |
|
- Items under "other liabilities" not related to conversion
premiums and environmental bonuses |
813 |
1,023 |
1,037 |
|
Deferred income – non-current |
(4,220) |
(2,533) |
(2,567) |
|
Operating working capital requirement (A) |
161,721 |
156,316 |
164,372 |
|
Revenues over last 12 months (B) |
2,237,537 |
2,102,334 |
1,944,810 |
Operating working capital requirement expressed in days of
revenues
(A/B multiplied by 365) |
26 |
27 |
31 |
Reconciliation of net debt with net
financial debt under IFRS
|
In € thousands |
Reported basis |
|
|
Sep 30, 2024 |
Mar 31, 2024 |
Sep 30, 2023 |
|
Borrowings and liabilities with credit institutions (incl.
RCF) |
67,503 |
72,352 |
49,586 |
|
Miscellaneous financial liabilities |
30,454 |
33,648 |
80,238 |
|
Bank overdrafts |
74 |
599 |
1,555 |
|
Cash and cash equivalents |
(37,012) |
(29,937) |
(49,040) |
|
Net financial debt |
61,020 |
76,662 |
82,339 |
|
Lease liabilities |
102,689 |
99,833 |
100,155 |
|
Liabilities relating to minority shareholder put options |
14,603 |
14,263 |
14,106 |
|
IFRS net financial debt |
178,312 |
190,758 |
196,600 |
1 Net Promoter Score, a widely used indicator of
customer satisfaction, as of September 30, 2024
2 Employee Net Promoter Score, an indicator used to measure
employee engagement, as of September 30, 2024
3 Used car market for vehicles under 8 years old
across the Group’s six geographies, sourced from S&P Global and
Aramis Group – market growth of +4.7%
4 Guillaume Paoli serves as Chairman and CEO of the Company, while
Nicolas Chartier is Deputy CEO, based on a rotation every two
years
5 A marketing strategy that prioritizes the most suitable channel,
whether online or offline, for each interaction, ensuring optimal
personalization based on customer behaviors and preferences
6 Number of employees holding shares directly or through the Aramis
Group employee investment fund (FCPE)
7 Core market of Aramis Group
8 Source: S&P Global and Aramis Group, based on the six
countries where Aramis Group operates
9 As a reminder, only the French and Belgian subsidiaries of Aramis
Group sell pre-registered vehicles
10 Some substitution dynamics may exist between pre-registered
vehicles and the most recent refurbished used vehicles. A slowdown
in growth in the recent refurbished vehicle segment is often
accompanied by an acceleration in pre-registered vehicle sales, and
vice versa
11 Market for used cars under 8 years old, source: S&P Global
and Aramis Group
12 Contribution to the gross margin from vehicle sales
13 Contribution to the gross margin from additional services
sales
14 Net debt / Adjusted EBITDA
- Press release - ARAMIS GROUP - 2024 annual results
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